Page 1 SOLM001 May Examination Period (2022)

MODULE CODE: SOLM001

MODULE TITLE: SECURITIES REGULATION
MODULE CONVENOR: ANDROMACHI GEORGOSOULI
DATE OF FINAL ASSESSMENT: 05 – 06 MAY 2022

INSTRUCTIONS:
• Please put your student number (9 digit number) ONLY at the top of the paper
• DO NOT put your name on the paper and DO NOT use the HEADER AND FOOTER layout
• Please state the module name and date at the top of your answers

Answer TWO (2) from a choice of the FIVE (5) questions below.

If you answer more questions, only the first answers (up to the specified number) will
be marked. Cross out any answers that you do not wish to be marked.

EACH ANSWER HAS EQUAL WEIGHT FOR ASSESSMENT PURPOSES.

• The examination is designed to take 2/3 hours, but we are allocating all students 24 hours
within which to complete the paper. This acknowledges the time zone issues students may
face, issues with their internet connections, as well as the requirements of any students with
Examination Access Arrangements, such as extra time. This approach is a great example of
inclusive practice, in line with Queen Mary’s core strategic objective of being the most inclusive
university of its kind.
• Overall word limit: 4500 words
• Footnoting is not required; in-text citations to references will suffice
• Submit your answers via QMPlus no later than 09.59 am UK time by 06 May 2022
• Indicate on the attachment the numbers of the questions you have chosen to answer.
• If you have any questions concerning the exam paper, you may contact the module convenor
(NOTE: the module convenor will be available for questions only for the first half an hour from
the release of the paper)

© Queen Mary, University of London, 2022

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Question 1

‘Despite its informal nature and powers, IOSCO is increasingly becoming an effective
international standard-setter in the field of securities regulation around the world.’

Critically discuss this statement using examples where appropriate.

Question 2

‘The Financial Conduct Authority (FCA) concentrates a wide array of powers and functions
as a conduct regulator; however, its effectiveness is questionable.’

Critically discuss this statement using examples where appropriate.

Question 3

ARISTEVIN is a commercial bank based in New Zealand. They wish to expand their business
abroad within the next two years. Part of their plan is to establish a subsidiary in the UK for
the provision of investment advice, investment management and investment dealing services
for a wide range of professional and retail clients. ARISTEVIN wish to find out whether they
will need authorisation for the provision of these services and to whom they should apply for
authorisation. They have also heard about the so-called ‘general prohibition’ regime of
section 21 FSMA 2000, but they are unclear whether this prohibition applies to them and
what happens if they fail to comply with section 21 of the FSMA 2000.

Prepare a legal briefing for your client.

Question 4

“…[T]he effect of cases like Titan is to "rob the provision of its substance because most
companies will be in business of some kind." MTR Bailey Trading Ltd and another v Barclays
Bank plc [2015] EWCA Civ 667 (10 June 2015) para 12.

Critically discuss this statement in relation to the application of section 138D of the FSMA
2000. In your answer, please, also consider the case for legal reform.
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Question 5

What lessons might the US learn from the UK experience with the regulation of equity
crowdfunding?

End of Paper