取引法の観点からみた資金決済に関する諸問題

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Transcription:

1 / /2010.1 105

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6 1 8 9 10 1 11 12 2 8 9 2002 1 2006 1 10 DVP 11 12 2008 1 144 1 9,396 1 135 1 559 10 9,669 1 196 2008 108 /2010.1

. A B B A A B A B A B 4 3 13 14 A 15 B 13 14 2005 100 15 17 44 109

16 17. 3 18 19 A B 1 1 20 16 2004 159 17 2003 4 2003 14 1 3 2 1986 11 44 18 19 20 110 /2010.1

. 3 4 5 3 21 22 23. 3 1 2001 5 1 2011 23 RTGS RTGS 2008 24 29 21 11 22 13 23 1991 9 2000 130 6 6 2003 31 33 111

24 649 25 26 27. 28 24 2000 153 156 2003 74 75 419 429 2004 221 3 1 25 2000 153 156 26 3 ATM 13 3 4 17 44 27 2007 205 23 6 28 2000 156 1998 38 23 6 2003 68 69 2007 314 315 320 321 112 /2010.1

29. 30 31 32 33 34 29 http:// www.zenginkyo.or.jp/abstract/efforts/system/index/naitame-kiyaku.pdf 30 1997 33 140 31 3 1 32 2000 170 171 23 6 33 2000 170 171 2005 17 2000 1 95 34 2000 171 113

4. 35 large-value payment 36 1 35 37 196 38 1. Systemically Important Payment Systems 39 1 Committee on Payment and Settlement Systems CPSS 40 35 CPSS [2005] p. 5 36 37 11 2 3 2 5 38 1 3.5 559 12 39 disruption CPSS [2001] p. 5. 40 CPSS G10 CPSS http:// www.bis.org/cpss/index.htm 114 /2010.1

41 CPSS [2003] 5 42 5 43 44 41 CPSS [2001] p. 34. 42 CPSS [2003] p. 22. 43 20 565 44 115

45 6 4 3 2 2 46 45 1979 102 107 1984 116 117 1983 155 156 46 A B A X A X A X B Y Y B A B 73 2006 2003 79 81 Uniform Commercial Code UCC 8 116 /2010.1

47 3. 1. 1 47 3 117

48 49 50 ATM 51 52. 53 54 48 1997 192 200 2005 195 196 49 2000 129 50 2000 129 2003 325 118 51 2 4 52 2000 179 53 2003 67 72 410 414 2000 205 210 1996 195 210 2001b 97 128 54 2 3 118 /2010.1

55 56 57 55 1990 35 56 2000 226 57 11 119

58 59 60 61 58 2003 423 59 2003 426 2000 231 232 60 2000 227 56 61 2003 419 120 /2010.1

62 63 64 65 66. 67 62 1 2003 75 181 2000 231 63 2002 170 64 65 2002 136 66 2002 169 170 67 8 4 26 50 5 1267 121

68 69 70 71 UNCITRAL 72 UCC 4A EU 73 Money-Back Guarantee: 74 6 1 68 2006 43 44 2005 24 69 2003 72 78 419 441 70 2003 72 78 419 441 71 2003 77 107 2 2003 75 77 2002 225 72 UNCITRAL Model Law on International Credit Transfers. 1992 UNCITRAL: United Nations Commission on International Trade Law 73 2007 11 Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC, OJ L 319, 5.12.2007, pp. 1 36. EU EU 2009 11 1 2009 158 160 74 2003 72 78 419 441 122 /2010.1

2 666 75 1 76. 77 78 75 1962 729 1984 115 116 1983 2 1983 158 76 1962 742 1962b 435 2000 137 143 4 1 2009 385 386 77 48 3 27 27 2 376 1979 22 26 78 1 2005 17 2005 17 21 1 22 63 1 228 123

79 80 81. 82 83 79 2006 25 2005 491 80 2008a 1 81 4 76 138 159 2009 385 386 82 1962a 630 1962b 435 83 2000 143 144 2008a 1 124 /2010.1

100 100 100 2 1 1 84 1 85 86 87 1 84 2000 144 2008a 1 85 2007 206 2001 830 fungible 86 2007 467 2009 18 87 125

