INTERNET BANKING AND THE LAW IN...

I NTERNET BANK ING AND THE LAW

IN EUROPE

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.

a p o s t o l o s a t h . g k o u t z i n i s is an Associate in the Capital

Markets Group of the London oYce of the international law firm

Shearman & Sterling LLP. His practice includes providing legal advice

to investment banks and major corporate clients regarding equity and

debt securities oVerings and other complex capital market transactions,

exchange listings, corporate governance and other corporate matters.

Prior to joining the firm, he was Lecturer in Financial Law and Joint

Academic Director of the MSc Programme in Finance and Financial

Law at the School of Oriental and African Studies (SOAS), University

of London. He also held a Teaching and Research Fellowship at the

Centre for Commercial Law Studies at Queen Mary, University of

London. He is admitted to practise law in the State of New York,

England and Wales, and Greece.

© Cambridge University Press www.cambridge.org

Cambridge University Press978-0-521-86071-0 - Internet Banking and the Law in Europe: Regulation, FinancialIntegration and Electronic CommerceApostolos Ath. GkoutzinisFrontmatterMore information

http://www.cambridge.org/0521860717

http://www.cambridge.org


INTERNET BANKING AND

THE LAW IN EUROPE

Regulation, Financial Integration and

Electronic Commerce

APOSTOLOS ATH . GKOUTZ IN I S






C A M B R I D G E U N I V E R S I T Y P R E S S

Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, Sao Paulo

C A M B R I D G E U N I V E R S I T Y P R E S S

The Edinburgh Building, Cambridge CB2 2RU, UK

Published in the United States of America by Cambridge University Press, New York

www.cambridge.org

Information on this title: www.cambridge.org/9780521860710

© Apostolos Gkoutzinis 2006

This publication is in copyright. Subject to statutory exception

and to the provisions of relevant collective licensing agreements,

no reproduction of any part may take place without

the written permission of Cambridge University Press.

First published 2006

Printed in the United Kingdom at the University Press, Cambridge

A catalogue record for this publication is available from the British Library

ISBN-13 978-0-521-86071-0 hardback

ISBN-10 0-521-86071-7 hardback

Cambridge University Press has no responsibility for the persistence or accuracy of URLs

for external or third-party internet websites referred to in this publication, and does not

guarantee that any content on such websites is, or will remain, accurate or appropriate.






StZ Despoina,Gia tiB oreB pou den Zmoun ekei






CONTENT S

Tables page xiii

Preface xv

Tables of legislation xix

Table of EU legislation xxvii

Table of international conventions xxxvi

Table of cases xxxvii

Abbreviations xliii

Introduction 1

part i Introduction to electronic finance and Internet

banking 5

1 Internet banking in Europe: basic concepts and

recent trends 7

The Internet as catalyst of international

financial integration 7

Internet banking in Europe 20

2 The legal foundations of electronic banking

activities 29

The banker–customer relationship 29

vii






Electronic finance and credit 40

Online securities trading 42

part ii Online banking and international market access: The

causes of incomplete financial integration and what

to do about them 49

3 Legal barriers and necessary regulatory reforms 51

The causes of incomplete European integration in online

financial services 51

International governance of cross-border

electronic commerce and finance 63

EU policies aVecting electronic commerce in


4 The governance of the European market in cross-border

electronic banking activities 82

Introduction 82

Institutional foundations of the single European market in


Mutual recognition of national laws as institutional

principle 86

Mutual recognition beyond the EC Treaty: ‘home country’

control in various forms as institutional anchor of the

single financial market 99

Minimum harmonization of national laws and

enforcement practices as prerequisites of mutual

viii C O N T E N T S






recognition of national laws and ‘home country’

