executive master of laws in banking and securities law · executive master of laws ( ll. m. ) in...

EXECUTIVE MASTER OF LAWS IN

BANKING ANDSECURITIES LAWLL. M. ( Banking and Securities Law )

www.uni.li

uni.li/bankinglawuni.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

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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 finan-cial 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 profession-als 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 ( LL. 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 manage-ment 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 member-ship of the European Economic Area ( EEA ) makes it part of the larger European securi-ties 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 else-where 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 prac tical 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 finan-cial services law.

Executive Master of Laws ( LL. M. )

in Banking and Securities Law

Moreover, the Propter Homines Chair for Banking and Securities Law is strongly com-mitted 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 cur-riculum 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

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“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 ( University of Siena ) PhD ( Dr. rer. pol. ) Candidate in Economics and Social Sciences ( University of Fribourg ) Participant LL. M. Banking and Securities Law 2012 – 2014 ( University of Liechtenstein )

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 ( LL. 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 ( LL. 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 knowl-edge of European legislative acts and the specific legal features of the Principality of Liechtenstein and other important jurisdictions ( eg USA, GB, DE, CH and HK ), partici-pants 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 responsi-bility in management structures. Furthermore, the skills and methods learnt during the Executive Master of Laws ( LL. 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 ( LL. 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 / or economics degree and the desire to acquire a comprehensive and practice-oriented qualification in banking and securities law. An applicant with equivalent professional and / or other relevant experiences may be admitted to the program as well. Such experience must be demonstrated and verified by the head of the program.

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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;

> Extremely 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 co- 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 / securitieslaw

“Following the financial crisis, markets are facing a tremendous increase in financial regulations. Hence, having a complete insight into and understand-ing of the upcoming rules and guide-lines 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 prac-tice and their business management with strong niche skills, as it is in my case. Therefore, I can thoroughly rec-ommend 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 ( University 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 ( University of Liechtenstein )



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)

Dr. Dmitri Boreiko Assistant Professor in Corporate Finance, Free University of Bozen, School of Economics and Management, Bozen ( IT )

Dr. Benedikt CzokLegal Counsel 1741 Asset Management Ltd, St. Gallen ( CH )

Dr. iur. Guenther Dobrauz, MBA Partner, Leader Legal FS Regulatory &Compliance Services, PricewaterhouseCoopers AG, Zürich (CH)

Dipl. Jur. David Eckner, LL.M. (King’s College London)Manager of the CBC Düsseldorf (DE)

Prof. Dr. Seraina Neva GrünewaldAssistant Professor for Financial Market Law, University of Zürich (CH)

Prof. Dr. Michael Hanke Chair in Finance, Institute for Financial Services, University of Liechtenstein, Vaduz ( FL )

Sebastiaan Niels Hooghiemstra, LL. M. ( Amsterdam / Tilburg )Research Associate, Propter Homines Chair for Banking and Securities Law, Institute for Financial Services, University of Liechtenstein, Vaduz ( FL )

Dr. Carsten Jungmann, LL. M. ( Yale ), M. Sc. in Finance ( Leicester )Attorney-at-Law, DUVINAGE Lawyers GmbH, Munich ( DE ) and Member of the Bucerius Law School, Hamburg ( DE )

Dr. Ulf Klebeck General Counsel, Woodman Asset Management AG, Zug (CH)

Dennis Kunschke Lawyer, Senior Associate, Allen & Overy LLP, Frankfurt am Main (DE)

Dr. Stefano LombardoAssistant Professor of Economic and Business Law, Free University of Bozen, School of Economics and Management, Bozen ( IT )

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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 ( IT )

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 )

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. VermeulenProfessor at Tilburg Law School, Department of Business Law ( NL ) and Senior Counsel Corporate at Philips International B. V. ( NL )

Mag. iur. Markus WagnerChairman of the Executive Board, 1741 Fund Management AG, 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 )



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. ( Banking and Securities Law )

“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

Learning Environment

Study materials ( except 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 capi-tals 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 ( 540 units in total ). For a detailed schedule, please see the study calendar on pages 18 and 19.

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Overview of Course Modules Executive Master of Laws ( LL. 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 ( Basics ) ( 6 days, 5 ECTS-Credits )

Module 2

Law of Financial Intermediaries Authorization, Professional Obligations, Cross-Border Activities ( FL / CH / 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 ( SEPA, etc. ), Commercial Lending ( eg 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 )



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 ( Hong 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 )

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Introductory Workshop

Legal Introduction to Financial Markets ( 21.9.2016 )

The Executive Master of Laws ( LL. 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 finan-cial 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 cross-sectoral 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 inter mediaries 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 under-standing of the broader practice of the economics of asset and wealth management. It is in this context that participants 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 eco-nomic 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 finan-cial services providers and professional obligations ( eg initial and minimum capital requirements, personal qualifications of persons who effectively conduct the business, legal aspects of risk management and compliance as well as issues of delegating 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.

Details of Course Modules



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 com-mercial 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. candidates explore the legal environment of payments ( eg SEPA ), practices relating to the commercial lending of all types of securities, the classic commercial banking field of deposit-taking and – through an economic per-spective – the nature of interest and lending.

