Lahore University of Management Sciences LAW 329 International Finance Law Spring None Duration N/A

Transcription

1 Lahore University of Management Sciences LAW 329 International Finance Law Spring Instructor Dr. Faiza Ismail Room No Office Hours TBD Telephone - Secretary/TA TBD TA Office Hours TBD Course URL (if - any) Course Basics Credit Hours 4 Lecture(s) 2 Duration 1hr, 50min Recitation/Lab Nbr of Lectures per None Duration N/A (per week) Tutorial (per week) week Nbr of Lectures per week None Duration N/A Course Distribution Core No Elective BA/LLB Open for Student Law Seniors and Super-Seniors; Non-Law Juniors and Seniors 1

2 Category Close for Student Category Freshman and Sophomore Course Description International Finance Law is designed to give participants an understanding of the operations of financial regulations. Class participants will analyse four sectors of financial regulations i.e. banking, securities, insurance and pension in the UK and Pakistan. Moreover, Financial crisis 2008 resulted in the enactment of the Dodd-Frank Act 2010 in the United States and enormous regulatory responses in the European Union. An examination of international financial crisis and consequent reforms will help appreciate the need for reforms for financial regulations. Finally, recent developments in the financial regulations particularly in the context of ethical finance will be discussed. For this purpose development of Islamic finance law will be explored within International Financial industry. Course Prerequisite(s) Law 101 Introduction to Legal Reasoning Course Objectives Diverse career opportunities for law and non-law graduates i.e. banking, regulatory bodies, accounting firms and commercial law firms. Learning Outcomes 2

3 An understanding of international and national financial regulations. An understanding of financial crisis 2008 and regulatory responses. Recent developments in the financial services industry in the context of ethical finance. Grading Breakup and Policy Assignment (s): 30% Home Work: Go through reading list prior to each class Quiz 10% (s)/presentations: Class Participation: 20% Attendance: Midterm Assignment Examination: Project: Final Examination: 40% Examination Detail Midterm Exam Final Exam Yes/No: Yes Combine/Separate: Duration: Preferred Date: Exam Specifications: Take home assignment Yes/No: Yes Combine/Separate: Duration: Exam Specifications: In house (open book) 3

4 Course Overview Le Topics Recommended Readings Objectives/Application ctu re 1. Introduction S. Valdez, Ph. Molyneux, An Introduction to McMillan. Chapter one: The Debt-Merry Go Round 2. Law of Finance I A Hudson, The Law of Finance (2013, Sweet and Maxwell) Part I: An ordering of the Law of Finance Development of Law of Finance 3. Law of Finance II 4 International Banking Law 5 Banking Regulations in Pakistan A Hudson, The Law of Finance (2013, Sweet and Maxwell) Part II: Substantive Legal Concept in the Law of Finance Markus Brunnermeier, Andrew Crocket, Charles Goodhart, Avinash D. Persaud and Hyun Shin, The Fundamental Principles of Financial Regulation (2009) Geneva Reports on the World Economy 11, International Center For Monetary And Banking Studies, p 1-11 State Bank of Pakistan, Basel Accord and Implementation < > Law of finance and legal concepts i.e. Contract and Property Objective of banking regulations Micro and macro prudential regulations Effectiveness of Capital Adequacy Requirement (CAR) as specified in Basel Accord. Implementation of Basel Accord in Pakistan and State Bank of Pakistan (SBP) 4

5 6 Central Banks S. Valdez, Ph. Molyneux, An Introduction to McMillan). Chapter three: The Role of the Central Bank Regulatory and supervisory role of central banks 7 The Market Regulators Charles Proctor, The Law and Practice of International Banking (2015, Oxford University Press, UK). Part A: Regulatory Matters Role of market regulators to overcome systemic risk 8 Banking Crisis 9 Principles of International Securities Regulations 10 Capital Market Regulations- Pakistan 11 The Money and Bond Markets S. Valdez, Ph. Molyneux, An Introduction to McMillan). Part four: Financial Crisis Joanna Benjamin, Financial Law, (2007, Oxford University Press) Chapter 17: Security Securities and Exchange Commission of Pakistan < S. Valdez, Ph. Molyneux, An Introduction to McMillan) Chapter Six: The Money and Bond Markets Causes of Banking crisis and consequent need for regulations An understanding of the operation of the international securities regulations Capital market regulations in Pakistan An understanding of the operation of money market 5

6 12 The Legal Nature of the International Bond Market Colin Bamford, Principles of International Financial Law, (2011, Oxford University Press) Chapter 6: The Legal Nature of the International Bond Market 13 Stock Exchanges S. Valdez, Ph. Molyneux, An Introduction to McMillan) Chapter Seven: Stock Exchanges 14 Hedge Funds S. Valdez, Ph. Molyneux, An Introduction to McMillan) Chapter eight: Hedge Funds and Private Equity Law relevant to money market operations An understanding of the operation of stock exchanges An understanding of operation of hedge funds 15 Securities and Financial Crisis S. Valdez, Ph. Molyneux, An Introduction to McMillan) Chapter nine: Financial Crisis What causes the crisis in financial markets? 16 Mid term Assignment discussion 17 Principles of Insurance Law Julian Burling and Kevin Lazarus, ed, Research Handbook on International Insurance Law and Regulation Research Handbooks in Financial Law series Introduction to insurance related laws and regulations 18 Conflict of Laws Julian Burling and Kevin Lazarus, ed, Research Handbook on International Insurance Law and Regulation Research Handbooks in Financial Law Operation of conflict of law within insurance law 6

7 19 Harmonization of Insurance Law series Julian Burling and Kevin Lazarus, ed, Research Handbook on International Insurance Law and Regulation (Research Handbooks in Financial Law series) Causes and impact of harmonization 20 Pension Laws Martin Sullivan, Understanding Pension (2004, Routledge) 21 Market Forces in Joanna Benjamin, Financial Law, (2007, Oxford Financial Law University Press) Part VI: Markets and Regulatory and Regulations Projects Introduction to pension related laws and regulations Market forces and their impact over regulations 22. Global Financial Crisis 2008 A Hudson, The Law of Finance (2013, Sweet and Maxwell) Part VII: Crisis, Regulation and Finance Law Causes and impacts of the global financial crisis Regulatory Responses to the Financial Crisis 24. Key Trends in Financial Markets 25. Islamic Banking Regulations Stijn Claessens and Laura Kodres, The Regulatory Responses to the Global Financial Crisis: Some Uncomfortable Questions (2014) International Monetary Fund Working Paper /14/46 S. Valdez, Ph. Molyneux, An Introduction to McMillan). Part Seven: Trends in the Global Financial Markets Charles Proctor, The Law and Practice of International Banking (2015, Oxford University Press, UK) Regulatory responses to the crisis in the European Union and United States Recent developments Recent developments in the international finance- Banking sector 26. Islamic Mahmoud Amin El-Gamal, A Basic Guide to Recent developments in the 7

8 Securities Market Regulations 27. Islamic Insurance- Takaful 28. Review Contemporary Islamic Banking and Finance (2000) 1 Rice University Financial Regulations for Takaful Insurance Companies United Arab Emirates Insurance Authority < 0Regulations%20for%20Takaful%20Insurance%2 0Companies.pdf> international finance- Securities Recent developments in the international finance- Insurance sector Textbook(s)/Supplementary Readings 8