Source: New Zealand Police (District News)
A section of Karangahape Road is closed to traffic following a fire this morning.
Emergency services were called about 8.50am. Karangahape Road is currently closed between Pitt Street and Upper Queen Street.
There are no reports of injures.
ENDS
Issued by the Police Media Centre
Source: Securities and Exchange Commission
Good afternoon everyone. I want to thank The Bond Buyer for organizing this Infrastructure Conference and for inviting me today to talk about some important regulatory safeguards that were put in place a decade ago to help state and local governments make effective infrastructure investments.
But before I begin, I must remind you that my remarks are in my official capacity as Director of the Securities and Exchange Commission’s Office of Municipal Securities, but do not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff.
These types of events give me a unique opportunity to speak directly to the municipal securities market about an issue that has framed my tenure with the Commission, first as a staff attorney serving as a principal drafter of the municipal advisor rules and now as the Director of the Office charged with overseeing municipal advisor regulation, namely unregistered entities engaging in municipal advisory activity.[1]
To begin, I thought I would spend a few moments laying out the municipal advisor regulatory framework.
Until the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act” or “Dodd-Frank”), advisors[2] to municipal entities[3] and obligated persons[4] were largely unregulated and were generally not required to register with the Commission or any other federal, state, or self-regulatory entity with respect to their municipal advisory activity.[5]
Leaving the activities of these advisors generally unchecked, however, led to several cases of market abuses and economic damage to municipal entities and obligated persons.[6] For instance:
Dodd-Frank was enacted to generally strengthen oversight of the municipal securities market and to broaden current municipal securities market protections to cover, among other things, previously unregulated market activity.[10] Section 975 amended Section 15B of the Securities Exchange Act of 1934 (“Exchange Act”) creating a new class of regulated person required to register with the Commission: municipal advisors.[11]
So, who are municipal advisors? Broadly speaking, municipal advisors assist municipal entities and obligated persons on the terms of bond offerings, investment of bond proceeds, and the structuring and pricing of related products.
A “municipal advisor” is any person (who is not a municipal entity or an employee of a municipal entity) that:
provides advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities, including advice with respect to the structure, timing, terms, and other similar matters concerning such financial products or issues; or undertakes a solicitation of a municipal entity or obligated person.[12]
Key here is advice. As you may suspect, “advice” is not subject to a bright-line definition.[13] Instead, the determination of whether a person provides advice to, or on behalf of, a municipal entity or an obligated person regarding municipal advisory activity will depend on all the relevant facts and circumstances.[14] For purposes of the municipal advisor definition, advice includes, without limitation, recommendations that are particularized to the specific needs, objectives, or circumstances of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities, based on all the facts and circumstances.[15] Advice excludes, among other things, the provision of general information that does not involve a recommendation regarding municipal financial products or the issuance of municipal securities.[16]
The focus of the advice standard is whether or not, under all of the relevant facts and circumstances, the information presented to a municipal entity or obligated person is sufficiently limited so that it does not involve a recommendation that constitutes advice.[17]
The Exchange Act provides that municipal advisors and any person associated with such municipal advisor has a fiduciary duty to their municipal entity clients, prohibiting municipal advisors from engaging in any act, practice, or course of business that is not consistent with their fiduciary duty.[18] Although the Exchange Act does not provide that municipal advisors are deemed to have a fiduciary duty insofar as their advice is to non-municipal entity obligated person clients, some state fiduciary or agency laws may, depending on the facts and circumstances, apply to municipal advisor engagements with such obligated persons.[19] Municipal advisors do have other obligations to obligated person clients, such as a duty of fair dealing and a duty of care under current Municipal Securities Rulemaking Board (“MSRB”) rules.[20]
Now that I have laid out the regulatory framework, I want to summarize the key takeaways:
First, the Commission applies the term “municipal advisory activities”[21] to a range of activities, including, but not limited to developing financing plans, assisting in evaluating different financing options and structures, and evaluating and negotiating terms.[22]
Second, advice is not subject to a bright-line definition. Advice includes a recommendation regarding municipal financial products or the issuance of municipal securities. The determination of whether a recommendation has been made is an objective inquiry and a key factor that the Commission will consider is whether the recommendation reasonably would be viewed as a suggestion to take action or refrain from taking action.[23]
Third, any person engaging in municipal advisory activity will be considered a municipal advisor and have a fiduciary duty to their municipal entity client, unless an exclusion or exemption applies.
Finally, under federal securities law, a person must register with the Commission and the MSRB prior to engaging in municipal advisory activities. Any person that engages in municipal advisory activity prior to registering with the Commission and the MSRB as a municipal advisor violates Section 15B(a)(1)(B) of the Exchange Act.[24]
The roughly $4 trillion[25] municipal securities market provides critical support to our nation’s infrastructure. The funds raised by our states and local governments in the municipal securities market have helped remove lead from water pipes; built roads and bridges; modernized hospitals; built clean-energy infrastructure, and so much more to ensure that we have the infrastructure needed to access critical services. But for decades now, observers have noted that tight fiscal conditions and rising costs associated with maintaining and building infrastructure have prevented our states and local governments from investing in infrastructure at the levels needed.[26]
Recently enacted legislation has made funding and incentives available for a broad range of infrastructure development[27] and may also serve as a potential catalyst for the private sector to help in closing infrastructure gaps, including through public-private partnerships (“P3”).[28]
As everyone in the room is aware, leveraging private capital to finance public infrastructure is not a new tool. Much of our nation’s early infrastructure was built through partnerships between the public and private sectors.[29] More recently, P3s have been used as a delivery option for complex highway projects throughout the nation[30] and have been presented as a tool to finance projects in other sectors, such as energy infrastructure, affordable housing, school facilities, and telecom.[31]
Despite their widespread use, there is no universally accepted definition of a P3.[32] P3s are broadly described as any contractual agreement between a public entity and a private entity for the purpose of financing, constructing, operating, managing, and/or maintaining a public asset and related services.[33]
Let’s break that down a bit: P3s are long-term contractual arrangements between a public entity and private entity, where the private entity makes a financing commitment expecting to be repaid with future tax revenue or user fees or similar arrangement. The private entity signing and managing the P3 contract is typically a special purpose vehicle (SPV) created for the purpose of the P3 project and having equity investors.[34]
Pretty straightforward: instead of using public resources that may be limited by budget or debt restrictions, private financing steps in as an alternative to building much needed infrastructure, potentially using the same taxes and fees that the municipal entity or obligated person would have used to finance the project if it had decided to finance on its own.
Well, there is more to the story. Definitionally, P3s exist on a spectrum as an alternative form of procurement[35] but also on a spectrum as an alternative form of financing. Financing packages come in all types of configurations: equity, debt, or a combination sourced from both public and private sources, including private activity bonds (“PABs”), federal credit assistance, state, or local funding, which may include the issuance of municipal securities.[36]
Compared to more traditional financings of infrastructure – that is, using federal, state, or local funding, which more likely than not includes the issuance of municipal securities – P3s and other non-traditional methodologies that have been developed to deliver and finance infrastructure needs are a bit more complex.
This complexity has brought with it a range of concerns regarding the use of P3s. Public officials and state and local inspector generals and auditors have studied individual transactions and have issued findings identifying key areas of concern. These concerns include transferring too little or too much risk between the public and private sectors; not using the most efficient and lowest cost financing available to the municipal entity or obligated person; and having very costly long-term impacts to fix short-term budgetary issues.
Public entities have also been exposed to all sorts of contingent liabilities, including compensation clauses, non-compete clauses, and availability payment escalation clauses, leading to potential increased financial and political burdens on the public entity. Uncontrollable external events, oftentimes impacting anticipated revenues, have seen public entities having to make the choice to either terminate, suspend, or take full control over a project, even though the risk of such events was supposed to be borne by other parties.[38]
In light of these potential hurdles, how does a municipal entity or obligated person go about deciding to finance an infrastructure project using a non-traditional form of procurement?
One way would be for municipal entities and obligated persons to rely on individuals and firms – advisors, consultants, banks, engineers, accounting firms, developers, real estate managers, investment specialists, diversified financial services groups – collectively, what I will be referring to as “P3 Consultants” that have positioned themselves as financial, legal, and technical experts on P3s. Individual or groups of P3 Consultants are purportedly capable of providing tailored advice to municipal entities and obligated persons on the entire P3 lifecycle. However, various reports[39] have identified that P3 Consultants have engaged in concerning behavior, including:
Soliciting a P3 Consultant
In staff’s review of P3s in the municipal securities market, one of the first questions that we asked ourselves is how does the process get started – how does a municipal entity or obligated person connect with a P3 Consultant and does that raise any regulatory issues?
