The American Banker Association says its members fear that the rule is too broad and that its complexity will not only make it impossible for banks to comply but also affect their ability to compete globally.
The company says it does not actively police its users to make sure they are not breaking the rules - that would be impossible given the scale of the network - but relies on others reporting abuse.
Or to put it another way, if Italy is shut out of markets - which is notimpossible - then the EFSF in its current form will not have even enough money to tide Italy over, let alone keep alive any other eurozone governments that run into difficulties.