How Web users can keep money matters in the vault; new legislation aims at providing Internet consumers with more control over who peeks into their private piggy banks

Article Abstract:

Issues are discussed regarding the limits the Financial Services Modernization Act of 1999 (FSMA) places on the ability of banks to collect and use their customers' personal, nonpublic information found online. Penalties for failure to maintain fair information practice principles can include punitive damages and even criminal penalties.

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Web sites must heed privacy rule for children; operators have to give parents notice and obtain consent to collect personal data

Article Abstract:

The need for operators of Web sites directed at children to follow the Children's Online Privacy Protection Act of 1998 and FTC rules implementing this law is discussed. The provisions of the rule are summariezed.

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Web context ups need for due diligence; counsel must be knowledgeable about IP issues, site infrastructure, advertising, traffic data, security and other matters

Article Abstract:

The greater importance of due diligence in the context of an Internet company is discussed. Trademark and patent law implications, the legal aspects of site infrastructure, and tax issues are some of the areas transactional attorneys must be concerned with.

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