banking and securities law - Universität Liechtenstein

banking and securities law - Universität Liechtenstein

EXECUTIVE MASTER OF LAWS IN
BANKING AND
SECURITIES LAW
LL. M. ( B anking and Securities Law )
www.uni.li
uni.li/bankinglaw
uni.li/securitieslaw
Contents
5 Preface
7 Philosophy
7
Educational Objective
7
Prospective Students
9
Advantages of the Program
9
Additional Options
10
Lecturers
12
Graduation
12
Learning Environment
12
Curriculum
13
Overview of Course Modules
15
Details of Course Modules
18
Calendar
20
General Information
23
Institute for Financial Services
23
Propter Homines Chair for Banking and Securities Law
25
Studying in Liechtenstein
26
University of Liechtenstein at the Center of Europe
4
Preface
The regulatory environment in Europe and its adjunct states is undergoing rapid change
due to active law making on the European level including a manifold of EU securities and
banking directives and regulations, intense cooperation between European supervisory
agencies, competition and rapid innovation in financial markets and products. The financial crisis in the late 2000s led to a further increase in the regulatory pace. The current
state of the world economy and Europe’s push for a Single Rule Book are instigating the
creation of new regulations and laws, thus generating a potent market for professionals seeking to increase legal certainty through law and economics, and/or lift the market
participants ‘veil of ignorance’ concerning detailed European regulatory requirements.
This process leads to significant levels of internationalization and globalization. In many
regards, banking and securities law is now pan-national law. The regulation of financial
markets and their impact on society has become a European-wide, and in some respects,
a global concern.
This state of affairs is an eloquent argument for the pursuit of legal education beyond
the ordinary law school curriculum. For this reason, the Propter Homines Chair for
Banking and Securities Law at the University of Liechtenstein has developed an
Executive Master of Laws ( L L. M. ) in Banking and Securities Law with a highly specialized
curriculum and a strong emphasis on European asset management and investment fund
law and the associated banking, securities and insurance law.
Three factors make Liechtenstein the ideal environment for studying asset management and investment funds. Firstly, the Principality of Liechtenstein is a well-­established
financial center at the heart of Europe, recognized for its investment and asset
­management services for more than 80 years. Secondly, the Principality’s membership of the European Economic Area ( EEA ) makes it part of the larger European securities and financial law framework. Consequently, the country’s financial intermediaries
participate in the European passporting system. Furthermore, Liechtenstein regulators
have largely refrained from ‘gold plating’. Liechtenstein law is European law. Thirdly, the
Liechtenstein financial center faces fierce competition from other financial hubs, such
as London, Frankfurt and Luxembourg, as well as pressure from far larger countries
seeking to increase their tax base. This unique environment is a thriving ground for
constant innovation and a spirit of financial entrepreneurship that is hard to find elsewhere in the world. These financial entrepreneurs are looking to share their knowledge
and attract talent to secure the future expansion of the financial center. Where can
lawyers, economists, and other qualified students find better opportunities to study
the prac­tical and theoretical aspects of banking and securities laws ?
Students will be introduced to Liechtenstein and European laws and regulations.
However, a modern legal professional goes beyond these circumscribed borders. Our
program, where circumstances allow, aims to provide a comparative approach to financial services law.
5
Executive Master of Laws ( L L. M . )
in Banking and Securities Law
Moreover, the Propter Homines Chair for Banking and Securities Law is strongly committed to providing our international student body with both the academic foundation
for a successful career in the advanced world of banking and financial services as well
as an ethical and interdisciplinary framework for responsible leadership. Hence, our curriculum includes lectures on topics such as ethics and finance, the history of financial
markets, compliance, and economic groundwork related to financial services such as risk
management, diversification, and portfolio theory.
Finally, we ask qualified practitioners to share their experience with our students. This
provides an invaluable insight into the practical implementation of the ’law on the
books’ – a necessity for the financial executives we hope our students will become.
We welcome your application !
Prof. Dr. Dirk A. Zetzsche, LL. M . ( Toronto )
Propter Homines Chair for Banking and Securities Law
University of Liechtenstein
6
7
Philosophy
Regulatory developments in banking and securities law in Europe and elsewhere are
leading to an increasing number of interdisciplinary challenges. For this reason, the
Executive Master of Laws ( L L. M. ) in Banking and Securities Law offers an innovative
legal qualification, designed to completely and comprehensively meet the needs and
requirements of today’s complex field of banking and securities law.
Educational Objective
As a part of the graduate program of the Institute for Financial Services, the Executive
Master of Laws ( L L. M. ) in Banking and Securities Law offers an in-depth analysis of
financial law both inside and outside the European Economic Area ( EEA ) with a special
emphasis on asset management and investment fund law. In addition to a sound knowledge of European legislative acts and the specific legal features of the Principality of
Liechtenstein and other important jurisdictions ( e g USA, GB, DE, CH and HK ), participants will acquire essential and practice-oriented interdisciplinary skills. The lectures
are held in English, meaning the program is well-suited to the needs and requirements
of global financial markets. With this specifically designed qualification, participants
will be capable of advising financial intermediaries on the legal aspects of asset, wealth
and fund management, both locally and globally, and to take on positions of responsibility in management structures. Furthermore, the skills and methods learnt during the
Executive Master of Laws ( L L. M. ) in Banking and Securities Law will enable participants
to keep track of any significant legal developments in financial markets.
