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LAW3404 Banking, Finance and Insurance Law

Semester 2, 2013 External Toowoomba
Units : 1
Faculty or Section : Faculty of Business and Law
School or Department : School of Law
Version produced : 21 July 2014

Contents on this page

Staffing

Examiner: David Janetzki
Moderator: Mark Byrne

Requisites

Pre-requisite: (LAW2201 or LAW5601) and (LAW2202 or LAW5602) and (LAW2203 or LAW5603) and (LAW2204 or LAW5604)

Other requisites

Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.

Rationale

The course builds on the knowledge you gained from the study of the pre-requisite courses. You will now develop students' understanding of the world of banking, finance and insurance. This course will equip students with an understanding of the legal framework of these vital sectors of the Australian economy.

Synopsis

The course provides a general introduction to many aspects of banking, finance and insurance law. Students will broadly examine the law relating to the governance of the banking industry, the banker/customer relationship, electronic banking, negotiable instruments, securities, securitisation and various insurance law features. The course is designed to engage students in the contemporary legal context. As such, the course will analyse the causes of, and the regulatory and governmental responses to, the global financial crisis as well as considering recently introduced consumer protection measures including the National Credit Consumer Protection Act 2009 and the unfair contract terms regime.

Objectives

On successful completion of this course, students should be able to:

  1. provide an overview and identify key parts of the current regulatory regime for banks and other financial institutions in Australia
  2. identify key areas of the banker and customer relationship
  3. understand the impact of the legislative and common law framework on the consumer banking environment including the National Credit Code, the Corporations Act 2001, the Privacy Act 1988, the ASIC Act 2001, the unfair contract terms legislation and “fair fees” litigation
  4. understand the law regulating payment systems, including bills of exchanges, cheques, other negotiable instruments and electronic payment systems
  5. examine the various methods used by financial institutions and other financiers to secure lending contracts (such as mortgages and guarantees)
  6. identify and explain concepts such as fundraising requirements under the Corporations Act 2001, ASX listing rules, securitisation and Islamic finance
  7. understand, explain and apply the basic principles of insurance law
  8. understand the legislation that regulates insurance, in particular the Insurance Contracts Act 1984
  9. apply logical argument, in written or oral form, to hypothetical factual circumstances and their associated legal problems that arise in modern banking, finance and insurance law
  10. develop the capacity to place banking, finance and insurance law in the wider global commercial perspective.

Topics

Description Weighting(%)
1. Introduction to banking, finance and the GFC 8.30
2. Banking governance 8.30
3. The banker and customer relationship 8.30
4. The National Consumer Credit Protection Act 2009 8.30
5. Consumer banking I 8.30
6. Consumer banking II 8.30
7. Consumer banking III 8.30
8. Security in banking 8.30
9. Payment systems 8.30
10. General finance law concepts 8.30
11. Insurance I 8.30
12. Insurance II 8.30

Text and materials required to be purchased or accessed

ALL textbooks and materials available to be purchased can be sourced from USQ's Online Bookshop (unless otherwise stated). (https://bookshop.usq.edu.au/bookweb/subject.cgi?year=2013&sem=02&subject1=LAW3404)

Please contact us for alternative purchase options from USQ Bookshop. (https://bookshop.usq.edu.au/contact/)

  • McCracken, S & Everett, A 2012, Banking and financial institutions law, 8th edn, Thomson Reuters, Pyrmont, New South Wales.

Reference materials

Reference materials are materials that, if accessed by students, may improve their knowledge and understanding of the material in the course and enrich their learning experience.
  • Ferguson, N 2009, The ascent of money: a financial history of the world, Penguin, London.
  • Mallesons, SJ 2008, Australian finance law, 6th edn, Lawbook Co, Sydney, New South Wales.
  • Pynt, G 2011, Australian insurance law: a first reference, 2nd edn, LexisNexis Butterworths, Chatswood, New South Wales.
  • Tyree, A & Weaver, P 2006, Weerasooria's banking law and the financial system in Australia, 6th edn, LexisNexis Butterworths, Chatswood, New South Wales.
  • Tyree, A 2011, Banking law in Australia, 7th edn, LexisNexis Butterworths, Chatswood, New South Wales.
  • Alan Tyree's papers on the law of banking at http://austlii.edu.au/~alan/banking.htm.
  • Austlii website on banking and finance law at http://www.worldlii.org/catalog/65.html.
  • AUSTRAC (anti-money laundering) at http://www.austrac.gov.au.
  • Australian Bankers' Association at http://www.bankers.asn.au.
  • Australian Banking Ombudsman at http://www.abio.org.au.
  • Australian Consumer and Competition Commission at http://www.accc.gov.au.
  • Australian Payments Clearing Association at http://www.apca.com.au.
  • Australian Prudential Regulation Authority at http://www.apra.gov.au.
  • Australian Securities and Investment Commission at http://www.asic.gov.au.
  • Australian Securities Exchange at http://www.asx.com.au.
  • Journals - Australian Banking & Finance Law Bulletin; Australian Consumer Credit Law; Journal of Banking Law & Finance Practice; Company & Securities Law Journal; Competition & Consumer Law Journal; Insurance Law Journal; Australian Corporations & Securities Reports; Financial Services.
  • Legislation/Case Law - AUSTLII at http://www.austlii.edu.au for Commonwealth and State legislation.
  • Reserve Bank of Australia (RBA) at http://www.rba.gov.au.

Student workload requirements

Activity Hours
Assessments 40.00
Directed Study 74.00
Private Study 51.00

Assessment details

Description Marks out of Wtg (%) Due Date Notes
ASSIGNMENT (ESSAY) 30 30 09 Aug 2013
2-HOUR EXAMINATION 70 70 End S2 (see note 1)

NOTES
  1. The examination is scheduled to be held in the end-of-semester examination period. Students will be advised of the official examination date after the timetable has been finalised.

Important assessment information

  1. Attendance requirements:
    If you are an international student in Australia, you are advised to attend all classes at your campus. For all other students, there are no attendance requirements for this course. However, it is the students' responsibility to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration.

  2. Requirements for students to complete each assessment item satisfactorily:
    To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks. (Depending upon the requirements in Statement 4 below, students may not have to satisfactorily complete each assessment item to receive a passing grade in this course.)

  3. Penalties for late submission of required work:
    If students submit assignments after the due date without prior approval of the examiner, then a penalty of 5% of the total marks gained by the student for the assignment may apply for each working day late up to ten working days at which time a mark of zero may be recorded.

  4. Requirements for student to be awarded a passing grade in the course:
    To be assured of receiving a passing grade a student must achieve at least 50% of the total weighted marks available for the course.

  5. Method used to combine assessment results to attain final grade:
    The final grades for students will be assigned on the basis of the aggregate of the weighted marks obtained for each of the summative assessment items in the course.

  6. Examination information:
    This will be an open examination. Candidates may have access to any printed or written material and a calculator during the examination.

  7. Examination period when Deferred/Supplementary examinations will be held:
    Any Deferred or Supplementary examinations for this course will be held during the next examination period.

  8. University Student Policies:
    Students should read the USQ policies: Definitions, Assessment and Student Academic Misconduct to avoid actions which might contravene University policies and practices. These policies can be found at http://policy.usq.edu.au.

Assessment notes

  1. Referencing in assignments: Students studying this course must use the Australian Guide to Legal Citation (AGLC) style. For AGLC style guide enquiries, consult the AGLC manual from the USQ Library's referencing guide at http://www.usq.edu.au/library/referencing, or contact the Law librarian.