This course provides an in-depth analysis of the regulatory frameworks of some of the most important parts of the financial system, including the banking system, the payment and settlement systems, and the shadow banking system. The analysis of these regulatory frameworks will be grounded in initiatives developed at the international level that aim at coordinating financial regulation in different jurisdictions. These international initiatives will serve as a roadmap to explore the specific regulatory frameworks in the U.K. and the E.U. In certain areas, the course may also make reference to the regulatory frameworks in other jurisdictions/regions, mainly the U.S. In this course, students will examine these regulatory frameworks with a critical perspective, informed by critical reflections on the purpose and function of financial regulation, and by considerations of political economy. Such a critical analysis will be particularly prominent in the examination of recent developments in finance, such as the rise of fintech and the growing appetite for sustainable finance.

10 x 2 hour seminars

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The course is assessed by an essay of 1,500 words (25%) and a 2 hour final examination (75%).

The course aims to provide students with an in-depth understanding of the substantive regulation of some of the most important parts of the financial system. It also aims at fostering students' critical evaluation of the goals and effectiveness of regulation in those parts of the financial system. Lastly, the course aims at raising students' awareness about the challenges and opportunities that recent developments in financial systems, such as the advent of financial technology (fintech) and the growth of sustainable finance, pose for existing regulatory frameworks.

By the end of this course, students will be able to:

■ Critically evaluate the functions and styles of financial regulation

■ Explain the policy rationales behind the regulation of the banking and the shadow banking system

■ Describe the substantive regulation of the banking and the shadow banking system in the EU, the UK and the US

■ Describe the regulatory and supervisory architecture in the EU and the UK

■ Reflect on the regulatory opportunities and challenges presented by the raise of financial technology (fintech)

■ Reflect on the regulatory opportunities and challenges presented by the growing appetite for sustainable finance

Students must submit at least 75% by weight of the components (including examinations) of the course's summative assessment.