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First enforcement, now an exemption

first_img PwC alleges deleted emails, unusual transactions in Bridging Finance case Following the enforcement ruling, the IIROC board considered TDW’s application for an exemption from the requirements it had been sanctioned for breaching.According to the board’s decision, IIROC staff discovered that TDW wasn’t complying with the CRM2 requirements on position cost in April 2017.“Following discussions with IIROC staff, TDW provided affected clients with an estimate of position cost using the position’s market value as at Dec. 31, 2018, rather than the 2015 estimated position cost information the rule required,” it said.It noted that TDW first applied for an exemption in November 2018, but that the IIROC board deferred its review of the application until the enforcement case was completed.Once that happened, the application — requesting a permanent exemption from the requirements to provide position cost using data from Dec. 31, 2015 — was revived.According to the decision, TDW argued that resetting the position costs to new values based on 2015 data “would confuse clients and complicate any performance tracking clients may have been doing based on the [2018] position cost.”In its decision, the board concluded that not having position cost disclosure to 2015 “is not unduly burdensome” for several reasons, including that “the number of affected account positions has declined significantly since TDW made its initial exemption request,” and the firm has provided clients with an explanation of its reporting.It also noted that requiring compliance with the original cost disclosure requirements would be expensive and time consuming for the firm.“The estimated cost of implementing the full-compliance solution is considerably more expensive five plus years later than it would have been in 2015,” the board said in its decision, adding that “TDW estimates that it would take approximately two years for any full-compliance solution to be implemented.”By allowing the exemption, the board concluded that TDW will have incurred comparable costs to other dealers for providing clients with cost disclosure, and that it has addressed its historical non-compliance “by complying with the decision reached in the separate IIROC enforcement process.”The decision also noted that the enforcement process is designed to address past misconduct, whereas the exemption process is a distinct procedure focused on future conduct, the interests of clients, other dealers and the public.With that in mind, the board also considered concerns that allowing the exemption could “create an incentive for other [dealers] to not comply with […] IIROC rules if they think that they now have the option of resolving a non-compliance situation by seeking an exemption,” and whether it would be unfair to dealers that comply with the original requirements.However, it dismissed these concerns, noting that the reputational and financial costs imposed by the enforcement case, coupled with the cost of providing clients with disclosure to 2018 and obtaining an exemption, don’t create an incentive for other dealers to ignore IIROC rules, and aren’t unfair.“Given the […] totality of the circumstances […] (including the significant fine paid by TDW for its non-compliance), the IIROC board does not believe that the public would conclude that [dealers] have the ‘option’ of non-compliance with an IIROC requirement that will be cured by an exemption,” it said. James Langton Share this article and your comments with peers on social media Mouth mechanic turned market manipulator Related news The Investment Industry Regulatory Organization of Canada (IIROC) board has granted an exemption to TD Waterhouse Canada Inc. (TDW) from provisions of the client relationship model reforms that the firm was fined for violating earlier this year.In March, an IIROC hearing panel fined TDW $4 million for failing to provide clients with position cost information for certain securities positions, starting Dec. 31, 2015. BFI investors plead for firm’s sale Facebook LinkedIn Twitter Keywords Client relationship model,  Enforcement,  DisclosureCompanies TD Waterhouse Canada Inc., Investment Industry Regulatory Organization of Canada last_img read more

Toll to get posted to Japan?

first_imgAn official announcement said that the proposed acquisition of Toll is an important step by Japan Post “to become a leading global logistics player”. It added that if the proposal is approved, Toll will be run as a division within Japan Post and will retain the Toll name.Toll management will remain in place with ceo Brian Kruger reporting to Japan Post ceo Toru Takahashi.Toll chairman Ray Horsburgh said: “We are delighted to recommend to shareholders that Toll joins with Japan Post. Japan Post is one of the world’s leading postal and logistics companies and Toll is the largest independent logistics group in the Asia Pacific. Together, this will be a very powerful combination and one of the world’s top five logistics companies.”Toll ceo Brian Kruger said: “The proposed combination is a reflection of the strategic value of our business and our strong footprint throughout the Asia Pacific region. I am delighted to have been invited to lead this powerful new division of Japan Post and look forward to working with the rest of the group.”President and ceo of Japan Post, Toru Takahashi, said: “We believe the combination of Japan Post and Toll will be a transformational transaction for both our companies and we are very pleased we have been able to reach agreement. In partnership with Toll we are starting a new chapter of looking outward and becoming a leading global player.””Toll has become an iconic Australian transport and logistics business with significant operations in Asia. We will be complementary to Japan Post, and closely aligned in our target markets. Combined we will have an expansive geographical footprint with Toll providing expertise in the global logistics and transport markets. Japan Post will bring extra capability, financial strength and significant scale to accelerate growth. Together we will offer an enhanced value proposition while delivering innovative, efficient and cost effective solutions to our customers,” Kruger added.The Scheme Booklet containing information relating to the proposal, the reasons for the directors’ unanimous recommendation and details of the shareholder meeting is expected to be sent to Toll’s shareholders in April 2015.It is anticipated that Toll shareholders will have the opportunity to vote on the proposal at a meeting to be held in May 2015.Subject to the conditions of the Scheme being satisfied, it is expected to be implemented in early June read more

Report: Phaedra Parks fired from “Real Housewives of Atlanta”

first_imgBravo/Charles Sykes(ATLANTA) —  This could be the end for Real Housewives of Atlanta star Phaedra Parks.According to TMZ, Parks has been fired from the Bravo series for spreading rumors claiming that Kandi Burruss and her husband Todd wanted to drug Porsha Williams so that they could coerce her into sexual situations.On Sunday, the last part of the explosive RHOA reunion aired, and it showed Parks apologizing to Porsha, Burruss and her husband.According to TMZ’s report, producers are saying that after Parks admitted to spreading the rumors, they “simply couldn’t continue working with her.”Parks has yet to publicly respond to the claims.  ABC Radio has reached out for comment.Copyright © 2017, ABC Radio. All rights reserved.Powered by WPeMatico Relatedlast_img