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LAWS13-541: Banking and Finance Law May 2020 [Standard]

General information

Banking and Finance Law is an elective subject in undergraduate programs offered by the Faculty of Law. Students enrolled in this subject will learn about Australian banking and finance law and will examine the functions and regulatory framework of banks and financial institutions in Australia against the backdrop of the global financial crisis and international developments. Students will study a range of topics that may include the obligations of banks and customers, electronic banking and electronic payment, negotiable instruments and cheques, letters of credit, anti-money laundering and counter-terrorism financing regulation, lending, finance transactions, dispute resolution and consumer protection and financial crimes.


Academic unit:Faculty of Law
Subject code:LAWS13-541
Subject title:Banking and Finance Law
Subject level:Undergraduate
Semester/Year:May 2020
Credit points:10

Delivery & attendance

Delivery mode:


Workload items:
  • Personal Study Hours: x12 (Total hours: 84) - Recommended Study Hours
  • Seminar: x12 (Total hours: 36) - Weekly Seminar
Attendance and learning activities: Attendance at all seminars is compulsory, unless attendance is excused. Attendance in seminars will be monitored, and as seminar participation is assessable, failure to attend could impact negatively on the final mark a student obtains in this subject. Seminars will include a range of different activities - discussions, debates, written activities, sharing of current events, etc.. All short written pieces to be submitted for assessment will relate directly to seminar preparation and/or discussions.


Prescribed resources: No Prescribed resources. After enrolment, students can check the Books and Tools area in iLearn for the full Resource List.
[email protected] & Email:[email protected] is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.

To access these services, log on to the Student Portal from the Bond University website as

Enrolment requirements

Requisites: ?


Assumed knowledge:

Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.

Assumed Prior Learning (or equivalent):

Restrictions: ?

Students must be admitted into a Bachelor law degree or Bachelor of Laws combined degree or be an approved Law Study Abroad OR Law exchange student.

This subject is not available as a general elective. To be eligible for enrolment, the subject must be specified in the students’ program structure.

Assurance of learning

Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.

At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.

Program Learning Outcomes (PLOs)

Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.

Find your program

Subject Learning Outcomes (SLOs)

On successful completion of this subject the learner will be able to:
  1. Understand the structure and regulation of the Australian banking and financial system.
  2. Understand modern payment methods including cheques, electronic payments and letters of credit.
  3. Understand the obligations on banks and financial institutions regarding customers, regulators and matters such as crime prevention and detection.
  4. Develop insight into the role the legal system plays in the financial world, including the increased globalisation of banking and finance.


Assessment details

TypeTask%Timing*Outcomes assessed
*Class Participation 15 MARKS are allocated to GENERAL ORAL CLASS PARTICIPATION. Class participation may take different forms, including prepared answers to preset formal questions (tutorial-style questions), informal class discussions based on prescribed readings or of current events, and/or team presentations and class debates. Details will be made available on a weekly basis in advance. 15 MARKS are allocated to the submission of a portfolio selection of the student's best short pieces of WRITTEN WORK based on the preparation for class over the course of the semester. The portfolio is submitted on Friday week 12. 30% Ongoing 1, 2, 3, 4.
Oral Pitch Oral presentation in class on research topic and findings. Each presentation is 3 minutes long followed by 3 minutes of Q and A. Presentations will be spread over weeks 8 and 9. 10% Week 9 3, 4.
Research Paper Research Paper (6,000 words): Students are required to research and write a paper on a topic of their choice. The objective is to write a paper suitable for publication. Topics will be suggested, but students may choose their own topic, subject to approval by the subject coordinator. This is a guided assessment and students have to submit drafts at regular intervals and may obtain guidance and advice and feedback from the course coordinator. A first draft setting out the research topic, research question, an initial bibliography and an outline of findings up to that point is due in Week 6 (negotiable) and is worth 15 % of the marks of the Research Paper. The final Research Paper is due Monday Week 12. 60% Week 12 4.
  • * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
  • C = Students must reach a level of competency to successfully complete this assessment.

