Latest news with #MCT
The Herald Scotland
3 days ago
- Business
- The Herald Scotland
How an admin error became an existential crisis for Morton
It was announced on May 1st, one day before their final fixture with Dunfermline Athletic, that Morton had been slapped with a Fifa-imposed transfer embargo. This came after the Championship side failed to submit documentation to the governing body regarding the transfer of Jack Bearne which stated that Liverpool had waived their right to a compensation fee. It was reported that efforts to contact Morton were sent to the email of a former director instead of the club. Onlooking rival supporters, even some Morton fans, had a good laugh about it and everyone assumed that would be the end of it. Instead, it's created a chain reaction which has led to a crucial vote which could massively affect the future of the club. I'll try to be as succinct as possible in laying out the background in all of this. Morton are a fan-owned club but, similarly to Hearts and Motherwell, they are not fan run. There is the MCT (Morton Club Together) board and there is the Greenock Morton Football Club board (GMFC). MCT own 90 per cent of the club's shares. They have two representatives on the GMFC board. The problem is that neither of them told MCT about the embargo, which had been in place since mid-March. So the owners of the club only found out about it at the same time as the general public. This, understandably, caused a lot of consternation among MCT and the fanbase at large. It was felt the position of the two representatives had become untenable and they were asked to resign. When they didn't, MCT board members resigned in protest. Now let's introduce another player in this sorry mess: Dalrada. Founded by Brian Bonar, born in Greenock, the American-headquartered financial corporation has been the stadium and front-of-shirt sponsor since 2022 and has put around £1 million into the club over three years. However, it has been reported that payments were missed earlier this year, roughly around the time it was reported that Dalrada's stock price had plummeted. They've stepped between the warring board factions and offered a new sponsorship package of £540,000 per season, a not insignificant increase on the roughly £333,000 they've been spending already. So what's the problem? Well, two things. One, they want a seven-person GMFC board to be made up of two Dalrada representatives, two MCT members and three others who are agreed upon by all parties. The club's articles of association currently state that MCT representatives should always represent a majority on the board. And secondly, they insist the two current MCT representatives remain in place (though later stated through a Q&A that one of them would be a Dalrada representative) along with chairman John Laird, who isn't on the board but is another who has been called on to resign after the transfer embargo mess. A vote on the proposal will be tallied after the deadline next Tuesday. Fans who are MCT members have to decide whether to accept the proposal of a fresh sponsorship deal, with the existing one expiring later this summer, but at the cost of the fans giving up at least some control of the club. Not everyone is against the proposal. First of all, without Dalrada's sponsorship, at this late stage, Morton would be severely impacted financially ahead of next season and would likely have to go part-time or adopt an aggressive hybrid model to avoid financial disaster. They would therefore be expected to struggle mightily at a time when they're looking upwards at potential promotion under the guidance of the excellent Dougie Imrie. Secondly, many are happy to take Dalrada at their word when they say they're only interested in giving back to the local community by propping up the football club. And their only reason for trying to take greater control is that they want to see better governance after the farce witnessed at the end of the season. I doubt very highly that there are too many Morton supporters who will be swayed by what this writer thinks about the situation, but I have to say – this stinks to high heaven. If Dalrada are to be believed and they only want better governance of the club, then why are they insistent on the people essentially responsible staying on in their roles? It's all well and good wanting to know that your investment is in safe hands, but when it's folk who landed the club with a transfer embargo and didn't feel like telling the owners about it, there isn't much evidence to suggest they're the right people for the job. (In the Q&A the reason stated was that they didn't want to derail the promotion push. Aye, sure.) That argument is also undercut by Dalrada's actions themselves with all of this happening in late May/early June. That is no way to prepare for a new Scottish football season with the League Cup only six weeks away. Centre-backs Jack Baird and Morgan Boyes have already left, with the former saying a big reason he bolted for St Johnstone was because he didn't know what was going on with his now-former employers. Even if their proposal is voted through, they'll still be hamstrung next season because they've had a later start at squad building than everyone else. There's also no guarantee that Imrie, who opted to stick with the club yesterday after a flirtation with the Partick Thistle job but remains on the radar of other clubs, is going to stick around through all of this. This is no example of improved governance. Then there's the greatest fear: that Morton could be taken out of the hands of the supporters. The GMFC board cannot sell shares owned by MCT, but they could, in theory, put out a share issue. MCT would have first refusal but fans would have to dig very deep to come up with that kind of money. If they didn't, their stake would be diluted. There's even some suspicious wording in the Q&A where it says if Dalrada ever decided to withdraw from the club then 'it would be expected' that the boardroom set-up would revert back. What kind of guarantee is that? It's very possible that Dalrada are only trying to sort everything out and have went about it in a cack-handed manner. But this is what fan ownership is all about: to be certain that your club is not going to fall into the hands of people who don't have its best interests at heart. Voting yes will elevate some short-term pain, but long-term it's really not worth the risk.
