Latest news with #regulatoryapproval
CTV News
6 days ago
- Business
- CTV News
Ottawa tabling bill to skirt impact assessment law for ‘national interest' projects
Prime Minister Mark Carney arrives to Parliament Hill in Ottawa on Wednesday, May 28, 2025. THE CANADIAN PRESS/Sean Kilpatrick OTTAWA — The federal government is developing a 'national interest' bill to fast-track nation-building projects with a streamlined regulatory approval process as a substitute for reviews under the Impact Assessment Act. A briefing document obtained by The Canadian Press indicates the legislation would lay out the criteria to decide if a project is in the national interest. Once that's decided, a single federal minister would be named to oversee a review process laying out how the project can be built. The document, dated May 23, was prepared for consultations between the Privy Council Office, or PCO, and provinces, territories, and Indigenous partners on the government's major projects strategy. PCO officials met with those partners as recently as Wednesday night to go over the proposal. It's expected to be a topic of conversation at the upcoming first ministers meeting in Saskatoon on June 2. Prime Minister Mark Carney campaigned on a promise to push big projects forward swiftly as Canada seeks to decouple its economy from an increasingly unpredictable and unreliable United States and turn itself into an energy superpower. He announced the plan after meeting with Canada's premiers two days before the election was called before making it the keystone of his election platform. 'We are going to build, baby, build,' Carney said in his victory speech after Canadians elected his Liberal party to a fourth consecutive mandate on April 28. The document, identified as a 'background' paper on 'National Interest Legislation,' says U.S. tariffs and 'other trade-distorting policies have put Canada's economic future at risk.' It then outlines the steps the government is planning to hasten the approval process for a 'small number' of major projects. Part of the plan involves drafting criteria to decide whether a project is in the national interest. Those criteria could include 'whether a project will make an exceptional contribution to Canada's prosperity, advances economic security, defence security and national autonomy through improved movement of goods, services and people,' the document says. 'Projects should strengthen access of Canadian resource, goods and services to a diverse group of reliable trade partners,' it says. Projects would also be assessed against Indigenous and provincial and territorial interests and on their 'clean growth potential,' according to the document. 'Once a project is determined to be in the national interest, federal reviews will shift from 'whether' to build these projects to 'how' to best advance them,' the document reads. 'It will streamline multiple decision points for federal approval and minimize the risk of not securing project approval following extensive project work.' The aim, according to the document, is to build more flexibility into the regulatory process and allow the government to decide that all federal regulatory requirements have been satisfied through a regulatory order. A designated minister would also have the power to impose conditions on those projects. 'The order would effectively substitute the determination for 'downstream' decisions about whether the project can proceed, including decisions under the Impact Assessment Act,' the document says. That would effectively circumvent C-69, the Impact Assessment Act. Conservative critics have claimed it has prevented projects from being built. The document says the intent is to 'send a clear signal early that will build investor confidence' and get projects built faster. The proposed legislation would not cover decisions made by arm's length authorities or regulators, federal-provincial entities or treaty-based processes in the North, the document says. It also commits to upholding Canada's obligations under the United Nations Declaration on the Rights of Indigenous Peoples. The document also indicates the government may have further plans for speeding up major projects — it refers to 'broader reform' required to get all projects down to a two-year decision timeline. This report by The Canadian Press was first published May 29, 2025 Nick Murray, The Canadian Press
Zawya
28-05-2025
- Business
- Zawya
XBTO receives Full 3A licence approval from ADGM
Abu Dhabi, UAE – XBTO, a 10-year global leader in institutional digital asset management, is proud to announce that it has received full approval for its Financial Services Permission (FSP) under the 3A licence category from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) in the UAE. The approval authorises XBTO to provide a range of financial services in and from ADGM, including custody, dealing in investments as matched principal, advising on investments, and arranging deals in investments. This marks a significant milestone in the company's expansion strategy across the MENA region and beyond. 'The UAE is a leading market in digital assets, and the 3A licence enables us to be a part of a positive digital movement in the region. This licence also serves to reinforce our long-term commitment to institutional integrity, regulatory transparency, and financial innovation in the UAE,' said Philippe Bekhazi, CEO and Founder of XBTO Group. 'ADGM has built one of the most respected regulatory frameworks in the digital asset space globally, and we are honoured to be recognised under its jurisdiction.' The licence enables XBTO to operate as a regulated counterparty to institutional investors, including sovereign wealth funds, family offices, and regional financial institutions. It also allows the company to actively market its services across the UAE, bolstering its ability to engage directly with local stakeholders and deepen its presence in the region. 