Assessment criteria

High Distinction 85-100 Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking.
Distinction 75-84 Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas.
Credit 65-74 Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above.
Pass 50-64 Usually awarded to students whose performance meets the requirements set for work provided for assessment.
Fail 0-49 Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines.

Quality assurance

For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.

Study information

Submission procedures

Students must check the [email protected] subject site for detailed assessment information and submission procedures.

Policy on late submission and extensions

A late penalty will be applied to all overdue assessment tasks unless an extension is granted by the subject coordinator. The standard penalty will be 10% of marks awarded to that assessment per day late with no assessment to be accepted seven days after the due date. Where a student is granted an extension, the penalty of 10% per day late starts from the new due date.

Policy on plagiarism

University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.

Bond University utilises Originality Reporting software to inform academic integrity.

Feedback on assessment

Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.

Accessibility and Inclusion Support

If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.

Additional subject information

1. The weekly plan is subject to review. Some of the seminars may be complemented with blended-learning elements, including pre-recorded lectures and on-line exercises. There will most likely be a guest lecture on the legal aspects of Anti-Money Laundering and Counter-Terrorism Financing. 2. The topics in the weekly plan may be amended, replaced and adjusted within reason, depending on the interests of the students. 3. This subject is aimed at providing an education that is as individualised as possible, and students' interests and preferences will be taken into account. 4. The submission dates of the research essay and group presentations may be negotiated to a limited extent. 5. There is a substantial focus on doing research and producing a legal research essay, which is the final assessment item. This involves discussing research methods, writing techniques and mentoring through the research process. 6. There is no prescribed text but the text Everett McCracken Banking and Financial Institutions Law is highly recommended. You will need to access it at least in the library - frequently. Other material - such as book extracts and journal articles that will be set as required reading, will be available electronically. Occasionally chapters from other textbooks may be set as prescribed reading - these will be available online or in the library. | Students may be asked to respond to questions from the subject coordinator regarding the content of their assessments. Students are expected to keep evidence of drafting and research.

Subject curriculum

The sequence and schedule of the delivery of topics will be reviewed before the commencement of classes and an announcement will be placed on iLearn. An introduction to money, banking and finance (historical and present). PLEASE NOTE - the exact topics covered in the semester may deviate from the list provided below, based on what the students in class are most interested in.

1, 2, 3, 4.

Legal nature and distinguishing factors of blockchain and distributed ledger technologies. The legal issues relating to cryptocurrencies, stablecoins such as Facebook's libra, and fintech.

The banking, financial and regulatory system and framework; The regulators: The Reserve Bank, APRA, ASIC; Banking basics (e.g. fractional reserve lending, capital adequacy, risk management, capital adequacy, liquidity); Problems relating to regulation, some theoretical principles; Financial markets and institutions. These topics are studied against the backdrop of financial crises, including the Global Financial Crisis of 2008. Australian regulators are placed in international context and the importance of international regulation is highlighted.

The nature of banks and deposits. Obligations of banks and customers. Different accounts.

Electronic banking; liabilities and obligations of financial institutions and customers.

The payment system and regulation of the payment system; payment system innovations and the role of fintech and 'open banking'.

Bills of exchange and cheques as payment mechanisms; Parties and liabilities under negotiable instruments

Letters of credit - their role, functions and legal framework.

Lending and borrowing - the legal issues; Responsible lending and taking security; distressed borrowers. Project finance - operation and contractual issues (or other forms of finance).

Obligations of banks and financial institutions under the Anti-Money Laundering and Counter-terrorism financing legislation.

Alternative dispute resolution and consumer protection - The Financial Ombudsman Service; Frauds, schemes and scams - An introduction to fraud in the financial arena, including common schemes such as pyramid schemes.

In order to assist students in the development of the skills of writing a legal research paper (such as for an academic journal or online service of a law firm), some class time will be devoted to skills development. Development of skills in writing a legal research paper. Defining a research question, researching relevant sources, structuring a research paper, legal and academic writing, citation.

Approved on: Apr 28, 2020. Edition: 1.6
Last updated: Aug 21, 2020.