Book contents
- Frontmatter
- Contents
- Tables
- Preface
- Tables of legislation
- Table of EU legislation
- Table of international conventions
- Table of cases
- Abbreviations
- Introduction
- PART I Introduction to electronic finance and Internet banking
- PART II Online banking and international market access: The causes of incomplete financial integration and what to do about them
- PART III EU harmonization and convergence of national laws relating to electronic banking activities
- 5 Risks and regulatory concerns relating to electronic banking activities and the convergence of national prudential regulatory standards
- 6 EU measures of legal harmonization concerning electronic commerce and distance marketing of financial services, data protection, banking contracts and investor protection
- PART IV Applicable law and allocation of regulatory responsibility in cross-border electronic banking activities
- Conclusions
- Select bibliography
- Index
6 - EU measures of legal harmonization concerning electronic commerce and distance marketing of financial services, data protection, banking contracts and investor protection
Published online by Cambridge University Press: 11 August 2009
- Frontmatter
- Contents
- Tables
- Preface
- Tables of legislation
- Table of EU legislation
- Table of international conventions
- Table of cases
- Abbreviations
- Introduction
- PART I Introduction to electronic finance and Internet banking
- PART II Online banking and international market access: The causes of incomplete financial integration and what to do about them
- PART III EU harmonization and convergence of national laws relating to electronic banking activities
- 5 Risks and regulatory concerns relating to electronic banking activities and the convergence of national prudential regulatory standards
- 6 EU measures of legal harmonization concerning electronic commerce and distance marketing of financial services, data protection, banking contracts and investor protection
- PART IV Applicable law and allocation of regulatory responsibility in cross-border electronic banking activities
- Conclusions
- Select bibliography
- Index
Summary
Following the discussion on the level of convergence of prudential regulatory standards, this chapter turns on the legal convergence of non-prudential national laws and regulations relating to electronic banking activities. The discussion begins with laws of general application to online financial services such as the E-Commerce and Distance Marketing Directives and subsequently turns to rules governing specific types of electronic banking activities such as rules relating to consumer credit, electronic funds transfers and online securities activities.
E-commerce and distance marketing of financial services
The provision of banking and financial services via the Internet is subject to national laws implementing the E-Commerce and Distance Marketing Directives. By establishing consumer protection requirements and facilitating the formation of financial contracts electronically, the two Directives are the basic components of the institutional framework for online financial services in the single European market.
The E-Commerce Directive
The aim of the Directive is to approximate the laws of the Member States to the extent necessary for ensuring the free movement of ‘information society services’ in the European internal market. It applies only to ‘information society services’ which are defined as any service normally provided for remuneration, at a distance, by means of electronic equipment for the processing and storage of data, and at the individual request of a recipient of service. It suffices to note here that the Directive applies to a wide range of services provided via the Internet, including services which are not remunerated by those who receive them, such as the availability of online information, commercial communications, access to and retrieval of data.
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- Information
- Internet Banking and the Law in EuropeRegulation, Financial Integration and Electronic Commerce, pp. 165 - 228Publisher: Cambridge University PressPrint publication year: 2006