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Unit outline_

LAWS5113: Banking and Financial Instruments

Semester 1, 2021 [Normal day] - Remote

This unit aims to provide students with: * An overview of the legal regulation and supervision of banks and other Authorised Deposit-taking Institutions (ADIs); * An understanding of the legal basis of the relationship between banks, ADIs and their customers, and an overview of the more common rights and duties that adhere to the banker/customer relationship; * An introduction to negotiable instruments (cheques and bills of exchange), letters of credit and performance bonds, and guarantees; * An introduction to the Personal Property Securities Act 2009 and its impact on secured lending, including taking security over ADI accounts, and accounts payable.

Unit details and rules

Academic unit Law
Credit points 6
Prerequisites
? 
LAWSW5002 and LAWS5015
Corequisites
? 
None
Prohibitions
? 
LAWS3101 or LAWS3413
Assumed knowledge
? 

None

Available to study abroad and exchange students

Yes

Teaching staff

Coordinator Roger Magnusson, roger.magnusson@sydney.edu.au
Type Description Weight Due Length
Final exam (Take-home short release) Type D final exam hurdle task Final take-home exam
Option of 1.5hr or 3hr written take-home exam
0% Formal exam period 3 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
Assignment hurdle task Optional research essay
Essay
0% Week 09
Due date: 06 May 2021 at 17:00
3500 words
Outcomes assessed: LO2 LO5 LO6 LO1
Assignment hurdle task Optional assignment
Written task
0% Week 11
Due date: 20 May 2021 at 17:00
2750 words
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
hurdle task = hurdle task ?
Type D final exam = Type D final exam ?

Assessment summary

Assessment options:

Option 1: 1 x research essay (50%) + 1.5hr take-home exam (50%)
Option 2: 1 x assignment (50%) + 1.5hr take-home exam (50%)
Option 3: 3hr take-home exam (100%)

Research essay: This assessment is optional and has a word limit of 3,500 words excluding footnotes/bibliography. If attempted, this assessment will account for 50% of the total grade and the final take-home exam will be 1.5hrs long and account for the remaining 50%.

The purpose of the research essay is to provides space for students to engage in deeper-level research into a doctrinal, theoretical or policy-related issue that comes within the ambit of the unit.  Students will be expected to draw on (and benefit from) the relevance of the unit of study materials to the essay topic, but also to go beyond the unit of study materials and to conduct their own research from primary sources (cases, legislation, codes of practice etc), and secondary sources (textbooks, journal articles, conference papers, media sources), in order to thoroughly research the topic and develop a coherent framework, response or argument. 

Assignment: This assessment is optional and has a word limit of 2,750 words excluding footnotes/bibliography. If attempted, this assessment will account for 50% of the total grade and the final take-home exam will be 1.5hrs long and account for the remaining 50%.

The purpose of the assignment is to test students’ ability to recognise legal issues, develop arguments, and to give an opinion about the legal issues that arise within a particular factual context.  The focus of the assignment is demonstrating knowledge of the unit of study materials and the issues we have considered in class (with less additional research than will be expected for the research essay).


Final take-home exam: This assessment is compulsory. Students who submitted either an essay or assignment will only complete Part A of the exam, worth 50% of the final mark.

If neither of the optional assessments were submitted, students will complete both Part A and Part B of the exam, which will be 3 hours long and account for 100% of the final mark.  The exam will  be scheduled during the exam period.

Part A of the exam will consist of short problem questions raising specific issues from anywhere in the syllabus.  Part A of the exam is designed to test the depth and scope of students’ learning across the entire unit, focusing on matters discussed in class or which were in the unit of study materials.  Part B of the exam will be a longer-form problem question based on a fact scenario.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name

Mark range

Description

High distinction

85 - 100

  • Completely answers the question.
  • Contains striking originality of approach or analysis.
  • Demonstrates exhaustive or innovative research (where independent research required).
  • Exceptionally well written, structured and expressed.
  • Is otherwise exceptional in some way.

Distinction

75 - 84

  • Completely answers the question.
  • Achieves a critical and evaluative approach to the issues.
  • Content and structure is well organised in support of the argument.
  • Demonstrates extensive research and analysis to support a well-documented argument.
  • Generally well expressed and free from errors.
  • Has a clear structure and is well articulated.

Credit

65 - 74

  • Covers main issues fairly well in answering the question.
  • Contains no significant errors.
  • Demonstrates an attempted critical approach to the issues.
  • Demonstrates reasonably sound research and analysis in addressing the key issues.
  • Has a clear structure and reasonably clear expression.

Pass

50 - 64

  • Identifies the key issues, but does not follow through with a reasoned argument.
  • Contains some significant errors.
  • Displays satisfactory engagement with the key issues.
  • Offers a descriptive summary of material relevant to the question.
  • Superficial use of material, and may display a tendency to paraphrase.
  • Demonstrates little evidence of in-depth research or analysis.
  • Adequate expression.
  • Overall, demonstrates the minimum level of competence in the assessment and satisfies the requirements to proceed to higher-level studies in the degree or subject area.

Fail

0 - 49

  • Does not answer the question.
  • Contains significant or numerous errors.
  • Few or no identifiable arguments.
  • Content that is inappropriate or irrelevant.
  • Lack of research or analysis.
  • Difficult or impossible to understand through poor grammar, expression or structure.
  • Overall, does not demonstrate the minimum level of competence in the assessment.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

  • Deduction of 5% of the maximum mark for each calendar day after the due date.
  • After ten calendar days late, a mark of zero will be awarded.

This unit has an exception to the standard University policy or supplementary information has been provided by the unit coordinator. This information is displayed below:

The late submission of a piece of assessment, which has not been granted an extension, will attract a penalty of 10% of the total marks available for the piece of assessment per calendar day or part thereof.

Academic integrity

The Current Student website provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

Use of generative artificial intelligence (AI) and automated writing tools

You may only use generative AI and automated writing tools in assessment tasks if you are permitted to by your unit coordinator. If you do use these tools, you must acknowledge this in your work, either in a footnote or an acknowledgement section. The assessment instructions or unit outline will give guidance of the types of tools that are permitted and how the tools should be used.

Your final submitted work must be your own, original work. You must acknowledge any use of generative AI tools that have been used in the assessment, and any material that forms part of your submission must be appropriately referenced. For guidance on how to acknowledge the use of AI, please refer to the AI in Education Canvas site.

The unapproved use of these tools or unacknowledged use will be considered a breach of the Academic Integrity Policy and penalties may apply.

Studiosity is permitted unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission as detailed on the Learning Hub’s Canvas page.

Outside assessment tasks, generative AI tools may be used to support your learning. The AI in Education Canvas site contains a number of productive ways that students are using AI to improve their learning.

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

WK Topic Learning activity Learning outcomes
Week 01 Session 1: Module 1: Legal supervision of banks Lecture (2 hr) LO1 LO2
Session 2: Module 2: Cheques, payments and the concept of negotiability (Part 1) Seminar (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 02 Session 3: Module 3: Bills of exchange 1 Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Session 4: Module 3: Bills of exchange 2 Seminar (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 03 Session 5: Module 4: Basic principles of bank lending & the ADI/customer relationship 1 Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Session 6: Module 4: Basic principles of bank lending & the ADI/customer relationship 2 Seminar (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 04 Session 7: Module 4: Basic principles of bank lending & the ADI/customer relationship 3 Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Session 8: Module 4: Basic principles of bank lending & the ADI/customer relationship 4 Seminar (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 05 Session 9: Module 5: Duties & liabilities of bankers & ADIs 1 Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Session 10: Module 5: Duties & liabilities of bankers & ADIs 2 Seminar (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 06 Session 11: Module 5: Duties & liabilities of bankers & ADIs 3 Lecture (2 hr) LO2 LO3 LO4 LO5 LO6
Session 12: Module 5: Duties & liabilities of bankers & ADIs 4 Seminar (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 08 Session 13: Module 5: Duties & liabilities of bankers & ADIs 5/Module 6: Introduction to guarantees & other documents imposing payment obligations 1 Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Session 14: Module 6: Introduction to guarantees & other documents imposing payment obligations 2 Seminar (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 09 Session 15: Module 6: Introduction to guarantees & other documents imposing payment obligations 3/Module 7: Security for debt 1 Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Session 16: Module 7: Security for debt 2 Seminar (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 10 Session 17: Module 7: Security for debt 3 Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Session 18: Module 7: Security for debt 4 Seminar (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 11 Session 19: Module 7: Security for debt 5 Lecture (2 hr) LO1 LO2 LO3 LO4 LO5 LO6
Session 20: Module 2: Cheques, payments & the concept of negotiability (Part 2) Seminar (2 hr) LO1 LO2 LO3 LO4 LO5 LO6

Attendance and class requirements

  • Attendance: All students are required to attend 70% of classes (or as otherwise specified by the Unit Coordinator) to satisfy the pass requirements for each unit of study. Attendance requirements may be satisfied by in person and/or online attendance as specified by the Unit Coordinator. Failure to meet this requirement may result in a student being precluded from sitting the final assessment and being discontinued from the unit of study, resulting in an Absent Fail or Discontinue – Fail grade. Exemptions may only be considered by the Unit Coordinator upon satisfactory evidence of compelling grounds ie sudden illness or serious misadventure which occur during class time. 
  • Referencing guide: The Sydney Law School expects you to use the most recent version of the Australian Guide to Legal Citation (4th edition, 2018) for your footnoting style, although you should confirm this with your lecturer, and a link to the website where this is set out comprehensively is available at About the Australian Guide to Legal Citation (AGLC).
  • Word count:  A piece of assessment that exceeds the prescribed word limit will attract a penalty of 10% of the total marks available for the piece of assessment for every 100 words of part thereof.  The total word count for essay and other written assessments will exclude: bibliography, footnote numbers, footnote citations, page numbers, cover page but will include: body text, headings and sub-headings, quotations and substantive comments in the footnotes

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

All readings for this unit can be accessed through the Library eReserve, available on Canvas.

Students may wish to refer to: McCracken, Bird, Stumbles, Tolhurst, Everett & McCracken’s Banking and Financial Institutions Law, 9th ed., 2017, LexisNexis Butterworths.

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

  • LO1. Demonstrate an understanding of the substantive content and operation of banking and financial instruments law in Australia through a detailed examination of selected topics
  • LO2. Demonstrate recognition of key legislative sources and common law and equitable doctrines impacting regulation of banking and financial instruments law in Australia
  • LO3. Demonstrate recognition, definition and resolution of legal problems that arise in the context of Australian banking and finance law
  • LO4. Demonstrate an understanding of the application of Australian legislative and common law sources to legal scenarios and problems arising with respect to bank lending
  • LO5. Demonstrate analytical skills, critical judgment and thinking in a legal context
  • LO6. Demonstrate the development of legal writing skills through the articulation and resolution of legal problems and documentation of legal advice

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1 Depth of disciplinary expertise

Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.

GQ2 Critical thinking and problem solving

Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.

GQ3 Oral and written communication

Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.

GQ4 Information and digital literacy

Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.

GQ5 Inventiveness

Generating novel ideas and solutions.

GQ6 Cultural competence

Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.

GQ7 Interdisciplinary effectiveness

Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.

GQ8 Integrated professional, ethical, and personal identity

An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.

GQ9 Influence

Engaging others in a process, idea or vision.

Outcome map

Learning outcomes Graduate qualities
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

This section outlines changes made to this unit following staff and student reviews.

The reading guide has been amended to more closely reflect the order and structure of classes.

Lecture dates and times
This unit will be taught through a combination of 1 X 2hr pre-recorded lecture + 1 X 2hr seminar each week. Students will be enrolled in either the face to face mode (in which case you must attend the face to face seminar) or the remote mode (in which case you must attend the live online Zoom seminar). The pre-recorded lecture will be linked to Canvas when it becomes available.


Seminars:
Tuesdays: 9-11am Zoom live online seminar
Thursdays: 9-11am Face to face seminar (repeat)

 

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.