Latest news with #enforcement
Reuters
an hour ago
- Business
- Reuters
US Supreme Court turns away challenge by Alpine Securities to FINRA
WASHINGTON, June 2 (Reuters) - The U.S. Supreme Court declined on Monday to hear a challenge by broker-dealer Alpine Securities claiming that the enforcement power given by the federal government to the Financial Industry Regulatory Authority, Wall Street's self-regulator, is unconstitutional. The justices turned away Salt Lake City-based Alpine's appeal of a lower court's ruling that allowed FINRA to move forward with an enforcement action against the company for allegedly stealing more than $54.5 million from customers. FINRA, a non-governmental self-regulatory organization, is responsible under federal law for supervising broker-dealers in the United States with the aim of protecting investors and the integrity of securities markets. FINRA has considered the expulsion of Alpine, accusing it of stealing from customers by charging excessive fees and misusing their investments. Alpine responded with a lawsuit to block the FINRA expulsion proceeding, arguing that the organization's structure violates the U.S. Constitution. Specifically at issue is a constitutional principle called the private nondelegation doctrine, which involves limits on the ability of federal agencies set up by Congress to hand off authority to private entities like FINRA. The U.S. Court of Appeals for the District of Columbia Circuit handed Alpine a partial victory in 2022, ruling that FINRA cannot expel member firms in expedited proceedings without obtaining review by the U.S. Securities and Exchange Commission, a federal regulatory agency. The D.C. Circuit decided that a lack of SEC review likely violated the private nondelegation doctrine. But that court also let FINRA continue its enforcement proceeding against Alpine, saying it would not cause the kind of irreparable harm Alpine could face if later expelled, such as going out of business. This prompted Alpine's appeal to the Supreme Court. FINRA opposed Alpine's appeal, as did President Donald Trump's administration. Chief Justice John Roberts in March denied Alpine's emergency request to stop the FINRA proceeding.
Globe and Mail
3 hours ago
- Business
- Globe and Mail
Canada needs a wartime competition policy
Joshua Krane is a competition lawyer at MLT Aikins LLP. The changes to Canada's competition laws over the past 2½ years marked a notable consensus across the political spectrum. Politicians of all stripes agreed that Canada's competition laws were out of step with those of global counterparts and contained gaps when it came to wage fixing, drip pricing and anti-competitive agreements. Parliament made it easier to challenge mergers by removing the 'efficiencies defence' that allowed those for which the cost savings exceeded the anticipated negative effects. It put the onus on the parties to show why their merger would not prevent or lessen competition substantially when their combined market share would exceed 30 per cent. The Competition Bureau recently released its annual plan called 'Strengthening competition in a changing economy.' While the plan notably focuses on using the new enhanced enforcement powers given to the bureau by Parliament to stop anti-competitive activity, it does not recognize that Canada needs to be on a war footing when it comes to regulatory enforcement. New Industry Minister Mélanie Joly said it herself: We need a 'wartime philosophy,' and this philosophy should be reflected in the bureau's enforcement plans. As a first step, the bureau should revise its approach to 'Made in Canada' claims so Canadian consumers can more readily support domestic companies when they shop. The current guidelines are too onerous for businesses and limit the ability of manufacturers to make 'Made in Canada' claims when they import raw materials that we don't produce locally. Companies that manufacture products here should be able to say their products are 'Made in Canada' without fear of prosecution. The Big Guide to Canadian Shopping Prioritizing investigations of anti-competitive conduct that makes life less affordable for Canadians is an important objective. What's missing from the bureau's plan is a commitment to direct enforcement activity against firms whose conduct is undermining industry and diverting profits outside of the country. Several of Canada's key industries are being fundamentally disrupted by foreign competition, including news and media. The bureau has a role to play in helping to protect these important industries, including meeting with key industry leaders and prioritizing enforcement. Much ink has been spilled over how the efficiencies defence has saved otherwise anti-competitive mergers. While the defence was invoked only in rare cases, Canada may have overstepped by removing it entirely. There should be a relief valve to allow some mergers that enhance productivity but might temporarily result in higher prices. Competition Bureau investigating proposed merger of companies that make medical isotopes There is a growing consensus that Canada needs to build its domestic industrial capacity in the face of global threats. The government imposes tariffs to help do this. Until our international trade situation calms down, the bureau should consider a relief valve in the application of the merger law in exceptional cases where mergers are needed for productivity enhancement to better align Canada's trade and competition policy. Finally, there is an important role for the bureau to play in advocating for policies that prioritize the construction of infrastructure in other areas of government. Again, this is about balancing short-term affordability and long-term resiliency. In the telecom sector, for example, the bureau should be pushing for rules that limit incumbents from reselling each other's networks. Canadian investment in network infrastructure supports jobs and investment, enhances productivity and promotes resiliency. The steps taken recently to modernize Canada's competition laws were laudable. Now we need to see those tools deployed to ensure that Canada succeeds in the face of increasing threats to our economy.
Free Malaysia Today
11 hours ago
- Business
- Free Malaysia Today
Customs dept seizes contraband cigarettes worth RM1.44mil in Kelantan
Kelantan customs department director Wan Jamal Abdul Salam Wan Long said the cigarettes were worth RM286,234, while the tax duties totalled RM1.16 million. (Customs pic) PETALING JAYA : The Kelantan customs department has seized 1.72 million contraband cigarettes worth RM1.44 million after a raid on a house at Kampung Babong in Kota Bharu. The department's Kelantan director, Wan Jamal Abdul Salam Wan Long, said the raid, carried out on May 7, was conducted by the Kota Bharu enforcement branch's operations team. 'We seized 1.72 million cigarettes of various kinds as well as an MPV. The cigarettes were valued at RM286,234. The tax duties totalled RM1.16 million,' Sinar Harian reported him as saying today. He said the MPV, costing about RM30,000, was used to distribute the cigarettes and the house was most likely rented for the purpose of storing contraband cigarettes before their distribution. The case is being investigated under sections 135(1)(e) and 135(1)(d) of the Customs Act 1967 for possession and distribution of contraband.
E&E News
3 days ago
- Politics
- E&E News
Former EPA lawyer lands at law firm
A former senior EPA enforcement adviser is joining the environmental practice at the law firm Crowell & Moring. Stacey Geis, former deputy assistant administrator at EPA, has joined the firm's environment, energy and natural resources and white collar and regulatory enforcement groups as senior counsel in the San Francisco office. Geis recently served at EPA headquarters as a senior adviser, then as a deputy assistant administrator. The firm says that during her tenure, Geis helped lead the 2,800-person enforcement and compliance assurance office, addressing climate change, PFAS (also known as 'forever chemicals'), and the revitalization of EPA's enforcement and compliance programs. Advertisement Geis also implemented two recent Supreme Court decisions: Sackett v. EPA, which limited the definition of wetlands under the Clean Water Act, and SEC v. Jarkesy, which limited the scope of federal administrative proceedings.
Bloomberg
3 days ago
- General
- Bloomberg
Courthouse Arrests Stun Migrants Who Showed Up for Their Hearing
In courts across the US, migrants who arrive expecting a routine hearing are instead seeing judges dismiss their case and government agents waiting to arrest them. The first blitz of this controversial turn in immigration enforcement played out last week from coast to coast. In one example, almost two dozen federal agents descended on a Phoenix court and arrested more than 20 people as they left the building, including parents with their children, said Greg Chen, senior director of government relations at the American Immigration Lawyers Association.
