ICANN Transfer Policy Update

I just got this from on of my registrars:

[quote]
as of November 12th 2004 the new ICANN Transfer-Policy will go into effect. This new policy for all generic TLDs (com/net/org/biz/info/name) will be binding for all registrars as of November 12th 2004.

The new transfer policy brings a few advantages and some disadvantages in the handling of transfers.

We have summarized the most important changes for you:

a.) Transfer of generic Domains may only be denied explicitly by the
Domain-Owner or Admin-C (according to WHOIS)
b.) In the event, that the Owner does not deny an initiated transfer, then
the transfer will receive an “ACK” (Aknowledge) from the registry after
5 days.
c.) Even if a transfer is initiated with an authorisation code
(e.g. biz/info), then the Domain-Owner/Admin will still have the
possibility of denying this transfer through his registrar.

Advantages of the new Transfer Policy:
- The whole transfer procedure can be processed more quickly
- Domaintransfers cannot get denied due to wrong email-addresses
in the WHOIS
- More transparency for the Domain-Owner with respect to his transfers

A few disadvantages are as follows:
- It will no longer be possible to auto-deny an outgoing transfer
- Should you register domains (as account holder) for customers and these
are entered as Owner/Admin in the WHOIS, then these transfers can get
processed without any further notice from yourself (the Owner can approve
the transfer).
[/quote]