LFU:online

The crisis in the financial markets beginning in the middle of 2007 made obvious the importance of transparency, efficient regulation, supervision and risk management for financial institutions and stakeholders. Lately the Financial Stability Board has raised the awareness of systemic risk and shadow banking. New legislation is aiming to increase investor protection.

The seminar will analyse and provide insight into the recent measures taken to improve the functioning of financial markets, reduce systemic risks and strengthen the role of supervisory authorities. Seminar participants will gain an understanding of the implications of a number of recent measures taken by IOSCO, ESMA, FSB and the European Commission.

Written seminar paper, Oral presentation

The Big Short: Inside the Doomsday Machine, Michael Lewis, ISBN 0-393-07223-1; IOSCO Risk Outlook report 2013-2014 : http://www.iosco.org/library/pubdocs/pdf/IOSCOPD426.pdf Chapter 2, Chapter 4; ESMA: EMIR at the European level: http://www.esma.europa.eu/page/post-trading; Risk Identification and Assessment Methodologies for Sec. Regulators: http://www.iosco.org/library/pubdocs/pdf/IOSCOPD443.pdf; FSB: Global Shadow Banking Monitoring Report 2013: http://www.financialstabilityboard.org/publications/r_131114.pdf; Progress on ending the « Too Big to Fail »  : http://www.financialstabilityboard.org/publications/r_130902.pdf; Doc. No.  2013/232 Guidelines on Remuneration under AIFMD : http://www.esma.europa.eu/system/files/2013-232_aifmd_guidelines_on_remuneration_-_en.pdf; Doc. No. 2014/549 Consultation paper on MIFID II/MIFIR : http://www.esma.europa.eu/system/files/2014-549_-_consultation_paper_mifid_ii_-_mifir.pdf; ESMA-EBA principles on Benchmark-setting processes: http://www.esma.europa.eu/system/files/2013-658_esma-eba_principles_for_benchmark-setting_processes_in_the_eu_-_final_report.pdf; Shadow banking: http://www.newyorkfed.org/research/staff_reports/sr458.pdf

Positive grades of modules according to § 7 Abs. 1 Z 2 to 5