control 123

part iii EU harmonization and convergence of national laws

relating to electronic banking activities 135

5 Risks and regulatory concerns relating to electronic banking

activities and the convergence of national prudential

regulatory standards 137

Convergence of national laws and the notion of ‘general

good’ in the single European market 137

Risks and prudential regulatory concerns caused by

electronic banking activities 148

Non-EU international initiatives of legal harmonization

concerning electronic banking activities 150

EU harmonization measures in the field of prudential

banking regulation 154

The prudential regulation of electronic banking activities in

key European countries 156

6 EU measures of legal harmonization concerning electronic

commerce and distance marketing of financial services,

data protection, banking contracts and investor

protection 165

E-commerce and distance marketing of


Privacy and data protection 179

C O N T E N T S ix






The harmonization of national laws of

banking contracts 183

Online bank loans and the Consumer

Credit Directive 205

Convergence of national laws regulating the provision of

online investment services 213

Assessing the level of convergence of national

laws regulating Internet banking 226

part iv Applicable law and allocation of regulatory responsibility

in cross-border electronic banking activities 229

7 Cross-border Internet banking and the principle

of ‘home country’ control in the EU Financial

Services Directives 231

Introduction 231

Cross-border Internet banking without the benefit of

‘home country’ regulation and supervision 232

Mutual recognition of national laws on the

basis of ‘home country’ control in the Banking

and Investment Services Directives 237

The notion of ‘general good’ in the Banking Consolidation

Directive 242

‘Host country’ powers to apply domestic laws in non-

prudential matters 243

x C O N T E N T S






8 Mutual recognition of national laws under the principle

of ‘country of origin’ of the Electronic Commerce

Directive 262

Scope of application of the ‘country of origin’

rule 262

The ‘coordinated field’ 266

The implementation of the ‘country of origin’

principle 278

The case-by-case derogation of Article 3(4)–(6) 281

The normative impact of the principle of ‘country of

origin’ 286

9 Applicable law and jurisdiction in cross-border electronic


International contracts, conflicts of laws and European

financial integration 290

Choice of law and choice of jurisdiction in cross-border


Choice of law and forum in consumer contracts 296

Choice of law and the impact of mandatory rules 305

Conclusions 310

Select bibliography 319

Index 339

C O N T E N T S xi






TA B L E S

1.1 Penetration of Internet banking and brokerage

(end of 2000) page 21

1.2 Internet banking in the United Kingdom,

France and Germany 23

6.1 Information requirements under ECD and DMD 180

6.2 Coverage of Unfair Contract Terms Regulation in key

EU countries 197

6.3 Coverage of Consumer Credit Regulation in key

EU countries 208

6.4 National laws limiting party autonomy in consumer

credit contracts 211

xiii






P R E FAC E

This book is the culmination of a five-year long research project, which

was carried out initially at the Centre for Commercial Law Studies,

Queen Mary, University of London, then at Harvard Law School and,

at the final stages, during my sparse spare time as an attorney at the

London oYce of Shearman and Sterling (London) LLP. The book en-

capsulates my fascination with the Internet and my interest in how the

powers of electronic networks, information technology, advanced tele-

communications and financial innovation are transforming national and

international financial markets in Europe and elsewhere. It is also a book

about international financial integration and cross-border trade in fi-

nancial services and how the Internet can facilitate consumers’ access to

financial services and firms’ access to markets across national borders.

Artificial legal and structural barriers to cross-border financial services

seem so unreasonable when one realizes the human and economic cost of

policies and actions which purport to eliminate physical barriers. At the

time when we spend astronomical amounts of money to improve our

communications and systems of transportation by air, land or sea – thus

diminishing time and distance in the circulation of goods and services –

at the same time we are keen to maintain (or at least we tolerate)

artificial barriers which are no less eVective than distance and rough ter-

rain in disturbing trade in goods and services, particularly financial

services. Thus the failure of the single European market project to

abolish all direct and indirect legal restrictions on the free movement

of financial services – which are suitable for circulating over computer

networks – in the era of the Internet was a reason for reflection and

research.

I would never have completed this project had it not been for the

influence, support, encouragement, assistance and advice of a large

number of people.

