Securities Law

Introduction

The course gives an introduction to the basic legal rules for activities in the securities markets in Norway. In recent years both the trade in financial instruments, the conclusion of transactions and the carrying out investment services operations have been regulated in increasingly greater detail by laws and regulations. Examples of rules of this type are for instance the rules on insider trading and market manipulation, rules related to flagging, rules related to mandatory bids and rules related to prospectuses. These are rules that market players such as investors, issuers of financial instruments, securities firms or as advisers to any of these groups need to be familiar with. Besides, for securities firms, comprehensive rules related to concession duties, rules related to capital adequacy requirements, organizational requirements and requirements related to the execution of the business activity (good business practice) are crucial for understanding the securities markets. The course is intended to provide the students with the necessary knowledge and interpretation of the most important rules for the securities market.

Course content

I. GENERAL

• Definitions and concepts
• A survey of the capital markets and their regulation

II. THE RULES OF MARKET BEHAVIOUR

• General on the trade in financial instruments in the capital markets
• Duties of disclosure
• Insider trading
• Market manipulation
• Good business practice

III. COMPANY TRANSACTIONS

• Share issues and investments, including the rules relating to prospectuses
• Acquisitions and mergers
• Other equity transactions

IV. SECURITIES FIRMS

• Overview of investment services
• Requirements related to concessions
• Rules related to business activities
• Organizational requirements