Programme

• Course title: European Banking Law: sources, objectives and institutional framework
• Number of ECTS: 4
• Course code: MADE3-DBFE-1
• Module(s): Droit bancaire et financier européen général
• Language: EN
• Mandatory: Yes

On completion of the course, successful students will be able to:

• Explain the main objectives of EU banking law and its key achievements in the integration of the EU banking industry;


• Cultivate critical thinking methods in banking regulation by acquiring institutional knowledge as well as analytical tools to improve the understanding of the major policy concerns regarding the banking system.

 

The European Banking Law I course is the first course of three on European Banking Law in the third semester of the Master in European banking and financial law. Introducing the unique functions of banks in the economy and providing a general overview of the banking industry in the European Union, the course will highlight the rationales of banking regulation and the role of EU banking law in the integration and the stability of the European banking sector. The sources of EU banking law and the law-making process will be presented by considering the influence of the international institutions and fora active in this field. Then we will study the European passport of banks and the situation of banks from third countries, in light notably of Brexit. 

Presentations (75%) and active participation in class (25%)

 

• Course title: European Securities Law (I)
• Number of ECTS: 4
• Course code: MADE3-DBFE-2
• Module(s): Droit bancaire et financier européen général
• Language: EN
• Mandatory: Yes

On completion of the course unit successful students will be able to:

1.
Legal and financial Terminology

–       
Master the legal and financial technical terms.

2. European Securities Law I

Identify in sufficient detail the European Securities, Law and especially the prospectus regulation and the transparency directive.

1. Legal and financial Terminology

The objective of the class is to provide students with an understanding of the basic terms used in banking and financial law.

 

2. European Securities Law: main principles and primary market

The objective of the class is to give a presentation of the directives and regulations in the area of securities law.

The first set of texts was adopted in the 1970’s, mid 1980’s and early 1990s. Then, since the adoption of the Financial Services Action Plan (FSAP) in 1999, numerous texts have been adopted and the landscape in the area of securities law has been widely transformed. The financial crisis of 2007 has also lead to a new impetus in financial regulation. The focus will be on the framework of EU securities and financial markets legislation, the prospectus regulation and the transparency directive.

Written exam (90%) and participation in class (10%)

• Course title: Droit européen des fonds d'investissement
• Number of ECTS: 4
• Course code: MADE4-65
• Module(s): Droit bancaire et financier européen général
• Language: FR
• Mandatory: Yes

• Course title: European Banking Law: prudential regulation and resolution
• Number of ECTS: 4
• Course code: MADE3-DBFE-4
• Module(s): Droit bancaire et financier européen approfondi
• Language: EN, FR
• Mandatory: Yes

On completion of the course unit successful students will be able:

 

• 
  Master the key EU regulations aiming to ensure stability of the EU banking sector by imposing prudential requirements on banks, organizing their supervision, introducing deposit guarantee schemes, and designing schemes for the recovery and, if need be, an orderly resolution of distressed banks.
  


• 
  Cultivate critical thinking methods in banking regulation by acquiring institutional knowledge as well as analytical tools to improve our understanding of the major policy concerns regarding the banking system.
  

Under the general rubric of “safety, soundness, supervision and resolution”, we will discuss Basel Standards (Basel III) and CRR and CRD IV regulations designed to ensure the safety and soundness of the banking industry worldwide and within the EU. Then we will review the supervision of the EU banks highlighting the ECB’s new supervisory powers and its role in maintaining banking stability in the EU. After supervision, comes the resolution and winding up of banking entities. We will further explore the recent mechanisms for resolution of banking entities including sale of business, bridge institution, asset separation and bail-in tools and analyze their impact on financial stability of the EU banking system. The second part will conclude with focusing on a special safety net for the banking entities, (i.e., the deposit guarantees scheme). We will discuss the need for deposit guarantee schemes and its potential benefits and costs along with some case studies and recent development about the creation of an EDIS (European Deposit Insurance Scheme) as the third pillar of the banking union.

Written exam (75%) and active participation in class (25%)

• Course title: European Securities Law (II)
• Number of ECTS: 5
• Course code: MADE3-DBFE-5
• Module(s): Droit bancaire et financier européen approfondi
• Language: EN, FR
• Mandatory: Yes

On completion of the course unit successful students will be able to:

• 
  European Securities Law II
  

–      
Master the European Securities Law and especially the takeover Directive and on the Market Abuse Regulation.

• 
  La dimension juridique de la surveillance de la place financière par la CSSF- Aspects nationaux et européen
  

–       
Explain the functioning of the Luxembourg Supervisory authority (CSSF).

• 
  Securities Law / Droit des titres
  

–       
Recognize and explain
the rules applicable to the international and national holding of securities.