Chris Reed, Professor of Electronic Commerce Law and my research

supervisor during my formative years, guided me through this process

xv






magnificently. To the best of my knowledge, Professor Chris Reed is

unique in his achievement to be an e-commerce expert and a financial

services expert. It was my privilege to work under his supervision. Dr

Rosa Maria Lastra, Senior Lecturer at the Centre for Commercial Law

Studies was my second doctoral supervisor and has now become a close

personal and family friend. She was immensely influential in many

respects. She contributed her world-class expertise in the law and eco-

nomics of financial regulation and provided inspiration for key parts of

the thesis. She has oVered me unconditional support on various aca-

demic fronts and assisted in the development of this book with her

guidance and accuracy. I will always remain deeply indebted for the

opportunity to test my ideas teaching in her LLM course Regulation of

Financial Markets at the University of London in the academic year

2003–4.

The Greek government and the director and staV of the State Scholar-

ships Foundation (Athens) enabled me to pursue my graduate studies

with the generous funding that I received as a Banking Law Scholar

1999–2003. Professor Dr Aristidis Chiotellis of the University of Athens

was my supervisor appointed by the State Scholarship Foundation and

supported me throughout this project. I must also thank the Central

Research Fund of the University of London for funding my research

expedition to Bonn, Paris and Brussels in the summer of 2002.

Professor Laurence Harris, Director of the Centre for Financial and

Management Studies, School of Oriental and African Studies, University

of London oVered me a unique working environment and unlimited

support to progress with this book as I was teaching and working as

Lecturer in Financial Law at the Centre. I also sincerely thank Professor

Joseph Norton for oVering me the opportunity to teach as a Fellow at the

International Financial Law Unit of the Centre for Commercial Law

Studies. Last but not least, I would like to thank the partners, lawyers

and support staV of Shearman and Sterling (London) LLP for providing

such a stimulating and resourceful working environment at the very last

stages of this project. The reader should kindly note, however, that

I wrote the book in a personal capacity and no views or arguments held

should be attributed to Shearman and Sterling LLP, its partners and

lawyers in any way whatsoever.

I owe deep gratitude to Eric Ducoulombier (European Commission),

Alain Duchateau (Commission Bancaire & Electronic Banking Group),

Peter Snowdon and Peter Parker (FSA), Stefan Czekay (Bundesanstalt fur

Finanzdienstleistungsaufsicht), Sven Jongebloed and Magdalen Heid

xvi P R E F A C E






(Deutsche Bundesbank) for sharing their views with me; the library staV

at the Institute of Advanced Legal Studies, Harvard Law School, Queen

Mary College, British Library, London School of Economics, University

of Bonn, University of Paris (Paris II) and Free University of Brussels for

their professionalism and quality of services.

I thank all my friends and family for their strong encouragement and

support, particularly Manolis and Christina Michaelidis, Kalliopi and

Vaggelis Spanos, Kostas Georgiadis, Athanasios Stogiannidis, Rosanna

M. Annan, Nikolaos Skoulas, Alexis and Niki Lappas, Marinos and Eleni

Kyriakopoulos, Antonios Patrikios, Nikolaos Koutsoupias and Georgia

Filitsopoulou. I owe special thanks and gratitude to Akis and Maria

Ioannidis for their love, support and warm hospitality in London over

the recent years.

I am extremely grateful to my editor Jane O’Regan, the production

editor Wendy Phillips and their dedicated teams at Cambridge Univer-

sity Press for turning my ideas into a book. Words cannot describe my

pride in publishing my first book with this prestigious institution.

My spiritual fathers in the Greek Orthodox Church, in Kavala, Mount

Athos and London I thank from my heart for praying for me, particularly

the Very Revs. Father Constantinos, Father Myron, Father Anthimos,

Father Georgios and Father Demetrius.

God blessed me with a caring family where no one is left to carry a

burden alone and everybody shares his joy with others. My beloved

brother the Very Reverend Arch. Father Sophronios Gkoutzinis has been

supporting me all my life. I thank him for his prayers, love and respect.

My parents, Athanassios and Maria, have always carried all the burdens

that I could not. This book is theirs more than it is mine. Maria,

Athanassios and Konstantinos, my lovely children, are supporting their

daddy in their own way.

My wife Despina is what makes all that interesting. She has been my

strongest supporter and a resourceful supplier of hope. She alone

deserves all the credit. This work is dedicated to her.

P R E F A C E xvii






TA B L E S O F L EG I S L AT ION

France

Code Civil (Civil Code)

art. 1108(1) 187

arts. 1156–61 199

art. 1163 199

art. 1164 199

art. 1316(4) 187

art. 1369(1) 184

art. 1369(2) 188

art. 1382 173

art. 1383 173

arts. 1984–2010 46

art. 1991 221

Code de la Consommation (Consumer Code)

art. 311(1) 207

art. 311(2) 207

art. 311(3) 207

art. D 311(1) 207

art. D 311(2) 207

art. L 3(4) 260

art. L 121(1) 174, 260

arts. L 121 174

art. L 121(8) 174

arts. L 121(20)(8)–(16) 170

art. L 121(20)(12) 190

art. L 132(1) 199

art. L 133(2) 193

art. L 213(1) 174

art. L 311(2) 207

art. L 311(3) 42, 207

art. L 311(4) 207

art. L 311(8) 209

xix






France (Continued )

art. L 311(15) 209

art. L 311(16) 209

art. L 311(29) 210

art. L 312(1) 196

art. L 311(8) 209

art. L 311(9) 209

art. L 311(10) 209

art. R 311(6) 209

Code de la Procedure Penale (Code of Criminal Procedure)

art. 689 260

Code du Commerce (Commercial Code)

art. L 132(1) 46

Code Monetaire et Financier (Monetary and Financial Code) 160

art. L 133(1) 202

art. L 311(1) 32, 41, 236

art. L 311(3) 32

art. L 312(1) 204

art. L 312(1)(1) 188

art. L 312(1)(2) 204

art. L 312(2) 31

art. L 312(3) 204

art. L 313(1) 41

art. L 321(1) 46, 236

art. L 341 174

art. L 342 174

art. L 343 174

art. L 351(1) 188

art. L 511(1) 32, 41, 236

art. L 511(9) 236

art. L 511(22) 238

art. L 511(33) 133

art. L 511(41) 161

art. L 531(1) 236

art. L 532(1) 236

art. L 532(18) 238, 256

art. L 533(1) 220

art. L 533(4) 221, 256

art. L 533(6) 220

art. L 533(7) 221, 222

art. L 533(8) 221

xx TA B L E S O F L E G I S L AT I O N






art. L 561(1) 133

art. L 562(1) 239

art. L 563(1) 189

art. L 611(1) 160

art. L 612(1) 160

art. L 612(2) 160

art. L 613(1) 161

art. L 621(1) 160

art. L 632(1) 133

art. R 312(3) 204

Code Penal (Penal Code)

art. L 113(2) 260

Declaration des Droits de l’Homme et du Citoyen 1789

art. 1 14

art. 4 14

Loi 2003-706 (Financial Security Act), 1 August 2003 160

Loi 2004-575 pour la Confiance dans L’Economie Numerique, 2004-575 281

art. 14 168, 281

arts. 14–28 168

art. 16(1) 281

art. 17(1) 281

art. 17(2)(1) 281

art. 18 286

art. 19 177

art. 20 177

art. 21 177

art. 22 174

art. 25 184

Loi 2004-801 (Data Protection Act) 182

art. 5 182, 184

Secondary legislation

Decret 84-708

art. 7 193

Decret 96-880

art. 7 241

art. 15 241

Ordonnance 2000-1223, 14 December 2000 160

Ordonnance 2005-648, 6 June 2005 171

Reglement 86–13

Reglement 97–02

TA B L E S O F L E G I S L AT I O N xxi






France (Continued )

art. 5 161

art. 11 161

art. 14 161

Germany

Bundesdatenschutzgesetz (Data Protection Act) 182

} 1 Abs.5 182

Burgerliches Gesetzbuch (BGB) (Civil Code)

