Book contents
- Frontmatter
- Contents
- Tables
- Preface
- Tables of legislation
- Table of EU legislation
- Table of international conventions
- Table of cases
- Abbreviations
- Introduction
- PART I Introduction to electronic finance and Internet banking
- PART II Online banking and international market access: The causes of incomplete financial integration and what to do about them
- PART III EU harmonization and convergence of national laws relating to electronic banking activities
- PART IV Applicable law and allocation of regulatory responsibility in cross-border electronic banking activities
- 7 Cross-border Internet banking and the principle of ‘home country’ control in the EU Financial Services Directives
- 8 Mutual recognition of national laws under the principle of ‘country of origin’ of the Electronic Commerce Directive
- 9 Applicable law and jurisdiction in cross-border electronic banking contracts
- Conclusions
- Select bibliography
- Index
9 - Applicable law and jurisdiction in cross-border electronic banking contracts
Published online by Cambridge University Press: 11 August 2009
- Frontmatter
- Contents
- Tables
- Preface
- Tables of legislation
- Table of EU legislation
- Table of international conventions
- Table of cases
- Abbreviations
- Introduction
- PART I Introduction to electronic finance and Internet banking
- PART II Online banking and international market access: The causes of incomplete financial integration and what to do about them
- PART III EU harmonization and convergence of national laws relating to electronic banking activities
- PART IV Applicable law and allocation of regulatory responsibility in cross-border electronic banking activities
- 7 Cross-border Internet banking and the principle of ‘home country’ control in the EU Financial Services Directives
- 8 Mutual recognition of national laws under the principle of ‘country of origin’ of the Electronic Commerce Directive
- 9 Applicable law and jurisdiction in cross-border electronic banking contracts
- Conclusions
- Select bibliography
- Index
Summary
The final chapter of this book will discuss the conflict of laws and questions of jurisdiction in contractual matters relating to cross-border electronic banking activities in the single European market. It will be recalled that the single market Directives in the field of financial services and electronic commerce do not regulate the question of which law governs international banking and financial contracts and which court decides international banking and financial contractual disputes in Europe.
The legal and institutional principles of mutual recognition and ‘home country’ control established in the field of financial services by measures such as the Banking Consolidation Directive, the E-Commerce Directive and the Directive on Markets in Financial Instruments (MiFiD) harmonize important aspects of economic regulatory law without affecting the conflict of national laws in contractual matters. The scope of application of the Banking Directive and the MiFiD extends almost exclusively to matters of prudential and investor protection regulation and supervision, whereas the E-Commerce Directive expressly exempts the contractual choice of applicable law and contractual matters relating to consumer contracts from the normative impact of the principle of country of origin. Put simply, the contractual aspect of cross-border electronic banking activities, at least with regard to governing law and jurisdiction, remains unaffected by EU policies in the field of financial services and electronic commerce and subject to the general law relating to the conflict of laws and jurisdiction, primarily the Rome Convention on the Law Applicable to Contractual Obligations and the Brussels Regulation.
- Type
- Chapter
- Information
- Internet Banking and the Law in EuropeRegulation, Financial Integration and Electronic Commerce, pp. 289 - 309Publisher: Cambridge University PressPrint publication year: 2006
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