Course info

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.

In 2015 the United Nations Sustainable development goals (SDG's) put sustainability in the picture.

The first von der Leyen Commission decided to put the Green Deal as a top priority. Beginning 2025, with the von der Leyen II Commission, there is a strong demand to balance sustainability and competitivity.

DROP2031 Financial Markets Regulations focuses on the harmonisation of the rules of the European Securities Markets. It starts with a description of the general principles applicable. Then, the rules applicable to financial services and financial markets (MiFID & MiFIR) are discussed. After that, we will study taxonomy, third party risk managent and licencing as a service. Finally, we will go through the markets in crypto assets regulation (MiCAR)

EU Directives and Regulations will be used and commented. A compendium of these regulations is available for the students. For further information, see Course description.

The course is taught by Philippe Lambrecht  and Pauline Bégasse de Dhaem, 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 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.