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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:
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.
|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|