Syllabus

LEARNING OUTCOMES

The aim of the course is to get acquainted with the regulative framework for securities and financial markets and to gain an understanding of the cooperation between legal and business economic factors affecting various forms of corporate finance. Among the practical objectives of the course there are various skills of market related corporate finance, such as an ability to evaluate the influence of legal rules for the choice of optimum forms of corporate finance and skills to produce and interpret information provided in legal rules for securities markets.

Credits: 6

Schedule: 13.01.2022 - 21.02.2022

Teacher in charge (valid for whole curriculum period):

Teacher in charge (applies in this implementation): Matti Rudanko

Contact information for the course (applies in this implementation):

Credits: 6

Schedule: 13.01.2021 - 21.02.2021

Teacher in charge (valid 01.08.2020-31.07.2022): Matti Rudanko

Teacher in charge (applies in this implementation): Matti Rudanko

Contact information for the course (valid 21.12.2020-21.12.2022):

Responsible teacher: Matti Rudanko, prof. emer. (matti.rudanko@aalto.fi) 

Language of instruction and studies (valid 01.08.2020-31.07.2022):

Teaching language: English

CEFR level (valid for whole curriculum period):

Language of instruction and studies (applies in this implementation):

Teaching language: English. Languages of study attainment: English

CONTENT, ASSESSMENT AND WORKLOAD

Content

• valid for whole curriculum period:

  The contents of the course include legal rules of listing, disclosure duties of issuers of securities, legal duties related to public bids, regulation of insiders and market abuse and the customer relationships of investment service firms. Also green finance and sustainability as well as financial technology (Fintech) and its implications to law are discussed.

• applies in this implementation

  In the course, we will get acquainted with the role of regulation in financial
  markets, especially its impact on the markets as one of the market mechanisms. Our
  focus will be in observing how regulation aims at promoting its main
  objectives, ensuring smooth and effective functioning of the markets and
  investor protection – and how these goals are achieved in practice.

  Our main goal is to understand market mechanism by the help of examples from most
  general everyday presence of regulation in the markets, like disclosure and insider
  rules, as well as from more sophisticated special phenomena regulated in law. These
  observations should also enhance our practical skills as actors in financial
  markets, e.g. by facilitating “financial literacy” to understand financial
  reporting and other market information. Topics discussed include securities
  markets, banks, investment firms and many others. And, perhaps most
  importantly, there is – literally –a vital interest of being aware of the current
  status of sustainable finance, as it is reflected in regulation.

  
  

Assessment Methods and Criteria

• valid for whole curriculum period:

  Essay (individual or group) and presentation (individual or group), 40 %

  Class activity, 10 %

  Exam, 50 %

   

  OR

   

  Exam, 100 %

• applies in this implementation

  • Valid 01.08.2020-31.07.2022:

    Essay (individual or group) or presentation (individual or group) and class activity 25 %

    Exam, 75 %
    

     OR

     Exam, 100 %

  • Applies in this implementation:

    The course is completed as follows:

    1. Lectures 24 hours.

    Acceptable completion of lectures can replace one exam question. Lectures can be completed by a lecture examination or by a separately agreed case analysis, which the student gives at the lectures in addition to following the lectures. The lecture examinations are held on the second last and last lectures.

    2. Exam.

    The course will be held as remote meetings on this MyCourses platform using the Zoom meeting tool. No face-to-face meetings will be held.

    More detailed information on the course and structure of the course will be added in need .

    These websites will be completed until the beginning of the course (and beyond). You should follow the development of the pages (which can be a bit slow at first) - and contact me to give content and implementation tips and to find out the issues related to completing the course: matti.rudanko@aalto.fi.

  
  
  

Workload

• valid for whole curriculum period:

  Lectures 16 h

  Seminar 4 h

  Exam 3 h

  Independent work 137

   

  OR 

  Lectures 16 h

  Exam 3 h

  Independent work 141

• applies in this implementation

  • Valid 01.08.2021-31.07.2022:

    Lectures 24 h 

    Exam 3 h
    

    Independent work 133

    Applies in this implementation:
    

  • 1. Lectures 24 hours. Acceptable completion of lectures can replace one exam question. Lectures can be completed by a lecture examination 

    or by a separately agreed case analysis, which the student gives at the lectures in addition to following the lectures. 

