E-commerce for financial services: E-commerce for financial services: working with the new UK rules
β Scribed by John Worthy; Nicholas Graham; Robert Finney
- Publisher
- Elsevier Science
- Year
- 2003
- Tongue
- English
- Weight
- 93 KB
- Volume
- 19
- Category
- Article
- ISSN
- 0267-3649
No coin nor oath required. For personal study only.
β¦ Synopsis
The E-commerce Directive (2000/31/EC) aims to open up the cross-border financial services market and is currently being implemented across the European Economic Area (EEA). This article explores the new UK rules and the opportunities they present for the financial services sector.
Financial services products are particularly well suited to e-commerce and the Internet. Interactive digital TV and m-commerce (selling products over mobile phones and PDAs) will present further commercial opportunities. However, progress so far has been limited by the complex European regulatory framework and a lack of consumer confidence. The new rules aim to reduce these barriers and help develop the cross-border financial services market.
The UK implemented the e-commerce Directive last August through a complex matrix of rules and regulations. Regulations made by HM Treasury apply to the Financial Services Authority (FSA) and the financial services sector: these amend the Financial Services and Markets Act 2000 and various regulations and orders under it. The FSA introduced a new electronic commerce "Sourcebook" which amends many conduct of business and other rules. This article overviews the new regime from the perspective of providers of financial services.
A. What are "information society services" (ISS)?
The UK regulations apply to "information society services" meaning, broadly: services normally provided for remuneration at a distance by electronic means, at the individual request of a recipient of a service Essentially, this means on-line activities and includes all forms of "point to point" e-commerce and m-commerce and would exclude traditional broadcasting ("point to multi-point" services). The FSA uses the term "electronic commerce activity" instead. Both terms generally cover both contracting and promotion online.
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