Municipal entities and obligated persons often solicit a P3 Consultant through a competitive request for proposal/qualification (“RFP/Q”) process, where the municipal entity or obligated person has defined the infrastructure project scope; completed a preliminary VfM, or other process, which compares[41] the costs and benefits of a P3 or other non-traditional procurement method against a traditional procurement method; defined requirements related to construction, operation, and management of the project; and assessed potential financing arrangements. But P3 Consultants may also approach the municipal entity (or obligated person) through an Unsolicited Proposal (“USP”) process.[42]
So, how does the RFP/Q process tie back to our municipal advisor regulatory framework?
Well, responses to requests for RFP/Qs alone do not constitute municipal advisory activity.[43] Persons providing a response in writing or orally to a RFP/Q from a municipal entity or obligated person for services in connection with a municipal financial product or the issuance of municipal securities is exempt from the definition of municipal advisor provided that such person does not receive separate direct or indirect compensation for advice provided as part of such response.[44] However, Unsolicited Proposals that broadly seek input on any infrastructure project may not be a process that is consistent with the RFP exemption to the municipal advisor definition.[45]
We have previously spoken about the parameters and level of formality of the RFP/Q process that would be needed to qualify for the RFP exemption.[46] Staff is of the view that the USP process would need to meet the same standards to qualify any responses for the exemption. Municipal entities, obligated persons, or registered municipal advisors acting on their behalf, should apply a similar degree of formality by identifying a particular objective for the USP process. Otherwise, any person responding to a USP would need to consider if the substance of their proposal requires registration as a municipal advisor.
We have seen instances where P3 Consultants are originating an infrastructure project by identifying public asset gaps, proposing project design recommendations, providing project affordability analyses, and/or discussing the viability of a public infrastructure project in general terms. Without including material specifically tailored to the needs, objectives, or circumstances of the municipal entity or obligated person, this may not rise to the level of municipal advisory activity. However, some Unsolicited Proposals have included subjective qualitative and quantitative criteria specially tailored to the municipal entity or obligated person that includes descriptions of proposed business arrangements (i.e., ground lease, management agreements); market studies that support revenue assumptions and financial, economic and social benefits; advice with respect to sizing and structuring of the financing package, which may include consideration or use of municipal securities or municipal financial products; and models allocating risk transfer between the public and private entity. P3 Consultants should be aware that, depending on the facts and circumstances, such submissions could constitute municipal advisory activity.
Regardless of whether a P3 Consultant has been retained through an RFP/Q process or through a USP process, our overarching observation has been that municipal entities and obligated persons seem to rely heavily on the content of the proposals – and the implied expertise – of the P3 Consultant.
The Role of the P3 Consultant
What services do P3 Consultants provide? Well, services run the whole gamut.
We have observed instances where the P3 Consultant analyzes and makes recommendations on the most cost effective and appropriate financing package for the delivery of the project, including:
P3 Consultants should be aware that considering various financing alternatives and assisting with the sizing and structuring could constitute municipal advisory activity.
We have seen P3 Consultants be asked to independently, or in collaboration with the staff of the municipal entity or obligated person and other advisors, draft RFP/Qs for the solicitation of financial and/or technical private sector project delivery partners (“Private Sector Partners”). Assisting a municipal entity or obligated person with drafting – or simply drafting – an RFP/Q is municipal advisory activity requiring registration with the Commission, absent an available exclusion or exemption, because the P3 Consultant (or any other entity) could be providing advice with respect to the parameters of such RFP/Q which includes the issuance of municipal securities or the use of municipal financial products.[47]
The SEC’s mission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. The Office of Municipal Securities remains dedicated to providing information to the municipal securities market to help persons and entities active in the market comply with the important safeguards that were put in place after the last financial crisis by Congress. The Exchange Act makes it unlawful for any municipal advisor to provide advice to or on behalf of, or to undertake a solicitation of, a municipal entity or obligated person without registering with the Commission.[48]
As you continue your partnerships to help meet the nation’s infrastructure needs, I would like you to remember that addressing the risks that unregistered municipal advisory activity pose to municipal entities and obligated persons is a challenge that requires a whole municipal securities market approach.
P3 Consultants and Private Sector Partners who advise municipal entities or obligated persons on the issuance of municipal securities, the use of municipal financial products, and/or the use of debt financing alternatives that are tailored to the specific needs, objectives, or circumstances of the municipal entity during any stage of the P3 lifecycle should remember that they may be engaging in municipal advisory activity requiring registration as a municipal advisor with the Commission and the MSRB. The relevant timeline for advice to obligated persons is slightly different but still includes advice prior to the issuance of municipal securities until they are no longer outstanding.[49]
For other market participants, engaging persons acting as unregistered municipal advisors may have far-reaching consequences for themselves and others,[50] including eroding public trust, significant financial losses and inefficiencies, and undermining the legitimacy of the P3 process.
More information about the Commission’s regulation of municipal advisors is available at the Office of Municipal Securities website.[51] The MSRB also provides educational material on various topics related to municipal advisors at its Education Center website that may be helpful to municipal entities, obligated persons, P3 Consultants, and Private Sector Partners and any other market participant seeking additional information.[52]
Thank you again to The Bond Buyer for the invitation to address you today. I look forward to working with all of you toward our shared goal of regulatory compliance in furtherance of protecting the integrity of the municipal securities market.
[3] See Exchange Act Section 15B(e)(8) [15 U.S.C. 78o-4(e)(8)] defining “municipal entity.”
[4] See Exchange Act Section 15B(e)(10) [15 U.S.C. 78o-4(e)(10)] defining “obligated person.”
[5] See Municipal Advisor Adopting Release 78 FR at 67472.
[6] Id. at 67475.
[7] Id. at 67475 n.102 (citing S. Rep. No. 111-176, at 38 (2010)).
[8] Id. at 67475 n. 104 and accompanying text.
[9] Id. at 67475 nn. 105-106 and accompanying text.
[10] Id. at 67626.
[11] See Section 975(a)(1)(B) of the Dodd-Frank Act [15 U.S.C. 78o-4(a)(1)(B)].
[12] See Exchange Act Section 15B(e)(4)(A) [15 U.S.C. 78o-4(e)(4)(A)]. The definition of municipal advisor includes financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and swap advisors that provide municipal advisory services, unless they are statutorily excluded. See 15 U.S.C. 78o-4(e)(4)(B). The statutory definition of municipal advisor excludes a broker, dealer, or municipal securities dealer serving as an underwriter (as defined in section 77b(a)(11) of this title), any investment adviser registered under the Investment Advisers Act of 1940 [15 U.S.C. 80b-1 et seq.], or persons associated with such investment advisers who are providing investment advice, any commodity trading advisor registered under the Commodity Exchange Act or persons associated with a commodity trading advisor who are providing advice related to swaps, attorneys offering legal advice or providing services that are of a traditional legal nature, or engineers providing engineering advice. See 15 U.S.C. 78o-4(e)(4)(C). The Commission exempts the following persons from the definition of municipal advisor to the extent they are engaging in the specified activities: accountants; public officials and employees; banks; responses to requests for proposals or qualifications; swap dealers; participation by an independent registered municipal advisor; persons that provide advice on certain investment strategies; certain solicitations. See Exchange Act Rule 15Ba1-1(d)(3)(i) through (viii) [17 CFR 240.15Ba1-1(d)(3)(i) through (viii)].
[13] Municipal Advisor Adopting Release, 78 FR at 67479.
[14] Id.
[15] Id. at 67480. See also Exchange Act Rule 15Ba1-1(d)(1)(ii) [17 CFR 240.15Ba1-1(d)(1)(ii)] (advice excludes, among other things, the provision of general information that does not involve a recommendation regarding municipal financial products or the issuance of municipal securities (including with respect to the structure, timing, terms and other similar matters concerning such financial products or issues)).
[16] See Exchange Act Rule 15Ba1-1(d)(1)(ii) [17 CFR 240.15Ba1-1(d)(1)(ii)]. See also Municipal Advisor Adopting Release, 78 FR at 67479-67480 (Commission providing clarifying guidance regarding “advice” only with respect to municipal advisors and solely for purposes of the municipal advisor definition).
[17] See Municipal Advisor Adopting Release, 78 FR at 67480. See generally Answer to Question 1.1 The General Information Exclusion from Advice versus Recommendation from the Registration of Municipal Advisors Frequently Asked Questions (“MA FAQ”), available at https://www.sec.gov/info/municipal/mun-advisors-faqs.
[18] See 15 U.S.C. 78o–4(c)(1).
[19] See, e.g., Arthurs Lestrange & Co., Inc., Exchange Act Release No. 42148, 1999 WL 1038053 at * 4 (Nov. 17, 1999) (financial advisor also a fiduciary under Pennsylvania state law).
[20] See MSRB Rules G-17 (fair dealing) and G-42(a)(i) (duty of care).
[21] See Exchange Act Rule 15Ba1-1(e) [17 CFR 240.15Ba1-1(e)].
[22] See Municipal Advisor Adopting Release, 78 FR at 67472.
