KCL LLM 2020-2021 (The Pandemic Edition)

I'm an LLM student at King's College London. Throughout the year, I provide an insight into my impressions of the LLM course, the Dickson Poon School of Law, and student life in London. This blog is featured on LLM-GUIDE.com, a comprehensive and up-to-date directory of LLM programs worldwide. Feel free to drop me a message on LinkedIn or to use the Ask Me Anything function below.

[kcl-llm]

Thank you for sharing your experiences and advices. That helps me a lot. I'm going to travel to London for my master's degree at KCL in September, but I've never studied abroad. So, I want to prepare for studying llm course in advance. Could you recommend preliminary reading books? I can't find any information in KCL webpages. I especially plan to study transnational law. Congratulations on your successful degree. Thank you.

Hi there!

For the transnational law pathway, relevant literature really depends on the modules you're interested in. I only did one module that was on the transnational law pathway (Cryptocurrencies and blockchain).

But from my general knowledge I can recommend the following:

Phillip C Jessup, Transnational Law (Yale University Press 1956) (especially chapter I, this is a must-read imo)

Gralf-Peter Calliess and Peer Zumbansen, Rough Consensus and Running Code: A Theory of Transnational Private Law (Hart 2010) (this one is rather theoretical, but very interesting if you're into legal theory and private law regimes)

Joanne P Braithwaite, 'Standard Form Contracts as Transnational Law: Evidence from the Derivatives Markets' (2012) 75 Modern Law Review 779 (related to financial law)

Michael Schillig, '"Lex Cryptographia", "Cloud Crypto Land" or What? – Blockchain Technology on the Legal Hype Cycle' (2022) Modern Law Review (in press) <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3804197> (related to blockchain)

Emily Barritt, 'Consciously Transnational: Urgenda and the Shape of Climate Change Litigation' (2021) 22 Environmental Law Review 296 (related to climate change litigation)

Peer Zumbansen (ed), The Oxford Handbook of Transnational Law (OUP 2021) (it has chapters on many subjects such as antitrust, internet law, oil/gas, arbitration etc)

For more recent articles there is a journal called ‘Transnational Legal Theory’ https://www.tandfonline.com/toc/rtlt20/current

Hope this helps. Just as a note, I think you will do fine without any extensive prep reading. You'll have enough to read during the LLM ;).

Good luck next year!

[kcl-llm]

Epilogue: Goodbye!

Today was my last day in London. What a year it has been!

In so many ways it was both better and worse than I expected. My biggest (and probably only) regret is that I didn’t get to attend in-person classes. But when placed in perspective, I had an amazing LLM year.

A frequently asked question is whether or not I would have chosen to attend King’s LLM during a pandemic with the knowledge I have now. My answer is: yes, absolutely!

Many many factors shape an LLM year; and teaching (albeit important) is just a minor one timewise (around 10h per week). Apart from teaching, these were the most important factors that shaped my LLM year.

The King’s factor

King’s buildings were open during the entire year for so-called informal study – even during lockdowns. A lot of LLM students met each other on campus while studying. It was a way to escape the most depressing months of the pandemic. I remember being able to meet people (masked and socially-distanced) when this was legally questionable off-campus.

The opportunities offered at King’s were more interesting than what was offered during my LLB (see my previous post).

The London factor

London was the best place to be during the pandemic. When all entertainment venues were shut, I could take a walk through London and it would never be boring. At some point I even walked from Primrose Hill to the Shard. London has a surprising balance of green spaces and interesting architecture.

When stuff opened up, I went to see a play starring Emma Corrin in London’s West End and Jonas Blue playing a set at Ministry of Sound. Daytrips to Oxford and Bath are also highlights.

The people factor

The people on King’s LLM make it special. Everyone I met was passionate about their field and fun to be around. The international financial law pathway even managed to squeeze in a pathway social before the end of the LLM.

Generally, King’s students are incredibly sociable. It was an incredible experience to have lived in King’s postgrad residence. I feel I became closer with many of my friends than I would have in a normal year. It was truly heartbreaking to say goodbye.

Goodbye

To finish my blog, I want to express how grateful I am to have attended King’s LLM. It was a privilege to have lived in London, especially during the pandemic. I feel fortunate to have met so many amazing people.

I also thank you, my dear readers, for following me on my journey. I wish you all the very best. Feel free to reach out if you have any questions.

Finally, I thank the LLM Guide team for taking a chance on my blogging skills and for the editorial freedom. It’s been a pleasure writing for this tremendously useful website.

This blog is featured on LLM-GUIDE.com, a comprehensive and up-to-date directory of LLM programs worldwide.

[kcl-llm]

Extracurriculars at King’s

I’m finishing my blog for LLM Guide with two back-to-back posts. This one is my take on some extracurricular activities at King’s. Next post deals with my overall experience on King’s LLM.

Societies are a big thing at King’s – at least in normal years. They are a good way to meet new people. There are hundreds of societies ranging from activity and sports groups to academic ones. The LLM even has a dedicated society: the Postgraduate Law Society. This year there wasn’t much activity. I was expecting more socials or networking events. But if you feel like making the LLM year amazing for everyone and gaining some leadership experience, you can apply for the Executive Committee. They always look for incoming LLM students around the summer to take up positions.

There are many other volunteering opportunities. I participated in some brainstorming sessions for King’s Climate Action Network, which was set up by King’s Sustainability Team. It is part of King’s effort to achieve net zero carbon emissions by 2025. I was on the group for responsible investing. Apart from my contributions about ESG investing, I also learned a lot about how universities manage endowments. The biggest achievement this year was full divestment from fossil fuel investments.

I did some law review work for King’s Student Law Review. I didn’t find this overly exciting. But it’s a good way to keep in touch with ongoing legal developments and to learn to be critical of legal writings. I mostly learned to give constructive and useful feedback.

I’m currently still volunteering with the Human Rights and Environment Clinic at King’s Legal Clinic. I found this a good way to get out of my comfort zone and apply some of the legal skills I’ve learned in law school to newer topics, such as the law surrounding sustainability and climate change. There is also a general advice clinic and other specialist clinics, for example on IP law. Solicitors supervise the clinics and, in some cases, there is involvement of barristers and King’s own academic staff.

LLM students can participate in moot court competitions and represent King’s. I didn’t do this because the time commitment can get quite intense around deadlines.

More academically, there is the possibility of auditing an additional LLM module, taking a language course at the Modern Language Centre or participating in King’s-wide courses. I followed the Associateship of King’s College and Inside Art and Science courses, which didn’t require a lot of commitment but were nonetheless academically very enriching.

My tip for incoming LLM students is to keep a close eye on newsletters and have a look around King’s and the KCLSU’s website. Some extracurricular opportunities are not always very actively advertised or get lost in large amount of information you get.

[kcl-llm]

LLM? Check! What’s next?

I got my exam results back a few weeks ago (I passed every module, yay) and I just finished my practice project (which was actually a lot of fun!). It’s a good time to look at what’s coming next year.

A major reason for me to attend the LLM this year was Brexit. Even with the negative prospects of the pandemic this was the rational choice. Tuition fees would have been much more expensive if I waited an extra year.

However, this meant that I came to London with only my LLB. To qualify as a lawyer in the Netherlands, I need a Dutch LLM. So, that’s what I’ll be doing next year. I’m attending the LLM (with a specialization in private/commercial law) at the University of Amsterdam.

The benefit of having done the LLM here at King’s first is that I have a better idea what modules will be useful to take in Amsterdam. For example, insolvency law will be more useful than tort law.

I’m also going to do an internship in financial law and capital markets at a Dutch law firm I’m very excited about. I would say that King’s LLM definitely helped me to stand out and to have an interesting interview.

In contrast, most international students I met on the LLM already had a master’s degree. There are even quite a number of qualified lawyers on the LLM. My estimate is that most international students are returning to their home jurisdiction either to qualify or to take up a new position. There are also LLMs edging towards government, public service, or regulation.

I don’t know a lot of international students that want to qualify here. But if you’re interested in qualifying as a solicitor in England, do some research about the Solicitors Qualifying Examination (SQE), which will be introduced in September 2021.

Most students who want to qualify in London apply for vacation schemes at law firms, who then might offer training contracts. Just bear in mind that the process is very competitive, even for UK students.

If you this is your plan, I recommend getting in touch with King’s Careers & Employability ASAP after you join King’s. They have a dedicated team and resources for law students (including international LLMs).

[kcl-llm]

Having fun in London

Summer is without doubt the best season in London. Not only is the weather perfect for picnics, but there’s also less academic work on the LLM.

My practice project is due 1 September, which allows plenty of time to complete it. The LOIF practice project is comparable to the LOIF exams. It’s just longer (10,000 words) and questions are more complex. There’s no supervision.

June/July/August is the best time to explore the city and to meet up with other LLM/King’s students. Below are some of the things I’ve done and enjoyed.

Somerset House has an amazing coffee place and river-side bar. It’s the closest I’ve gotten to the law school building this entire year.

I went to the Greenwich Peninsula Driving Range next to the O2 Arena. Here you can hit some balls with a nice view of Canary Wharf. It’s very accessible and you don’t have to be an actual golf player.

The Shard is definitely worth a visit. Instead of the tourist viewing deck, I would recommend getting afternoon tea at Aqua Shard on the 31st floor.

The Royal Courts of Justice near Strand is open to visit. You can just walk in and ask whether there are any interesting cases going on.

Famous Shakespeare plays are performed daily at the Globe.

Many LLM students got tickets to watch Wimbledon and the Euros. But Wimbledon is also being screened in between the London Stock Exchange and St Paul’s.

I watched the Euros at pubs.

Through windows of pubs.

And at Trafalgar Square.

Let’s see if it’s coming home tomorrow.

This blog is featured on LLM-GUIDE.com, a comprehensive and up-to-date directory of LLM programs worldwide.

[kcl-llm]

The struggle to get the vaccine 💉

This is the story of me getting the vaccine at Tottenham.

I had been hearing from lots of King’s students that they had gotten vaccinated, even months before their age groups were supposed to get it.

I was told to go to a vaccination booking center on Guy’s Campus. Well, I went and got turned away.

I was also told to go stand outside the vaccination centers to get leftover jabs at the end of the day. Well, I tried for a few days and it didn’t work because everyone had the same idea.

King’s hasn’t been helpful either. King’s vaccination info page just talks about how great King’s has been in contributing to the vaccine rollout.

Also, @King’s peeps, if you’re reading this, can you please remove this from your website: ‘you need to be registered with GP [sic] before you can have a COVID-19 vaccine’?

This statement is not true. You do NOT need to be registered with a GP to get the vaccine. It is stated on various NHS websites that you can get the vaccine regardless of GP registration. You do NOT need an NHS number (or proof of immigration status).

Instead, @King’s peeps, it would be helpful to send out a list of places where (international) King’s students can get vaccinated easily.

After some time, I figured out that some places were doing walk-ins. I’ve heard from many people that St Thomas’ Hospital was doing walk-in appointments for some time for some people, although their website is rather illusive on this point. I figured you just had to be lucky and go on the right days.

Finally in June, the UK opened up vaccinations to younger people. I tried to book on the NHS website but could only get appointments quite far in future. This would have meant that I possibly needed to get a second dose in Belgium or the Netherlands which could be a different jab and which could cause problems with proving vaccination status when travelling.

Luckily, I came across an article with walk-in centers. Even with walk-in centers, some only offer vaccines to local residents or older age groups. But the Tottenham Hotspur vaccination pop-up center was offering to anyone over 18.

So I took a bus up north on a misty Sunday.

Queued for about an hour.

Read the Pfizer-BioNTech vaccine leaflet and filled in my details.

Got the jab.

Waited for 15 minutes.

Had a look around the Tottenham Hotspur Stadium and their shop.

And hopped on a bus back south.

Everything was well-organized. Staff and volunteers were super friendly. I had a great experience. Would recommend! #COYS

Everyone also gets contacted for a second jab.

You can get the vaccine in the following ways:

Book by visiting: www.NHS.uk/covid-vaccination

Book by calling: 119

Contact a GP (even if you’re not registered with any GP and don’t have an NHS number): https://www.gov.uk/guidance/covid-19-migrant-health-guide#accessing-covid-19-vaccination-without-an-nhs-number

Be lucky and/or find a walk-in/pop-up vaccination center: eg https://selondonccg.nhs.uk/what-we-do/covid-19/covid-19-vaccine/pop-up-clinics/

King’s students can register with the King’s College London NHS Health Centre, which is a GP, here: https://www.kclnhshealthcentre.com.

Information about vaccine safety and trials can be found here: https://www.gov.uk/government/collections/mhra-guidance-on-coronavirus-covid-19#vaccines-and-vaccine-safety or in research journals like the Lancet or NEJM.

[kcl-llm]

Online exams and some tips

One positive about this year has been taking online exams instead of being crammed into sweaty rooms. All my exams were 24h except for the private equity exam, which was 72h.

I had five exams in total starting from the end of April until the beginning of June. Five didn’t seem a lot when I signed up for modules. But I found them quite exhausting since you have to produce about 4000-5000 words for each exam, preferably with some original or creative thought.

There are no January exams on the LLM. So, I had to revise everything that was covered starting from September. Most modules allow you to submit a formative exam that doesn’t count towards your degree, and you’ll get some feedback. However, I’ve heard from other students that they received feedback only after exams took place, rendering the formative rather pointless.

Personally, I found it very useful to run through past exams and to discuss answers with other students.

Problem questions

Exams for the private equity and LOIF modules are based on problem questions. You are given a set of facts from a client and you have to give advice on their legal position or address their legal concerns. This is different from the problem questions I was used to during my bachelor’s because you are assuming the specific role of counsel, rather than making a neutral judgment call.

When possible, concise paragraphs and unequivocal language are often better than argumentative academic discussion. You still can use (and sometimes need to use) specialist legal language, but you would have to explain its meaning and practical/commercial significance.

For example, if I want to mention a director’s fiduciary duties when giving upstream guarantees in a private equity/leveraged buyout deal, I have to explain that the director needs to act in the interest of the company. I also need to explain why it is relevant in the specific circumstance and what actions a director has to take to comply with their duties. This could include analyzing the financial model or obtaining shareholder support. I would not go into the history, purpose, or merits of fiduciary duties.

A typical LOIF question is whether an issuer is exempt from filing an EU prospectus or a US registration statement. In addition to giving the legal analysis and outcome, I would mention what a client needs to do/adjust in order to benefit from exemptions. This could include only offering securities to selected investors or setting up an offering only accessible to non-US persons.

The classic (F)IRAC (issue, rule, application, conclusion) method still works as a starting point, but you always need to take the extra step to provide practical advice and keep it relevant to your client.

Essay questions

The blockchain and financial regulation modules are assessed with essay questions. These are short but very broad questions. On this basis, you are expected to write an interesting academic piece and produce a reasoned argument.

One of my professors gave the advice to write for intelligent but not necessarily specialist readers. So, you can assume that the reader knows what a contract is but not necessarily what an ISDA Master Agreement is.

Structure is more important in essay questions. A coherent structure is expected under marking guidelines and it will help in building a logical argument. 

For example, a question in blockchain exam was to discuss the pain points of the current securities settlement system and potential blockchain solutions and challenges. I would structure my answer as follows:

Introduction (200 words): what is securities settlement, why is it intermediated, what legal problems does it create, a brief abstract with a concluding argument about blockchain

Securities settlement (800 words): intermediation, legal difficulties, unintended legal consequences, undesirable legal consequences, (case law) examples, regulatory solutions, regulatory failures, persisting problems despite legislative efforts

Blockchain solutions (800 words): what is blockchain, perceived advantages of blockchain, potential implementation in securities settlement, technological difficulties and choices, legal difficulties and choices, potential solutions for these difficulties, why (not) blockchain specifically, what needs to happen

Conclusion (200 words): what was the legal problem, how does blockchain solve it, why is it a good/bad solution

A question in the financial regulation exam was to discuss the Court of Justice’s criteria in distinguishing EU economic and monetary policy, and the constitutional framework. This would be my structure:

Introduction (200 words): relevance for the EU, historic development/integration, legal difficulties in practice, the Court’s view, abstract with conclusion

Relevance (400 words): constitutional relevance, constitutional design, constitutional intent, legal ambiguities in practice, economic ambiguities

Current criteria of the Court (400 words): the Court’s solution, legal consequences, remaining legal and economic ambiguities

Future problems and solutions (300 words): current/future legal challenges, problems of the court’s view, potential solutions

Conclusion (200 words): relevance, difficulties, the Court’s solutions, problems, adjustment of the solution

Students are also expected to reference cases and literature that were discussed on the module. This is mostly to your advantage since you can discuss pros and cons of certain arguments. Also, you don’t need to come up with cutting-edge solutions that no-one else has thought of.

For more guidance on essays, see this previous LLM Guide blog.

What’s next?

I still have to finish the practice project in the next few months and then I’m done with the LLM around August. I’ll keep you posted on how that goes and if I do some fun stuff in the summer.

I couldn’t find an appropriate picture. But here are some pics of the Euro 2020 ‘football village’ at Southwark. They’re streaming most matches and they have some DJs and local artists performing in between. 

The end of the pandemic feels near.

I think everyone deserves some time off after a strange and stressful year staring at computer screens.

This blog is featured on LLM-GUIDE.com, a comprehensive and up-to-date directory of LLM programs worldwide.

[kcl-llm]

It’s election day! Why voting matters as an LLM

Today, most eyes are on the Scottish elections. But there are also elections here in London. Sadiq Khan is seeking re-election as Mayor of London and 25 London Assembly seats are up for grabs. The Mayor of London has the single largest political mandate of all UK politicians with a constituency of 6.2m voters.

Key issues include jobs, housing, policing, knife crime, pollution, and (green) transportation.

This year has motivated me more than ever to vote.

Students were quick to be told what we could and couldn’t do by everyone. But students were also last to hear anything about the lifting of restrictions on uni life.

COVID testing should have been introduced locally when the Government and universities failed to do so for an entire year.

Apart from these considerations, I think all LLMs should be interested in elections. Voting strengthens trust in democracy; it strengthens the rule of law and governmental accountability in the face of alternative and competing styles of government.

LLMs should also be able form well-founded opinions on public policy. A first law degree may primarily focus on what the law is and how it is interpreted. But a postgraduate law degree, like the LLM at King’s, additionally covers to some extent what the practical implications of legal interpretations are and what the law should be.

For LLMs, I think it’s essential to gain background knowledge in the political system and culture when studying abroad. It will contribute to your understanding of the law and the turf battles surrounding legislation. For example, in the UK overall, the main political actors are the Conservative and Labour parties, but independent movements prevail in Scotland, which has devolved powers.

As a law student, I can’t miss the opportunity to express my opinion. The power of opinion is exactly what law students are good for.

And if the Government wants to compel me (as a non-UK student) to complete the UK Census by way of criminal sanctions, then you bet I’m going to vote as well.

For those of you who plan on staying in the UK after the LLM, registering to vote and being on the electoral roll has a positive effect on your credit score.

I’ve been getting some anonymous questions lately via the Ask Me Anything function. I won’t be answering them individually because it creates new blog posts. But you can always send me questions via LinkedIn.

[kcl-llm]

My favorite place to study: the IALS Library

As exam season nears, I’ve been spending more time reviewing lectures and notes. Also, there isn’t any teaching in April so that students can prepare for exams in May and June. I’ll let you know my experience with take-home assessments in due course.

This short post is about my favorite place to study in the entirety of London: the IALS Library. Let me tell you why.

The Institute of Advanced Legal Studies or IALS is actually not part of King’s. It’s affiliated with the University of London. But LLM students from King’s, Birkbeck, LSE, QMUL, SOAS and UCL can join their legal library at Russell Square for free.

They offer bookable 6-hour study slots, which is longer than the short 3-hour slots at King’s libraries. And there is no weekly limit. King’s has a 4 slots limit.

All desks are large and socially distanced, and have a power/USB outlet, which is not always the case at King’s.

The view from every desk is amazing and sunlight shines slightly dimmed through large windows. King’s libraries have quite a lot of enclosed rooms without sunlight.

It’s super quiet inside. I even (unintentionally) jump scared a few people turning corners and got jump scared myself, because it’s so quiet.

They have a humongous legal collection covering all major jurisdictions in the world. Especially the EU, US and Netherlands collections are very valuable to me. Their financial law collection is also very strong. Even more obscure or older books are available for the legal philosophers and legal historians out there. I have found books here that I couldn’t find in King’s collection database.

Their physical collection is physically accessible with COVID safety procedures in place. King’s legal collection at the Maughan Library isn’t physically accessible.

Their legal librarians are friendly and very helpful in finding books. At King’s, I waited 7+ weeks for one book request to be processed, after which I gave up and canceled the request.

Russell Square is a nice place to have lunch and coffee. Just watch out for swarms of overly aggressive city pigeons.

[kcl-llm]

Modules (Revisited)

As promised, this is my review of the modules I’ve taken. I also included the main topics as well as some reading examples for each module.

Promotional material and the overview of modules provided by King’s are rather generic. So, I hope this gives you a better idea of the specific contents taught on King’s LLM.

For the methods of teaching, you can look at an earlier blog post.

The big picture

Overall, I was very happy with the package of modules offered. The different financial law modules nicely complement each other without too much overlap, resulting in great synergies.

For example, derivatives are discussed from a transactional perspective in Law of International Finance 3 (eg ISDA documentation), from a policy perspective in Financial Regulation (eg EU EMIR, US Dodd-Frank Act), and from a fintech perspective in Cryptocurrencies and Blockchain (eg smart contract coding). Similarly, financial covenants in syndicated loans are discussed for large corporates in Law of International Finance 1 and for ‘smaller’ PE deals in Private Equity Finance.

There’s a good balance between modules taught by academics and practitioners. Academics have certain teaching qualities practitioners cannot offer and vice versa. Think judicial interpretation methods or contracting parties’ dynamics.

A postgraduate degree should build on generalist knowledge gained during a first degree and teach specialist subjects. King’s LLM does that. While I already had basic knowledge of these subjects, the LLM goes much more into detail.

After taking these modules, I now feel far more confident when faced with complex legal questions. The LLM is well-designed to make you a T-shaped person.

For an accessible introduction to financial law (both transactional and regulatory), I recommend this textbook, which I used during my LLB years: Matthias Haentjens, European Banking and Financial Law (2nd ed, Routledge 2020).

Law of International Finance 1

This module taught by Ravi Tennekoon covers the methods of finance that large corporations use (eg S&P500 corporates). The approach is very practical, and students have to prepare problem questions (as opposed to discussion questions) for tutorials. The professor will even play client if needed to make a practical point.

Lectures 1-4 and tutorial 1: forum selection, choice of law, conflict of laws, EU Rome 1 & 2 Regulations, Article VIII.2(b) IMF Agreement, act of state doctrine, moratoria, exchange controls, sanctions

Lectures 5-9 and tutorials 2-3: international syndicated loan agreement, financial terms, financial covenants, merger control, negative pledge, pari passu, (cross) default, pro rata sharing, no assignment clause, duties/liability of agent bank and lead manager, LMA Master Agreement

Lectures 10-14 and tutorials 4-5: international bond issues, ICSD holding/trading structure, securities dematerialization, securities immobilization, subscription agreement, agreement between managers, sub-underwriting agreement, bond terms, collective action clauses, fiscal agency agreement structures, trust deed structures

Lectures 15-16: equity convertible bonds, bonds with equity warrants, corporate actions and protections (regarding equity interest)

Lectures 17-19 and tutorial 6: regulation of capital markets, EU Prospectus Regulation, Section 90 UK FSMA 2000, EU Market Abuse Regulation, EU Commission Delegated Regulation (EU) 2016/1052, US Securities Act 1933, US Securities Exchange Act 1934, US SEC Regulation S, US SEC Rule 144A, US SEC Rule 10b-5

Lecture 20: high yield bonds, MTNs, commercial paper programs

Lecture 21 (given by Simon Gleeson): EU regulation, Brexit

Lectures 22-23 (extracurricular, given by Steven Galbraith): project finance

Philip R Wood, Law and Practice of International Finance (University Ed, Sweet & Maxwell 2008)

EU and US Financial Regulation

This module covers financial markets from a policy point of view. Alexander Türk teaches regulation as a matter of institutional and administrative law, while Takis Tridimas discusses more substantive issues.

Students have to read some literature or cases for the seminars and present their views. But there’s no Socratic cold calling. I would rather describe the class atmosphere as facilitative for provocative discussion. Tridimas has superb teaching skills in this regard.

Seminars 1-4: basic finance concepts (eg banking, capital markets, payment systems, securitization, derivatives, shadow banking, repos, securities lending, fintech), evolution of US financial regulation, system/architecture of US (federal) financial regulators (eg OCC, FDIC, FRB, NCUA, SEC, CFTC, CFPB, FHFA, FSOC, FINRA), interaction with state laws, McCulloh v. Maryland, Chevron v. NRDC, Seila Law v. CFPB

Seminars 5-7: US banks, US securities firms, financial conglomerates, Glass-Steagall Act, Gramm-Leach-Bliley Act, Dodd-Frank Act, SEC v. Howey

Seminars 8-12: evolution of EU financial law, EU law making, EU administrative rule making, EU supervision/enforcement, EU Banking Union, Lamfalussy Report, De Larosière Report, CRD4/CRR, MiFID2/MiFIR, SSM Regulation, EBA/ESMA/EIOPA Regulations, Meroni v High Authority

Seminars 13-15: rationale of financial regulation, EU free movement, EU harmonization of laws, centralization/federalization of regulation, international financial regulation

Seminars 16-20: derivatives, credit rating agencies, securities fraud, insider trading, market manipulation, broker-investor relationships, civil remedies, ABN Amro v Bathurst, Chiarella v. US

Seminars 21-23: EU Economic and Monetary Union, eurozone crisis, eurozone governance, Article 125 TFEU, ESM Treaty, Pringle v Ireland

Michael S Barr and others, Financial Regulation: Law and Policy (University Casebook Series, West Academic 2016)

Case C-270/12 UK v European Parliament and Council (2014) EU:C:2014:18 (ESMA short selling case)

Reference re Securities Act, 2011 SCC 66; Reference re Pan-Canadian Securities Regulation, 2018 SCC 48

US v. O’Hagan, 521 US 642 (1997)

International Private Equity Finance

This one is taught by David Dowling and David Winfield, both practitioners. Private equity was an entirely new concept for me, and the module goes through the life of a PE deal in a very logical order. There are some mathematical excel calculations, but explained in a way the most innumerate lawyers would even understand.

Lectures 1-5 and tutorials 1-5: rationale of private equity deals, governance of PE-backed companies, equity instruments, management equity, deal structures, exits

Lectures 6-8 and tutorials 6-8: debt financing documentation, syndicated loans, financial covenants, guarantees, security interests, high yield bonds, debt restructuring, insolvency

Lectures 9-12 and tutorials 9-12: mergers and acquisitions, due diligence, auction process, purchase price calculations, acquisition documents

Bryan Burrough and John Helyar, Barbarians at the Gate: The Fall of RJR Nabisco (4th print, Arrow Books 2010). This classic business thriller is a must-read!

Law of International Finance 3

Finance 3 rather obviously builds on Finance 1. Recurring concepts include events of default or conflict of laws issues. While Tennekoon also teaches on this module, a large portion is taught by other practitioners. The content is split 50/50 over derivatives and securitization.

Lectures 1-3: derivative product structures, options, swaps, caps, floors, collars, NDF, CDS, CLN

Lectures 4-7 (given by Richard Tredgett): ISDA Master Agreement, ISDA Definitions, FIA-ISDA Addendum, ISDA Credit Support Annexes, EMIR, clearing, margin/collateral, FX and commodity derivatives

Lectures 8-9: securitizations, ABS, CDO, CLO, CBO, CDOx2, RMBS, CMBS, German Pfandbriefe, true sale, recharacterization, credit enhancement, liquidity facilities, SPV structure

Lecture 10-12 (given by Kevin Ingram and Andrew Bryan): tranching, risks, EU Securitisation Regulation

2002 ISDA Master Agreement: eg between Bank of America and LKQ Corporation

Cryptocurrencies and Blockchain: Technological Advances and Legal Challenges

This module begins with four introductory sessions into blockchain. Michael Schillig then takes over to discuss the potential of blockchain in finance and the legal implications. Surprisingly, this module is also a good introduction into financial concepts since the lectures always start with the state of play before discussing innovation.

Lectures 1-2 (given by Christoph Kletzer): blockchain, Bitcoin, public/private keys, hashing, proof of work consensus, two generals’ problem, trustlessness, anonymity, crypto-economics

Lectures 3-4 (given by Luke Riley): distributed ledgers, anti-sybil attack mechanism, transaction/mining process, alternative consensus protocols, permissioned vs permissionless networks, hot vs cold wallets, CAP theorem, smart contracts, Ethereum, oracles, stablecoins

Lectures 5-12: private law, property, payment systems, securities intermediation, tokenization, DeFi, derivatives, securitization, bank resolution

Satoshi Nakamoto, 'Bitcoin: A Peer-to-Peer Electronic Cash System' (2008)

Michael A Schillig, ‘The Too-Big-To-Fail Problem and the Blockchain Solution’ (2020)

EU Digital Finance Package proposals (MiCAR, DORA, DLT Pilot Regime, legislative amendments)

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Hi! I am a Latam lawfirm practitioner with 9 years of experience in Public Law and Dispute Resolution. I also teach a course on Public Law Advisory in the Legal Clinic of my university. I am trying to chose the most prestigious LLM programme to advance in that careerpath (as practitioner and scholar in those two areas of law). Are there differences in the prestige of pathways in KCL? What about General? IDR? Trans? Euro? What would you recommend for my situation?

Hey! The way I see it: the different pathways on King’s LLM are more of a formal classification than a reflection of ‘prestige’. If you take at least 120 out of 180 credits worth of modules in an area of law, a pathway will be listed on your degree certificate/supplement. I think only the IDR pathway has 1 mandatory IDR module. The General pathway is the default option for when you don’t take 120 credits within a pathway.

So my advice would be to look at all modules on offer and the teaching staff rather than the prestige of a pathway. (https://www.kcl.ac.uk/offerholderhub/assets/pdf/llm-12-month-module-descriptions-202021.pdf)

You have an interesting profile. The modules at King’s mostly tackle international/cross-border and US/EU subjects. They won’t help you in studying let’s say Suriname administrative litigation. But the LLM will help you with, for example, WTO DSB or ICSID disputes. (This is as far as my expertise of IDR goes.) So keep that in mind in light of your career ambitions. Prestige is also relative to where you want to work in the future.

I am only taking financial law modules. But maybe I can interview someone taking dispute resolution, transnational law or European law modules in one of my future blog posts.

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Hey I just found your blog while browsing the LLM tag. I’m considering asking to reinstate my application from a great uni because of COVID. Now I’m worried thinking next year they won’t let so much people in and I’ll be left out

Hi there! It’s difficult predict the effect of COVID on future admissions. In my view, if you like a program and want to apply, you should simply do so. Don’t worry too much about the numbers.

This website sheds some light on admissions in previous years at King’s (and other UK unis): https://www.whatdotheyknow.com/body/kings_college_london

There’s also a discussion board where LLM applicants share anecdotal evidence on this website: https://llm-guide.com

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Traveling, Testing, Vaccinations

Despite online teaching, I decided to fly back to London to finish my LLM year. Social interaction is my main reason. It’s hard to keep up the motivation without meaningful interaction with other students from my course, my accommodation or King’s in general.

I wouldn’t recommend an online degree to anyone.

Travel rules

International travel has become subject to a raft of new rules. It took me a solid day to figure out and plan everything. Maybe some of it will still be relevant in September 2021, when the new academic year starts.

Importantly: Keep an eye on the ‘red list’ with banned countries if you plan on accepting an LLM offer from a UK uni and moving to the UK.

My home country Belgium requires a valid reason to exit. I had to fill in a ‘sworn statement’ stating an essential reason for international travel. Education qualifies as essential. (The UK also requires a declaration and valid reason to exit.)

The UK has banned all travel from ‘red list’ countries (eg Brazil, Portugal, South Africa, UAE), unless with UK/Irish nationality or UK residence rights. However, you’d need to book hotel quarantine for 10 days costing £1750.

The UK requires a negative polymerase chain reaction (PCR) test taken within 72h before travel. This cost me €46.81.

The UK requires a passenger locator form (PLF) completed within 48h before travel.

The UK requires two tests after entry: on day 2 and day 8. These must be booked via the UK Government and cost £210.

The UK requires travelers to quarantine for 10 days after entry.

Travelers can shorten the quarantine requirement from 10 days to 5 days upon receiving a negative test result on day 5 under the ‘Test to Release Scheme’. You’d need to book this with a private test provider and it typically costs around £150-200.

Finally, one for the legal geeks: Isn’t the UK currently in lockdown? Yes, but moving back to university is allowed under Paragraph 2(22)(b) of Schedule 3A of the Health Protection (Coronavirus, Restrictions) (All Tiers) (England) Regulations 2020.

Rules in Scotland/Northern Ireland/Wales may vary.

The rules are being strictly enforced by airlines and at the UK border. I had to queue for 1h+ at the Heathrow border because they only had four officers checking documents for all UK/EU passengers.

Testing at King’s

In line with Government policy, King’s now offers regular lateral flow tests on Guy’s Campus and in Bush House on Strand Campus – finally. Students who want to enter uni buildings are encouraged to take one or two tests a week. In my view, this should have been university policy in September. Better late than never, I guess.

Alternatively, students can take part in the KCL TEST COVID-19 Study.

Everyone can also access local (non-King’s) lateral flow testing facilities even without symptoms. Previously, (NHS) testing was restricted to people having symptoms.

I must say that pre-travel testing, KCL testing, and community testing has made me feel safer. It’s a true mystery why this has only been introduced a full year after the pandemic started.

Vaccinations

I think everyone is very proud of the vaccination progress in the UK. The Government plans to offer all adults a first dose jab by 31 July 2021. This would mean that next academic year could be somewhat normal.

If you want to move to the UK, keep an eye on the ‘vaccine passport’ discussions. Will travelers need to be vaccinated in order enter the UK? Will students need to be vaccinated before attending in-person teaching?

In the meantime, I’ll be taking tests and waiting patiently for my GP (King’s College London NHS Health Centre) to contact me about my turn to get vaccinated.

Next time, I’ll show you around campus or review my modules since teaching on the LLM is soon coming to an end.

This blog is featured on LLM-GUIDE.com, a comprehensive and up-to-date directory of LLM programs worldwide.

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Online Teaching

I believe the London unis are starting to send out offer letters and promote virtual open days. The content and quality of teaching were main factors for me to choose King’s. So how has King’s performed up to now?

What happened to face-to-face teaching?

Last year, the law school marketed on their website and repeatedly emphasized during offer holder events that small group teaching, being a core element of postgraduate teaching, would as frequently as possible be offered in person. But the sad reality is that all teaching has been delivered online. On 8 February, it was even announced that all teaching would remain online for the remainder of the academic year. This just feels like they have given up and won’t make an effort anymore.

Is literally 0 hours of in-person teaching over an entire year the best they can do? What did I move to London for? I’m not sure.

To be entirely fair, campuses (i.e. the buildings) have stayed open. All students can study in libraries and some buildings normally used for teaching.

But what strikes me as strange are the countless empty rooms that are not in use as teaching space. I would wander around campus and wonder why King’s does not use its humongous capacity to provide some socially distanced teaching. If students can study together socially distanced, then surely teaching can also be delivered in a socially distanced fashion.

The law school never even opened for students. It feels strange being a law student in London without a law school to go to.

Online teaching

King’s uses MS Teams meetings as teaching platform. For the most part it’s been working without problem. There were some technical difficulties in the beginning. And some lecturers occasionally have microphone or connectivity issues, but it hasn’t hampered teaching too much. Almost all lectures and seminars are recorded and accessible via MS Stream.

In addition, King’s uses KEATS (an adaptation of Moodle) as virtual learning environment. Lecturers post PPT slides and most required readings on KEATS. So far I haven’t spent a penny on books. Curiously, Prof Ravi Tennekoon, who teaches the transactional modules, refuses to share his presentations. Nevertheless they are accessible via the recordings. It’s just a bit annoying to have to reproduce slides in lecture notes.

In a typical week I’ll have 8–10 hours of teaching consisting of 2-hour lectures and seminars. In lectures, you’re fed a lot of information combined with Q&As throughout or at the end. For the modules I’m taking, students aren’t expected to do a lot of reading/preparation prior to lectures.

Seminars and tutorials (it’s still not clear to me what the difference is) are supposed to be more interactive. Usually students are expected to prepare a problem question or do some reading. Lecturers will then discuss these by asking questions. The so-called Socratic method isn’t a big thing at King’s. Students are stimulated to think critically, but I would characterize teaching at King’s as overwhelmingly top down.

I’ve been a teaching assistant previously; I appreciate that delivering online teaching is challenging. But I think there are improvements to be made. One element I’m missing is interaction between students. Breakout rooms are great to increase peer-to-peer interaction, but they are never used.

Another element I’m missing is the more casual interaction in classrooms. I want my lecturers (and fellow students) to talk about the weather and make silly jokes. In other words, I want my lecturers (and fellow students) to be human. This is probably not easy to replicate with online teaching.

I’m aware that I’m taught by top-notch legal experts; I’m just not as inspired as I was during my bachelor’s. I still remember many lecturers from my bachelor’s for their unique teaching style. They inspired me to study financial law at King’s. It would have been nice to have had at least one in-person session per module at King’s.

I’ve been recently asked whether the online learning experience is worth £30,000 (which EU students probably will also have to pay from now).

I’m sure that King’s does their best to provide a high quality online learning experience. (And they make sure in newsletters that students know this.) I’m just not sure if it’s good enough to justify £30,000.

If you’re reading this in the future, bear in mind that my account may not be representative of a year without pandemic.

This blog is featured on LLM-GUIDE.com, a comprehensive and up-to-date directory of LLM programs worldwide.

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Keeping Up with Legal Developments

Studying law can be overwhelming, especially in a new jurisdiction or area of law. Coupled with rapid legal and political developments, it can be hard to keep up with the current state of the law. So, I have listed some resources that I keep an eye on to track developments in financial law.

General news is always a good starting point. CNN, BBC News, The Guardian (rather left-leaning) and Politico provide political context to legislative initiatives and policy preferences. Biden’s expected appointment of Gary Gensler as SEC Chair will overturn pro-business approaches of the Trump era. New disclosure requirements on climate risks are to be expected.

The FT and WSJ cover business news and more in-depth reporting. (King’s has a university-wide subscription to the FT.) Euronext Amsterdam is expected to snatch future IPOs from the London Stock Exchange following Brexit. But Swiss stock trading may move to London after the European Commission failed to extend its Swiss equivalence decision.

Lexology.com compiles short articles of law firms. It’s free, but you have to make an account and select jurisdictions and areas of law. The Consumer Financial Protection Bureau (CFPB) is asking Congress to grant them or the Office of the Comptroller of the Currency (OCC) the power to issue licenses/charters to FinTechs. This would increase uniform and efficient federal regulation of FinTechs.

The Yale Journal on Regulation publishes scholarly writings on US administrative law issues. Former staffers of Congress are increasingly being appointed to independent regulatory positions. Therefore, it has been argued that independent regulators should be subjected to increased Presidential oversight.

The European Banking Institute compiles articles and cases on EU financial law. The European Commission’s MiCA Regulation legislative proposal covers crypto-assets, but it must make the distinction between utility tokens and investment tokens (already subject to securities laws) more clear. The EBI also organizes (online) academic events.

Westlaw and LexisNexis are not just for legal research. In addition, they have case and legislation trackers tailored to specific areas of law, such as ‘financial instruments and transactions’ or ‘banking and financial services regulation’.

AboveTheLaw.com (and their Thinking Like a Lawyer podcast), LawGazette.co.uk and LegalCheek.com report on developments at law firms. Norton Rose Fulbright is expected to cut some 130 jobs across EMEA, mainly in its London office.

Finally, something to look forward to: The US Supreme Court is set to rule on the constitutionality of the Federal Housing Finance Agency (FHFA) leadership structure in Collins v. Mnuchin. A humongous $124 billion agreement is also at stake.

Congratulations, you’re now up to date with developments in financial law.

[kcl-llm]

Winter Break

After MS Teams teaching ended on 18 December, I took a flight to Belgium for holiday break until the start of term on 11 January. The Government offered students two rapid lateral flow tests before traveling. King’s seems to have implemented a testing strategy for the second semester — at last.

With all the shortcomings at King’s this year (still waiting for my library request to be processed after 7+ weeks…), I was surprised to hear I would receive a significant rent rebate from King’s Residences for winter break. My flatmate, who is staying in London over Christmas, received a generous groceries package instead.

Also to my surprise, the UK and EU managed to finalize an FTA on Christmas Eve. And there’s some good stuff for lawyers in the horribly numbered Articles SERVIN.5.47-SERVIN.5.50 (pages 114–117). These should allow UK lawyers to advise in the EU on matters of UK law and public international law (excluding EU law). Conversely, EU lawyers should be able to advise in the UK on matters of their own Member States’ law (including EU law) and public international law (excluding EU law).

Because coursework during term time has been rather limited and because all assessments are scheduled after the second semester, I’ve had a lot of time on my hands to explore London. I compiled some pictures of what I’ve been up to below. During break I’ll be doing some revision and finishing up a short formative assessment, which does not count towards a mark but is more of an exercise.

Like everyone, I’m excited for 2020 to be finally over. Let’s see if I get to step foot inside the law school in 2021.

Stunning Diwali lights at Tate Britain:

Ice skating and the National Maritime Museum in Greenwich:

Christmassy lights in central London:

Victoria Park Market and Camden Market:

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Revealed: 15% in-person teaching on King’s LLM

Some time ago, I made a Freedom Of Information (FOI) request on the amount of (in-person) teaching at the law school. Lockdown wasn’t yet in force during the week commencing 26 October 2020.

King’s College London released clear figures, summarized in the following table.

Conclusions

For the week commencing 26 October 2020, 13 LLM teaching sessions were scheduled in-person. This equals 15% of all 88 LLM teaching sessions.

LLB students received more in-person teaching than LLM students:

9.6 times more in absolute terms (125 sessions compared to 13)

2.6 times more in proportionate terms (39% of all teaching compared to 15%).

There are 942 LLM students currently enrolled, which is more than the advertised intake of 360 students on King’s website.

I think these facts are insightful for prospective LLM students, especially if you’re keen on receiving small group in-person teaching. Remember that you can request similar information from other UK universities as well.

But hopefully most of this will soon become highly irrelevant with vaccines on the way in the UK.

Below is King’s College London’s response with contact details redacted.

This blog is commissioned by and featured on LLM-GUIDE.com, a comprehensive and up-to-date directory of LLM programs worldwide.