1. European Securities Law: secondary market – Pierre-Henri Conac

   The objective of the class is to give a presentation of the directives and regulations in the area of securities law. The first set of texts was adopted in the 1970’s, mid 1980’s and early 1990s. Then, since the adoption of the Financial Services Action Plan (FSAP) in 1999, numerous texts have been adopted and the landscape in the area of securities law has been widely transformed. The financial crisis of 2007 has also led to a new impetus in financial regulation. The focus will be on the Takeover Directive and on the Market Abuse Regulation. 2. The legal dimension of the supervision of the financial centre by the Commission de surveillance du secteur financier (CSSF) – National and European aspects / La dimension juridique de la surveillance de la place financière par la CSSF- Aspects nationaux et européen The course describes the functioning of the Luxembourg Supervisory Authority (CSSF) 3. Securities Law/ Droit des titres- Pledge over securities/ Gage sur titres- Securities under International Private Law / Le titre en droit international privé- International Movement of securities / La circulation internationale des titres

Written and oral exams

• Course title: Typologie des fonds d'investissement
• Number of ECTS: 3
• Course code: MADE4-68
• Module(s): Droit bancaire et financier européen approfondi
• Language: FR
• Mandatory: Yes

• Course title: Current Developments in European Banking Law – selected topics
• Number of ECTS: 2
• Course code: MADE3-DBFE-7
• Module(s): Droit bancaire et financier européen spécialisé
• Language: EN
• Mandatory: No

1.
Central Banking and Financial Stability
–        Explain the functioning and identify the legal framework of the Eurosystem, the Single Supervisory Mechanism and the National Central Banks in the euro area.
–        Explain the roles of Central banks in ensuring financial stability and identify the legal tools on which they can rely.

 

2
. European Banking Law (III)
Develop a well-reasoned answer to a specific question relating to one of the key challenges that the banking industry is currently facing and the regulatory responses that this challenge may or should trigger.

The overall aim is to cultivate critical thinking methods in banking regulation by acquiring institutional knowledge as well as analytical tools to improve our understanding of the major policy concerns regarding the banking system.

This course is composed of two parts.The first is a seminar on Central Banking and Financial Stability.The second is a research seminar dedicated each year to a specific topic 1. Central Banking and Financial Stability The course is aiming at providing a presentation of the legal framework on the changing role of the central banks within the Economic and Monetary Union (EMU). In a second part, it presents the role of the Banque centrale du Luxembourg, created on 1 June 1998, i.e., concurrently with the ECB and the Eurosystem. Since the beginning of the financial and economic crisis in 2008, the role of Central Banks has been profoundly modified. At the beginning of the Eurosystem, in 1999, in accordance with its mandate, the priority was given to the fight against inflation. At present time, the objective of price stability imposes to fight against a possible deflation as well as a recurrent financial instability threats. Therefore, the original monetary policy framework had to be supplemented by a series of new measures, the so called “non-conventional” monetary policy instruments, containing among others, new purchase programme of securities in the market. The Court of Justice of the European Union recently confirmed the discretionary powers of the European Central Bank in this matter. The first wave of reforms concerned the setting up of a new financial architecture within the European Union in 2010. This new architecture called for the establishment of new financial authorities, the European Systemic Risk Board (ESRB) and the micro prudential authorities: European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EOPIA), European Securities Market Authority (ESMA).A second wave started in November 2014, when the former competences of the National Banking Supervisory Authorities were transferred to the European Central Bank within the Euro area. A provision of the Maastricht Treaty (Article 127.6) allowed such a transfer of exclusive competence to the ECB through the adoption of the single supervisory mechanism (SSM regulation). Since then, the ECB is supervising directly the Significant Credit Institutions (SCI). It is assisted by the national competent authorities (NCA’s), which remain in charge of the direct supervision of the Less Significant Credit Institutions (LSCI). The SSM is part of the new Banking Union, comforting the Monetary Union.The SSM constitutes the first pillar of the Banking Union (the other two being the Single Resolution Mechanism (SRM), entered into force in 2016 and the future European Deposit Insurance System (EDIS) still to be created). 2. European Banking Law (III)The second part of the course is a research seminar dedicated each year to a specific topic as for instance, banks and virtual currencies, banks and climate change, corporate governance in banking, judicial review and banking regulation.  After an overall introduction into the topic, students will be assigned a research question on which they are requested to write a paper. Depending on the size of the cohort, students will work in groups of 2-4. Their progress will be discussed during the various classes and guidance will be given to them to finalize their paper

Research Paper

• Course title: MiFID
• Number of ECTS: 2
• Course code: MADE3-DBFE-8
• Module(s): Droit bancaire et financier européen spécialisé
• Language: EN, FR
• Mandatory: No

Master the European Securities Law and most especially the Markets in Financial Instruments Directive (MiFID) and the regulation of financial markets. 

The objective of the class is to give a presentation of the directives and regulations in the area of securities law. The first set of texts was adopted in the 1970’s, mid 1980’s and early 1990s. Then, since the adoption of the Financial Services Action Plan (FSAP) in 1999, numerous texts have been adopted and the landscape in the area of securities law has been widely transformed. The financial crisis of 2007 has also lead to a new impetus in financial regulation. The focus will be on the Markets in Financial Instruments Directive (MiFID) and also the regulation of financial markets.