The University of Liechtenstein wishes to make an active contribution to international
occupational mobility in Europe with its Executive Master of Laws ( L L. M. ) in Banking
and Securities Law in line with the Bologna Declaration of 19 June 1999.
Prospective Students
The program is designed for graduates from various disciplines ( e. g. law, business
and trust administration, banking and finance, insurance and public governance
practice, as well as consulting ) . Applicants should preferably have a law and / o r
economics degree and the desire to acquire a comprehensive and practice-oriented
qualification in banking and ­s ecurities law. An applicant with equivalent professional
and / o r other relevant experiences may be admitted to the program as well.
Such experience must be demonstrated and verified by the head of the program.
“In the aftermath of the financial
crisis of the late-2000s, specialized
legal knowledge of financial markets
is required like never before. With
its unique curriculum, the Executive
Master of Laws ( LL. M. ) in Banking
and Securities Law lays the ­foundation
for a specialized and broad future
legal career and serves the needs
of the Liechtenstein and European
financial services industry for highly
trained legal professionals.”
Dr. Klaus Tschütscher
Former Head of the Government of the
Principality of Liechtenstein, Vaduz ( FL )
“The program is a unique experience
in a unique area. You can profit
from the international mix in the
classroom academically and culturally.
As students either hold an Economic
or a Law degree, I profited a lot from
this interdisciplinary ambience.”
Luca Bindi
Dottore Magistrale in Scienze Economiche
( U niversity of Siena )
PhD ( D r. rer. pol. ) Candidate in Economics
and Social Sciences ( U niversity of Fribourg )
Participant LL. M . Banking and Securities Law
2012 – 2014 ( U niversity of Liechtenstein )
8
9
Advantages of the Program
The program reflects the national, European and international requirements
of banking and securities law. Moreover, it offers the following advantages :
>> Extensive knowledge in the field of Liechtenstein and European banking and securities
law as well as of alongside other important and relevant jurisdictions outside the EU
with a unique emphasis on the asset, wealth and fund management law;
>> International and Cross-Border perspectives;
>> Interdisciplinarity: a multi-angled curriculum and close cooperation with the
Executive Master programs in International Taxation, Company, Foundation and Trust
Law and the EMBA in International Asset Management;
>> Ideal preparation and strengthening of consulting capabilities in the banking and
securities law sector;
>> E xtremely flexible course structure highly suitable for career enhancement;
>> Expansion of professional networks throughout Europe;
>> High recreational factor thanks to a unique learning environment at the heart of
Europe;
>> An internationally recognized degree ( Master of Laws, LL. M. );
>> Free participation in additional modules from the Executive Master programs
in International Taxation, Company, Foundation and Trust Law and the EMBA in
International Asset Management.
Additional Options
Forums and Symposiums
LL. M. candidates have the opportunity to take part in a variety of extra- and
­c o-­curricular offerings. They include additional training and specifically designed
courses in the fields of corporate, banking, and securities law.
Information on additional programs and extra-curricular activities can be found at:
>> www.uni.li / bankinglaw
>> www.uni.li / s ecuritieslaw
“Following the financial crisis, markets
are facing a tremendous increase in
financial regulations. Hence, having a
complete insight into and understanding of the upcoming rules and guidelines is an absolute requirement for
future strategic decision-making and
financial product design. Additionally,
this knowledge will provide those
who master this in their daily practice and their business management
with strong niche skills, as it is in my
case. Therefore, I can thoroughly recommend this course to future market
players without any reservations or
hesitation.”
Dr. Stefan Lindemann
CEO LGT Fondsleitung AG, Vaduz,
Liechtenstein
Participant LL. M. Banking and Securities Law
2012 – 2014 ( U niversity of Liechtenstein )
“As a lawyer, one is used to lifelong
learning. The LL. M. in Banking and
Securities Law is an optimal way
to get in touch with the complex
and far-reaching issues in European
financial market law. Consequently,
this LL. M. provides important
elements for comprehensive international legal advice.”
Dr. Wolfgang Rabanser
Partner at LNR Attorneys-at-Law, Vaduz,
Liechtenstein
Participant LL. M . Banking and Securities Law
2012 – 2014 ( U niversity of Liechtenstein )
Executive Master of Laws ( L L. M . )
in Banking and Securities Law
Lecturers
The lectures are nationally and internationally recognized experts from practice and academia.
