SALERNO MARIA ELENA

Course Unit

International Banking and Financial Regulation (2026–2027)

Language of Instruction

English.

Objectives

The course aims to provide students with the tools required to analyse the functional and structural changes introduced into the international system of financial regulation and supervision following the 2007–2008 global financial crisis. It examines both the international financial architecture and global financial regulation, with particular attention to the reforms intended to strengthen the resilience of integrated financial markets to systemic crises.

The course also examines the European System of Financial Supervision, the European Banking Union and the principal components of the EU regulatory framework for sustainable finance.

Recommended Prerequisites

Knowledge of the basic principles of public law, company law, and banking and financial law.

Contents

– Objectives and Rationale of Financial Regulation

– The Pre-Crisis International Financial Governance Framework

– International Financial Institutions: Structure and Mandate

– International Standard-Setting Bodies: Structure and Mandate

– National Models of Financial Regulation and Supervision

– The European System of Financial Supervision

– Financial Supervision within the European Banking Union

– Current Challenges and Possible Developments in Global Financial Regulation and Supervision

– EU Sustainable Finance Regulation: the SFDR, the EU Taxonomy Regulation and the European Green Bond Standard

Recommended Textbook and Readings

1. Maria Elena Salerno, Global Financial Governance: The Feasible Future, Giappichelli, Turin, 2018.
2. Volker Brühl, “Green Finance in Europe—Strategy, Regulation and Instruments”, Center for Financial Studies Working Paper No. 657, 2021, available at: https://ssrn.com/abstract=3934042.
3. Stanisław Stefaniak, “Shades of Green: Reconstructing the EU Regulatory Framework for Sustainable Financial Products”, European Business Law Review, vol. 37, no. 4, 2026.
4. Christos V. Gortsos and Dimitrios Kyriazis, The Taxonomy Regulation and Its Implementation, 3rd fully updated ed., European Banking Institute Working Paper No. 136/2023, January 2024, available at: https://ssrn.com/abstract=4381950.
5. Nikos Maragopoulos, Towards a European Green Bond: A European Initiative to Promote Sustainable Finance, updated ed., European Banking Institute Working Paper No. 103, January 2024, available at: https://ssrn.com/abstract=3933766.

Further legislative, institutional and academic materials will be provided during the course.

Teaching Methods

Lectures, seminars and practical exercises.

Additional Information

The legislative materials required for the mid-term assessment will be indicated during the course.

Assessment Methods

Mid-term Assessment

The mid-term assessment consists of:

– participation in the lectures and seminars devoted to readings Nos. 2–5;

– the preparation, by groups of no more than five students, of a paper on one of the topics covered by those readings;

– an in-class presentation of the paper, supported by slides in PDF format. Each member of the group must contribute to both the preparation and the presentation of the paper.

Students who pass the mid-term assessment are exempted from the written part of the final examination and are admitted directly to the oral examination. The exemption remains valid for subsequent examination sessions.

Final Examination

For students who have passed the mid-term assessment, the final examination is oral and is based on the textbook indicated under No. 1. The final grade is determined primarily by the student’s performance in the oral examination. The result of the mid-term assessment plays only a subsidiary role and neither determines nor limits the final grade, which may therefore differ substantially from it, whether higher or lower.

For students who have not passed or have chosen not to take the mid-term assessment, the final examination consists of two parts:

– a written test comprising two open-ended questions based on readings Nos. 2–5. Passing the written test is a prerequisite for admission to the oral examination;

– an oral examination based on the textbook indicated under No. 1.

The written and oral examinations must be taken on the same day. If the student does not pass the oral examination, the passing result obtained in the written test will cease to be valid.

Diritto degli intermediari e dei mercati finanziari a.a. 2025-2026

Prof.ssa Maria Elena Salerno

Programma

1. Disciplina dei controlli sul mercato finanziario. Regime dell’accesso al mercato finanziario. Vigilanza sugli intermediari finanziari. Ripartizione di competenze tra Consob e BI. Collaborazione tra le autorità di vigilanza.

2. Attività e soggetti del mercato finanziario: imprese e servizi di investimento; società di gestione del risparmio, società di investimento a capitale variabile. Norme a tutela dell’investitore in strumenti finanziari.

3. Disciplina dei mercati: mercati regolamentati, sistemi multilaterali di negoziazione, internalizzatori sistematici; società di gestione accentrata di strumenti finanziari, dematerializzazione di strumenti finanziari.

4. Appello al pubblico risparmio: offerta pubblica di vendita e sottoscrizione di prodotti finanziari, offerta pubblica di acquisto o di scambio di prodotti finanziari.

5. Finanza sostenibile e cripto-attività.

Testo di riferimento

F. Annunziata, La disciplina del mercato dei capitali, Giappichelli, Torino, 2023

Letture consigliate

M.E. Salerno (2022). L’integrazione dei fattori di sostenibilità nelle regole di comportamento dell’intermediario finanziario: un ritorno al modello di distribuzione “orientato al prodotto”, in DIRITTO DELLA BANCA E DEL MERCATO FINANZIARIO, vol. 1/2022, prima parte, p. 53-104.

Modalità prova intermedia:

La prova intermedia è orale e verte sui primi quattro capitoli del libro di testo. La valutazione positiva di tale prova conferisce allo studente l’idoneità di accesso alla prova finale con l’eliminazione dal programma di esame dei primi quattro capitoli del libro.

Programma Esame Finale:

Annunziata: Esame orale sui seguenti capitoli I, II, III, IV, V, VI, VII, VIII, IX, X, XI, XV, XVIII, XX.

Esclusione dei primi 4 capitoli per gli studenti che superano la prova intermedia.