Legal Issues in Electronic Banking【2025|PDF|Epub|mobi|kindle电子书版本百度云盘下载】

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Ⅰ.Introduction: Economic and Legal Aspects of Electronic Banking3

BANKING IN THE ELECTRONIC AGE.LEGAL ISSUES&NORBERT HORN3

Ⅰ.The Evolution of Electronic Banking3

A.Where the Winds of Change Blow3

B.A Challenge for Banking Law5

Ⅱ.E-banking Transactions and the B2C-Relationship6

A.General E-commerce Legal Requirements6

1.Applicable Law6

2.Forum8

3.Formation of Contracts and EU Consumer Protection9

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

5.Electronic Signature11

6.Impact on E-banking Transactions13

B.Legal Issues in Specific B2C E-banking Transactions14

1.Online Banking: Admission, Transaction Safety, and Liability14

2.Investment Advice and Execution-only Business16

3.Consumer Credits and Secured Loans17

4.Day trading18

C.Electronic Cash18

Ⅲ.E-banking and the New Organisation of Banking Enterprises: The Virtual Bank19

A.Changes in Banking Supervisory Laws19

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

C.Outsourcing of Banking Functions20

Ⅳ.E-banking and the Markets for Capital and Financial Services22

A.Improvements and Restraints of Competition22

B.Initial Public Offerings in the Internet23

C.Stock Exchanges and Alternative Trading Systems24

1.Electronic Transactions of Stock Exchanges24

2.Alternative Tradings Systems25

Ⅴ.Concluding Remarks26

BANKING IN THE ELECTRONIC AGE.A BANKERS VIEW&ROLF E.BREUER29

Ⅰ.Introduction29

Ⅱ.The Importance of the Internet30

Ⅲ.Challenges for Banks32

A.Globalisation32

B.Disintermediation33

C.Deconstruction33

Ⅳ.Strategic Responses of Banks34

Ⅴ.The Future of Banking37

Ⅵ.Conclusion38

THE LOCALISATION OF ELECTRONIC BANKING TRANSACTIONS.THE GERMAN PERSPECTIVE&GEORG BORGES39

Ⅰ.Introduction: Territorial Links of Internet Banking Transactions39

Ⅱ.The Country in Which an Offer is Made, § 1 Prospectus Act40

A.Internet-IPO’s and the Prospectus Act40

B.The Announcement of the Bundesamt41

C.The ‘Disclai ner-Concept’45

1.Advantages and Potential Danger of Misuse of a Disclaimer45

2.Appropriate Means Preventing Subscriptions From Within Germany46

D.The Concept of Content-Direction47

E.Conclusion48

Ⅲ.The State in Which a Service is Provided, § 31 （3） WpHG49

A.German Rules of Conduct and International Financial Transactions, §§ 31, 32 WpHG49

B.The Country in Which Services are Provided50

1.General Rule50

2.Electronic Banking52

C.Conclusion52

Ⅳ.Localising a Website by its Content53

THE LOCALISATION OF ELECTRONIC BANKING TRANSACTIONS.EU, WTO AND TAX CONSIDERATIONS&MARC DASSESSE55

Ⅰ.Where is a Financial Service Located? Regulatory Implications55

A.Introduction55

B.The Localisation Rules Applicable to Financial Services at an EU Level56

1.Scope of the EU Rules: Applicable Only to EC Incorporated Financial Services Providers56

2.A Growing Divide in Terms of Prudential Localisation Rules Between Banking and Investment Services and Insurance Services58

C.The Localisation Rules Applicable to Financial Services in a WTO Context63

D.Difficult Cohabitation Within the European Union of EU Localisation Rules and of GATS Commitments64

1.Scenario Number 164

2.Scenario Number 266

Ⅱ.Tax implications of the localisation of financial services67

APPLICABLE LAW AND JURISDICTION IN ELECTRONIC BANKING TRANSACTIONS&HERBERT KRONKE73

Ⅰ.Factual Backdrop73

Ⅱ.Problem Areas74

A.Bank-Customer Relationship75

1.The Lexicon: Online Banking - Home Banking75

2.Law Governing the Contract75

a.Pre-Existing Contract75

b.Formation of a Contract76

c.EU-Directive on E-Commerce77

d.Consumer Protection78

e.Scope of the Applicable Law80

f.（Other） Mandatory Rules80

3.Non-Contractual Issues81

4.Jurisdiction82

B.Relationship Bank - Third Parties83

C.Electronic Payment83

D.Inter-Bank Relationship85

E.Securities Transactions85

1.Banks as Brokers: The Law Governing the Contract85

2.Banks as Securities Depositories, Custodians etc.:The Law Governing the Proprietary Aspects85

3.Other Issues86

Ⅲ.Conclusions87

Ⅱ.General Legal Problems with Internet Transactions by Banks91

TRANSACTION SAFETY IN ELECTRONIC BANKING.LEGAL ASPECTS&THOMAS HOEREN91

Ⅰ.Conclusion of Contracts on the Internet91

Ⅱ.Avoidance, Authorization and Receipt of Electronic Declarations of Intent93

A.Legal Situation According to the BGB93

B.The Directive on Electronic Commerce95

Ⅲ.Written Form and Digital Signature95

A.Pre-History of the Form-Reforms96

B.Directive on E-Commerce, Electronic Signature Directive and Written Form97

Ⅳ.Probative Value of Digital Documents99

A.Free Evaluation of the Evidence99

B.Evidential Stipulation100

C.Amendment of Laws100

D.Directive on Electronic Signatures101

E.Digital Signature: Technical Conversion103

1.The Symmetric Encryption103

2.The Asymmetric Encryption104

Ⅴ.The Law of the General Conditions of Trade105

Ⅵ.Means of Payment Within the Electronic Business107

Ⅶ.Consumer Protection on the Internet110

A.Questions of Legal Interference111

B.Verbraucherkreditgesetz （Consumer Credit Act）113

C.Das Fernabsatzgesetz （Distance Selling Act）116

D.Directive on Financial Services118

1.Scope of Application and Information Model118

2.The ‘Durable Medium’119

3.Right of Revocation119

RULES OF EVIDENCE AND ELECTRONIC TRANSACTIONS&CLIFFORD LARSEN121

Ⅰ.Introduction121

Ⅱ.Traditional Evidentiary Rules and Electronic Evidence122

A.The Hearsay Rule123

B.The Authentication Requirement128

C.The Best Evidence Rule131

D.The Statute of Frauds133

Ⅲ.Recent American Legislation and its Effect on These Evidentia Rules135

A.Introduction135

B.Federal Legislation （E-SIGN）136

1.Basic Rule of Equality Between E-Signatures and Documents Versus Paper-and-Ink Signatures and Documents136

2.Effect of E-SIGN on Rules of Evidence Analysis137

3.Scope of E-SIGN139

C.State Legislation142

1.UETA: General Substantive Principles142

2.Scope of UETA146

3.State Digital Signature Laws147

4.‘Hybrid’ State Laws148

D.Relationship of State Law to E-SIGN149

Ⅳ.European Union Initiatives151

Ⅴ.Contractual Approaches to Electronic Commerce and Rules of Evidence154

Ⅵ.Further Development of Electronic Evidence Law156

LEGAL ASPECTS OF THE BANK-CUSTOMER RELATIONSHIP IN ELECTRONIC BANKING&WOLFGANG WIEGAND163

Preliminary Remarks on Topic and Title163

Ⅰ.Legal Aspects of the Bank-Customer Relationship164

A.Structure and Variety of Bank Services164

B.The Corresponding Variety of Customers164

C.The Legal Framework165

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

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

D.The Regulatory Environment167

Ⅱ.Legal Aspects of Electronic Banking168

A.E-Banking as a Part of E-Commerce168

B.Specific Problems of E-Banking173

Ⅲ.Accumulation and Interaction of Duties in the Electronic Bank- Customer Relationship174

