Legal Issues in Electronic BankingPDF电子书下载

Ⅰ.Introduction: Economic and Legal Aspects of Electronic Banking 3

BANKING IN THE ELECTRONIC AGE.LEGAL ISSUES&NORBERT HORN 3

Ⅰ.The Evolution of Electronic Banking 3

A.Where the Winds of Change Blow 3

B.A Challenge for Banking Law 5

Ⅱ.E-banking Transactions and the B2C-Relationship 6

A.General E-commerce Legal Requirements 6

1.Applicable Law 6

2.Forum 8

3.Formation of Contracts and EU Consumer Protection 9

4.Right of Revocation or Withdrawal under EC Consumer Law? 10

5.Electronic Signature 11

6.Impact on E-banking Transactions 13

B.Legal Issues in Specific B2C E-banking Transactions 14

1.Online Banking: Admission, Transaction Safety, and Liability 14

2.Investment Advice and Execution-only Business 16

3.Consumer Credits and Secured Loans 17

4.Day trading 18

C.Electronic Cash 18

Ⅲ.E-banking and the New Organisation of Banking Enterprises: The Virtual Bank 19

A.Changes in Banking Supervisory Laws 19

B.Extraterritorial Effects of Banking Supervisory Laws with Respect to E-banking? 20

C.Outsourcing of Banking Functions 20

Ⅳ.E-banking and the Markets for Capital and Financial Services 22

A.Improvements and Restraints of Competition 22

B.Initial Public Offerings in the Internet 23

C.Stock Exchanges and Alternative Trading Systems 24

1.Electronic Transactions of Stock Exchanges 24

2.Alternative Tradings Systems 25

Ⅴ.Concluding Remarks 26

BANKING IN THE ELECTRONIC AGE.A BANKERS VIEW&ROLF E.BREUER 29

Ⅰ.Introduction 29

Ⅱ.The Importance of the Internet 30

Ⅲ.Challenges for Banks 32

A.Globalisation 32

B.Disintermediation 33

C.Deconstruction 33

Ⅳ.Strategic Responses of Banks 34

Ⅴ.The Future of Banking 37

Ⅵ.Conclusion 38

THE LOCALISATION OF ELECTRONIC BANKING TRANSACTIONS.THE GERMAN PERSPECTIVE&GEORG BORGES 39

Ⅰ.Introduction: Territorial Links of Internet Banking Transactions 39

Ⅱ.The Country in Which an Offer is Made, § 1 Prospectus Act 40

A.Internet-IPO’s and the Prospectus Act 40

B.The Announcement of the Bundesamt 41

C.The ‘Disclai ner-Concept’ 45

1.Advantages and Potential Danger of Misuse of a Disclaimer 45

2.Appropriate Means Preventing Subscriptions From Within Germany 46

D.The Concept of Content-Direction 47

E.Conclusion 48

Ⅲ.The State in Which a Service is Provided, § 31 （3） WpHG 49

A.German Rules of Conduct and International Financial Transactions, §§ 31, 32 WpHG 49

B.The Country in Which Services are Provided 50

1.General Rule 50

2.Electronic Banking 52

C.Conclusion 52

Ⅳ.Localising a Website by its Content 53

THE LOCALISATION OF ELECTRONIC BANKING TRANSACTIONS.EU, WTO AND TAX CONSIDERATIONS&MARC DASSESSE 55

Ⅰ.Where is a Financial Service Located? Regulatory Implications 55

A.Introduction 55

B.The Localisation Rules Applicable to Financial Services at an EU Level 56

1.Scope of the EU Rules: Applicable Only to EC Incorporated Financial Services Providers 56

2.A Growing Divide in Terms of Prudential Localisation Rules Between Banking and Investment Services and Insurance Services 58

C.The Localisation Rules Applicable to Financial Services in a WTO Context 63

D.Difficult Cohabitation Within the European Union of EU Localisation Rules and of GATS Commitments 64

