DECO 27A47 - Financial Markets Regulation: A Focus on Issuers

This elective seminar offers an immersion into financial markets regulation, with a focus on issuer regulation — the companies, states and institutions that raise capital on organised markets. At the intersection of law, political economy and European public policy, it equips students with the tools to understand the mechanisms governing access to capital markets and their contemporary stakes. Topics covered include: financial markets architecture; theoretical foundations of regulation; the prospectus and market access rules (EU Regulation 2017/1129); ongoing obligations of listed issuers (MAR, transparency); market abuse and manipulation; a comparative study of regulators (AMF, ESMA, SEC); sustainable finance and ESG obligations; new regulatory frontiers (MiCA, AI). Each session draws on concrete cases from regulatory practice.

No prior background in finance or law is required. The seminar is open to students curious about the mechanisms of economic and financial regulation. Recommended reading before Session 1: AMF, Annual Report 2025 (available at amf-france.org).

Active participation (20%) — continuous assessment throughout the semester. Quality of oral contributions, engagement in discussions and group exercises. Assessed in class.

Individual reading note (30%) — a 2-page note (FR or EN) on a regulatory text chosen from a list provided by the instructor. Due at Session 6. This individual out-of-class assignment is accompanied by a 10-minute oral presentation assessed in class.

Group case study (50%) — simulation of an IPO on Euronext Growth (issuer, legal counsel, AMF, investors). Oral presentation in class at Session 12, accompanied by a group written note (5 pages max).