Authors


Ainsworth, Richard Thompson (USA): Zappers and Ghosts: The Global Demand for Tax Fraud Technology and How It Is Altering the Transaction Tax Landscape?

Birnhack, Michael (Israel): Soft Legal Globalization: The EU Data Protection Directive as an Engine of an Emerging Global Regime

Bonaci, Carmen Giorgiana (Romania); Matis, Dumitru (Romania) and Strouhal, Jiri (Czech Republic): Financial reporting paradigms for financial instruments – empirical study on the Czech and Romanian regulations

Dayarathna, Rasika (Sweden, Sri  Lanka): Bridging the Knowledge Gap between Lawyers and Technologists: The Principle of Security Safeguards: Unauthorized Incidents

Griffin, Ronald (USA): A Prairie Perspective on Global Warming and Climate Change: The Use of Law, Technology and Economics To Establish Private Sector Markets to Complement Kyoto

Jacob, Osuntogun (Nigeria): Decision Making in the WTO and the Fate of Developing Countries

Li, Grace (China, Australia): Understanding the Modern Chinese Contract Law and its Implications to Trading with China

Liu, Yue (China, Norway): Property Rights for Biometric Information- protection measure?

Oduwole, Jumoke (USA, Nigeria): Nothing Ventured, Nothing Gained? A Case Study if Africa's Participation in WTO Dispute Settlement

Riley, Patrick (USA): The Tolls of Privacy: An Underestimated Roadblock for Electronic Toll Collection Usage

Snail, Sizwe Lindelo (South Africa): Online Gambling in South Africa - Comparative Perspectives

Snail, Sizwe Lindelo (South Africa): A Brief Excursus On The South African Online Alternative Dispute Resolution

Steennot, Reinhard (Belgium): Allocation of liability in case of fraudulent use of an electronic payment instrument: the new Directive on payment services in the internal market

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Zappers and Ghosts: The Global Demand for Tax Fraud Technology and How It Is Altering the Transaction Tax Landscape by Richard Thompson Ainsworth, Boston University School of Law, USA.

 

 

 

 Richard Thompson Ainsworth, LLM, JD, BBA is an attorney with over 20 years academic, government, and private sector experience in all areas of taxation (State and Local, US Federal and International).  He is currently Director of Government Affairs (International) with Taxware and Adjunct Faculty at the Boston University School of Law, teaches courses in VAT, Comparative Income Tax and Comparative International Transfer Pricing.  He has  been the Deputy Director of the International Tax Program at Harvard Law School (1994-02), Lecturer in Law at Harvard Law School (1998-02) and an Adjunct Professor of Public Policy (Kennedy School of Government) (1996-02).   Richard is a Visiting Professor at Ritsumeikan University, Kyoto, Japan (2000-06) and held a Fulbright Professor of Taxation (Kyoto and Kobe Universities, Japan) (1993).  He was a Senior Litigation Attorney with the IRS, Office of Chief Counsel and served as the Legal Advisor to the Commissioner, NH Department of Revenue.
Abstract
There is strong market-demand for technology that facilitates tax fraud.  By all accounts, it is a growth industry, and this is bad news for those concerned with tax policy and information privacy.  Market-place pressure is forcing tax administrations around the globe to adopt rules  that regulate the technology that generates the core data elements of business.  The problem is as large as MTIC (carousel) fraud in the EU, and as small as the single cash register business anywhere.This paper concerns the regulation of electronic cash registers (ECRs).  ECRs function either as stand-alone machines, or as parts of point-of-sale (POS) systems (multiple ECRs linked in a network with one or more computers, printers and other data terminals).  The fraud of greatest concern here is systematic skimming of cash receipts.  Technology makes this fraud much easier to do and more difficult to detect. ECRs and POS systems are the backbone of the modern business.  They may be the only financial recordkeeping technology utilized by small and medium sized enterprises (SME).  The range of regulatory actions being considered in this area stretches from the development of a centralized data-base that would collect and retain a digital record of all retail sales, to government certification of the tax-determining element in a digital recordkeeping system, to direct government encryption of raw transactional data without regard for the background system that generates it.  Not all governments respond to this technology threat with rules, there is strong support in some areas for a principles-based approach, one that would welcome trusted-third party solutions. 

