APPLIES TO ACADEMIC YEAR 2015/2016 Norwegian version

ELE 3772 Securities Law

Responsible for the course
Olav Fredrik Perland, Morten Kinander

Department
Department of Accounting - Auditing and Law

Term
According to study plan

ECTS Credits
7,5

Language of instruction
Norwegian

Introduction
The course gives an introduction to the basic legal rules for activities in the securities markets in Norway. In recent years both the trade in financial instruments, the conclusion of transactions and the carrying out investment services operations have been regulated in increasingly greater detail by laws and regulations. Examples of rules of this type are for instance the rules on insider trading and market manipulation, rules related to flagging, rules related to mandatory bids and rules related to prospectuses. These are rules that market players such as investors, issuers of financial instruments, securities firms or as advisers to any of these groups need to be familiar with. Besides, for securities firms, comprehensive rules related to concession duties, rules related to capital adequacy requirements, organizational requirements and requirements related to the execution of the business activity (good business practice) are crucial for understanding the securities markets. The course is intended to provide the students with the necessary knowledge and interpretation of the most important rules for the securities market.

Learning outcome
Acquired knowledge
The course is intended to provide the students with in-depth knowledge and a closer understanding of the basic legal rules of stock exchange and securities law.

Acquired skills
The students are to be able to account for the central legal rules and obligations of the stock exchange and securities law for investors, issuers and securities firms. The students must also be able to recount and analyse interpretation issues raised by the most important rules of law in this field. The students are to be able to identify and assess central problems related to these regulations. It is also expected that on completion of the course the students will be able to solve basic practical problems with given facts by identifying problems, specifying the relevant legal rule, applying the rule to the given facts and drawing a conclusion in relation to this.

Reflection
The students are to acquaint themselves with and develop an awareness of the behavioural norms that are expected from players in the securities markets beyond the explicit laws and regulations, including requirements related to good business practice and corporate governance. The students are expected to develop an understanding of the justification for the legal rules and the way they are designed.

Prerequisites
No particular prerequisite knowledge is required.

Compulsory reading
Books:
Bergo, Knut. 2014. Børs- og verdipapirrett. 4. utg. Cappelen Damm akademisk

Other:
Material- og artikkelsamling med ytterligere litteratur vil bli utarbeidet


Recommended reading
Books:
Myklebust, Trude. 2011. Innføring i finansmarkedsrett. Fagbokforlaget. Del I og III

Course outline
I. GENERAL
Definitions and concepts
A survey of the capital markets and their regulation

II. THE RULES OF MARKET BEHAVIOUR
General on the trade in financial instruments in the capital markets
Duties of disclosure
Insider trading
Market manipulation
Good business practice

III. COMPANY TRANSACTIONS
Share issues and investments, including the rules relating to prospectuses
Acquisitions and mergers
Other equity transactions

IV. SECURITIES FIRMS
Overview of investment services
Requirements related to concessions
Rules related to business activities
Organizational requirements

Computer-based tools
No specific computer-based tools are required for this course.

Learning process and workload
The course consists of 30 hours of lectures and 15 hours of lecture-related reviews of assignments. A more detailed lecture schedule and course plan will be available at the beginning of the course. The students will be given assignments to work on. These will be reviewed in plenary class sessions. The students are assumed to study the syllabus parallel with the lectures in order to be prepared for the topic that will be dealt with on each day of the course. The lectures will focus on the most central topics of the course, whilst apart from that the students have to acquire knowledge of the subject through self-study.

Recommended use of time for the students: