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Proposed UIGEA Regulations

United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic and International Monetary Policy, Trade, and Technology

Published: 2008

Total Pages: 248


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Proposed UIGEA regulations : burden without benefit? : hearing before the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology of the Committee on Financial Services, U.S. House of Representatives, One Hundred Tenth Congress, second session, April 2, 2008.

Proposed UIGEA Regulations

United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic and International Monetary Policy, Trade, and Technology

Published: 2008

Total Pages: 248


Get eBook

Prohibition on Funding of Unlawful Internet Gambling (US Federal Reserve System Regulation) (FRS) (2018 Edition) The Law Library presents the complete text of the Prohibition on Funding of Unlawful Internet Gambling (US Federal Reserve System Regulation) (FRS) (2018 Edition). Updated as of May 29, 2018 This document is published jointly by the Departmental Offices of the Department of the Treasury (the "Treasury") and the Board of Governors of the Federal Reserve System (the "Board") (collectively, the "Agencies") to adopt a final rule to implement applicable provisions of the Unlawful Internet Gambling Enforcement Act of 2006 (the "Act"). The final rule sets out definitions for terms used in the regulation; designates payment systems that could be used by participants in connection with, or to facilitate, a restricted transaction; exempts certain participants in certain designated payment systems from the requirement of the regulation; requires the participants performing non-exempt functions in a designated payment system to establish and implement policies and procedures reasonably designed to prevent or prohibit restricted transactions, such as by identifying and blocking such transactions; provides non-exclusive examples of policies and procedures for non-exempt participants in each designated payment system; and sets out the regulatory enforcement framework. In developing this rule, the Agencies have consulted with the Department of Justice, as required by the Act, and have taken into consideration all comments received on the proposed rule issued in October 2007. This book contains: - The complete text of the Prohibition on Funding of Unlawful Internet Gambling (US Federal Reserve System Regulation) (FRS) (2018 Edition) - A table of contents with the page number of each section
It leaves in place questions as to the extent to which the Interstate Horseracing Act curtails the reach of other federal laws,5 an issue at the center of World Trade Organization (WTO) litigation.6 It instructs the Secretary of the Treasury and the Board of Governors of the Federal Reserve, in consultation with the Attorney General, to issue implementing regulations within 270 days of passage.7 A [...] The Justice Department and certain members of the horse racing industry disagree over the extent to which the Horseracing Act amends the coverage of the Wire Act which outlaws the interstate transmission by wire of certain information related to gambling. [...] On October 4, 2007, the Board of Governors of the Federal Reserve System and the Secretary of the Treasury issued proposed regulations implementing UIGEA, 72 Fed. [...] Of the five systems, a "card system" as understood by the regulations is one that settles transactions involving credit card, debit card, pre-paid card, or stored value product and in which the cards "are issued or authorized by the operator of the system and used to purchase goods or services or to obtain a cash advance," proposed 12 C.F. [...] In the case of "check collection systems," the coded information available to the system with respect to a particular check is limited information identifying the bank and account upon which the check is drawn, and the number and amount of the check, 72 Fed.