Financial Affairs – Business Continuity And Disaster Recovery World Thu, 27 May 2021 18:45:48 +0000 en-US hourly 1 Financial Affairs – Business Continuity And Disaster Recovery World 32 32 Dave Chappelle says fan boycott of his show worked, agrees to terms with Comedy Central Wed, 07 Apr 2021 23:16:09 +0000

In November, standing actor Dave Chappelle challenged his fans do something that seemed counterproductive to further his career by asking audiences not to watch his hit TV show “Chappelle’s Show”. The comedy sketch series had started airing on multiple platforms, including Netflix in the weeks leading up to his plea, but Chappelle was not happy with the move as he was not receiving royalties from the show on streaming platforms.

Chappelle said he no longer had the rights to his name and likeness due to a contract he signed in the early 2000s with the Comedy Central television channel. So he asked fans not to watch the show until Comedy Central and parent company CBS Viacom renegotiated their deal with Chappelle.

The bold strategy paid off for Chappelle, as on Friday morning he released a new 10-minute clip in which he says the network returned the rights to his name and image while paying him “millions of dollars” .

“I asked you to stop watching the show and thank Almighty God for you, that’s what you did. You made this show worthless because without your eyes it’s nothing. And when you stopped watching it, they called me, ”Chappelle says in the clip. “And I got my name back and I got my license back and I got my show back and they paid me millions of dollars. Thank you so much.”

Chappelle did not reveal how much money he made, but the clip which was shared on his Instagram page ended with a montage of scenes from the show and an announcement that “Chappelle’s Show” is returning to Netflix on. 12 February. completed in 2005, it remains a favorite of pop culture and the return of the show has been met with great enthusiasm from fans old and new.

The comedian also thanked Netflix and Comedy Central for the way they approached his situation and for their willingness to work with him.

“And finally, after all these years, I can finally say to Comedy Central, it’s been a pleasure doing business with you,” said Chappelle.

Along with the announcement of his show, Chappelle spoke about his recent positive case of COVID-19 and the January 6 insurgency on the U.S. Capitol.

The clip for Chappelle’s announcement can be seen below. The video contains adult language and racial slurs that may not be suitable for all viewers.


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Coney tradition runs deep at Jackson family’s new restaurant

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JICA signs loan agreement with TCCL for climate change management project Wed, 07 Apr 2021 23:15:54 +0000

The Japan International Cooperation Agency (JICA) recently signed a loan agreement with Tata Cleantech Capital Limited (TCCL) for up to Japanese Yen 10 billion for the “Climate Change Management Project” in India. According to ANI reports, this loan will be provided through JICA’s private sector investment finance program. In addition, it co-finances with the Sumitomo Mitsui Banking Corporation.

The JICA press release stated, “On March 25, JICA signed a loan agreement of up to 10 billion yen with the Indian non-bank financial corporation, TCCL, to help the company to offer loans to companies in India that focus on renewable energy. generation, electric vehicles (EV) as well as energy efficiency according to the principle of the green loan ”. He added: “The Indian government ratified the Paris Agreement in 2016, in which India pledged to reduce GHG emissions per GDP from 33% to 35% by 2030. In order to meet the target, the Indian government is promoting mitigation measures such as installation of renewable energy (solar, wind, etc.), low energy equipment and electric vehicles ”.

2021 is a “ crucial year ”

It comes after WWF International Managing Director Marco Lambertini told Xinhua News Agency that 2021 is a “ crucial year ” for climate change and countries have little time to act. and protect the future. Speaking at an event after nations plunge into darkness to mark Earth Hour 2021, the head of the World Wildlife Fund (WWF) International called for “urgent action” to make the world safer positive nature and preserve ecosystems, managing resources by 2030 and raising the hope that the COP15 conference on biodiversity will be held in China. “Now is the time to unite people, to stand up for nature,” WWF international director general Marco Lambertini told Xinhua, adding that 2021 was a ‘super year’ for nature and stability and that world leaders must take decisive action, especially on climate deterioration. .

“There has been shocking new evidence for the state of nature on the planet – One million endangered species, a two-thirds global decline in wildlife populations in less than 50 years, 90 % of overexploited fish stocks in the ocean, ”he said. However, he stressed that the pandemic has aligned the focus on protecting the environment in a better way and has proven that nature conservation is not just an ecological issue. “Because at the end of the day We understand that we depend on nature more than nature depends on us, ”he stressed.

