• A
  • A
  • A
  • АБB
  • АБB
  • АБB
  • А
  • А
  • А
  • А
  • А
Обычная версия сайта
Глава в книге
Социальное назначение ограниченного вещного права пользования чужим недвижимым имуществом

Емелькина И. А.

В кн.: Гражданское право социального государства: Сборник статей, посвященный 90-летию со дня рождения профессора А.Л. Маковского (1930–2020). М.: Статут, 2020. С. 74-94.

The Concept of Inheritance by Right of Representation: A Comparative Analysis of Civil Law in Russia and France

Rostovtseva N. V.

Law. LAW. Высшая школа экономики, 2019. No. WP BRP 91.

Capital Market Regulation

Учебный год
Обучение ведется на английском языке
Курс по выбору
Когда читается:
4-й курс, 1, 2 модуль


Course Syllabus


Nowadays only a very few of lawyers in the market can really provide an advanced level assistance to companies launching projects based on innovative technologies. The high cost of consulting services creates barriers for small innovative projects to enter the market. Besides, there are not enough sufficient ways to make sure of the reliability of the solutions offered by practitioners, which is caused by the lack of experience in regulating innovative relations. For this reason, the formation of the deep and comprehensive culture of expertise in the field of law and innovation is impossible without an understanding of economic, legal and political processes, behavioral aspects of law, as well as basic training in data analysis.
Learning Objectives

Learning Objectives

  • The course is aimed at creating a new information environment for training professionals focused on creating the right for the future.
Expected Learning Outcomes

Expected Learning Outcomes

  • be well aware of the established regulation on the capital market, in particular the activities of commercial banks, credit rating agencies, organizational and ideological aspects of the deposit insurance system, etc.
  • be ready to face the new technologies like blockchain on a daily basis,
  • have a clear understanding of the instruments of both Russian federal law, EU law, US federal law and international organizations legal acts relating to the regulation of capital market, such as the WTO, the World Bank, international payment systems standards etc.,
  • understand the mechanism of the digital economy, including the costs of mastering new technologies by business, the order of interaction between business and the state when introducing innovations in the entrepreneurial activity,
  • be ready to operate with both conventional (western) and Islamic financial instruments,
  • be familiar with have a basic level of competence in data analysis, in particular, of mathematical statistics, regression analysis,
  • discover ways in which theory and practice overlap for the benefit of business, the national economy, each individual and humanity as a whole,
  • learn relevant professional terminology in Russian and English, as well as academic writing standards.
Course Contents

Course Contents

  • WTO Regulation of Financial Services
    Four “modes” concept. “Positive list” vs “negative list” approach. Classification of services. Financial services in the general system of services. Ways in which a commitment may be scheduled: “None” vs “Unbound”. Horizontal commitments. Vertical (sector-specific) commitments. Russian commitments in WTO in different financial services. Economic sanctions in international trade.
  • Credit Ratings
    Credit ratings: definition and comparative analysis. Types of ratings. Evaluation of particular obligations and rating categories. Applications of credit ratings. Ratings scales. Independence and avoidance of conflicts of interest. Methodologies, models and key rating assumptions. Disclosure and presentation of credit ratings. General and periodic disclosures. Competition in the credit rating industry. Prohibited acts and practices (optional).
  • Consumer credits
    Different concepts of consumer. Standard information to be included in advertising of consumer credit. Pre-contractual information. Obligation to assess the creditworthiness of the consumer. Information to be included in credit agreements. Right of withdrawal. Open-end and closed-end credit agreements. Linked credit agreements. Early repayment. Assignment of rights. Overdraft and overrunning. Calculation of the annual percentage rate of charge. Special Rules for Private Education Loans and Credit Card Accounts and Open-End Credit Offered to College Students
  • Islamic finance
    The Fundamental Principles of Islamic Economics: prohibition of interest (riba), prohibition of uncertainty (gharar), abuse of rights (zulm), moral hazard (maysir). The Sources of Islamic Banking Law: (1) international treaties and enactments of international organizations; (2) national legislation; (3) legal doctrine; (4) business ethics & soft law. Introduction to Islamic business ethics. The fiqh principles. Types of financial transactions under Islamic commercial law: (1) mark-up principle (mudarabah, ijarah, salam); (2) the profit-and-loss sharing (mudarabah, musharakah, istisna). Project finance under Islamic Business Law. Due diligence and deal structuring. Standartisation under Islamic Financial Law. Closeout netting and master agreements (ISDA, IFSB, IFRM). Implementation of Islamic financial transactions in Russian Federation.
  • Regulation of Payments
    Concept of fee. Statement of fees. Information for consumers. Comparison websites. Payment accounts packaged with another product or service. Switching. Access to payment accounts (non-discrimination, Right of access to a payment account with basic features, characteristics of a payment account with basic features, general information on payment accounts with basic features). Associated fees. Framework contracts and termination.
  • Credit reporting
    Public Policy Objectives. Data. Data Processing: Security and Efficiency. Governance and Risk Management. Legal and Regulatory Environment. Cross-border Data Flows. The Roles of Credit Reporting System Participants. Personal ratings and social control (China).
  • Regulation of Insurance Contracts
    Insurance contract under the Civil Code of Russia. Parties to contract. Mandatory and voluntary insurance. OSAGO contract. Property insurance. Insurance and liability. Insurance and business risks. Confidentiality. Enforcement of the contract.
  • Financial monitoring and compliance
    Public objectives and concepts. Regulations and state authorities. Agents of the financial monitoring. Subjects and operations to financial monitoring. Requirements for compliance programs and internal control. Anti-laundering Measures: KYC, risk-assessment, freezing of assets, etc. International cooperation and FATF. Cryptocurrency and money laundering.
  • FinTech & Smart contracts
    Investment evaluation and financial markets. Blockchain technology, economic and judicial Automation of law. Innovative approach to the reform of Russian civil law and financial transactions. Legal evaluation of legal risks of blockchain use & regulatory gaps. Scenarios and provisions for blockchain regulation. Legal evaluation of blockchain use and economic relationships: entities, objects, legal rights and responsibilities. Legal responsibility. The choice of applicable law & jurisdiction. Definition & concept of the smart contracts in civil and common law. Offer and acceptance. Moment of obligations commencement. Synallagmatic contracts & consideration. Invalidity of smart contracts and legal risks. Legal responsibility and smart contracts: possible scenarios and risks. Restitution / unjustifiable enrichment. Enforcement of obligations: due performance and correlation between “virtual” and “real”. International experience: the US, Germany, the UK, Switzerland. Howey test
  • Regulation of financial ombudsmen
    Chief and sectoral financial ombudsmen. Alternative dispute resolution. Mandatory pretrial settlement. Interaction between financial organizations and financial ombudsmen. Registries of financial organizations. Challenging of the financial ombudsmen decisions before the courts.
Assessment Elements

Assessment Elements

  • non-blocking Class attendance and Classroom discussions
  • non-blocking Group presentations
  • non-blocking Individual take-home essays
  • non-blocking Mid-term in-class exam
  • non-blocking Final take-home exam
Interim Assessment

Interim Assessment

  • Interim assessment (2 module)
    0.2 * Class attendance and Classroom discussions + 0.4 * Final take-home exam + 0.1 * Group presentations + 0.2 * Individual take-home essays + 0.1 * Mid-term in-class exam


Recommended Core Bibliography

  • O’Brien, J. (2007). Private Equity, Corporate Governance And The Dynamics Of Capital Market Regulation. London: Imperial College Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=236026
  • Гузнов А. Г., Рождественская Т. Э. - ПУБЛИЧНО-ПРАВОВОЕ РЕГУЛИРОВАНИЕ ФИНАНСОВОГО РЫНКА В РОССИЙСКОЙ ФЕДЕРАЦИИ 2-е изд., пер. и доп. Монография - М.:Издательство Юрайт - 2019 - 500с. - ISBN: 978-5-534-10168-3 - Текст электронный // ЭБС ЮРАЙТ - URL: https://urait.ru/book/publichno-pravovoe-regulirovanie-finansovogo-rynka-v-rossiyskoy-federacii-429485

Recommended Additional Bibliography

  • Southall, R. V. (DE-588)17035606X, (DE-576)165003863, aut. (2017). Bond notes, borrowing, and heading for bust : Zimbabwe’s persistent crisis / Roger Jonathan Southall. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.501042695
  • Под общ. ред. Эскиндарова М.А., Звоновой Е.А. - МЕЖДУНАРОДНЫЙ ФИНАНСОВЫЙ РЫНОК. Учебник и практикум для бакалавриата и магистратуры - М.:Издательство Юрайт - 2019 - 453с. - ISBN: 978-5-9916-8904-5 - Текст электронный // ЭБС ЮРАЙТ - URL: https://urait.ru/book/mezhdunarodnyy-finansovyy-rynok-433807
  • Соколинская Н.Э., под ред. - Финансовый рынок России: поиск новых инструментов и технологий в целях обеспечения экономического роста. (Магистратура и Аспирантура). Монография - КноРус - 2019 - 235с. - ISBN: 978-5-406-06840-3 - Текст электронный // ЭБС BOOKRU - URL: https://book.ru/book/930702