Regulation and Supervision of Financial Markets


The purpose of this course is twofold: on the one hand, to provide a general understanding of the elements, functioning and purposes of the financial system (comprising its three subsectors: banking, financial markets and insurance); and, on the other hand, to address the main features of the regulation and supervision of the financial system (i) from an international and (ii) EU perspective, with a special focus on the banking industry. The latter is justified by the economic importance of banks amidst financial intermediaries and well as by the interconnections between baking and the other subsectors of the financial system.

General characterization





Responsible teacher



Weekly - 2

Total - Available soon

Teaching language



Available soon


  • ARMOUR, John et al., Principles of Financial Regulation (OUP: 2016)
  • ABREU, Margarida et alii, Economia Monetária e Financeira, 2.ª edição (Escolar editora: 2012)
  • CÂMARA, Paulo e MAGALHÃES, Manuel, O Novo Direito Bancário (Almedina: 2012)
  • CATARINO, Luís Guilherme, Regulação e Supervisão dos Mercados Financeiros (Almedina: 2010)
  • COUPPEY-SOUBEYRAN, Jézabel, Monnaie, banques, finance (PUF: 2015)
  • , Eduardo Paz; MORAIS, Luís e ANASTÁCIO, Gonçalo (coord.), Regulação em Portugal. Novos Tempos, Novo Modelo? (Almedina: 2009)
  • GONZÁLEZ, Altina de Fátima Sebastián e PASCUAL, Joaquín López, Economia e gestão bancária (UCE: 2015)
  • De HAAN, Jakob et alii, Financial Markets and Institutions: a European Perspective, 3rd edition (CUP: 2015)
  • HAENTJENS, Matthias / DE GIOIA-CARABELLESE, Pierre, European Banking and Financial Law (Routledge: 2015)
  • LAMANDINI, Marco e MUÑOZ, David Ramos, EU Financial Law: an introduction (Cedam/Wolters Kluwer: 2017)
  • LEVINSON, Marc, Guide to Financial Markets: why they exist and how they work, 7th edition (The Economist Books, 2018)
  • MISHKIN, Frederic S., MATTHEWS, Kent e GIULIODORI, Massimo, The Economics of Money, Banking & Financial Markets [European edition], (Pearson, 2013)
  • MOLONEY, Niamh, EU Securities and Financial Markets Regulation, 3.ª edição (Oxford University Press: 2014)
  • MORAIS, Luís, «A função reguladora e as estruturas de regulação na União Europeia», in Paulo Pitta e Cunha/Luís Morais (orgs), A Europa e os Desafios do Século XXI (Almedina: 2008)
  • PINA, Carlos Costa, Instituições e Mercados Financeiros (Almedina: 2004)
  • SARAIVA, Rute, Direito dos Mercados Financeiros, 2.ª edição (AAFDL: 2015)
  • VEIL, Rüdiger (coord.), European Capital Markets Law (Hart: 2016)
  • WRIGHT, Robin E, Money and Banking, Open Textbook Library: 

Teaching method

Classes will combine lectures with discussions on previously designated topics. Students will have advance access to reading materials and/or bibliographical references on the designated topics.

Evaluation method

Students may choose between two types of assessment: (i) an assessment exclusively based on the grade obtained at the final written exam (100%); or (ii) an assessment based on the weighted average resulting from the grade obtained in the final written exam (50%) combined with the grade resulting from active participation in the classroom (50%). The latter will require the reading of materials on and discussion of preselected topics.

Subject matter

The syllabus connects the different components of the fincial system (banking, insurance and capital markets), as well as the different levels of regulation (international, EU and national) which converge in the regulatory framework that supervisors apply to financial markets.


Programs where the course is taught: