Law of E-commerce Essay Example | Topics and Well Written Essays - 3000 words

Law of E-commerce - Essay ExampleWith all arsenals pointed at streamlining electronic money institutions through juristic, supervisory principles, the binding implementation provisions found quite a come in of disparate legislative instruments that tended to hinder the functionality of the directings. The 2000 directives were the first attempts by the Union to harmonize EU e-money banking practices through legal frameworks (Vereecken, 2000). Unknown to the policy drafters was that the directives were headed for major legislative thrusts, which has since prompted the revision of e-Europe Action Plan on the equivalent exactly with no tangible improvement as once anticipated. The provisions of the action plan of 2005 being the master(prenominal) EU e-money policy blueprint in this area was an updated version deliberated upon since 2000 (Penn, 2005). Indeed, the period of euphoria that characterized the adoption of the directive seemed to have died leaving the future of e-money reg ulatory legislations oft less promising than never imagined. As a matter of fact, many new ideas never sprouted beyond their piloting stages. In essence, The EU e-Money directives were much more of wasted efforts than gainful strategies given that e-Money technology, to a grater extent, remains a figment of salesmens imaginations. undercoat of E-Money Regulations When e-money made a debut into the banking scene, almost all financial institutions in North America as hygienic as the entire Europe took a noticeably stance well armed with unlike regulatory mechanisms. Rather than a wait and see approach adopted by the United States, EU member states took immediate steps, to regulate e-money as soon as the technology appeared (European Commission, 2002). As early as 1994, EMI had recommended that only bank-issue e-money be legalized (EMI 1994 DeGeest 2001). The immediate established target as insinuated above comprised of standardizing measures with a wide spectrum of actions that inc lude access to the Internet, as well as raising consumer confidence in IT-supported learning networks embodied in new electronic payment systems. Against a backdrop of concerns from different financial quarters, EU Commission prosecute perspective was that proliferation of e-money without regulations could inhibit the proper functioning of the money market and stifle competition as well as innovation in the payment sector. What followed was a draft of directives on the same (EU Commission, 1998). Action Plans mint out to achieve the objectives of the EU included numerous legislative measures. Among these were the Directive 2000/28/EC of the European Parliament in conjunction with the EU Council Directive 2000/12/EC touching on the behave of business of credit institutions forming the first batch of e-Money Directives (EMI Directive, 2000a 2000b). The second batch of e-Money Directives was the Directive 2000/46/EC from the same intuitions touching on prudential supervision of elec tronic money institutions (Long and Casanova, 2002 2003 EMI Directive, 200