Financial Services Law, Regulation and ComplianceLLM

Law Dissertation

This module is a supervised research-based dissertation in a relevant subject of the student’s own choice, subject to the approval of the Course Director.

The dissertation module comprises support and interactive ‘one to one’ supervision between students and supervisors. The minimal expectation for contact between student and supervisor is around 5 hours, but this can be greater depending on the individual dissertation and specific needs of the supervisor.

MODULE AIMS

On successful completion of this module, you will be able to:

• write a level 7 dissertation of up to 12,000 words in length.
• demonstrate a grounded and evidenced understanding of appropriate research questions, materials and examples suitable for writing a dissertation in a legal area.
• employ appropriate techniques for information gathering, research and critical analysis of leading legal questions.
• adopt a structured approach to the production of a sustained and critical piece of academic research of between 10,000 to 12,000 words on a law related subject.
• practise the fundamental academic and professional skills necessary for practical and effective postgraduate study of law.

Law Experiential Learning Project

This module provides you with the opportunity to showcase your professional skills in the execution of law-related tasks and experiential learning. When executing legal tasks, successful practitioners are able critically to evaluate law-related matters from an elevated perspective and are able to draw upon a varied knowledge base to assist in the development of strategy, new ideas, recommendations and solutions that add value to their organisation. Furthermore, successful legal practitioners draw upon a wide range of knowledge to help shape their own behaviour, character and identity. By critically reflecting on their experiences in work, they are able to develop an acute awareness of their own capabilities and skills, and have the ability to understand how they personally add value to an organisation. It is the application of knowledge and utilisation of professional skills that is explored in this module.

The first week of the year long programme will be dedicated to the discussion of various aspects of the work placement. This will lead to the production of a substantial report that helps to investigates specific legal issues within an organisation. This is a significant independent project, where you determine the subjects to be investigated and the methodology to be followed. Your project is an ideal opportunity to seek out and draw upon a wide range of knowledge, and for you to demonstrate how this underpins any final conclusions and recommendations. Your project will help you demonstrate your ability to think and act independently when executing a complex and challenging task.

The remaining period is dedicated to experiential learning in a work placement or project with an employer, which you will have secured during your time on programme. This practical experience will allow you to explore and test your own professional competence in a specific working environment. You will maintain a Professional Development portfolio of your experiences and will, ultimately, be able to articulate your understanding of how you personally add value in a professional legal context. Again, you will be expected to draw on a wide range of knowledge to help evaluate and explain your experiences.

Module Aims

On successful completion of this module, you will be able to:

• carry-out an in-depth project where you can integrate the legal knowledge and professional skills you have gained throughout your programme;
• identify and utilise different types of legal knowledge to influence your thinking or action;
• develop robust legal research skills and an ability to formulate new ideas and solutions through the analysis of primary and/or secondary data;
• explore your own skills, character and identity within a professional environment and identify key attributes that will aid long-term success in your chosen career field;
• develop good reflective practice, ensuring models and concepts can be used effectively in the critical evaluation of your performance; and
• integrate knowledge, experience and reflective practice to continually develop your professional skills and competence.

Compliance, Supervision and Enforcement

The PRA and the FCA are currently the prudential and conduct regulators for approximately 26,000 firms within the Financial Services Industry.

The module examines the legal and regulatory basis for the supervision of these firms and approaches to enforcement. The module examines the statutory basis for the regulators’ powers of enforcement; the significance of a ‘judgment-based and pre-emptive approach’ to supervision and enforcement that is focused on delivering the Regulator’s statutory objectives.

The module will also consider the interactions between regulators and issues arising for dual regulated firms.

This module aims to provide a detailed, critical and evaluative knowledge of Financial Services Compliance, Supervision and Enforcement.

