Internet Banking and the Law in Europe
Regulation, Financial Integration and Electronic Commerce

Examines why a pan-European market for banking services has not yet been a viable proposition.

Apostolos Ath. Gkoutzinis (Author)

9780521153232, Cambridge University Press

Paperback, published 10 June 2010

404 pages
22.9 x 15.2 x 2.3 cm, 0.59 kg

The European Union has long sought to create a single financial area across Europe where consumers in one country benefit from financial markets and activities in other countries. With the emergence of the Internet as a platform for the provision of online banking services, the creation of a pan-European market for banking services appeared a realistic proposition. In practice, however, this has not happened. This book asks why and argues that the creation of banking markets via the Internet relies on both available technologies and appropriate laws and regulations. The institutional and legal framework for online banking services in the single European market are examined, as is the level of legal harmonization achieved in the UK, France and Germany under the influence of the EU Directives pertaining to online banking activities.

Abbreviations
List of figures and tables
Preface
Introduction
Part I. Introduction to Electronic Finance and Internet Banking: 1. Internet banking in Europe: basic concepts and recent trends
2. The legal foundations of electronic banking activities
Part II. Online Banking and International Market Access: The Causes of Incomplete Financial Integration and What To Do About Them: 3. How excessive regulation and legal uncertainty affect cross-border electronic banking and why policy reforms are justified
4. The governance of the European market in cross-border electronic banking activities: why mutual recognition of national laws on the basis of 'home country' control is the best institutional choice
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: 7. Cross-border Internet banking and the principle of 'home country' control in the EU financial services directives
8. Mutual recognition of national laws under the principle of 'country of origin' of the Electronic Commerce Directive
9. Applicable law and jurisdiction in cross-border electronic banking contracts
Conclusions
Select bibliography.

Subject Areas: Financial law [LNP], E-commerce law [LNCB2], Laws of Specific jurisdictions [LN]