On The Domestic Legislation Of International Convention On Internet Banking Supervision

The development of technology and communication impel the production of internet bank. Internet bank, as a product of financial innovation, led to big changes in the areas of bank management, organizational structure, and business operations. It also challenged on the legal system of banking supervision and international collaboration. To deal with this challenge, various international financial organizations and regional financial organizations has introduced a lot of corresponding rules. These rules have promoted the domestic legislation of international internet banking convention which has already become a trend. China should adapt to this trend, improve our internet banking supervision legislation to deal with the risks and challenges caused by internet banking.Based on the investigation in the content of internet banking and the introduction of international supervision practice, This article analysed the status and problems of the legislation in China, and puts forward the basic principles and concrete measures to improve it. The full article is divided into six parts, named Foreword, Chapterâ… , Chapterâ…¡, Chapterâ…¢, Chapterâ…£, Chapterâ…¤and Conclusions.Chapter I aimed at the different characteristics between internet banking and e-banking.Chapter II introduced the international internet banking convention which includes Risk Management for Electronic Banking and Electronic Money Activities, Management and Supervision of Cross-Border Electronic Banking Activities, Risk Management Principles for Electronic Banking.Chapter III analysed the Reference of internet banking legislation in Developed countries and regions.Chapter IV pointed that the regulatory legal system of internet bank in China has not been sound enough yet, the requirements of customer information protection and bank information disclosure are too extensive, safety technical standards need to be established, regulatory scope and supervisory approach should be adjusted, and the jurisdiction of cross-border transactions ought to be stated clearly.Chapter V proposed that we need to found a general supervision legal system, refine the requirements of customer information protection and bank information disclosure, determine the authority of safety standards and technical standards, expand the scope of regulation, establish a collaborative regulatory model and develop international cooperation to coordinate the jurisdiction between different countries.