} 126 Abs.3 187

} 126a 187} 242 34

} 276 225

} 305 Abs. 2 193

} 305 Abs.1 196

} 309 198

} 312 170

} 312e 184, 188} 312s 190} 355 190

} 488 41

} 488–498 41

} 489 210

} 491 207

} 492 209

} 492 Abs.1 209

} 493 209, 210

} 507 207

} 667 45

} 675 45

} 676a 33} 676a–676c 202} 676f 31} 823(3) 226

Elektronischer Geschaftsverkehr Gesetz (EGG) (E-Commerce Act) 167

Finanzdienstleistungaufsichtsgesetz (FinDAG) (Integrated Financial Services

Supervision Act) 162

Gesetz gegen den Unlauteren Wettbewerb (UWG) (Unfair Competition Act) 176

} 1 176

} 3 176

} 23 177

xxii TA B L E S O F L E G I S L AT I O N






Gesetz uber das Aufspuren von Gewinnen aus Schweren Straftaten (GwG) (Money

Laundering Act)

} 1 189

} 1 Abs.3 239

} 8 189

Gesetz uber die Nutzung von Telediensten (TDG) (Teleservices Act)

} 4 Abs.1 280

} 4 Abs.2 280

} 5 286

Gesetz zur Anderung der Verschriften uber Fernabsatzvertrage bei

Finanzdienstleistungen (Distance Marketing Act) 170

Gesetz zur Regehung des Rechts der Allgemeinen Geschaftsbedingungen (Act on the

Regulation of the Law of General Business Conditions) 198

Grundgesetz (Constitution)

} 12(1) 14Handelsgesetzbuch (HGB) (Commercial Code)

} 384 45

Kreditwesengesetz (KWG) (Banking Act)

} 1 31, 41, 238

} 1(1) 45} 3 248

} 7 162

} 8 133

} 9 133

} 23a 248} 24a 241} 27 133

} 32 31, 41, 235

} 37 248

} 44 133

} 44c 248} 49 248

} 50 248

} 53b 241

} 53b Abs. 3 248

} 53b Abs.2a 239

} 53b Abs.3 239

Strafgesetzbuch (StGB) (Criminal Code)

} 3 260

} 9 260

Teledienstengesetz (TDG) (Teleservices Act) 167

TA B L E S O F L E G I S L AT I O N xxiii






Germany (Continued )

} 1 168

} 2 Abs.1 168

} 2 Abs.2(1) 168

} 2 Abs.2(5) 168

} 3 Abs.3 168

} 3 Abs.4 168

} 6 177

Wertpapier-Handelgesetz (WpHG) (Securities Trading Act) 224

} 31 Abs.1(i) 225

} 31 Abs.1(ii) 225

} 31 Abs.2 225

} 31 Abs.2(ii) 226

} 31(3) 255} 32(3) 255} 33 224

} 34 224

Secondary Legislation

Abgabeordnung

} 154 189

Preisangabenverordnung (Disclosure of Price Information Regulation)

} 1 207

} 6 207

United Kingdom

Consumer Credit Act 1974

s. 8 207

ss. 8–20 207

s. 44 207

s. 46 174, 257

s. 61 208

s. 63 208

s. 65 208

s. 74 210

s. 94 210

s. 95 210

s. 189 207

Consumer Protection Act 1987 257

s. 20 175

xxiv TA B L E S O F L E G I S L AT I O N






Data Protection Act 1998 182

s. 5(1) 182

Electronic Communications Act 2000

s. 15(1) 209

Financial Services and Markets Act 2000 30, 156

s. 2(3) 156

s. 5(2) 156

s. 19 30, 232, 235

s. 21(8)(a) 175

s. 22 233

s. 150 220

s. 165(1) 133

s. 169 133

s. 175(5) 133

s. 274(8) 133

ss. 348–354 133

s. 418 235

s. 418(5) 232

sch. 2(2) 46

sch. 2(3) 46

sch. 3 238

sch. 3 para 14 241

sch. 3 para 20 241

sch. 6 219

Interpretation Act 1978

sch. 1 186

Private International Law (Miscellaneous Provisions) Act 1995

s. 11(2)(c) 257

Supply of Goods and Services Act 1982

s. 13 34

Trade Descriptions Act 1968

s. 4 174, 257

Unfair Contract Terms Act 1977

s. 11(1) 197

Secondary Legislation

Consumer Credit Act (Electronic Communications) Order 2004 (SI 2004/3236) 208

Consumer Credit (Advertisements) Regulations 2004 (SI 2004/1484)