A selection includes :
Dr. Martin Angerer
Assistant Professor for Finance, Chair in Finance,
Institute for Financial Services, University of
Liechtenstein, Vaduz (FL)
Prof. Dr. Michael Hanke
Chair in Finance, Institute for Financial Services,
University of Liechtenstein, Vaduz ( FL )
Dr. Dmitri Boreiko
Assistant Professor in Corporate Finance, Free
University of Bozen, School of Economics and
Management, Bozen ( I T )
Sebastiaan Niels Hooghiemstra, LL. M .
( A msterdam / T ilburg )
Research Associate, Propter Homines Chair for
Banking and Securities Law, Institute for Financial
Services, University of Liechtenstein, Vaduz ( FL )
Dr. Benedikt Czok
Legal Counsel 1741 Asset Management Ltd,
St. Gallen ( C H )
Dr. Carsten Jungmann, LL. M . ( Yale ),
M. S c. in Finance ( L eicester )
Attorney-at-Law, DUVINAGE Lawyers GmbH,
Munich ( DE ) and Member of the Bucerius Law
School, Hamburg ( DE )
Dr. iur. Guenther Dobrauz, MBA
Partner, Leader Legal FS Regulatory &
Compliance Services, PricewaterhouseCoopers AG,
Zürich (CH)
Dr. Ulf Klebeck
General Counsel, Woodman Asset
Management AG, Zug (CH)
Dipl. Jur. David Eckner, LL.M.
(King’s College London)
Manager of the CBC Düsseldorf (DE)
Dennis Kunschke
Lawyer, Senior Associate, Allen & Overy LLP,
Frankfurt am Main (DE)
Prof. Dr. Seraina Neva Grünewald
Assistant Professor for Financial Market Law,
University of Zürich (CH)
Dr. Stefano Lombardo
Assistant Professor of Economic and Business
Law, Free University of Bozen, School of
Economics and Management, Bozen ( I T )
10
11
Dr. Federico Mucciarelli
Reader in Financial Law, SOAS, University of
London ( GB ), and Associate Professor, University
of Modena and Reggio Emilia, Department of
Economics, Modena ( I T )
Mag. iur. Markus Wagner
Chairman of the Executive Board, 1741 Fund
Management AG, Vaduz (FL)
Mag. iur. Christina Delia Preiner, LL.M.
Research Associate, Propter Homines Chair
for Banking and Securities Law, Institute for
Financial Services, University of Liechtenstein,
Vaduz ( FL )
Prof. Dr. Dirk A. Zetzsche, LL. M . ( Toronto )
Propter Homines Chair for Banking and Securities
Law, Institute for Financial Services, University of
Liechtenstein, Vaduz ( FL )
PD Dr. Ulrich Segna
Deputy Professor, University Heidelberg (DE)
Dr. Uwe H. Steininger
Relationship Management, International Fund
Structuring & Islamic Finance, Valartis Fund
Management (Liechtenstein) AG, Bendern (FL)
Dr. Kornelia Vallaster, LL.M.
Office for International Financial Affairs (SIFA),
Vaduz (FL)
Prof. Dr. Erik. P. M . Vermeulen
Professor at Tilburg Law School, Department
of Business Law ( NL ) and Senior Counsel
Corporate at Philips International B. V. ( NL )
Executive Master of Laws ( L L. M . )
in Banking and Securities Law
Graduation
LL. M. candidates must pass all exams and submit a thesis in order to earn a
required total of 60 ECTS-Credits. Upon successful completion, students will be awarded the ­following title :
LL. M . ( B anking and Securities Law )
Learning Environment
“The financial services industry
has an overbearing influence on the
European economy. This importance
is reflected in massive ­regulatory
frameworks. Properly overseeing
these legal frameworks is a difficult
task which can only succeed with
an ambitious set of tools. Providing
these tools is the role of the Executive
Master of Laws ( LL. M. ) in Banking
and Securities Law. With a highly
challenging curriculum on the
fundamentals and specifics of
financial market laws, and a flexible
program structure, participants
are well prepared to solve any legal
issues in Liechtenstein, the European
financial markets and beyond.”
Prof. Dr. Ulrich Noack, Chair for Civil Law,
Commercial and Business Law as well
as Director of the Center for Business and
Corporate Law, Faculty of Law, University of
Düsseldorf, Germany
Study materials ( e xcept for supplementary text books and similar resources ),
presentations, codes and regulations, directives and court decisions, as well as
case studies are available to participants within an e-learning environment.
The Institute for Financial Services focuses on the areas of finance, law and tax in order
to create an interdisciplinary learning environment. The University of Liechtenstein’s
central location in Europe as well as its proximity to major European financial capitals fosters a climate where LL. M. candidates can discuss, study and have meaningful
contact with national and international financial laws.
Curriculum
The curriculum is spread over three semesters. During the third semester the thesis has
to be written (not exceeding 70 pages).
The LL. M. program is divided into 9 modules. Each module consists of 6 days of full-time
tuition and has to be concluded by passing the examination. Each exam can be repeated
once. Classes take place once a month, usually from Thursday to Saturday, with 10 units
( à 45 minutes ) per day ( 5 40 units in total ). For a detailed schedule, please see the study
calendar on pages 18 and 19.
