Outline

Overview

International finance is front page news: from litigation against mis-selling banks, to the fall-out of the sovereign debt crises (bail-in), the contentious role of activist hedge funds and the (over)reliance on rating agencies, there is no escape. Banks are perhaps still on the back foot, having to prove their value to the community by mains of delivering sustainable finance. This unit introduces and digs deep into the suite of international financial transactions, with a profoundly practical perspective, whilst also showcasing sustainable and development finance in practice. Key pillars of the unit include lending, capital markets instruments, derivative markets and project finance. Within each pillar specific financial products are analysed, both from a legal and structuring perspective. We look at lending and negotiate a term sheet. We uncover the drivers and documentation of structured finance products such as securitisation and covered bonds. We will also look at the international regulatory reform of for instance the derivatives market and its impact on documentation. Insight is given into credit derivatives. Investor litigation is also a prominent feature of the unit. The lecturer shares his own transactional experience in development finance, from Asia to Africa and Latin America. Guest lecturers from top tier law firms and major banks explain transactions and risks, giving a broader perspective. Case studies and a negotiation session are also included, making this a both challenging and exciting unit. Bottom line: this unit will enhance your skills for application in legal practice. No prior experience in the financial markets is required. To assist students in getting up to speed, some materials will be shared on-line before classes commence.The lecturer is Jan Job de Vries Robb, who is Manager of Legal Affairs and Compliance at the Dutch Development Bank FMO and has extensive experience in international finance.

Unit details and rules

Unit code	LAWS6138
Academic unit	Law
Credit points	6
Prohibitions ?	None
Prerequisites ?	None
Corequisites ?	None
Assumed knowledge ?	None
Available to study abroad and exchange students	No

Teaching staff

Coordinator	Jason Harris, jason.harris@sydney.edu.au

Type	Description	Weight	Due	Length
Participation	Class participation (15%) Participation	0%	Ongoing	Ongoing
Outcomes assessed:
Assignment	Essay proposal (non-graded) Submission of a concise essay proposal	0%	Week 07 Due date: 07 Apr 2022 at 23:59	Approximately 300 words/ 18 days
Outcomes assessed:
Assignment	Research Essay (85%) Students will complete a research essay on an approved topic	0%	Week 13 Due date: 23 May 2022 at 23:59	7000 words / 46 days
Outcomes assessed:
= hurdle task ?

Assessment summary

Introduction meeting

The introduction meeting is a voluntary meeting to discuss the unit, and how to get the most out of the unit including a Q&A. It will be held for approximately 1 hour a couple of weeks before the first class (date to be confirmed via Canvas). The aim of this meeting is to connect with students and to help students to begin thinking about, preparing for and engaging with this unit of study.

Class participation (15%):

Class participation accounts for 15% of the final grade. It is based on completion of in class activities that include:

The marking-up of a term sheet of a lending transaction;
A review or comparison of a green bond or securitisation transaction;
A review of a fund transaction; and
Preparing legal advice on potential litigation risk for a bank.

This task will satisfy Learning Outcome 1 (LO1) by requiring students to demonstrate an understanding of the interrelationship of the various parts of the financial markets and the legal principles that govern them. It will satisfy Learning Outcome 2 (LO2) by requiring students to show a comprehension of the commercial drivers as well as the legal risks involved in each of these markets, and how to mitigate these risks. The task will satisfy Learning Outcome 3 (LO3) by requiring students to demonstrate an understanding of the regulatory reform process and its impact on the financial markets. The task will satisfy Learning Outcome 4 (LO4) by requiring students to demonstrate a working knowledge of how international financial transactions are negotiated and documented in practice. The task will satisfy Learning Outcome 5 (LO5) by requiring students to demonstrate familiarity with the opportunities and challenges presented by sustainable finance in practice.

Special Consideration outcomes will be determined by the discretion of the lecturer.

Research essay Proposal (non-graded):

As part of the research essay assessment task students are required to submit a topic proposal by 23.59 Sydney time on April 7, 2022.

The research essay should be written on a topic approved by the lecturer. The topic should be relevant to international finance. A list of topics will be uploaded on Canvas by way of example, as well as guidance on the pitfalls / recommendations on the actual research / writing and a rubric on the assessment criteria. The research proposal should be 1 page A4 / ca 300 words, and detail the topic, the hypothesis, a rough outline and the expected research sources.

Research essay (85%):

This task involves students completing a research essay of no more than 7000 words (indicative appropriate range of between 6,500 and 7,500 words) excluding footnotes, bibliography and table of contents) on a topic approved by the unit lecturer.

The due date of the research essay is 23.59 Sydney time on May 23, 2022.

If Special Consideration is granted, the outcome will be an extension.