Yahoo
3 days ago
- Business
- Yahoo
Dalrada CEO issues statement to Morton fans as crucial sponsorship vote looms
DALRADA Technology's chief executive has issued a statement to Morton fans as a crucial vote on the company's continued sponsorship of the club looms. In a statement published on the football club's website, Dalrada boss Brian Bonar addressed the members of Morton Club Together (MCT), the club's fan ownership group, and the side's wider fanbase. His comments come as MCT members are set to vote on whether to accept the terms of a new Dalrada sponsorship deal, which could be worth around £700,000. More sport: Morton issue statement on Dougie Imrie's future at club Morton open to offers for one of eight in-contract stars for next season Morgan Boyes seals Morton exit to reunite with teammate at Championship rival Mr Bonar said: 'I wanted to send a message to the MCT members and the wider Morton fanbase regarding the ongoing vote for Dalrada's proposed partnership with the club for the upcoming season. 'Many have asked what's in it for Dalrada and speculated about various motives. 'I can categorically tell you that the only motive I have is to give something back to a community and club I love. "Alongside that I want to see a stable and professionally run operation off the park and it is clear work needs to be done to achieve this." Dalrada's current three-year sponsorship deal, which has seen the company plough more than £1 million into the club since the summer of 2022, is due to come to an end on June 30.
Yahoo
22-05-2025
- Business
- Yahoo
OSFI's Spring 2025 Quarterly Release: continuously working to ensure the safety and stability of Canada's financial system
OTTAWA, ON, May 22, 2025 /CNW/ - Today, as part of its Spring 2025 Quarterly Release Day, the Office of the Superintendent of Financial Institutions (OSFI) launched three consultations and made adjustments to a key guideline for life insurers. OSFI regularly reviews and updates its guidelines so that they continue to keep pace with changes to institutions' risk and operating environments. Consultations are important because they allow us to obtain the perspectives of stakeholders, industry, and the public. These practices, combined with OSFI's Policy Modernization initiative, ensure that OSFI guidance remains well-aligned while also providing predictability, transparency and reducing regulatory burden to stakeholders. The consultations and changes being announced today balance new innovations and modernization within the industry with sound supervisory oversight. This allows institutions to compete and take reasonable risks while also protecting depositors, creditors, and policyholders. At this time, OSFI is consulting on the following: Public consultation on the draft Liquidity Adequacy Requirements (LAR) Guideline OSFI is beginning a 60-day consultation on proposed changes to the LAR Guideline to enhance the stability of financial institutions and ensure they have enough liquid assets to meet their obligations to depositors and creditors even during challenging times. This includes proposed new funding categories for deposits involving non-bank financial intermediaries and for products such as structured notes, a type of deposit where returns are linked to the value of other securities. These proposed updates complement previous updates made on intraday liquidity in the LAR Guideline, including the introduction of a new Intraday Liquidity Regulatory Return, developed in collaboration with the Canadian Bankers Association. Public consultation on the Internal Liquidity Adequacy Assessment Process (ILAAP) discussion paper OSFI is launching a 90-day consultation on Pillar 2 liquidity and funding risk, with a discussion paper describing a more structured supervisory review process for liquidity risk in Canadian deposit-taking institutions, specifically, an ILAAP. OSFI has identified funding and liquidity as the most prevalent risks facing Canadian deposit-taking institutions. Public consultation on the draft Minimum Capital Test (MCT) Guideline OSFI is launching a 90-day public consultation on proposed changes to the MCT Guideline. OSFI is proposing to simplify the