École d’affaires publiques, Master politiques publiques
EUROPEAN FINANCIAL REGULATION
Semester : Spring Number of hours : 24 Language of tuition : English
Opened to the exchange program
Teachers : Rabah GHEZALI (Directeur des Affaires Publiques). Prerequisite : No previous knowledge of ﬁnancial market regulation or background in economics is required for those wishing to follow this course. For non-lawyers, a willingness to engage in legal analysis will be necessary, although a legal background is not required. Pedagogical format : Seminar Course validation : Final exam will account for 50% of the ﬁnal grade. Each student will have to do a presentation as well as a “ﬁche technique” (25% of the ﬁnal grade). The remaining 25% would based on participation and attendance to the class. Workload : As this class in an depth introduction to European capital markets, no preparatory reading is being required. However, students are strongly encouraged to read the ﬁnancial press and, before the class, any material in relation for the topic to be covered each week. Each week, two students would be tasked with a presentation. Two others would be asked to prepare a “ﬁche technique”. Pedagogical method : The class will start by the presentations made by the students. This is to be followed by a Q&A session. The professor will address all the remaining issues and lead the discussions. Course Description : The aim of the course is to provide a thorough understanding of European ﬁnancial markets. It will introduce students to the regulation of ﬁnancial markets and the participants of these markets. This course will address the institutional and regulatory framework of the European Union's capital markets and the role that ﬁnancial institutions (such as banks, market infrastructures, issuers, broker-dealers, hedge funds and investment funds) perform in these markets. The curriculum will address the stock and bonds markets, the ﬁnancial and commodity derivatives markets, the fund industry, credit rating agencies, banks and insurance companies. This course will
also focus on the micro- and macro-prudential regulation of ﬁnancial institutions and the ﬁnancial system. It examines the prudential regulation of banks, insurance companies and other regulatory attempts to ensure ﬁnancial stability. The focus will be on the regulation of national and European aspects of ﬁnancial institutions and the ﬁnancial system, rather than on private law and transactional aspects. Comparison will be made with other regulatory frameworks particularly with U.S. law. The recent crisis, including the rise and fall of securitization and credit derivatives in the United States, failures in investment banks, money market funds and hedge funds will be analysed. We will study the division of regulatory responsibilities within Europe and how these responsibilities are shared between the European institutions and the national regulators. The range of actual and proposed regulatory responses to the crisis as well as the legislative proposals and actions of the European Union and the Member States would be discussed. During the class, we will examine regulations such as AIFMD, Solvency II, EMIR, MIFIR/DII, MAR/ DII, CRD IV, CMU or FTT and all the relevant regulations that impact the regulatory framework under which stocks, bonds and derivatives (ﬁnancial and commodities) are being traded. Required reading : Quaglia (Lucy), The European Union and Global Financial Regulation, Oxford University Press, 2014 ; Haentjens (Matthias) and de Gioia-Carabellese (Pierre), European Banking and Financial Law, Routledge, 2015 ; Moloney (Niamh), EU Securities and Financial Markets Regulation, Oxford University Press, 2014 ; Veil (Rüdiger) et al., European Capital Markets Law, Hart Publishing, 2013 ; Kellermann (Joanne) et al., Financial Supervision in the 21st Century, Springer, 2013.
GESTION DES RISQUES ET SITUATIONS COMPLEXES EN ENTREPRISE
Semestre : Printemps Nombre d'heures : 24 Langue d'enseignement : français