Market Law and Regulation

Course goals

Learning objectives
At the end of the course, the student:

• Can describe the core principles of market regulation;
• Can describe and explain  fundamental issues in competition law;
• Can relate theory to current developments in competition law and market regulation;
• Is able to present his/her analysis in writing in English. 

Content

The course “Market Law and Regulation” provides a detailed analysis of the legal tools of market regulation and of their economic implications. The aim of this course is to help students achieve a critical and informed understanding of the different forms of market regulation. It offers a general overview of the core principles underlying the definition and the enforcement of regulatory measures relating to market functioning. It addresses how the government influences the market and how laws and regulations can affect market equilibrium.
 
After an introductory part on the theory of regulation, the course builds on  competition law and the regulation of sectorial markets. Competition law defines generally applicable rules for market interactions, on the basis of economic theories that are applicable across all business sectors. Sector-specific regulation relies, instead, on the economic analysis of market failures that affect certain markets, and that therefore require tailored regulatory intervention. A central topic in both areas is the interaction between the government, on the one hand, and the market participants to which those regulations are addressed, on the other.
 
In this framework, the course will focus on some markets that display better than others the practical implications of the theory of regulation, including utilities (which involve price regulation).
 
The course aims to provide students with the necessary theoretical tools which should allow them to gain a thorough understanding of questions such as: ‘How do economic theories influence the role of governments in regulating markets?’, ‘Which characteristics of a market should the government take into account when enacting laws and regulations?’, ‘What is the effect of government regulation in practice?’, and ‘How can we evaluate market regulation?’. While building on a multidisciplinary approach, the course provides a primarily legal understanding of the theories and rules governing markets.

With regard to practical skills and the ‘real world perspective’ component, everyday regulatory practice will be illustrated by invited lecturers from relevant enforcers (such as the Dutch Competition Authority-ACM). Additionally, as an obligatory examination component of this course, students will be invited to write a (group) case note, which is the ‘bread and butter’ of every practising lawyer.
 
Topics to be dealt with include:
 
Theory of regulation:
-          General aspects of government regulation and common core principles;
-          Regulatory theories from a legal perspective;
-          Market failures and their impact on market functioning.              
                                             
Competition Law:
-          Cartels;
-          Abuse of dominance.

Selected topics in market regulation (may vary from year to year), for example:
-        Public utilities;
-        Digital platform markets;
-        Environmental regulation.

Effort requirements
Students are required to attend at least 80% of the seminars/tutorials. They are expected to participate actively in class discussions during seminars/tutorials.
 
Place of the course within the curriculum 
The department of Law (Rechtsgeleerdheid) offers an introductory course on law and regulation as well as a course on the basic principles and concepts of European Law.  These courses, including this one, are part of the Law Minor of U.S.E. and are only open to U.S.E. students following this Law Minor.

In case online access is required for this course and you are not in the position to buy the access code, you are advised to contact the course coordinator for an alternative solution. Please note that access codes are not re-usable meaning that codes from second hand books do not work, as well as access codes from books with a different ISBN. Separate or spare codes are usually not available.