A.The Pre-Contractual Phase174

1.Accumulation of Duties of Disclosure and Information174

2.Duty to Give Advice or Warnings?175

3.Customer’s Obligations177

B.Conclusion of Contract177

1.Opening of a New Account180

2.General Contract Conditions180

C.Performance Phase181

1.Traditional and New Duties of the Bank181

2.The Allocation of Risk and the General and Special Contract Conditions182

3.A Distant View185

Ⅳ.Summary and Perspective186

Ⅲ.Individual Banking Transactions on the Internet189

ELECTRONIC PAYMENT SYSTEMS.LEGAL ASPECTS&ROBERT C.EFFROS189

Ⅰ.Introduction190

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 Considerations208

LEGAL ISSUES IN DAY-TRADING&GUNNAR SCHUSTER211

Ⅰ.Introduction211

Ⅱ.Definition of Day-Trading212

Ⅲ.Risks of Day-Trading213

Ⅳ.Legal Aspects of Day-Trading in Germany216

A.Licensing of Day-Trading Facilities216

B.Particular Obligations of Firms Offering Day-Trading Facilities219

C.The Enforceability of Day-Trading Contracts222

1.The Hamburg Day-Trading Case222

2.Legal Analysis Under Current Civil Law223

3.Day-Trading After the Repeal of the Contract for Differences Defence225

Ⅴ.Conclusions228

LEGAL ASPECTS IN DIRECT BANKS SECURITIES BUSINESS.A GERMAN LAW PERSPECTIVE&PETER BALZER231

Ⅰ.Introduction231

Ⅱ.Direct Bank’s Duties to Inform and Give Advice232

A.Distinction Between Duty to Inform and Duty to Give Advice232

B.Content and Reduction of the Direct Bank’s Duties to Inform Pursuant to § 31 （2） 1 No.2 WpHG233

C.Direct Bank’s Contractual Duties to Give Advice235

1.Contract to Give Advice235

2.Duty to Give Advice in Case of Sending Information Material to the Customer236

3.Conclusion of a Contract to Give Advice in Case of an Advisory Talk237

D.Legal Control of the Exclusion to Give Advice Pursuant to AGBG237

Ⅲ.Duties of Direct Banks in Executing Securities Orders239

A.Legal Aspects of the Bank - Customer Relationship in Securities Transactions239

B.Duty to Protect the Customer’s Interests in Executing Securities Orders240

C.Duty to Keep Records242

Ⅳ.Liability of Direct Banks in Case of Non-Availability242

A.Organisational Duties of Direct Banks Pursuant to § 33 （1） No.1 WpHG243

B.Aspects of Direct Bank’s Liability in Case of Non-Availability244

1.Liability in Case of Violation of the Organisational Requirements Pursuant to § 33 （1） No.1 WpHG244

2.Availability as a Direct Bank’s Duty of Contract245

C.Prerequisite for a Direct Bank’s Liability in Relation to the Customer247

1.Direct Bank’s Fault as a Prerequisite for the Customer’s Claim for Damages247

2.Extent of the Damages to be Replaced by the Direct Bank248

3.Legal Control of General Business Conditions Concerning the Direct Bank’s Non-Availability248

4.Burden of Proof in Case of the Direct’s Bank Non-Availability249

Ⅴ.Concluding Remarks250

ELECTRONIC CREDIT TRANSACTIONS.LEGAL ASPECTS&JANE K.WINN253

Ⅰ.Introduction: Life Cycle of a Bank Credit253

Ⅱ.Origination254

A.Web Marketing of Lending Services254

B.Authentication255

C.Profiling and Rating of Loan Applicants257

D.Credit Management: New Accounts and Reversibility of ACH Deposits259

E.Signature and Writing Requirements260

F.Virtual Goods263

Ⅲ.Credits as Assets264

A.Securitization and Participation264

B.Revised Art.9 Assistance265

Ⅳ.Enforcement267

A.Expanded Scope of Revised Art.9267

B.Remotely Disable Software267

Ⅴ.Conclusion269

ELECTRONIC LETTERS OF CREDIT.THE LIMITS OF THE PRESENT INITIATIVES&ADAM JOHNSON271

Ⅰ.Introduction271

A.General271

B.Bills of Lading272

Ⅱ.Relevant Legal Incidents of the Bill of Lading273

A.Characteristics of the Bill of Lading273

B.Document of Title273

C.Vehicle for the Transfer of Contractual Rights274

Ⅲ.The Issues274

A.The Role of Mercantile Law and Practice274

B.Mercantile Law and Practice and Electronic Documents275

Ⅳ.Possible Structures276

A.Open and Closed Systems276

B.Trading in Paper: An Open System276

C.Electronic Trading: Closed Systems276

Ⅴ.Bolero: Outline277

A.Organisational Structure277

B.A Bolero Transaction277

Ⅵ.Bolero’s Contractual Framework278

A.The Bolero Rulebook278

B.The Key Contractual Obligations279

Ⅶ.Bolero: Critique280

A.The Elements of the Bolero Framework280

B.Bolero As a Contract280

C.Bolero and Third Parties281

D.Title to Goods and the Bolero System281

E.Transfers of Contractual Rights and the Bolero System283

Ⅷ.Conclusion284

A.Assessment284

B.Technical Issues284

C.Legal Issues284

ELECTRONIC BANK GUARANTEES AND STAND-BY LETTERS OF CREDIT&STEFAN KROLL287

Ⅰ.Introduction287

Ⅱ.The Status Quo and Potential for Improvement in the Context of Indirect Bank Guarantees288

