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.
- Introduction to the law of the financial markets– History of the stock exchange. The evolution of securities law.
- The legal framework of savings– Regulation of public advice to save and banking and financial canvassing. Regulation of portfolio management.
- 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.
- The market process– Different categories of financial markets. Stages in the process: trading, netting and settlement/delivery. Securing the market process
- 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.