[23] Municipal Advisor Adopting Release, 78 FR at 67480 and accompanying note 165 (citing FINRA Notice to Members 01-23 (Mar. 19, 2001), and Notice of Filing of Proposed Rule Change to Adopt FINRA Rules 2090 (Know Your Customer) and 2111 (Suitability) in the Consolidated FINRA Rulebook, Exchange Act Release No. 62718A (Aug. 20, 2010), 75 FR 52562 (Aug. 26, 2010); FINRA Regulatory Notice 11-02 (Know Your Customer and Suitability), Jan. 11, 2011, available at https://www.finra.org/sites/default/files/NoticeDocument/p122778.pdf).
[24] See 15 U.S.C. 78o-4(a)(1)(B).
[26] While the federal government contributes with funding, states and local governments carry most of the burden for maintaining and building infrastructure. See generally U.S. Dep’t of the Treasury, Infrastructure Investment in the United States (Nov. 15, 2023), available at https://home.treasury.gov/news/featured-stories/infrastructure-investment-in-the-united-states; American Society of Civil Engineers, Failure to Act, Economic Impacts of Status Quo Investment Across Infrastructure Investment Across Infrastructure Systems (2021), available at https://infrastructurereportcard.org/wp-content/uploads/2021/03/FTA_Econ_Impacts_Status_Quo.pdf and Bridging the Gap, Economic Impacts of National Infrastructure Investment, 2024-2043 (2024), available at https://bridgingthegap.infrastructurereportcard.org/wp-content/uploads/2024/05/2024-Bridging-the-Gap-Economic-Study.pdf.
[27] The Infrastructure Investment and Jobs Act (“IIJA”) and the Inflation Reduction Act (“IRA”) make funding available for an array of projects. See Infrastructure Investment and Jobs Act, Pub. L. 117-58 (2021) and the Inflation Reduction Act of 2022, Pub. L. 117-169 (2022).
[28] In terms of private sector involvement in infrastructure development, the IIJA, for instance, provides planning grants for jurisdictions seeking to utilize P3 project procurement, requires projects with an estimated total cost of $750 million or more seeking either Transportation Infrastructure Finance and Innovation Act (“TIFIA”) or Railroad Rehabilitation and Improvement Financing (“RRIF”) funding to conduct a value-for-money (“VfM”) analysis, and increased the federal cap on tax-exempt private activity bonds (“PABs”) for highway or surface freight transfer facilities. See e.g., IIJA §§ 71001; 70701; 80403 [23 U.S.C. 611; 23 U.S.C. 601; 26 U.S.C. 142(m)(2)(A)].
[29] See John Forrer, James Edwin Kee, Kathryn E. Newcomer and Eric Boyer, Public Administration Review, Public-Private Partnerships and the Public Accountability Question (May/June 2010), 475-484, available at https://www.jstor.org/stable/pdf/40606405.pdf.
[31] See, e.g., N.J. Senate Bill No. 3565 (introduced Feb. 9, 2023) (proposed establishment of the Energy Infrastructure Public-Private Partnership Program); Colo. Senate Bill No. 23-035 (June 2, 2023) (CO housing authority has power to contract with private entities to facilitate P3s for affordable housing projects); Md. Prince George’s County Public Schools, First-of-Its-Kind Public-Private Partnership Delivers New Schools for 8K+ Students (Sept. 18, 2023), available at https://www.pgcps.org/offices/communications-and-community-engagement/newsroom/news/newsroom-archives/2023-2024/news-release-first-of-its-kind-public-private-partnership-delivers-new-schools-for-8k-students; Brenton Foundation and Coalition for Local Internet Choice, The Emerging World of Broadband Public-Private Partnerships: A Business Strategy and Legal Guide (May 2017), available at https://www.benton.org/sites/default/files/partnerships_0.pdf; National Science and Technology Council, National Artificial Intelligence Research and Development Strategic Plan May 2023, available at https://www.whitehouse.gov/wp-content/uploads/2023/05/National-Artificial-Intelligence-Research-and-Development-Strategic-Plan-2023-Update.pdf.
[32] In 1999, the U.S. General Accounting Office issued a glossary of the most commonly used terms in P3s to facilitate a better understanding of the terms as they are used. See U.S. General Accounting Office, Public-Private Partnerships, Terms Related to Building and Facility Partnerships (Apr. 1999), available at https://www.gao.gov/assets/ggd-99-71.pdf.
[35] See, e.g., Dominique Custos & John Reitz, Public-Private Partnerships, 58 Am. J. Comp. L. 555 (2010); NCSL Report; DOT Primer.
[36] See generally DOT Primer; DOT Guidebook on Financing.
[37] See, e.g., Denver International Airport, Great Hall After-Action Report (Aug. 9, 2022), https://www.flydenver.com/app/uploads/2024/06/greathall_AfterActionReport-2.pdf; Office of the Inspector General, City of Chicago, Report of Inspector General’s Findings and Recommendations: An Analysis of the Lease of the City’s Parking Meters (June 2, 2009), https://igchicago.org/wp-content/uploads/2011/03/Parking-Meter-Report.pdf; State of Texas, State Auditor’s Office, Audit Report on The Department of Transportation and the Trans-Texas Corridor, Report No. 07-015 (Feb. 2007), available at https://sao.texas.gov/reports/main/07-015.pdf.
[38] See generally supra note 37. See also Denver International Airport (Great Hall Project), City and County of Denver Auditor, Audit Report Denver International Airport Great Hall Construction (Apr. 20, 2023), available at https://www.flydenver.com/app/uploads/2023/09/greathallconstruction_Auditapril2023-1.pdf; Kevin DeGood, American Progress, When Public-Private Partnerships Fail: A Look at Southern Indiana’s I-69 Project (Feb. 15, 2018), available at https://www.americanprogress.org/article/public-private-partnerships-fail-look-southern-indianas-69-project/; Hearing, California Senate Transportation and Housing Committee, Tolls, User Fees, and Public-Private Partnerships: The Future of Transportation Finance in California? (Jan. 17, 2007), available at https://archive.senate.ca.gov/sites/archive.senate.ca.gov/files/committees/2015-16/stran.senate.ca.gov/sites/stran.senate.ca.gov/files/01-17-07Background.doc; Texas State Auditor’s Office, An Audit Report on The Department of Transportation’s Purchase of the Camino Colombia Toll Road (June 2, 2006), available at https://sao.texas.gov/reports/main/06-041.pdf. Concerns regarding P3s have been raised outside of the United States as well. See, e.g., Office of the Auditor General of Ontario, Annual Report 2014, available at https://www.auditor.on.ca/en/content/annualreports/arreports/en14/2014AR_en_web.pdf; Canadian Centre for Policy Alternatives | Nova Scotia, Many Dangers of Public-Private Partnerships (P3s) in Newfoundland and Labrador (Sept. 2020), available at https://policyalternatives.ca/sites/default/files/uploads/publications/Nova%20Scotia%20Office/2020/10/HiddendangersofP3s.pdf.
[39] See generally supra notes 37 and 38.
[42] A USP process refers to a proposal submitted by an offeror (often a P3 Consultant but can be any private entity) for a P3 project that is not in response to any RFP/Q issued by a municipal entity, obligated person, or municipal advisor on their behalf.
[43] See Municipal Advisor Adopting Release, 78 FR at 67509.
[44] See Exchange Act Rule 15Ba1–1(d)(3)(iv) [17 CFR 240.15Ba1-1(d)(3)(iv)]. See also Municipal Advisor Adopting Release for a discussion on the RFP exemption. Municipal Advisor Adopting Release, 78 FR at 67508-67509.
[45] See generally Answer to Question 2.1 of the MA FAQ.
[46] Id.
[47] See Municipal Advisor Adopting Release, 78 FR at 67509.
[48] See Exchange Act Section 15B(a)(1)(B) [15 U.S.C. 78o-4(a)(1)(B)].
US Senate News:
Source: The White House
The Rose Garden
“Tell her where you are.”
That was President Bartlet’s suggestion to Donna.
For the entire episode, Donna had been trying to find a way to recognize her high school English teacher, Mrs. Morello—who went above and beyond for her school in Wisconsin.
In the end, President Bartlet calls Donna into the Oval Office. Charlie has Mrs. Morello on the phone. And Donna doesn’t know what to say.
“Tell her where you are.”
And Donna says: “Mrs. Morello, I’m in the Oval Office with the President of the United States, and it’s because of you.”
Now, I teach writing at a community college not too far from here—so I might be a little biased in bringing up this moment. And I want to thank Aaron and everyone who contributed to that episode for that beautiful tribute to educators everywhere.
We just came from the Oval.
Because even though Joe is away hosting the leaders of Australia, India, and Japan in Delaware, he wanted to make sure President Bartlet and his staff had a chance to see the Oval Office again.
I often talk to my students about the power of good storytelling—because it can inspire and shape our world.
When The West Wing lights up our screens, every swell of the opening theme, every fast talking, fast walking journey through seemingly endless halls—every performance—changes how we see the public servants behind these white walls, striving for a better tomorrow.
Thank you to Warner Brothers for making today possible.