MCT guidance on insurance risk (specifically unexpired coverage). This is to ensure it is understood and interpreted consistently to address risk. OSFI also proposes updating regulatory adjustments to net assets available for insurance receivables and updating the capital confirmation requirements for user fees. OSFI is also announcing the following guidance changes: Regulatory Notice on Adjustments to the Life Insurance Capital Adequacy Test (LICAT) The Regulatory Notice outlines two important updates that enhance insurers flexibility in risk management and strengthens reinsurance oversight and transparency. The first removes the 5% cap on reduction in Tier 1 capital deduction with respect to stop-loss reinsurance. This gives insurers greater flexibility in capital management. This change aligns with principles-based regulation while maintaining robust oversight. The second ensures that the capital treatment for unregistered reinsurance of segregated fund guarantees aligns with other products. On June 6, 2025, OSFI will hold a virtual Industry Day on the items released and the opportunity to ask questions. Stakeholders are invited to register here. Quote "Today's announcements reflect our commitment to ensuring our guidance remains well-aligned with today's rapidly changing risk environment. Consulting with stakeholders is crucial to creating effective guidelines. Industry's input helps us better anticipate risks, adapt to change, and strengthen Canada's financial system. While Canada's liquidity regime is strong, regularly reviewing and updating OSFI's guidance will help make it even more resilient." Peter Routledge, Superintendent of Financial Institutions Quick facts OSFI's new guidance and consultations on proposed future guidance supports risks outlined in its Annual Risk Outlook and Semi-Annual Risk Outlook. The proposed revisions to the LAR Guideline (2026) build on the 2025 version of the Guideline. Comments received will inform updates to the Guideline, which will be published in January, 2026, for implementation in 2026. The final MCT will be published on November 20, 2025, and will come into effect on January 1, 2026. The final LICAT 2025 was published on November 20, 2024, and went into effect on January 1, 2025. The adjustments to LICAT take effect immediately and are expected to be incorporated into the next version of the LICAT Guideline. OSFI recently rescinded guidance to reduce regulatory burden, allowing OSFI and industry to focus on the right guidance, the right risks, at the right time. Related links Public consultation on the draft Liquidity Adequacy Requirements (LAR) Guideline (2026) Public consultation on the Internal Liquidity Adequacy Assessment Process (ILAAP) discussion paper Public consultation on the draft Minimum Capital Test (MCT) Guideline (2026) Regulatory Notice on Adjustments to the Life Insurance Capital Adequacy Test (LICAT) (2025) Amar Munipalle, Executive Director, Risk Advisory Hub, delivers remarks for OSFI's Spring 2025 Quarterly Release Day Register for Industry Day SOURCE Office of the Superintendent of Financial Institutions View original content to download multimedia:
Cision Canada
22-05-2025
- Business
- Cision Canada
OSFI's Spring 2025 Quarterly Release: continuously working to ensure the safety and stability of Canada's financial system Français
OTTAWA, ON, May 22, 2025 /CNW/ - Today, as part of its Spring 2025 Quarterly Release Day, the Office of the Superintendent of Financial Institutions (OSFI) launched three consultations and made adjustments to a key guideline for life insurers. OSFI regularly reviews and updates its guidelines so that they continue to keep pace with changes to institutions' risk and operating environments. Consultations are important because they allow us to obtain the perspectives of stakeholders, industry, and the public. These practices, combined with OSFI's Policy Modernization initiative, ensure that OSFI guidance remains well-aligned while also providing predictability, transparency and reducing regulatory burden to stakeholders. The consultations and changes being announced today balance new innovations and modernization within the industry with sound