ELE 3772 Securities Law

ELE 3772 Securities Law

Course code: 
ELE 3772
Law and Governance
Course coordinator: 
Morten Kinander
Course name in Norwegian: 
Product category: 
Bachelor - Electives
2020 Spring
Active status: 
Level of study: 
Teaching language: 
Course type: 
One semester

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 outcomes - Knowledge

After completed course students should have:

Acquired in-depth knowledge and a closer understanding of the basic legal rules of stock exchange and securities law.


Learning outcomes - Skills

After completed course students should be able to:

  • Account for the central legal rules and obligations of the stock exchange and securities law for investors, issuers and securities firms.
  • Recount and analyse interpretation issues raised by the most important rules of law in this field.
  • Identify and assess central problems related to these regulations.
  • 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.
General Competence

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.

After completed course students shall:

  • Be aware of and have gained awareness of the behavioral norms expected by players in the securities markets beyond the explicit laws and regulations, including good business practice.
  • Acquire an understanding of the grounds for the rules of law and their design.
Course content


  • Definitions and concepts
  • A survey of the capital markets and their regulation


  • General on the trade in financial instruments in the capital markets
  • Duties of disclosure
  • Insider trading
  • Market manipulation
  • Good business practice


  • Share issues and investments, including the rules relating to prospectuses
  • Acquisitions and mergers
  • Other equity transactions


  • Overview of investment services
  • Requirements related to concessions
  • Rules related to business activities
  • Organizational requirements
Teaching and learning activities

The course consists of 45 hours with lectures and plenary assignments.

Software tools
No specified computer-based tools are required.
Additional information

For electives re-sit is normally offered at the next scheduled course. If an elective is discontinued or is not initiated in the semester it is offered, re-sit will be offered in the electives ordinary semester.
The course FIN 3502 Securities Law was lectured last time spring 2015 for the Bachelor Programme in Finance 2nd year. 
Last re-sit exams with code FIN 3502 are offered autumn 2015 and spring 2016. Students who after that point is missing exam FIN 3502 Verdipapirett can take the exam in this course instead.


Higher Education Entrance Qualification

Required prerequisite knowledge

No particular prerequisite knowledge is required.

Exam categoryWeightInvigilationDurationSupport materialsGroupingComment exam
Exam category:
Form of assessment:
Written submission
Exam code:
Grading scale:
Grading rules:
Internal and external examiner
Examination when next scheduled course
100Yes5 Hour(s)
  • Book: Erling Christiansen og Bjarne Rogdaberg (eds), "Materialsamling i børs- og verdipapirrett"
  • Laws and regulations, including offprints of laws and law drafts
Exam category:Submission
Form of assessment:Written submission
Grouping (size):Individual
Support materials:
  • Book: Erling Christiansen og Bjarne Rogdaberg (eds), "Materialsamling i børs- og verdipapirrett"
  • Laws and regulations, including offprints of laws and law drafts
Duration:5 Hour(s)
Exam code:ELE37721
Grading scale:ECTS
Resit:Examination when next scheduled course
Type of Assessment: 
Ordinary examination
Total weight: 
Student workload
30 Hour(s)
Feedback activities and counselling
15 Hour(s)
Prepare for teaching
45 Hour(s)
Group work / Assignments
45 Hour(s)
Student's own work with learning resources
65 Hour(s)
Sum workload: 

A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 7,5 ECTS credit corresponds to a workload of at least 200 hours.