Internet industry stakeholders are keeping an eye on legislation intended to provide the Securities and Exchange Commission with additional authorities to protect investors. The bill, introduced by Rep. Paul Kanjorski, D-Pa., earlier this month, could come before the House Financial Services Committee as soon as next week, sources tell Tech Daily Dose.
According to the bill text, "any Internet service provider that, on or through a system or network controlled or operated by the Internet service provider, transmits, routes, provides connections for, or stores any material containing any misrepresentation... shall be liable for any damages caused thereby, including damages suffered" by the Securities Investor Protection Corporation, an entity that protects investors from financial harm if a broker-dealer company fails.
Under the measure, the ISP would be liable if it has "actual knowledge that the material contains a misrepresentation [or] in the absence of actual knowledge, is aware of facts or circumstances from which it is apparent that the material contains a misrepresentation [and] upon obtaining such knowledge or awareness, fails to act expeditiously to remove, or disable access to, the material."
To post a comment, you must provide a name and a valid e-mail address. Messages must be limited to 400 words. By using this service you agree not to post material that is obscene, harassing, defamatory, or otherwise objectionable. Although Tech Daily Dose does not monitor comments posted to this site (and has no obligation to), it reserves the right to delete, edit, or move any material that it deems to be in violation of this rule.
New Media
Online Politics
Tech Policy
Responded on November 21, 2009 1:20 AM
fm transmitter
Hi,
News ISPs are losing out on the chance to dramatically increase revenues because of the slow rollout of DSL services and many are questioning whether there will ever be a broadband Britain.