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IIAC calls for improvements to cease trade order database

Keywords Cease trade ordersCompanies Investment Industry Association of Canada “Many members are looking to automate their existing procedures with the respect to CTOs and the accuracy and consistency of the data contained in the CTO list is critical to automating their processes. To that end, members are requesting that the CSA make the necessary changes towards improving the data integrity of the CTO database,” it says. It notes that firms are specifically concerned with: formatting of security identifiers and CTO issue dates; the inability to match individuals by name; and, updates not being made to the CTO database to reflect corporate changes (such as reorganizations, or name changes). Furthermore, firms “believe that the CSA should consider implementing an automated system to update symbols, names, and security identifiers on a daily basis,” it says, adding that the CSA should also clarify the use of temporary CTOs, which often generate confusion. The industry would also like to see regulators avoid issuing intra-day CTOs. “Firms found the intra-day CTO issued in relation to the Sino-Forest situation to be troubling and challenging,” it says, noting that most CTOs are issued after 5:00 p.m., which allows firms to deal with them before markets open the next morning. “However, in the Sino-Forest case, the [Ontario Securities Commission] issued the CTO before the market opened, but the CSA did not release the CTO until 12:15 p.m. This becomes difficult for firms to manage and also results in a frustrating client experience. As a result, intra-day CTOs should be avoided if at all possible,” it says. Indeed, some of the problems cited in the letter stem from inconsistencies across jurisdictions. It notes that, “When a provincial securities commission receives information for a particular issuer that a ban is lifted, it is not reflected at another securities commission.” Moreover, it says that, “It appears that the administration of the database shifts to different provinces to manage on a rotating schedule,” which results in the emergence of numerous inconsistencies. “For example, it becomes unclear who the regular CSA staff contact is and often the response to inquiries can differ. A somewhat related issue is that firms have discovered that often, different guidance is given to clients and to firms when they are seeking a resolve a CTO situation.” And, it says that firms would also like to see all CSA jurisdictions allow an exception to sell cease traded securities under certain circumstances, similar to the exception provided by the B.C. Securities Commission. Therefore, the letter notes that firms would like the CSA to look at establishing a central office where there would be a dedicated group responsible for managing both technical and policy matters pertaining to CTOs; or that they consider delegating the administration of the CTO database to the Investment Industry Regulatory Organization of Canada. “Given that IIROC is responsible for regulating trading and market-related activities, members believe that IIROC may be better positioned to manage the communication and implementation of the CTOs since it is a national organization and could provide timely notifications to participants by issuing a trading halt when a CTO is issued,” it says. Share this article and your comments with peers on social media Northern Financial seeks cease trade order Related news James Langton OSC approves management cease trade order at cannabis company CannTrust Holdings First Leaside accepts OSC’s push for voluntary trading halt Facebook LinkedIn Twitter The regulators’ database of cease trade orders needs some improvement, and perhaps it should even be outsourced, says the Investment Industry Association of Canada in a letter to the Canadian Securities Administrators. The IIAC has written to the regulators to express some concerns with the accuracy and consistency of the CTO database, and made some suggestions to improve the integrity of its data. The letter indicates that the CSA has not followed up on promises to address industry concerns with the database, so it has been asked by firms to lobby the regulators on the issue. read more

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More needed to accelerate fintech’s growth: Competition Bureau

first_img Related news The federal Competition Bureau is calling for securities regulators and the financial services sector to do more to facilitate the growth and development of financial technology (fintech) in the agency’s final report on the emerging sector, which was released on Thursday. James Langton Rise of fintech includes many future risks, FSB says Mogo to acquire investing app The Competition Bureau released a draft report last month setting out its recommendations in three key areas: retail payments, crowdfunding and the investment dealing/advice sector. With some minor exceptions, the final report’s recommendations are little changed from the initial version. Read: Old obstacles affecting new competitors Read: Report aims to enhance fintech innovation and competition One notable change, though, is a greater emphasis on consumer protection related to crowdfunding in the recommendations for securities regulators. In particular, the Competition Bureau continues to call on regulators to provide guidance regarding the regulatory framework for crowdfunding, including the requirements for obtaining relief from know-your-client (KYC), know-your-product, suitability and prospectus requirements — but now adds the phrase “provided the necessary consumer protections are in place.” Outside of that, the Competition Bureau continues to recommend that regulation in the fintech space be principles-based, technology neutral and proportional to risk; that securities regulators should continue to harmonize their approach; and that regulators should encourage greater openness and collaboration. The final report also calls for the government to name a “fintech policy lead” for Canada to help facilitate greater investment in innovative businesses. The Competition Bureau’s recommendations for the investment advice industry are essentially unchanged from the draft report. Specifically, the final report recommends that regulators continue to push for increased price transparency and plain-language disclosure: “Prices for advice should be clear and easily understood by Canadians. Fees should be presented up front and consumers’ attention should be drawn to these fees.” The final report also calls on regulators to encourage the use of technology to facilitate account switching and to automate processes, such as the collection of KYC and suitability assessments; that they tailor regulation to facilitate the entry of robo-advisors as low-cost alternatives to traditional advice; and that regulators continue to utilize the existing passport system to enable fintech firms to operate nationwide. In addition, the final report calls on regulators to promote greater access to core infrastructure and services, such as the payments system; to embrace broader “open” access to systems and data in order to help clients shop around and switch firms; and to explore the potential of digital identification verification, which would also enable easier switching. Finally, the final report endorses the use of mechanisms, such as regulatory sandboxes and innovation hubs, to foster greater development in fintech. Photo copyright: rawpixel/123RF Share this article and your comments with peers on social media Wealthsimple’s peer-to-peer app goes national Keywords FintechCompanies Competition Bureau Estateably expands to Alberta Facebook LinkedIn Twitterlast_img read more

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Art of Living signs MoU with Medanta

first_img The missing informal workers in India’s vaccine story Share Heartfulness group of organisations launches ‘Healthcare by Heartfulness’ COVID care app Indraprastha Apollo Hospitals releases first “Comprehensive Textbook of COVID-19” Related Posts They aim to bring traditional practices of spirituality and principles of modern medicine together for patient well beingSri Sri Ravi Shankar, Art of Living and Dr Naresh Trehan, Chairman, CII Healthcare Council and Chairman & MD, Medanta – The Medicity, have signed MoU to cooperate and collaborate on bringing together traditional practices of spirituality and principles of modern medicine to take forward India’s strength in these two areas further.The MoU was signed at the Global Exhibition on Services 2017, jointly organised by Ministry of Commerce and Industry, CII and SEPC.Commenting on the MoU, the Founder of Art of Living said, “Yoga, Naturopathy, pranayama, kriya, meditation have proven beyond doubt that they are important for health of society and the individual. Fusion medicine will definitely help billions on this planet”.Dr Trehan said, “New fusion of medicine combining Ayurveda, spirituality and modern medicine will be a big move forward for India”. WHO tri-regional policy dialogue seeks solutions to challenges facing international mobility of health professionals Read Articlecenter_img Art of Living signs MoU with Medanta Phoenix Business Consulting invests in telehealth platform Healpha MaxiVision Eye Hospitals launches “Mucormycosis Early Detection Centre” News By EH News Bureau on April 21, 2017 Menopause to become the next game-changer in global femtech solutions industry by 2025last_img read more

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SMT starts S-Flex Registry in Netherlands

first_img Indraprastha Apollo Hospitals releases first “Comprehensive Textbook of COVID-19” SMT starts S-Flex Registry in Netherlands Share Related Posts MaxiVision Eye Hospitals launches “Mucormycosis Early Detection Centre” Read Article News Heartfulness group of organisations launches ‘Healthcare by Heartfulness’ COVID care appcenter_img Phoenix Business Consulting invests in telehealth platform Healpha The study plans to enroll 1000 patients across eight centers in NetherlandsSahajanand Medical Technologies (SMT), manufacturer of cardiovascular medical stents, announced the start of its S-flex Netherlands Registry. The Netherlands registry is the second in series post the successful completion of the UK registry early this year. SMT plans to enrol 1000 patients across eight centres in Netherlands with an aim to evaluate the safety and efficacy of Supraflex (DES) in real world all comer patient population requiring coronary intervention.Dr AJJ Ijsselmuiden, principal investigator from Amphia hospital, Breda, Netherlands will be at the helm of the study. The enrolment process has already received a positive response with the admission of its first patient on February 27, 2018 at Amphia hospital, Breda. Currently, four out of the eight centres have already started the enrolment process.Gaurav Goel, Head-Western Europe at SMT said, “We believe ultrathin 60-micron struts, bio-degradable polymer and proven anti proliferative drug are the intrinsic elements to superior performance of Supraflex. This increases our confidence and we are sure that this study will replicate fantastic results of S-Flex UK registry in heart land Europe and will further complement vast clinical data of over 14,000 patients of SMT Family of DES.”Ganesh Sabat, CEO, SMT said, “We at SMT are committed to deliver better clinical outcomes through our range of ultrathin biodegradable polymer DES. Ultra-thin platform of Supraflex stent promotes early healing that result in better clinical result. The stent has also shown superior clinical result in various sub categories of patients. We are confident that our Netherlands S-Flex study will produce positive and excellent clinical outcomes that physicians expect from a next generation DES. This study has further amplified our commitment to work towards the welfare of patients around the world through scientific clinical data. We intend to position Supraflex as a work horse stent with superior benefits.” By Sanjiv Das on June 6, 2018 WHO tri-regional policy dialogue seeks solutions to challenges facing international mobility of health professionals The missing informal workers in India’s vaccine story Menopause to become the next game-changer in global femtech solutions industry by 2025last_img read more

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Current Account Deficit Improves

first_imgAdvertisements Current Account Deficit Improves Finance & Public ServiceApril 19, 2013 FacebookTwitterWhatsAppEmail Jamaica’s current account deficit on the Balance of Payments narrowed by US$221 million to 12.6 per cent of Gross Domestic Product (GDP) in 2012/13. The ratio was an improvement over the 13.7 per cent of GDP recorded in 2011/12. “This is moving in the right direction as we move towards paying our way in the world instead of borrowing to meet our current demands,” said Minister of Finance and Planning, Dr. the Hon. Peter Phillips. The Finance Minister was opening the 2013/14 Budget debate in the House of Representatives on Thursday, April 18, under the theme: ‘Restoring Hope – Expanding Opportunity’. He informed that since January 2013, production and exports of alumina from Windalco’s plant at Ewarton have been returning to full capacity. “On this basis, gross export earnings are slated to rise by US$65 million on an annualised basis. This will contribute to some improvement in the deficit in our balance of trade and current account deficit,” Dr. Phillips said. He added that the significant impact of this turnaround at Ewarton demonstrates the critical importance of the recovery of the bauxite industry on the economy, and especially on the balance of payments. He further noted that it is essential that the energy systems of the plants that are closed be transformed if the industry is to be made competitive. He informed that Minister of Science, Technology, Energy and Mining, Hon. Phillip Paulwell, will address these issues in his presentation in the Budget Debate. As it relates to the Net International Reserves (NIR), Dr. Phillips mentioned that for fiscal year 2012/13 the NIR closed at US$824.3 million with gross international reserves a little over US$1.7 billion. Gross reserves represent the total amount of foreign currency resources at the disposal of the Bank of Jamaica. Dr. Phillips explained that the deterioration in reserves during the year resulted from the absence of official inflows, due to the abandonment of the previous International Monetary Fund agreement in 2011. By Latonya Linton, JIS Reporter RelatedPublic Servants Agree to Wage Restraintcenter_img RelatedCabinet Signs Off on Measures to Advance IMF Negotiations RelatedNHT’s Contribution Will Not Affect Its Operations – Finance Ministerlast_img read more

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New York rule boosts pro bono in Florida

first_img Oct 09, 2020 By Gary Blankenship Senior Editor Top Stories Thanks, New York.A requirement in the Empire State that applicants do 50 hours of pro bono work before being admitted as lawyers has directly benefited Florida legal aid agencies and pro bono programs.The Florida Bar’s Pro Bono Legal Services Committee heard about the mandate October 7 at the Bar’s General Meeting. Committee member Angela Vigil chairs a subcommittee that is looking at other state’s pro bono efforts and she reported that in 2015 New York adopted the 50-hour standard for everyone seeking a legal license there.Committee members said they’ll discuss later whether duplicating that rule in Florida is a good idea.“They will not be admitted to the [New York] bar until they show they have accomplished 50 hours of pro bono on their way in,” Vigil said. “Some lawyers do that as part of law school, some lawyers do that…as part of their work obligations.”The regulation was driven by less than 20% of New Yorkers civil legal needs being met, many people handling their own cases and causing snarls in the courts, and a concern over the number of lawyers who do not do pro bono work.“I was asked to find a report on how this has fared. Has it increased pro bono? Has it made a difference? And the truth is, much to my surprise is there doesn’t seem to be one,” Vigil said. “Anecdotally they feel it has increased pro bono and maybe the most important part is it’s making sure people do pro bono early in their careers so it’s a habit they get into.”Official report or no, committee members said they personally have seen the benefits of the New York rule.“We get calls from law students who say, ‘I need to do 50 hours’ or lawyers who say, ‘We need to do 50 hours,’ and we say, ‘You’re from New York, you’re waiting for the New York bar,’ and they say, ‘Yes,’” said Bob Bertisch, executive director of the Legal Aid Society of Palm Beach County. “We’ve had at least a dozen of those. They’ve been very good. We get them in and let them do their 50 hours…. We’re seeing that a lot.”Vigil, who practices in the Miami office of Baker & McKenzie, said her firm helps match attorneys with pro bono opportunities and has fielded inquiries from New York bar applicants.“I love [law students] because they tend to be open to…any kind of pro bono,” she said.“Here in Miami we receive a lot of them,” added Karen Ladis, executive director of Dade Legal Aid: Put Something Back. She said the University of Miami has an LL.M. program that attracts lawyers from around the country and internationally, and many of those graduates head to New York.“The 50 hours they donate to Dade Legal Aid and our community is really, really helpful,” Ladis said. “They were very helpful pre-COVID. We have gotten a few since COVID and they are very useful to us.”Vigil said it was too soon for the committee to discuss whether Florida should look at a similar standard, and she provided background reports for committee members.Committee and Board of Governors member Jay Kim said any such proposal would require working with the Florida Board of Bar Examiners, which oversees the state’s bar admission process.Committee Co-Chair Kathy McLeroy said the issue could be discussed later by the committee, perhaps at its January meeting.“I know it was a little controversial when it passed in New York originally, but once the initial fervor of it died down I think it’s become something that has been deemed as helpful,” she said.McLeroy said issues surrounding the administering of the bar exam during the COVID-19 pandemic would have to be resolved, noting the scheduled July exam has been delayed twice because of pandemic and technical issues.“We’ll take a look at the materials and we’ll have a more fulsome discussion,” she said. New York rule boosts pro bono in Floridalast_img read more

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New DeKalb Police, Fire Officers Not Hitting the Streets Right Away

first_img1:04 | Play story Add to My ListIn My List Legal Advocate Discusses Medical Abuse At Shut Down Georgia ICE Facility Share  The newly passed DeKalb County budget includes 160 new police officers and 100 new firefighters, but the additions to the force will not be manning their stations right away.Broadcast Version1:04The first 30 police recruits will start work early next month, but it could be the end of the year before all 160 officers are on the job.That is according to Dr. Cedric Alexander who leads all DeKalb public safety departments. He says the DeKalb Police Department lost more than 100 officers last year. Attrition is still a problem, so there is money in the new budget for police officer perquisites:  tuition assistance, take-home cars and a mid-year three percent raise. “We think these kind of benefits is going to slow down some of that attrition,” says Alexander.It will also be late this year before any new firefighters start work. DeKalb Fire Chief Darnell Fullum says training takes almost 11 months: “The firefighting portion alone takes 16 weeks, and the rest of the time is spent with them in class and receiving emergency medical technician certification.”Chief Fullum says the additional 100 firefighters will just bring the fire department up to what is considered full complement by the National Fire Protection Association; it recommends four firefighters on every pumper truck that rolls. That is something that has been a goal – but only a goal – at the DeKalb Fire Department for more than a decade. Related Stories For Whom The Bell Rings ‘It’s Fractured’: Georgia Lt. Gov. Geoff Duncan On Healing Republican Partylast_img read more

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Shovel Knight passes 1.2m sales, with 200k from retail

first_imgShovel Knight passes 1.2m sales, with 200k from retail”Keeping our game at full price has been a major part of our strategy”Matthew HandrahanEditor-in-ChiefFriday 15th April 2016Share this article Recommend Tweet ShareCompanies in this articleYacht Club GamesYacht Club Games has now sold more than 1.2 million units of Shovel Knight, 200,000 of which came from its physical retail release in October 2015.In an extensive breakdown of its sales so far – the second time it has shared this kind of analysis – Yacht Club emphasised two aspects of its success that many indie developers don’t consider: first, maintaining a high price was important for audience perception, and second, a retail release was a good idea.Shovel Knight has been released on Xbox One, PlayStation 4, Wii U, 3DS and Steam, but it has never sold at a higher discount than 33 per cent. As one might expect, Steam was the platform where it was most frequently discounted, but Yacht Club has been careful to maintain that 33 per cent limit.”Keeping our game at full price has been a major part of our strategy,” the company said in a blog post, “as we believe players will be more invested in the game and therefore hopefully enjoy it more if it isn’t bought at a bargain-bin price.” In assessing Shovel Knight’s retail release – on Wii U, 3DS, PS4 and, in Europe only, PC – Yacht Club acknowledged a number of difficulties it encountered: “How small the margins are, how long and arduous the process is of creating and shipping discs/carts, how difficult and finicky retailers can be to work with, and much, much more.” However, despite this, it regards the decision to launch a retail version as beneficial, reaping 200,000 sales and raising public awareness among, “kids, families, and an all around wider audience.”Yacht Club noted that, while retailers requested more PS4 stock, the Wii U version of Shovel Knight has been the biggest seller. It also observed that, “retail sales did not cannibalise digital sales at all. The sales data looks more like we’re selling on a new platform rather than a percentage of people moving away from digital.” However, there was a clear separation between physical and digital in the other direction, with no obvious impact on digital sales coming from the retail release.The retail release also opened up a new revenue stream: amiibo figures, made possible by the early emphasis Yacht Club placed on Nintendo platforms. Since the Shovel Knight amiibo figure launched in January, it has sold 180,000 units of 200,000 units manufacturing run. There is a great deal more detail in Yacht Club’s breakdown, and it’s very much worth your time. Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Publishing & Retail newsletter and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesYacht Club Games bids farewell to Shovel KnightCOO James Chan on how unexpected success led to an unexpected five year dev cycle, and the studio’s Blizzard-esque approach to what comes nextBy Matthew Handrahan A year agoShovel Knight earns more revenue from Switch sales than any other platformYacht Club Games’ signature title sells faster on Switch than any other consoleBy Haydn Taylor 3 years agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more

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Nigerian minister unveils rooftop solar energy project

first_img BRICS Earlier this week, the Nigerian minister of power, works and housing, Babatunde Fashola, commissioned the 125kVA rooftop solar energy project at the Citadel and Towers of House on the Rock, in Abuja.Minister Babatunde Fashola cutting the ribbon. Image credit: NaijaCynthAmong the attendees was the director general of the Nigerian Energy Commission, Dr Alhassan Musa, representative of the Central Bank Governor, Ebipere Clarks and House on The Rock Church, Paul Adefarasin.Local media the Daily Trust reported that the project was constructed by a local company, Protergia Ltd.Rooftop solar energy projectSpeaking during the unveiling, Fashola said: “I am highly impressed that a Nigeria company could do remarkably well in taking giant steps in actualising such massive renewable energy projects.”The minister also said: “The challenges we have to deal with are sufficient bastions of opportunities if the right policies are in place. Read more…“This project sits very well with all of the policies the Buhari Administration has enunciated. Under the Economic Recovery and Growth Plan, power and energy supply is one of the five urgent actions that President Buhari has challenged us to deliver upon.”Urgent interventionAccording to local media NaijaCynth, the company’s CEO, Ayodeji O. Deji, noted that Nigeria as one of the highest energy and power consuming countries of the world still needs urgent intervention and innovation in the area of renewable energy generation and distribution. Read more…“As a nation it would appear that our progress in renewable energy has mostly been focused on two extremes of the value chain namely the large, grid connected utility-scale projects with over 900MW worth of IPP licenses already issued at one end and residential systems (usually less than 10kW per unit) already being adopted all over the country at the other end,” Deji stated. Previous articleHigh Court rules in favour of Eskom electricity interruptionsNext articleEgypt seeks to construct Zahraa Nasr City substation Babalwa BunganeBabalwa Bungane is the content producer for ESI Africa – Clarion Events Africa. Babalwa has been writing for the publication for over five years. She also contributes to sister publications; Smart Energy International and Power Engineering International. Babalwa is a social media enthusiast. Generation UNDP China, CCIEE launch report to facilitate low-carbon development AFD and Eskom commit to a competitive electricity sector center_img RELATED ARTICLESMORE FROM AUTHOR Low carbon, solar future could increase jobs in the future – SAPVIA Featured image source: NaijaCynth Finance and Policylast_img read more

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Teacher’s genius idea for keeping kids busy on the bus

first_imgArkansas Department of Education/Facebook (NEW YORK) — When a child on Julie Callison’s bus was having a hard time sitting still, he didn’t get punished. He got a book.Callison asked the child’s sister, who also rides the bus, to read to the preschooler.Callison drives a bus and teaches for the Drew Central School District in southeast Arkansas, which serves Pre-K through 12th grade. She teaches special education for Kindergarten, 1st and 2nd grade at Drew Central Elementary.“When I handed her [the child’s older sister] a book, several other students on the bus said, ‘I want a book!’” Callison told “Good Morning America.” “I handed out every book I had in my bag and students began reading all over the bus. Some students needed help reading at which point I asked some older students to read to them. Students were no longer up and down out of their seat but quietly reading.”And the idea for the bus bucket of books and the book buddies was born.Here’s how it works: When students get on the bus they can get up to three books. After they read those, they can share with students around them, then put them back in the bucket on the way out the door.Older students reading to younger students, and younger students reading to older students.On Friday afternoons there’s a ‘Special Guest Reader,’ usually a high school or middle school student who picks out a book, sits on the front seat and reads it over the speaker to the whole bus.“Our district has a high poverty rate and the bucket of books on the bus give these students more access to a variety of reading materials at many levels,” Callison said.It also boosts the kids’ confidence.“There are several students on my bus that have reading disabilities, whom I teach currently or have taught in the past, and they are not afraid to read to another child and love to be the one to help younger students read,” Callison said. “It is a confidence booster because in their classroom, with same age peers, it is usually someone else helping them. I even had one former student with a reading disability be the special guest reader! She confidently read her book to the whole bus. I was so proud of her.”“Through our R.I.S.E. Arkansas initiative (Reading Initiative for Student Excellence), our goals are to increase and strengthen instruction, create community collaboration, and build a culture of reading,” Kimberly Friedman, Director of Communications for the Arkansas Department of Education, told “GMA.” “Ms. Callison’s efforts align with the goals of R.I.S.E. Arkansas and is one of many examples of how educators have embraced the initiative.” Copyright © 2019, ABC Radio. All rights reserved.last_img read more

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