And I’m glad to have so many wonderful members of Joe’s Cabinet joining us.
I’m grateful to everyone on stage for taking the time to be here, because your work inspired so many to step forward and serve our country—maybe even some of the people here today: working in Congress, at non-profits and on political campaigns, or at the White House.
That’s the power of storytelling—to inspire the Donnas and Charlies of the world who know they have something to give to this country—and the Mrs. Morellos, who may not serve in Washington, but change us for the better all the same.
So anytime we begin to slip into cynicism or apathy—we just have to remember Jed Bartlet’s White House. A place where there are big blocks of cheese and everyone belongs.
Where you do good.
That’s the story The West Wing showed the nation: this family we create here, dedicated to a purpose greater than any one of us.
I see it every day.
It’s something that’s close to my heart, because, with every new hire, the Biden family grows too.
Yes, the work is hard and the days are long. Yes, there are times when the weight of all we have before us can feel too heavy to carry. But that’s where the heart lies, where the future is created, side by side with our family of true believers—hope pushing us forward each step, each day, until the world is as it ought to be.
Now, it’s my pleasure to introduce, President Bartlet—or as he’s sometimes known, Martin Sheen.
Source: US Geological Survey
The middle East Rift Zone eruption of Kīlauea volcano, in a remote area of Hawai’i Volcanoes National Park near Nāpau Crater, paused the morning of September 20, 2024.
USGS Hawaiian Volcano Observatory field monitoring crews reported minor spattering and small fountains at one end of the vent as of 8:30 a.m. HST on September 20, 2024. By 10 a.m. HST, eruptive activity had paused but the eruptive vents continued to emit volcanic gas and steam. The eruption, which began on the night of September 15, occurred within a closed and remote area of Hawaiʻi Volcanoes National Park.
Small fountains and lava flows erupting from one of the western fissures just before 9 a.m. HST on September 20, 2024. USGS photos by M. Patrick.
September 19, 2024—Lava flow channel on the middle East Rift Zone of Kīlauea
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Source: New Zealand Police (District News)
Two climbers have been rescued this morning from a remote hut in Aoraki/Mount Cook National Park, days after they became stranded.
Days of bad weather finally cleared this morning, allowing the Aoraki/Mt Cook Alpine Rescue Team to reach the pair.
The climbers had been held up in Empress Hut on Mt Cook, a difficult and technical location on New Zealand’s highest mountain, says Sergeant Samantha Stewart of Aoraki Police Search and Rescue. They called Police about 2.45pm on Tuesday, saying they had suffered frostbite but were taking shelter in the hut.
“Both climbers are receiving medical treatment for their injuries and despite what they’ve been through, they’re in good spirits and are very appreciative of the efforts to get them off the mountain.
“The pair were caught out by the weather, but thankfully they were experienced in climbing and very well prepared. They’ve had enough food with them for two weeks and plenty of warm clothing.”
Rescuers were in regular contact with the pair and their families.
Sergeant Stewart says a number of people have been involved in the operation.
“We’ve had rescuers on standby through the week, waiting for the opportunity to fly them off the mountain, and we want to thank the Department of Conservation’s Aoraki/Mt Cook Alpine Rescue Team, and The Helicopter Line for their incredible efforts this morning.”
The rescue got under way at 6.30am, and by 8.30am, the rescue team had reached the pair. Minutes later, they were back at the search and rescue base being assessed.
The climbers will be taken to Christchurch Hospital for treatment.
“It’s a fantastic result,” Sergeant Stewart says. “We made one rescue attempt and considered other windows of opportunity, but each time the weather pushed us back.
“We had a narrow window of opportunity this morning, but we didn’t think it would be as good as it was.
“We were stoked to see them getting out of that helicopter, and they were very happy to see us too.”
ENDS
Issued by the Police Media Centre
Source: New Zealand Police (District News)
Attribute to Detective Senior Sergeant Martin Friend:
Police are investigating several suspicious vehicle fires in central Auckland in recent days and are seeking the public’s help.
In the latest event, two vehicles were set alight a carpark on Park Road, Grafton, about 9.15pm. One vehicle suffered minor damage, while the other badly damaged.
It follows three other arson events in the city involving vehicles in the vicinity of Auckland Domain. One about 9pm on Wednesday, another about 9.55pm on Thursday, and another involving two cars on Stanley Street – close to the Domain – about 4.55pm yesterday afternoon. The vehicles suffered varying degrees of damage.
These fires have caused a lot of needless disruption to the lives of the victims, and they’re understandably annoyed at what has happened. We’re also concerned that these fires could have put people’s lives at risk.
We would like to hear from anyone who was in the Domain around those times and saw suspicious behaviour, especially around parked cars.
If you have any information that could help our enquiries, please update us online now or call 105.
Please use the reference number 240920/1728.
Information can also be provided anonymously via Crime Stoppers on 0800 555 111.
ENDS
Issued by the Police Media Centre
Source: People’s Republic of China – State Council News
BEIJING, Sept. 20 — Chinese Premier Li Qiang met with Malaysia’s King Sultan Ibrahim Sultan Iskandar, who is on a state visit to China, in Beijing on Friday.
Li noted that China and Malaysia have a solid foundation of mutual trust and deep-rooted friendship. At present, the two countries stand at the historical juncture of the 50th anniversary of their establishment of diplomatic relations, marching forward hand in hand toward the goal of building a China-Malaysia community with a shared future.
China is willing to work with Malaysia to implement the important consensus reached by the leaders of the two countries, maintain close and high-level exchanges, promote their traditional friendship, enhance strategic mutual trust, expand mutually beneficial cooperation, achieve more practical results, and bring more benefits to the people of both countries, Li said.
China is also ready to work with Malaysia to enhance development strategy synergy, promote the upgrading of economic and trade cooperation, upgrade the level of connectivity, and create greater unity to promote development, Li said.
He urged the two sides to give full play to their complementary advantages, continue expanding bilateral trade, steadily advance flagship projects such as the East Coast Rail Link, and deepen cooperation on infrastructure and aerospace. He also called on both countries to expand cooperation in emerging fields such as artificial intelligence, the digital economy and new energy, promote the integrated development of industries, and maintain the stability and smooth flows of industrial and supply chains.
China supports more competent Chinese enterprises to invest in Malaysia, Li noted, adding that the two sides should do more to boost cultural and people-to-people exchange in the fields of youth, education, culture and tourism, facilitate the exchange of personnel, and continuously enhance mutual understanding and friendship.
China is willing to work with Malaysia and other Asian countries to uphold the central position of the Association of Southeast Asian Nations (ASEAN) in regional cooperation, promote regional economic integration, and build an Asia that has common prosperity and is peaceful, open and inclusive, Li said.
For his part, King Sultan Ibrahim said that Malaysia thinks highly of and actively participates in Belt and Road cooperation, is optimistic about the development opportunities brought about by China’s big market, and looks forward to using the 50th anniversary of the establishment of diplomatic ties between the two countries as an opportunity to enhance cultural exchange and strengthen bilateral cooperation in such fields as the economy, trade, industry, investment, high technologies, agriculture and education.
Malaysia has a high appreciation for the constructive role China plays in international and regional affairs, and is willing to make efforts to promote the development of the ASEAN-China comprehensive strategic partnership. Malaysia is also willing to strengthen constructive dialogue with China to make the South China Sea a sea of peace, friendship and cooperation, he added.
Source: United States House of Representatives – Congressman Dan Goldman (NY-10)
The ‘Michelle Go Act’ Would Expand Access to Psychiatric Care by Allowing Federal Medicaid to Pay for Psychiatric Beds in Certain Facilities
Napolitano and Salinas’s Endorsements Signal Growing Momentum as Bipartisan Bill Moves Toward Passage
Read the Bill Here
Washington, DC – Congressman Dan Goldman (NY-10) celebrated the endorsement of his bill, the ‘Michelle Alyssa Go Act,’ by Congressional Mental Health Caucus Co-Chairs Grace Napolitano (CA-31) and Andrea Salinas (OR-06). This legislation would increase the number of federal Medicaid-eligible in-patient psychiatric beds for individuals who are seeking treatment for both mental health and substance use disorders.
The ‘Michelle Alyssa Go Act’ has also been endorsed by the Treatment Advocacy Center, National Alliance on Mental Illness, the National Association of State Mental Health Program Directors, the National Association of Counties, the National Association for Behavioral Healthcare, Stand with Asian Americans, Asian Americans Rise, the National Association of County Behavioral Health and Developmental Disability Directors, the New York Junior League, the Schizophrenia Policy Action Network, and Vibrant Emotional Health.
“I’m proud to receive Co-Chair Napolitano and Co-Chair Salinas’s support for the ‘Michelle Go Act,’” Congressman Dan Goldman said. “The Mental Health Caucus is one of the few remaining settings in Congress where we can still come together in a bipartisan manner to find common ground and help the American people. I look forward to continuing to work with Representatives Napolitano and Salinas to build a bipartisan coalition that will get this critical bill across the finish line in the 118th Congress.”
Congresswoman Andrea Salinas said, “Michelle Go’s death was a horrific tragedy that underscores the need for more accessible mental health in-patient care in this country. That is why I am proud to join as a cosponsor of the Michelle Alyssa Go Act. This legislation addresses a critical gap in the mental health continuum of care by allowing Medicaid to reimburse for services provided at psychiatric or residential treatment facilities that have more than 16 beds. Doing so will help ensure that more individuals can get the long-term care they need. As Co-Chair of the Mental Health Caucus, I’m honored to support this bill and I want to thank Rep. Goldman for his leadership.
The ‘Michelle Alyssa Go Act’ is named after a 40-year-old woman who was tragically pushed to her death in front of an oncoming subway train at a stop in Times Square. After the attack, a 61-year-old man experiencing homelessness with diagnosed Schizophrenia named Martial Simon admitted to shoving Go in front of the train. According to news reports, after showing signs of schizophrenia in his 30s, Mr. Simon spent time bouncing between hospitals, jails, and outpatient psychiatric programs without ever receiving the long-term care he needed.
Under current federal law, Medicaid is prohibited from covering long-term stays for patients between the ages of 21 and 64 who are receiving mental health or substance abuse treatment in a facility with more than 16 beds, known as an Institution for Mental Diseases (IMD). The ‘Michelle Go Act’ would raise the threshold for a facility to be considered an IMD, from 16 in-patient psychiatric beds to 36. This would more than double the beds eligible to be funded by federal Medicaid in statute. The bill also ensures these facilities meet nationally recognized, evidence-based standards of care.
The prohibition on Medicaid coverage, also known as the IMD exclusion, has been in effect since Medicaid was created in 1965 and has resulted in people being unable to access mental health care, as many do not have the funds to cover these services out of pocket and many institutions have downsized their capacity.
###
US Senate News:
Source: The White House
President Joseph R. Biden, Jr. met Prime Minister Anthony Albanese of Australia today in Wilmington, Delaware. The President thanked the Prime Minister for his partnership and highlighted the progress made in strengthening bilateral ties since the Prime Minister’s Official Visit to Washington, D.C., last October. The leaders underscored that the U.S.-Australia Alliance remains the core of the bilateral relationship, and welcomed the depth of cooperation across its three pillars: defense and security, economic, and climate and clean energy. The leaders noted the recent Australia-United Kingdom-United States (AUKUS) Joint Leaders Statement reaffirming their shared commitment to advance this historic trilateral partnership and promote a free and open Indo-Pacific that is secure and stable. The leaders reflected on the strength of the economic relationship and discussed progress over the past two years to modernize the Alliance in the face of new challenges, including addressing climate change and the clean energy transition. They also reaffirmed their commitment to expand cooperation to build more diverse and resilient critical minerals supply chains and accelerate the transition to clean energy in accordance with the “Compact” they signed in Hiroshima, Japan, in May 2023. The two leaders also discussed their support for maintaining peace and stability in the Taiwan Strait, their continued assistance to Ukraine as it defends itself against Russia’s brutal aggression, and their support for a sustainable ceasefire and increased humanitarian aid to the people of Gaza. The leaders discussed their respective diplomacy with the People’s Republic of China (PRC) and their shared concerns about the PRC’s coercive and destabilizing activities, including in the South China Sea. The President welcomed Australia’s contributions to the Quad, its growing partnership with Japan, and its active engagement in the Pacific region, where the United States intends to provide $1.5 million to support the World Bank’s efforts to strengthen correspondent banking relationships in Pacific Island countries. The leaders committed to continue deepening the bilateral partnership to advance their shared vision for a free and open Indo-Pacific.
Source: United States Navy (Logistics Group Western Pacific)
Maintenance window scheduled to begin at February 14th 2200 est. until 0400 est. February 15th
Issued by: on
KOSRAE, Federated States of Micronesia (Sept. 17, 2024) – U.S. Navy Musician 2nd Class Brenton Mitchell, of Centreville, Md., left, and Australian Army Musician Will Wallace, deployed as members of the Pacific Partnership 2024-2 Band, sing and play guitar during a feature on a FM radio station in Kosrae, Federated States of Micronesia, Sept. 17, 2024. Now in its 20th iteration, the Pacific Partnership series is the largest annual multinational humanitarian assistance and disaster relief preparedness mission conducted in the Indo-Pacific. Pacific Partnership works collaboratively with host and partner nations to enhance regional interoperability and disaster response capabilities, increase security and stability in the region, and foster new and enduring friendships in the Indo-Pacific. (U.S. Navy photo by Mass Communication Specialist Seaman Gavin Arnoldhendershot)
| Date Taken: | 09.17.2024 |
| Date Posted: | 09.20.2024 19:59 |
| Photo ID: | 8655130 |
| VIRIN: | 240917-N-RM312-1219 |
| Resolution: | 5176×3697 |
| Size: | 1.99 MB |
| Location: | KOSRAE, FM |
| Web Views: | 0 |
| Downloads: | 0 |
This work, Pacific Partnership 2024-2 Visits Kosrae FM Radio Station 89.7 [Image 15 of 15], by SA Gavin Arnoldhendershot, identified by DVIDS, must comply with the restrictions shown on https://www.dvidshub.net/about/copyright.
Source: United States House of Representatives – Representative for Western Samoa Congresswoman Aumua Amata
Headline: Amata Highlights CDC Preventative Grant for ASDOH
Washington, D.C. – Congresswoman Uifa’atali Amata is highlighting a grant notice of $228,000 for the American Samoa Department of Health from the U.S. Department of Health and Human Services (HHS) through the Centers for Disease Control and Prevention (CDC).
Specifically, this discretionary grant is from the CDC’s National Center for Chronic Diseases Prevention & Health Promotion (NCCDPHP), covering the next year of a five-year planned project. These federal funds are for the American Samoa Behavioral Risk Factor Surveillance System effort, a grant application by the American Samoa Health Department that supports scientific and health research funding including surveys.
“Thank you to Emergency Preparedness Director Ben Sili, and congratulations to Director Motusa Tuileama Nua,” said Aumua Amata. “Once again, we appreciate the support from HHS Secretary Xavier Becerra, CDC Director Dr. Mandy Cohen, and NCCDPHP Director Dr. Karen Hacker.”
By “surveillance,” CDC has described efforts working to understand the extent of health risk behaviors, preventive care practices, and the burden of chronic diseases; to follow the progress of prevention efforts; and to help public health professionals and policy makers make timely and effective decisions.
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Source: United States House of Representatives – Representative for Western Samoa Congresswoman Aumua Amata
Headline: Amata Welcomes $120,523 DOJ Grant Notice for Planning Agency
Washington, D.C. – Congresswoman Uifa’atali Amata is welcoming a grant of $120,523 from the U.S. Department of Justice (DOJ) to the American Samoa Criminal Justice Planning Agency for rehabilitation and treatment.
Congresswoman Amata and Director Faiai
“Congratulations to CJPA Director Mariana Timu-Faiai and her staff in their yearly efforts to bring in and administer these helpful federal funds,” Amata said. “I appreciate this effort aimed at helping people we care about come back from drug addiction and illegal behavior, and find a better way forward. Thank you to DOJ for supporting programs in American Samoa.”
The Residential Substance Abuse Treatment (RSAT) for State Prisoners Program assists governments to develop and implement substance abuse treatment programs in correctional and detention facilities, and to create and maintain community-based aftercare services for offenders.
The goal of the RSAT Program is to break the cycle of drugs and violence by reducing the demand, use, and trafficking of illegal drugs. RSAT enhances the capability of local government to provide residential substance abuse treatment for incarcerated inmates; prepares offenders for their reintegration into the communities from which they came by incorporating reentry planning activities into treatment programs; and assists offenders and their communities through the reentry process, including the delivery of community-based treatment and other broad-based aftercare services. American Samoa can use the RSAT funds for residential, jail-based, and aftercare.
###
Source: New Zealand Police (National News)
Christchurch Police urge motorists not to get behind the wheel after drinking following disappointing checkpoint results.
On Thursday 19 September, the Canterbury Impairment Prevention Team conducted a checkpoint in the city area.
Between 8:30am and 2:30pm, Police apprehended four drivers over the legal limit, with one driver three times over the legal limit.
Sergeant Ben Rutherford says members of the public often ask why Police conduct checkpoints during the day.
“These four drivers are a reminder that no matter the time of day, drink driving is an issue. This type of behaviour is dangerous and can have serious consequences.”
Police see too many preventative deaths on our roads, and we make no apology for targeting high-risk behaviours like drink driving at any time of the day.
“Expect us to be out in force anytime, anywhere.”
Police are committed to ensuring every road user arrives at their destination alive, however, we recognise there is power in our communities to make a difference too.
If you know someone has had a few drinks, or is over the limit and about to drive, say something.
