Business
US Legislation
US Legislation.
About this update from Evoke Plc
[{"type":"text","content":"\n 888 Holdings plc\n02 October 2006\n\n\n2 October 2006\n\n 888 Holdings Public Limited Company\n ('888' or the 'Company')\n\n Announcement Re: US Legislation\n\nThe Board has discussed the implications of the internet gaming provisions\ncontained in Title VIII of the Safe Ports Act which passed Congress in the USA\nearly on the morning of Saturday 30 September. These provisions state that, from\nthe date the legislation becomes effective, the receipt of funds by electronic\nfunds transfer and other prescribed methods in connection with internet gaming\nthat is illegal under U.S. state or federal law will constitute a federal\noffence by the relevant operator.\n\nThe legislation is expected to be signed into law by President Bush within the\nnext two weeks, and will become effective immediately thereafter. In addition the\nAct requires the Secretary of Treasury, within 270 days, to issue regulations\nrequiring financial institutions to block transactions in connection with\ninternet gaming.\n\nIn many respects the precise effect of the legislation is unclear and it is not\nyet known what the implementing regulations will say, or how financial\ninstitutions at whom part of the legislation is directed will react.\nHowever, this legislation indicates Congressional intent to treat internet\ngaming, whether sports related or not, as illegal. In addition, it is the first\nfederal measure to address internet gaming explicitly. This represents a\nsignificant development in the US legal status. The Act also addresses certain\njurisdictional and other uncertainties in the previous U.S. legal situation.\n\nIn the light of these considerations the Board has concluded that it is\nappropriate to suspend participation by US based customers in activities covered\nby the legislation. The Company will implement this suspension immediately upon\nthe legislation taking effect and the suspension will continue for so long as\nthe legal situation remains the same. The Board will continue to seek\nclarification of the overall US legal position to determine whether and to what\nextent if any resumption of participation by US customers is feasible. At\npresent however no assurance can be given that this will be possible. The\nCompany will continue and develop those aspects of its US business which are not\naffected by relevant legislation.\n\nIn recent ...