Earlier last month, the UN warned in a report that the world was far from meeting agreed targets to reduce global warming under the Paris Agreement on climate change. UN Secretary-General António Guterres told the meeting of member states in preparation for the annual UN climate conference COP26 that countries have fallen short of the target by staying within the limit of 1 , 5th degree of the Paris Agreement. “We need more ambition, more ambition on mitigation, more ambition on adaptation and more ambition on finance,” said Guterres, describing 2021 as a “crucial year” to fight against climate change.

(Image credits: Unsplash)

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The intertwined empires of Greensill and Gupta had for years raised concerns internally Wed, 07 Apr 2021 23:15:35 +0000

The business empires of metal magnate Sanjeev Gupta and financier Lex Greensill have relied on each other to fuel their growth. But for years, executives and advisers close to the two entrepreneurs urged the two men to decouple their activities, according to people familiar with the matter.

They failed to do so. Now Mr. Greensill’s company, Greensill Capital, is insolvent and Mr. Gupta’s conglomerate, GFG Alliance, is scrambling to survive.

Greensill’s the implosion trapped a multitude of financial companies including Credit Suisse Group AG, which frozen $ 10 billion in funds he manages with the firm. Regulators have support for supervision of the German Bank of Greensill after saying that a special audit found suspicious accounts linked to Mr Gupta. The move took place despite a last attempt to

SoftBank Group Corp.

9984 -2.32%

, Greensill’s the largest external investor, to intervene directly with the regulator.

For GFG Alliance, which houses the steel, aluminum and energy activities of the Gupta family and generates annual sales of $ 20 billion the main source of funding suddenly dried up.

Mr. Greensill created Greensill Capital in 2011 to provide supply chain finance to customers—A form of short-term loan to help businesses pay their suppliers on time.

Mr. Gupta – formerly in commodities trading – entered the steel business in 2013 in hopes of reviving unloved industrial assets. He discovered an industry in constant need of working capital, in which suppliers and customers often pay late and traditional lenders avoid.

“When I started my journey in 2013, there was [sic] few options available in terms of traditional funding… Greensill came as a breath of fresh air, ”Gupta said in a podcast for GFG staff that was released publicly last Saturday. GFG says it is looking for other sources of funding and that its companies do well in strong markets for steel and other products.

MM. Greensill and Gupta, the latter through GFG, declined to comment for this article.

In 2016, GFG purchased an aluminum smelter and its hydropower supplier in Scotland, one of GFG’s many major deals funded by loans from Greensill.


Russell Cheyne / Reuters

Mr Gupta, the son of an Indian industrialist with the ambition to make steel in a more environmentally friendly way, is charismatic, charming and sometimes invited his staff to family dinners, people said. know him. Mr Greensill, who grew up on a farm in rural Australia, is a more serious figure, but also an ambitious and aggressive risk-taker, people who have worked with him have said.

People close to the couple’s relationship said Mr Greensill often visited Mr Gupta to talk business in his large, glass-walled office overlooking Sydney Harbor, as the banker invited the industrialist to his family farm , where they were discussing the agreements on a hill overlooking Sydney Harbor. field.

Greensill executives attended big parties Mr Gupta threw at his rented mansion in an expensive part of Sydney, some people said.

In August 2016, Mr. Gupta bought a stake in Greensill, before selling it later that year.

That year, Mr Gupta also struck his most ambitious deal to date, purchasing an aluminum smelter and its hydropower supplier in Scotland.

The £ 330million, or $ 454.8million, deal was one of several major GFG deals funded by loans from Greensill. In 2017, GFG accounted for 69% of the lender’s revenue, according to an internal note from SoftBank’s Vision Fund, reviewed by the Journal.

On a phone call with SoftBank, Gupta explained that while traditional lenders were cheaper, Greensill was much faster and more flexible, according to a summary of that conversation in the memo.

Increasingly, GFG executives and advisers were concerned about the use of Greensill. In 2018, they persuaded Mr. Gupta to consolidate his holdings into one group, release a single set of financial data, incur long-term debt with banks and ultimately go public, according to people familiar with the matter.

But the following year, GFG made its biggest acquisition to date, paying 740 million euros, or $ 868.1 million, for seven European assets of the steel giant.



GFG had talks with U.S. investment bank Jefferies about a potential bond sale to help fund the deal, but dropped the idea when Mr. Gupta hesitated on certain conditions, people said.

In general, he disliked covenants, which often come with loans and bonds and put conditions on a borrower. In particular, Mr. Gupta spoke out against conditions that prevented him from moving money around his empire, one of the people said.

GFG transferred tens of millions of dollars, for example, from its profitable Australian businesses to less lucrative UK companies and to help finance the 2017 buyout of a steel plant in South Carolina, people familiar with the matter said.