MODULE AIMS

On successful completion of this module, you will be able to:

• appraise the international importance of Compliance, Supervision and Enforcement in a modern global economy;
• have a critical understanding of the influence of European Law on UK Financial Services Compliance, Supervision and Enforcement;
• appreciate the commercial importance of a rigorous system of Compliance, Supervision and Enforcement;
• critically evaluate the impact of global and commercial policy issues relating to Compliance, Supervision and Enforcement

Corporate Governance

Corporate governance is the system by which companies are directed and controlled. It is concerned with the internal aspects of the company, such as internal control, and the external aspects, such as the organisation’s relationship with its shareholders and stakeholders.

The 2008 financial crisis exposed significant shortcomings in the corporate governance and risk management of financial services firms. This has led to an increased emphasis on effective governance by the Organisation for Economic Cooperation and Development (OECD), the International Association of Insurance Supervisors (IAIS), the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (BCBS), and in particular to enhancements to the international scheme of prudential and capital regulation for banks and investment firms through the adoption of Basel III.

The review of corporate institutions carried out by Sir David Walker in 2009, the work of the

Parliamentary Commission on Banking Standards (PCBS), and the Turner Review on the future of financial services regulation and supervision concerning governance and risk management have contributed to putting corporate governance high on both the Financial Conduct Authority (FCA) as well as the Prudential Regulatory Authority’s (PRA) agenda.

MODULE AIMS

• This module aims to provide a detailed, critical and evaluative knowledge of corporate governance and risk management for Financial Services organisations.
• On successful completion of this module, you will be able to:
• appraise the international importance of corporate governance and risk management within the financial services industry;
• have a critical understanding of legal and regulatory corporate governance requirements;
• appreciate the role of corporate boards and senior managers in the corporate governance arrangements of financial services firms; and
• Critically evaluate the elements of an effective corporate governance and risk management framework financial services firms should adopt.

Financial Services Complaints and the Financial Services Ombudsman

The FSMA 2000 acknowledged the significance of the appropriate treatment of complaints and complainants within the Financial Services Market. This module examines the theory and practice of both internal complaints procedures and the Financial Ombudsman Service.

This module aims to provide a detailed, critical and evaluative knowledge of the Financial Services complaints procedures and the work of the Financial Ombudsman Service.

MODULE AIMS

On successful completion of this module, you will be able to:

• appraise the importance of ‘complaints’ in a modern economy
• have a critical understanding of the influence of European Law on complaints systems.
• appreciate the commercial importance of the correct treatment of complaints and decisions of the Financial Ombudsman Service.
• critically evaluate the impact o commercial policy issues relating to the treatment of complaints.

Global Financial Crime

The module will examine the nature, risks from and remedies for specific financial crimes, and evaluate national legislation and international conventions dealing with these specific crimes.

The module will consider the liability of those participating in these crimes and the possible defences available. You will examine the risks from and remedies for white-collar crime, and evaluate national legislation and international conventions dealing with white-collar crime. You will also be able to identify types of criminal behaviour, determine the liability of those participating in that behaviour, analyse and apply the defences available for defendants, and identify the importance and use of computers and the internet in white-collar crime.

This module aims to provide a detailed, critical and evaluative knowledge of Global Financial Crime, specifically Fraud, Insider Dealing & Market Abuse and Money Laundering.

MODULE AIMS

On successful completion of this module, you will be able to:

• appraise the international importance of Financial Crime and Money Laundering in a modern global economy;
• have a critical understanding of the influence of European Law on Financial Crime and Money Laundering;
• appreciate the commercial importance of Global Financial Crime
• critically evaluate the impact of global and commercial policy issues relating to Financial Crime and Money Laundering

Regulation of the Marketing of Financial Services

Marketing financial products is one of the most prominent activities within the industry. For many years Financial regulation and regulators have been concerned with the manner in which financial products have been marketed.

The module considers the statutory and regulatory framework for controlling ‘financial promotions’ and the objective of investor protection.

This module aims to provide a detailed, critical and evaluative knowledge of the law and regulation.

