LLAW6057 International securities law

1.1 Course details

Course code: LLAW6057 / JDOC6057
Course name: International Securities Law
Programme offered under: LLM Programme / JD Programme
Semester: Second
Prerequisite: Law of International Finance 1 and Securities Regulation 1 or students whose professional background is considered appropriate by the instructors
Credit point value: 9 credits / 6 credits
Cap on student numbers: 40 [prority given to final year LLM(CFL) & LLM(CR) students]

1.2 Course description

International Securities Law is an advanced course and LLM(CFL) capstone for students who have successfully completed Law of International Finance 1 and Securities Regulation 1 or whose professional background is considered appropriate for the content of the course by the instructors.

It deals with two related concerns — the law and regulation of organised markets and exchanges and the law and regulation of cross–border equity new issues. It is taught both from academic and practitioner perspectives.

The course aims to develop a usable understanding of the law, practice and regulation of international IPOs, and those contractual risks and governance issues associated with organised markets or exchanges and central counterparties. This includes considering the motives of users, contract formation, why new issues succeed or fail, the documentation involved in structuring and marketing equity new issues, and how regulation impacts transaction design and entrenched market practices.

1.3 Course teachers

Name E-mail address Office Consultation
Course convenor Paul Lejot plejot@hku.hk CCT 304 Mon–Fri afternoons by appointment
Course convenor Jason Ng jasonynghk@gmail.com N/A During/after class


2.1 Course Learning Outcomes (CLOs) for this course

CLO 1 Develop a usable understanding of the law, practice, governance and regulation of organised exchanges and international equity new issues. As this course is taught from both academic and practitioner perspectives, students with a background in financial law will find this course a bridge between academic studies and life in professional practice. Students will be expected to attain a good understanding of the post-crisis policy issues, commercial considerations, and critical issues found when advising on new issues or negotiating complex documentation.

2.2 LLM Programme Learning Outcomes (PLOs)

PLO A On successful completion of the curriculum, students should be able to demonstrate a solid understanding of the body of legal knowledge and the capacity to conduct research on, critically analyse and evaluate legal principles, at a level required to meet the standards and expectations of the legal profession and the community at large.

PLO B On successful completion of the curriculum, students should be able to apply their legal knowledge and research skills to practical situations or theoretical challenges, and utilise their comparative understanding of the law and its political, social and cultural contexts to provide original and creative insights to legal problems.

PLO C On successful completion of the curriculum, students should be able to apply the knowledge, lawyering skills and legal reasoning to real and novel situations in life, with a view to resolving issues, problems and disputes within the legal parameters.

PLO D On successful completion of the curriculum, students should be able to demonstrate the ability to present effectively legal arguments in the professional context, as well as conveying and explaining the law effectively to lay clients and members of the larger community.

PLO E On successful completion of the curriculum, students should be able to appreciate the underlying moral values of the law and ethics in the profession and the legal system in the broad social, economic, political and cultural contexts: justice, the Rule of Law, and protection of rights and liberties which form the fabrics of a civilised society, and the importance of upholding these values by the legal community.

PLO F On successful completion of the curriculum, students should be able to develop a strong awareness of social issues and conditions, and utilise analytical abilities and rhetorical advocacy to provide leadership for the betterment of the human community.

2.3 Programme Learning Outcomes to be achieved in this course


3.1 Assessment Summary

Assessment task Due dates Weighting Feedback method* Course learning outcomes
Group project presentation Late April 2021 (final three classes) 25% 1, 5 1
Two take home exams Due in March and May 2021 75% 1, 5 1
*Feedback method (to be determined by course teacher)
1 A general course report to be disseminated through Moodle
2 Individual feedback to be disseminated by email / through Moodle
3 Individual review meeting upon appointment
4 Group review meeting
5 In-class verbal feedback

3.2 Assessment Detail

3.3 Grading Criteria

Please refer to the following link: http://www.law.hku.hk/course/grading-criteria/


4.1 Learning Activity Plan

Seminar: 3 hours / week for 11 teaching weeks
Private study time: 9.5 hours / week for 11 teaching weeks

Remarks: the normative student study load per credit unit is 25 ± 5 hours (ie. 150 ± 30 hours for a 6-credit course), which includes all learning activities and experiences within and outside of classroom, and any assessment task and examinations and associated preparations.

4.2 Details of Learning Activities

To be advised by course convenor(s).

5.1 Resources

Reading materials: Reading materials are posted at intervals on Moodle
Core reading list:
  • Liu, Lejot & Arner, 'Finance in Asia: Institutions, Regulation & Policy', Routledge, 2013.
  • Arner, Hsu, Goo, Johnstone & Lejot, 'Financial Markets in Hong Kong: Law & Practice', 2e Oxford, 2016.
  • Espinasse, IPO: A Global Guide, 2e HKU Press, 2014
Recommended reading list: Provided in Course Outline, to be posted on Moodle prior to Class 1

5.2 Links

Please refer to the following link: http://www.law.hku.hk/course/learning-resources/

By the publication of the course profile online, the Faculty deems the student as having been notified of the course requirements.