Police want people to enjoy themselves but if you have had too much, call a family member, a friend, or a taxi to pick you up – never get behind the wheel.
ENDS
Issued by Police Media Team
Source: People’s Republic of China – State Council News
AUCKLAND, New Zealand, Sept. 20 — The 2024 New Zealand-China Products Expo kicked off in Auckland on Friday with the participation of importers and exporters from both countries.
The three-day event, showcasing products from both China and New Zealand, aims to promote trade ties between the two countries.
New Zealand Trade Minister Todd McClay said in his video speech at the opening ceremony that China is one of New Zealand’s most significant trading partners and New Zealand’s largest export market.
“As trading partners, we continue to seek ways to enhance the business environment between our two countries by opening doors to exporters and reducing barriers to trade,” said McClay.
Chinese Ambassador to New Zealand Wang Xiaolong said with the joint efforts of China and New Zealand, economic and trade cooperation between the two countries has made significant progress, with both countries being important trade partners for each other.
The substantial trade ties between China and New Zealand have provided significant support for New Zealand’s economic development, Wang said.
New Zealand Minister for Arts, Culture and Heritage Paul Goldsmith said that there was a growing potential to strengthen bilateral trade in the creative and culture industries.
The China Cultural Center in Auckland showcased over 200 Chinese cultural products in the cultural and creative section at the Expo.
Companies and organizations participating in the Expo come from diverse industry sectors, including manufacturing, household products, agriculture, food and beverage, green and new energy, tourism, logistics, media and creative industries.
This expo is co-hosted by the Trade Development Bureau of the Ministry of Commerce of China, the China International Chamber of Commerce, and the China Council for the Promotion of International Trade Guangdong Committee.
Source: People’s Republic of China – State Council News
YANGON, Sept. 20 — The 2024 China Film Week commenced in Yangon, Myanmar on Friday, with more than 100 representatives from Myanmar’s film, literature, education and media sectors as well as overseas Chinese communities attending the event.
Zheng Zhihong, minister counselor of the Chinese embassy in Myanmar, said at the event that holding the China Film Week in Myanmar is an important initiative to implement the Global Civilization Initiative and promote people-to-people exchanges between China and Myanmar.
In recent years, China’s film and television industry has flourished, and exchanges between China and Myanmar in this field have become closer. China is willing to deepen exchanges and cooperation with Myanmar in relevant fields, he said.
U Zeyar, deputy director general of the media development department under Myanmar’s Ministry of Information, said cultural exchanges between Myanmar and China have a long history, and that Myanmar audiences are enthusiastic about the China Film Week, which contributes to deepening the “Paukphaw” (fraternal) friendship between the two countries.
The five-day 2024 China Film Week is hosted by the Chinese embassy in Myanmar and co-organized by the China Cultural Center in Yangon. The event will screen Chinese films including “The Wandering Earth,” “The Wandering Earth II,” “Chang’an,” “Song of the Phoenix,” and “Paths of the Soul.”
Source: New Zealand Police (District News)
Hutt Road between Jackson Street and Nevis Street is closed following a serious crash.
Police were called to the two-vehicle crash at around 2pm.
One person has received serious injuries and another has minor injuries.
The road is expected to be closed for some time.
Motorists are advised to avoid the area and expect delays.
ENDS
Source: China State Council Information Office
China is firmly opposed to Japan’s unilateral move of starting the discharge of nuclear-contaminated water from the Fukushima Daiichi Nuclear Power Station into the ocean, and this position remains unchanged, a foreign ministry spokesperson said here Friday.
Mao Ning told a daily news briefing that as one of the most important stakeholders, China is opposed to Japan’s irresponsible move. In line with the understanding reached by the leaders of the two countries that the issue should be addressed through consultation and negotiation, China has held over 10 rounds of intensive negotiations and consultations with Japan and the relevant international organization. The relentless efforts have led to an agreement released on Friday.
“China is firmly opposed to Japan’s unilateral move of starting the discharge, and this position remains unchanged,” Mao said. The purpose of releasing the agreement with Japan is to urge Japan to earnestly fulfill its obligations under international law and its responsibility for safety oversight, to do its utmost to avoid leaving negative impact on the environment and human health, and to effectively prevent the potential risk that may arise from the discharge.
She said it is hoped that the international community, especially the stakeholders, will work with China to closely monitor Japan’s fulfillment of its commitments.
Due to the limitations of the existing international mechanism, the current evaluation and monitoring of the discharge is incomplete and lacks transparency and credibility, and needs to be further improved and strengthened, Mao said, adding that it is especially important to establish a long-term international monitoring arrangement covering key stages of the discharge and ensure that China and all other stakeholders can participate substantively in the arrangement and carry out independent sampling and monitoring.
She said this is the only way to obtain comprehensive, genuine and valid data and place the risks of the discharge under control. Through negotiations, China and Japan have reached agreement in this regard.
As the next step, there will be discussions on technical details such as the types of radionuclides to be monitored and testing methods, to realize comprehensive, effective and credible long-term international monitoring, she added.
How to handle the Fukushima nuclear-contaminated water properly is a political and, more importantly, scientific issue, and the China-Japan bilateral agreement has laid the foundation for the international community to handle nuclear-contaminated water in a science-based, effective and safe manner, Mao said.
She said that this is an initial achievement made by the international community, especially the stakeholders. Going forward, China will work with the international community, other stakeholders in particular, to continue to act with a great sense of responsibility for global marine ecosystems and environment and for human health, engage in science-based dialogue with Japan, and urge Japan to address concerns over the discharge properly.
The import suspension on all aquatic products (including edible aquatic animals) of Japanese origin is a temporary emergency precaution taken in accordance with relevant Chinese laws and regulations and WTO rules, Mao said. It is aimed at preventing risks and protecting people’s health.
She added that the measure is based on rules and regulations. It is an example of the Chinese government’s sense of responsibility for its people. Reaching the agreement does not mean that China will immediately resume imports of all Japanese aquatic products. China will continue to act in accordance with WTO rules and Chinese laws and regulations, take scientific facts as the guidance, and view safety as a precondition.
“We will begin to adjust the relevant measures based on scientific evidence after participating substantively in the relevant monitoring activities, carrying out independent sampling, and verifying the result,” Mao said.
China will hold technical consultations with Japan and, after China’s demands are fully addressed, gradually resume imports of Japanese aquatic products that meet the regulation requirements and standards, and the consultation results and policy adjustments will be made public in a timely way, she added.
Source: China State Council Information Office 2
The death of a 10-year-old Japanese boy stabbed on his way to school in the southern Chinese city of Shenzhen has sparked public grief and condemnation, while police have detained a 44-year-old male suspect who was caught at the attack scene.
On Thursday evening, some local citizens laid flowers near the Japanese school where the boy was enrolled, expressing both anger and sorrow over the attack, according to local media reports. One message on a bouquet read: “The boy lived and studied here. He was a child of Shenzhen, regardless of his nationality.”
According to local media reports, the boy, a Japanese national born to a Japanese father and a Chinese mother, was stabbed by the suspect who was only identified by his surname Zhong at 7:55 a.m. on Wednesday. The boy was rushed to the hospital and succumbed to injuries early on Thursday.
“Our medical staff immediately took several emergency measures. We restored his heartbeat and put him in surgery,” Ma Xiaopeng, head of the doctors’ team and president of Shenzhen Children’s Hospital, was quoted as saying. “A team of specialists made every possible effort to save him, but unfortunately, due to the severity of injuries, the boy was pronounced dead at 1:36 a.m. on Thursday.”
Local police said that the investigation into the case is still ongoing, and initial findings showed it was an “isolated incident.”
In response to the stabbing, local public security and education authorities in Shenzhen have heightened security measures around schools and other public venues.
The city has pledged to take further steps to safeguard the lives, property and legal rights of everyone there, including foreign nationals.
The education department in Nanshan District, where the school is located, has also established a psychological counseling team for students of the school, which serves Japanese nationals living in Shenzhen and its surrounding areas.
“We regret and are saddened by this tragic incident. We mourn for the passing of the boy and our hearts go out to his family,” Chinese foreign ministry spokesperson Lin Jian said on Thursday.
“The Chinese government never allows any illegal or violent activities and will conduct an investigation into the case and bring the criminal to justice in accordance with law,” Lin said. “We believe individual cases will not affect exchanges and cooperation between China and Japan.”
