commiss decis juli relat proceed articl ec treati articl eea agreement case comp identru notifi document number german english text authent text eea relev ec commiss european commun regard treati establish european commun regard agreement european econom area regard council regul februari regul implement articl treati amend regul ec articl thereof regard applic neg clearanc notif exempt submit pursuant articl regul april regard summari applic notif publish pursuant articl regul consult advisori committe restrict practic domin posit introduct april commiss receiv applic neg clearanc altern notif exempt pursuant articl council regul set agreement quot notifi agreement quot establish network financi institut oper certif author trust electron commerc commerc transact initi busi busi context notifi parti abn amro servic compani ba interact servic hold barclai electron commerc hold bayerisch hypo und vereinsbank ag chase manhattan bank citibank strateg technolog deutsch bank ag pyramid ventur quot parti quot purpos establish manag network parti form joint ventur compani identru llc quot identru quot identru establish march pursuant limit liabil compani agreement quot llc agreement quot govern delawar law initi capitalis identru contribut equal parti identru provid manag infrastructur requir establish global interoper network financi institut offer certif author servic quot identru system quot notifi parti identru limit number sharehold quot equiti owner quot singl equiti owner control identru particip identru system open qualifi financi institut world quot particip quot particip equiti owner identru equiti owner particip particip compet relev market recit ii parti corpor group parti notifi agreement belong abn amro servic compani illinoi corpor ultim parent abn amro hold nv netherland ba interact servic hold compani delawar corpor ultim parent bank america corpor usa barclai electron commerc hold delawar corpor indirect subsidiari barclai bank plc unit kingdom bayerisch hypo und vereinsbank ag quot hypo vereinsbank quot financi group result merger bayerisch vereinsbank ag bayerisch hypotheken und wechsel bank ag chase manhattan bank quot chase quot wholli own subsidiari chase manhattan corpor usa citibank na wholli own subsidiari citigroup delawar deutsch bank ag germani hold equiti invest identru directli pyramid ventur usa indirect subsidiari banker trust york corpor merg deutsch bank ag iii regulatori polici context coher legisl framework essenti develop electron commerc commun commun commiss council european parliament econom social committe committe region european initi electron commerc defin broad line commiss polici area seri direct adopt includ direct ec european parliament council decemb commun framework electron signatur establish rule legal recognit electron signatur certif procedur direct ec european parliament council septemb take pursuit prudenti supervis busi electron monei institut electron monei issu supervis institut meet legal financi condit ensur technic secur central import direct ec european parliament council june legal aspect inform societi servic electron commerc intern market design ensur inform societi servic freeli provid commun secur electron payment essenti develop commerc todai widespread effect secur make cross border internet payment respect market oper lack confid secur payment present legisl framework consum protect meet concern line trade commun improv need technic secur establish legisl quot safeti net quot technic secur quot europ initi quot launch commiss decemb promot technolog envisag work identif authent techniqu recognis direct ec recit develop electron commerc requir basic prerequisit exist global certif author servic open network necess secur electron commerc transact give rise number emerg market provis electron trust servic failur aris risk line provis financi authent servic lead signific legal reput risk risk rel import grow increas relianc technolog iv transact purpos transact declar purpos parti set identru system promot oper manag infrastructur secur electron commerc transact infrastructur intend enabl particip system oper individu compet certif author scope activ identru identru equiti owner provid infrastructur data process system design oper digit network requir enabl financi institut particip system certif author purpos secur commerc transact offer relat servic end user role particip identru system identru system particip issu digit certif certifi ident client engag electron transact particip oper individu compet certifi author mean compani engag financi transact free choos particip certif author necessarili regular bank institut identru system specif provid interoper order enabl particip develop technolog independ particip offer independ creat applic built digit certif author servic identru system infrastructur competit particip particip free set price charg end user authent servic warranti requir particip post deposit collater account appoint financi institut hold benefit reli parti secur warranti issu oper rule appli identru system establish collater requir applic particip includ amount collater requir post frequenc collater requir particip oblig calcul time collater requir post discrimin parti busi plan forese bank worldwid level particip identru system particip irrespect equiti owner subject rule standard identru system import criteria parti busi provid financi servic equiti owner identru capit requir defin basl committe bank regul supervisori practic complianc financi rate requir particip system interest financi institut join system quot level particip quot quot level particip quot level particip issu certif end user level particip level particip issu certif directli end user respect type particip oper system manner compet end user person requir identru certif free custom level level particip level particip entiti elig act level particip primarili engag busi provid financi servic subject government regul examin meet capit credit requir identru root certif author issu digit certif level particip permit valid level particip ident level particip oper certif author identru system issu digit certif corpor custom vi vi level particip level particip function root certif author level particip posit meet special manner requir corpor custom trust reput confid equiti owner identru particip system level particip term condit appli parti act level particip level particip elig criteria level particip similar level particip capit credit requir stringent enabl smaller entiti particip identru system provid respect capit credit requir met particip free level level particip level particip oper certif author issu certif corpor custom agreement llc agreement corpor organis equiti owner identru vote sharehold meet calcul basi respect percentag ownership interest identru mean found equiti owner vote right newer equiti owner matter requir equiti owner vote approv consent requir consent major failur obtain consent major vote mean requir consent obtain provis equiti owner identru exercis joint control compani commerci polici particip identru system requir hold equiti identru membership system particip open entiti satisfi membership criteria outlin recit particip includ parti free join scheme offer certif author servic right oblig equiti owner particip oper rule identru equiti owner right oblig respect issu certif particip system enter quot particip agreement quot identru establish term oper relationship equiti owner oblig activ particip identru system llc agreement requir equiti owner oper certif author registr risk manag system identru system equiti owner invest identru passiv invest requir deploi certif servic base identru system price polici identru set profit organis establish price polici price polici appli particip basi object discriminatori criteria irrespect equiti owner particip categori identru identru plan charg fee particip connect servic provid section oper rule custom particip particip free set price turn charg custom custom identru particip identru system requir invest financ revenu compon quot charter fee quot collect time payment particip intend recov identru cost incur conduct interoper test complianc certif infrastructur particip particip pai quot annual membership fee quot respect valid warranti servic particip deploy servic develop final revenu compon identru ad hoc fee charg transact relev market product market identru system trust servic includ servic identif sender messag digit network authent messag electron signatur valid kei creat authent signatur revok provis servic manag risk signatori claim signatur unauthoris establish administr rule polici procedur technic specif agreement govern oper system mean servic particip system provid authent connect electron transact secur servic end user end user utilis identru servic varieti transact essenti transact conduct electron network entiti involv transact requir high degre certainti ident transact financi commerci transact purchas sale good trade financi instrument potenti world technic applic enabl electron transact carri provid assur user ident certif author need issu digit certif bind specif ident user applic notifi agreement address separ market market provis trust servic certif author downstream market provis trust servic certif author end user initi corpor sector case market suffici develop consum confid test provis trust servic certif author identru activ design oper infrastructur financi institut manag risk inher reli ident author authent electron messag perform role root certif author establish set busi rule defin ident certif issu particip authent servic level level particip identru system provid digit certif servic directli corpor end user enabl conduct commerci transact open electron network geograph market servic relev product market offer global basi enabl intern busi busi transact relev geograph market worldwid market servic question vi structur market parti posit market parti activ relev market parti market share segment exist competitor parti due develop natur market question commiss comprehens overview competit situat market competit posit parti futur competitor parti number activ activ competitor american banker associ abaecom swift visa mastercard due rapidli increas demand authent servic relat profit opportun foster commiss europ initi refer recit identru confront numer potenti competitor postal author technolog vendor telecommun carrier industri specif initi potenti compet system succe distinct competit check identru success vii parti observ public notic pursuant articl regul interest parti submit comment commiss identru comment focus open identru certif system potenti particip standard interoper similar system gener speak comment address concern potenti concentr process result identru system concern rang quot format technolog cartel quot quot endang competit equilibrium quot emerg market electron authent servic comment receiv carefulli review conclud concern express rais commiss discuss detail parti provid adequ answer explain recit comment affect commiss posit posit notifi agreement outlin notic pursuant articl regul viii articl ec treati articl eea agreement applic articl ec treati articl eea agreement agreement set identru system notifi agreement parti set compani joint control equiti owner agreement set compani constitut restrict competit mean articl ec treati articl eea agreement view comment parti voic concern risk exclusionari effect result identru system impact creation identru relev product market examin conclud risk risk coordin identru oper newli develop emerg market due advent internet widespread varieti person control access develop system prevent transmiss unauthoris fraudul corrupt messag entrant nascent commerc market expos strong pressur corpor custom provid secur transact parti cooper limit establish identru system common platform provis root certif servic extend cooper market provis certif authent servic end user extend cooper parti financi bank servic sector remain independ competitor success certif system base interoper similar system oper rule enabl identru system particip establish interoper infrastructur make domest cross border electron commerc applic applic particip develop independ open access system reput warranti polici import provid trust product authent servic context import criteria parti equiti owner identru object identru requir assess identifi qualiti potenti particip notifi agreement affect competit posit parti access identru infrastructur open provid meet object criteria refer recit identru incent exclud potenti particip inher identru system attract particip identru revenu increas number electron commerc transact cover identru system end user benefit exist addit system identru creat wider benefit system free movement good intern market underestim authent system larg varieti circumst turn creat product servic increas competit level trust secur qualiti demand evolv market competit check recit secur financi transact internet main concern affect widespread develop electron commerc larg number project aim develop internet applic address concern launch number commerci competitor announc set certif system similar intend identru identru futur main competitor parti identifi american banker associ abaecom offer global certif author servic begin swift intern financi transact servic compani visa mastercard identru face competit financi industri ventur postal author technolog vendor telecommun carrier industri specif vertic initi financi industri ventur postal author telecommun carrier basi requir act tradit market made part irrevers invest entri market question abil enter market assess high exclus identru particip free particip equival scheme choos decis base intern question answer sole particip particip exclusionari choic provid particip potenti foster competit compet authent system advers effect input market notifi agreement affect market input compani oper relev market matter fact identru engag softwar develop set specif free cost particip softwar provid exclus softwar root softwar softwar particip choos practic vendor particip provid vendor meet identru standard develop particip chang vendor conclus creation identru system entail foreclosur risk joint ventur face competit check compet system particip free join system addit advers effect input market agreement establish identru fall term articl ec treati articl eea agreement applic articl ec treati articl eea agreement claus gener prohibit assign membership interest articl llc agreement enshrin gener prohibit assign membership interest interest offer identru member offer parti articl llc agreement equiti owner set rule function system individu member domin system maximum vote limit extent claus restrict competit market exchang equiti restrict appreci conclus applic articl ec treati articl eea agreement notifi agreement claus gener prohibit assign membership interest effect prevent restrict distort competit relev market defin recit agreement fall scope articl ec treati articl eea agreement adopt decis articl basi fact possess commiss ground action articl ec treati articl eea agreement respect notifi agreement relat establish identru system articl decis address abn amro servic compani west monro street chicago il usa ba interact servic hold compani street san francisco ca usa barclai electron commerc hold broadwai york ny usa bayerisch hypo und vereinsbank ag tucherpark münchen chase manhattan bank park avenu floor york ny usa citibank strateg technolog east street york ny usa deutsch bank ag taunusanlag frankfurt pyramid ventur liberti street york ny usa identru llc east street floor york ny usa brussel juli commiss mario monti member commiss oj oj oj certif author entiti legal natur person issu digit certif electron commerc transact notif file addit institut equiti investor identru australia zealand bank group banco santand central hispano bank tokyo mitsubishi banqu national de pari caiss national de credit agricol cibc wmc hsbc financi servic corpor industri bank japan nation australia bank royal bank scotland sanwa technolog servic société générale well fargo number identru equiti owner reach share equiti owner parti applic neg clearanc envisag final number equiti owner significantli exce final oj oj oj europ initi year action plan aim provid citizen commun access inform commun technolog ict base servic applic http europa eu int inform societi eeurop index en htm due structur identru supervis limit number particip requir provis trust servic end user identru system deleg level particip monitor role vi vi level particip identru issu digit certif directli level particip end user level particip schedul pai level particip charter fee annual membership fee addit charter fee waiv respect level particip make equiti invest identru invest greatli exce magnitud charter fee footnot commiss decis ec case iv tp oj recit