2 4 1 88 4. 89 1 90 91 88 112 5 2 89 缼 90 15 91 2008 126 /2010.1

. 93 96 92 93 94 95 96 97 92 2003 236 237 93 4 21 1986 97 99 2003 204 205 94 2003 242 243 2 2 3 1996a 134 95 1986 96 96 1986 97 99 97 2003 235 246 240 243 127

98 99 100 101 102 40 3 98 2003 243 1987 87 99 100 10 1 2 101 96 2 102 93 128 /2010.1

103 95 104 96 2 3 103 4 1 BOLERO EU BOLERO Pilot Project 1995 BAL BOLERO Association Ltd. 1999 104 3 95 95 3 95 2005 47 3 2003 244 129

96 1 105 106 107 108 109 110 105 ATM 106 40 2 23 77 557 107 2009 151 108 1986 94 109 1976 319 320 1997 195 110 2000 129 160 49 3 1 130 /2010.1

111 3 1 112 113 8 114 115 111 3 1 3 2 2006 43 44 8 67 2006 112 2007 423 424 450 485 485 113 2000 190 91 2002 183 88 114 8 4 26 50 5 1267 67 115 1996c 16 1996 131 131

116. 478 117 113 1 118 8 67 15 3 12 57 3 322 8 2006 44 8 15 20 10 10 62 9 2361 8 15 2009 18 2008b 116 8 67 2 10 25 862 24 1991 17 8 3 11 28 774 192 117 118 2003 157 132 /2010.1

ATM 478 119 120 478 121 122 123 119 15 4 8 57 4 337 ATM 5 7 19 1489 111 120 2007 58 2008 64 2003 185 478 121 2008 64 2008b 9 2003 185 478 478 122 2003 607 608 478 185 cheapest cost avoider 181 157 163 187 194 188 189 1995 53 478 123 2005 133

124 125 126 127 128 2008 2 6 5 3 478 124 18 7 13 1785 45 19 4 12 1807 42 2008 65 68 125 18 7 13 1785 45 126 478 2005 249 8 1 1 10 2003 178 478 127 2007 56 2006 1 128 1987 224 2008 59 68 134 /2010.1

129 2 130 129 2008 130 UNCITRAL 5 2 payment order commercially reasonable method 2 i 1992 37 UCC 4A payment order authenticity verify commercially reasonable method UCC 4A 202 b commercial reasonableness c 202 c 2003 187 188 135

4 1 3 4 1 131 3 131 1 1 20 136 /2010.1

1 2 132 133 8 134 5. 135 136 137 132 2 2 46 133 3 1 134 8 4 26 50 5 1267 67 135 CPSS [2003] p. 24 final settlement the discharge of an obligation by a transfer of funds and a transfer of securities that have become irrevocable and unconditional 1988 6 8 2006a, b, 2007 2003 74 106 136 CPSS 40 CPSS [2001] pp. 29 30. 137 2006b 216 1988 63 8 137

138 1. 139 A B B AB A B A B A AB 138 402 415 37 9 21 16 9 2041 1997 31 2000 61 62 2003 3 5 UNIDROIT 6.1.8 1 4 139 37 9 21 16 9 2041 138 /2010.1

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2 651 144 1 145 146 147 148 144 1991 25 641 145 8 146 2005 12 147 1991 24 26 1993 4 5 148 3 2 3 2 140 /2010.1

149 150 151 152 149 1995 50 51 1986 185 240 1991 24 25 150 2005 12 151 2000 189 196 189 2003 339 8 67 346 152 3 1 141

153 154. 155 156 157 158 159 153 2000 190 196 154 2000 195 155 160 161 127 127 2 86 86 2 162 127 3 86 3 156 0 19 2 17 2 18 2 30 2 33 2 41 2 157 2005 209 2007 221 243 2007 233 EU Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems, OJ L 166, 11.6.1998, pp. 45 50. 158 159 142 /2010.1

2.. 160 161 4 2009 385 386 160 RTGS RTGS 2008 24 29 161 EU UCC 4A acceptance UCC 4A 211 c funds-transfer system rule c e originator s bank intermediary bank beneficiary s bank 209 EU transfer order 5 143

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168 169 3 1 170 171 4 2009 136 138 168 2002 47 169 2007 57 170 2000 231 232 171 3 1 147

UNCITRAL UCC 4A EU 172 173 174 1 175 172 1995 55 2003 379 441 1998 42 173 174 2003 341 175 2003 341 1990 207 148 /2010.1

176. 177 1 178 176 177 Cooter and Ulen [2003] pp. 323 325 Shavell [2004] pp. 177 206 2002 26 32 178 2003 115 127 149

179 180 181 2 182 179 1995 55 180 11 2 2003 193 194 181 Cooter and Rubin [1987] pp. 110 111. 2003 188 1 1977 52 55 136 148 182 150 /2010.1

183 184 3 185 186 416 183 184 185 416 2008 160 186 consequential damage UCC 2 715 2 1996b 121 416 2 Evra UCC 4A UCC 4A UCC 4A 305 a UNCITRAL 17 18 122 UCC 4A 305 151

187 188 1 2 189 416 416 190 187 15 5 22 5 386 1964 118 120 1971 7 8 1998 1 56 2008 153 171 1971 3 507 2005 151 176 1988 32 188 416 189 2008 160 162 2008 162 4 2009 139 140 190 UCC 4A 152 /2010.1

416 7. 191 UCC 4A 305 d Federal Reserve Act Board of Governors of the Federal Reserve System Regulation J Subpart B Fedwire Regulation J 210.32 a EU EU 76 2009 TARGET2 ECB GUIDELINE OF THE EUROPEAN CENTRAL BANK of 26 April 2007 on a Trans-European Automated Real-time Gross settlement Express Transfer system TARGET2 1 fraud willful misconduct gross negligence 2 ordinary negligence AnnexII: Harmonised Conditions for Participation in TARGET2 31 2 191 2003 606 153

19 192 193 192 4 2009 62 193 4 8 10 2009 105 121 154 /2010.1

18 7 20 NBL 839 2006 4 7 1997 1987 85 101 163 1996 175 219 2001 a 67 90 187 2001 b 85 130 1702 2004 28 35 1987 167 244 3 1206 1988 6 12 UNCITRAL 8 1992 1 111 EFT 7 1090 1996 a 132 136 EFT 10 1094 1996 b 121 127 1460 1996 c 11 16 2003 220 221 6 2004 22 1746 2005 24 52 22 2006 43 48 2007 421 485 1 25 1842 2008 32 42 155

732 2008 3 11 III 3 2005 300 2005 99 104 I 3 2007 1988 28 45 21 1 1 1281 2009 5 38 848 1990 35 43 1377 2009 148 151 7 3 1988 59 66 2009 17 1 1998 1 110 2003 81 1 2005 205 212 1986 2004 2008 1299 1991 11 19 2000 2005 II 3 2 1983 1 37 18.7.13 1791 2007 50 56 156 /2010.1

UCC Article 4A 1309 2006 a 114 120 1325 2006 b 216 222 FSA 2006 3 2007 221 243 1979 647 2001 2 2001 2 7 2 1983 153 189 NBL 896 2009 62 63 2000 43 62 305 2006 37 44 194 1996 130 131 415 416 III 1998 1 56 2000 1746 2005 16 23 14 2006 20 34 2008 1876 2009 15 18 1782 2006 1 1998 2002 2005 2006 2007 2008 2008 15 2008 57 70 157

1977 1971 1228 2002 25 38 1 NBL 469 1991 6 22 123 6 2001 811 864 1976 297 323 1585 1997 192 200 1885 2005 190 196 78 6 1962 a 628 671 79 4 1962 b 391 438 1979 5 1984 1410 1995 48 56 454 1991 21 27 4 5 1351 1993 2007 21 645 2005 10 13 21 657 2006 18 21 NBL 126 2009 2002 205 228 3 NBL 619 1997 30 37 2000 123 198 2002 4 2005 29 60 158 /2010.1

25 2006 1 67 III 2007 201 220 1 1290 2008 a 1844 2008 b 7 10 1990 189 215 2000 199 234 28 1 2009 119 172 V3 1962 IV 1964 21 677 2007 56 60 Committee on Payment and Settlement Systems (CPSS), Core Principles for Systemically Important Payment Systems, 2001., The Role of Central Bank Money in Payment Systems, 2003., New Developments in Large-Value Payment Systems, 2005. Cooter, Robert, and Thomas Ulen, Law and Economics 4th ed., AddisonWesley, 2003., and Edward Rubin, A Theory of Loss Allocation for Consumer Payments, Texas Law Review, 66 (1), 1987, pp. 63 130. Shavell, Steven, Foundations of Economic Analysis of Law, The Belknap Press of Harvard University Press, 2004. 159

160 /2010.1