2. 1 Financial Law: a Comparative Law Perspective Xiaoyan Song Prof. of Law, Law School Shanghai University of Finance and Economics xiaoyansong@mail.shufe.edu.cn

3. 2 What does this course include -- Central banking law -- Different modes and transition of financial regulation -- International banking supervision and BASEL system -- International securities law -- Financial consumer protection -- Resolution of problem financial institutions

4. 3 Introduction  What’s finance?  What’s financial market?  What’s financial law?  Why do we need financial law?

5. 4 What’s finance  According to the view of macro- economy, all the economy units are to be divided into either money-surplus department or money-deficit department.  Finance is a bridge of money.  Finance is the blood of a country’s economy.

6. 5 Financial Market  Financial markets include indirect and direct market.  Banking industry is the typical of indirect market. Why?  Securities market is the typical of direct market. Why?  A brief comparison between these two markets: factors to be considered while financing——funds’ amount; different benefits and drawbacks of equity capital and debt capital; disclosure requirements.

7. 6 Financial Instruments  In general financial instruments are to be divided into spot product and derivative product (according to delivery time)  Financial instruments are created to meet different needs: saving, investment, hedging, speculation, etc.

8. 7 Why to regulate  Financial safety;  Financial efficiency;  Consumer protection

9. 8 What is financial law  Financial law is all the norms which are to adjust parties’ behavior and relationship occurred in financial markets.

10. Some important international financial organizations and supervisory authorities

11. ● organizations  http://www.imf.org/ http://www.imf.org/  http://www.bis.org/bcbs/ http://www.bis.org/bcbs/  http://www.iosco.org/ http://www.iosco.org/

12. ● supervisory authorities: GB U.S  http://www.bankofengland.co.uk/Pages/home.a spx http://www.bankofengland.co.uk/Pages/home.a spx  http://www.fsa.gov.uk/ http://www.fsa.gov.uk/  http://www.federalreserve.gov/ http://www.federalreserve.gov/  http://www.sec.gov/ http://www.sec.gov/  http://www.fdic.gov/ http://www.fdic.gov/

13. ● supervisory authorities: EU  http://www.esma.europa.eu/ http://www.esma.europa.eu/  http://www.eba.europa.eu/ http://www.eba.europa.eu/  https://eiopa.europa.eu/ https://eiopa.europa.eu/  http://www.esrb.europa.eu/home/html/index.en. html http://www.esrb.europa.eu/home/html/index.en. html  http://www.ecb.int/home/html/index.en.html http://www.ecb.int/home/html/index.en.html