Law and Practice of Capital Markets
Mozzarelli M. C. M.
The course provides the knowledge necessary to understand the legal implications of capital markets-related communications and covers a range of real-world situations such as: First section
• the Efficient Capital Market Hypothesis and the role of disclosure regulation,
• the early steps of the "funding escalator", in particular the dynamics of crowdfunding.
• the communication processes accompanying an Initial Public Offering (IPO) including public disclosure and roadshows for institutional investors,
• the drafting of marketing documents for investment products offered to retail investors,
• measures to prevent market abuse, including the public disclosure of price-sensitive information and the notification of managers' transactions,
• internal investigations and whistleblowing.
The course aims to provide students with operational knowledge of some key features of capital market regulation, with a particular focus on Swiss legal practice. At the end of the course, participants will be able to: (1) master the theoretical foundations of disclosure regulation; (2) be acquainted with the regulations related to crowdfunding, IPOs, market abuse and internal investigations; (3) understand the relationship between the law "on the books" and the law "in practice".
Teaching will primarily be practice-oriented and interactive, thereby focusing on several current real-life cases and in-depth analysis of fundamental papers by legal scholars. Students are encouraged to actively contribute to in-class discussions. Participants are not required to buy a specific textbook. Reading materials (e.g. scientific publications, policy papers issued by International Organizations, excerpts from the leading international financial press) will be provided on iCorsi.
The first section will be taught by
- Prof. Michele Mozzarelli, Università Cattolica del Sacro Cuore, Milano
The second section will be taught by
- Prof. Franca Contratto, USI and Universität Luzern
- Dr. iur. Lorenzo Togni, partner at Homburger, Zurich https://www.homburger.ch/en/team/lorenzo-togni
- Dr. Philippe Weber, partner at Niederer Kraft & Frey, Zürich https://www.nkf.ch/team/philippe-weber/
- Dr. Daniel Weber, Counsel at Wenger Vieli, Zürich https://www.wengervieli.ch/en-us/team/weber-daniel-s-en
Written exam. It consists of an open question on the first section’s contents of the course and several multiple-choice questions on the contents of the course's second section.