supervisory oversight. This allows institutions to compete and take reasonable risks while also protecting depositors, creditors, and policyholders. At this time, OSFI is consulting on the following: Public consultation on the draft Liquidity Adequacy Requirements (LAR) Guideline OSFI is beginning a 60-day consultation on proposed changes to the LAR Guideline to enhance the stability of financial institutions and ensure they have enough liquid assets to meet their obligations to depositors and creditors even during challenging times. This includes proposed new funding categories for deposits involving non-bank financial intermediaries and for products such as structured notes, a type of deposit where returns are linked to the value of other securities. These proposed updates complement previous updates made on intraday liquidity in the LAR Guideline, including the introduction of a new Intraday Liquidity Regulatory Return, developed in collaboration with the Canadian Bankers Association. Public consultation on the Internal Liquidity Adequacy Assessment Process (ILAAP) discussion paper OSFI is launching a 90-day consultation on Pillar 2 liquidity and funding risk, with a discussion paper describing a more structured supervisory review process for liquidity risk in Canadian deposit-taking institutions, specifically, an ILAAP. OSFI has identified funding and liquidity as the most prevalent risks facing Canadian deposit-taking institutions. Public consultation on the draft Minimum Capital Test (MCT) Guideline OSFI is launching a 90-day public consultation on proposed changes to the MCT Guideline. OSFI is proposing to simplify the MCT guidance on insurance risk (specifically unexpired coverage). This is to ensure it is understood and interpreted consistently to address risk. OSFI also proposes updating regulatory adjustments to net assets available for insurance receivables and updating the capital confirmation requirements for user fees. OSFI is also announcing the following guidance changes: Regulatory Notice on Adjustments to the Life Insurance Capital Adequacy Test (LICAT) The Regulatory Notice outlines two important updates that enhance insurers flexibility in risk management and strengthens reinsurance oversight and transparency. The first removes the 5% cap on reduction in Tier 1 capital deduction with respect to stop-loss reinsurance. This gives insurers greater flexibility in capital management. This change aligns with principles-based regulation while maintaining robust oversight. The second ensures that the capital treatment for unregistered reinsurance of segregated fund guarantees aligns with other products. On June 6, 2025, OSFI will hold a virtual Industry Day on the items released and the opportunity to ask questions. Stakeholders are invited to register here. Quote "Today's announcements reflect our commitment to ensuring our guidance remains well-aligned with today's rapidly changing risk environment. Consulting with stakeholders is crucial to creating effective guidelines. Industry's input helps us better anticipate risks, adapt to change, and strengthen Canada's financial system. While Canada's liquidity regime is strong, regularly reviewing and updating OSFI's guidance will help make it even more resilient." Peter Routledge, Superintendent of Financial Institutions Quick facts OSFI's new guidance and consultations on proposed future guidance supports risks outlined in its Annual Risk Outlook and Semi-Annual Risk Outlook. The proposed revisions to the LAR Guideline (2026) build on the 2025 version of the Guideline. Comments received will inform updates to the Guideline, which will be published in January, 2026, for implementation in 2026. The final MCT will be published on November 20, 2025, and will come into effect on January 1, 2026. The final LICAT 2025 was published on November 20, 2024, and went into effect on January 1, 2025. The adjustments to LICAT take effect immediately and are expected to be incorporated into the next version of the LICAT Guideline. OSFI recently rescinded guidance to reduce regulatory burden, allowing OSFI and industry to focus on the right guidance, the right risks, at the right time.
