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Financial Services Law (LAWS70106)
Graduate coursework level 7Points: 12.5Not available in 2021
Please refer to the return to campus page for more information on these delivery modes and students who can enrol in each mode based on their location.
Overview
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This subject will be delivered online in 2020 over the scheduled dates.
This subject is concerned with the regulation of financial intermediaries, including financial product issuers, broker/dealers, fund managers, custodians, financial planners and investment advisers. Orthodox approaches to the regulation of financial intermediaries have been under significant challenge since the Global Financial Crisis, with more to come. The subject combines a thorough technical grounding in the current law governing the provision of financial services to retail and wholesale clients in Australia with broader perspective on likely future directions in financial services regulation. The lecturer is a former Australian Securities and Investments Commission (ASIC) Regional Commissioner and one of Australia’s leading experts in the areas of funds management law and financial services regulation
This subject examines the regulation of financial services providers and the legal dimensions of their relationship with their clients. In particular, it deals directly with relevant parts of Chapter 7 of the Corporations Act 2001 (Cth) and the general law relating to brokers, dealers and financial advisers. It also covers the related topic of financial product disclosure.
Principal topics include:
- Policy underpinning Chapter 7 of the Corporations Act 2001 (Cth)
- Theoretical and comparative approaches to regulating financial intermediaries
- The Australian Financial Services (AFS) licensing regime
- Financial services disclosure
- Statutory and general law duties of financial services providers
- Financial product disclosure
- Roles and powers of the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA)
- The impact of new technologies in financial services: regulating for disruption.
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Intended learning outcomes
A student who has successfully completed this subject will:
- Understand the legal and regulatory framework within which financial services providers operate
- Be able to locate and apply the key regulatory requirements relating to Australian financial services (AFS) licensing, financial services disclosure (including Financial Services Guides and Statements of Advice) and financial products disclosure (including Product Disclosure Statements)
- Have a highly developed understanding of the duties (including fiduciary duties) owed by financial services providers to their clients
- Understand the likely future direction of the financial services sector and its regulation
- Identify the strengths and weaknesses of different regulatory approaches to protecting the interests of consumers of financial services.
Last updated: 3 November 2022
Eligibility and requirements
Prerequisites
None
Corequisites
None
Non-allowed subjects
None
Recommended background knowledge
Applicants without legal qualifications should note that subjects are offered in the discipline of law at an advanced graduate level. While every effort will be made to meet the needs of students trained in other fields, concessions will not be made in the general level of instruction or assessment. Most subjects assume the knowledge usually acquired in a degree in law (LLB, JD or equivalent). Applicants should note that admission to some subjects in the Melbourne Law Masters will be dependent upon the individual applicant’s educational background and professional experience.
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
Description | Timing | Percentage |
---|---|---|
Assessment 1: Team presentation/exercise (in class) | 20% | |
Assessment 2, Option 1: Take-home examination
| 4 - 7 December | 80% |
Assessment 2, Option 2: Research paper on a topic approved by the subject coordinator
| 20 January 2021 | 80% |
Hurdle requirement: A minimum of 75% attendance. Note: the attendance hurdle does not apply when the subject is delivered online. | Throughout the teaching period | N/A |
Additional details
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.
Last updated: 3 November 2022
Quotas apply to this subject
Dates & times
Not available in 2021
Additional delivery details
This subject has a quota of 30 students.
Enrolment is on a first come, first served basis. Waitlists are maintained for subjects that are fully subscribed.
Students should note priority of places in subjects will be given as follows:
- To currently enrolled Graduate Diploma and Masters students with a satisfactory record in their degree
- To other students enrolling on a single subject basis, eg Community Access Program (CAP) students, cross-institutional study and cross-faculty study.
Please refer to the Melbourne Law Masters website for further information about the management of subject quotas and waitlists.
Last updated: 3 November 2022
Further information
- Texts
Prescribed texts
Specialist materials will be made available via the LMS in the pre-teaching period.
- Related Handbook entries
This subject contributes to the following:
Type Name Course Graduate Diploma in Banking and Finance Law Course Master of Laws Course Juris Doctor Course Master of Banking and Finance Law Course Master of Commercial Law Course Graduate Diploma in Legal Studies - Links to additional information
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
Additional information for this subject
If required, please contact law-admissions@unimelb.edu.au for subject coordinator approval.
- 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