Regulations are out - Page 5

CompatiblePoker · #41 10-01-2007, 05:19 PM

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http://www.compatiblepoker.com/usa.php#usapokerupdates

Commenting period is only until Oct. 12...wtf?

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hmm the pdf states Dec 12th

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My bad, I just woke up and put up the post quickly without double checking my typos. It's correct now. Grrrr I hate falling asleep when important things happen.

CompatiblePoker · #42 10-01-2007, 05:28 PM

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Does the document mention how long the comment review/reg modification period will be?

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To my understanding after the commenting period ends, Dec. 12th, they don't set an exact timeframe for the review period to release the amended regulations.

oldbookguy · #43 10-01-2007, 05:30 PM

http://www.ustreas.gov/press/releases/hp583.htm

Above is the 'official' press release link from the Treasury Department or read below:

To view or print the PDF content on this page, download the free Adobe® Acrobat® Reader®.

October 1, 2007
HP-583

Agencies Propose Joint Rule to Implement Unlawful Internet Gambling Enforcement Act

The Department of the Treasury (Treasury) and the Board of Governors of the Federal Reserve System (Board) on Monday announced the release of a joint proposed rule to implement the Unlawful Internet Gambling Enforcement Act (the Act). The Act prohibits gambling businesses from accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic funds transfers, and checks.

The proposed rule would require U.S. financial firms that participate in designated payment systems to have policies and procedures that are reasonably designed to prevent payments being made to gambling businesses in connection with unlawful Internet gambling. The proposed rule would provide examples of such policies and procedures. For purposes of the proposed rule, unlawful Internet gambling generally would cover the making of a bet or wager that involves use of the Internet and that is unlawful under any applicable federal or state law in the jurisdiction where the bet or wager is made.<emphasis added>

The Board and Treasury are required by the Act to develop jointly the proposed rule in consultation with the Department of Justice. Comments on the proposed rule are requested by December 12, 2007. The agencies request comment on all aspects of the proposed rule. The Federal Register notice is attached.

Media Contacts:

Treasury Jennifer Zuccarelli 202-622-8657
Federal Reserve Susan Stawick 202-452-2955

REPORTS

Federal Register Notice of Proposed Joint Rule

thepizzlefosho · #44 10-01-2007, 05:33 PM

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http://www.ustreas.gov/press/releases/hp583.htm

Above is the 'official' press release link from the Treasury Department or read below:

To view or print the PDF content on this page, download the free Adobe® Acrobat® Reader®.

October 1, 2007
HP-583

Agencies Propose Joint Rule to Implement Unlawful Internet Gambling Enforcement Act

The Department of the Treasury (Treasury) and the Board of Governors of the Federal Reserve System (Board) on Monday announced the release of a joint proposed rule to implement the Unlawful Internet Gambling Enforcement Act (the Act). The Act prohibits gambling businesses from accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic funds transfers, and checks.

The proposed rule would require U.S. financial firms that participate in designated payment systems to have policies and procedures that are reasonably designed to prevent payments being made to gambling businesses in connection with unlawful Internet gambling. The proposed rule would provide examples of such policies and procedures. For purposes of the proposed rule, unlawful Internet gambling generally would cover the making of a bet or wager that involves use of the Internet and that is unlawful under any applicable federal or state law in the jurisdiction where the bet or wager is made.<emphasis added>

The Board and Treasury are required by the Act to develop jointly the proposed rule in consultation with the Department of Justice. Comments on the proposed rule are requested by December 12, 2007. The agencies request comment on all aspects of the proposed rule. The Federal Register notice is attached.

Media Contacts:

Treasury Jennifer Zuccarelli 202-622-8657
Federal Reserve Susan Stawick 202-452-2955

REPORTS

Federal Register Notice of Proposed Joint Rule

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I'm no guru, and I could totally be wrong but isn't above stating that the Regs make the UIGEA merely an extension of the Wire Act?

va1halla · #45 10-01-2007, 05:35 PM

So most people here believe we will be able to send checks and cash checks after these regs are implemented ?

oldbookguy · #46 10-01-2007, 05:40 PM

I am no guru either, however, I do know that the 5th circuit Federal Court ruled the Wire Act does not include ANYTHING except sports betting.

I am guessing that perhaps the sites with the 11 state ban may have gotten it right since those states prohibt either all wagering or the Internet specifically.

obg

CompatiblePoker · #47 10-01-2007, 06:07 PM

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Does the document mention how long the comment review/reg modification period will be?

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To my understanding after the commenting period ends, Dec. 12th, they don't set an exact timeframe for the review period to release the amended regulations.

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Just to further this, a quote from the proposed regulations.

The Agencies propose that the final regulations take effect six months after the joint final rules are published, and request comment on whether this period is reasonable.

Grasshopp3r · #48 10-01-2007, 06:26 PM

So is there a test case set up for the 5th Circuit? That seems to be a logical move, especially from an UIGEA impacted bank.

eddytom · #49 10-01-2007, 06:32 PM

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25 hours compliance time - BS!

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CGW wrote an article and said the Treasury estimates that it would take 368,254 hours of work to implement these regulations.

Full Article

eddytom · #50 10-01-2007, 06:34 PM

However, an article from Reuters just came out and it seems like the banks are happy with the regs and think they can enforce them easily???

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"At first blush it looks like they took a very practical and pragmatic approach. They did not ask us to do the impossible," said Steve Kenneally, a spokesman for America's Community Bankers.

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Reuters Article