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发帖数: 12906 | 1 这个CARD rule是啥意思？
NEW YORK (TheStreet) -- Groupon is hoping to follow the path of LinkedIn(
LNKD_) and Yandex(YNDX_) to a hot new public listing, but banking rules may
spoil the party for investors.
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LinkedIn Corp| LNKD UPYandex NV| YNDX UPAccording to Groupon's S-1
registration statement filed with the Securities and Exchange Commission
Thursday, the email coupon phenom could run into trouble with credit card
and gift card laws, including the Credit Card Accountability Responsibility
and Disclosure Act of 2009, also known as the CARD Act. If Groupon is bound
by the act, it would have to honor its coupons for roughly five years, which
is far longer than is currently the case.
Groupon states that the company is "subject facing several purported class
actions claiming that Groupons are subject to the CARD Act."
If Groupon turns out to be "subject to the CARD Act or any similar state or
foreign law or regulation, [its] liabilities with respect to unredeemed
Groupons may be materially higher than the amounts shown in our financial
statements and we may be subject to additional fines and penalties," the
filing states, noting Groupon's "net income could be materially and
adversely affected." Ouch.
Groupon may also be subject to compliance costs associated with money
laundering prevention, the filing states.
"We do not believe that we are a financial institution subject to these laws
and regulations," Groupon's filing says of the money laundering issue,
however, the filing concedes "it is possible that a Groupon could be
considered a financial product and that we could be a financial institution.
"
A Groupon spokeswoman declined to comment, citing a "quiet period" that
precedes initial public offerings. |
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