INTERNET BANKING AND THE LAW IN...
Transcript of 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.
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INTERNET BANKING AND
THE LAW IN EUROPE
Regulation, Financial Integration and
Electronic Commerce
APOSTOLOS ATH . GKOUTZ IN I S
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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.
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StZ Despoina,Gia tiB oreB pou den Zmoun ekei
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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
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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
financial services 73
4 The governance of the European market in cross-border
electronic banking activities 82
Introduction 82
Institutional foundations of the single European market in
financial services 84
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
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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
financial services 165
Privacy and data protection 179
C O N T E N T S ix
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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
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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
banking contracts 289
International contracts, conflicts of laws and European
financial integration 290
Choice of law and choice of jurisdiction in cross-border
banking contracts 292
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
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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
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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
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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
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(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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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