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→Concerns from European Banking Authority (EBA)
===Concerns from European Banking Authority (EBA)===
===Concerns from European Banking Authority (EBA)===
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>
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. EBA requested ICANN to ban any applications for the two proposed financial TLDs.<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>
[http://domainincite.com/europe-to-warn-consumers-about-bank-risks/ Europe to warn consumers about .bank “risks”]</ref> <ref>[http://news.dot-nxt.com/2012/03/08/eba-dot-bank-warning EBA asks ICANN to scrap dot-bank]</ref>
ICANN COO [[Akram Atallah]] sent a response letter to Enria and explained that the new gTLD program does not prohibit the application for the two possible gTLDs in question. Atallah also informed Enria about the available objections which can be utilized by EBA such as the string confusion objection, legal rights objection, limited public interest objection and community objection. In addition, he also cited the two the Governmental Advisory Committee may also provide an early warning or advice regarding the proposed new gTLDs. Furthermore, Atallah encouraged EBA to monitor the ICANN website until the closing period of the application process to determine the actual applicants for the .bank and .fin gTLDs and to work with them regarding their concerns on the use of the strings.<ref>
[http://news.dot-nxt.com/sites/news.dot-nxt.com/files/atallah-to-enria-01mar12-en.pdf ICANN's Response to EBA]</ref>
==References==
==References==