Compelled testimony admissible: OSC

first_img Keywords EnforcementCompanies Ontario Securities Commission Mouth mechanic turned market manipulator James Langton A hearing on the motion was held behind closed doors back in September. And, around the same time, the commission settled with one of the most prominent respondents in the case, Goldcorp Inc. chairman, Ian Telfer. (See Investment Executive, Goldcorp chairman settles with OSC, September 20, 2013.) In October, the panel issued an oral ruling on the motion, indicating that excerpts from transcripts of compelled examinations are admissible into evidence in the context of regulatory proceedings. However, it agreed with the respondents in the case, who argued that the best evidence would be direct testimony at the hearing; so, it said that transcripts can be submitted at the end of the hearing for respondents that haven’t chosen to testify. On a cross-motion for confidentiality, the panel also found that all materials and transcripts should remain confidential, but that the panel’s decision should be public. In its reasons, the panel finds that the Securities Act permits OSC staff to produce compelled testimony at a hearing. “We agree that if the legislature had intended to prohibit the use of compelled testimony in section 127 proceedings it would have done so expressly,” it says, adding that the legislature’s silence on that issue “can be taken as deliberate”. “To find otherwise would also prohibit the use of documentary evidence compelled by staff pursuant to section 13 of the Act, which cannot have been the legislative intention given the context of the scheme of the Act in respect of investigations and enforcement,” it notes. It also says that transcripts of the compelled testimony are relevant hearsay and are therefore admissible under procedural rules. “The Act does not make the compelled testimony inadmissible in an administrative hearing and the Act does not expressly limit the extent to or purposes for which the compelled testimony may admitted or used in evidence at an administrative hearing under the Act,” it notes. “Further, we were not satisfied that the other statutes cited by the respondents make the compelled testimony inadmissible in an administrative hearing under the Act or expressly limit the extent to or purposes for which the compelled testimony may be admitted or used in evidence at an administrative hearing under the Act.” The panel acknowledges that it is “mindful of the dangers of hearsay evidence” and notes that the weight this evidence will receive in a hearing will be determined by the panel. In ruling that the testimony should not be entered into evidence until the conclusion of the case, the panel says, “This provides the respondents with an opportunity to consider the evidence tendered by staff before determining whether they will undertake to testify at the merits hearing while also attempting to avoid any unfairness that could result from staff splitting its case.” The Ontario Securities Commission (OSC) today issued its reasons for a decision made earlier this year, where it ruled that compelled testimony and hearsay evidence is admissible in an enforcement hearing. The OSC published its reasons on a motion brought by OSC staff seeking an order to admit excerpts from transcripts of compelled examinations into evidence in its case alleging insider trading and tipping against various industry figures. The allegations have not been proven. Share this article and your comments with peers on social media Related news Facebook LinkedIn Twitter PwC alleges deleted emails, unusual transactions in Bridging Finance case BFI investors plead for firm’s salelast_img read more

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Thousands of Jamaicans to Clean Beaches