12
13
Overview of Course Modules
Executive Master of Laws ( L L. M. ) in Banking and Securities Law
Introductory Workshop Legal Introduction to Financial Markets
Legal Framework, Legislation and Rulemaking, European and International Financial
Terminology, Financial Markets and Financial Services Provider, Legal Methods and
Research, Supervisory Infrastructure
( 1 day )
Module 1 Economics of Asset and Wealth Management
Financial Markets, Intermediaries and Institutions, Economics of Asset and
Wealth Management, Internationalization and Securitization, Banking Regulation,
Risk and Liquidity Management, Financial Mathematics ( B asics )
( 6 days, 5 ECTS-Credits )
Module 2 Law of Financial Intermediaries
Authorization, Professional Obligations, Cross-Border Activities ( FL / C H / DE / IE / LUX / FR ),
Investor and Consumer Protection, Financial Institution Governance, Financial Crime,
Restructuring of Financial Institutions, Supervision and Enforcement
( 6 days, 5 ECTS-Credits )
Module 3 Law of Commercial Banking
Bank-Customer Relations, Deposit-Taking, Payment Instruments and Systems
( S EPA, etc. ), Commercial Lending ( e g loans, mortgages, securitization )
( 6 days, 5 ECTS-Credits )
Module 4 Securities Law and Regulation
Investment Services and Regulated Markets, Issue and Trading of Securities,
Law of Financial Derivatives, Sales and Distribution Rules, Disclosure and
Transparency, Clearing and Settlement
( 6 days, 5 ECTS-Credits )
Executive Master of Laws ( L L. M . )
in Banking and Securities Law
Module 5 Investment Law I
Fundamentals of Collective Investment Undertakings in Europe ( UCITSD, AIFMD,
IORPD, MiFID ) and beyond, Law of Fund and Individual Asset and Wealth Management,
Legal Aspects of Asset Management, Law of Depositaries, Fund Governance
( 6 days, 5 ECTS-Credits )
Module 6 Investment Law II
Extension of Collective Investment Undertakings in Europe ( UCITSD, AIFMD, IORPD,
MiFID ) , Asset and Risk Management Policies, Pension Funds and Insurance Products
as Collective Investments, Retail Investment Products
( 6 days, 5 ECTS-Credits )
Module 7 Educational Trip
Law of International Fund, Asset and Wealth Management ( H ong Kong / Singapore )
( 6 days, 5 ECTS-Credits )
Module 8 MiFID II
Product Governance, KYC, Target Markets, Distribution and Manufacturer Liability,
Portfolio Management Law, professional and sophisticated investors
( 6 days, 5 ECTS-Credits )
Module 9 Interdisciplinary Workshop
Workshop with LL. M. candidates of the Executive Master programs in International
Taxation, Company, Foundation and Trust Law and the Executive Master of Business
Administration in International Asset Management
( 6 days, 5 ECTS-Credits )
14
Details of Course Modules
Introductory
Workshop
Legal Introduction to Financial Markets
( 21.9.2016 )
The Executive Master of Laws ( L L. M. ) in Banking and Securities Law begins with an
introduction to the legal framework of financial markets in Liechtenstein, Europe and
other important jurisdictions. Participants are given an overview of European and
international financial terminology, market players in the financial services industry,
legislative and rulemaking procedures as well as the supervisory architecture of financial markets. The workshop ends with a session on the methodology of legal research
in banking and securities law.
Module 1
Economics of Financial Markets
( 22, 23 + 24.9.2016; 20, 21 + 22.10.2016 )
Module 1 starts with an overview of the economic fundamentals of financial markets
and institutions. The unique approach of this and forthcoming modules will be a crosssectoral and functional analysis of financial markets where participants will learn how
to distinguish and compare single market structures and their functionality. Following
this basic analysis, fundamental theories of financial inter­mediaries will be ­extensively
­discussed ( eg new institutional economics ). Subsequently, classical capital market
­theories such as portfolio theory, principal-agent-theory, and Capital-Asset-Pricing
Model ( CAPM ) will be introduced with more modern developments such as ­behavioral
economics and explained through practical exercises. These different economic
approaches are some of the building blocks that will be assembled to provide an understanding of the broader practice of the economics of asset and wealth management. It is
in this context that p
­ articipants will also gain substantial knowledge of the basic notions
of financial ­mathematics in investment banking. Finally, the securitization model will be
discussed with concepts of banking and risk management ( eg systemic issues ) and economic backgrounds to banking regulation.
Module 2
Law of Financial Intermediaries
( 17, 18 + 19.11.2016; 15, 16 + 17.12.2016 )
Module 2 includes a number of topics ranging from the authorization of financial ­s ervices providers and professional obligations ( e g initial and minimum capital
requirements, personal qualifications of persons who effectively conduct the
­b usiness, legal aspects of risk management and compliance as well as issues of
­d elegating financial services ). All of these subjects will be discussed with a focus on
Cross-Border activities, especially those of Liechtenstein, Switzerland, Germany, the
United Kingdom, Ireland, Luxembourg, France and the United States. Furthermore,
topics such as investor protection and specific corporate governance structures in
financial institutions will be covered in this module. Students take part in a case study
on the application of these notions to a financial services firm. Participants will also
be given an overview of contemporary issues such as financial crime, the challenges
of restructuring financial institutions as well as the realities of securities litigation.
