Legal Issues In Electronic Banking

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Although electronic banking is rapidly overtaking direct bank-to-customer and bank-to-bank contact — and seems to be moving forward without serious problems — the law governing this telecommunication-based business is not always clearly defined in relation to certain issues that arise with ever-greater frequency, especially in cross-border transactions. This is the first book to investigate and present the applicable legal consensus for each of these important issues, based on existing legislation and relevant judicial decisions. The legal issues in question arise from such events, activities, and actualities as the following, all of which are treated in this book: + determination of local jurisdiction; + applicability of contractual obligations; + probative value of digital documents; + electronic evidence; + electronic money; + protection of privacy; + day-trading facilities; + web marketing of lending services; + electronic bills of lading; + Internet stock offerings; + electronic determination of title; and + outsourcing of electronic banking functions. Eighteen outstanding authors — bankers, lawyers, and academics — contribute their expertise to elucidate the issues and their implications. They draw their legal analyses from international norms such as the UNCITRAL Model Law, relevant EC directives and draft directives, the United States Uniform Electronic Transaction Act (UETA) and E-Sign Act and other national laws, as well as from numerous court decisions in Europe and the United States. The essays are based on papers originally presented at a conference sponsored by the Law Centre for European and International Cooperation (R.I.Z.) and held at Cologne in April 2001. Legal Issues in Electronic Banking will be of great value to anyone involved in banking or financial services. It could be said that what it sets forth is nothing less than the future mode of financial transactions.

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Product Details

Table of Contents

List of Abbreviations
I Introduction: Economic and Legal Aspects of Electronic Banking
Banking in the Electronic Age. Legal Issues 3
Banking in the Electronic Age. A Banker's View 29
The Localisation of Electronic Banking Transactions. The German Perspective 39
The Localisation of Electronic Banking Transactions. EU, WTO and Tax Considerations 55
Applicable Law and Jurisdiction in Electronic Banking Transactions 73
II General Legal Problems with Internet Transactions by Banks
Transaction Safety in Electronic Banking. Legal Aspects 91
Rules of Evidence and Electronic Transactions 121
Legal Aspects of the Bank-Customer Relationship in Electronic Banking 163
III Individual Banking Transactions on the Internet
Electronic Payment Systems. Legal Aspects 189
Legal Issues in Day-Trading 211
Legal Aspects in Direct Banks Securities Business. A German Law Perspective 231
Electronic Credit Transactions. Legal Aspects 253
Electronic Letters of Credit. The Limits of the Present Initiatives 271
Electronic Bank Guarantees and Stand-by Letters of Credit 287
IV Capital Market Transactions on the Internet
US Securities Regulation and the Use of the Internet in Registered Offerings 309
Electronic Trade in Negotiable Instruments 345
V Outsourcing of Banking Functions: The Virtual Bank
Outsourcing of Banking Functions. Company Law Aspects 359
Outsourcing of Banking Functions. Supervisory Law Aspects 369
Index 393
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