Module 4 Securities Law and Regulation ( 30 + 31.3, 1.4.2017; 27, 28 + 29.4.2017 )

Module 4 gives an overview of the EU financial services regime, investment services 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, partici-pants 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 trans-parency and disclosure regimes ( eg 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 ( differentia-tion 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.

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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 recog-nized 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 Cross-Border 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.

“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 pro-cedures need to be learned in con-junction with the human activities thereby affected. For example, one cannot fully understand antitrust law without thorough familiarity with the theory of imperfect competi-tion. 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 disci-plines pertinent to its subject, includ-ing the law of banking, investment and investment intermediaries, tax, corporate law and securities regula-tion. As an interdisciplinary endeavor, it combines legal analysis with prin-ciples of finance, including risk man-agement, economics and even profes-sional 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 ( LL. M. ) in International Taxation

Executive Master of Laws ( LL. M. ) im Gesellschafts-, Stiftungs- und Trustrecht

Executive Master of Business Administration (EMBA) in International Asset Management

Executive Master of Laws ( LL. M. ) in Banking and Securities Law

Modul 7 : Educational Trip

Modul 9 : KombiWorkshop

Holiday

Calender

2016 2017

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December

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January

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March

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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 / securitieslaw.

2018

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28 29 30 31

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December

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General Information

AdministrationThe Executive Master of Laws ( LL. 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 ModulesAll modules may be attended on an individual basis, taking into account the LL. M. can-didates’ 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 ManagementPaticipants in the Executive Master of Laws ( LL. 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 schol-ars 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 TripA 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 ( LL. M. ) in Banking and Securities Law is the successful completion of a degree in law and / or economics. 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 ProficiencyLectures 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 certificate, a personal interview or other professional proof.

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Academic Director of the Executive Master of Laws ( LL. 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 [email protected]

Administration and general Information

Laura Oehry Programme Administrator Phone +423 265 11 91 Fax +423 265 11 12 [email protected] 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 [email protected] [email protected]

ApplicationApplicants 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 / bankinglaw or www.uni.li / securitieslaw.

Application DeadlineJuly 31, 2016 ( regular admission ).

Number of StudentsThe Executive Master of Laws ( LL. 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 UnitsLectures are held every four weeks on Thursday, Friday ( 09:00 – 18:15 ), and Saturday ( 08:30 – 16:15 ).

Tuition FeesTuition for the Executive Master of Laws ( LL. 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 :

> 1st Semester CHF 10 000.00 > 2nd Semester CHF 10 000.00 > 3rd Semester 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.

ScholarshipsScholarships are awarded exceptionally on the basis of academic excellence. Other forms of financial aid are not available from the Institute for Financial Services and / or the University of Liechtenstein.

Cancellation ConditionsShould 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 addi-tional 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.



Termination of Studies It is possible to withdraw from the program before its completion by sending a regis-tered letter to the academic board before the end of the semester, observing the two-month 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 / Diploma SupplementUpon successful completion of the Executive Master of Laws ( LL. 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 work-load. Additionally, students will receive the EU Diploma Supplement which contains comprehensive information on each module and credits earned.

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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, financial markets and financial 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 individ-ual wealth management, asset management through collective investment schemes, pension and occupational funds as well as related topics in banking and insurance law ( eg 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 ( CRD/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 ( LL. M. ) in Banking and Securities Law.

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Studying in Liechtenstein

LiechtensteinThe 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 EconomyThe University of Liechtenstein is innovative, regionally anchored and highly inter-national. In its institutes for entrepreneurship, financial services and business infor-mation systems, it acts as an intellectual hub in the four-country region that encom-passes Liechtenstein, Eastern Switzerland, Vorarlberg ( Austria ) and the area around Lake Constance in Southern Germany. The regional economy benefits from the knowl-edge and technology transfer from and to the university. By collaborating with busi-nesses 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 students 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 KnowThe 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 FacilitiesThe 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 ech-nical and social basis: with an up-to-date IT infrastructure, a library with access to data-bases and inter-library loans as well as the campus café, a popular meeting point.

Information EventsDates 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.

Zurich110 km

Chur45 km

255 km

235 km

Vaduz

Munich

Milan

University of Liechtenstein

Innsbruck170 km

University of Liechtenstein in the Center of Europe

Transport ConnectionsThe 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.

Bendern (FL) Feldkirch (A)

Buchs(CH)

Vaduz (FL)Triesen (FL)

Vaduz (FL)

Rotary TrafficSchaan

Gamprin-St. Gallen (CH)

Zurich (CH)Chur (CH)

Fürst-Franz-Josef-Strasse

University of Liechtenstein

Rhine 7

43

2 1

6

51. Main building2. Library and cafeteria3. Student hall of residence Fürst-Franz-Josef-Strasse 15 and 174. Location Institute of Information (WI und KOFL) Fürst-Franz-Josef-Strasse 21 5. Location Financial Services (FDL) Mühleweg 56. Location Architecture (ARCH) Fürst-Franz-Josef-Strasse 227. Location Financial Services (FDL, ENT, KMU) Schaanerstrasse 99

Müh

lew

eg

Schaan (FL)

SAL am Lindaplatz

Bus stopEbenholz/University

uni.li/bankinglawuni.li/securitieslaw

executive master of laws in banking and securities law · executive master of laws ( ll. m. ) in...

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