15
Executive Master of Laws ( L L. M . )
in Banking and Securities Law
Module 3
Law of Commercial Banking
( 3 + 4.2.2017; 1, 2, 3 + 4.3.2017 )
Module 3 elucidates the supervisory and contractual relationship between banks
and their customers. To broaden the understanding of the fundamentals of commercial banking, participants will be introduced to a range of cases dealt with in the
field of investment banking. In addition, students will gain a substantial knowledge
of the most important regulatory and legal aspects of individual fields in commercial
banking. Consequently, LL. M. ­c andidates explore the legal environment of payments
( e g SEPA ), practices relating to the commercial lending of all types of securities, the
classic commercial banking field of deposit-taking and – through an economic perspective – the nature of interest and lending.
Module 4
Securities Law and Regulation
( 3 0 + 31.3, 1.4.2017; 27, 28 + 29.4.2017 )
Module 4 gives an overview of the EU financial services regime, investment ­s ervices
and regulated markets. The issuance and trading of securities as well as various legal
issues pertaining to financial derivatives will also be looked at. Furthermore, participants will learn about the regulation of investment services providers and products
on regulated markets and trading markets in the EU ( esp. MiFID ), the USA and in Asia.
In particular, official listing and trading admissions as well as the more general transparency and disclosure regimes ( e g Prospectus Directive ) will be covered.
Module 5
Investment Law I
( 26 + 27.5.2017; 21, 22, 23 + 24.6.2017 )
Module 5 starts by looking at the fundamentals of Individual Portfolio Management
( MiFID ) and Collective Investment Undertakings ( UCITSD, AIFMD, IORPD ). Participants
will cover the law of fund and individual asset and wealth management ( differentiation between wealth management and individual investments ) as well as the law of
depositaries and more general notions of fund governance.
Module 5 is an elective module and offers the opportunity to choose any module
from the other Executive Master programs in International Taxation, Company,
Foundation and Trust Law and the EMBA in International Asset Management. This
approach allows participants to strengthen their professional skills according to their
individual preference.
16
Module 6
Investment Law II
( 24, 25 + 26.8.2017; 21, 22 + 23.9.2017 )
Module 6 goes into even greater depth on the topic of Collective Investment
Undertakings ( UCITSD, AIFMD, IORPD ) and Individual Portfolio Management ( MiFID )
in Liechtenstein, Europe and beyond. Notably, areas such as asset management
policies, pension funds and collective investment insurance products as well as
retail investment products and the structuring process will be further defined
and discussed.
Due to the summer break, the July classes may be combined with those in June.
Module 7
Educational Trip
( 1 – 7.10.2017 )
Module 7 is also an elective module. Participants may join the educational trip to the
financial centres in Hong Kong and Singapore and hold a presentation in order to pass
module 7. Alternatively students may choose between any module from the other
Executive Master programs in International Taxation, Company, Foundation and Trust
Law, and the EMBA in International Asset Management.
The educational trip addresses asset management law in developing financial centres
and third-country rules. The program consists of lectures at internationally recognized universities as well as presentations and workshops at law firms and financial
market associations.
Module 8
MiFID II
( 16, 17 + 18.11.2017 ; 14, 15 + 16.12.2017 )
Modul 8 provides details insights on MiFID II. This pertains, for instance, to the
product governance requirements as well as the definition of target markets. The
lectures will discuss the Level 1 as well as Level 2 und 3 implementing measures.
Participants will also work on practical examples for the organisation of distribution
chains.
Module 9
Interdisciplinary Workshop: Finance, Law and Tax
( 11, 12 + 13.1.2018; 21, 22 + 23.2.2018 )
The final module consists of an interdisciplinary workshop on international asset and
wealth management with participants from the other Executive Master programs in
International Taxation, International Asset Management and Company, Foundation
and Trust Law. In this workshop, discussions will center on cross-sectoral and CrossBorder issues of private asset and wealth management with participants presenting
their results to the group. This allows students to enhance their interactions with the
interdisciplinary topics surrounding banking and securities law.
17
“Law in general, and business law in
particular, can no longer be studied
or successfully practiced in isolation.
Since it is crafted to regulate human
behavior, the regulating rules and procedures need to be learned in conjunction with the human activities
thereby affected. For example, one
cannot fully understand antitrust law
without thorough familiarity with
the theory of imperfect competition. Likewise, real life legal problems
usually address issues pertaining to
multiple legal disciplines.
