Financial regulation

ESMA responds to European Commission consultation on the Digital Finance Strategy

Thursday, July 2, 2020 - 12:09am

29 June 2020

Key Points: 
  • 29 June 2020

    Innovation and Products

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has submitted a response to the European Commissions (EC) consultation on a new digital finance strategy for the European Union (EU).

  • Cooperation around financial innovation at EU level is key to remove fragmentation in the digital financial services market.
  • ESMAs response also outlines several conditions needed for a well-regulated data-driven financial sector, including appropriate skills, data standardisation and data security.
  • A letter to the EC from Steven Maijoor, the ESMA Chair, accompanies the response and summarises the main points.

ESMA responds to European Commission consultation on the Digital Finance Strategy

Wednesday, July 1, 2020 - 1:02pm

29 June 2020

Key Points: 
  • 29 June 2020

    Innovation and Products

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has submitted a response to the European Commissions (EC) consultation on a new digital finance strategy for the European Union (EU).

  • Cooperation around financial innovation at EU level is key to remove fragmentation in the digital financial services market.
  • ESMAs response also outlines several conditions needed for a well-regulated data-driven financial sector, including appropriate skills, data standardisation and data security.
  • A letter to the EC from Steven Maijoor, the ESMA Chair, accompanies the response and summarises the main points.

SWIFT Certifies Fiorano ISO 20022 Accelerator for Cross-Border Payments and Reporting

Wednesday, July 1, 2020 - 9:00am

Fiorano is now one of a select set of worldwide vendors whose solution has cleared certification requirements by SWIFT for CBPR+ readiness.

Key Points: 
  • Fiorano is now one of a select set of worldwide vendors whose solution has cleared certification requirements by SWIFT for CBPR+ readiness.
  • Fiorano also recently announced the availability of a SWIFT-Confirm pack to confirm payments, corresponding to the November 2020 universal confirmations deadline, through SWIFT-approved automated routes including MT 199, API calls and CSV batches with an easy upgrade path to SWIFT gpi and SWIFT CBPR+ / ISO 20022.
  • Fiorano has been steadily adding functionality and features aimed at helping customers and partners deliver ISO 20022 compliance in line with SWIFT and broad global payment scheme support with minimal impact and disruption, he added.
  • Built on the proven enterprise-class, secure and scalable Fiorano Hybrid Integration Platform (HIP), coupled with a powerful set of ISO 20022-ready adapters, the Fiorano ISO 20022 Accelerator enables rapid adoption of the ISO 20022 messaging standard through connectors and tools that facilitate code-less implementations for rapid readiness.

Brooge Energy Reports Record Revenue of $44 million for Fiscal Year 2019, an Increase of 23% Year-Over-Year

Tuesday, June 30, 2020 - 9:34pm

Revenue for the full year 2019 increased 23% to $44 million, compared to $36 million in the full year 2018.

Key Points: 
  • Revenue for the full year 2019 increased 23% to $44 million, compared to $36 million in the full year 2018.
  • Gross profit for the full year 2019 was $34 million, resulting in gross margin of 77%, compared to $26 million for the full year 2018.
  • The acquisition has been accounted for in terms of IFRS-2, which is aligned to guidance issued by the IFRIC.
  • Loss and total comprehensive loss for the year 2019 was $77 million compared to a profit of $16 million in the full year 2018.

Enforcement Notice - Hearing - IIROC Reschedules Disciplinary Hearing for Former Richmond Investment Advisor Alberto Storelli

Tuesday, June 30, 2020 - 8:15pm

RICHMOND, BC, June 30, 2020 /CNW/ - A discipline hearing was originally scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Alberto Storelli on June 9, 2020.