1.Scenario Number 1 64

2.Scenario Number 2 66

Ⅱ.Tax implications of the localisation of financial services 67

APPLICABLE LAW AND JURISDICTION IN ELECTRONIC BANKING TRANSACTIONS&HERBERT KRONKE 73

Ⅰ.Factual Backdrop 73

Ⅱ.Problem Areas 74

A.Bank-Customer Relationship 75

1.The Lexicon: Online Banking - Home Banking 75

2.Law Governing the Contract 75

a.Pre-Existing Contract 75

b.Formation of a Contract 76

c.EU-Directive on E-Commerce 77

d.Consumer Protection 78

e.Scope of the Applicable Law 80

f.（Other） Mandatory Rules 80

3.Non-Contractual Issues 81

4.Jurisdiction 82

B.Relationship Bank - Third Parties 83

C.Electronic Payment 83

D.Inter-Bank Relationship 85

E.Securities Transactions 85

1.Banks as Brokers: The Law Governing the Contract 85

2.Banks as Securities Depositories, Custodians etc.:The Law Governing the Proprietary Aspects 85

3.Other Issues 86

Ⅲ.Conclusions 87

Ⅱ.General Legal Problems with Internet Transactions by Banks 91

TRANSACTION SAFETY IN ELECTRONIC BANKING.LEGAL ASPECTS&THOMAS HOEREN 91

Ⅰ.Conclusion of Contracts on the Internet 91

Ⅱ.Avoidance, Authorization and Receipt of Electronic Declarations of Intent 93

A.Legal Situation According to the BGB 93

B.The Directive on Electronic Commerce 95

Ⅲ.Written Form and Digital Signature 95

A.Pre-History of the Form-Reforms 96

B.Directive on E-Commerce, Electronic Signature Directive and Written Form 97

Ⅳ.Probative Value of Digital Documents 99

A.Free Evaluation of the Evidence 99

B.Evidential Stipulation 100

C.Amendment of Laws 100

D.Directive on Electronic Signatures 101

E.Digital Signature: Technical Conversion 103

1.The Symmetric Encryption 103

2.The Asymmetric Encryption 104

Ⅴ.The Law of the General Conditions of Trade 105

Ⅵ.Means of Payment Within the Electronic Business 107

Ⅶ.Consumer Protection on the Internet 110

A.Questions of Legal Interference 111

B.Verbraucherkreditgesetz （Consumer Credit Act） 113

C.Das Fernabsatzgesetz （Distance Selling Act） 116

D.Directive on Financial Services 118

1.Scope of Application and Information Model 118

2.The ‘Durable Medium’ 119

3.Right of Revocation 119

RULES OF EVIDENCE AND ELECTRONIC TRANSACTIONS&CLIFFORD LARSEN 121

Ⅰ.Introduction 121

Ⅱ.Traditional Evidentiary Rules and Electronic Evidence 122

A.The Hearsay Rule 123

B.The Authentication Requirement 128

C.The Best Evidence Rule 131

D.The Statute of Frauds 133

Ⅲ.Recent American Legislation and its Effect on These Evidentia Rules 135

A.Introduction 135

B.Federal Legislation （E-SIGN） 136

1.Basic Rule of Equality Between E-Signatures and Documents Versus Paper-and-Ink Signatures and Documents 136

