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#1
10-01-2007, 11:15 AM
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Regulations are out
Ok I am surprised. But http://www.treas.gov/press/releases/...oposedrule.pdf seems to be the new UIGEA regulations. (hope link works)
I have only read the first 13 pages. I note that "unlawful internet gambling" remains undefined and the agency said that it will not define the term because the UIGEA does not define the term. So I cannot see the purpose in any comments on this issue. OTOH, the second paragraph of exemptions from the regulations starts with this sentence. "The Agencies are proposing to exempt all participants in the ACH systems, check collection systems, and wire transfer systems, except for the participant that possesses the customer relationship with the Internet gambling business (and certain participants that receive certain cross-border transactions from, or send certain such transactions to, foreign payment service providers, as discussed further below)." This seems hopeful, but I will have to read the rest of the regulations to be sure of anything. Without some definition of the term "unlawful internet gambling" I do not understand how banks and other financial institutions are going to obey these regulations? Perhaps this should be a comment. I don't know. I'll post later after I read the entire regulation. 
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#2
10-01-2007, 11:36 AM
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Re: Regulations are out
going off ur comments on it...it all seems very promising...let's hope they keep the regs as "vague" as u believe they are, no need to define "unlawful internet gambling," which means the status quo will continue for now which is VERY VERY good news......
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#4
10-01-2007, 11:45 AM
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Re: Regulations are out
i actually read a bit more and they propose that keeping an updated list of unlawful internet gambling businesses is NOT RECOMMENDED due to the costs involved...another good thing.....i know some were waiting of the sky to fall with these regs, but i have to be honest with you, after reviewing the document, i feel as though a 2+2er was one of the parties involved with writing this document.....very non descript and no teeth whatsoever.....
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#6
10-01-2007, 12:00 PM
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Re: Regulations are out
"The Act directs the Agencies to exempt certain restricted transactions or
designated payment systems from any requirements imposed under the regulations if the Agencies find that it is not reasonably practical to identify and block, or otherwise prevent or prohibit the acceptance of, such transactions. Section 4 of the proposed rule provides such an exemption for certain participants in ACH systems, check collection systems, and wire transfer systems. The proposed regulation is structured to impose requirements on participants in designated payments systems with respect to the segments of particular transactions that those participants handle. Therefore, rather than exempting entire categories of restricted transactions or entire payment systems, the Agencies have structured the exemptions to apply to particular participants in particular payment systems as described in greater detail below. The Agencies believe that this limited application of their exemption authority better serves the Act’s purposes of preventing the processing of restricted transactions."
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#7
10-01-2007, 12:02 PM
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Re: Regulations are out
The initial reaction for Party stock is neutral. That is the more relevant indicator to these regs.
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#8
10-01-2007, 12:03 PM
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Re: Regulations are out
[ QUOTE ]
"The Act directs the Agencies to exempt certain restricted transactions or designated payment systems from any requirements imposed under the regulations if the Agencies find that it is not reasonably practical to identify and block, or otherwise prevent or prohibit the acceptance of, such transactions. [/ QUOTE ] Isn't that the money line? If it's too hard to do, then don't bother with it?
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#10
10-01-2007, 12:10 PM
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Re: Regulations are out
[ QUOTE ]
The initial reaction for Party stock is neutral. That is the more relevant indicator to these regs. [/ QUOTE ] Why would Party stock be affected by US legislation?
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