Mouth mechanic turned market manipulator PwC alleges deleted emails, unusual transactions in Bridging Finance case Share this article and your comments with peers on social media Although there more cases were brought in 2015, fewer regulatory proceedings were concluded during the year, the OSC reports, with a total of 84 cases wrapped up in 2015, down from 91 in 2014. The number of cases that were settled rose from the previous year (to 38 in 2015 from 29 in 2014), as did the number of court cases (nine in 2015 from four in 2014). However, the number of contested hearings that were concluded dropped to 38 cases last year from 58 in 2014. In addition, the OSC reports that the total value of monetary penalties imposed during 2015 declined a bit to $67 million from $73.4 million in 2014. The total value of administrative penalties and settlements assessed during the year increased slightly, to $20.1 million from $19.5 million, but the total amount of disgorgement ordered declined to $42.9 million from $49.1 million and the costs ordered came in at $4 million for the year, down from $4.9 million in 2014. In court, the OSC reports that it secured more than $500,000 in fines and restitution in quasi-criminal cases, up from just $5,000 last year. However, the restitution ordered in criminal cases dropped to a little more than $100,000 in 2015 from $4.8 million in 2014. In addition, the jail time handed down in criminal cases declined to 24 months in 2015 from 36 months in 2014 whereas, in quasi-criminal cases, jail time rose to four months last year from two months in 2014. The OSC also reports that it imposed three temporary cease trade orders (CTOs) and 21 freeze orders during the year (involving just less than $6 million) to protect investor s from possible illegal activity. This is in addition to the protective sanctions the OSC’s tribunal ordered, which included 59 CTOs, 43 registration restrictions and 41 director and officer bans. “Ontario investors can be confident that our enforcement team is working hard to safeguard their interests,” says Maureen Jensen, chairwoman and CEO of the OSC, in a statement. “Using innovative enforcement tools to increase our reach and effectiveness, we are protecting investors and Ontario’s capital markets.” The OSC launched a mediation program in 2015 as a way to help resolve enforcement issues, which has been used to conclude two cases so far, the regulator reports. The OSC is also planning a whistleblower program that will pay financial rewards for tips that lead to significant enforcement activity. “The OSC’s vigilant and responsive approach to enforcement promotes a culture of integrity and compliance in Ontario’s capital markets,” says Tom Atkinson, director of enforcement at the OSC, in a statement. “Our active, innovative enforcement program is helping to protect investors from financial harm and sending a clear message to potential wrongdoers.” The volume of enforcement activity the Ontario Securities Commission (OSC) launched increased in the past year, as the provincial regulator brought 31 new enforcement cases in 2015, up from 22 cases in the previous year, according to a new OSC report issued on Monday. Specifically, the OSC reports that illegal distributions remained the top offence (eight cases), followed by fraud (seven cases) and breaches of OSC orders (six cases). Of the 31 new cases in 2015, 18 of them were brought before the OSC’s tribunal, up from 14 in the previous year; there were also 10 quasi-criminal cases and three criminal cases. Facebook LinkedIn Twitter BFI investors plead for firm’s sale James Langton Keywords Enforcement Related news
ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr What role should public relations play?by: Megan FortThe prevalence of widespread, nonrelated data breaches in the last year continues to spawn conversations about proper cybersecurity technology defenses, risk mitigation tactics and compliance mandates. For credit unions, these events have brought additional attention to the proactive protection of members’ information as well as to their own preparedness to react and respond. In August, the National Credit Union Administration suggested 10 cybersecurity areas for credit unions to keep in mind when it comes to examinations. Under the final recommendation, Incident Response and Crisis Management, was the mention of public relations.Hopefully very few, if any, credit unions today are without a crisis management plan. However, truly comprehensive plans span incidences beyond natural disasters, such as cybersecurity breaches, and also zero in on the credit union’s response protocol, which should comply with NCUA’s Rules and Regulations Part 748 Appendix B.A recent study sponsored by IBM reveals the average cost of a data breach is $3.5 million, a more than 15 percent increase over the year prior. This number does not take into account the impact on intangibles, such as the effect on the credit union’s reputation or depletion of loyal members, which do eventually hinder the credit union’s performance longer term.As part of updating CU response policies and risk assessments, NCUA recommends that credit unions also check their insurance coverage “to ensure they have adequate protection in place to reimburse them for costs associated with such things as business interruptions, legal fees and public relations initiatives to protect or rebuild the credit union’s reputation.” This language implies that a credit union can be subject to regulatory scrutiny for not properly preparing, documenting and – if necessary– executing an effective and clear communication response following an incidence such as a breach. In most cases, an efficient response means minimal cost and optimal containment of damages. continue reading »
The Ministry of Justice today announced new fixed advocacy rates for family legal aid, which harmonise the fees paid to solicitors and barristers. The new structure follows a lengthy consultation process and will see hourly rates replaced with standard fees. Barristers and solicitors will be paid at the same rate for advocacy work. Following feedback from the professions, the MoJ has introduced more graduation into the fee structure to ensure those advocates who take on more difficult cases are better rewarded. The MoJ also confirmed that the proposal to remove payment for independent social work from the scope of legal aid in private law cases will not be implemented. Legal aid minister Lord Bach said: ‘The new fee schemes direct more money into public law cases to ensure that children and adults at risk of abuse take the highest priority for legal services.’ He said the scheme did not mean cuts to the legal aid budget or to the services received by children and families, but added: ‘Some funding will be moved from barristers to solicitors, as barristers and solicitor-advocates will now receive the same fees for the same advocacy work. ‘The reforms published today provide a sensible way forward, which responds to comments made during the consultation process,’ said Bach. Carolyn Regan, chief executive of the Legal Services Commission, said: ‘We listened carefully to solicitors and barristers during the consultation. We agree with their view that they should be paid equally for equal work and that vulnerable clients must be protected. ‘The changes we are making achieve both these goals. They will safeguard high-quality family law services for children and other vulnerable clients by controlling future growth in costs that would otherwise put all services at risk. They will ensure fairness so that all advocates will be paid the same for doing the same challenging work.’ Robert Heslett, Law Society president, said: ‘The Law Society welcomes harmonisation and the recognition given to the valuable work undertaken by solicitor advocates. It is pleasing that this reflects the submissions made by the Law Society during the consultation process. Even accepting budget constraints and an emphasis on public work, there is concern for firms across the country who carry heavy overheads and it remains to be seen whether they can remain in business on such low rates. This may well seriously affect the supply of advice to families. We will study the figures in detail and continue to do all we can to ensure proper access to justice for those who need high-quality legal advice at a time of immense importance to them.’ However, Heslett described the rates for private representation as ‘disappointing’ and devoid of a clear rationale. ‘This is the main work for firms across the country who carry heavy overheads and it remains to be seen whether these firms can remain in business on such low rates. This may well seriously affect the supply of advice to families,’ he said. ‘We will study the figures in detail and continue to do all we can to ensure proper access to justice for those who need high quality legal advice at a time of immense importance to them.’ The LSC will shortly publish the response and impact assessment on its website. It plans to introduce the new schemes in the new civil contracts in October 2010.
This federal funding will help the port expand its barge service, which will create jobs in the region and lead to a reduction in transportation costs as well as decreased highway and rail congestion, according to port of Morrow executive director Ryan Neal.The port won the grant after securing Marine Highway Project Designation from the DOT’s Maritime Administration in August last year. It is one of 34 such projects across the USA.www.portofmorrow.com
Age62 yrs Victim NameHenry Mala To report info call 907-786-8500 or 9-1-1. Visit http://silveralert.alaska.gov for more Information. EyesBrown Weight130 lbs Description Call 1-855-745-8799 if you have information. HairBlack Last seen southbound on N. Flower Street near Thompson Avenue, Anchorage. Mala is determined to be a vulnerable adult. Height5′ 4″ ClothingBlack The North Face jacket, blue shirt, plaid shorts, no pants and slippers EthnicityAsian GenderMale FacebookTwitterEmailPrintFriendly分享STATEWIDE ALERT: Silver Alert from the Alaska State Troopers. Henry Mala, Asian male, age 63, black hair, brown eyes, 5 foot 4 inches, 130 pounds wearing black the north face jacket, blue shirt, plaid shorts, no pants and slippers.