C339 Legal Aspects of Corporate Finance Session Four 2014
You work in the corporate finance department of Global Universal Bank
Plc incorporated in the UK. Your department is engaged in a ‘price
support operation’ on a series of notes issued by a special purchase vehicle
(SPV) set up to purchase a pool of motor finance receivables issued by
Uniglobal Motor Finance Plc a major UK finance company. The support
operation is described as ‘perfectly legitimate’ and‘ market friendly’ and is
described as only being intended to avoid any unnecessary market
volatility in the SPV’s share price or the share price of the originating
It is specifically revealed that you are to approach the proprietary trading
division within Global Universal Bank Plc and ask it to purchase a new
forthcoming tranche of SPV notes. However you meet up with a friend of
yours David Stream who works for a London stockbroker and tells you
that there are persistent rumours concerning the possible financial stability
of Uniglobal Motor Finance Plc .
Armed with the information from your friend David you approach your
head of department about the matter but he dismisses the rumours as idle
gossip and nonsense and he says that he is very anxious to ensure a
smooth placement of the new notes by the SPV.
Further another colleague in your department tells you that he has heard
rumours that the proprietary dealing desk maybe under investigation by
the Financial Conduct Authority “FCA” in connection with another
unrelated SPV issue where similar assistance was provided with other precrisis
structured finance deals. Your colleague urges you to ‘watch out’.
You are now so concerned about the matter that you approach your legal
and compliance officer for advice.
(a) Describe the general legal and regulatory issues that could arise in
connection with the proposed transactions.
(b) Identify and discuss the principal offences, penalties and defences
that may apply under the Financial Services and Markets Act 2000
“FSMA” and outline any separate criminal law provisions that
might apply, as well as commenting upon the situation if the
notes issued by the SPV were to be listed on the London Stock
Explain and illustrate your answer in no more than 2,500 words. This limit
includes tables and captions but excludes footnotes, endnotes, tables of figures and
references. Answers that exceed this limit will result in a loss of marks. Full
details of penalties for late submission, exceeding the word limit and other
information can be found at the end of this assignment.
C339 Legal Aspects of Corporate Finance Session Four 2014
Your assignment should be submitted via the Online Learning Environment to The
Centre for Financial and Management Studies no later than 5th August 2014. Full
instructions are available on the OLE.
Student Assignment Guidelines
The material for this assignment is found in Unit 6 of your Course Manual, together
with the set readings referred to in it.
For a particularly good answer, however, you will find it useful also to do your own
research through the legal databases (eg. Westlaw, LexisNexis) available to you
through the OLE.
N.B. “Discuss” does not merely mean “set out”. You are expected to consider the
advantages and disadvantages of the characteristics that you describe; a good answer
will show evidence of your own thoughts and opinions, not merely a repetition of the
Your assignment must be properly referenced. Further information on referencing
(i.e. the Harvard system) is available in the Studying at a Distance textbook by
Talbot and on the Online Learning Environment in the Study Skills area.
All assignments submitted must be your own work and written in your own words.
Where you have used quoted material, you must make full reference to it. You must
cite all references used throughout your work at the end of your assignment. Advice
on what is classified as plagiarism and the action taken against this can be found in
the University of London Regulations and on the Online Learning Environment in
the Study Skills area.
From Session 1 2014, students are required to submit their assignment in one place
only using TurnItIn. A video tutorial and step-by-step instructions on how to do this
can be found on the Online Learning Environment on your module assignment page.
Please note that the policies surrounding assignment submission have changed.
Please see the information below for the current policy.
Assignments submitted after the published deadline will be penalised:
Marks will be deducted at a rate of two marks per working day (ie Mon-Fri, and a maximum
of 10 marks for up to one week after the deadline). Assignments will not be accepted beyond
one week after the deadline, and a mark of zero will be awarded to assignments submitted
beyond one week late. There is no procedure for extensions.
Penalties for late submission of assignments (ie up to one week after the deadline) may be
waived if all the following conditions are met:
• immediate, unexpected or unforeseen difficulties. Such difficulties may include:
illness, bereavement, impact of disability, sudden and severe change in personal
• The impact of such difficulties will be of a significant and unavoidable nature
• The request must be accompanied by relevant documentation (eg. medical
Word count & Over length Assignments
The specified word count for the assignment includes tables and captions but excludes
footnotes, endnotes, tables of figures, and references.
Over length assignments will be penalised as follows:
Up to and including 10% – 5 marks.
Between 10% & 20% – 10 marks,
Between 20% & 30% – 15 marks.
Over 30%. The assignment will not be marked but will be given a grade of 0.
In the case of assignments that are not essays, alternative but commensurate limits and
penalties will be applied to over-length submissions
Referencing and Citation
Students are expected to use the Harvard system of referencing. Incorrect referencing can
lead to penalties and if a student is found to have plagiarised other work it is an examination
offence. For this reason, all assignments must be submitted to TurnItIn which checks your
work against existing books, journals and other student assignments.
The penalties for plagiarism are set by the University of London. Please see the Study Skills
resources on Referencing and Citation for detailed examples of how to reference correctly to
avoid unnecessary deductions.
Eligibility for examination
Should a student sit an examination without having submitted the required number of
assignments, the examination entry and/or examination result will be declared invalid.
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