Soft Legal Globalization: The EU Data Protection Directive as an Engine of an Emerging Global Regime by Michael Birnhack, Tel Aviv University.

Lehloenya

 

 

 

 Dr. Michael Birnhack is an associate professor at the Faculty of Law, Tel Aviv University. He conducts research, writes and teaches on information law, including privacy and data protection. He serves as the Head of the legal committee of the Israeli Public Council for the Protection of Privacy, participated in an expert committee that reviewed the Israeli data protection laws, and conducts a thorough review of Israel's data protection law for the European Union ("an adequacy assessment"). He currently conducts an empirical research on privacy protection of Israeli web sites (with Niva Elkin-Koren) and a legal research on Unmasking Anonymous Users in the Online Environment. Prior to joining Tel Aviv University, Michael served as a co-director of the Haifa Center of Law & Technology, at the University of Haifa, Israel, where he was a lecture and senior lecture (2000-2007). His other research interests are IP law (especially copyright law) and cyberlaw. He has published on these topics in the U.S., Europe and Israel.

Abstract

The article explores a unique form of legal globalization, in which one jurisdiction induces other countries to adopt similar legal mechanisms, without coercion, taking advantage of ignorance or abusing political power. The 1995 EU Directive on data protection regulates the collection, processing and transfer of personal data within the EU, with the dual goal of enabling the free flow of data while maintaining a high level of protection. It includes a mechanism which addresses the export of such data. Article 25 stipulates that member states should allow transfer of data to a third country only if the third country ensures an adequate level of data protection. Thus, countries that wish to engage in data transactions with EU member states are indirectly required to provide an adequate level of protection.

The article shows that the Directive has had a far greater global impact than thus far acknowledged and that it is the main engine of an emerging global data protection regime. Studying the Directive and its actual impact and comparing it to other mechanisms of legal globalization, I conclude that unlike some American scholars who described the Directive as "aggressive", it is better understood as a non-coercive mechanism of soft legal globalization. This is an attractive model compared to hard legal globalization.

Financial reporting paradigms for financial instruments – empirical study on the Czech and Romanian regulations by Carmen Giorgiana Bonaci; Dumitru Matiş and Jiri Strouhal, University of Economics (Prague).



Dr Jiri Strouhal is Senior Lecturer at the Department of Financial Accounting and Auditing of the University of Economics (Prague). He graduated from the University of Economics in 2003 and passed his doctoral studies in 2005. Afterwards he also became the accounting expert of the Union of Accountants. He is the author of several monographers in the branch of accounting or corporate finance. From 2007 he is the member of the Board of Czech Chamber of Chartered Accountants and member of the Committee for the Education of the Union of Accountants. He provides the advisory in the field of financial reporting and also solves the research projects.
 

 
   
Abstract
It is well known the fact that once regulatory bodies adopt a financial reporting paradigm, it becomes the guiding principle for accounting regulation. This paradigm itself in the field of accounting represents the starting point of our research which focuses on the specific case of Czech Republic and Romania, namely on aspects concerning regulations in the field of financial instruments. We have approached an a priori economic analysis of national regulations in correlation with international standards inferences. Paper identifies several key issues, which need to be discussed when thoroughly analyzing accounting regulations for financial instruments. Authors have used statistical indicators in order to determine the degree of similarities and dissimilarities between the two national accounting systems and also in correspondence with the international referential. All findings are being debated by making the correlation with the economic realities of Czech Republic and Romania, their historical evolution and obviously the national capital market. Paper represents a first step within our intended scientific demarche, a priori research having the quality of generating feedback on hypothetical reporting alternatives prior to implementation. Forward, those issues analyzed through the regulations perspective need to be closely quantified in matters of their actual implementation, pertinent conclusions and correlations being then made regarding the status of each country within the global capital market.

Bridging the Knowledge Gap between Lawyers and Technologists: The Principle of Security Safeguards: Unauthorized Incidents by Rasika Dayarathna, Stockholm University/ Royal Institute of Technology in Sweden.

Lehloenya

 

 Rasika Dayarathna is a PhD candidate at the Department of System Science (DSV), Stockholm University/ Royal Institute of Technology in Sweden. He graduated from the University of Colombo in Sri Lanka in the field of Computer Science. After graduating, he entered the Law College of Sri Lanka for his legal studies. In 2003, he joined the University of Colombo School of Computing as a lecturer. He was awarded a SIDA/SAREC scholarship for his PhD studies in 2004. He enrolled as an Attorney-at- Law of the Supreme Court of Sri Lanka in 2006. He is a member of Sri Lanka Bar Association. He has published several papers on information security, information privacy, electronic payment system for developing countries and community laws.

Abstract

The principle of information security safeguards is a key information privacy principle contained in every privacy legislation measure, frame-work, and guideline. This principle requires data controllers to use anadequate level of safeguards before processing personal information. However, privacy literature neither explain what this adequate level is nor howto achieve it. Hence, a knowledge gap has been created between privacyadvocates and technologists. This paper takes a step to bridge this knowledge gap by presenting an analysis of how Data Protection and PrivacyCommissioners have evaluated the level of adequacy of security protec-tion given to personal information in selected privacy invasive cases. This study addresses both security measures used to protect personal information against unauthorized incidents and the use of personal information to protect informational and other assets. This analysis also lays a foundation for building a set of guidelines for data controllers on designing, implementing, and operating both technological and organizational measures use to protect personal information.

A Prairie Perspective on Global Warming and Climate Change : The Use of Law , Technology and Economics To Establish Private Sector Markets to Complement Kyoto by Ronald Charles Griffin, Washburn University.

Lehloenya

 

 

 

 

 

 

 

 GRIFFIN, RONALD CHARLES, law educator; b. Washington, Aug. 17, 1943; s. Roy John and Gwendolyn (Points) Griffin; m. Vicky Tredway, Nov. 26, 1967; children: David Ronald, Jason Roy, Meg Carrington. BS, Hampton Inst., 1965; JD, Howard U., 1968; LLM, U. VA., 1974. Bar: DC 1970, US Supreme Ct. 1973, Kans. 1986. Asst. corp. counsel Govt. of D.C., 1970; asst. prof. law U. Oreg., 1974-78; assoc. prof. law Washburn U., Topeka, 1978-81, prof. law, 1981-. Vis. prof U. Notre Dame, 1981-82; vis. scholar Queen's U., Kingston, Ont., Canada, 1988; dir. Coun. Legal Ednl. Opportunity Summer Inst., Gt. Plains Region, 1983; grievance examiner Midwest region EEOC, 1984-85; arbitrator consumer protection complaints NE Kans. Better Bus. Bur., 1989-; commr. Continuing Legal Edn. Commn. Kans., 1989-95; external examiner Sch. Law U. Limerick, Ireland, 2004-05; vis. prof U. Ghana, Legon, 2006. Contbr. articles to legal jours. Churn., bd. dirs. Brown Found., 1996-99, Midwest People of Color Legal Scholarship Conf., 2003-05; delegate People to People Ambassador Prog., Global Climate Change & Environ. Sci. in People’s Republic of China, 2007. With JAGG US Army, 1970-74. Named William 0. Douglas Outstanding Prof of Yr., 1985-86, 1994-95; fellow, Parker Sch. Fgn. and Comparative Law. Columbia U., 1981; Rockefeller Found. grantee, Howard U., 1965-68, Kline Sabbatical Rsch. grantee, Japan, 1985. Mem.: ABA, Ctr. States Law Sch. Assn. (pres.-elect 1987, pres. 1987-88), Kans. Bar, Phi Beta Delta, Phi Kappa Phi.

Abstract

The Great Plains blankets eight states. It’s dotted with oil patches, public utilities, farms, ranches, feed lots, meat-packing plants, medium size cities, military bases and tiny towns feeding on agricultural activity. The question is: what can leaders do for a desperate and aging population in a global warming environment to bring full employment to the region. This paper explores opportunities to capitalize upon environmentally friendly farming practices and agricultural waste to produce jobs, money, commercial opportunities, marketable sod, fertilizers, methane, electricity, and securities (from the Chicago Climate Exchange) as answers for this question. The paper recounts the use of man made wetlands to sequester CO2; byproducts from coal fired power plants; landfill methane; methane digesters, and soil carbon projects to arrest heat and contribute to the campaign against global warming.

Decision Making in the WTO and the Fate of Developing Countries by Osuntogun Abiodun Jacob, University of Ibadan.

 

 

 Osuntogun Abiodun Jacob ( LL..B , University of Lagos Nigeria; LL.M, Obafemi Awolowo University Ile Ife Nigeria; Master of Art in Peace and Conflict studies , University of Ibadan) is a lecturer at the Faculty of Law, University of Ibadan. His areas of expertise  are: International Economic Law, Competition Law, Technology and Labour Law. He was once a World Bank Scholar to University of Pretoria, South Africa, where as a student he obtained a specialized LL.M post graduate degree  in International Trade and Investment Law. He was also a student at America University Washington DC where he obtained a certificate in International Legal Studies. He is a solicitor and Advocate of the Supreme Court of Nigeria.
Abstract
In this paper, we have attempted an examination of the process of decision-making in the WTO. This consideration was provoked by the spate of criticism against the WTO and the International Trade Regime.We have explained the importance of decision-making process to an international organization and posited that if decision-making is fair in any organization particularly, at the World Trade Organization, the result shall be blissful. Consequentially, we attributed the present stalemate in the Doha round negotiation to unfairness in the manner the negotiation is being conducted and the insincerity by the developed countries to the true spirit of the Round. We critically examined the consensus principle of decision-making in the WTO and offered far-reaching recommendations that will facilitate equity, justice and development to all members of the organization. Our position is that the International Trade Regime is not fair to the developing countries and the developing countries may not allow the trend to continue without redress. However, whatever should be done to salvage the World Trade Organization should start from the way it makes decision.

Understanding the Modern Chinese Contract Law and its Implications to Trading with China by Grace Li, University Technology Sydney (UTS).

Grace Li is a lecturer at the Faculty of Law, University Technology Sydney (UTS). Grace graduated from Central South University of Political Science and Law (Hunan, China) with First Class Honours in her LLB. She has completed a Graduate Certificate of Business Administration and an LLM from UTS, and is currently undertaking her PHD in Law. She also published articles in various refereed law journals and presented at a number of national and international conferences.
Abstract
In this essay, I will briefly introduce a recent history of the development of the Chinese contract law to set a context of discussion. I will then analyse various specific elements of the Chinese contract law in detail by comparing with the Law of Contract in the Common law tradition as well as with UNIDROIT 2004. The implications to trading with China are demonstrated in the course of this analysis together with suggestions and possibly resolutions to the practitioners from other jurisdictions. In the end, a conclusion is reached and claims that – one of the most important things in trading with China is to understand what the law is, particularly what the contract law is. However, it might be far more important to know the people who know what the laws are and how the laws work in their own ways.

Property Rights for Biometric Information- protection measure? by Yue Liu, University of Oslo.

Yue Liu (L.L.M., in Law and Information Technology, Stockholm University; M.A., in Theory and Practice of Human Rights, Oslo University, Norway; B.L., in Law, Sichuan University, China) is a PhD research fellow at the Norwegian Research Institute for Computers and Law, University of Oslo, Norway.

 
Abstract
This paper investigates the validity of the argument for using property rights as a protection measure for biometric information. Taking a neutral view, the paper discusses the possible justification, practical value and legal basis for such an approach. Different views from both sides are evaluated and analyzed.  It proposes that the property right approach may find legal basis in both EU and US jurisdictions, however, the practical value for the property right approach varies in different legal regimes, and the enforcement for this approach still needs further research.

Online Gambling in South Africa - Comparative Perspectives by Jumoke Oduwole, Stanford Law School.

 

 

 

 

Jumoke Oduwole obtained a bachelors degree in law from University of Lagos in 1997. She has an LL.M. in commercial law from Cambridge University, England where she was a Cambridge Commonwealth Trust Scholar, as well as a J.S.M. in international legal studies from Stanford Law School.  In 2004, Jumoke gave up a career in investment banking to teach law in her Alma Mata, University of Lagos.  She is currently on study leave pursing a doctoral degree at Stanford Law School and is a 2008 Fellow with Stanford Center on International Conflict and Negotiation.

