21 November, 2010

First Real Threat of Legal Action on new gTLDs

Thanks to great reporting over at domainincite.com, we are now privy to this unveiled threat from the BITS Financial Services Roundtable:

"If these critical issues are not fully resolved and ICANN chooses not to defer financial TLD delegation, BITS, its members and its partners are prepared to employ all available legislative, regulatory, administrative and judicial mechanisms. Among the possibilities under discussion are: legislation prohibiting renewal of the IANA contract without adequate security safeguards (Attachment K), further action by U.S. and non-U.S. banking regulators (Attachment L), a request for Board reconsideration or for an independent review panel, and the filing of legal complaints in one or more jurisdictions.  Please rest assured that we prefer a prudent solution, reached by collaborative means, to any of these costlier, riskier and more contentious remedies."

(Attachment K)
Proposed Amendment to U.S. Cybersecurity Legislation:
“The Department of Commerce shall ensure that the Internet Assigned Numbers Authority contract requires generic top level domain registries providing financial services offerings to meet mandatory security requirements approved by the Department of Commerce in consultation with the financial services sector and regulators.”

Attachment L is a letter from the Federal Deposit Insurance Corporation (FDIC) written to Larry Stricking at the NTIA calling for stricter ICANN application rules.

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