Visa 2014 Annual Report Download - page 27

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protection of domestic issuers or payments network processors. Regulators in an increasing number of
countries around the world have received statutory authority to regulate certain aspects of the
payments systems in these countries. For instance, in response to the U.S. and EU sanctions, the
Russian government has modified their National Payments Systems laws to require, among other
things: (i) on-shore processing for transactions between Russian cardholders and merchants; (ii) a
material guarantee deposit and significant fines for domestic transactions not processed by a nationally
significant payment system; and (iii) the creation of a new domestic payment processor. As a result,
international payment brands are mandated to process Russian domestic transactions on the
government-owned payment system.
Regulation of Internet, mobile payment and other types of transactions. Many jurisdictions have
adopted or are considering regulations that require payments system participants, including our
financial institution clients and us, to monitor, identify, filter, restrict or take other specific actions with
regard to certain types of payment transactions. For example, U.S. federal legislation has been
enacted that requires payment system operators to implement a system that allows issuers to identify
Internet gambling transactions so they have the option to decline such transaction requests. State
governments have been interested in the potential blocking of Internet interstate sales of cigarettes and
alcohol, or the collection of state and local sales taxes on such Internet purchases. Implementing such
systems increases costs for our financial institution clients and us, and may reduce merchant
acceptance of Visa-branded cards and payment products for these purchases.
The U.S. Congress continues to consider regulatory initiatives in the areas of Internet prescription
drug purchases, copyright and trademark infringement and privacy, among others, that could impose
additional compliance burdens on our financial institution clients and us. Some U.S. states are
considering a variety of similar legislation. Various regulatory agencies also continue to examine a
wide variety of issues, including mobile payment transactions, money transfer, identity theft, account
management guidelines, privacy, disclosure rules, security and marketing that could affect our financial
institution clients directly. These new requirements and developments may affect our financial
institution clients’ ability to offer existing products and services, extend credit via payment cards and
products, and offer new types of payment programs, which could decrease our transaction volumes
and revenues.
Available Information
We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) and its rules and regulations. The Exchange Act requires us to file periodic
reports, proxy statements and other information with the U.S. Securities and Exchange Commission
(the “SEC”). Copies of these reports, proxy statements and other information can be viewed at
http://www.sec.gov or at the SEC Public Reference Room at 100 F Street, NE, Washington, D.C.
20549. Information on the operation of the Public Reference Room may be obtained by calling the SEC
at 1-800-SEC-0330.
Our corporate website is accessible at http://corporate.visa.com. We make available, free of
charge, on our investor relations website at http://investor.visa.com our annual reports on Form 10-K,
our quarterly reports on Form 10-Q, our current reports on Form 8-K and any amendments to those
reports as soon as reasonably practicable after they are electronically filed with, or furnished to, the
SEC. We also may include supplemental financial information on our investor relations website at
http://investor.visa.com and may use this website as a means of disclosing material, non-public
information and for complying with our disclosure obligations under Regulation FD. Accordingly,
investors should monitor such portions of our investor relations website, in addition to following SEC
filings and publicly available conference calls. The information contained on our corporate website,
including the information contained on our investor relations website, is not incorporated by reference
into this report or any other report filed with, or furnished to, the SEC.
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