MONETARY AND SECURITIES’LAW
Volume of the course: 2 credits.
Goals and intended skills: To advance the students' knowledge of financial system of the Republic of Lithuania, primary and secondary circulation of securities, their legislative regulation. To disclose legislative regulation of national and foreign currencies and securities. To familiarise with goals and functions of the Bank of Lithuania. To familiarise with securities circulating in the Republic of Lithuania, to compare them with securities of foreign countries. To teach application of financial law theory by analysing and comparing legislative regulation of money and securities issue and their circulation in the Lithuania and abroad.
Brief annotation: Lithuanian money. Legislative regime of litas and foreign currencies, the Bank of Lithuania. European Central Bank. System of European central banks. Introduction of euro in the Republic of Lithuania. System of Lithuanian financial institutions. Governance of banks and financial institutions. Securities, their concept and use. Public securities and securities issued by private entities. Shares. Issue and transfer of shares. Types and classes of shares. Rights and obligations of shareholders. Privatisation of state and municipal property. Methods of privatisation. Debt securities. Investment instruments. Investment units of investment funds. Units of account of pension funds. Futures of securities. Options. Cheques and bills of exchange. Primary and secondary circulation of securities. Public circulation of securities. Securities market. Issuers. Account managers. Mediators of public circulation of securities. Stock exchange market. Central Depositoryof Securities. Securities Commission of the Republic of Lithuania.
Topics: Lithuanian money, Bank of Lithuania, introduction of euro in Lithuania (3 hours of lectures and 6 hours of seminars). System of Lithuanian financial institutions, governance of banks and financial institutions (3 hours of lectures and 6 hours of seminars). Concept of securities (3 hours of lectures and 5 hours of seminars). Shares (3 hours of lectures and 5 hours of seminars). Debt securities, cheques, bills of exchange (2 hours of lectures and 5 hours of seminars). Primary and secondary circulations of securities. Privatisation (2 hours of lectures and 5 hours of seminars).
Content of practical training: Analysis of laws and other legislation in force; analysis, evaluation and comparison of contracts, prospectuses and other documents prepared by banks, financial institutions and companies; practical familiarisation with procedures applied by banks and financial institutions, comparison of procedures used in different institutions.
Teaching methods: lectures, seminars, reports, analysis of specific legislation, documents and procedures in academic groups.
Attendance requirements: attendance of lectures is not and attendance of seminars is mandatory.
Procedure for assessment of knowledge and skills: examination. Accumulative assessment score: 80% examination, up to 20% activity in seminars.
Requirements: master students must have attended courses of microeconomics and/or macroeconomics.
Coordinating lecturer:Doc. Dr. E. Martinaitytė, Lect. K. Kvainauskas
Recommended Literature:
No. / Editiondate / Authors and title of publication / Publishing house / No. of copies in University library
1. / 1996 / Pinigai. Vertybiniai popieriai. Bankai: mokomoji knyga [Money. Securities. Banks: Student's Book] / B. Martinkus, V. Žilinskas / Kaunas: Technologija / 6
2. / 2001 / Bendrovių valdymas, akcininkų susirinkimai, vertybiniai popieriai [Company Management, Meetings of Shareholders, Securities] / Ala Kononovič. / Vilnius / 2
3. / 2002 / Europos Sąjungos bendrovių teisė [EU Company Law] / Vanessa Edwards. / Vilnius: Eugrimas / 83
4. / 1987 / Company law and securities regulation in Singapore / Philip N. Pillai. / Singapore / -
5. / 1990 / Securities regulation: selected statutes, rules, and forms / selected and edited by David L. Ratner and Thomas Lee Hazen. / St. Paul, Minn / -
6. / 1990 / The law of securities regulation / Thomas Lee Hazen. / St. Paul, Minn / -
7. / 1978 / Securities law handbook / by Harold S. Bloomenthal. / Deerfield / -
8. / 1999 / Primary securities markets: cross country findings / Anthony Aylward, Jack Glen. / Washington, D.C. / -
9. / 2005 / Primary dealers in government securities: policy issues and selected countries' experience / prepared by Marco Arnone and George Iden. / Washington D. C.: International Monetary Fund / -
10. / 1994 / ISR - International securities regulation / Robert C. Rosen - general editor. / Dobbs Ferry (N.Y.) / -
11. / 2000 / Ценные бумаги как объект гражданского права, Коршунов,Николай Михайлович / Москва: ЮНИТИ / 1
12. / 1997 / Ценные бумагии:виды и разновидности, Каратуев, Аександр Григорьевич, / Москва: Русская Деловая Литература / 1
13. / 1995 / Ценные бумаги и фондовые рынки:учебное пособие, Жуков,Евгений Федорович, / Москва: ЮНИТИ / 1
14. / 2000 / Представительство и ценные бумаги в гражданском праве, Нерсесов,Нерсес Осипович, / Москва: Статут / 2
Legislative regulatory enactments:
1.Constitution;
2.Civil Code;
3.Law on the Bank of Lithuania;
4.Law on Banks;
5.Law on Financial Institutions;
6.Law on Money;
7.Law on the Credibility of the Litas;
8.Law on Foreign Currency in the Republic of Lithuania;
9.Law on Payments;
10.Law on Prevention of Money Laundering and Terrorists Funding;
11.Law on Insurance of Deposits and Liabilities to Investors;
12.Law on Credit Unions;
13.Law on the Central Credit Union;
14.Law on Companies;
15.Law on Securities;
16.Law on Markets in Financial Instruments;
17.Law on Collective Investment Undertakings;
18.Amending Law on Pension Funds;
19.Law on Cheques;
20.Law on Bills of Exchange and Ordinary Bills;
21.Law in Settlement Finality in Payment and Securities Settlement Systems;
22.State and Municipal Enterprise Law;
23.Enterprise Bankruptcy Law;
24.Law on Privatisation of State-Owned and Municipal Property;
25.Law on Income Tax of Individuals;
26.Law on Obligations Bonds and Mortgage Crediting;
27.Resolution of the Government of the Republic of Lithuania – On Approval of the Procedure for Issue and Circulation of Securities of the Government of Lithuania;
28.Resolution No. 1041 of 23 August 2004 of the Government of the Republic of Lithuania – Approval of Rules for Administration of Accounts of Personal Securities of Private Limited Liability Companies' Shareholders – Owners of Intangible Shares and for Registration of Owners of Tangible Shares in Private Limited Liability Companies;
29.Resolution No. 988 of 13 September 1999 of the Government of the Republic of Lithuania – On Approval of Rules for Protesting Bills of Exchange and Cheques and Procedure for Making Notaries' Executive Records;
30.Resolution No. 987 of 13 September 1999 of the Government of the Republic of Lithuania – On Approval of Rules for Use of Bills of Exchange;
31.Resolution of the LR Securities Commission “On List of Regulated Markets of the Republic of Lithuania”;
32.Resolution of the LR Securities Commission “On Rules for Issue and Distribution of Signature Rules”;
33.Requirements for administration of circulation of securities of the Government of the Republic of Lithuania that are distributed in retail manner, as approved in order of the Minister of Finance of the Republic of Lithuania;
34.Resolution of the LR Securities Commission “On Approval of New Edition of Securities Registration Rules”;
35.Resolution of the Government of the Republic of Lithuania “On Remuneration to Citizens for State Repurchased Surviving Real Estate with State-Owned Securities (Shares)”.
Useful websites:
Doc. Dr. E. Martinaitytė, Lect. K. Kvainauskas