Ultimately, the acquisition of ArcelorMittal’s assets was primarily funded by Greensill, the people added.

Jefferies declined to comment.

A spokesperson for GFG said it has over time used a range of financing tools, including bonds, bank loans and asset-based finance.

Mr Gupta has previously said he wants to list his Australian and US assets. However, the bankers of

JPMorgan Chase

& Co., which was to help list Australian assets, told Mr Gupta he needed to reduce his reliance on short-term funding first, according to a person familiar with the matter.

JPMorgan declined to comment.

GFG did not list any companies.

As of September 2019, Greensill was lending approximately $ 7.4 billion to Mr. Gupta’s businesses, according to a Greensill document reviewed by the Journal. That month, Mr. Greensill told the Journal in an interview that he was a “big fan” of Mr. Gupta and his attempts to revive the industry in the West.

At the same time, senior management at Greensill was receiving regular updates on the company’s exposure to GFG and Mr Greensill told executives he hoped to “overtake” GFG, according to people familiar with the matter.

But GFG has remained critically important to Greensill, typically generating around a third of its total revenue, according to internal Greensill documents reviewed by the Journal.

Greensill was also under pressure from German banking regulator BaFin to reduce Greensill Bank’s exposure to GFG, according to a statement, reviewed by the Journal, that Greensill made as part of the company’s insolvency process. A September 2019 internal Greensill document reviewed by the Journal shows that 85% of the bank’s assets were linked to GFG.

Last fall, Greensill hired banks to help him raise up to $ 1 billion in new equity. But in December, a private equity firm that was scheduled to invest pulled out in part due to BaFin’s concerns about exposure to GFG, according to Mr Greensill’s statement regarding the insolvency filing.

Mr. Greensill’s statement describes a Catch-22.

His company’s strong exposure to GFG was putting the future of the entire company at risk, but reducing that exposure quickly could undermine Mr. Gupta’s business and hurt Greensill as well.

“I understand from GFG CEO Mr. Sanjeev Gupta that GFG would almost certainly become insolvent if (Greensill) did not continue to provide funding,” Greensill said in his statement.

Earlier this year, Mr. Gupta, Mr. Greensill and Rajeev Misra, the head of the SoftBank Vision Fund, planned to visit Frankfurt in a last-ditch effort to allay BaFin’s concerns, according to people familiar with the matter.

Due to Covid-19 travel restrictions, the meeting was held online on February 1.

It didn’t go well. BaFin maintained its insistence that Greensill cut Mr. Gupta’s business loans, the people said.

In March, Credit Suisse froze the investment funds that had fueled Greensill’s loans, saying it was unsure of the exact valuation of some of the assets within them. Greensill filed for insolvency within days.

This year, GFG had planned to diversify its borrowing beyond Greensill, Mr. Gupta said in his podcast. “It was a work in progress,” he said. “But unfortunately Greensill collapsed.”

Write to Alistair MacDonald at and Duncan Mavin at

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Kenyan corn importers insist on harvest ban Wed, 07 Apr 2021 23:15:35 +0000

By Janeth Joseph

By Zephania Ubwani

Arusha. Frustrated Kenyan maize traders are once again bitter over the ban on imports of basic commodities from Tanzania.

They want their country’s regulatory authorities to review the restriction in order to avoid them huge losses.

“Put an end to these harsh measures,” said David Wainaina, president of the Kenya International Freight and Warehousing Association (Kifwa).

He said at the Namanga border post on Wednesday that Kenyan and Tanzanian authorities should meet and resolve the issue.

“If Tanzania’s maize has always been clean, where does the aflatoxin come from?” He asked at a crisis meeting convened by the East African Business Council (EABC).

Kenya banned imports of maize from Tanzania and Uganda on March 5 this year due to reported mycotoxin contamination.


The order was placed by the Kenya Food and Agriculture Authority (AFA) which said aflatoxin levels were higher beyond safe thresholds.

Mr Wainaina noted that the conditions imposed on them were “harsher” on importers who had already purchased the grain from Tanzania.

Kifwa vice president Alex Seita said maize importers using the Namanga border post face $ 200 per day for the stranded cargo.

“The government is not doing much to help us,” he said, noting that some traders had taken out bank loans to import the grain.

During a visit to the border on Wednesday, The Citizen found an unknown number of trucks loaded with grain stranded in the area.

According to Mr. Seita, 18 of the trucks with maize had returned to Arusha while the trucks with maize already purchased were still stuck.

Responding to the complaints, AFA’s crop inspector Calistus Efukho said the ban would be maintained as long as corn imports were contaminated with the poisonous fungi.

The certificate of compliance should state that the aflatoxin levels meet the required maximum levels of 10 parts per billion.

However, he said, once the issue is resolved, maize trade with Tanzania will resume “as long as every importer is registered”.

Ms. Elizabeth Kinyanjui, secretary of Kifwa, called on the Kenyan government to compensate traders for the losses suffered.

She said that before the ban was taken, Kenyan authorities apparently did not consult with their Tanzanian and Ugandan counterparts.

At the Holili border post, up to 423 tonnes of maize were refused entry into Kenya for alleged aflatoxin contamination.

Kilimanjaro Regional Commissioner Anna Mghwira said Tanzanian experts had tested the grains and found them safe for human consumption.

She said during her border visit yesterday that people or institutions in need of maize should contact her office.

Additional reports by

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Flag flies above University of Richmond Medical Center to salute breast cancer awareness day and those affected Wed, 07 Apr 2021 23:15:35 +0000

To mark Breast Cancer Awareness Month and honor the courage of those fighting the disease and the lives lost, the University of Richmond Medical Center hosted a ceremony Thursday afternoon that included remarks from hospital leaders, medical staff and breast cancer survivors.

A pink flag was hoisted atop the hospital pole by these survivors to fly over the hospital throughout October.

Rosemarie Stazzone, Director of Operations and Chief Nurse of RUMC, opened the ceremony: “First Lady Betty Ford helped kick off Breast Cancer Month in 1974 when her husband Gerald Ford was President of the United States,” said she declared. “My own mother, Rita Ferrari, was diagnosed and treated. The goal of breast cancer awareness is to keep the public informed about early detection and treatment and available options, and to empower women to take charge of their own health. And we celebrate these pink ribbons founded by the Estee Lauder Company in 1992. ”

Daniel J. Messina, President and CEO of West Brighton Healthcare Facility: “On behalf of everyone at the University of Richmond Medical Center, I would like to start by offering our thoughts to all of you. those who have lost a loved one to breast cancer ”. he said. “I would also like to express our continued admiration and support for breast cancer survivors here and across Staten Island. Your courage is truly impressive. Currently, a woman has a one in eight chance of developing breast cancer in her lifetime. As we gather here today, if there is one take-away message from today’s ceremony, let there be hope. But also remember that the first line of defense in the fight against breast cancer is you! The importance of mammograms and early detection cannot be overstated. “

Deputy Borough President Ed Burke said, “We are here to save lives. This is what consciousness does. And I’m also here in memory of a family member I lost to breast cancer. And I would like to thank Dan Messina and all of you here today.

From left to right, Daniel J. Messina, President and CEO of RUMC, Breast Cancer Survivors and Rosemarie Stazzone, Head Nurse and COO of RUMC. (Staten Island Advance / Carol Ann Benanti)Staten Island Advance

And Krismelys Diaz, a breast cancer survivor shared her story: “I don’t consider myself a breast cancer survivor. I am a veteran, a warrior, a hero. I was diagnosed in July 2019 and learned a lot from my experience. I wouldn’t change a thing and if I can use it to help others along the way, it was well worth it. I have a great team of doctors. And I grew up from that trip. God has been good to me. “

RUMC Breast Cancer Awareness Day

Participants listen to guest speakers at the RUMC Breast Cancer Awareness Day. (Staten Island Advance / Carol Ann Benanti)Staten Island Advance

Immediately afterwards, staff and participants were invited to plant lawn markers in front of the hospital as part of a Garden of Hope. The names of breast cancer survivors or lost have been inscribed on the markers that will remain in front of the hospital throughout the month.

RUMC Breast Cancer Awareness Day

Participants plant lawn markers in front of the hospital as part of a Garden of Hope. The names of breast cancer survivors or lost have been inscribed on the markers that will remain in front of the hospital throughout the month. (Staten Island Advance / Carol Ann Benanti)Staten Island Advance

October is Breast Cancer Awareness Month, an annual campaign to raise awareness of the disease. According to the American Cancer Society, more than 276,400 new cases of invasive breast cancer will be diagnosed in women in 2020 and about 42,170 women will die from the disease.

Breast cancer is the most common cancer in women, with the exception of skin cancer.

