ENSAE Paris - École d'ingénieurs pour l'économie, la data science, la finance et l'actuariat

General concepts in law and introduction to banking law


This course aims to increase students' awareness of the legal environment specific to banks and the financial markets:

  • by familiarising them with the institutional framework, regulations governing actors and the legal qualification of the transactions and services provided;
  • by studying the legal framework of savings, with a particular focus on public advice to save, financial canvassing and portfolio management;
  • by examining the market process and how it is secured;
  • finally, by looking at the legal treatment of counterparty risk in over-the-counter transactions.



  1. Introduction to the law of the financial markets- History of the stock exchange. The evolution of securities law.
  2. The legal framework of savings- Regulation of public advice to save and banking and financial canvassing. Regulation of portfolio management.
  3. Actors in the financial markets- The actors: intermediaries (investment service providers and clearing houses), market infrastructure and regulators. Services provided: investment services and associated services.
  4. The market process- Different categories of financial markets. Stages in the process: trading, netting and settlement/delivery. Securing the market process
  5. Dealing with counterparty risk in over-the-counter transactions- The transactions concerned. Close-out netting and use of collateral.



Bonneau, T., et F. Drummond (2005), Droit des Marchés Financiers, Economica, 2e éd.
De Vauplane, H., et J.-P. Bornet (2001), Droit des Marchés Financiers, Litec, 3e éd.