Financial Law (or Law & Finance) has become an exciting area of study and research in recent years, as a result of the latest global financial crisis. This subject explores transactional, legal, and regulatory aspects of various financial activities, markets, and institutions. It can be broadly divided into three sub-areas: banking, capital markets, and insurance. As an interdisciplinary subject, it requires students with broad knowledge and skills in relation to law, businesses, economics, and accounting & finance. It has never been easy to study financial law owing to the breadth and depth of the subject knowledge. To begin with, I recommend you to follow some well-known financial newspapers and magazines, such as Financial Times, Wall Street Journal, and the Economist, to stay updated with the latest developments in global financial markets.
Apart from the above media, you will find articles in some specialised financial law journals a useful tool to have an insight into what happens in the financial industry and what legal and regulatory challenges it is facing. This website frequently updates the index of the latest issues of financial law journals for research and education purpose. Please purchase hard copies or subscribe relevant electronic database to have full access. Some leading financial law journals include:
- Journal of International Banking and Financial Law
- Journal of International Banking Law and Regulation
- Banking and Finance Law Review
- Law and Financial Markets Review
- Journal of Banking Regulation
- Journal of Financial Regulation
- European Business Organization Law Review
- Journal of Business Law
- Journal of Corporate Law Studies
This paragraph lists some textbook titles for banking and finance law, which have been widely used by UK law schools to teach law and finance at both undergraduate and postgraduate level. You can purchase the following copies from mainstream bookshops or Amazon:
- E.P. Ellinger, E. Lomnicka and C. Hare, Ellinger’s Modern Banking Law (Oxford University Press, 5th Edition, 2010): the book sets banking law against the background of general legal doctrines and banking regulation, discussing its operation in the context of its wider economic function. It makes use of American, Canadian, New Zealand and Australian examples and takes account of the changes promoted by the recent global financial crisis. It provides analysis of the banker and customer relationship, explaining the different types of accounts available, the duties and the liabilities of banks, and the latest processes used in the clearance of cheques, plastic money and electronic money transfers. Issues relating to overdrafts, bank loans, credit agreements, and securities for bankers’ advances are covered. This is a significant book for undergraduates and postgraduates alike, as well as practitioners, providing comprehensive and up-to-date coverage.
- Ross Cranston QC, Principles of Banking Law (Oxford University Press, 2nd Edition, 2002): The most authoritative treatment of international banking and financial services law – with in depth, expert coverage of global bank regulation, global payment systems, international bond instruments, and foreign exchange systems. Covers all domestic and international banking law topics in full – ideal as a stand-alone text. Cranston takes a themed, policy-orientated approach to the subject – less ‘dry’ than other textbooks.This new edition of the Principles of Banking Law provides a clear, up-to-date and comprehensive account of the subject, incorporating all significant changes in banking law, regulation and practice that have occurred since the publication of the first edition in 1997. The author brings a fresh yet authoritative approach to the topic making the book a key resource for all those studying Banking or Financial Services Law.
- Anu Arora, Banking Law (Pearson 2014): Exploring all aspects of domestic, European and international laws and regulation, Banking Law is essential reading for students and practitioners alike. From examining the academic debates, policy considerations and practical influences underpinning the regulations, this text offers you a truly socio-economic and contextual approach to a subject which impacts on the daily lives of people worldwide. Written by a leading academic in the field, this text looks to explore this constantly evolving subject in depth, following the developments since the 2007 financial crisis. This contemporary textbook: highlights how banking law works in practice by analysing high-profile cases including the Northern Rock collapse and the effect of unregulated traders amongst many others; includes extracts from key legislation and cases that you’ll need to be aware of during your studies; and helps you explore the subject further with annotated further reading
- Alastair Hudson, Hudson Law of Finance (Sweet & Maxwell, 2nd edition, 2013): Alastair Hudson’s The Law of Finance brings together, for the first time, in a single volume, the whole of international finance, as understood in English law. The volume is divided into two halves with section one considering the principles of the law of finance and section two considering the full range of modern financial techniques in their legal context. By explaining key concepts and practical issues, examining core principles and analysing the key areas of financial practice and the effects of the global meltdown, Professor Hudson provides an unparalleled work of breadth of scope and wealth of detail. The work is unparalleled in breadth of scope and wealth of detail.
- Philip Wood: The Law and Practice of International Finance ( Sweet & Maxwell, 2007): The Law and Practice of international Finance is based on the author’s university courses and provides authoritative and all-encompassing coverage of the law relating to international finance. The work covers the three principal approaches the policies of the law, the legal rules and also the practical transactions so that readers are presented with doctrine, data and deals, each of which throws light on the other. For the first time, the topic is dealt with on a worldwide comparative basis with reference to nearly all of the world’s 320 jurisdictions. The result is that readers have a panoramic view of international finance which not only has practitioner-based deals but also elucidates the law on a global basis without being tied to any single jurisdiction.
Master of Laws (LLM) is an internationally recognised postgraduate law degree. LLM is usually obtained by completing a one-year full-time programme. Law students and professionals frequently pursue the LLM to gain expertise in a specialised field of law, for example, corporate law, tax law, or international law. Many law firms prefer job candidates with an LLM degree for it indicates that a lawyer has acquired advanced, specialised legal training, and is qualified to work in a multinational legal environment. There are a number of UK law schools offer LLM programmes for students who would like to study advanced finance law. This section lists some UK LLM degrees which have a pathway/specialism in Banking and Finance Law. The information is useful for prospective master students who wish to purse an LLM degree in Finance Law. The list is non-exhaustive and will be updated frequently.
- King’s College London: LLM International Financial Law
- Queen Mary University of London: LLM Banking and Finance Law, MSc Law and Finance
- University of Leeds: LLM International Banking and Finance Law
- London School of Economics and Political Science: LLM Banking Law and Financial Regulation
- University College London: LLM International Banking and Finance Law
- University of Glasgow: LLM Corporate and Financial Law
- University of Manchester: LLM International Financial Law
- University of Edinburgh: LLM International Banking Law and Finance
- University of Oxford: MSc Law and Finance
- University of Bristol: LLM Banking and Finance Law
- University of Cambridge: LLM Corporate Finance Law
This section lists some well-known Professors of Law in the UK specialising in Banking and Finance Law. The information is of interest to prospective doctoral students who wish to pursue a PhD (or DPhil) in International Finance Law. PhD is a postgraduate doctoral degree that lasts for three to four years, awarded to students who complete an original thesis offering a significant new contribution to knowledge in their subject. PhD qualifications are available in all subjects and are normally the highest level of academic degree a person can achieve. The list is non-exhaustive and will be updated frequently.
- Professor Andrew Campbell, Professor of International Banking and Finance Law, School of Law, University of Leeds
- Professor Iain MacNeil, Alexander Stone Chair of Commercial Law, School of Law, University of Glasgow
- Professor Emilios Avgouleas, Chair in International Banking Law and Finance, Edinburgh Law School, University of Edinburgh
- Professor George Walker, Professor of International Financial Law, School of Law, Queen Mary University of London
- Professor Joanna Gray, Professor of Financial Law and Regulation, Birmingham Law School, University of Birmingham
- Professor Eilis Ferran, Professor of Company and Securities Law, Faculty of Law, University of Cambridge
- Professor Dalvinder Singh, Professor of Law, School of Law, University of Warwick
- Professor John Armour, Professor of Law and Finance, Faculty of Law, University of Oxford
- Professor Julia Black, Professor of Law, Department of Law, London School of Economics and Political Science