Paper - Academic Registry and Council Secretariat - Queen Mary ...

TPB2012-024
The objectives of the law on financial crime
The economic and historical context of the law on corruption
The role of information and transparency in financial criminal law
The EC Market Abuse Directive
The role of the regulators in prosecuting criminal offences
The role of criminal law in supporting financial regulation in the UK
Other criminal offences under Financial Services and Markets Act 2000
The underlying objectives of the criminal law in relation to finance
Civil recovery
Law of international finance: securitisation and bonds
(not yet available – this course is not expected to be available before 2014) †
Students are advised to take Law of International Finance: syndicated loans prior to or concurrent with Law
of International Finance: securitisation and bonds, although this is not a requirement.
Sequence: module A, followed by module B, followed by module C, followed by module D OR module C,
followed by module D, followed by module A, followed by module B.
Deleted: 2013
Module A [Code not yet available]
Sequence: See above
Securitisation: structure †
What is securitisation and why has it caused so many problems?
Why use securitisation?
Some models
The special purpose vehicle: its role and its relationship to the originator
Distinguish from other transactions: syndicated loan, secured loan, factoring
The crisis: what went wrong with securitisation and the legal controls?
True sale: the sale of assets to the special purpose vehicle
Module B [Code not yet available]
Sequence: See above
Securitisation: risks †
Recharacterisation risks: danger of transaction being recharacterised as, for example, a loan,
including discussion of legal problems arising from the originator servicing the assets.
Insolvency risk: can the assets be clawed back if the originator goes into liquidation?
Liquidity support and credit enhancement
Trustees
Regulation
Choice of law issues
Module C [Code not yet available]
Sequence: See above
Bonds †
Types of bonds
Bond issuance and liabilities arising at this stage, including listing process
The parties: issuer, guarantor and managers, underwriting and selling groups, paying agents, agent
bank
Trading: the clearing system and the question of negotiability
Module D [Code not yet available]
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