Regulators approve MFDA’s proficiency requirements for selling ETFs

first_img Keywords ETFs,  Mutual fund dealersCompanies British Columbia Securities Commission, Mutual Fund Dealers Association Regulators have approved the Mutual Fund Dealers Association of Canada’s (MFDA) proposed new proficiency standard for financial advisors who sell ETFs.The B.C. Securities Commission indicates in a notice published on Thursday that regulators have approved the MFDA’s proposed new policy that establishes proficiency requirements for reps selling ETFs. Share this article and your comments with peers on social media Related news rvlsoft/123RF Amid rule overhaul, SEC to review protections for complex products “The proposed policy establishes minimum standards to ensure that approved persons trading in ETFs have the education, training and experience that a reasonable person would consider necessary to perform the activity competently,” it notes.The BCSC published the proposed policy for comment last summer. A summary of those comments that was published alongside the BCSC notice indicates that commenters generally supported the idea and approach to setting proficiency standards.“It was noted that proposed [policy] will elevate the proficiency standards … and strengthen investor protection,” the summary says.Photo copyright: rvlsoft/123RF James Langton Fund dealers focus on middle-class investors SEC proposes fund reporting overhaul Facebook LinkedIn Twitterlast_img read more

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U.K. central bank embarks on stress-testing climate risk

first_img How should banks allocate capital for crypto? James Langton Incentive conflicts, regulatory burdens on AMF agenda dollar boat in the bad weather illustration economic instability solerf/123RF Insurance regulators consult on conduct principles The Bank of England (BoE), which has been at the forefront of understanding climate change as a financial stability risk, is launching industry stress-testing for climate risks.The U.K.’s central bank published a discussion paper on Wednesday that sets out a proposed stress-testing framework that will examine the resilience of the country’s largest banks and insurers to the physical and transition risks of various climate scenarios, as well as the overall financial system’s exposure to climate-related risk. Share this article and your comments with peers on social media “The [climate stress test] is a pioneering exercise, which builds on the considerable progress in addressing climate related risks that has already been made by firms, central banks and regulators,” BoE governor Mark Carney said in a statement.“Climate change will affect the value of virtually every financial asset; the [stress test] will help ensure the core of our financial system is resilient to those changes,” he added.The proposed approach will model three different climate scenarios over a 30-year time horizon, based on whether action to combat climate change is taken soon, later or not at all. It will incorporate a “bottom up, granular analysis” of firms’ business models in an effort to accurately capture their exposure to climate-related risks.The BoE said that it will publicly report on the overall financial system’s resilience to climate-related risks, but not its findings for individual firms.“None of us can know exactly how climate change will unfold, but we do know that it will create risks to the financial system. I am excited that this ground-breaking exercise will for the first time allow us to quantify this risk and so determine the actions we need to take today if we are to minimise these future risks,” said Sarah Breeden, executive director sponsor for climate change at the BoE.The proposed stress testing framework is out for consultation until March 18, 2020.The final framework will be published in the second half of 2020, and the exercise’s results will be released in 2021. Related news Keywords Climate change,  Banking industry,  Insurance Facebook LinkedIn Twitterlast_img read more

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Former fund rep fined and banned

first_imgAccording to an agreed statement of facts, Davies admitted to several violations of MFDA rules, including that he misappropriated $434,252 from four clients, engaged in unapproved outside business activity and personal financial dealings with clients, and misled the firm’s investigators.The only issues for the panel to decide were whether he failed to cooperate with the MFDA’s investigation in the case, and the penalties.The clients, including a couple of elderly retirees, were compensated by affiliates of the firm.Based on his admissions, and after hearing submissions on penalties, the panel imposed sanctions.It said that its written reasons will be issued in the future. James Langton Keywords EnforcementCompanies Mutual Fund Dealers Association MFDA fines former advisor $950,000 A mutual fund rep has been fined and banned from the industry after misappropriating more than $400,000 from several clients, among other violations.A hearing panel of the Mutual Fund Dealers Association of Canada (MFDA) ordered that Christopher John Davies, a former rep with Royal Mutual Funds Inc. in southwestern Ontario, is permanently banned, fined $709,252 and ordered to pay $20,000 in costs. Mouth mechanic turned market manipulator Related news Share this article and your comments with peers on social media PwC alleges deleted emails, unusual transactions in Bridging Finance case BFI investors plead for firm’s sale Facebook LinkedIn Twitterlast_img read more

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Blockchain, digital assets face legal hurdles: SIFMA

first_imgfintech and blockchain icons on financial technology background monsitj/123RF Keywords Cryptoassets,  BlockchainCompanies PriceWaterhouseCoopers LLP, Securities Industry and Financial Markets Association James Langton SIFMA said that efforts to develop digital assets and the underlying blockchain technology could generate cost savings in settlement, increase the speed and security of issuance and settlements, and boost market transparency, among various other potential benefits.However, SIFMA also noted that several key issues need to be addressed before the market can fully develop.In particular, while many of the traditional regulatory frameworks and concepts that currently govern securities markets could theoretically be extended to digital assets, “many of the legal issues are still yet to be resolved, as market participants, regulators and legislators continue to learn about and understand the use case for security tokens and DLT,” SIFMA said.These issues include whether blockchain technology can meet firms’ regulatory books and records requirements; whether broker-dealers can comply with their asset control requirements when using blockchain-based systems; and whether firms involved in the clearing and settlement of digital asset transactions need to be registered.“As the industry moves forward with the broader adoption of these assets and their supporting technology, SIFMA believes further dialogue between industry participants and regulators will help support the further growth of the markets for the security tokens and the adoption of the technology that supports them,” SIFMA said.“Security tokens and related DLT are a prime example of emerging technologies which may have the ability to offer new and cost-efficient methods of capital formation,” said Kenneth Bentsen, Jr., president and CEO of SIFMA, in a release. The securities industry and its regulators will have to address some fundamental compliance questions before digital assets and blockchain systems can be more fully adopted by the traditional securities sector, says a new paper.U.S. industry trade group the Securities Industry and Financial Markets Association (SIFMA) has issued a white paper with PricewaterhouseCoopers LLP (PwC) that examines the operational and regulatory challenges posed by adopting distributed ledger technology (DLT) and digital assets within the securities industry. CME launches “micro” Bitcoin futures Related news Hedge funds look to increase crypto exposure G7 tax pledge may be upstaged by CBDC work Facebook LinkedIn Twitter Share this article and your comments with peers on social medialast_img read more

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Thirty-One win prestigious UWI Open Scholarship

first_imgAdvertisements RelatedThirty-One win prestigious UWI Open Scholarship FacebookTwitterWhatsAppEmail The University of the West Indies has awarded its prestigious Open Scholarships to thirty-one students from throughout the region who will commence studies at one of the three campuses in the 2006/2007 academic year. The awards have been given based on performance at the UWI Open Scholarship Examinations in March this year. Of the thirty-one students, 18 (all Trinidadians) will pursue their studies at the St Augustine Campus (9 in Engineering, 4 in Medical Sciences, 4 in Science and Agriculture and one in Social Sciences); ten students (nine from Jamaica and one from Belize) at the Mona Campus (3 in Medical Sciences, 3 in Pure and Applied Sciences, 3 in Social Sciences and one in Humanities & Education) and three at the Cave Hill Campus (Stevanni Duncan from Belize and Thandiwe Lyle from Grenada who will both read Law and Tashana Gittens from Grenada who will pursue a degree in the Social Sciences).The UWI has always awarded scholarships based on a specially set examination, usually held just before Easter but has over the years steadily increased the number of awards. This year’s new offers represent an increase of 62% over the previous year. The recipients are all high academic achievers and among this year’s awardees are some especially outstanding students who have excelled not only academically but also in extra-curricular activities. One such candidate, John-Ross Dominic Andrews, from Maracas Valley in Trinidad, for example, has 8 CXC/GCE ‘O’ level subjects with distinction and 4 CAPE subjects with distinction while participating actively in Mathematics competitions, swimming championships (he was a Gold medallist at the CARIFTA Games) and being an active Sea Scout and avid piano player. He will be pursuing a degree in Engineering at the St Augustine Campus.The UWI is committed to widening access by students from the region to quality higher education and will therefore continue to reward students who show good academic promise through this Scholarship programme. RelatedThirty-One win prestigious UWI Open Scholarshipcenter_img Thirty-One win prestigious UWI Open Scholarship UncategorizedSeptember 13, 2006 RelatedThirty-One win prestigious UWI Open Scholarshiplast_img read more

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RGD Heads to Bath for Labour Day

first_imgFacebookTwitterWhatsAppEmail As part of activities for Labour Day 2007, representatives of the Registrar General’s Department (RGD) will be at the Bath Botanical Gardens in St. Thomas, the venue for the national project, to provide persons with the opportunity to apply for copies of birth, death and marriage certificates.Speaking with JIS News, Marketing and Planning Manager of the RGD, Nicole Robinson, noted that persons may also conduct searches and obtain additional information on how to access the various services offered by the agency.“We will be facilitating persons seeking to conduct genealogical searches. Searches will also be done for entry numbers,” she informed, adding that “customers will also have an opportunity to clarify other concerns in relation to the civil registration process.”Miss Robinson has urged persons making applications on the day to ensure that they have the correct information. “When customers submit an application with the incorrect information, there are often undue delays, which can be frustrating for them,” she pointed out.“Persons seeking to make applications for record updating activities such as Late Entry or Name, Correction of Error, Late Registration and Addition of Father’s Particulars, must have the relevant forms fully completed and sealed by a Justice of the Peace in order to submit their applications on Labour Day,” she added.Labour Day 2007 is being observed on May 23 under the theme: ‘Honouring our Ancestors.Strengthening Communities’ in recognition of the 200th anniversary of the abolition of the Trans-Atlantic trade in enslaved Africans.In keeping with the theme for the day, the Marketing Manager informed that the RGD will have on display, copies of the birth and marriage records of the first Bogle to be registered and married in St. Thomas. Persons, who visit the RGD’s booth, will also be given the opportunity to view the original birth records of a number of the country’s heroes.The RGD conducts more than 960 mobile outreaches each year, both locally and overseas. This is the second time that the agency is conducting a Labour Day outreach. Last year, the team worked in Falmouth, Trelawny where some 500 persons where assisted. In addition to the Labour Day effort, the RGD will continue its special outreach for Child Month with a number of visits to several schools, health centers and churches islandwide.On Thursday, May 24, the team will be at Seaforth Town Primary School in Westmoreland and Green Island Primary School in Hanover on Friday, May 25.Members of the team will also visit the Adelphi Health Centre in St. James on May 28; Albert Town High School in Trelawny on May 29; Tivoli High School in Kingston on May 30; and the Bustamante Hospital for Children in Kingston on May 31. RGD Heads to Bath for Labour Day UncategorizedMay 21, 2007 RelatedRGD Heads to Bath for Labour Day RelatedRGD Heads to Bath for Labour Daycenter_img Advertisements RelatedRGD Heads to Bath for Labour Daylast_img read more

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Startup Funding Pool Deepens With Arrival Of Startmate

first_imgStartup Funding Pool Deepens With Arrival Of Startmate VIC PremierThe Andrews Labor Government will invest $1.8 million in Startmate, one of Australia’s leading accelerator programs, to continue to strengthen the investor landscape and lift the capability of Victorian startups.More than $580,000 will go to Startmate to deliver a dedicated accelerator program for 30 Victorian startups over three years, establish a permanent Victorian office and recruit a local workforce.Startmate will also establish an investor program raising $3 million over three years to be invested into Victorian startups that complete the Startmate Melbourne Accelerator program. The state’s startup agency LaunchVic will invest $1.25 million in two of these funds to support Startmate to sustainably build their Melbourne footprint, which will improve local startups’ access to capital and support.Since its inception in 2010, Startmate has invested in more than 130 startups across Australia and New Zealand with a combined valuation of over $1 billion, which have since created more than 1,500 jobs.The Labor Government is focused on accelerating the growth of Victoria’s innovation ecosystem and the digital economy. The Victorian Budget 2020/21 confirmed $626 million to upgrade digital infrastructure and develop digital skills and more than $130 million for the startup sector..Some $25.7 million will be invested over four years for a complementary venture growth fund while the $10 million Alice Anderson Fund will support female founders to access capital. Launchvic will benefit from $40 million provided over four years to continue driving the growth of Victorian startups. For more information, visit launchvic.org.As stated by Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford“A permanent Startmate hub in Melbourne will be invaluable to Victorian startups, increasing access to high-quality mentorship and resources along with dedicated programs to support them to scale.” “We know the startup ecosystem will drive economic growth and long-term job creation in Victoria and this funding will continue to accelerate the growth of the sector.” As stated by LaunchVic CEO Dr Kate Cornick“Startmate has a track record of delivering successful accelerator programs and investing in high-value startups.““Having Startmate establish a permanent home in Victoria is a huge win and will support more Victorian startups to access the best possible support, advice and networks.” As stated by Startmate CEO Michael Batko“Over the past couple of years, we’ve seen and invested in some incredible founders in Victoria and we’re excited to build our presence out with a dedicated Victorian team.”“Startmate’s investor program will make a tangible impact on the diversity of Angel investors in Victoria.” /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:accelerator, accelerator program, Anderson, Andrews, AusPol, Australia, ecosystem, Government, infrastructure, innovation, LaunchVic, Medical research, Melbourne, New Zealand, resources, Victoria, workforcelast_img read more

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COVID-19 pandemic highlights urgent need for Australian human rights charter

first_imgCOVID-19 pandemic highlights urgent need for Australian human rights charter The COVID-19 pandemic has highlighted the need for an Australian charter of human rights to protect all citizens from the impact of arbitrary and unfair government decisions, says the Australian Lawyers Alliance (ALA).“Australians in India, or any Australian currently stranded around the world, would have their right to return home much better protected if Australia had a human rights charter in place to direct the Government’s decision-making,” said barrister and ALA spokesperson, Ms Melia Benn.“The current ban on travel from India is a stark reminder of the gaps in our legislation and the limited protection of our rights provided by the constitution.“Enormous power has been handed to the Government to manage the COVID-19 crisis. A charter of human rights would provide the legal framework we need to ensure that the restrictions the Government imposes to keep us safe do not unfairly or unnecessarily undermine our rights.“There is a real risk that the pandemic will have the biggest impact on our most vulnerable communities including Aboriginal and Torres Strait Islander people, people with disability and asylum seekers.“A national charter of human rights would give us confidence that values like equality, dignity and respect would guide our Government’s decisions in relation to these vulnerable communities.” /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Aboriginal, Aboriginal and Torres Strait Islander, Aboriginal and Torres Strait Islander people, Ala., asylum, Australia, Australian, Australian Lawyers Alliance, Constitution, covid-19, Government, Human Rights, Impact, India, legislation, pandemiclast_img read more

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Reckless cop burns down his own car after chase

first_img See More Videos The Rolls-Royce Boat Tail may be the most expensive new car ever Created with Raphaël 2.1.2Created with Raphaël 2.1.2 Reckless cop burns down his own carAfter hopping a median, passing on the shoulder, and speeding RELATED TAGSNon-LuxuryNew VehiclesNon-Luxury advertisement COMMENTSSHARE YOUR THOUGHTS In an event that could only have happened in Florida, a police officer noticed someone speeding the opposite direction on the highway, turned around to pursue, accelerated to 225 kilometres per hour, passed someone on the right shoulder, and then set his own car on fire after pulling over in the grass. Stellar job, Copernicus.After performing the lot of dangerous maneuvres, the officer tells the camera “I don’t recommend doing that—what I just did.”We can see why. He clearly paid the price for his stupidity by having his entire car erupt into flames, thanks to the hot underside of the car that probably brushed against some grass and started the fire. What makes the video even funnier is that he can’t seem to figure out how to work the fire extinguisher, just to make Florida police officers look even worse.Once the car is engulfed, he tells the speeder to just leave, because obviously the issue of a car filled with live ammo getting set on fire is a little more pressing than somebody doing 30 over. (Yes, the speeder was only doing 30 km/h over the limit.) Trending in Canada Trending Videos We encourage all readers to share their views on our articles using Facebook commenting Visit our FAQ page for more information. PlayThe Rolls-Royce Boat Tail may be the most expensive new car everPlay3 common new car problems (and how to prevent them) | Maintenance Advice | Driving.caPlayFinal 5 Minivan Contenders | Driving.caPlay2021 Volvo XC90 Recharge | Ministry of Interior Affairs | Driving.caPlayThe 2022 Ford F-150 Lightning is a new take on Canada’s fave truck | Driving.caPlayBuying a used Toyota Tundra? Check these 5 things first | Used Truck Advice | Driving.caPlayCanada’s most efficient trucks in 2021 | Driving.caPlay3 ways to make night driving safer and more comfortable | Advice | Driving.caPlayDriving into the Future: Sustainability and Innovation in tomorrow’s cars | Driving.ca virtual panelPlayThese spy shots get us an early glimpse of some future models | Driving.ca So was it really worth it? Well, I think if you asked Officer Leadfoot, he’d probably say “no.” Buy It! Princess Diana’s humble little 1981 Ford Escort is up for auction An engagement gift from Prince Charles, the car is being sold by a Princess Di “superfan” ‹ Previous Next ›last_img read more

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New concours event welcomes younger entrants with under-$30k class

first_img Trending Videos COMMENTSSHARE YOUR THOUGHTS ‹ Previous Next › We encourage all readers to share their views on our articles using Facebook commenting Visit our FAQ page for more information. See More Videos The Rolls-Royce Boat Tail may be the most expensive new car ever “The 30 Under 30 is a class designed for hobbyists under thirty years of age who have not spent more than $30,000 on their project,” the concours website reads. “This class has been developed to encourage young people to get involved in the hobby of car collecting and restoration.” “By having this officially judged class, it is our goal to foster growth within the collector hobby, by showing young people that collecting and restoring is not just for the affluent, and isn’t limited to cars in the hundreds of thousands or millions of dollars.”The 30 Under 30 entrants will be displayed and judged (by Jay Leno, among other experts) alongside 23 other ‘regular’ classes on the final day of the event, which will include other, much more expensive cars, including the pre-Second-World-War classics typical of concours. Other concours highlights include a Tour d’Elegance.The event should draw a crowd, and not just because there will be millions of dollars of classic cars there; John Legend is also scheduled to perform at the International Tennis Hall of Fame. Trending in Canadacenter_img RELATED TAGSLuxuryClassic CarsClassic Cars & TrucksLuxury VehiclesNew Vehicles Buy It! Princess Diana’s humble little 1981 Ford Escort is up for auction An engagement gift from Prince Charles, the car is being sold by a Princess Di “superfan” A brand-new automotive concours event in Newport, Rhode Island is taking steps to make classic car shows more accessible for the next generation. ‘Bout time!The first-ever Audrian’s Newport Concours & Motor Week will be hosted by Rhode Island’s Audrian’s Automobile Museum, and is scheduled to take place over four days in early October.And in a refreshing effort to keep the next generation from getting discouraged by classic car prices that tower higher than their life savings, the event creators have decided to include a 30 Under 30 class.  advertisement PlayThe Rolls-Royce Boat Tail may be the most expensive new car everPlay3 common new car problems (and how to prevent them) | Maintenance Advice | Driving.caPlayFinal 5 Minivan Contenders | Driving.caPlay2021 Volvo XC90 Recharge | Ministry of Interior Affairs | Driving.caPlayThe 2022 Ford F-150 Lightning is a new take on Canada’s fave truck | Driving.caPlayBuying a used Toyota Tundra? Check these 5 things first | Used Truck Advice | Driving.caPlayCanada’s most efficient trucks in 2021 | Driving.caPlay3 ways to make night driving safer and more comfortable | Advice | Driving.caPlayDriving into the Future: Sustainability and Innovation in tomorrow’s cars | Driving.ca virtual panelPlayThese spy shots get us an early glimpse of some future models | Driving.ca The inaugural event will take place at multiple venues in Newport from October 3 through 6, with proceeds going to a variety of local non-profit organizations. Entries are closed for this year, but guest tickets are still available on the official site.  last_img read more

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