 Jumoke is now particularly interested in the impact of developing country negotiation coalitions in negotiating World Trade Organization rules.  She hopes to effect change by teaching other Africans how to tackle complex multilateral trade issues; in order to facilitate changes that she believes will positively impact millions of lives in Sub-Saharan Africa.  She sincerely believes that a major key to Africa’s economic emancipation is not more aid, not more debt relief–but more (fair) trade!  Born and bred in Lagos, Nigeria, Jumoke is married, with two lovely kids, and is an avid photographer.
Abstract
The thrust of this research centers on the inadequate participation of African countries in the World Trade Organization (WTO) dispute settlement mechanism.  Using the US-Upland Cotton dispute initiated by Brazil as a case study, I investigate four leading West African cotton exporters—Benin, Burkina Faso, Chad and Mali—the “Cotton 4” as a case study.  Here, Benin and Chad participated in the dispute as third parties, whereas Burkina Faso and Mali were noticeably absent, despite their joint criticism of the subsidies.  I attempt to ascertain the rationale for African countries’ decisions to participate in disputes or to ‘free ride’ within the international trade arena.  I argue that the incentives or disincentives affecting these decisions stem from either political or resource constraints and suggest that, despite these constraints, African countries must strive to participate more effectively in WTO adjudication.

The Tolls of Privacy: An Underestimated Roadblock for Electronic Toll Collection Usage by Patrick Riley, University of California at Berkeley.

 

 

 

 

Patrick Riley is a Ph.D. student at the University of California at Berkeley, School of Information.From 2001 until 2003, he was an Assistant Director at the University of California's Boalt Hall School of Law for the Berkeley Center for Law & Technology. In 2005, he was awarded a Fulbright Fellowship (Germany) to conduct privacy and security research on RFID implementations in German passports and World Cup 2006 tickets. During this time, he was also a lecturer at Technische Universität in München. In addition, Patrick has had experience in the corporate IT environment, with positions at AOL Time Warner and Symantec Corporation.

Patrick received his Master's of Information Systems Degree from the University of California at Berkeley's School of Information Management and Systems, and holds bachelor degrees from the University of California at Berkeley in Environmental Biology, and in Economics.
Abstract
Despite continuing population and economic growth in the Bay Area, the rate of adoption of FasTrak, the electronic toll collection system employed in California, has been significantly lower than similar systems in comparable urban areas of the United States. Prior economic research suggests drivers in California's urban areas have a revealed willingness to pay for the convenience of FasTrak that exceeds their current cost of FasTrak. Using survey results and other research, we find the slower progress of FasTrak is partially related to consumers' value of perceived privacy over-weighing the implicit value of convenience. Similarly, our research suggests that either a change in consumers' perception of privacy in the FasTrak system, or a fiduciary compensation must be offered to Bay Area drivers' in exchange for their perceived reduction of privacy, if any significant increase of FasTrak usage is to be achieved.

Online Gambling in South Africa - Comparative Perspectives by Sizwe Lindelo Snail, Couzyn Hertzog & Horak Inc, South Africa

 

 

 

 

 

 

 

 

 Sizwe Lindelo Snail matriculated at Pretoria Boys High, Pretoria in 1999. He then pursued a law degree at the University of Pretoria in 2000 and completed his Baccalareus Legum (LLB) in 2004 with chosen electives in Tax Law and Cyber-Law in which he also wrote his LLB-dissertation titled “The validity and enforceability of Internet Contracts“. He served his articles at Barend Burgers Attorneys, Hatfield, Pretoria (2005) and was admitted as an Attorney of the South African High Court (2007). He is currently enrolled for a Magister Legum (LLM) degree specializing in Information Technology Law at the University of South Africa under the title “An Appraisal of the South African Law of e-Contract”. He is also the author of various articles on Cyberlaw in accredited and non-accredited journals as well as gives regular comments on Cyberlaw in various South African Newspapers and radio talk shows. He also presents papers and attends both local and international conferences. He also does corporate presentations and regularly gives opinions and individualized legal compliance testing. He is also a Trainee Adjudicator of the SAIIPL, Domain Disputes. He is also co-founding member of the Annual Cyberlaw Conference and Legal Coordinator for ICTA.za (Information Communication Telecommunication Association) and a member of the Black Lawyers Association. He is also Chair of the Lex Informatica Convention 2008 taking place in May 2008 at the Innovation Hub. He is currently an attorney in the cyberlaw Department of Couzyn Hertzog & Horak Inc. and specialises in cyberlaw matters and civil litigation matters.
Abstract
Online gambling or better known as e-gambling emerged in the 90’s as an exotic form of leisure but lucrative online business which soon boomed into a multi-billion dollar industry. The paper‘s main focus will be on the law regulating online gambling in South Africa in its various forms. In the introduction, there will be a discussion on the nature and impact of online gambling as well as a brief excursus on the different legal approaches that have been adopted by different legal systems around the world to regulate the industry. The paper will examine the current South African legal position with regard to the legality of online gambling as well as the proposed changes to the National Gambling Act. The rights and duties of the various parties involved in the said gambling activities will also be put on the spotlight. The paper will further look at the different regulatory systems adopted by some of the EU countries, UK, USA, Australia, Germany and other small islands that are considered as “safe harbours” due to lack of regulation and /or more flexible regulatory systems.

A Brief Excursus On The South African Online Alternative Dispute Resolution by Sizwe Lindelo Snail, Couzyn Hertzog & Horak Inc, South Africa

 

 

 

 

 

 

 

 

 Sizwe Lindelo Snail matriculated at Pretoria Boys High, Pretoria in 1999. He then pursued a law degree at the University of Pretoria in 2000 and completed his Baccalareus Legum (LLB) in 2004 with chosen electives in Tax Law and Cyber-Law in which he also wrote his LLB-dissertation titled “The validity and enforceability of Internet Contracts“. He served his articles at Barend Burgers Attorneys, Hatfield, Pretoria (2005) and was admitted as an Attorney of the South African High Court (2007). He is currently enrolled for a Magister Legum (LLM) degree specializing in Information Technology Law at the University of South Africa under the title “An Appraisal of the South African Law of e-Contract”. He is also the author of various articles on Cyberlaw in accredited and non-accredited journals as well as gives regular comments on Cyberlaw in various South African Newspapers and radio talk shows. He also presents papers and attends both local and international conferences. He also does corporate presentations and regularly gives opinions and individualized legal compliance testing. He is also a Trainee Adjudicator of the SAIIPL, Domain Disputes. He is also co-founding member of the Annual Cyberlaw Conference and Legal Coordinator for ICTA.za (Information Communication Telecommunication Association) and a member of the Black Lawyers Association. He is also Chair of the Lex Informatica Convention 2008 taking place in May 2008 at the Innovation Hub. He is currently an attorney in the cyberlaw Department of Couzyn Hertzog & Horak Inc. and specialises in cyberlaw matters and civil litigation matters.
Abstract
Domain names have come to be recognised as property, an important part of the general body of intellectual property belonging to a company or individual, and conveying the brand by which that company or individual is recognised. The registration of “offensive” and “abusive” domain names has become the order of the day. Lawyers and law enforcement and regulatory bodies around the world have rapidly found ways and means to try to deal with these “cyber pirates” through delictual actions and criminal sanctions. On the 8th May 2007 the .za Domain Name Authority (.za DNA) announced that it had approved a formal, regulated process that is aimed to provide an inexpensive, fast and easy domain name dispute resolution without the need of a lawyer. The main purpose of this article is to examine the different types of infringements possible of both commonly known and registered trademarks as well as trading names in the .co.za space since the promulgation of the Electronic Communication and Transactions Act and its Alternative Dispute Resolution (ADR) Regulations (hereafter referred to as “the Regulations”).

 

Allocation of liability in case of fraudulent use of an electronic payment instrument: the new Directive on payment services in the internal market by Reinhard Steennot, Ghent University.

 

 

 Prof. (Dr.) Reinhard Steennot obtained his law degree in 1998 and immediately joined the Financial Law Institute at the Ghent University (Belgium) as a full time researcher, sponsored by the Fund for Scientific Research. Reinhard Steennot wrote a doctoral thesis on the legal aspects of electronic payment systems (2002), entitled: "Elektronisch betalingsverkeer: een toepassing van de klassieke principes" . In October 2003 he became professor at the Ghent University. Since then he teaches several courses, all relating to financial law and consumer law. The research of Reinhard Steennot focuses mainly on issues of private banking law, consumer protection and electronic commerce. He is the author of several books (e.g. Financiële diensten op afstand) and many articles (mainly in Dutch).
Abstract
In December 2007, the European Directive on payment services in the internal market was published in the Official Journal. This Directive contains many rules on payments, including rules on the allocation of liability in case of fraudulent use of a payment instrument. The aim of this paper is to discuss and evaluate the regime concerning fraudulent payment transactions which is incorporated in the new Directive. We will show that the new regime creates important risks for the holder of an electronic payment instrument and we will therefore propose to divide liability in another way.