regs. 2-9 207

reg. 4 210

reg. 8 210

sch. 2 210

TA B L E S O F L E G I S L AT I O N xxv






Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553) 208

reg. 6(1) 208

sch. 6 208

Consumer Credit (Cancellation Notices and Copies of Documents) Regulations 1983

(SI 1983/1557) 208

Consumer Credit (Rebate on Early Settlement) Regulations 2004 (SI 2004/1483) 210

Control of Misleading Advertisements Regulations 1988 (SI 1988/915) 174, 257

Cross-Border Transfers Regulations 1999 (SI 1999/1876) 202

Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (SI

2002/1775) 167, 278

reg. 3(4) 278

reg. 3(6) 278

reg. 6(1) 285

Electronic Commerce (EC Directive) Regulations 2002 (SI 2002/2013) 167, 278

reg. 5 286

reg. 5(2) 286

reg. 9 184

reg. 10 177

reg. 11 188

Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (SI 2001/

1335)

art. 2(1) 175

art. 6(b) 175

art. 6(c) 175

art. 7(3) 175

Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2)

Order 2002 (SI 2002/1776) 279

Financial Services (Distance Marketing) Regulations 2004 (SI 2004/2095) 170

reg. 9(1) 190

reg. 9(2) 190

Money Laundering Regulations 2003 (SI 2003/3075) 189

Unfair Contract Terms in Consumer Contracts Regulations 1999 (SI 1999/2083) 196

xxvi TA B L E S O F L E G I S L AT I O N






TA B L E O F EU L EG I S L AT ION

Treaties

Amsterdam Treaty 1997

art. 6(54), 88

Brussels Convention on Jurisdiction and the Enforcement of Judgments in Civil and

Commercial Matters 1968, 293

Brussels Convention on Jurisdiction and the Enforcement of Judgments in Civil and

Commercial Matters 1998, 249

art. 5(1), 249

art. 5(1)(b), 249

EC Treaty, 2

art. 3(1)(c), 11

art. 4, 86

art. 5, 85, 124

art. 7, 85

art. 8b, 88

art. 10, 131

art. 14, 85, 88

art. 14(2), 2, 84

art. 15, 86

art. 43, 2

art. 47(1), 88

art. 47(2), 85, 154

art. 49, 14, 84, 85, 270

art. 50, 263, 265

art. 56, 84

art. 67, 56

art. 95, 75, 85, 86, 125

art. 100b, 88, 126

art. 153, 75, 86,

102, 143

xxvii






Treaties (Continued )

art. 220, 85

art. 293, 88

Rome Convention on the Law Applicable to Contractual Obligations 1998, 116, 249,

272, 276, 289, 291, 292–3

art. 3(1), 293

art. 4(1), 249, 294

art. 4(2), 294

art. 4(5), 295

art. 5, 293, 305, 306, 309

art. 5(1), 298

art. 5(2), 114, 302, 297, 299, 314, 316

art. 5(4)(b), 302

art. 7(2), 305, 306, 309, 314

Single European Act 1986, 88

art. 19, 88

Directives

84/450 Misleading and Comparative Advertising Directive [1984] OJ L250, 171

art. 1, 171

86/635 Bank Accounts Directive [1986] OJ L372, 155, 239

87/102/EEC Consumer Credit Directive [1987] OJ L42, 169

recital 3, 205

recital 5, 205

recital 6, 205

recital 7, 205

recital 9, 205

art. 1(2)(a), 145

art. 1(2)(c), 205

art. 1(a)(2), 206

art. 2(1)(e), 205

art. 2(1)(f), 205

art. 2(1)(g), 205

art. 3, 206

art. 4(1), 186, 206

art. 4(2), 206

art. 4(3), 206

art. 6(1), 206

art. 6(2), 206

xxviii TA B L E O F E U L E G I S L AT I O N






art. 6(3), 207

art. 8, 206

art. 15, 207

Annex I, para. 2, 206

Annex I, para. 4, 206

88/361/EEC Directive for the implementation of Article 67 of the Treaty [1988]

