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The Law of Payment Services in the EU - The EC Directive on Payment Services in the Internal Market (Hardcover)
Loot Price: R6,607
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The Law of Payment Services in the EU - The EC Directive on Payment Services in the Internal Market (Hardcover)
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The role that payments play within the general framework of
financial services in the EC is indispensable for the realization
of a true single European market including, inter alia, the
conditions of cross-border purchasing, the legal framework of
consumer protection, and the technical standards against fraud in
payment systems. The Commission's New Legal Framework for payment
services in the internal market, as evidenced by the EC Payment
Services Directive (PSD), represents an important step towards the
completion of an initiative for a Single Euro Payments Area and,
more broadly, EU-wide financial services integration. Yet, while
wholesale financial services and, in particular, wholesale payment
services have been extensively regulated, much work remains to be
done in the sector of retail financial services, an area directly
affecting consumers and small enterprises.Using a dual focus on the
historical development of EC financial services law and current
trends in this highly evolving sector, this important book
masterfully reveals and delimits the legal aspects of payments
within the European Union and analyses the different legislative
approaches to harmonization in financial services. The author shows
that, despite the inherent sensitivity of the financial services
sector and the rapid technological developments, a centralized EC
initiative for payment services has the potential to bring about
tangible results in terms of consumer protection and further EC
integration.In the course of her in-depth treatment, the author
explores the following such elements as they relate to payment
services: the case law of the ECJ on the meaning of payments and
capital; theories of minimum versus maximum harmonization in
financial services; the application of mutual recognition and home
country control; the comitology procedure; the principle of
subsidiarity in the context of financial services legislation;
authorization requirements for payment institutions; supervision of
the payment institutions; liability for losses from unauthorized
transactions; liability for non-execution or defective execution of
a payment transaction; revocability and irrevocability of a payment
order; varying levels of consumer protection in payment services;
and transparency and liability issues under the PSD.As the EU
continues to experience increasing pressure and incentives to
evaluate the existing legal framework affecting payments across its
Member States, this book's clear analysis of the complex legal
framework, as well as its informed perspectives on future
prospects, will greatly facilitate the advancement of legal
scholarship in the area. The book is well worth the attention of
banking professionals, business people and other interested
parties.
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