Course in Securities Law and Listed Companies
Program director:
D. Juan José Asegurado
Campus:
Madrid
Date:
March
LANGUAGE:
Spanish, English
Transform the financial landscape with in-depth legal expertise in securities and listed companies.
The Course in Securities Law and Listed Companies is designed to train professionals capable of tackling the complexity of financial law, from securities regulation to the governance of listed companies. Through a practical and specialized approach, this program addresses the key legal challenges faced by market players, providing a comprehensive view of the operational and regulatory environment of capital markets.
Taught by active professionals in the field, the course offers the knowledge and tools necessary to operate confidently in legal procedures, institutional contexts, and corporate governance. This is your opportunity to strengthen your professional profile and contribute to the future of finance with a solid legal foundation.
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Introduction and objectives
The Securities Law Module of the ISDE Corporate Master’s program provides specialized, intensive, and practical training on the functioning of securities markets, their regulation, and stock market operations. Specifically designed for professionals who wish to specialize in advanced legal advisory services to listed companies, financial institutions, and investment funds, this module represents a strategic and differentiating complement within the overall Master’s program.
With a predominantly practical approach, the program is led and taught by active professionals of recognized prestige from top law firms, regulators, and financial institutions, ensuring an updated and real-world perspective of the sector.
Objectives:
The objectives of this course are:
- To gain in-depth understanding of the functioning and regulation of securities markets from a legal, financial, and operational perspective.
- To develop competencies for advising on stock market operations, issuances, IPOs, secondary markets, and regulatory compliance.
- To apply advanced corporate governance criteria, investor protection, and regulatory risk management.
- To integrate new sector trends, including FinTech, digital assets, sustainability, and ESG regulation, into securities law practice.
Sponsor
Structure, location and calendar
CAMPUS: Madrid
DURATION: Approximately 3 months (120 hours)
STRUCTURE: Classes at ISDE Madrid campus (for the in-person version)
From the moment of enrollment, access to the materials for the Course in Securities Law and Listed Companies will be provided.
Career Opportunities
This module prepares students to professionally perform in highly specialized environments in the securities and financial markets, including:
- Legal departments of listed companies, with functions of legal advisory and regulatory compliance.
- Capital markets areas in national and international law firms, participating in stock market operations and transaction structuring.
- Regulatory and supervisory entities, such as the CNMV and other national and international bodies.
- Financial institutions and fund managers, including investment banking and asset management.
- Consultancy specialized in securities compliance, corporate governance, and regulatory advisory.
- Independent advisory services to institutional investors, providing legal, strategic, and risk analysis.
ACADEMIC PROGRAM
MODULE I: FOUNDATIONS OF SECURITIES LAW (20 HOURS)
- The 21st Century Securities Ecosystem
- Historical evolution of the Spanish securities market
- Current structure of the securities market in Spain
- Main market players: issuers, investors, and intermediaries
- International comparison of securities markets
- Legal Framework of the Securities Market
- Securities Market Law and Consolidated Text
- European regulation: MIFID II, MIFIR, and its transposition
- CNMV: functions, structure, and powers
- BME: structure, organization, and functioning
- Negotiable Securities
- Concept and types of negotiable securities
- Equity and fixed income instruments
- Derivatives and structured instruments
- Collective investment products
- FinTech Revolution and New Regulatory Paradigms
- Impact of technology on financial markets
- Regulatory Sandbox and new supervisory approaches
- Tokenization of assets and digital securities
- Cryptoassets and their regulation (MiCA)
MODULE II: ISSUERS AND THE PRIMARY MARKET (20 HOURS)
- Initial Public Offerings (IPOs) and Public Offers
- Admission requirements for listing
- IPO process and green book
- Registration document and prospectus
- Securities due diligence and legal liability
- Capital Increases and Special Corporate Transactions
- Types of capital increases
- Warrants and convertible securities issues
- Scrip dividend and other shareholder remuneration formulas
- Delisting and public tender offers (OPAs)
- Corporate Fixed Income Issues
- Specific regulatory framework for fixed income
- EMTN programs and bond issuance
- Green, social, and sustainable bonds
- Project bonds and structured financing
- Alternative Markets and Specific Trading Segments
- BME Growth: requirements and specific regulation
- MARF: alternative fixed income market
- SOCIMIs: special legal regime
- Markets for SMEs and growth companies
MODULE III: INSIDER TRADING AND CORPORATE GOVERNANCE (20 HOURS)
- Market Abuse and Insider Information
- Legal framework of market abuse
- Concept of insider information
- Obligations of insiders and insider lists
- Compliance programs and internal protocols
- Corporate Governance of Listed Companies
- Corporate governance code for listed companies
- Mandatory and voluntary committees
- Directors’ and executives’ compensation
- Corporate governance and sustainability reports
- Regulated Information and Transparency
- Periodic information obligations
- Relevant facts and other regulated information
- Significant holdings and treasury stock
- Financial statements of listed entities
- Sustainability and ESG Criteria
- European regulation on sustainable finance
- Taxonomy and disclosure of non-financial information
- Greenwashing and legal responsibility
- Shareholder activism and proxy advisors
MODULE IV: SECONDARY MARKET AND INTERMEDIATION (20 HOURS)
- Structure and Operation of Secondary Markets
- Multilateral trading facilities
- Systematic internalizers
- Trading process and market makers
- Dark pools and algorithmic trading
- Securities Market Intermediaries
- Investment Services Firms (ESIs)
- Credit institutions as intermediaries
- Financial advisors and portfolio managers
- Legal responsibility of intermediaries
- Clearing, Settlement, and Registration
- Spanish clearing and settlement system
- Iberclear and participating entities
- T2S and European harmonization
- Guarantees and risk mitigation
- Investor Protection and Securities Litigation
- CNMV complaints service
- Conduct rules and MIFID II
- Class actions in financial markets
- Recent case law in securities conflicts
MODULE V: COLLECTIVE INVESTMENT AND ASSET MANAGEMENT (20 HOURS)
FACULTY
The program has a top-tier faculty composed of:
- Counselors and Directors from the CNMV
- Partners in the Capital Markets areas of elite law firms
- Executives from Bolsas y Mercados Españoles
- Corporate secretaries of listed companies
- Compliance Directors from financial institutions
- Judges specialized in commercial and financial law
- Academics of international prestige
ACCREDITED DEGREE
Once the relevant Program has concluded and ISDE has verified that the STUDENT has completed their work satisfactorily, the STUDENT will receive the corresponding Degree certificate for each PROGRAM.
In compliance with current legality and, specifically, as set forth in article 4.4 of decree 84/2004, it is noted that ISDE’s programs are professionally oriented and therefore, unless explicitly stated otherwise, they are courses that do not lead to the acquisition of a title with official value, but to that of a proprietary title from ISDE.