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The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market manipulation.
The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985. Its board was appointed by the Treasury, although it operated independently of government. It was structured as a company limited by guarantee and was funded entirely by fees charged to the financial services industry.
The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. APRA was established on 1 July 1998 in response to the recommendations of the Wallis Inquiry. APRA's authority and scope is determined pursuant to the Australian Prudential Regulation Authority Act, 1998 (Cth).
Canadian securities regulation is managed through the laws and agencies established by Canada's 10 provincial and 3 territorial governments. Each province and territory has a securities commission or equivalent authority with its own provincial or territorial legislation.
ATB Financial is a financial institution and Crown corporation wholly owned by the province of Alberta, the only province in Canada with such a financial institution under its exclusive ownership.
The Equitable Life Assurance Society, founded in 1762, is a life insurance company in the United Kingdom. The world's oldest mutual insurer, it pioneered age-based premiums based on mortality rate, laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based". After closing to new business in 2000, parts of the business were sold off and the remainder of the company became a subsidiary of Utmost Life and Pensions in January 2020.
The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. ASIC was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's authority and scope are determined by the Australian Securities and Investments Commission Act 2001.
The Canada Deposit Insurance Corporation is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and savings institutions. CDIC insures Canadians' deposits held at Canadian banks up to C$100,000 in case of a bank failure. CDIC automatically insures many types of savings against the failure of a financial institution. However, the bank must be a CDIC member and not all savings are insured. CDIC is also Canada's resolution authority for banks, federally regulated credit unions, trust and loan companies as well as associations governed by the Cooperative Credit Associations Act that take deposits.
The State Corporation Commission, or SCC, is a Virginia (USA) regulatory agency whose authority encompasses utilities, insurance, state-chartered financial institutions, securities, retail franchising, and railroads. It is the state's central filing office for corporations, limited partnerships, limited liability companies and Uniform Commercial Code liens.
Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international financial research on bonds issued by commercial and government entities. Moody's, along with Standard & Poor's and Fitch Group, is considered one of the Big Three credit rating agencies. It is also included in the Fortune 500 list of 2021.
Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information. The setups are generally made to result in monetary gain for the deceivers, and generally result in unfair monetary losses for the investors. They are generally violating securities laws.
The Canadian Securities Administrators is an umbrella organization of Canada's provincial and territorial securities regulators whose objective is to improve, coordinate, and harmonize regulation of the Canadian capital markets.
The Office of the Ombudsman of Ontario is an independent office of the Legislative Assembly of Ontario in the Canadian province of Ontario.
Storm Financial Limited was a financial advice company, based in Townsville, Queensland, Australia. The company was founded by Emmanuel Cassimatis and his wife Julie Cassimatis as a private company initially with the name Cassimatis Securities Pty Ltd on 23 May 1994. As part of the company's expansion outside of Townsville the company changed its name from a personality based name to ozdaq Securities Pty Ltd on 10 April 2000. This name remained intact until 1 February 2004 when it was relinquished consequent to trademark objections from the Nasdaq stock exchange in the United States. The company then traded as Storm Financial Pty Ltd from 2 February 2004 until 14 June 2007 at which time the company became an unlisted public company and continued trading as Storm Financial Ltd from 15 June 2007 in preparation for making an initial public offering (IPO) in December 2007. This IPO was subject to a Storm Financial Prospectus which was dated 14 November 2007 and lodged with the Australian Securities & Investments Commission (ASIC) on the same date. Storm Financial Ltd continued to trade until external administrator Worrells Solvency and Forensic Accountants were appointed on 9 January 2009. The main creditor Commonwealth Bank appointed receivers and manager KordaMentha on 15 January 2009.
Financial regulation in Australia is extensive and detailed.
The Financial Ombudsman Service (FOS) was a member-funded Australian ombudsman service that provided external dispute resolution for consumers who were unable to resolve complaints with member financial services organisations.
Donald Mercer Cormie was an American-born Canadian lawyer, financier and founder of the Principal Group.
Between May 2006 and the end of 2012 there were sixty-seven finance company collapses in New Zealand; including companies entering into liquidation, receivership or moratoria. An inquiry by the New Zealand Parliament estimated losses at over $3 billion that affected between 150,000 and 200,000 depositors. The most high-profile collapses were South Canterbury Finance, Hanover Finance and Bridgecorp Holdings. The collapse radically reduced the size and importance of the non-bank finance sector in New Zealand. According to the Reserve Bank, at the height of financial expansion prior to the 2007 crisis, non-bank lenders had assets of about $25 billion and made up 8 percent of lending by financial institutions. By late 2013 the size of the finance sector was half its previous size and accounted for only 3 percent of institutional lending. In the years following the beginning of the collapses, sweeping legislative and regulatory changes were made, aimed at improving oversight and regulation of the finance industry.
Gerald Peter McLellan (1932-2009) was an Ombudsman in the Province of Saskatchewan, notable during his tenure for his report on the collapse of the Principal Group.
Joseph Edward Bérubé was the longest serving Ombudsman of the province of New Brunswick, Canada, occupying the office from 1976 to 1993.
References
- 1 2 3 4 5 6 7 Brian Brennan, "The Principal Group Collapse: The Man Who Knew". Extracted from Boondoggles, Bonanzas, and Other Alberta Stories, Fifth House Publishers, 2003, as reprinted in Business Edge, January 6, 2004.
- ↑ Now known as Foresters Financial: "First Investors Changes Its Brand Name to Foresters Financial". News Release, September 21, 2015. retrieved 2016-11-05.
- 1 2 Uncredited, Principal investors getting final payment. CBC News, May 2, 2001. Retrieved 2016-11-14.
- ↑ Legacy.com, Obituary of William Code (1932-2016). Retrieved 2016-11-08.
- ↑ William Code, Final Report of The Inspector , 1989. Retrieved 2016-11-08.
- ↑ Legacy.com, Obituary of Aleck Trawick (1945-2010). Retrieved 2016-11-08.
- ↑ . Aleck Trawick, Office of The Ombudsman for Alberta, The Role of the Provincial Government in the Regulation of The Principal Group of Companies . Special Report, 1989. Retrieved 2016-11-08.
- ↑ Stephen Owen, Office of the Ombudsman for British Columbia, The Regulation of AIC Ltd. and FIC Ltd. by the B.C. Superintendent of Brokers (The Principal Group Investigation) . Public Report No. 19, 1989. Retrieved 2016-11-08.
- ↑ Gerald McLellan, Special Report On The Regulation of FIC Ltd. and AIC Ltd. By The Saskatchewan Superintendent of Insurance (The Principal Investigation). Office of the Ombudsman of Saskatchewan, 1989. Retrieved 2016-11-09.
- ↑ Guy MacLean, In the matter of the Regulation of First Investors Corporation Ltd. Office of the Ombudsman of Nova Scotia, 1990.
- ↑ Joseph E. Bérubé, A report and recommendations respecting the regulation of First Investors Corporation Ltd. (FIC) by the Province of New Brunswick. Office of the Ombudsman of New Brunswick, 1991. Retrieved 2016-11-11.
- ↑ In its 1991 report, released in 1992, the Office of the Ombudsman of New Brunswick disclosed that it had "investigated a complaint lodged on behalf of 3,252 mostly elderly persons of limited means who suffered severe financial loss following the collapse of First Investors Corporation. Appendixes contain complaint summaries and statistical tables." National Criminal Justice Service, Abstracts Database, Office of the Ombudsman (New Brunswick), 25th Annual Report, 1991 . Retrieved 2016-11-11.