This program is ideally designed to
meet these challenges. On the legal
front, it offers a wide range of disciplines pertinent to its subject, including the law of banking, investment
and investment intermediaries, tax,
corporate law and securities regulation. As an interdisciplinary endeavor,
it combines legal analysis with principles of finance, including risk management, economics and even professional ethics, to name just a few of the
subjects covered.”
Prof. Uriel Procaccia, LL.B., LL. M . J.S.D
Wachtell, Lipton, Rosen and Katz Professor
of Corporate Law and Securities Regulation
Emeritus, Hebrew University, Jerusalem
and Head of the Graduate Program in Law,
Interdisciplinary Center, Herzliya, Israel
Executive Master of Laws ( L L. M . )
in Banking and Securities Law
Calender
2016
2017
September
November
M
T
W
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F
5
6
7
12
13
19
20
26
27
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8
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7
14
15
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18
21
22
23
24
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28
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30
October
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M
January
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S
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31
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February
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F
3
1
2
1
2
3
4
1
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4
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3
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5
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27
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5
31
Executive Master of Laws ( L L. M . )
in International Taxation
Executive Master of Laws ( L L. M . )
im Gesellschafts-, Stiftungs- und Trustrecht
March
M
T
6
7
8
9
10
11
12
Executive Master of Business Administration
(EMBA) in International Asset Management
13
14
15
16
17
18
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20
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22
23
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25
26
Executive Master of Laws ( L L. M . )
in Banking and Securities Law
27
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31
M
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1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Modul 7 :
Educational Trip
Modul 9 :
KombiWorkshop
Holiday
April
18
19
2018
May
September
M
T
W
T
1
2
3
4
8
9
10
11
15
16
17
18
22
23
24
25
29
30
31
F
S
S
5
6
7
12
13
19
26
M
T
W
T
14
4
5
6
7
20
21
11
12
13
27
28
18
19
20
25
26
27
F
S
S
M
T
1
8
2
3
1
2
3
4
9
10
8
9
10
11
14
21
15
16
17
15
16
17
18
22
23
24
22
23
24
25
28
29
30
29
30
31
October
June
M
January
T
W
T
F
S
S
1
2
M
T
W
T
F
S
S
5
6
7
12
13
14
19
20
21
26
27
28
S
S
February
W
T
F
S
S
M
T
W
T
F
1
2
3
4
3
4
5
6
7
8
9
10
11
2
3
4
5
6
7
8
5
6
7
8
9
10
11
12
13
14
15
16
17
18
9
10
11
12
13
14
15
12
13
14
15
16
17
18
19
20
21
22
23
24
25
16
17
18
19
20
21
22
19
20
21
22
23
24
25
26
27
28
29
30
23
24
25
26
27
28
29
26
27
28
30
31
W
T
F
S
S
1
2
3
4
5
July
M
1
November
T
W
T
F
S
S
1
2
M
T
3
4
5
6
7
8
9
6
7
8
9
10
11
12
10
11
12
13
14
15
16
13
14
15
16
17
18
19
17
18
19
20
21
22
23
20
21
22
23
24
25
26
24
25
26
27
28
29
30
27
28
29
30
F
S
S
31
August
M
December
T
W
T
F
S
S
M
T
W
T
1
2
3
4
5
6
1
2
3
7
8
9
10
11
12
13
4
5
6
7
8
9
10
14
15
16
17
18
19
20
11
12
13
14
15
16
17
21
22
23
24
25
26
27
18
19
20
21
22
23
24
28
29
30
31
25
26
27
28
29
30
31
Additional Note :
Introductory Workshop
Due to the summer break, the August
classes may be combined with other
classes.
A timetable and further information
will be available for download
at www.uni.li / bankinglaw and
www.uni.li / s ecuritieslaw.
Executive Master of Laws ( L L. M . )
in Banking and Securities Law
General Information
Administration
The Executive Master of Laws ( L L. M. ) in Banking and Securities Law is managed
by the Propter Homines Chair for Banking and Securities Law. The Chair is part of the
Institute for Financial Services at the University of Liechtenstein under the academic
supervision of Prof. Dr. Dirk A. Zetzsche, LL. M. ( Toronto ).
Attendance at Individual Modules
All modules may be attended on an individual basis, taking into account the LL. M. candidates’ and capacity in general. The successful completion of the module and the ECTS
credits received will be certified.
Free participation in additional modules from the Executive Master programs
in International Taxation, Company, Foundation and Trust Law and the EMBA in
International Asset Management
Paticipants in the Executive Master of Laws ( L L. M. ) in Banking and Securities Law
may attend additional modules from the Executive Master programs of International
Taxation, Company, Foundation and Trust Law, and the Executive Master of Business
Administration ( EMBA ) in International Asset Management without extra fees. Most of
these classes are held in German and some are held by internationally respected scholars in English. The program schedules are coordinated to allow participants to attend
every module on every Executive Master course. This approach allows participants to
further their education in a comprehensive and individualized way. The completion of
these individual modules is subject to an examination. For further information please
contact the executive manager of your program.