Written exam (90%) and participation in class

• Course title: European Company Law
• Number of ECTS: 2
• Course code: MADE3-DBFE-10
• Module(s): Droit bancaire et financier européen spécialisé
• Language: EN
• Mandatory: No

• 
  Assess whether a proposed set of company rules that is being contemplated by a national legislature is or not consistent with European rule.
  


• 
  Estimate the consistency of some company behaviour with the same rules.
  

European company law, meaning the study of European law bearing on the topic of company law at large, which includes the case law of the Court of Justice of the European Union on the topic of freedom of establishment, the directives, regulations and recommendations applying to the members states’ companies or directing the member states to bring some orientation to their national company law systems and, finally, the existing European entities (European Company, European Economic Interest Grouping, European Cooperative Society).

Paper

• Course title: Sûretés, trust et fiducie
• Number of ECTS: 2
• Course code: MADE3-DBFE-11
• Module(s): Droit bancaire et financier européen spécialisé
• Language: FR
• Mandatory: No

1. Trust ‘Fiducie’ / Trust et fiducie

• 
  Master the legal regime (conditions and effects) of the trust and the ‘Fiducie’ (under Luxembourg law)
  


• 
  Identify the main differences between the trust and the ‘Fiducie’.
  


• 
  déterminer le domaine d’application de la Convention de la Haye et la loi applicable à un trust, et analyser les effets d’une telle reconnaissance et ses limites.
  

 
2.European Security and Guarantee Law in Europe / Droit des sûretés en Europe

• 
  Identify the main types of security and guarantee within the different EU Members States.
  


• 
   Master the specificities of certain type of securities.
  

The course consists of 2 compulsory seminars as follows:

1. Trust & ‘Fiducie’ / Trust et fiducie

The course consists of a presentation of the Luxembourg legislation on ‘fiducie’ agreements. The course also covers the right of ownership of the ‘fiduciaire’ and the creation of a special purpose ‘patrimoine d’affectation’ are presented alongside the general patrimony of the ‘fiduciaire’, the legal characteristics of this contract, the obligations and the liability regime of the various parties involved in such a transaction, as well as the structuring possibilities offered by this type of contract. The course also includes a presentation of the main features of the Anglo-American trust as well as the Hague Convention of 1 July 1985 on the law applicable to trusts and on their recognition. The course also covers the specific AML regime applicable to fiduciary contracts and trusts. Le cours consiste en une présentation de la législation luxembourgeoise sur les contrats fiduciaires. Sont exposés le droit de propriété du fiduciaire et la création d’un patrimoine d’affectation à côté du patrimoine général du fiduciaire, les caractéristiques juridiques de ce contrat, les obligations et le régime de responsabilité des divers intervenants dans une opération fiduciaire ainsi que les possibilités de structuration qu’offre ce type de contrat. Le cours comprend également une présentation des caractéristiques principales du trust anglo-américain ainsi que de la Convention de la Haye du 1er juillet 1985 relative à la loi applicable au trust à sa reconnaissance. Le cours couvre également la réglementation anti-blanchiment spécifique applicable aux fiducies et aux trusts.

 

2. European Security and Guarantee Law in Europe / Droit des sûretés en Europe

Overview of the different types of security and guarantee existing in Europe. What are the commonalities and dissimilarities between the different forms of the security and guarantee in the Member States of the European Union. Panorama des différents types de sûretés existant en Europe. Quelles sont les points communs et les dissemblances entre les différentes formes de sûretés personnelles et réelles dans les États membres de l’Union européenne. Les projets européens d’harmonisation du droit des sûretés sont également abordés.

Oral Exam and Paper

• Course title: Introduction au droit bancaire et financier luxembourgeois
• Number of ECTS: 4
• Course code: MADE3-DBFE-12
• Module(s): Droit luxembourgeois
• Language: FR
• Mandatory: Yes

• Course title: Droit luxembourgeois des fonds d'investissement
• Number of ECTS: 3
• Course code: MADE3-DBFE-13
• Module(s): Droit luxembourgeois
• Language: FR
• Mandatory: Yes

• Course title: Droit bancaire spécialisé
• Number of ECTS: 5
• Course code: MADE3-DBFE-14
• Module(s): Droit bancaire et financier spécialisé
• Language: FR
• Mandatory: Yes

• Course title: Droit financier spécialisé
• Number of ECTS: 5
• Course code: MADE3-DBFE-15
• Module(s): Droit bancaire et financier spécialisé
• Language: FR, EN
• Mandatory: Yes

• Course title: Droit bancaire et financier comparé
• Number of ECTS: 7
• Course code: MADE3-DBFE-16
• Module(s): Ouverture
• Language: FR, EN
• Mandatory: Yes

• Course title: Droit des sociétés
• Number of ECTS: 3
• Course code: MADE3-DBFE-17
• Module(s): Ouverture
• Language: FR
• Mandatory: No

• Course title: Droit des sûretés
• Number of ECTS: 3
• Course code: MADE3-DBFE-18
• Module(s): Ouverture
• Language: FR
• Mandatory: No

• Course title: Visite de la Cour de Justice
• Number of ECTS: 0
• Course code: MADE_EBL-27
• Module(s): Summer Internship
• Language: FR
• Mandatory: Yes