2.Effect of E-SIGN on Rules of Evidence Analysis 137

3.Scope of E-SIGN 139

C.State Legislation 142

1.UETA: General Substantive Principles 142

2.Scope of UETA 146

3.State Digital Signature Laws 147

4.‘Hybrid’ State Laws 148

D.Relationship of State Law to E-SIGN 149

Ⅳ.European Union Initiatives 151

Ⅴ.Contractual Approaches to Electronic Commerce and Rules of Evidence 154

Ⅵ.Further Development of Electronic Evidence Law 156

LEGAL ASPECTS OF THE BANK-CUSTOMER RELATIONSHIP IN ELECTRONIC BANKING&WOLFGANG WIEGAND 163

Preliminary Remarks on Topic and Title 163

Ⅰ.Legal Aspects of the Bank-Customer Relationship 164

A.Structure and Variety of Bank Services 164

B.The Corresponding Variety of Customers 164

C.The Legal Framework 165

1.The Simple Pattern ‘One Transaction - One Contract’? 165

2.The Construct of the ‘General Banking Contract’ 166

D.The Regulatory Environment 167

Ⅱ.Legal Aspects of Electronic Banking 168

A.E-Banking as a Part of E-Commerce 168

B.Specific Problems of E-Banking 173

Ⅲ.Accumulation and Interaction of Duties in the Electronic Bank- Customer Relationship 174

A.The Pre-Contractual Phase 174

1.Accumulation of Duties of Disclosure and Information 174

2.Duty to Give Advice or Warnings? 175

3.Customer’s Obligations 177

B.Conclusion of Contract 177

1.Opening of a New Account 180

2.General Contract Conditions 180

C.Performance Phase 181

1.Traditional and New Duties of the Bank 181

2.The Allocation of Risk and the General and Special Contract Conditions 182

3.A Distant View 185

Ⅳ.Summary and Perspective 186

Ⅲ.Individual Banking Transactions on the Internet 189

ELECTRONIC PAYMENT SYSTEMS.LEGAL ASPECTS&ROBERT C.EFFROS 189

Ⅰ.Introduction 190

Ⅱ.Is Electronic Money Legal Tender? 191

Ⅲ.Is There an Analogous Instrument to Which Electronic Money May be Likened? 192

Ⅳ.Does Electronic Money Give Rise to Deposits? 195

Ⅴ.What are the Salient Points of the New EU Directives Regulating the Business of Electronic Money Institutions? 200

Ⅵ.What Legal Issues are Presented by the Creation of Electronic Money? 203

Ⅶ.What Legal Issues are Presented by the Transfer of Electronic Money? 204

Ⅷ.What Legal Issues are Presented by the Discharge and Settlement of Electronic Money? 205

Ⅸ.What Legal Issues are Posed by Concerns for the Protection of Privacy? 207

Ⅹ.Some Additional Considerations 208

LEGAL ISSUES IN DAY-TRADING&GUNNAR SCHUSTER 211

Ⅰ.Introduction 211

Ⅱ.Definition of Day-Trading 212

Ⅲ.Risks of Day-Trading 213

Ⅳ.Legal Aspects of Day-Trading in Germany 216

A.Licensing of Day-Trading Facilities 216

B.Particular Obligations of Firms Offering Day-Trading Facilities 219

C.The Enforceability of Day-Trading Contracts 222

1.The Hamburg Day-Trading Case 222

2.Legal Analysis Under Current Civil Law 223

3.Day-Trading After the Repeal of the Contract for Differences Defence 225

Ⅴ.Conclusions 228

LEGAL ASPECTS IN DIRECT BANKS SECURITIES BUSINESS.A GERMAN LAW PERSPECTIVE&PETER BALZER 231

Ⅰ.Introduction 231

Ⅱ.Direct Bank’s Duties to Inform and Give Advice 232

A.Distinction Between Duty to Inform and Duty to Give Advice 232

B.Content and Reduction of the Direct Bank’s Duties to Inform Pursuant to § 31 （2） 1 No.2 WpHG 233

C.Direct Bank’s Contractual Duties to Give Advice 235

1.Contract to Give Advice 235

2.Duty to Give Advice in Case of Sending Information Material to the Customer 236

3.Conclusion of a Contract to Give Advice in Case of an Advisory Talk 237

D.Legal Control of the Exclusion to Give Advice Pursuant to AGBG 237

Ⅲ.Duties of Direct Banks in Executing Securities Orders 239

A.Legal Aspects of the Bank - Customer Relationship in Securities Transactions 239

