Module Code: H8LR
Long Title Law and Regulation
Title Law and Regulation
Module Level: LEVEL 8
EQF Level: 6
EHEA Level: First Cycle
Credits: 5
Module Coordinator: COLETTE DARCY
Module Author: Tara Murphy
Departments: School of Business
Specifications of the qualifications and experience required of staff  
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Demonstrate an enhanced awareness of the current regulatory framework and provisions pertaining to financial services providers and intermediaries in Ireland.
LO2 Assess the key provisions of relevant commercial law, data protection and anti-money laundering legislation and their application in the dealing with consumers in the financial services industry.
LO3 Demonstrate a comprehensive understanding of the fitness and probity standards and how these are applied by the Central Bank.
LO4 Determine the key provisions contained within Consumer Protection Code and Markets in Financial Instruments Directives, and the corresponding measures to be taken and professional conduct required in order to minimise legal exposure arising from involvement in this sector.
LO5 Discuss and assess the impact on the financial services industry of legal principles including contract law and the principle/agent relationship.
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is required before enrolment on this module. While the prior learning is expressed as named NCI module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
69143 H8LR Law and Regulation
Co-requisite Modules
No Co-requisite modules listed
Entry requirements

Programme entry requirements  
 

Module Content & Assessment

Indicative Content
Financial Services Regulation
Reason for regulation • Forms of regulation • Various Central Bank acts • Central Bank as regulator, functions, powers • Prudential regulation of life companies • Role of the Competition and Consumer Protection Commission • Impact of EU on legislation in Financial Services
Intermediaries
Authorisation and supervision • Investment Intermediaries Act 1995, including intermediary classifications and handling of client monies • Insurance Distribution Regulations, including provisions and Central Bank implementation • Agent / Principal relationship
Investment Markets
The Stock Exchange, authorisation, rules, regulation & supervision • Member companies and registered representatives • Markets in Financial Instruments Directives (MiFID & MiFID II)
Conflict Resolution
Consumer Protection Code provisions, errors and complaints handling • Financial Services and Pensions Ombudsman • Investor compensation
Other Legislation
Criminal Justice (Money Laundering and Counter Terrorist Financing) Acts • Data Protection Act & GDPR • Equal Status Acts • European Communities (Distance Marketing of Consumer Financial Services) Regulations • European Communities (Unfair Terms in Consumer Contracts) Regulations • Contract Law, essential elements of a contract, remedies for breach, termination
Financial Advice and Consumer Protection
Consumer Protection Code • Execution only sales • Fee based advice, pros and cons • Minimum Competency Code • Fitness & probity standards
Ethics and Financial Services
Ethics is not… • Why identifying ethical standards can be difficult • Five sources of ethical standards • Putting the approaches together • Making ethical decisions • Framework for ethical decision making • Corporate governance, tone from the top • Consequences of unethical behaviour • When things go wrong • Examples
Assessment Breakdown%
Coursework30.00%
End of Module Assessment70.00%

Assessments

Full Time

Coursework
Assessment Type: Continuous Assessment % of total: 30
Assessment Date: n/a Outcome addressed: 1,2,3
Non-Marked: No
Assessment Description:
Candidates are required to complete a practical assignment pertaining to a topical subject in financial services at that time.
End of Module Assessment
Assessment Type: Terminal Exam % of total: 70
Assessment Date: End-of-Semester Outcome addressed: 1,2,3,4,5
Non-Marked: No
Assessment Description:
Final Examination.
No Workplace Assessment
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.
Reassessment Description
Candidates will attempt the repeat assessment for the module, if they do not successfully pass the module. Learners are required to attempt all assessments attaching to a module. For those modules where all learning outcomes are assessable with a final examination, the student does not have to re-sit failed individual CA components.

NCIRL reserves the right to alter the nature and timings of assessment

 

Module Workload

Module Target Workload Hours 0 Hours
Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Classroom and demonstrations 2 Every Week 2.00
Lecturer Supervised Learning Mentoring and small-group tutoring 1 Every Week 1.00
Directed Learning Directed e-learning 3 Every Week 3.00
Independent Learning Independent learning 8 Every Week 8.00
Total Weekly Contact Hours 6.00
 

Module Resources

Recommended Book Resources
  • Module textbook – ‘Law & Regulation for Financial Services’ (updated annually).. This textbook is specifically written to cover the programme content and is owned by NCI. It will automatically be made available in PDF format to all module students through Moodle..
This module does not have any article/paper resources
Other Resources
  • [Website], www.centralbank.ie.
  • [Website], Data Protection Commission – www.dataprotection.ie.
  • [Website], Legal and Compliance Database Publisher – www.betterregulation.com.
  • [Website], Investor Compensation Company DAC – www.investorcompensation.ie.
  • [Website], Irish Statute Book – www.irishstatutebook.ie.
  • [Website], Financial Action Taskforce – https://www.fatf-gafi.org/.
  • [Website], Citizens Information – www.citizensinformation.ie.
  • [Website], Financial Services and Pensions Ombudsman – www.fspo.ie.
  • [Website], Financial Services and Pensions Ombudsman – www.fspo.ie.
  • [Website], Deposit Guarantee Scheme – www.depositguarantee.ie.
  • [Website], Consumer Protection Code.
  • [Website], Minimum Competency Code.
  • [Website], Fitness and Probity Standards.
  • [Website], PRISM Explained.
  • [Website], Handbook of Prudential Requirements for Investment Intermediaries.
Discussion Note: