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2025-2026 / DROI7005-1

Regulatory framework and compliance in sustainable finance

Duration

18h Th

Number of credits

 Advanced Master in Financial Risk Management3 crédits 

Lecturer

Benoît Sauvage

Language(s) of instruction

English language

Organisation and examination

Teaching in the first semester, review in January

Schedule

Schedule online

Units courses prerequisite and corequisite

Prerequisite or corequisite units are presented within each program

Learning unit contents

Learning outcomes of the learning unit

Learning about regulatory structures (training on EU and global legislation, main institutions and how they work), analysis and exercises on key sustainable regulation texts (focused on finance and investment).

The goal of this course is to provide the students with an overview of the regulatory framework of Sustainable Finance.

More generally, the course content should be:

- The EU Sustainable Finance Action Plan: the EU taxonomy, the Sustainable Finance disclosure regulation, the Corporate Sustainable Reporting Directive, future changes to AIFMD, MIFID II, UCITS directives, Solvency II, ...

- Carbon regulation: carbon taxes and carbon markets (functioning of the EU emissions trading system)

Prerequisite knowledge and skills

Basic knowledge of economic mechanisms.

Planned learning activities and teaching methods

The objective of this course is to provide students with an in-depth overview of the regulatory framework, with a particular focus on Sustainable Finance.

More generally, the course content aims to:

  • Understand the regulatory dynamics and institutions surrounding rule-making at the European Union level.
  • The European Action Plan for Sustainable Finance: the European taxonomy, the Sustainable Finance Disclosure Regulation (SFDR), the Corporate Sustainability Reporting Directive (CSRD), as well as future developments in AIFMD, MiFID II, UCITS directives, Solvency II, etc.
  • Carbon regulation: carbon taxes and carbon markets (how the EU Emissions Trading System (EU ETS) works).

Mode of delivery (face to face, distance learning, hybrid learning)

Blended learning


Further information:

Combination of face-to-face and distance learning activities. 

Course materials and recommended or required readings

Platform(s) used for course materials:
- LOL@

Exam(s) in session

Any session

- In-person

oral exam

Written work / report

Continuous assessment


Further information:

Class participation: 45%

Teamwork: 25%

Final exam: 30%

Class participation will account for 45% of your grade. It is essential for maintaining an engaged and stimulating classroom dynamic, allowing you to deepen your understanding of the topics covered, and practicing constructive dialogue, a skill that will be crucial in your career. You will be evaluated on the following criteria:

  • The relevance of your answers (direct questions).
  • Quick tests ("woodclap") on preparatory readings.
  • Attendance and attention in class.
  • The quality and quantity of your contributions.
  • Your ability to move the discussion forward.
  • Your ability to challenge constructively (e.g., "disagree without being disagreeable").
  • Authenticity (e.g., knowing how to say "I'm not sure, but I suggest this point").
  • The ability to ask questions that promote understanding.
There will be a maximum of three team assignments (size adjusted according to the number of hours), spread throughout the semester, and teams will be composed of a maximum of four students. These projects will focus on regulatory analysis (presentation) and portfolio selection (group work). They will be presented by the teams during sessions 4 to 6. Team projects will be assessed according to the following criteria : 

  • The quality of the interim review and improvements made to the final presentation.
  • Content related to the assigned questions.
  • Clarity and soundness of reasoning.
  • Each team member's ability to present and articulate information and arguments during the presentation.
The final oral exam will take place in person. It will be closed-book and will last approximately 15 minutes per student. It may be converted to a written test if there are more than 15 students (duration: 1 hour).

Work placement(s)

Organisational remarks and main changes to the course

  • Attendance is required, unless excused by instructor prior to class.

  • Attire is casual unless otherwise noted. For online sessions, please have video on (email me for exceptions).

  • Students with Disability: Your access in this course is important to me. Please contact Ms.
    Laetitia Debraz (laetitia.debraz@uliege.be ) if special accommodation is needed.

Contacts

Benoit Sauvage

Visiting lecturer of Sustainable Finance

email: bensauvage@gmail.com

Association of one or more MOOCs

There is no MOOC associated with this course.