Source: Hong Kong Government special administrative region
DEMS attends International Railway Safety Council 2024 Conference (with photo)
DEMS attends International Railway Safety Council 2024 Conference (with photo)
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The Director of Electrical and Mechanical Services (DEMS), Mr Poon Kwok-ying, attended the International Railway Safety Council (IRSC) Conference in Vienna, Austria from September 18 to 20 (Austrian time). The Conference was an annual forum for railway safety regulators, operators and relevant stakeholders worldwide to exchange knowledge, experience and lesson learnt on railway safety. The Electrical and Mechanical Services Department (EMSD) gave presentations on four separate railway safety topics to share its experience in the applications of innovation and technology (I&T) for enhancing railway safety as well as the regulatory experience and preventive measures on handling catastrophic flooding. At the closing ceremony of the Conference on September 20 (Austrian time), Mr Poon, together with the Administrator of the National Railway Administration, Mr Fei Dongbin, and the Operations and Innovation Director of the MTR Corporation, Dr Tony Lee, were handed over the “IRSC Triangle” by the Organising Committee Chairman of this year’s Conference, symbolising that Hong Kong, China will be the host city of the next Conference. Under the theme “Advancing Railway Safety through Innovations and Collaborations”, the IRSC 2025 Conference will be jointly hosted by the EMSD, the National Railway Administration and the MTR Corporation. The delegates around the world will be invited to participate the Conference in Hong Kong, China to carry out in-depth exchanges on the issue of railway safety development and also personally experience the China’s railway development in recent years. Over 300 internationally renowned railway experts from Australia, Austria, Belgium, Canada, France, Germany, Ireland, Japan, South Korea, Singapore, South Africa, Sweden, Switzerland, Thailand, the United Kingdom, and more are expected to attend the Conference.
Ends/Saturday, September 21, 2024Issued at HKT 11:00
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Source: China State Council Information Office 3
Bringing a festive atmosphere to Beijing, nearly 230,000 people visited the ongoing “The Temple of Earth and Me” book fair at the Ditan Park during the three-day Mid-Autumn Festival holiday. Named after an essay by renowned novelist Shi Tiesheng, the 11-day book fair being held as part of the 2024 Beijing Culture Forum, will conclude on Monday.
The admission is free to the event that comprises 10 exhibition zones, including a bookstore street, creative cultural products zone, children’s books area and an original foreign-language books section, in its 18 square-kilometer exhibition area.
More than 330 publishing houses, physical bookstores and other exhibitors from across the country have brought 400,000 types of books to the book festival. To attract readers, each buyer is offered discount coupons worth 50 yuan for book purchases at the fair.
A joint exhibition and sale of old books is also being held, showcasing ancient texts and over 100,000 types of old books.
Xu Mei, a staff member at The Forbidden City Bookstore booth, said that most of the books exhibited this time are included in promotional activities with discounts ranging from 40 percent to 70 percent, providing the public with more, better and richer cultural experience.
Sun Ying, a sales representative at the Beijing Taihu Publications Exhibition and Trade Center, says that this year’s book fair has been more bustling than last year, with a larger number of young student customers. “Many young readers like to purchase creatively designed book bags and bookmarks.”
Sun added that books such as Cold Enough for Snow by the Australian-Chinese writer Jessica Au published by the Shanghai Translation Publishing House, Virginia Woolf’s To the Lighthouse and A Room of One’s Own, as well as Albert Camus’s The Myth of Sisyphus and The Stranger are popular among book buyers.
Kang Chunhua, a visitor to the book fair, said that the tranquil and lush park in Beijing was bustling with people giving her an opportunity to witness the vibrant side of an ancient garden. As a young mother, she focused on the children’s book zone.
“We took many photos to capture the beauty of early autumn in Ditan Park. We also let the children choose what they wanted at the zones for children’s books and cultural and creative products. They had the opportunity to practice calligraphy with a brush, watch vendors making traditional sugar-blowing sculptures, try their hand at lacquer fan painting at a workshop and experience various types of interactive toy books. The children were thrilled.”
“In this era of convenient online book shopping, this will help children have such beautiful memories and experiences,” she says, adding she purchased picture books for over 700 yuan at the book fair.
Over 160 activities, such as cultural lectures, poetry recitals, singing and dancing performances, are planned for the event.
Source: Hong Kong Government special administrative region
FS to visit Spain and the UK
FS to visit Spain and the UK
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The Financial Secretary, Mr Paul Chan, will depart for Europe in the early hours tomorrow (September 22). He will first visit Madrid, Spain, and then London, the United Kingdom (UK). For this visit, Mr Chan will lead a delegation from the innovation and technology (I&T) sector, comprising senior executives from the Hong Kong Science and Technology Parks (HKSTP) and Cyberport, as well as heads of a group of startups engaged in artificial intelligence, biotechnology, fintech, green technology, Web 3.0, etc. While in Madrid from September 22 to 25, Mr Chan will visit various local I&T institutions and enterprises, as well as meet with members from the political, business and I&T communities. The delegation will also attend a themed business luncheon organised by the Hong Kong Trade Development Council (HKTDC) to promote Hong Kong’s advantages to the local political, business, financial and I&T sectors, particularly Hong Kong’s burgeoning I&T ecosystem. Mr Chan will visit London from September 25 to 28. There, he will participate in a series of events, including the Plenary of the Hong Kong-European Business Council (Note 1); the Hong Kong Dinner hosted by the HKTDC; a luncheon organised by the Hong Kong Association (Note 2), and a roundtable meeting hosted by Asia House, a think tank based in the UK. On these occasions, he will share the latest developments and advantages of Hong Kong. He will also meet with members of the local political, business and financial communities. While in Spain and the UK, representatives from the HKSTP, Cyberport as well as startups in the delegation will engage in exchanges with relevant institutions and members of local venture capital funds and I&T circles to seek cooperation opportunities. Mr Chan will return from London in the evening of September 28 (local time) and arrive in Hong Kong in the afternoon of September 29. During his absence, the Deputy Financial Secretary, Mr Michael Wong, will be the Acting Financial Secretary.Note 1: The Hong Kong-European Business Council is a bilateral committee established by the HKTDC with Europe to foster high-level dialogue between Hong Kong business leaders and their local counterparts, promoting bilateral trade, investment, and economic cooperation.Note 2: The Hong Kong Association is an organisation based in the UK aimed at promoting business and trading relationship between Hong Kong and the UK. The association has over 80 corporate members including global banks, international enterprises, the China-Britain Business Council, etc.
Ends/Saturday, September 21, 2024Issued at HKT 11:30
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Source: Hong Kong Government special administrative region
Attention TV/radio announcers:
Please broadcast the following as soon as possible:
Here is an item of interest to swimmers.
The Leisure and Cultural Services Department announced today (September 21) that due to big waves, red flag has been hoisted at Pui O Beach in Islands District. Beachgoers are advised not to swim at the beach.
Source: Hong Kong Government special administrative region
Red flags hoisted at Clear Water Bay Second Beach
Red flags hoisted at Clear Water Bay Second Beach
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Attention TV/radio announcers:Please broadcast the following as soon as possible: Here is an item of interest to swimmers. The Leisure and Cultural Services Department announced today (September 21) that due to inclement weather, red flag has been hoisted at Clear Water Bay Second Beach in Sai Kung District. Beachgoers are advised not to swim at the beach.
Ends/Saturday, September 21, 2024Issued at HKT 11:29
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Source: United States Coast Guard
09/20/2024 11:28 PM EDT
For breaking news follow us on twitter @USCGHawaiiPac
Source: Hong Kong Government special administrative region
Red flag hoisted at Clear Water Bay First Beach
Red flag hoisted at Clear Water Bay First Beach
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Attention TV/radio announcers:Please broadcast the following as soon as possible: Here is an item of interest to swimmers. The Leisure and Cultural Services Department announced today (September 21) that due to inclement weather, red flag has been hoisted at Clear Water Bay First Beach in Sai Kung District. Beachgoers are advised not to swim at the beach.
Ends/Saturday, September 21, 2024Issued at HKT 11:59
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Source: ASEAN
Secretary-General of ASEAN, Dr. Kao Kim Hourn, this morning delivered remarks at the Opening Ceremony of the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) Regional Business Roundtable, held in Vientiane, Lao PDR.
The Roundtable brought together key stakeholders with an aim to foster deeper policy dialogue between governments and the business community. This can help strengthen public-private partnerships and fully leverage the AANZFTA provisions to drive trade and investment growth across the region.
Download the full opening remarks here.
The post Secretary-General of ASEAN attends ASEAN-Australia-New Zealand Free Trade Area Regional Business Roundtable appeared first on ASEAN Main Portal.
Source: United States Navy
BALTIMORE (Sept 20, 2024) – Secretary of the Navy Carlos Del Toro announced that the future Virginia-class nuclear-powered attack submarine SSN 812 will be named USS Baltimore. Del Toro made the announcement during a ship naming ceremony held in Baltimore aboard the historic USS Constellation, Sept. 20.
The future USS Baltimore honors the city of Baltimore, the crews of one Continental Navy ship, and the five previous Navy vessels named Baltimore.
The naming selection of the future USS Baltimore (SSN 812) continues the recent trend of naming Virginia-class submarines after cities. Del Toro previously named USS Long Island (SSN 809), USS San Francisco (SSN 810), and USS Miami (SSN 811).
“The city of Baltimore maintains a strong connection with our maritime services and is a critical enabler of our National Maritime Statecraft,” said Del Toro. “It is my honor and privilege to announce the name of the next Virginia-class nuclear-powered submarine, SSN-812, USS Baltimore.”
