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Europe plans new e-biz law
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September 1, 1999: 10:47 a.m. ET
European Union seeks to create global blueprint to promote online sales
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LONDON (CNNfn) - European regulators outlined a new framework for electronic commerce Wednesday, paving the way for the roll-out of online cross-border products in the 15-member European Union, notably in the financial-services sector.
The European Commission, the EU's Brussels-based executive body, aims to introduce legislation harmonizing e-commerce with its existing competition and consumer protection laws.
The lack of a legal framework has prevented many e-commerce providers from launching cross-border services. A number of banks, notably Germany's Commerzbank (FCCW) and Deutsche Bank (FDBK), aim to establish Net-based direct banking and stock broker units in other EU states.
Commission officials outlined the framework last November, and the revised plans incorporate changes made by the European Parliament.
The key development has been the Commission's decision to retain online service providers' exemption from liability where their role is restricted to that of intermediary.
Analysts said that the Commission is seeking to establish a global blueprint to regulate e-commerce, in contrast to the policy of self-regulation in the United States.
"The EU is certainly leading the world in building an e-commerce regulatory framework," noted Yankee Group, a consultant, in a recent report. "It's objectives are to create a legal certainty that it hopes will stimulate, not suffocate, electronic commerce."
The Commission's planned legislation covers on-line contract law and the rights of consumers and is due to be joined by complementary legislation covering electronic signatures, copyright and electronic money. The e-commerce law could be in place by next year.
Yankee noted that the one area where the EU has failed to lay down policy is in the taxation of e-commerce transactions carried out across borders and whether buyers or sellers should be subject to national tax jurisdictions.
In a related development, the French government approved a draft law Wednesday giving electronic signatures the same legal status as paper signatures on contracts. The law is due to come into force next year. 
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European Commission
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