General Course Information
1.1 Course details
| Course code: | LLAW6057 / JDOC6057 |
| Course name: | International Securities Law |
| Programme offered under: | LLM Programme / JD Programme |
| Semester: | Second |
| Prerequisite: | LLAW6055 Law of International Finance I, LLAW6049 Securities Regulation 1 (or a sufficiently robust background based on professional experience) |
| Credit point value: | 9 credits / 6 credits |
| Cap on student numbers: | 40. Priority for final year LLM(CFL) & LLM(CR) students |
1.2 Course description
International Securities Law is an advanced course and LLM(CFL) capstone for students who have successfully completed Law of International Finance 1, Securities Regulation 1 or whose professional background is considered appropriate by the instructors. It deals with two related concerns — the law and regulation of organised markets and exchanges and the law and regulation of cross–border equity new issues. It is taught both from academic and practitioner perspectives.
The course aims to develop a usable understanding of the law, practice and regulation of international IPOs, and those contractual risks and governance issues associated with organised markets or exchanges and central counterparties. The approach will concentrate on English, New York and Hong Kong law and practice, together with broader coverage of harmonised international regulatory standards. Emphasis will be given to FSB and IOSCO initiatives to promote best practices in exchange governance, securities clearing and securities regulation, and the operational architecture of these markets, as well as highlighting conflicts in national law and problems of coordination arising from regulatory reform.
1.3 Course teachers
| Name | E-mail address | Office | Consultation | |
| Course convenor | Paul Lejot | plejot@hku.hk | CCT 304 | Tue-Fri 1500-1800 by appointment |
| Course convenor | Jason Y. Ng | jasonyng@hku.hk | N/A | During/after class |
Learning Outcomes
2.1 Course Learning Outcomes (CLOs) for this course
CLO 1 Develop a usable understanding of the law, practice, governance and regulation of organised exchanges and international equity new issues. As this course is taught from both academic and practitioner perspectives, students with a background in financial law will find this course a bridge between academic studies and life in professional practice. Students will be expected to attain a good understanding of the post-crisis policy issues, commercial considerations, and critical issues found when advising on new issues or negotiating complex documentation.
2.2 LLM and JD Programme Learning Outcomes (PLOs)
Please refer to the following link:
LLM – https://course.law.hku.hk/llm-plo/
JD – https://course.law.hku.hk/jd-plo/
2.3 Programme Learning Outcomes to be achieved in this course
| PLO A | PLO B | PLO C | PLO D | PLO E | PLO F | |
| CLO 1 | ✓ | ✓ | ✓ | ✓ | ✓ |
Assessment(s)
3.1 Assessment Summary
| Assessment task | Due dates | Weighting | Feedback method* | Course learning outcomes |
| Group class presentation | TBC | 25% | 1, 5 | 1 |
| Two take home exams | TBC | 75% | 1, 5 | 1 |
| *Feedback method (to be determined by course teacher) | |
| 1 | A general course report to be disseminated through Moodle |
| 2 | Individual feedback to be disseminated by email / through Moodle |
| 3 | Individual review meeting upon appointment |
| 4 | Group review meeting |
| 5 | In-class verbal feedback |
3.2 Assessment Detail
3.3 Grading Criteria
Please refer to the following link: https://www.law.hku.hk/_files/law_programme_grade_descriptors.pdf
Learning Activities
4.1 Learning Activity Plan
| Seminar: | 3 hours / week for 11 teaching weeks |
| Private study time: | 9.5 hours / week for 11 teaching weeks |
Remarks: the normative student study load per credit unit is 25 ± 5 hours (ie. 150 ± 30 hours for a 6-credit course), which includes all learning activities and experiences within and outside of classroom, and any assessment task and examinations and associated preparations.
4.2 Details of Learning Activities
Major topics of law and practice are addressed in a conventional lecture format that allows for discussion of topical issues. The final sessions will be devoted to guided team presentations that examine examples of recent IPO prospectuses.
Learning Resources
5.1 Resources
| Reading materials: | Posted regularly at Moodle during the course |
| Core reading list: |
|
| Recommended reading list: | Provided in Course Outline and posted prior to Class 1 |
5.2 Links
Please refer to the following link: http://www.law.hku.hk/course/learning-resources/