The Electronic Commerce Directive (Financial Services and Markets) (Amendment) Regulations 2004

Made20th December 2004

Laid before Parliament21st December 2004

Coming into force11th January 2005

The Treasury, being a government department designated for the purposes of section 2(2) of the European Communities Act 19721 in relation to information society services2 and in relation to the distance marketing of consumer financial services3, in exercise of the powers conferred by that section, hereby make the following Regulations:

Citation and commencement1

These Regulations may be cited as the Electronic Commerce Directive (Financial Services and Markets) (Amendment) Regulations 2004, and come into force on 11th January 2005.

Amendment of the Electronic Commerce Directive (Financial Services and Markets) Regulations 20022

1

Regulation 3 (consumer contract requirements: modification of rule-making power) of the Electronic Commerce Directive (Financial Services and Markets) Regulations 20024 is amended as follows.

2

After paragraph (4), insert—

4A
Notwithstanding paragraph (4)(a), rules made by the Authority under section 138 of the 2000 Act which impose consumer contract requirements do not apply to an incoming provider with respect to the carrying on by him of an incoming electronic commerce activity which consists of the provision of an information society service from an establishment in an EEA State other than the United Kingdom, if the provisions by which that State has transposed the Financial Services Distance Marketing Directive, or the obligations in the domestic law of that State corresponding to those provided for in that Directive, as the case may be, apply to that activity.

3

After paragraph (6), insert—

6A
“The Financial Services Distance Marketing Directive” means Directive 2002/65/EC of the European Parliament and 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/EC5.

Nick AingerJim MurphyTwo of the Lords Commissioners of Her Majesty’s Treasury20th December 2004

(This note is not part of the Regulations)

These Regulations amend the Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 so that rules made by the Financial Services Authority under section 138 of the Financial Services and Markets Act 2000 imposing consumer contract requirements do not apply to an electronic commerce activity consisting of the provision of an information society service from another EEA State, where the law of that State regulates the activity in accordance with Directive 2002/65/EC on the distance marketing of consumer financial services.