'This approval gives XBTO the strategic footing to engage more actively with regional partners and demonstrates our alignment with the UAE's vision of becoming a global hub for digital finance,' said Karl Naim, Chief Commercial Officer and General Manager for UAE at XBTO. 'ADGM has created a forward-thinking environment that balances innovation with robust oversight - a model we are proud to be part of.' The licence approval complements XBTO's existing regulatory footprint in Bermuda and is part of its broader global expansion strategy, with the next regulatory milestone being its anticipated entry into the UK market. XBTO's regulatory approval has been welcomed by key stakeholders within Abu Dhabi's thriving digital asset ecosystem. The company has been an active participant in Hub71's specialized digital assets cohort and has collaborated with the technology hub on educational initiatives focused on advancing digital asset knowledge and best practices across the region. Peter Abou Hachem, Head of Growth and Strategy, Hub71, said, "We're proud to see XBTO, a global leader in digital assets, secure their 3A license and scale from Hub71 to serve the world. Their move to Abu Dhabi reflects a clear shift toward the Middle East - one of the fastest-growing and most liquid markets globally. XBTO's focus on regulatory excellence and innovation embodies the caliber of founders we back. As more startups choose our ecosystem to launch and grow, we remain committed to helping them scale with speed and impact." XBTO is exploring plans to celebrate this milestone with a media event in Abu Dhabi, underlining its commitment to fostering long-term partnerships within the UAE and the wider region. About XBTO From asset management to capital markets, XBTO helps clients capture opportunities in the age of digital assets. Founded in 2015 as a proprietary trading firm, XBTO built its foundation through nearly a decade of active participation in digital asset markets. Since 2023, XBTO has expanded into a full-service crypto quantitative investment firm. With a strong focus on Bitcoin, XBTO delivers risk-adjusted strategies across the alpha–beta continuum designed to perform across market cycles and regulatory environments. With decades of experience earned at the world's leading financial institutions and deep expertise in digital markets, XBTO brings a rare combination of financial discipline and digital-native insight. XBTO operates under robust regulatory oversight, with operating entities regulated by the Bermuda Monetary Authority and the Financial Services Regulatory Authority in Abu Dhabi. It operates from key financial hubs including Bermuda, New York, Miami, London, Paris, and Abu Dhabi.
Zawya
08-05-2025
- Business
- Zawya
Hidden Road's Abu Dhabi Entity secures in-principle approval from ADGM
ABU DHABI, UAE /PRNewswire/ -- Hidden Road today announced that its ADGM entity, Hidden Road Partners CIV (AD) Limited, has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM to operate as a regulated financial services firm. Pending final regulatory approval, Hidden Road will be authorized to offer clearing and prime brokerage services across its global suite of traditional and digital asset products to institutional investors in the UAE. "Receiving our IPA from ADGM marks a significant milestone for our business," said James Stickland, UAE CEO, Hidden Road. "ADGM's high regulatory standards make it a key market for institutional growth." The IPA underscores the firm's ongoing commitment to global compliance and transparency across traditional and digital asset markets. This milestone builds upon Hidden Road's growing network of regulatory approvals, certifications and licenses: Hidden Road Partners CIV NL B.V. is licensed as a MiFID investment firm and as a Crypto-Asset Service Provider ("CASP") by the Netherlands Authority for the Financial Markets (AFM); Hidden Road Partners CIV UK Limited is authorized as an AMLD5 and MiFID investment firm by the UK Financial Conduct Authority; and Hidden Road Partners CIV US LLC is a Commodity Futures Trading Commission (CFTC)-registered Futures Commission Merchant (FCM), a Financial Industry Regulatory Authority (FINRA)-member broker-dealer, and a member of the National Futures Association (NFA) and Fixed Income Clearing Corporation (FICC). "Our goal from day one has been to equip clients with seamless access both to traditional and digital markets," said Noel Kimmel, President at Hidden Road. "We continue to actively pursue regulatory approvals around the world to deliver on that commitment, recognizing the confidence and transparency that follows when operating under clear regulatory frameworks." Arvind Ramamurthy, Chief of Market Development at ADGM, said, "ADGM congratulates Hidden Road on receiving its IPA from the FSRA to operate as a regulated financial services firm. The expansion of their services within the international financial centre is a testament to the immense opportunities available within Abu Dhabi. We look forward to Hidden Road receiving their Financial Services Permission (FSP) and their contribution to ADGM's dynamic ecosystem." Hidden Road's IPA from ADGM's FSRA follows its recent definitive agreement on April 8, 2025, to be acquired by Ripple, a leading provider of digital asset infrastructure for financial institutions, for $1.25 billion. With the backing of Ripple's significant balance sheet, Hidden Road will exponentially expand its capacity to service its pipeline and become one of the largest non-bank prime brokers globally. The deal is expected to close in the coming months, subject to regulatory approvals. About Hidden Road Hidden Road Partners is the global credit network for institutions, enabling seamless access to traditional and digital markets. Conflict-free and built on a modern technology stack, we remove complexity and cost in prime brokerage, clearing and financing.