RUMC Breast Cancer Awareness Day

From left, Daniel J. Messina, President and CEO of RUMC, Dr Ginny Mantello, Borough Health and Wellness Director and Borough Vice-President Ed Burke. (Staten Island Advance / Carol Ann Benanti)Staten Island Advance

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This week in securities litigation (week of April 5, 2021) Wed, 07 Apr 2021 23:15:35 +0000

Senate Democrats introduced a resolution to strike down the SEC’s amendments to Rule 14-8 of the Exchange Act on Friday, April 2, 2021. The resolution was submitted under the Congressional Review Act which requires only a simple majority. The amended rule placed stricter requirements on shareholders seeking to submit ballot proposals. The Commission approved the rule changes in September 2020 by a 3-2 vote.

The Examinations Division issued a risk alert last week focusing on AML issues as FinCEN moves forward with drafting rules to implement the Business Transparency Law passed at the end of the year last. The law aims to strengthen the rules against money laundering.

Be careful, be careful this week


PSPC statement: Division of Corporation Staff Statement on Certain Special Purpose Acquisition Company Matters (March 31, 2020) (here). The statement focuses on the key points that a private company should consider before committing to a transaction with a PSPC.

Alert: The Examinations Division or REVIEWS issued an AML alert this week titled “Compliance Issues Related to Monitoring and Reporting Suspicious Activity at Broker-Brokers” (March 29, 2021). It recounts staff observations during reviews focused on AML issues (here).

Alert launcher: The Commission awarded more than $ 500,000 to a whistleblower who previously reported the information internally. The company carried out an internal investigation and the information was eventually communicated to the Commission by another agency. The whistleblower reported the information separately under the Safe Harbor provision which treats a report made within 120 days of the internal disclosure as having occurred at the same time.

SEC Application – Deposited and Paid Shares

The Commission filed 4 new injunctive civil actions and no administrative proceedings last week, excluding 12d, accompanying proceedings and other similar cases.

Offer fraud: SEC v. Randolph, Civil action n ° 1: 21-cv-01321 (ND Ga. Filed on April 1, 2021) is an action which names as defendant Richard J. Randolph, III. Over the past five years, Mr. Randolph, who has various real estate interests, has raised approximately $ 1.6 million more from investors linked to his real estate interests. Randolph Associates Inc. was used to raise a lot of the money. Investors have been advised of a possible merger with Gallagher Management Group, LLC. The defendant provided investors with financial information on this company which he also controlled. The information was fraudulent. The defendant also embezzled parts of the investor’s capital. The complaint alleges violations of every paragraph of section 17 (a) of the Securities Act and section 10 (b) of the Foreign Exchange Act. The defendant solved the problem by accepting the entry of a permanent injunction based on the articles cited in the complaint. In addition, he has accepted the entry of an officer-director bar and to participate in the issue, purchase, offer or sale of any security. Financial penalties will be determined at a later date. The US District Attorney’s Office for the Northern District of Georgia has filed a parallel criminal action. See Bed. Rel. No. 25054 (April 1, 2021).

Offer fraud: SEC c. Blankenbaker, Civil action n ° 1: 21-cv-790 (SD Ind. Filed March 31, 2021) is an action which names as defendants George Blankenbaker, Stargrower Commercial Bridge Loan Fund 1 LLC, Stargrower Asset Management LLC and Blankenbaker Investments Fund 17 LLC. Over a three-year period, Blankenbaker and his companies have raised more than $ 11 million from at least 109 investors, many of whom are seniors. Investors were told the funds would be used to provide short-term loans to food exporters in Asia. Investors were to receive interest payments on the products. Mr Blankenbaker did not tell investors that most of their money was for an investment in hemp, while other parts of the funds were being diverted for his personal use. Two of the three offers were not registered. The complaint alleges violations of Articles 5 (a), 5 (c) and 17 (a) of the Securities Law and Article 10 (b) of the Foreign Exchange Law. Mr. Blankenbaker’s companies have consented to the registration of permanent injunctions and have agreed to pay restitution and pre-judgment interest of $ 5,196,641 on a joint and several basis. Mr. Blankenbaker consented to the registration of permanent injunctions based on the articles cited in the complaint and to a bar of guiding officers. He also agreed to pay restitution, pre-judgment interest and a penalty, the amounts of which will be determined later. Mr. Blankenbaker was excluded from trading in securities in a separate administrative proceeding. In a parallel action brought by the United States Attorney’s Office for the Southern District of Indiana, criminal charges were laid against Mr. Blankenbaker. See Bed. Rel. No. 25063 (April 1, 2021).