    The lecture examination is held on the second last and last lecture.
    2. Exam.

    Alternatively, you can complete the exam by writing an essay of 10 to 15 pages on a topic in the course area. 

    More information on how to take the lecture exam and the exam is given at the beginning of the course. 

    The case study replacing the lecture examination and the essay replacing the exam are assessed by applying the rubric 

    used in the assessment of the master's thesis (see the section Assessment of performances).

    Lectures are not compulsory, but completing a course without lectures is likely to increase the workload of self-study 

    more than the time specified for lectures. It takes more than 3 hours to complete the exam with an essay, but the total workload 

    may be reduced because the time for self-study (and essay writing) is usually shorter than the total number of hours calculated 

    for self-study and the exam.

  
  

DETAILS

Study Material

• valid for whole curriculum period:

  Veil, Ru diger: European Capital Markets Law, 2017.
  

• applies in this implementation

  • Valid 01.08.2020-31.07.2022:

    Veil, Rüdiger: European Capital Markets Law, 2017.
    

  • Applies in this implementation:

    Here are some hints of what could be of main interest in the textbook
    (Veil, European capital markets law) when preparing for the final exam.
    You can focus on these and skip the rest of  the book (the figures
    refer to the contents of the book, i.e. the chapters, sub-chapters and
    sections etc.) : 

    - § 2 (Concept and aims of regulation) , § 7
    Capital markets, § 12 I and II (Sanctions), § 13 (Insider dealing): III
    Concept, IV Prohibitions and VI Sanctions, § 14 Market manipulation: I,
    II and IV (Prohibitions) and VII (Sanctions), § 15 Short selling, § 17
    Prospectus: IV Sanctions, § 19 Disclosure of inside information: I, III
    and V Sanctions, § 24 Takeover law, § 26 IV especially disclosure
    obligations on conflicts of interests.  

    Even the mentioned
    chapters should be read in a "structural" way: the systematic outlines
    (not the details) and market structures are important. And in general,
    the national legislations and supervisory systems can be skipped. 

  
  

Substitutes for Courses

• valid for whole curriculum period:

  Substitutes for Courses

Prerequisites

• valid for whole curriculum period:

  Prerequisites

SDG: Sustainable Development Goals

8 Decent Work and Economic Growth

9 Industry, Innovation and Infrastructure

FURTHER INFORMATION

Further Information

• valid for whole curriculum period:

  Teaching Period:

  2020-2021 Spring III

  2021-2022 Spring III

  
  

  Course Homepage: https://mycourses.aalto.fi/course/search.php?search=ABL-E2600

  
  

  Registration for Courses: In the academic year 2021-2022, registration for courses will take place on Sisu (sisu.aalto.fi) instead of WebOodi.

• applies in this implementation

  Alternatively, you can complete the exam by writing an essay of 10 to 15 pages on a topic in the course area.
  The topic of the essay can be suggested by yourself or defined together. The essay is structured by subheadings and the information 

  obtained from the sources is separated from the own conclusions and reflection by citations, and a list of sources is appended 

  to the end of the essay. You can use the exam book and other material to be announced during the course or added to the website 

  as sources, but you can also search for the sources yourself.
  More information on how to make the lecture exam and the exam is given at the beginning of the course.

  
  

Details on the schedule

• applies in this implementation

  Date	Meeting	Subject
  Thu 13 Jan	lecture 1	Introduction Market structures Regulation
  Wed 19 Jan	lecture 2	Regulation as a market mechanism
  Thu 20 Jan	lecture 3	Sustainable finance
  Wed 26 Jan	lecture 3a	Fintech and blockchain Banking disruptions Investment firms Investment products
  Thu 27 Jan	lecture 4	Investment firms Customer relations of investment firms Investors’ duties Marketplaces
  Wed 2 Feb	lecture 6	Disclosure duties Prospectus Regular disclosure obligation
  Thu 3 Feb	lecture 7	Ongoing disclosure obligation Market abuse: insider rules and market manipulation
  Wed 9 Feb	lecture 8	Business secrets and disclosure and insider rules
  Thu 10 Feb	lecture 9	Investor remedies Damages
  Wed 16 Feb	lecture 10 Lecture exam	Damages Public bids Mandatory bid
  Thu 17 Feb	Lecture 11 Lecture exam	Behavioral law and economics

  
  

Description