Law of the Capital Market

The course will unfold the complexity of modern capital markets. The main focus lies on different market participants (issuers; investors; intermediaries as financial analysts and rating agencies) and enforcement-concepts (supervision by national authorities; administrative penals; private enforcement).

The course covers disclosure obligations stipulated by capital markets law concerning inside information, director' dealings, transparency of major shareholdings and financial instruments. Further, market manipulation and insider dealing will be discussed as well as certain market participants such as banks, financial analysts, credit rating agencies and investment firms. Finally, competences of national and European supervisory authorities will be covered.