Home / Vol.8, n°1 / Droit communautaire afférant aux services financiers en ligne

Synopsis

Following the rise of online financial markets within the European Union and North America, the community legislators have taken different measures to ensure a certain control on the financial flow attributed to this rise. In order to help readers better understand the maze of regulations concerning this situation, the author of this article paints a portrait of the different laws, directives and acts witch can be applied to online financial services.

The field of financial services, like any other, is exposed to the international aspect of the Internet, which causes problems in regards to the application of European law to North American Websites. As explained by the author of this article, even though some sites should not be submitted to European legislation at first glance, European authorities consider themselves justified in imposing their regulation to foreign sites since they are competent to regulate online financial activities if these will undoubtedly impact the establishment of a unique European market.

Keeping this in mind, the author examines each European legal text which can be useful to consumers who want to obtain financial services online, regardless of the country of origin of visited sites. Most notably, he studies the relatively new Directive 2002/65/EC of the European Parliament and of the Council of 23 September 2002 concerning the distance marketing of consumer financial services and amending Council Directive 90/619/EEC and Directives 97/7/EC and 98/27/EC. This new directive states, among other things, that protective measures regarding consumers cannot be dismissed even when the legislation applicable to a contract is that of a foreign nation. However, it must be mentioned that this right can only be put forth by consumers residing within the European Union nations, and when the contract is linked to European concerns.

(*) Avocat à la Cour d'Appel de Paris, Barrister and Solicitor (Nouvelle Écosse) et professeur à la Faculté Libre de Droit, d'Économie et de Gestion (Paris). Email : lapres@easynet.fr.