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International Capital Markets (LAWS50073)
Graduate coursework level 5Points: 12.5Not available in 2020
For information about the University’s phased return to campus and in-person activity in Winter and Semester 2, please refer to the on-campus subjects page.
Please refer to the LMS for up-to-date subject information, including assessment and participation requirements, for subjects being offered in 2020.
Overview
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This course will examine the phenomenon of the internationalisation of capital markets in the last 20 years from a legal and regulatory perspective and its role in the Global Financial Crisis. An introductory section will look at the immediate causes of the Global Financial Crisis and the role played by international capital markets; the course will then proceed to place regulatory developments in context by examining the history, trends and issues associated with internationalisation of the marketand the regulatory techniques that have developed in response to them. Several different markets will be studied, regulated and unregulated, developed economies as well as developing or emerging markets, the Euromarket, the European Union, the United States, China, Brazil and others.
Part of the course will be devoted to specific US regulatory responses to the internationalisation of capital markets: Foreign Private Issuer exemptions, Regulation S, Rule 144A, Mutual Recognition Systems, ADRs.
The last part of the course will comprise a detailed examination of the consolidation of stock exchanges, the emergence of international standards, the work of the International Organization of Securities Commissions (IOSCO) in developing principles of securities regulation and disclosure; and the role of international financial institutions such as the International Monetary Fund and The World Bank, developments in markets such as China and Brazil and basic principles of Islamic finance. Coverage of all these topics will depend on the pace at which the course progresses, the goal being to provide ample time for class discussion.
Intended learning outcomes
Students who successfully complete this subject will have:
- developed a specialised understanding of the complex and technical legal and regulatory issues that arise in international capital market transactions and the ways in which capital markets operate in a cross-border context.
- developed an awareness of the competing policy issues and difficult coordination problems associated with financial regulation of this type.
- developed critical and analytical skills, in the context of regulatory frameworks outside Australia, which are useful to students intent on entering private practice or embarking on a career in public policy and regulation.
- obtained insight into the existence and operation of regulatory techniques along a continuum of normativity, which are readily transferable to other private law subject matters, particularly in areas subject to a high degree of technical regulation.
- gained the ability to identify and resolve complex transnational legal questions in the context of private practice; students working in areas of public policy and regulation will be able to mobilise the knowledge obtained in this course in a constructive manner, recognising the strengths and weakness of Australian law and practice as measured against international benchmarks
Generic skills
On completion of the subject students will have developed and demonstrated the following specialist skills:
- The ability for close reading and analysis of a range of interdisciplinary sources, and in particular, complex and technical regulation and legal standards from different legal systems;
- The capacity to identify, successfully characterise, and provide solutions for complex transnational legal problems, including through the collection and evaluation of non-domestic regulation and international standards;
- The capacity to undertake independent research in the area of international finance law through familiarity with the major sources;
- The capacity to undertake a sophisticated and professional analysis of legal issues presented by any particular set of circumstances, and apply the appropriate principles to international financial transactions; and
- A sophisticated capacity to place financial law, regulation and policy objectives within a global context.
Last updated: 3 November 2022
Eligibility and requirements
Prerequisites
Successful completion of all the below subjects:
Code | Name | Teaching period | Credit Points |
---|---|---|---|
LAWS50023 | Legal Method and Reasoning |
Summer Term (On Campus - Parkville)
April (On Campus - Parkville)
|
12.5 |
LAWS50024 | Principles of Public Law |
Semester 1 (On Campus - Parkville)
June (On Campus - Parkville)
|
12.5 |
LAWS50025 | Torts |
November (On Campus - Parkville)
Semester 1 (On Campus - Parkville)
|
12.5 |
LAWS50026 | Obligations |
May (On Campus - Parkville)
Semester 1 (On Campus - Parkville)
|
12.5 |
LAWS50027 | Dispute Resolution | Not available in 2024 |
12.5 |
LAWS50028 | Constitutional Law | Semester 2 (On Campus - Parkville) |
12.5 |
LAWS50029 | Contracts | Semester 2 (On Campus - Parkville) |
12.5 |
LAWS50030 | Property |
Semester 1 (On Campus - Parkville)
April (On Campus - Parkville)
|
12.5 |
LAWS50031 | Legal Theory |
November (On Campus - Parkville)
Semester 2 (On Campus - Parkville)
|
12.5 |
LAWS50032 | Administrative Law |
May (On Campus - Parkville)
Semester 1 (On Campus - Parkville)
|
12.5 |
This subject requires students to have completed, or have a concurrent enrolment in, the below subject:
Code | Name | Teaching period | Credit Points |
---|---|---|---|
LAWS50035 | Corporations Law | Semester 2 (On Campus - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
Students cannot enrol in this subject if they have previously undertaken either of the following subjects:
Code | Name | Teaching period | Credit Points |
---|---|---|---|
LAWS70110 | International Financial System | March (On Campus - Parkville) |
12.5 |
LAWS70125 | International Financial Transactions | November (On Campus - Parkville) |
12.5 |
LAWS50108 | Mergers, Acquisitions & Capital Markets | Semester 2 (On Campus - Parkville) |
12.5 |
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 3 November 2022
Assessment
Due to the impact of COVID-19, assessment may differ from that published in the Handbook. Students are reminded to check the subject assessment requirements published in the subject outline on the LMS
Description | Timing | Percentage |
---|---|---|
Option 1: Exam
| 100% | |
Option 2, Part 1: Written paper (see below)
| Late in the teaching period | 30% |
Option 2, Part 2: A written exam (see below)
| 70% |
Additional details
Up to 12 students will be able to prepare an in-class presentation on a topic to be agreed with the instructor during the latter part of semester, to be accompanied by a written paper (2,000 words) (30%) and sit a 2-hour written exam (70%).
Note: Students must choose assessment from the options listed above. If an option contains parts, all parts must be completed if that option is chosen.
The due date of the above assessment will be available to students via the Assessment Schedule on the LMS Community.
Last updated: 3 November 2022
Quotas apply to this subject
Dates & times
Not available in 2020
Additional delivery details
This subject has an enrolment quota of 60 students. Your subject enrolment will not be confirmed until the selection process has been run. Selection is conducted on a random basis with outcomes communicated to students shortly after re-enrolment closes. Please refer to the Melbourne Law School website for more information on the JD Quota Elective selection process.
Last updated: 3 November 2022
Further information
- Texts
Prescribed texts
- C Jordan, International Capital Markets: Law and Institutions (Oxford University Press, 2014);
- Specialist printed materials will also be made available from the Melbourne Law School.
- Related Handbook entries
This subject contributes to the following:
Type Name Course Juris Doctor - Available to Study Abroad and/or Study Exchange Students
This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.
Last updated: 3 November 2022