LLAW6057 & JDOC6057

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: Law of International Finance I, 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 Apr 25% 1, 5 1
Two take home exams Mar & May 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:
  1. Liu, Lejot & Arner, ‘Finance in Asia: Institutions, Regulation & Policy’ Routledge, 2013.
  2. Arner, Hsu, Goo, Johnstone & Lejot, ‘Financial Markets in Hong Kong: Law & Practice’, 2e edn, Oxford University Press, 2016.
  3. P. Espinasse, ‘IPO: A Global guide’ (HKUP) 2 edn. E-book available via HKU library catalogue.
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/