Re: The Regulators Are Coming. The Regulators . . .

The Reglulators are here.

Most UK Financial Services sites state that they will not sell to US
citizens ( from fear of SEC in the event of future US holidays or
expansion, depending on the ambitions of the site owner). One company
actually uses a US web server for its site, but excludes US users from even
getting in to see it!

In the UK the Financial Services regulators have noted that our Financial
Services Act covers marketing that can be seen by a UK person, thereore
implying that only companies regulated by one of the UK regulators can set
up web sites or use USENET, and that even then everything posted is an
advert and should have been passed by compliance as such.

This view places the whole of the US Financial Services industry in breach
of UK law, so please get off and let us have a free reign.

In practice they have realised that this attitude is unrealistic, and are
only going to go after people who they consider are aiming at a UK audience,
( eg by posting to uk.finance, which will come as shock to a lot of spammers
who find themselves looking at two years in prison for a make money fast
scam he he).

IMO regulators are about to realise that life is not as simple they would
fondly believe.

Lets face it, if I am selling widgets from the UK and my site is in some
breach of Minnesota law , frankly my dear, I don't give a damn.

What would be the attitude of the Attorney if I, in the UK, purchased
something from a Minnesotean(sp?) and the deal was found wanting under UK
law?

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--
Ian Dickson         &lt;a href="<a href="http://www.demon.co.uk/moneyweb">http://www.demon.co.uk/moneyweb</a>"&gt;http://www.demon.co.uk/moneyweb&lt;/a&gt;


"Moneyweb...probably the most comprehensive UK personal finance site"
- the Financial Times


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