To provide an understanding of the role and nature of regulation in the international financial markets;

To explore the changing nature of regulation, the benefits and the challenges, through the lens of the recent global banking crisis;

To identify specific recent regulation that impacts on financial markets internationally as a result of initiatives announced by global bodies such as the G20;

To explain the ethical responsibilities required by the CFA Institute Code of Ethics and the Standards of Professional Conduct and to demonstrate the application of the Code and Standards;

To appraise and evaluate practical regulatory and ethical issues that require knowledge of the regulatory landscape and application of an ethical framework.

(LO1) Students will be able to explain the structure of the CFA Institute Professional Conduct Program and the process for the enforcement of the Code and Standards in uncertain contexts.

(LO2) Students will be able to apply, and critically appraise, the six components of the Code of Ethics and the seven Standards of Professional Conduct.

(LO3) Students will be able to explain and evaluate the ethical responsibilities required by the Code and Standards, including the sub-sections of each Standard.

(LO4) Students will be able to explain the regulatory structure as it impacts on financial markets internationally.

(LO5) Students will be able to evaluate the impact of financial crises on the development of regulation.

(LO6) Students will be able to explain the nature and role of ethics within financial services and apply ethical approaches to practical industry scenarios.

(S1) Adaptability
Students will develop their adaptability skills as the module is focused on understanding the core financial principles behind financial regulation e.g., information asymmetries, conflicts of interest, and moral hazards. These are principles that help foster students’ critical thinking and analyse situations. In addition, the module devotes significant time on students speaking up and critically discussing regulatory reforms during lecture time which is intended to highlight to students that on tough issues, there will be diverse points of views that all have merit and should be respected. Finally, the group report that students need to tackle is a good opportunity for students to (i) learn to search for information, (ii) process the information to produce a concise and organised work and (iii) put effort to become an integral part of a group that needs to collaborate to achieve the required task.

(S2) Problem solving skills
Students will develop problem-solving skills that are important in every career at every level e.g., critical thinking, performing research, analysing and processing information, communicating ideas, decision making, team work and collaboration, and budgeting their time.

(S3) Commercial awareness
Students will develop their commercial awareness through a historical analysis of financial crises and regulatory reforms and will gain understanding of today’s marketplace characteristics (e.g., technological advancements) that dictate the future development of regulation. In addition, highlighting how the need for ethical behaviour and promoting the stakeholder view (as opposed to the shareholder view) with regards to companies’ responsibilities is providing the foundation of today’s direction of the financial world (e.g., ESG scores etc.)

(S4) Teamwork
Students will develop teamworking skills during preparation of the group assessment through collaboration, negotiation and leadership. In addition, students will learn to hold one another (and be held) accountable.

(S5) Organisation skills
Students will develop their organisation skills during the preparation of the group assessment through coordination with each other, delegation of roles and responsibilities among the group members, breaking complex tasks into parts and steps, and plan and manage their time.

(S6) Communication skills
Students will develop their communication skills during the preparation of the group assessment through communication with each other on how to tackle the group assignment. This is an opportunity to refine their understanding through discussion and explanation, give and receive feedback, and pool and share their knowledge and skills. It is also an opportunity to develop their own voice and perspectives in relation to peers and develop new approaches to resolving differences.

(S7) International awareness
Students will develop international awareness as the module is focused on international financial regulation, and the international effort to manage financial matters at a global level (e.g., financial stability is a global public good).

(S8) Lifelong learning skills
Students will develop lifelong learning skills since the module is rich in critical discussion of regulatory reforms through academic articles or articles that analyse upsides and downsides of a rule change. As such, the module encourages continuous learning and students will (i) be aware of where to look for information and (ii) develop a critical thinking over proposed future rules.

(S9) Ethical awareness
Students will develop their ethical awareness since discussions of ethical behaviour and ethical violations are central to this module.

2 hour lecture x 10 weeks
1 hour seminar x 5 weeks
125 hours self-directed learning

Interactive learning resources will be made available on Canvas;

Any announcements relating to the course will be made via Canvas;

Any additional material or readings will be made available via Canvas;

Discussion forums will be made available on Canvas;

Practice questions and answers will be made available on Canvas.

The role and nature of financial regulation;

Regulation through the lens of the GFC;

Internationally enacted financial regulations;

Professional standards of practice;

Ethical practices.