OJ L178, 56

91/308/EC Money Laundering Directive [1991] OJ L166, 155–6

art. 3(1), 155

art. 3(2), 156

art. 3(8), 156

art. 3(11), 156

art. 6, 156

art. 8, 156

art. 9, 156

art. 11, 156

art. 15, 156

93/12/EEC Unfair Contract Terms Directive [1993] OJ L95, 194–9

recital 3, 194

recital 4, 194

recital 5, 194

recital 12, 195

recital 15, 195

recital 16, 194

recital 17, 195

recital 18, 195

art. 1(1), 194

art. 1(2), 194

art. 2(1), 214

art. 3(1), 194

art. 3(2), 194

art. 3(3), 194

art. 4(1), 195

art. 4(2), 195

art. 5, 195

art. 8, 196

93/13/EEC Unfair Terms in Consumer Contracts Directive [1993] OJ L95

art. 2, 298

93/22/EEC Investment Services Directive [1993] OJ L141, 169, 254

art. 11, 218, 216, 254

art. 15(4), 44

94/19/EC Deposit Guarantee Schemes Directive [1994] OJ L135, 139, 155

TA B L E O F E U L E G I S L AT I O N xxix






95/46/EC Data Protection Directive [1995] OJ L281, 179–82

recital 7, 179

recital 19, 182

art. 4(1)(b), 182

art. 6, 181

art. 7, 179

art. 10, 182

art. 11, 182

art. 12, 182

art. 14, 182

art. 15, 182

art. 17, 182

97/5/EC Cross-border Credit Transfers Directive [1997] OJ L43, 169, 200

recital 8, 201

art. 1, 200

art. 2(f), 200

art. 3, 201

art. 3(g), 201

art. 4, 201

art. 5, 201

art. 6(1), 201

art. 6(3), 201

art. 8(1), 201

art. 8(3), 201

art. 9, 201

97/9/EC Investor Compensation Directive [1997] OJ L84, 155, 239

98/34/EC

art. 1(2), 263

98/48/EC Amending Directive 98/34/EC, 263

art. 1(2)(1), 265

Annex V para. 1, 265

Annex V para. 2, 265

2000/12/EC Banking Directive [2000] OJ L126, 154–5, 237

recital 1, 154

recital 3, 154

recital 7, 154, 240

recital 9, 237

recital 12, 155

recital 16, 242

recital 17, 155, 239, 240, 242

recital 22, 155

recital 34, 155

xxx TA B L E O F E U L E G I S L AT I O N






recital 35, 155

art. 1(6), 237

art. 1(a), 237

art. 4, 154

art. 5, 154

art. 5(1), 155

art. 6(1), 154

art. 6(2), 154, 237

art. 7, 154

art. 9, 154

art. 10, 154

art. 13, 154

art. 14, 154

art. 15, 154

art. 16, 154

art. 17, 154, 155

art. 18, 237, 238, 251

art. 21, 251

art. 21(1), 241, 244

art. 21(2), 241

art. 22(2)–(5), 241, 242

art. 22(5), 242

art. 22(9), 241

art. 22(11), 242, 257

art. 26, 239

art. 26(1), 240

art. 27, 241

art. 28, 154, 241

arts. 28–33, 133

art. 30, 154

art. 30(2), 154

art. 31, 154, 155

arts. 34–47, 154

art. 47, 155

arts. 48–50, 154

art. 49(4), 155

art. 51, 154

Annex I(7), 253

2000/31/EC E-Commerce Directive [2000] OJ L178, 76–7, 79–81, 106, 165–8, 172

recital 5, 262, 271

recital 6, 263, 264

recital 11, 166, 177, 206, 275

TA B L E O F E U L E G I S L AT I O N xxxi






Directives (Continued )