Educational Trip
A study trip is held in the autumn following the second semester. The academic board
will inform students of the destination and program ahead of time. The costs of this
study trip are not included in the tuition fees. It is not obligatory to participate in the
study trip.
Admission Requirements
The requirement for being admitted to the Executive Master of Laws ( L L. M. ) in Banking
and Securities Law is the successful completion of a degree in law and / o r ­e conomics.
Admission is exceptionally granted to applicants with comparable ­qualifications. These
qualifications need to be substantiated to the academic board and will be examined
during the course of a personal interview. Application documents must be completed
and submitted on time for review by the academic board.
Language Proficiency
Lectures and examinations are generally held in English. Written exams and the master
thesis may be delivered in German if the topic concerns the law of German-speaking
countries only. LL. M. candidates need to provide proof of English language proficiency
either through an internationally recognized ­c ertificate, a personal interview or other
professional proof.
20
Application
Applicants have to meet the minimum admission requirements and submit all obligatory
documents before the application deadline. For further information and an application
form visit www.uni.li / b ankinglaw or www.uni.li / s ecuritieslaw.
Application Deadline
July 31, 2016 ( regular admission ).
Number of Students
The Executive Master of Laws ( L L. M. ) in Banking and Securities Law is meant to enhance
the professional skills and enrich the experience of all candidates. Therefore, the
number of participants is limited to 25 to ensure the quality of the program. Hence, it is
highly recommended you apply before June 30.
Tuition Units
Lectures are held every four weeks on Thursday, Friday ( 0 9:00 – 18:15 ),
and Saturday ( 0 8:30 – 16:15 ).
Tuition Fees
Tuition for the Executive Master of Laws ( L L. M. ) in Banking and Securities Law is
CHF 28 500. This covers all modules, examinations and course materials. Supplementary
material, excursions, accomodation and similiar expenses are not covered by the
tuition fees.
The following fees are to be paid at the beginning of the respective semester :
>> 1 st Semester
>> 2nd Semester
>> 3rd Semester
CHF 10 000.00
CHF 10 000.00
CHF 8 500.00
If a student is required to resit an examination, additional fees of CHF 500.00 may apply.
The tuition fees for attending individual modules are available from the academic board.
Scholarships
Scholarships are awarded exceptionally on the basis of academic excellence. Other
forms of financial aid are not available from the Institute for Financial Services and / o r
the University of Liechtenstein.
Cancellation Conditions
Should notice of cancellation be received eight weeks before the beginning of the
program, it is exempt from charges. Should we receive it four weeks before the
beginning of the program, 30 % of the total tuition fees will be charged; should notice
be received two weeks before the beginning of the program, 50 % will be charged.
In the event of a later cancellation or failure to cancel, the total tuition fees of the
respective semester are to be paid. Replacement students are accepted without additional costs if the admission requirements are fulfilled. Decisions are taken by the
academic board. The withdrawal of an application must be made by registered post
addressed to the academic board.
21
Academic Director of the Executive
Master of Laws ( L L. M . ) in Banking
and Securities Law
Prof. Dr. Dirk A. Zetzsche, LL. M.
( Toronto )
Head of the Propter Homines Chair
for Banking and Securities Law
Manager of the Executive Master of
Laws in Banking and Securities Law
Dipl. Kffr. Nadja Dobler
Phone +423 265 11 98
Fax +423 265 11 12
nadja.dobler@uni.li
Administration and general
Information
Laura Oehry
Programme Administrator
Phone +423 265 11 91
Fax +423 265 11 12
laura.oehry@uni.li
University of Liechtenstein
Propter Homines Chair for Banking
and Securities Law
Fürst-Franz-Josef-Strasse
9490 Vaduz, Liechtenstein
Phone +423 265 11 95
Fax +423 265 11 12
bankinglaw@uni.li
securitieslaw@uni.li
Executive Master of Laws ( L L. M . )
in Banking and Securities Law
Termination of Studies
It is possible to withdraw from the program before its completion by sending a registered letter to the academic board before the end of the semester, observing the twomonth termination notice. Tuition fees that have already been paid are not refundable.
If studies are terminated without written notice, the total tuition fees will be due.
European Credit Transfer System / D iploma Supplement
Upon successful completion of the Executive Master of Laws ( L L. M. ) in Banking
and Securities Law, students receive 60 credit points according to the European
Credit Transfer System ( ECTS ) which amount to an average of 1,500 hours of workload. Additionally, students will receive the EU Diploma Supplement which contains
­c omprehensive information on each module and credits earned.
22
Institute for Financial Services
The Institute for Financial Services at the University of Liechtenstein is the academic
think tank for the areas of asset and wealth management, banking, corporate finance
and financial management; national, European and international corporate, banking and
securities law as well as business taxation, international and Liechtenstein tax law. These
topics are covered in continuing education, research and knowledge ­transfer by various
departments in the areas of finance, law, and taxation. The Institute for Financial
Services is being consistently developed into an ­integrated FL House of Finance focused
on wealth management, international corporations, ­f inancial markets and ­f inancial
centers.
