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Law of Financial Services - Article Example

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This work "Law of Financial Services" describes the laws on data protection and the needs of banks and customers in a global economy. The author takes into account the example of the European Commission’s Regulation. From his work, it is obvious that the modifications to existing laws, rules and regulations should be identified…
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Download file to see previous pages For instance, the European Commission’s Regulation No. 1049/2001 which very specifically details rules and regulations governing the public access to European Parliament, Council and Commission documents. Article 8 of the regulation states that “personal data shall only be transferred to recipients … (b) if the recipient establishes the necessity of having the data transferred …” (Regulation 1049/2001). Although this law is not at all related to the data protection of banks and their customers, it does give us an impression of how serious the EC is in protecting the integrity of data.
In saying that the laws that we have on data protection have adequately addressed the needs of banks and customers in a global economy, one needs proof. One of which is Direct Media Publishing GMBH v Albert-Ludwigs-Universitat Freiburg. This case discusses possible violations of the copyright in a digital age – specifically, the case set out to define data extraction from a database. In the case, the meaning of Article 7 of the Fourth Chamber of the Court of Justice of the European Communities’ Directive 96/9 was clarified: data extraction is the “unauthorised act of appropriation of contents of a database, and the decisive criterion was an act of transfer, for which purpose it was immaterial that the transfer was by electronic, electromagnetic or electro-optical means or by a simple manual process” (Direct Media Publishing). In relation, extractions of customers' data from banks’ databases are governed by the same Article, hence customers can rest easy that any personal information stored in their bank’s databases are adequately protected by the law from any unauthorized access and distribution.
Furthermore, banks as fiduciary agents must strictly comply with the fiduciary agreement. In a fiduciary relationship, the person setting up the trust specifies rules on how the funds will be spent, and the bank, as the fiduciary agent, must comply with such rules, otherwise, the bank would be in breach of trust. The fiduciary responsibilities of banks are one of their most important responsibilities as banking institutions as discussed by Roberts (2005) and Ellinger, Lomnicka & Hooley (2005). Also, Graham Roberts extensively discussed the Financial Services and Markets Act 2000. This Act currently governs and regulates the United Kingdom’s financial markets. ...Download file to see next pagesRead More
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