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Unit of study_

LAWS6138: Internatl Fin Transactions: Law and Prac

Intensive April, 2023 [Block mode] - Camperdown/Darlington, Sydney

International finance is front page news: from the role of financial markets in the energy transition, litigation against mis-selling banks, innovative greener products, the contentious role of activist hedge funds (Hindenburg versus Adani Group) and the (over) reliance on rating agencies, there is no escape. Some lenders and funds see an opportunity to prove their worth to the community, others challenging the perceived lack of action. 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, private equity and funds, 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. We will also look at the international regulatory reform; explore derivative products used by short sellers. The role of private equity funds will be explored, and investor litigation is 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 different perspectives. 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. Your unit coordinator is JJ de Vries Robbé. JJ is a seasoned practitioner and lectures on international sustainable finance. He works at FMO, the Dutch Development Bank.

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 hurdle task Structured class participation (15%)
Participation
0% Ongoing Ongoing
Outcomes assessed: LO1 LO5 LO4 LO3 LO2
Assignment Essay proposal (non-graded)(Short-release)
Submission of a concise essay proposal
0% Week 04
Due date: 11 Apr 2023 at 23:59
Approximately 300 words / 8 working days
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Assignment Research Essay (85%)
Students will complete a research essay on an approved topic
0% Week 10
Due date: 22 May 2023 at 23:59
7000 words / Approx 6 weeks
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
hurdle task = hurdle task ?

Assessment summary

Structured class participation (15%):

Class participation accounts for 15% of the final grade. It is based on overall class participation (participation in class discussions and negotiations, adequately completing class activities, asking questions of guest lecturers). Class activities will require some out of class preparation, with students expected to review and critique a green bond and to complete a short video giving advice on a litigation strategy task to be discussed in class. 

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.

Research essay proposal (non-graded): 

As part of the research essay assessment task students are required to submit a topic proposal by 23.59 on April 11, 2023 (Sydney, Australia time).

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 lecturer.

The due date of the research essay is 23.59 on 22 May, 2023, Sydney Australia time.

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 may include an alternative task, at the discretion of the Unit Coordinator.  

Word Limit 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 all footnotes, bibliography and table of contents.

Use of editors or proof-readers:

The use of assistance in preparing and editing assessment tasks in this unit of study is permitted on condition that all sources of assistance are expressly acknowledged and identified in a footnote at the start of the task. Academic Integrity Policy 2022 Clause 16 restricts allowable assistance to copy-editing, proof-reading, advice about structure, grammar, syntax, clear language, etc. Sources of assistance may include other people and automated writing tools. When acknowledging a source of assistance, you must state the name of the person or software, a brief description of the nature of the assistance, and the person’s current or former area of specialization or expertise (where relevant) 16(6)(b).

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 24 hours or part thereof, after the due time on the due date. For example, a submission after the due time but before the same time the following day will attract a 10% penalty. Late penalties will be strictly applied subject to a grace period of 1 hour. The date and time of submission as recorded by Canvas is taken as the official and final record of a student’s submission.

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.

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.

WK Topic Learning activity Learning outcomes
Ongoing Welcome session (online, date to be confirmed on Canvas) Seminar (1 hr) LO1 LO2 LO3 LO4 LO5
Day 1 - Introduction, Regulation of International Finance, Loan Markets Seminar (6 hr) LO1 LO2 LO3 LO4 LO5
Day 2 - Debt Capital Markets and Structured Finance Seminar (6 hr) LO1 LO2 LO3 LO4 LO5
Day 3 - Derivatives Documentation and Regulation, Private Equity and Fund Management Seminar (6 hr) LO1 LO2 LO3 LO4 LO5
Day 4 - Project Finance, Litigation Seminar (6 hr) LO1 LO2 LO3 LO4 LO5

Attendance and class requirements

Attendance: All students are required to attend 70% of classes to satisfy the pass requirements for each unit of study. 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.

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 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.

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

  • LO1. demonstrate an understanding of the interrelationship of the various parts of the financial markets and the legal principles that govern them through accurate and insightful written work and comments and questions in class
  • LO2. comprehend the commercial drivers as well as the legal risks involved in each of these markets, and how to mitigate these risks
  • LO3. demonstrate a detailed understanding of 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.
  • LO6. demonstrate high-level research and writing skills, especially in developing a critically reasoned argument supported by appropriate research

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
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

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

Changes made include: (i) included basic pre-recorded lectures for students with less or no experience in financial markets - the rationale being to make it easier for students to 'ease into' the subject, and change part of the lectures into a more interactive session (instead of a focus of 'sending' information only). (ii) started a podcast on international (sustainable) finance on social media - same rationale: to engage students early, and prevent the 'information overload once the classes start (iii) variety of in pre-class activities (padlets, sharing knowledge, term sheet review) and assignments (one paper based, one video). Retaining the welcome session a few weeks before the classes start.

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.