Yahoo
22-05-2025
- Business
- Yahoo
OSFI's Spring 2025 Quarterly Release: continuously working to ensure the safety and stability of Canada's financial system
OTTAWA, ON, May 22, 2025 /CNW/ - Today, as part of its Spring 2025 Quarterly Release Day, the Office of the Superintendent of Financial Institutions (OSFI) launched three consultations and made adjustments to a key guideline for life insurers. OSFI regularly reviews and updates its guidelines so that they continue to keep pace with changes to institutions' risk and operating environments. Consultations are important because they allow us to obtain the perspectives of stakeholders, industry, and the public. These practices, combined with OSFI's Policy Modernization initiative, ensure that OSFI guidance remains well-aligned while also providing predictability, transparency and reducing regulatory burden to stakeholders. The consultations and changes being announced today balance new innovations and modernization within the industry with sound supervisory oversight. This allows institutions to compete and take reasonable risks while also protecting depositors, creditors, and policyholders. At this time, OSFI is consulting on the following: Public consultation on the draft Liquidity Adequacy Requirements (LAR) Guideline OSFI is beginning a 60-day consultation on proposed changes to the LAR Guideline to enhance the stability of financial institutions and ensure they have enough liquid assets to meet their obligations to depositors and creditors even during challenging times. This includes proposed new funding categories for deposits involving non-bank financial intermediaries and for products such as structured notes, a type of deposit where returns are linked to the value of other securities. These proposed updates complement previous updates made on intraday liquidity in the LAR Guideline, including the introduction of a new Intraday Liquidity Regulatory Return, developed in collaboration with the Canadian Bankers Association. Public consultation on the Internal Liquidity Adequacy Assessment Process (ILAAP) discussion paper OSFI is launching a 90-day consultation on Pillar 2 liquidity and funding risk, with a discussion paper describing a more structured supervisory review process for liquidity risk in Canadian deposit-taking institutions, specifically, an ILAAP. OSFI has identified funding and liquidity as the most prevalent risks facing Canadian deposit-taking institutions. Public consultation on the draft Minimum Capital Test (MCT) Guideline OSFI is launching a 90-day public consultation on proposed changes to the MCT Guideline. OSFI is proposing to simplify the MCT guidance on insurance risk (specifically unexpired coverage). This is to ensure it is understood and interpreted consistently to address risk. OSFI also proposes updating regulatory adjustments to net assets available for insurance receivables and updating the capital confirmation requirements for user fees. OSFI is also announcing the following guidance changes: Regulatory Notice on Adjustments to the Life Insurance Capital Adequacy Test (LICAT) The Regulatory Notice outlines two important updates that enhance insurers flexibility in risk management and strengthens reinsurance oversight and transparency. The first removes the 5% cap on reduction in Tier 1 capital deduction with respect to stop-loss reinsurance. This gives insurers greater flexibility in capital management. This change aligns with principles-based regulation while maintaining robust oversight. The second ensures that the capital treatment for unregistered reinsurance of segregated fund guarantees aligns with other products. On June 6, 2025, OSFI will hold a virtual Industry Day on the items released and the opportunity to ask questions. Stakeholders are invited to register here. Quote "Today's announcements reflect our commitment to ensuring our guidance remains well-aligned with today's rapidly changing risk environment. Consulting with stakeholders is crucial to creating effective guidelines. Industry's input helps us better anticipate risks, adapt to change, and strengthen Canada's financial system. While Canada's liquidity regime is strong, regularly reviewing and updating OSFI's guidance will help make it even more resilient." Peter Routledge, Superintendent of Financial Institutions Quick facts OSFI's new guidance and consultations on proposed future guidance supports risks outlined in its Annual Risk Outlook and Semi-Annual Risk Outlook. The proposed revisions to the LAR Guideline (2026) build on the 2025 version of the Guideline. Comments received will inform updates to the Guideline, which will be published in January, 2026, for implementation in 2026. The final MCT will be published on November 20, 2025, and will come into effect on January 1, 2026. The final LICAT 2025 was published on November 20, 2024, and went into effect on January 1, 2025. The adjustments to LICAT take effect immediately and are expected to be incorporated into the next version of the LICAT Guideline. OSFI recently rescinded guidance to reduce regulatory burden, allowing OSFI and industry to focus on the right guidance, the right risks, at the right time. Related links Public consultation on the draft Liquidity Adequacy Requirements (LAR) Guideline (2026) Public consultation on the Internal Liquidity Adequacy Assessment Process (ILAAP) discussion paper Public consultation on the draft Minimum Capital Test (MCT) Guideline (2026) Regulatory Notice on Adjustments to the Life Insurance Capital Adequacy Test (LICAT) (2025) Amar Munipalle, Executive Director, Risk Advisory Hub, delivers remarks for OSFI's Spring 2025 Quarterly Release Day Register for Industry Day SOURCE Office of the Superintendent of Financial Institutions View original content to download multimedia: Sign in to access your portfolio