Ⅲ.Communications Between the Banks289

Ⅳ.Request to Open a Bank Guarantee290

A.Possible Advantages of Electronic Applications291

B.Existing Reservations291

C.Legal Situation292

Ⅴ.Electronically Issued Bank Guarantee295

A.Requirements for the Creation of a Bank Guarantee296

B.Offer296

C.Acceptance297

D.Form Requirements298

1.Statutory Form Requirements for Bank Guarantees299

2.Application of the Statutory Form Requirements for Sureties300

3.Contractual Form Requirements301

E.Return of the Guarantee Document301

Ⅵ.Calling of the Guarantee302

Ⅶ.Electronically Created Offer to Issue a Bank Guarantee304

Ⅷ.Conclusion305

Ⅳ.Capital Market Transactions on the Internet309

US SECURITIES REGULATION AND THE USE OF THE INTERNET IN REGISTERED OFFERINGS&JOSEPH J.NORTON AND HANSJORG J.O.HEPPE309

Ⅰ.Introduction309

Ⅱ.The Backdrop312

A.The Basic Principles of US Securities Regulation312

B.How the Internet Comes into Play314

1.Websites314

2.Hyperlinks315

3.Audio and Video-Streaming315

4.E-mail316

Ⅲ.Registered Stock Offerings and the Use of the Internet and Other Electronic Media317

A.Electronic Delivery of SEC Documents320

1.Consent to Electronic Delivery321

2.The Envelope Theory322

B.Website Content324

1.Issuer Responsibility for Hyperlinked Information325

2.Issuer Communications During a Registered Offering326

C.Electronic Road Shows330

D.Regulation FD336

Ⅳ.The SEC Approach Towards Fraud and the Internet339

Ⅴ.Conclusion343

ELECTRONIC TRADE IN NEGOTIABLE INSTRUMENTS&JANE K.WINN345

Ⅰ.The Creation of Electronic Negotiable Instruments345

Ⅱ.The Switch from Paper to Electronic Media in Various Markets347

Ⅲ.Efficiency Gains through Electronic Determination of Good Title350

Ⅳ.The Future of the Transferable Record354

Ⅴ.Outsourcing of Banking Functions: The Virtual Bank359

OUTSOURCING OF BANKING FUNCTIONS.COMPANY LAW ASPECTS&HANS DIEKMANN359

Ⅰ.Introduction359

A.Reasons for Outsourcing Banking Functions359

B.Legal Means for Outsourcing Banking Functions360

C.Examples361

Ⅱ.Corporate Law Restrictions361

A.Section 25a German Banking Act362

B.Object of the Company363

C.Principle of Self-Dependent Leadership364

D.Restrictions Pursuant to the Holzmuller Decision365

E.Risk Management366

F.Intragroup Outsourcing Projects366

Ⅲ.Conclusions367

OUTSOURCING OF BANKING FUNCTIONS.SUPERVISORY LAW ASPECTS&MICHAEL KUNZ369

Ⅰ.Introduction369

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 Functions373

A.Problems with Sourcing out Banking Functions in General373

1.Selection of a Qualified Outsourcing Provider373

2.Data Protection and Data Security374

3.Sourcing Out Banking Functions Abroad /Cross-Border Outsourcing375

4.Control and Management of Outsourcing Risks375

B.Specific Problems of Sourcing Out E-Banking Functions376

Ⅲ.Regulation of Sourcing out E-Banking Functions379

A.International Regulation of Sourcing Out E-Banking Functions379

1.Basel Committee’s Report on Risk Management of E-Banking and E-Money379

2.Basel Committee’s Risk Management Principles for E-Banking381

3.The Role of Supervisory Authorities384

B.Rules and Regulations at the National Level384

1.Germany385

2.Switzerland385

3.Canada388

Ⅳ.Conclusion391

Index393