recital 18, 166, 263, 264, 266

recital 19, 276, 277

recital 21, 267, 275

recital 22, 270, 271

recital 23, 269

recital 26, 284

recital 27, 81, 264

recital 34, 185

recital 35, 186

recital 38, 186

recital 55, 276

recital 56, 276

recital 60, 185

recital 63, 263

art. 1, 165

art. 1(1), 80

art. 1(3), 166, 177

art. 1(4), 271, 269

art. 1(5), 263

art. 1(6), 263

art. 2(a), 166, 263

art. 2(f), 172

art. 2(h), 266

art. 2(h)(i), 266

art. 2(h)(ii), 267

art. 3, 272, 286–7

art. 3(1), 166, 262, 273, 274

art. 3(2), 166, 262, 269, 273, 274, 287

art. 3(4), 270, 274, 309

arts. 3(4)–(6), 281–6

art. 3(4)(a)(i), 282, 286

art. 3(4)(a)(iii), 283

art. 3(4)(b), 284

art. 5(1), 177

art. 6, 166, 172, 177

art. 7, 166

art. 7(1), 172

art. 9(1), 185

art. 9(2), 185

art. 10, 182, 184

art. 10(3), 193

xxxii TA B L E O F E U L E G I S L AT I O N






art. 11, 188

art. 19(3), 283

art. 22(1), 167

Annex, 270

2001/24/EC Directive on Reorganization and Winding Up of Credit Institutions [2001]

OJ L125, 155, 239

2002/58/EC Directive on Privacy and Electronic Communications [2002] OJ L201,

173, 274

art. 13(1), 172

2002/65/EC Distance Marketing Directive [2002] OJ L271, 78–81, 105, 168–71

recital 6, 80, 170

recital 12, 169

recital 14, 169

recital 16, 169

recital 17, 169

recital 20, 179

recital 22, 169

recital 29, 169

art. 1(1), 80

art. 1(2), 169

art. 2(b), 168

art. 2(d), 145

art. 2(e), 169

art. 2(f), 179

art. 3, 169

art. 3(1), 178

art. 3(2), 178

art. 3(4), 177

art. 4, 177

art. 4(1), 169, 177

art. 4(3), 169

art. 5, 179, 193

art. 5(2), 178

art. 6(1), 190

art. 6(2)(a), 191

art. 6(2)(b), 191

art. 7, 191

art. 9(1), 172

art. 13, 169

art. 16, 80

art. 21, 170

2002/87 Financial Conglomerates Directive [2002] OJ L35, 155

TA B L E O F E U L E G I S L AT I O N xxxiii






2004/39/EC Directive on Markets in Financial Instruments [2004] OJ L145, 214–18

art. 1(2), 215

art. 13, 215

art. 13(2), 215

art. 13(3), 215

art. 13(4), 215

art. 13(5), 216

art. 13(6), 216

art. 13(7), 216

art. 13(8), 216

art. 13(10), 216

art. 18(2), 215

art. 19(2), 216

art. 19(3), 216

art. 19(4), 216

art. 19(5), 216

art. 19(6), 217

art. 19(7), 217

art. 19(8), 217

art. 19(10), 217

arts. 19–30, 216

art. 21(1), 217

art. 22(1), 217

art. 25(2), 217

art. 25(3), 218

art. 28(1), 218

art. 31(1), 218, 242

art. 70, 214

art. 71, 214

2005/29 Unfair Commercial Practices Directive [2005] OJ L149, 173

Regulations

Regulation 44/2001/EC on jurisdiction and the recognition of judgments

in civil and commercial matters (Brussels Regulation) OJ 2001

No. L12/1 249, 289, 293–4

recital 13, 297

art. 2, 293

art. 2(1), 296

art. 5(1)(a), 296

art. 5(1)(b), 296

art. 5(3), 258

xxxiv TA B L E O F E U L E G I S L AT I O N






art. 15, 303

art. 15(1)(c), 299, 304

art. 16, 303

art. 16(1), 304

art. 16(2), 304

art. 17, 303

art. 23, 293

art. 23(1), 294

art. 23(2), 294

Regulation 2560/2001/EC on Cross-Border Payments in Euro 2001 OJ No. L344/34,

200, 202–3

art. 3(2), 203

art. 4, 203

art. 5, 203

Regulation No 2006/2004/EC on Consumer Cooperation 2004 OJ No. L364/1, 133

art. 6, 134

art. 7, 134

art. 8, 134

TA B L E O F E U L E G I S L AT I O N xxxv






INTERNET BANKING AND THE LAW IN...

Documents

Transcript of INTERNET BANKING AND THE LAW IN...