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 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> |