Financial markets are crucial to the functioning of modern economies. The more integrated they are, the more efficient the allocation of capital and long-run economic performance will be.
European Regulations of Financial markets aims at creating a single financial market where all service providers can compete on an equal basis, where all companies can obtain the best financing at the most competitive cost and where all investors are informed and protected according to their knowledge and professionnal capacities.
The Financial Services Action Plan 1999-2005 (FSAP) laid the foundations for a strong financial market in the EU. It was followed by the EU Commission’s White Paper on Financial Services 2005-2010. The 2008 financial crisis and the subsequent sovereign debt crisis triggered the need for additional regulation. The turmoil round a possible Grexit showed that financial integration in the Eurozone was still fragile.
DROP2031 Financial Markets Regulations focus on the harmonisation of the rules of the European Securities Markets. It starts with a description of the general principles applicable. Then it goes through the life cycle of a stock: creation, public offering, admission to trading on a regultated market, transparency required from the issuer, shareholders' transparency, rules applicable to regulated markets, take over bids, market abuse, and sqeeeze out.
European Securities Law, i.e. EU Directives and Statutes will be used and commented. A compendium of these regulations is available for the students.For further information, see Course description on the left.
The course is taught by Philippe Lambrecht http://www.uclouvain.be/78882.html , in English, the language of the Financial Markets. The final test is in English. Attendance to the course and a good preparation using the compendium of regulations should be sufficient to enable students with a passive knowledge of English to pass successfully the final test. However, those who would prefer to present the exam in French may be authorized to do so. Such request must be made before the end of the course.
- Teacher: Lambrecht Philippe