B.Duty to Protect the Customer’s Interests in Executing Securities Orders 240

C.Duty to Keep Records 242

Ⅳ.Liability of Direct Banks in Case of Non-Availability 242

A.Organisational Duties of Direct Banks Pursuant to § 33 （1） No.1 WpHG 243

B.Aspects of Direct Bank’s Liability in Case of Non-Availability 244

1.Liability in Case of Violation of the Organisational Requirements Pursuant to § 33 （1） No.1 WpHG 244

2.Availability as a Direct Bank’s Duty of Contract 245

C.Prerequisite for a Direct Bank’s Liability in Relation to the Customer 247

1.Direct Bank’s Fault as a Prerequisite for the Customer’s Claim for Damages 247

2.Extent of the Damages to be Replaced by the Direct Bank 248

3.Legal Control of General Business Conditions Concerning the Direct Bank’s Non-Availability 248

4.Burden of Proof in Case of the Direct’s Bank Non-Availability 249

Ⅴ.Concluding Remarks 250

ELECTRONIC CREDIT TRANSACTIONS.LEGAL ASPECTS&JANE K.WINN 253

Ⅰ.Introduction: Life Cycle of a Bank Credit 253

Ⅱ.Origination 254

A.Web Marketing of Lending Services 254

B.Authentication 255

C.Profiling and Rating of Loan Applicants 257

D.Credit Management: New Accounts and Reversibility of ACH Deposits 259

E.Signature and Writing Requirements 260

F.Virtual Goods 263

Ⅲ.Credits as Assets 264

A.Securitization and Participation 264

B.Revised Art.9 Assistance 265

Ⅳ.Enforcement 267

A.Expanded Scope of Revised Art.9 267

B.Remotely Disable Software 267

Ⅴ.Conclusion 269

ELECTRONIC LETTERS OF CREDIT.THE LIMITS OF THE PRESENT INITIATIVES&ADAM JOHNSON 271

Ⅰ.Introduction 271

A.General 271

B.Bills of Lading 272

Ⅱ.Relevant Legal Incidents of the Bill of Lading 273

A.Characteristics of the Bill of Lading 273

B.Document of Title 273

C.Vehicle for the Transfer of Contractual Rights 274

Ⅲ.The Issues 274

A.The Role of Mercantile Law and Practice 274

B.Mercantile Law and Practice and Electronic Documents 275

Ⅳ.Possible Structures 276

A.Open and Closed Systems 276

B.Trading in Paper: An Open System 276

C.Electronic Trading: Closed Systems 276

Ⅴ.Bolero: Outline 277

A.Organisational Structure 277

B.A Bolero Transaction 277

Ⅵ.Bolero’s Contractual Framework 278

A.The Bolero Rulebook 278

B.The Key Contractual Obligations 279

Ⅶ.Bolero: Critique 280

A.The Elements of the Bolero Framework 280

B.Bolero As a Contract 280

C.Bolero and Third Parties 281

D.Title to Goods and the Bolero System 281

E.Transfers of Contractual Rights and the Bolero System 283

Ⅷ.Conclusion 284

A.Assessment 284

B.Technical Issues 284

C.Legal Issues 284

ELECTRONIC BANK GUARANTEES AND STAND-BY LETTERS OF CREDIT&STEFAN KROLL 287

Ⅰ.Introduction 287

Ⅱ.The Status Quo and Potential for Improvement in the Context of Indirect Bank Guarantees 288

Ⅲ.Communications Between the Banks 289

Ⅳ.Request to Open a Bank Guarantee 290

A.Possible Advantages of Electronic Applications 291

B.Existing Reservations 291

C.Legal Situation 292

Ⅴ.Electronically Issued Bank Guarantee 295

A.Requirements for the Creation of a Bank Guarantee 296

B.Offer 296

C.Acceptance 297

D.Form Requirements 298

1.Statutory Form Requirements for Bank Guarantees 299

2.Application of the Statutory Form Requirements for Sureties 300

3.Contractual Form Requirements 301

E.Return of the Guarantee Document 301

Ⅵ.Calling of the Guarantee 302

Ⅶ.Electronically Created Offer to Issue a Bank Guarantee 304

Ⅷ.Conclusion 305

Ⅳ.Capital Market Transactions on the Internet 309

US SECURITIES REGULATION AND THE USE OF THE INTERNET IN REGISTERED OFFERINGS&JOSEPH J.NORTON AND HANSJORG J.O.HEPPE 309

Ⅰ.Introduction 309

Ⅱ.The Backdrop 312

A.The Basic Principles of US Securities Regulation 312

B.How the Internet Comes into Play 314

1.Websites 314

2.Hyperlinks 315

3.Audio and Video-Streaming 315

4.E-mail 316

Ⅲ.Registered Stock Offerings and the Use of the Internet and Other Electronic Media 317

A.Electronic Delivery of SEC Documents 320

1.Consent to Electronic Delivery 321

2.The Envelope Theory 322

B.Website Content 324

1.Issuer Responsibility for Hyperlinked Information 325

2.Issuer Communications During a Registered Offering 326

C.Electronic Road Shows 330

D.Regulation FD 336

Ⅳ.The SEC Approach Towards Fraud and the Internet 339

Ⅴ.Conclusion 343

ELECTRONIC TRADE IN NEGOTIABLE INSTRUMENTS&JANE K.WINN 345

Ⅰ.The Creation of Electronic Negotiable Instruments 345

Ⅱ.The Switch from Paper to Electronic Media in Various Markets 347

Ⅲ.Efficiency Gains through Electronic Determination of Good Title 350

Ⅳ.The Future of the Transferable Record 354

Ⅴ.Outsourcing of Banking Functions: The Virtual Bank 359

OUTSOURCING OF BANKING FUNCTIONS.COMPANY LAW ASPECTS&HANS DIEKMANN 359

Ⅰ.Introduction 359

A.Reasons for Outsourcing Banking Functions 359

B.Legal Means for Outsourcing Banking Functions 360

C.Examples 361

Ⅱ.Corporate Law Restrictions 361

A.Section 25a German Banking Act 362

B.Object of the Company 363

C.Principle of Self-Dependent Leadership 364

D.Restrictions Pursuant to the Holzmuller Decision 365

E.Risk Management 366

F.Intragroup Outsourcing Projects 366

Ⅲ.Conclusions 367

OUTSOURCING OF BANKING FUNCTIONS.SUPERVISORY LAW ASPECTS&MICHAEL KUNZ 369

Ⅰ.Introduction 369

A.What is Outsourcing of Banking Functions? 370

B.Why Sourcing Out Banking Functions? 371

C.Which Functions are Outsourced by Banks? 372

Ⅱ.Problems with Sourcing out E-Banking Functions 373

A.Problems with Sourcing out Banking Functions in General 373

1.Selection of a Qualified Outsourcing Provider 373

2.Data Protection and Data Security 374

3.Sourcing Out Banking Functions Abroad /Cross-Border Outsourcing 375

4.Control and Management of Outsourcing Risks 375

B.Specific Problems of Sourcing Out E-Banking Functions 376

Ⅲ.Regulation of Sourcing out E-Banking Functions 379

A.International Regulation of Sourcing Out E-Banking Functions 379

1.Basel Committee’s Report on Risk Management of E-Banking and E-Money 379

2.Basel Committee’s Risk Management Principles for E-Banking 381

3.The Role of Supervisory Authorities 384

B.Rules and Regulations at the National Level 384

1.Germany 385

2.Switzerland 385

3.Canada 388

Ⅳ.Conclusion 391

Index 393