The principal aims and objectives of this module are to provide an understanding of the structure of financial regulation in Europe, to gain an appreciation of regulatory strategies that are employed in practice, to gain an appreciation of the role that regulatory bodies play in overseeing and supervising the financial services industry, and to gain an appreciation of the challenges that regulatory bodies face in addressing emerging innovations, risks, and technologies. The module also teaches learners about the importance of contributing ethically and responsibly to business. To achieve this aim, the module will explore the concepts of market failure, regulatory capture and governance, and will examine the importance of regulation in promoting financial stability and protecting consumers.

The course will comprise of three major elements; a recent history of financial markets & associated financial regulation, compliance, and policy initiatives concerning insurance, banking, and the wider financial services industry. The course content also reflects contemporary concerns on how risks inherent in the financial sector should be regulated to protect the interest of the economy and that of wider society. Specifically, the course examines topics such as: Financial regulation; Heuristics and behavioural biases; Insurance regulation in Europe; Solvency II; MiFID II and MiFIR; Basel III; Compliance; Consumer Protection; The position of stakeholders in the regulatory process; rules-based vs principles-based regulation; changing relationships between states and markets; Challenges with regulating financial innovations (FinTech) and emerging technologies and solutions (e.g. Crypto). Upon successful completion of the module, students should have a thorough appreciation and critical understanding of prevailing regulatory frameworks in the EU, UK, and US, as well as well-reasoned insights and opinions on the future of regulatory frameworks.

On successful completion of this module, students will... • Demonstrate an understanding of the distinction between rules-based and principles-based regulation • Demonstrate an understanding of the main theories underpinning financial supervision. • Critically evaluate the strengths and weaknesses of leading banking, (re)insurance, and financial market regulations and directives • Critically discuss contemporary debates and emerging risks in the field of financial supervision.

On successful completion of this module, students will... • Demonstrate an appreciation for the complexity of relationships between nation states and diverse stakeholders. • Demonstrate an appreciation for the challenges associated with regulating financial innovations and emerging innovations and solutions

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To support the aims of the module, the class will be taught primarily through in-class lectures, which will serve as a basis for within-class discussions and debates on prevailing topics and events to create agile and articulate learners. Although a core textbook will be consulted throughout the semester, learners will be provided with topical materials drawn from news media, industry practice, and published academic articles to act as a spark for discussion and debate. Learners will be assessed through individual and group project work to ensure that the learning environment is pollinated with a variety of well-reasoned insights and perspectives. Contemporary research papers, regulatory documents, discussion papers, and directives will be introduced to the class throughout each semester to build learner articulation in financial regulation.