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Securities law

LWM71

What this course aims to do is provide you with a strong grasp of the dense regulation within securities law. This is an immensely practical course; the subject area is also a huge part of corporate law practice particularly in the city of London but also around the world. This course looks at how the largest companies access capital markets and access funding for their businesses – how shares and bonds are issued and how certain types of securities are issued. Although this is a very complex area of law this course aims to provide students with a map to understand the regulation and how securities law fits together. A large part of the course is looking at the regulations, understanding how they function and how they would be used by practicing lawyers. We also look at where the policy may go in the future.

Module A: The foundations of securities regulation

LWM71A

  • The Lamfalussy Process for creating European Union (EU) securities regulation
  • The EU securities directives
  • The general EU financial services directives as they apply to securities transactions
  • Implementation in the United Kingdom

Module B: Prospectus and transparency regulation of securities

LWM71B

  • The core significance of information in securities regulation
  • The economic objectives of prospectus and transparency obligations
  • “Offers of securities to the public”
  • Prospectus regulation
  • Transparency obligations regulation
  • The duty of disclosure in prospectuses

Module C: Liability for misstatements in a prospectus

LWM71C

  • The common law on obligations to make disclosure in prospectuses
  • The tort of negligence
  • Negligence and takeovers
  • Negligence and sales of securities in the after-market
  • Financial Services and Markets Act 2000, s.90
  • Fraudulent misrepresentation (the tort of deceit)

Module D: The Listing Rules and the Model Code

LWM71D

  • The Listing Process
  • The six Listing Principles
  • Admission to listing
  • Maintenance of listing
  • Discontinuance of listing and censure

Assessment

Each module will be assessed by a 45-minute unseen written examination.

Sequence

It is strongly recommended that you attempt the modules in order.

How to apply

You can either apply for these modules individually or as part of the Postgraduate Laws programme. (In either scenario, they must be studied in order.)

These modules also contribute towards the following specialist pathways for Laws:

  • Banking and Finance Law
  • Commercial and Corporate Law
  • Common Law
  • Corporate and Securities Law
  • Financial Services Law
  • International Business Law

Apply via Postgraduate Laws.

Academic Co-ordinator

Professor Alastair Hudson

Professor Alastair Hudson

Professor Alastair Hudson FHEA, FRSA, is the Course Convenor for: Commercial Trusts Law, Securities Law, Equity and Trust in Context, International and Comparative Trusts Law, Law on Investment Entities, Private Aspects of the Law and Finance and Law of Financial Crime.

Alastair is an English barrister and academic. He was Professor of Equity & Law at Queen Mary University of London for fourteen years. Between 2012 and 2014, he was Professor of Equity and Finance Law at The University of Southampton. He is a National Teaching Fellow, a Fellow of the Higher Education Academy, and a Fellow of the Royal Society of Arts. He was voted UK Law Teacher of the Year in 2008 and was awarded the Excellence in Teaching Award 2014 by the University of Southampton for "Overall Outstanding Lecturer."