The module aims to enable to students to:

• Appraise the international importance of marketing financial services in a modern global economy
• Have a critical understanding of the influence of European Law on marketing financial services
• Appreciate the commercial importance of marketing financial services
• Enable students to critically evaluate the impact of relevant global and commercial policy issues

The module requires students to undertake self-directed research on a designated topic and present their findings succinctly in coursework.

Research Methods for Lawyers

Research Methods for Lawyers, which is offered in both the autumn and spring semesters, provides a detailed understanding of how to prepare for writing a dissertation on a legal topic.

Students will be given practical guidance on how to conduct advanced legal research from both primary and secondary sources; how to choose a viable research topic; how to write a research proposal; how to conduct a literature review; and how to choose the right methods and methodology for the dissertation.

In doing this, the students will be preparing themselves for conducting legal research in both an academic and professional field, as well as for writing a research dissertation at Level 7.

MODULE AIMS

On successful completion of this module, you will have:

• acquired advanced knowledge of how to conduct independent legal research and how to organise, assemble and synthesise large amounts of legal material in order to identify legal problems.
• developed several key transferable skills, including independent research, critical analysis and cogent academic writing in the context of writing a research dissertation, emphasising the use of primary and secondary sources.
• enhanced your employability by the development both of these skills, and by the practice of written communication activities (including summative) and oral communication activities (formative only)

Risk Management and Stress Testing for Financial Services Operations

Risk management and stress testing has become increasingly significant in the Financial Services Industry, with pressures from regulators, governments, shareholders and other stakeholders for improved risk management. Boundaries of risk management and regulation are increasingly blurred for example with the Capital Requirements Directive (CRD) risk and capital requirements are directly linked.

The Regulators’ expectations and the recent economic climate is causing firms to focus more sharply on their operational and broader risks and the regulatory expectation is causing firms to address their risk appetite and effectiveness of controls against risks with more rigour. These areas together with stress and scenario testing are main areas of concern for financial services firms. Stress testing, in particular has become increasingly widespread, and has been taken up by various governmental bodies (such as the PRA in the UK) or inter-governmental bodies such as the European Banking Authority and the International Monetary Fund) as a regulatory requirement on certain financial institutions to ensure adequate capital allocation levels to cover potential losses incurred during extreme, but plausible, events. The emphasis on adequate, risk adjusted determination of capital has been further enhanced by modifications to banking regulations such as Basel II.

It is these areas of risk identification and management and stress testing that will be examined during the module.

This module aims to provide a detailed, critical and evaluative knowledge of operational risk management and stress testing within Financial Services organisations.

The module aims to enable to students to:

• Appraise the international importance of risk and approaches to the management of risk within the Financial Services Industry.
• Have a critical understanding of the influence of European Law on operational risk management and stress testing;
• Appreciate the commercial importance of both operational risk management and stress testing;
• Enable students to critically evaluate the impact of global and commercial policy issues relating to operational risk management and stress testing.

The English Legal System and Commercial Law

You may be coming to this course with no prior knowledge of the components of the English legal system, or only a vague idea of how litigation and alternative dispute resolution operates within that system. Whilst it is possible to study a specific area of law without this broader knowledge, you will get a great deal more out of the course if you can contextualise it within the framework of legal practice, especially insofar as it relates to civil law and procedure.

This module will introduce you to the workings of the English Legal System in its historical, contemporary and international context. You will also have an introduction to aspects of commercial law, including contract and tort.

It includes the study of the sources of law; the law-making process; the institutional and court structure; and basic issues of civil procedure within the English Legal system.

You will also benefit from an introduction to legal method, which will introduce you to methods of legal research, analysis and logic; to a practical knowledge of the legal profession and careers; and to issues of judicial ethics.

MODULE AIMS

On successful completion of this module, you will be able to do the following:

• Reflect on the legal system in the context of contemporary legal issues.
• Demonstrate a working knowledge of legal language, sources of English law and legal procedure;
• Read and understand primary and secondary sources of law (paper based and electronic);
• Practise the fundamental academic and professional skills necessary for practical and effective postgraduate study of law.