Assessment requirement to pass a unit of study

A student must make a genuine attempt at all assessment tasks set out in this Unit of Study in order to obtain a Pass mark and grade (or above); otherwise an Absent Fail grade will be recorded as the student’s result for this Unit of Study.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name	Mark range	Description
High distinction	85 - 100	• Completely answers the question. • Contains striking originality of approach or analysis. • Demonstrates exhaustive or innovative research (where independent research required). • Exceptionally well written, structured and expressed. • Is otherwise exceptional in some way.
Distinction	75 - 84	• Completely answers the question. • Achieves a critical and evaluative approach to the issues. • Content and structure is well organised in support of the argument. • Demonstrates extensive research and analysis to support a well-documented argument. • Generally well expressed and free from errors. • Has a clear structure and is well articulated.
Credit	65 - 74	• Covers main issues fairly well in answering the question. • Contains no significant errors • Demonstrates an attempted critical approach to the issues. • Demonstrates reasonably sound research and analysis in addressing the key issues. • Has a clear structure and reasonably clear expression.
Pass	50 - 64	• Identifies the key issues, but does not follow through with a reasoned argument. • Contains some significant errors. • Displays satisfactory engagement with the key issues. • Offers descriptive summary of material relevant to the question. • Superficial use of material, and may display a tendency to paraphrase. • Demonstrates little evidence of in-depth research or analysis. • Adequate expression. • Overall, demonstrates the minimum level of competence in the assessment and satisfies the requirements to proceed to higher-level studies in the degree or subject area.
Fail	0 - 49	• Does not answer the question. • Contains significant or numerous errors. • Few or no identifiable arguments. • Content that is inappropriate or irrelevant. • Lack of research or analysis. • Difficult or impossible to understand through poor grammar, expression or structure. • Overall, does not demonstrate the minimum level of competence in the assessment.

For more information see sydney.edu.au/students/guide-to-grades

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

Deduction of 5% of the maximum mark for each calendar day after the due date.
After ten calendar days late, a mark of zero will be awarded.

This unit has an exception to the standard University policy or supplementary information has been provided by the unit coordinator. This information is displayed below:

The late submission of a piece of assessment, which has not been granted an extension, will attract a penalty of 10% of the total marks available for the piece of assessment per calendar day or part thereof.

Academic integrity

The Current Student website provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

Learning support

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Weekly schedule

WK	Topic	Learning activity
Ongoing	Introduction meeting (date to be confirmed on Canvas. Most likely will be held 18 Feb, 6pm)	Seminar (1 hr)
	Day 1 (6.3.22) - Introduction and regulation of international finance	Seminar (3 hr)
	Day 2 (7.3.22) - The Loan Markets: with a focus on syndicated lending	Seminar (3 hr)
	Day 3 (8.3.22) - Debt Capital Markets: Comparing bonds and loans; green bonds	Seminar (3 hr)
	Day 4 (9.3.22) - Structured finance, securitisation and covered bonds	Seminar (3 hr)
	Day 5 (16.3.22) - Derivatives Markets: close-out netting and OTC derivatives and clearing	Seminar (3 hr)
	Day 6 (17.3.22) - Private Equity: from venture capital to fund investments, documentation and negotiation	Seminar (3 hr)
	Day 7 (18.3.22) - Project Finance: renewable projects, documentation and negotiation	Seminar (3 hr)
	Day 8 (20.3.22) - Litigation in international finance, and/or a topic of choice selected with class, research; closure.	Seminar (3 hr)

Attendance and class requirements

Attendance:

All students are required to attend 70% of live classes (or as otherwise specified by the Unit Coordinator) to satisfy the pass requirements for each unit of study. Attendance requirements may be satisfied by in person and/or online attendance as specified by the Unit Coordinator. Failure to meet this requirement may result in a student being precluded from sitting the final assessment.

For units offered in Intensive mode, participation in all scheduled sessions may be expected by a Unit Coordinator in order to satisfy the requirements of the unit.

Word count penalty:A piece of assessment which exceeds the prescribed word limit will attract a penalty of 10% of the total marks available for the piece of assessment for every 100 words, or part thereof. The total word count for essay and other written assessments will exclude: bibliography; footnote numbers; footnote citation; cover page and include: body text; headings and sub-headings; quotations; anything other than numbers and citations in footnotes.

Referencing: The Sydney Law School expects you to use the Australian Guide to Legal Citation (4th edition, 2018) for your footnoting style, although you should confirm this with your lecturer, and a link to the library website where this is set out comprehensively is available at https://libguides.library.usyd.edu.au/c.php?g=508212&p=3476376

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

Listed in the Reading Guide that will be available on Canvas. Required readings will be available on Canvas via the ‘Reading List’ page as hyperlinks.

Learning outcomes

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

Outcomes
Graduate qualities

At the completion of this unit, you should be able to:

LO1. understand the interrelationship of the various parts of the financial markets and the legal principles that govern them
LO2. comprehend the commercial drivers as well as the legal risks involved in each of these markets, and how to mitigate these risks
LO3. understand the regulatory reform process and its impact on the financial markets
LO4. develop a working knowledge of how international financial transactions are negotiated and documented in practice
LO5. demonstrate familiarity with the opportunities and challenges presented by sustainable finance in practice.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1	Depth of disciplinary expertise Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.
GQ2	Critical thinking and problem solving Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.
GQ3	Oral and written communication Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.
GQ4	Information and digital literacy Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.
GQ5	Inventiveness Generating novel ideas and solutions.
GQ6	Cultural competence Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.
GQ7	Interdisciplinary effectiveness Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.
GQ8	Integrated professional, ethical, and personal identity An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.
GQ9	Influence Engaging others in a process, idea or vision.

Outcome map

Learning outcomes	Graduate qualities
Learning outcomes

Responding to student feedback

This section outlines changes made to this unit following staff and student reviews.

Changes made include: [1] include an introduction meeting for the students a few weeks before the unit starts, [2] spread out the subject a bit more to give students time to keep up to date, [3] include different types of assignments to facilitate learning from each other as well as individual and in groups, [4] release materials early before the relevant class to give students the chance to ‘ease’ into the subject matter before the intensive starts, and [5] create several padlets to facilitate further engagement with the students and combat ‘zoom fatigue.

Additional information

Resources - Sydney Law Students

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

LAWS6138: Internatl Fin Transactions: Law and Prac

Semester 1a, 2022 [Block mode] - Remote

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect