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BITS

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{{CompanyInfo|
| logo = Picture 1.png
| type = Non-Profit Corporation
| industry = [[RIR|Regional Internet Registry]]
| founded = 1996
| founder(s) =
| revenue =
| businesses =
| website = [http://www.bits.org/BITS.org]
| keypeople = [[Paul Smocer]], President<br>
| twitter =
}}
'''BITS''' is the division of Financial Services Rdountable's technology policy from the Financial Services Roundtabledivision. It represents 100 of the largest financial services companies that provide insurance, investment products or banking services.<ref>[http://www.bits.org/ BITS official website]</ref> It was created in 1996 by the Financial Services Roundtable to better help its members understand and collaborate on new technologies.<ref>[http://www.bits.org/ A short history about the creation of BITS]</ref> ===BITS and [[ICANN]]===BITS has sent letters to [[ICANN]] following the publication of many of the [[New gTLD Program]|new gTLD program]]'s, including the first, second, third and fourth version.<ref>[http://www.bits.org/publications/comment/BITSCommentICANNDAG121508.pdf BITS Comment, v1, BITS.org]</ref><ref>[http://forum.icann.org/lists/2gtld-guide/pdfBMtaHcRzDs.pdf BITS Comment, v2, BITS.org]</ref><ref>[http://www.bits.org/publications/comment/CommentICANNDAGv3112209.pdf BITS Comments, v3, BITS.org]</ref>[http://www.bits.org/publications/comment/CommentICANNDAGv4072110.pdf BITS Comments, v4, BITS.org]</ref> In late 2010, BITS threatened legal action against ICANN should it not defer the delegation of any financial [[TLD]].<ref>[http://domainincite.com/icann-told-to-ban-bank-or-get-sued/ ICANN Told To Ban Bank or Get Sued, DomainIncite.com]</ref> Since that time, BITS has announced that it is working with the [[ABA|American Bankers Association]] to apply for financial [[TLD]]s. It has chosen to work with [[Verisign]]'s registry services to provide technical back-end services to those extensions.<ref>[http://www.marketwire.com/press-release/american-bankers-association-bits-choose-verisign-as-registry-operator-potential-new-nasdaq-vrsn-1422322.htm Press Release, American Bankers Association BITS Choose Verisign as Registry Operator Potential New, MarketWire.com]</ref> Its gTLD application plans include a bid for [[.bank]], and it will likely apply for a number of other financial related TLDs.<ref>[http://domainincite.com/bits-may-apply-for-six-financial-gtlds/ BITS May Apply For Six Financial gTLDs, DomainIncite.com]</ref> BITS has been vocal about what it deems as mandatory secuirty measure for any financially related gTLD. There are no specific measures stipulated in [[ICANN]'s [[Applicant Guidebook]]. ICANN's own [[Security Standards Working Group]] has made its own set of suggestions to ICANN on such requirements, and these have largely been endorses by BITS.<ref>[http://domainincite.com/high-security-bank-spec-published/ High Security Bank Spec Published, DomainIncite.com]</ref>
==About BITS==
Created in 1996 as the entity created within the Financial Services Roundtable that will help the members better understand and collaborate for the newest technologies.
The founder of BITS was Frank Wobst, CEO of Huntington Bancshares.
BITS’ first CEO was Catherine Allen. Today, it is led by Paul Smocer.<ref>[http://www.bits.org/ A short history about the creation of BITS]</ref>
==BITS and [[ICANN]]==
[[ICANN]] leads an application process for obtaining more global top level domains such as .secure or .bank.
BITS as the entity of technology from the Financial Services, published a set of regulations for new top level domains such as .bank which cover up to 31 items related to law enforcement, security of data or registrar relations.
Although these regulations should be applied on a voluntary basis by applicants for a gTLD, BITS will enforce this as being mandatory for domains related to financial services. These domains are called fTLD.
BITS addressed an official letter to [[ICANN]] in order to announce that the implementation of the regulations will be mandatory.
Within the [[ICANN]]’s Applicant Guidebook does not state that it is mandatory for applicants to apply these regulations, but that they should respect the general security expected from gTLD.
The regulations specified by BITS should be implemented until December 20. It is up to [[ICANN]] board to find a way for implementing them. <ref>[http://domainincite.com/high-security-bank-spec-published/ More about the relation between BITS and ICANN]</ref>

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