Key Points: 
  • RICHMOND, BC, June 30, 2020 /CNW/ - A discipline hearing was originally scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Alberto Storelli on June 9, 2020.
  • The Notice of Hearing and Statement of Allegations which sets out the allegations is available at: Storelli, Alberto - Notice of Hearing and Statement of Allegations
    Documents related to ongoing IIROC enforcement proceedings including Reasons and Decisions of Hearing Panels are posted on the IIROC website as they become available.
  • All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website.
  • Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

Enforcement Notice - Decision - IN THE MATTER OF Michael Francis O'Brien - Appeal Order

Tuesday, June 30, 2020 - 3:15pm

CALGARY, AB, June 30, 2020 /CNW/ - On June 4, 2020, a panel of the Alberta Securities Commission (the "ASC") issued an order (the "Order") changing the penalties imposed on Michael Francis O'Brien.

Key Points: 
  • CALGARY, AB, June 30, 2020 /CNW/ - On June 4, 2020, a panel of the Alberta Securities Commission (the "ASC") issued an order (the "Order") changing the penalties imposed on Michael Francis O'Brien.
  • Mr. O'Brien appealed two IIROC Panel decisions dated December 31, 2019 and March 26, 2020 to the ASC.
  • All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website.
  • Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

ESMA responds to European Commission consultation on the Digital Finance Stragtegy

Tuesday, June 30, 2020 - 12:06am

29 June 2020

Key Points: 
  • 29 June 2020

    Innovation and Products

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has submitted a response to the European Commissions (EC) consultation on a new digital finance strategy for the European Union (EU).

  • Cooperation around financial innovation at EU level is key to remove fragmentation in the digital financial services market.
  • ESMAs response also outlines several conditions needed for a well-regulated data-driven financial sector, including appropriate skills, data standardisation and data security.
  • A letter to the EC from Steven Maijoor, the ESMA Chair, accompanies the response and summarises the main points.

Le Château Addresses Recent Trading Activity

Monday, June 29, 2020 - 10:21pm

MONTREAL, June 29, 2020 (GLOBE NEWSWIRE) -- Le Chteau Inc. (the Company) (TSX VENTURE: CTU), at the request of the Investment Industry Regulatory Organization of Canada (IIROC), would like to report that the Company's management is not aware of the reasons that would account for the increase in market activity that occurred earlier today.

Key Points: 
  • MONTREAL, June 29, 2020 (GLOBE NEWSWIRE) -- Le Chteau Inc. (the Company) (TSX VENTURE: CTU), at the request of the Investment Industry Regulatory Organization of Canada (IIROC), would like to report that the Company's management is not aware of the reasons that would account for the increase in market activity that occurred earlier today.
  • Le Chteau is a Canadian specialty retailer and manufacturer of exclusively designed apparel, footwear and accessories for contemporary and style-conscious women and men, with an extensive network of 124 prime locations across Canada and an e-com platform servicing Canada and the U.S.
  • Le Chteau, committed to research, design and product development, manufactures approximately 30% of the Companys apparel in its own Canadian production facilities.

Achieving Leadership in Payments: 20022 Labs Releases Discussion Paper on Models for Corporate Adoption of ISO 20022

Monday, June 29, 2020 - 4:00pm

TORONTO, June 29, 2020 /PRNewswire-PRWeb/ -- 20022 Labs today announced the launch of a paper, titled 'Leveraging ISO 20022: An early-adopters' guide to data rich payments.'

Key Points: 
  • TORONTO, June 29, 2020 /PRNewswire-PRWeb/ -- 20022 Labs today announced the launch of a paper, titled 'Leveraging ISO 20022: An early-adopters' guide to data rich payments.'
  • "Corporates see the promise of ISO 20022 but feel constrained by uncertain timelines and like-for-like approaches," said Mike Sigal, Founder of 20022 Labs.
  • ISO 20022 enables transmission of rich, relevant remittance data with payments, as well as the flexibility to adapt to a given need or context.
  • For more information including distribution and access to the full discussion paper, please visit http://www.20022labs.com
    20022 Labs is a not-for-profit organization that brings together corporations, vendors, fintechs and banks to accelerate the adoption of ISO 20022.

Daily Mail and General Trust plc: Director/PDMR Shareholding

Monday, June 29, 2020 - 4:04pm

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

Key Points: 
  • Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
    Description of the financial instrument, type of instrument
    Dividend purchase of shares by Equiniti Limited, the administrators of the Daily Mail and General Trust 2010 Share Incentive Plan.