2013年-CEPS欧洲政策研究中心_Regulating_E_39页_119kb

Summary of Regulating E-Commerce in Financial Services by a Joint CEPS/ECRI Working Party

Core Content

This report examines the implications of e-commerce in the financial services sector, focusing on opportunities, risks, and regulatory challenges. It outlines the current EU regulatory framework and provides policy recommendations to enhance the integration of financial markets through e-commerce.

Main Opportunities

1. Potential Advantages

• Efficient Market Reach: Financial institutions can market and deliver traditional banking products more efficiently through e-commerce.
• New Products: Institutions have developed services such as electronic billing, internet portals, and electronic payment systems.
• Cost Reduction: E-commerce reduces transaction costs, with online payments being significantly cheaper than traditional methods.
• Customer Convenience: Online banking allows customers to make decisions and perform transactions more easily, increasing convenience and accessibility.

2. Cost Savings

• Lower Marginal Costs: Internet technology has low marginal costs, making it cost-effective for financial institutions.
• Cost Comparison: Transaction costs vary widely across different channels, with e-banking being the most cost-efficient.
• Example: The average cost of an internet payment is about one-tenth of that via traditional channels.

3. Cross-Border Expansion

• Geographical Reach: E-commerce allows financial institutions to expand their reach without significant physical expansion.
• Strategies: Banks can use the internet to complement existing branch networks, develop independent brands, or create virtual financial supermarkets.
• Challenges: Many banks avoid electronic activity in countries without traditional distribution channels, limiting cross-border integration.

Main Risks

1. Strategic Risks

• Competition from Internet Banks: Internet-only banks may offer lower rates and fees, challenging traditional banks.
• Investment Risks: Banks may under- or over-invest in response to new competition, depending on the popularity of internet banking.
• Technological Dependence: Reliance on internet technology may lead to risks if consumer preferences shift back to traditional banking.

2. Operational Risks

• Technology Exposure: Financial institutions face increased exposure to technological risks as they expand their use of e-commerce.
• Network and Software Maintenance: Investments are needed to ensure the smooth functioning of computer networks and software.
• Security and Privacy: Verification of identity, payment security, and customer privacy are critical concerns, especially in online transactions.
• Legal Uncertainty: The lack of clarity in regulations and the potential for conflicting national laws create legal challenges for financial service providers.

EU Regulatory Framework

A. Financial Services Regulation

• Treaty of Rome: Establishes fundamental freedoms of movement and establishment, which are essential for cross-border financial services.
• Internal Market Programme: Aims to create a single financial market through harmonisation, mutual recognition, and home-country control.
• Home-Country Control: Financial institutions are supervised by the country where they are headquartered, not where they operate.
• National Restrictions: Member states may impose restrictions based on public policy, security, or health, provided they are non-discriminatory and proportionate.

B. Directive on E-Commerce

• Country-of-Origin Principle: Applies to electronic transactions, but not to contractual obligations.
• Exclusions: Web-based financial services contracts are excluded from this rule, creating regulatory gaps.
• Public Policy Considerations: Member states retain the right to apply national restrictions in the interest of the general good.

C. Judicial Cooperation

• Brussels Regulation and Rome Convention: These legal instruments govern jurisdiction and applicable law in cross-border disputes.
• Need for Update: They are being revised to address the lack of alternative dispute resolution mechanisms in e-commerce.

D. Out-of-Court Settlement

• Alternative Dispute Resolution (ADR): ADR systems should be developed at the European level to facilitate the resolution of disputes in e-commerce.
• Adaptation to E-Commerce: ADR must be tailored to the specific needs of electronic transactions.

E. Distance Marketing Directive

• Proposed Regulation: Aims to harmonise rules on distance marketing, including online financial services.
• Consumer Protection: The directive seeks to ensure consistent consumer protection across the EU while allowing for flexibility in national laws.

Policy Recommendations

1. Clarify Objectives: Define clear principles and objectives for retail financial market regulation at the European level.
2. Apply Country-of-Origin Principle: Extend the principle to both electronic and traditional business-to-business operations.
3. Host-Country Control for Retail Consumers: Ensure that only retail consumers are subject to host-country regulations, while business-to-business transactions remain under home-country control.
4. Minimize Regulatory Hurdles: Limit national restrictions in the interest of the general good and ensure they are non-discriminatory and proportionate.
5. Promote Harmonisation: Achieve minimal harmonisation of regulations in areas where it is feasible and ensure mutual recognition.
6. Develop ADR Systems: Establish an effective European ADR system adapted to e-commerce to reduce reliance on judicial processes.
7. Enhance Consumer Information: Provide clear information on how foreign financial services differ from domestic ones to support consumer choice and protect them.
8. Encourage Cross-Border Integration: Address the obstacles to cross-border provision of services and promote a more integrated European financial area.

Conclusion

The integration of European financial markets through e-commerce is crucial for enhancing competitiveness and consumer protection. The report highlights the need for a coherent regulatory framework that supports innovation, reduces fragmentation, and ensures fair treatment of consumers. It calls for a balance between harmonisation and national sovereignty, and advocates for the development of robust ADR mechanisms to support the growth of e-commerce in financial services.