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→Different Reactions
Companies within the financial sector has varying reactions regarding the proposed .bank gTLD. Some believe that it will help curb incidence of domain name abuse. Avivah Litan, an analyst from Gartner said that a TLD dedicated for banks will provide more security because monitoring would be easier. Litan explained that under the [[.com]] TLD, anyone can register a domain name. On the other hand, Forrester Research marketing analyst Jeff Ernst said that several big banks are considering to apply for their own TLD registry while smaller banks are considering to use a .bank domain name.<ref>[http://www.americanbanker.com/btn/24_12/dot-bank-gets-mixed-reviews-1044372-1.html Dot Bank Gets Mixed Reviews]</ref>
Companies within the financial sector has varying reactions regarding the proposed .bank gTLD. Some believe that it will help curb incidence of domain name abuse. Avivah Litan, an analyst from Gartner said that a TLD dedicated for banks will provide more security because monitoring would be easier. Litan explained that under the [[.com]] TLD, anyone can register a domain name. On the other hand, Forrester Research marketing analyst Jeff Ernst said that several big banks are considering to apply for their own TLD registry while smaller banks are considering to use a .bank domain name.<ref>[http://www.americanbanker.com/btn/24_12/dot-bank-gets-mixed-reviews-1044372-1.html Dot Bank Gets Mixed Reviews]</ref>
On November 13, 2009, the Office of the Superintendent of the Financial Institutions in Canada (OSFI) informed ICANN through its correspondence to [[ICANN CEO]] [[Rod Beckstrom]] regarding the possible problems that will be faced by entities applying for a .bank gTLD in connection with Canada's Bank Act. Under the provisions of the regulation, any person is prohibited to use the word bank to indicate or describe a financial service other than banks regulated by OSFI. In lieu, the OSFI explained that any entity in Canada found using a .bank gTLD in violation of Canada's Bank Act will be required to abandon the domain name regardless of associated costs or expenses incurred. Furthermore, OSFI encouraged ICANN to consider the issue in connection with the possible introduction of .bank.<ref>[http://www.icann.org/en/correspondence/evanoff-to-beckstrom-13nov09-en.pdf OSFI Letter to Beckstrom regarding the proposed .bank gTLD]</ref>
On November 13, 2009, the Office of the Superintendent of the Financial Institutions in Canada (OSFI) informed ICANN through a letter addressed to [[ICANN CEO]] [[Rod Beckstrom]] about the possible problems that will be faced by entities applying for a .bank gTLD in connection with Canada's Bank Act. Under the provisions of the regulation, any person is prohibited to use the word bank to indicate or describe a financial service other than banks regulated by OSFI. In lieu, the OSFI explained that any entity in Canada found using a .bank gTLD in violation of Canada's Bank Act will be required to abandon the domain name regardless of associated costs or expenses incurred. Furthermore, OSFI encouraged ICANN to consider the issue in connection with the possible introduction of .bank.<ref>[http://www.icann.org/en/correspondence/evanoff-to-beckstrom-13nov09-en.pdf OSFI Letter to Beckstrom regarding the proposed .bank gTLD]</ref>
On February 2012, the European banking Authority expressed its concerns to ICANN regarding the possible risks of proposed financial TLDs such as .bank and .fin. According to EBA chair Andrea Enria, consumers may not be properly guided through and assume that a particular operator of a particular under the .bank domain space is a regulated entity by a competent authority in their own country. Furthermore EBA is also concern of the possibility that true banks and other regulated entities need to spend significant amount of money to protect their trademarks from abuses and frauds. Enria also cited that the benefits in operating the proposed TLD is not yet established and there are still technical issues that needs to be discussed and resolved thus, EBA recommended that any proposed financial TLD must be banned by internet governing body.<ref>[http://eba.europa.eu/cebs/media/Publications/Consumer%20Protection/EBA-BS-2011-197--EBA-Comments-on-Top-Level-Domain-Names--bank-and--fin-.pdf Comments of the European Banking Authority on the Planned Top level Domains .bank and .fin]</ref> <ref>
[http://domainincite.com/europe-to-warn-consumers-about-bank-risks/ Europe to warn consumers about .bank “risks”]</ref>
==References==
==References==