Propter Homines Chair for Banking and Securities Law
The Chair for Banking and Securities Law was initiated in 2011 by the Propter Homines
Foundation and is held by Prof. Dr. Dirk A. Zetzsche, LL. M. ( Toronto ).
The Propter Homines Chair for Banking and Securities Law deals with all banking and
financial market regulatory issues in Liechtenstein, Europe, European member states
and other important international jurisdictions. A key research interest of the chair
is the law of asset and wealth management. This includes the regulation of individual wealth management, asset ­management through collective investment schemes,
pension and occupational funds as well as related topics in banking and insurance law
( e g investment strategies by and for insurance companies, the laws of depositaries and
custodian banks etc. ) . Additional research areas are commercial banking law ( esp. loan
collateralization ), bank capitalization ( C RD/Basel ), corporate law with an emphasis on
listed companies and financial market regulation with a specialization in all aspects of
the European passport.
These research areas are taught in the Bachelor of Business Administration, the
Master of Banking and Financial Management and in the specialized Executive Master
of Laws ( L L. M. ) in Banking and Securities Law.
23
24
Studying in Liechtenstein
Liechtenstein
The Principality of Liechtenstein lies at the heart of Europe in the Alpine Rhine Valley
surrounded by its neighbors Switzerland and Austria. Covering an area of 160 square
kilometers, Liechtenstein is the fourth-smallest state in Europe, with a highly developed
economy, a strong export industry, top-performing financial services, and a wide range
of small and medium-sized businesses. As a modern location for business, Liechtenstein
stands for innovation, development, and stability. The Alpine Rhine Valley and the
surrounding region offer ideal conditions for all kinds of summer and winter sports.
On top of this, the region has an active cultural life and offers a diverse range of leisure
activities. www.liechtenstein.li
University of Liechtenstein – Providing Input for the Economy
The University of Liechtenstein is innovative, regionally anchored and highly international. In its institutes for entrepreneurship, financial services and business information systems, it acts as an intellectual hub in the four-country region that encompasses Liechtenstein, Eastern Switzerland, Vorarlberg ( Austria ) and the area around
Lake Constance in Southern Germany. The regional economy benefits from the knowledge and technology transfer from and to the university. By collaborating with businesses and trade organizations on a large range of projects and programs, the university
makes a significant contribution to the economy. For fifty years, it has been educating
and cultivating top professionals. Around 1200 ­s tudents are registered in the Bachelor’s,
Master’s and doctoral programs and in programs of continuing education. Studies are
pursued in a very personal environment. www.uni.li
All You Need to Know
The website of the University of Liechtenstein ( esp. ‘Studying in Liechtenstein’ )
provides extensive information on all you need to know from general study information,
campus life, library access, Liechtenstein entry and residency permits, accommodations,
travel etc.
Campus and Facilities
The campus of the University of Liechtenstein is located on the premises of a former
textile factory above Vaduz with a panoramic view of the surrounding mountains and
the Alpine Rhine Valley. The modern campus facilities support students on both an echnical and social basis: with an up-to-date IT infrastructure, a library with access to databases and inter-library loans as well as the campus café, a popular meeting point.
Information Events
Dates for the twice-yearly information events ( “Open FL House of Finance” ) dedicated
to the programs of continuing education at the Institute for Financial Services and all
other informational events are published on the University’s website at www.uni.li.
25
Munich
235 km
Zurich
110 km
Innsbruck
170 km
Vaduz University of Liechtenstein
Chur
45 km
Milan
255 km
GamprinBendern (FL)
St. Gallen (CH)
Feldkirch (A)
Buchs
(CH)
Rotary Traffic
Schaan
SAL am Lindaplatz
University of Liechtenstein
in the Center of Europe
Rhin
7
e
University of
Liechtenstein
3
4
Fü
nz
sef
6
-J o
5
-St
r as
se
Zurich (CH)
Chur (CH)
ra
Bus stop
Ebenholz/University
t-F
Vaduz (FL)
rs
1. Main building
2. Library and cafeteria
3. Student hall of residence
Fürst-Franz-Josef-Strasse 15 and 17
4. Location Institute of Information
(WI und KOFL) Fürst-Franz-Josef-Strasse 21
5. Location Financial Services (FDL)
Mühleweg 5
6. Location Architecture (ARCH)
Fürst-Franz-Josef-Strasse 22
7. Location Financial Services (FDL, ENT, KMU)
Schaanerstrasse 99
M ü h l ewe g
Transport Connections
The University of Liechtenstein is easy to reach from
Switzerland, Germany, Austria and Italy. For more
details on location and travel information, please see
“How to find us” on the University website.
Schaan (FL)
Vaduz (FL)
Triesen (FL)
2
1
© 01.2016 Universität Liechtenstein. Änderungen vorbehalten. 1000 Exemplare.
Gestaltung : Leone Ming, Intensive Brand, Schaan ; Fotos : Roland Korner / Close up, Triesen , Olivier Bracher
uni.li/bankinglaw
uni.li/securitieslaw