Study-Unit Description

Study-Unit Description


CODE PBL3021

 
TITLE Public Finance Law

 
UM LEVEL 03 - Years 2, 3, 4 in Modular Undergraduate Course

 
MQF LEVEL Not Applicable

 
ECTS CREDITS 4

 
DEPARTMENT Public Law

 
DESCRIPTION The study-unit will deal with Maltese public financial law as contained in the Constitution of Malta, the Financial Administration and Audit Act, Financial Regulations, Procurement Regulations and the Fiscal Responsibility Act, including the budgetary procedures and commitments arising out of Malta’s membership of the European Union and the International Monetary Fund. The EU economic and financial governance will be explored in view of its influence on Maltese public finance law, including the Six Pack and Two Pack legislation.

The lectures will also delve into the subject of the main advisory, supervisory and investigative institutions relating to public finance law, including the Ministry of Finance, the Internal Audit and Investigations Board, the Central Bank of Malta, the Public Accounts Committee and the National Audit Office.

Topics which will be explored in this study-unit:

1. Introduction to Public Finance Law
2. The Financial Administration and Audit Act
3. (i) General Financial Regulations
(ii) Inventory Control Regulations
4. (i) Creditors and debtors control procedures
(i) The Late Payment Directive
5. Procurement Regulations
6. The Government Budget and Budgetary Procedure
7. The Fiscal Responsibility Act
8. EU Economic and Financial Governance I
9. The EU Economic and Financial Governance II
10. The Central Bank of Malta: its role in financial stability
11. Scrutiny by the Auditor General
12. Scrutiny by:
i) The Public Accounts Committee
ii) Internal Audit and Financial Investigations Board
13. International Financial Institutions: The International Monetary Fund
14. Conclusion

Study-unit Aims:

The aim of the study-unit is to introduce the student to the theory behind Public Financial Law, how it is categorised in the main legislative texts, subsidiary legislation and procedures, what are the obligations of state entities in terms of financial law, which are the competent authorities involved in the administration of financial law, supervision of government entities including the National Audit Office and the House of Representatives Public Accounts Committee and Malta’s obligations arising out of its membership of the European Union and the International Monetary Fund.

Learning Outcomes:

1. Knowledge & Understanding:
By the end of the study-unit, the student will be able to:

- Learn the main legislation which characterises Public Finance Law;
- Identify and analyse the various rules which regulate Public Finance Law and how European Law as a new source of Maltese public finance law has influenced the domestic legal scenario;
- Discover the importance of the specific roles of the main actors in the supervision of government entities involved in public financial matters;
- Equip themselves with the analytical skills necessary to work through the linkage of domestic public finance law with EU economic and financial governance.

2. Skills:
By the end of the study-unit the student will be able to:

- Write about Public Finance Law;
- Identify the legal provisions dealing with Public Finance Law, both domestic legislation and EU law;
- Identify the main actors, institutions and obligations of Public Finance Law;
- Apply and advise on Public Finance Law.

Main Text/s and any supplementary readings:

- Act No. XL of 2014, An Act to appropriate a sum not exceeding to two hundred and twenty-six million, five hundred and eighty-eight thousand euro for the service of the financial year 2014, 12 December 2014 [Second (2014) Appropriation Act 2014]
- Act No. XXXIX of 2014, An Act to appropriate a sum not exceeding two billion, five hundred and thirty-nine million, nine hundred and eighty-three thousand, three hundred and thirty euro for the service of the financial year 2015, 12 December 2014 [Appropriation Act (2015]
- Annual Financial Statements 2013, Government of Malta, The Treasury, Floriana
- Auditor General and National Audit Office Act, Chapter 396, Laws of Malta
- Budget Measures Implementation (2014) Act, Chapter 531, Laws of Malta
- Central Bank of Malta Act, Chapter 204, Laws of Malta
- Constitution of Malta
- Council Regulation (EC) 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies (the preventive arm of the Stability and Growth Pact)
- Council Regulation (EC) 1467/97 on speeding up and clarifying the implementation of the Excessive Deficit Procedure (the corrective arm of the Stability and Growth Pact)
- Council Regulation (EC) 479/2009 on the application of the Protocol on the EDP
- Directive 2011/7/EU of the European Parliament and of the Council of 16 February 2011 on combating late payment in commercial transactions
- Directive 2011/85/EU on requirements for budgetary frameworks of the Member States
- Economic Survey 2014, Economic Policy Department, Ministry of Finance Malta, 17 November 2014
- External Transactions Act, Chapter 233, Laws of Malta
- Financial Estimates 2015, Ministry of Finance Malta
- Fiscal Responsibility Act, Chapter 534, Laws of Malta
- Foster Nigel, Blackstone’s EU Treaties & Legislation 2011-2012, Twenty Second Edition, Oxford University Press, 2011
- Internal Audit and Financial Investigations Act, Chapter 461, Laws of Malta
- International Monetary Fund, Malta: Concluding Statement of the 2014 Article IV Mission, 15 December, 2014
- Jackson Paul and Leopold Patricia, O.Hood Phillips and Jackson Constitutional and Administrative Law, Eight Edition, London: Sweet and Maxwell, 2001
- Local Loans (Registered Stock and Securities) Ordinance, Chapter 161, Laws of Malta
- Government borrowing and granting of loans to the Hellenic Republic Act, Chapter 502, Laws of
- National Audit Office Malta, Performance Audit – Housing Authority’s Procurement of repair works on residential units, Report by the Auditor General, November 2014
- National Audit Office Malta, Report by the Auditor General on the Workings of Local Government, Public Accounts 2013
- Malta Membership of the International Monetary Fund Act, Chapter 209, Laws of Malta
- National Audit Office Malta, Annual Audit Report - Report by the Auditor General, Public Accounts 2013
- National Audit Office, Public Procurement analysis through case studies 2007-2009, Report by the Auditor General, NAO 46/2010, October 2012
- National Audit Office, Foundation for Tomorrow’s Schools: Regularity Audit on Procurement, Report by the Auditor General, October 2014
- Participation and guarantees under the European Financial Stability Facility Act, Chapter 505, Laws of Malta
- Regulation (EU) No 1173/2011 on the effective enforcement of budgetary surveillance in the euro area – sanctions regulation
- Regulation (EU) No 473/2013 of the European Parliament and of the Council of 21 May 2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area
- Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability
- Standing Orders of the House of Representatives with respect to the Public Accounts Committee
- Treaty on the Functioning of the European Union
- Treaty on Stability, Coordination and Governance in the Economic and Monetary Union

 
STUDY-UNIT TYPE Lecture

 
METHOD OF ASSESSMENT
Assessment Component/s Sept. Asst Session Weighting
Assignment Yes 100%

 
LECTURER/S Joseph Bugeja

 

 
The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints.
Units not attracting a sufficient number of registrations may be withdrawn without notice.
It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years.

https://www.um.edu.mt/course/studyunit