Fraudulent fees / trading: SEC v. Elstun, Civil Action No. 4: 21-cv-00206 (WD MO. Filed March 29, 2021) is an action which names as the defendant Douglas Elstun, an investment advisor and former owner of Crossroads Financial Management, Inc. The complaint Alleges Defendant defrauded some high income sports clients by charging a higher percentage than agreed. For other clients, he applied management fees to accounts he did not manage. In addition, a number of clients have been placed in very high risk investments such as reverse ETFs for significant periods of time, while the instruments were designed only for short term investments. Finally, a number of clients have been placed in inappropriate investments. The complaint alleges violations of Articles 206 (1), 206 (2), 206 (4) and 204 of the Counselors Act. The case is pending. See Bed. Rel. no. 206 (March 30, 2021).

Crypto Assets: SEC vs. LBRY, Inc., Civil action n ° 1: 21-cv-00260 (DNH filed on March 29, 2021). Defendant LBRY, Inc. is a privately held company based in Manchester, New Hampshire. It was created in 2015 to deliver digital content. It started with video distribution as a potential competitor for YouTube, Amazon, and other video platforms. To move forward with its vision, LBRY claimed it would use blockchain technology by: 1) creating a “protocol” or set of rules for the transfer of data between devices; 2) create a user application; 3) create the software necessary to activate the protocol; 4) recruit those who are needed to make the videos; and 5) attract consumers. To support these efforts, the company offered to sell LBC – LBRY credits. The fundraising effort began in March 2016 with an announcement on the company’s website about the program. In June 2016, the firm launched its protocol after having designed the first 400 million AMLs in its possession. This represented 40% of the total supply authorized under the protocol. The AML was then divided into three funds: the operational fund; the Community Fund; and the institutional fund. Each fund was used slightly differently to achieve the overall goal. For example, the Community Fund focused on consumers; the Institutional Fund has turned to institutions for partnerships, grants, donations and similar issues; and the Operational Fund sought to profit. Starting in 2016, the company offered the Community Fund LBC in exchange for contributions to the network. Subsequently, at various times over a three-year period starting in 2017, AMLs of each of the funds were offered to investors. These investors bought LBC in exchange for US currency, bitcoin, or other consideration such as services. The reason for the purchases was an expectation of profits from the pooling of their funds with others and the efforts of the defendant. Following these transactions, LBRY continued to sell LBC. Around 10 million LBCs have been sold to retail investors. At the end of June, the firm took measures to stabilize the price of LBC, which varied considerably. In October 2020, the company reported on its website that LBC would only gain in value as usage of its network grows. Efforts to keep promises made to investors continued in March 2021. AMLs are not registered with the Commission. The complaint alleges violations of Sections 5 (a) and 5 (c) of the Securities Act. The case is pending. See Bed. Rel. No. 25060 (March 29, 2021).


Drafting of proposed rules: The regulator announced on April 1, 2021 the launch of a new regulatory process related to the reporting requirements of beneficial owners. The announcement is advance notice to solicit public comments for future regulation based on the recently passed Business Transparency Law (here).


To prohibit: The Australian Securities and Investments Commission announced a ban on the sale of binary options to retail clients on April 1, 2021.


Initiatives: The Securities and Exchange Surveillance Commission published a brochure on its initiatives for reliable and attractive capital markets 2020-2022 on March 26, 2021 (here).


Notes: Mark Steward, Executive Director of Enforcement and Market Surveillance at the Financial Conduct Authority, delivered remarks on March 24, 2021 titled The Importance of Targeted Anti-Money Laundering Controls (here). The director focused on increasing AML investigations and the importance of proper controls.

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What is a bridging loan? Wed, 07 Apr 2021 23:15:35 +0000

If you’re a first-time home buyer (or already own a home), you’ve heard of mortgages. You have your conventional loans, FHA loans, VA loans, USDA loans etc. But there is another type of loan that not many people know about that can make the home buying process much easier. Yes, we are talking about a bridging loan. You have not heard about it? Put simply, a bridging loan “bridges the gap” between sales. Buyers use these temporary loans to finance their new home while they wait for their current home to be sold. Find?

How it works?

Not all lenders offer a bridge loan the same way. With regard to these loans, what is important is whether or not they correspond to the specific goals and needs of the individual. However, there are two popular options that lenders use with buyers.

Even more for real estate enthusiasts

The first option, a lender provides funds that equal the difference between up to 80% of the value of the buyer’s home and his current loan balance. The second mortgage goes towards the advance payment for the second home, while the first mortgage remains the same until the house sells and the mortgage is paid off.

The second option, buyers take out a loan of up to 80% of the value of their home. With this money, they pay off their first mortgage. The funds for the second mortgage are then applied towards the down payment for the new home.

As with any loan, there are positive and negative aspects. The main advantage of a bridging loan is that buyers can make a “no-contingency offer” on a new home, without selling their existing one. This means buyers don’t have to wait to buy their dream home until their old one sells out. That said, a bridging loan has higher interest rates and only lasts between six months and a year. And even if your home doesn’t sell during that time, you’ll still have to pay off your loan. You must also qualify for two homes and be able to pay two mortgage payments at a time.

Should you apply?

There’s no denying that a bridging loan can be handy if you’re ready for a change but don’t want to risk a conditional offer. A bridging loan can also be a good way to finance a new home, in case you need to move for a job. But a bridging loan comes with a higher interest rate. In fact, most bridging loans are somewhere between 8.5% and 10.5%. Plus, paying two mortgages and making payments on your bridging loan can be stressful, especially if your existing home isn’t selling as fast as you might expect. We recommend talk to a BridePayday lending for advice.

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Small businesses in the grip of a pandemic can apply for grants of up to $ 25,000 in Washington state Wed, 07 Apr 2021 23:15:35 +0000

Departure Monday, many small Washington businesses that have been financially affected by the COVID-19 restrictions can apply for grants of up to $ 25,000 from the state Department of Commerce.

The grants are part of a fourth round of $ 240 million in assistance to small businesses through the state Washington Work Program. The funds are aimed at helping small, physical businesses cover costs such as rent, as well as pandemic-related expenses such as additional sanitation facilities and personal protective equipment.

The grants are available to businesses that operate from a physical location other than a residence and that generated revenues in 2019 between $ 25,000 and $ 5 million. According to the ministry, these “big companies”, which often help anchor shopping centers and shopping districts, have often had to shut down or significantly reduce their operations due to public health restrictions.

“This is the store you pass or used to pass by every day, when you drove to work or used for lunch or coffee, or you used to drop your dry cleaning, ”said Lisa Brown, director of the State Department of Commerce, which manages the grants.

The funding of $ 240 million is almost double the amount of the previous three cycles combined, and the maximum grant size of $ 25,000 is 25% more than the previous maximum.

The new round is also designed to distribute funds equitably throughout the state and to include historically underserved populations – among them, businesses in rural or low-income areas and those run by minorities, veterans, women and men. members of the LGBTQ + community.

The department’s website offers grant applications in 16 languages, and support is available from the ministry and partner community organizations in 40 languages.

Officials encouraged all “qualifying brick-and-mortar businesses that were required to shut down or significantly reduce their operations due to public health and safety measures to be enforced,” according to the ministry’s website.

Companies that were declined in previous rounds can reapply in the fourth round, as can those that received funds in previous rounds – although any prior award may reduce any ongoing award.

The funds come from the roughly $ 10.6 billion Washington state will receive under the $ 1.9 trillion US federal bailout act signed by President Joe Biden last month.

The exclusion of businesses with annual sales of less than $ 25,000 or that do not have a fixed business location reflects the focus of the fourth round on businesses with ‘significant costs’, such as rent, who have “probably had to face the most significant challenges in paying these significant costs due to the mandatory closings,” says the Department of Commerce website.

This focus on physical businesses is also intended to help business owners, many of whom offered discounts to tenants during the pandemic.

Many small businesses that are not eligible for this final round were eligible for previous rounds, and may also be eligible for future rounds of grants, Brown said.

Learn more about the COVID-19 pandemic

State lawmakers are debating another round of subsidies in the legislative budget, Brown said.

The Commerce Department is also exploring a recovery loan fund that would provide businesses with low-interest loans of up to $ 100,000, Brown said.

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“I can’t breathe”: a litany for justice Wed, 07 Apr 2021 23:15:35 +0000


The murder of George Floyd, an unarmed black man, lying on the sidewalk with the white cop’s knee planted on his neck for about 8 minutes, resulting in death from suffocation, as fellow police officers watched, touched a deep fiber by millions. in our nation. It also made me angry. It still happens in the United States The injustice and violence were evident and recorded for all to see.

The response has been multiracial and international. The horrific scene of this officer’s impassive gaze at the camera, as he rested his knee on this man who cried for his life, resonates with so many episodes of injustice and violence in our country and in the world.

“I cannot breathe” and “they will kill me” are terrifying words that, whether spoken out loud, written or held in the heart, degrade and denigrate individuals, communities and our planet. Many have reacted because they also experience some type of choking. Alarmingly, as with George Floyd’s breathless appeal, it goes unnoticed day in and day out:

Millions of developing countries contracting COVID-19, with little or no healthcare or access to ventilators are screaming “I can’t breathe!”

Hundreds of millions of poor people in Africa, Asia, the Americas and in governments, who are suffocated by non-repayable loans from the World Bank and the IMF, are screaming, “We can’t breathe!… They are going to kill us. ! “

The indigenous communities and the inhabitants of the villages of Honduras in the Congo who are suffering the destruction of their lands, their houses and their heritage, driven by the extraction of minerals and wealth from their lands, cry: “They are killing us;” “They are destroying our land!”

The unborn child at different stages of gestation, threatened by instruments and vacuum cleaners, would cry out if he could: “They are going to kill me!”


The continued destruction of the forests, the lungs of the Earth, and the contamination of the atmosphere in major cities are causing many to now cry, “We can’t breathe!”

The successful young members of our society, who know much of their lives, cling to the fragile DACA protection thread, shout, in the face of threats from the Trump administration: “I can’t breathe because of the anxiety.”

LGBTQ people, trying to go about their business, are targeted and ridiculed, and in some places, persecuted, even to death, shout, “They are going to kill me!”

The migrant and asylum seeker fleeing violence, persecution, corruption and extreme poverty, cries out as they are crammed with many others into the sealed storage area of ​​the truck: “We cannot breathe ! “


Other migrants and asylum seekers who have fled death threats in their country of origin are rejected by our nation, put back on planes to return to the same situation, must also think with anguish when they land: ” They will kill me! ”

The battered woman, victim of domestic violence and domestic violence continues, screams or swallows her words as she endures more beatings, broken bones and humiliation: “He’s going to kill me!”

Black and brown people living with fear and threats from racist and white supremacist neighbors and colleagues, vigilante groups and many others who feel emboldened by President Trump’s racist attitudes and actions, think or cry, for themselves and their families: they are killing us? Will we be able to breathe? “

The millions of marginalized and undocumented people in our society, who have to live in unsanitary, unsanitary and rodent-infested apartments rented by their unscrupulous owners, or slums, cry out or not, for fear of being evicted and discovered: “I can’t breathe in this space!

The man or woman who is severely suffering from the disease of addiction to alcohol, drugs, pornography, screams while waiting for the next solution that they cannot get: “I cannot breathe while I am.” did not understand it! ”

The minor – perhaps now an adult – sexually abused by the clergy, a family member or someone else he trusts, cries out, often for years: ” I can’t breathe with such pain! ”

The migrant farm worker, the day laborers who are denied a fair wage or payment at the end of the working day or week for lack of papers, with a dependent family, will rightly cry out from the bottom of their hearts: ” Will my family and I survive and breathe? ”

The everyday woman and man, confronted with unjust structures of society, laws, discrimination, abuse in the workplace, continuous unemployment, lack of access to health care adequate, could no doubt shout: “This will kill me!” I can not breathe.

And silently, but above all, as our planet Earth continues to be plundered by unscrupulous mining and extraction companies and polluted by fossil fuels, corporate greed and materialistic lifestyles, “They will kill me! And it will kill you!

Are we surprised that so many people identified with George Floyd’s call to life and took to the streets?

When Saul was taking the religiously motivated action of persecuting the “followers of the Way,” the risen Christ appeared to him on the road in a surprising and shocking way, and said, “Saul, Saul, why are you persecuting me? ? ” Christ revealed that by persecuting and killing his disciples, Saul was persecuting him.

The risen Christ, at the time of death, breathed his Spirit of life into the world. Yet greed, racism, injustice, materialism, violence, a thoughtless lifestyle – sin – suffocates humanity, many to die for.

Jesus also taught that whatever we do, good or bad, to the lesser of His brothers or sisters, we do to Him. Using his imagination, one could rightly see Jesus today, lying on the floor, handcuffed, one knee on his neck, crying, “I can’t breathe! They will kill me!

Again and again!

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Andrew P. Napolitano at Easter Wed, 07 Apr 2021 23:15:34 +0000

Andrew P. Napolitano

– Alfred Lord Tennyson (1809-1892)

When American settlers were oppressed by British governance, the word most often used in brochures, editorials, and sermons was not “security” or “taxes”; it was “freedom”. Yet two intolerable acts of Parliament so violated personal freedom that they irreparably severed ties with the motherland.

The first was the Stamp Act of 1765, which required settlers to have government stamps on all documents in each household. It was applied by British soldiers who used general warrants, issued by a secret court in London, to search settler possessions, apparently looking for stamps.

These general warrants, like those dealt with today by the Foreign Intelligence Review Court in Washington, DC, did not specifically describe the location to be searched or the person or thing to be seized. Rather, they allowed the keeper to search wherever he wanted and seize anything he found – as FISA warrants currently do, in direct violation of the Constitution.

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