first_imgFacebookTwitterWhatsAppEmail RelatedGround Broken for $2.3 Billion Portmore Sewage Project Advertisements Thousands of Jamaicans are expected to participate in the removal of garbage and other debris from the nation’s beaches, as Jamaica observes International Coastal Clean-Up Day on Saturday, September 20.Activities are being coordinated by the Jamaica Environment Trust (JET) with support from several organisations and entities including the Tourism Enhancement Fund (TEF).The main project will be the cleaning of Fort Rocky on the Palisadoes Strip in Kingston, while the Urban Development Corporation (UDC), and National Environment and Planning Agency (NEPA) are collaborating to remove garbage from the Hellshire Beach in St. Catherine.Programme Co-ordinator at JET, Suzanne Stanley, told JIS News that close to 9,000 persons have already registered to participate in the day’s activities.“Last year it was about 6,000. Right now that figure is close to 9,000 and could get up to 10,000,” she stated.She said the increased numbers is indicative of “a real interest” by Jamaicans in wanting to care for the environment.Ms. Stanley informed that close to 140 coastal areas that have been registered for cleaning by over 80 large and small groups including community organizations, corporate entities, service clubs, churches, schools, and groups of concerned friends.Manager of the Ecosystems Management Branch at NEPA, Andrea Donaldson, in noting the significance of the clean-up effort, said improper disposal of garbage presents a danger to wildlife.“Improper disposal of garbage causes wildlife to die. We have found seabirds with plastic caps in their stomach and there are the rubber back turtles that eat plastic bags believing they are eating jellyfish and they die,” she stated.Miss Donaldson, who was addressing a JIS Think Tank on Wednesday, September 10, noted that activities such as the beach clean-up help to “teach the public why it is very important to dispose of their garbage properly.”Environmental Co-ordinator at the UDC, Danae Vaccianna, who also addressed the Think Tank, invited residents of Hellshire and surrounding communities to participate in the removal of garbage from the Hellshire Beach and other beaches across the island.“It’s a fun day for families and a learning experience and we’re also talking about protected areas,” she said.Persons wishing to participate in International Coastal Clean-Up Day can visit JET’s website at www.jamentrust.org to register.  They can also access information on the entire list of activities, their locations, and the organizers of the events. Story HighlightsThousands of Jamaicans are expected to participate in the removal of garbage and other debris from the nation’s beaches, as Jamaica observes International Coastal Clean-Up Day on Saturday, September 20.Activities are being coordinated by the Jamaica Environment Trust (JET) with support from several organisations and entities including the Tourism Enhancement Fund (TEF).The main project will be the cleaning of Fort Rocky on the Palisadoes Strip in Kingston. RelatedNew Licensing Regime for Sawmill and Power Saw Operatorscenter_img Photo: JIS PhotographerManager of the Ecosystems Management Branch at the National Environment and Planning Agency (NEPA), Andrea Donaldson, welcomed the increased interest in International Coastal Clean-Up Day, at a JIS Think Tank held on September 10. Thousands of Jamaicans to Clean BeachesJIS News | Presented by: PausePlay% buffered00:0000:00UnmuteMuteDisable captionsEnable captionsSettingsCaptionsDisabledQualityundefinedSpeedNormalCaptionsGo back to previous menuQualityGo back to previous menuSpeedGo back to previous menu0.5×0.75×Normal1.25×1.5×1.75×2×Exit fullscreenEnter fullscreenPlay RelatedNWC Takes Steps to Reduce Water Theft Thousands of Jamaicans to Clean Beaches EnvironmentSeptember 12, 2014Written by: Rodger Hutchinsonlast_img read more

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China shutting down 111 golf courses

first_imgBEIJING – China has launched a renewed crackdown on golf, closing 111 courses in an effort to conserve water and land, and telling members of the ruling Communist Party to stay off the links. The state-run Xinhua News Agency said Sunday the courses were closed for improperly using groundwater, arable land or protected land within nature reserves. It said authorities have imposed restrictions on 65 more courses. China banned the development of new golf courses in 2004, when it had fewer than 200. Since that time, the number of courses more than tripled to 683 before the new crackdown, Xinhua said. Developers build courses under the guise of parks or other projects, often with the tacit approval of local officials. In one example chronicled by state media, an illegal golf course boasting 58 villas was originally built as a ”public sports park,” only to be secretly converted later. Many of China’s cities, meanwhile, face severe land shortages and skyrocketing real estate prices. Golf has also come under scrutiny by way of the sweeping anti-corruption campaign launched under Chinese President Xi Jinping. The Communist Party warned its 88 million members in 2015 not to play golf, likening it to ”extravagant eating and drinking” and other bad habits that were at odds with the party’s stated principles. An editorial in the China Daily newspaper the following spring clarified that party cadres were not to take free memberships or rounds. China has veered over the years between rejecting and supporting golf. Amid a spirit of austerity and attacks on the country’s former elites, Mao Zedong banned golf after the founding of the People’s Republic of China in 1949. One Shanghai golf course was turned into the city zoo. Golf began to take off in the 1980s under Deng Xiaoping, the Chinese leader who instituted sweeping economic reforms and courted foreign investment. By the 1990s, a course designed by Jack Nicklaus opened at Mission Hills in the southern Chinese city of Shenzhen. Mission Hills now has 12 courses and is the largest golf resort in the world. As in football and basketball, the government has invested in developing homegrown golf talent by importing coaches and promoting the sport. Australian golfer Greg Norman served for a time as an adviser to China’s national team. And there are as many as 10,000 youth golfers and more than 300 international-standard competitions each year, said Wang Liwei, secretary-general of the China Golf Association. According to Xinhua, every one of China’s 33 provinces and regions has a golf course except for Tibet. Even mountainous, remote Xinjiang, home to most of Chinese’s ethnic Uighur minority, has golf courses in the capital of Urumqi and two other cities. Josh Summers, an American who has lived in Xinjiang for a decade and runs the website Far West China, said he had never met anyone in the region who had played a round of golf. But, he said, ”the elite perception of the sport ensures that, at least for now, the courses and random driving ranges still remain.”last_img read more

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