Maryland Sen. Ben Cardin joined Del Toro for the ceremony honoring Baltimore.
“Maryland is proud of our connection to the Navy and our strong history as a coastal state,” said Cardin. “I am excited that the next USS Baltimore will be sailing the seas again as the Navy’s newest submarine. Our Navy maintains and protects free and open international waters. From defending our young nation from pirates in the late 1700s to ensuring freedom of navigation today in the Red Sea and Taiwan Strait, our Navy is always on watch.”
Baltimore Mayor Brandon Scott also served as a guest in the official party and spoke about the honor and meaning behind the naming of the Navy’s newest submarine.
“We are honored that Baltimore is being represented across the globe once again with the naming of this future ship,” said Scott. “As a city with such a rich naval and maritime history, the naming of the USS Baltimore ensures that legacy will continue to live on for decades to come. I want to extend my deepest thanks and gratitude to the U.S. Navy for this honor and for continuing to uplift our city, including all Baltimoreans who choose to serve.”
Along with the ship’s name, Del Toro also announced Deputy Secretary of Defense Kathleen Hicks will serve as the ship’s sponsor. In her role as sponsor, she will represent a lifelong relationship with the ship and crew.
“When Baltimore joins the fleet, with a world-class crew, it will be among the most agile, lethal, resilient, and capable conventional nuclear-powered submarines we’ve ever made,” said Hicks. “Make no mistake about Baltimore’s purpose, like all of our submarines, conventional and otherwise, we build them not to provoke war, but rather to prevent wars, through deterrence.”
The city of Baltimore has significant ties to American and Naval history. The Port of Baltimore was established in 1706 and the Town of Baltimore in 1729. One of the Navy’s six founding frigates, USS Constellation, was built in Baltimore, and the city’s skilled ship workers later would construct the famous Baltimore clipper ships. In 1814, the Battle of Baltimore inspired the American national anthem.
The first Baltimore served in the Quasi-War against France, while the second Baltimore served during the Civil War. The third Baltimore fought in the Battle of Manila Bay during the Spanish-American War and later conducted mine-laying operations in World War I. The fourth Baltimore earned nine battle stars during World War II, fighting in campaigns for the Caroline Islands, Gilbert and Marshall Islands, and Okinawa. The fifth Baltimore participated in undersea operations against the Soviet Union, completing a variety of intelligence, surveillance, and reconnaissance missions. The Navy simultaneously decommissioned and struck the most recent vessel from the list on 10 July 1998.
After the collapse of the Francis Scott Key Bridge in March 2024, the Navy provided equities to the established “Key Bridge Response Unified Command.” NAVSEA’s Navy Supervisor of Salvage and Diving (SUPSALV) led critical efforts to support the clearance of the Port of Baltimore’s Fort McHenry Federal Channel, responsible for managing all on-scene assets tasked with debris removal and channel clearing. Del Toro personally assessed the site and met with Navy personnel on April 19, 2024.
Attack submarines are designed to seek and destroy enemy submarines and surface ships; project power ashore with Tomahawk cruise missiles and Special Operation Forces (SOF); carry out Intelligence, Surveillance and Reconnaissance (ISR) missions; support battle group operations; and engage in mine warfare.
Source: Hong Kong Government special administrative region
Third Guangdong-Hong Kong-Macao Greater Bay Area (Guangdong) Statistical Forum held in Foshan (with photos)
Third Guangdong-Hong Kong-Macao Greater Bay Area (Guangdong) Statistical Forum held in Foshan (with photos)
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The Third Guangdong-Hong Kong-Macao Greater Bay Area (Guangdong) Statistical Forum was held on September 19 and 20 in Nanhai, Foshan. Under the guidance of the National Bureau of Statistics (NBS), the forum was hosted by the Guangdong Provincial Bureau of Statistics (GPBS) and co-organised by the Census and Statistics Department (C&SD) of the Hong Kong Special Administrative Region and other government statistical agencies from the “9+2” cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The Commissioner for Census and Statistics, Mr Leo Yu, led a delegation to participate in this meaningful event. During the forum, the C&SD signed the Memorandum of Understanding on Statistical Exchange and Cooperation in the GBA with the GPBS and the Macao Statistics and Census Service, with a view to promoting co-operation among the relevant government statistical agencies in the three places. This year’s forum, themed “Innovation and Measurement of Statistical Methods from an International Perspective”, aimed to foster statistical exchanges and co-operation in the GBA. It provided a platform for statistical professionals from the “9+2” cities to leverage the collective wisdom and insights to explore how to innovate and reform statistical work from an international perspective to address the current complex and ever-changing environment. In addition to the participation of leaders from the NBS and the GPBS, the forum brought together statistical experts from various fields, including representatives from the government statistical agencies of the “9+2” cities in the GBA, as well as those from higher education institutions and research institutes on the Mainland. Speaking at the opening ceremony of the forum, Mr Yu remarked, “To achieve high-quality development, it is essential to rely not only on technological innovation but also on the power of talent. People are the core element for driving development. Therefore, we continue to strengthen the attraction and cultivation of statistical talent, uplift their capabilities in applying data science techniques, broaden their international perspectives, enable them to reach international standards in their professional work as well as encourage them to think innovatively. We also actively promote the inheritance and exchange of statistical management. All these efforts aim to consolidate Hong Kong’s position in the international statistical community, allowing Hong Kong to fully leverage its role as a window of the country to the world and provide more precise and robust support for the prosperous development of the GBA. Thus, we can use our strengths to serve the needs of the country.” Senior Statistician of the C&SD Mr James Cheng also delivered a presentation entitled “Three Major Restructuring Measures: Modernising the Planning of the 2026 Population Census in Hong Kong” at one of the sessions of the forum. Colleagues participated in the forum unanimously expressed that it was a very valuable experience for them to exchange knowledge and learn from statistical professionals from the Mainland cities. It enabled them to acquire insights into the ongoing advancement of statistical techniques on the Mainland, and reminded them to strive for innovation and actively pursue breakthroughs in the dynamic era of big data, in order to seize opportunities and tackle challenges in the future. The forum was held in Foshan and was attended by representatives of statistical organisations from Beijing, Guangdong Province, Hong Kong and Macao, etc, through online and in-person participation. Relevant officials from the statistical systems of the cities in the GBA, as well as experts and scholars from national think tanks and renowned universities, also shared their valuable insights on the statistical measurement of new quality productive forces, statistical monitoring of digital economy, research on data science and big data statistical applications, statistical reform and innovation, and etc.
Ends/Saturday, September 21, 2024Issued at HKT 12:00
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Source: China State Council Information Office
The German carrier Lufthansa has said the airline is looking to further expand capacity to China, after restoring capacity to Shanghai to pre-COVID levels.
“For Lufthansa, China is one of the most important markets in the world outside Europe. We are pretty happy that we already received pre-pandemic capacity here in Shanghai,” said Jens Ritter, CEO of Lufthansa Airlines. “Hopefully in the next couple of years we can extend our network also here in China.”
Having a strong connection and close relationship between Germany and China, Lufthansa will celebrate its 100th anniversary in 2026, as well as the carrier’s first connection between the two countries.
“I think it is a great relationship we have here for almost 100 years. There’s a strong connection between the fourth-biggest economy in the world Germany and the second-biggest economy China,” Ritter said. “We are pretty proud of our strong connection. We truly believe in the recovery of air travel between Germany and China for the next years.”
Currently operating the most flights to China among all European carriers, Lufthansa offers 40 weekly direct connections between the German cities of Frankfurt and Munich to the Chinese cities of Hong Kong, Shanghai and Beijing in the summer time.
“In comparison to last year, we increased our capacity by over 70 percent,” added Ritter. “Hopefully next year with the introduction of new aircraft we can increase this capacity further.”
The expanding capacity is accompanied with a rapid recovery in the passenger load factor, “especially during the summer time with a seat factor of more than 90 percent,” Ritter said.
“We are looking forward to further development and we are pretty sure that we will come back to pre-pandemic capacity here between Europe, Germany and China,” said Ritter.
Plus, in a bid to boost the China travel market during the holiday season and further enhance the customer experience onboard, Shanghai was the airline’s first Asian destination, as well as the fourth worldwide following Vancouver, Toronto and Chicago, to introduce the carrier’s brand-new cabin products on a daily basis since Aug 14.
Under the name, Lufthansa Allegris, the completely new travel experience is available on select long-haul routes for passengers of economy, premium economy, business and first class.
“We truly believe that people do not want a standard product anymore, they would like to have more choices, more exclusivity and they would like to have more individuality,” explained Ritter. “I think also the Chinese people would like to have a choice. One standard product does not fulfill the needs of the requirements for the premium sector of Chinese people. They would like to have more individuality, more possibility for exclusivity and they would like to choose. We are pretty happy to introduce our new Allegris product because we definitely believe that this will fulfill the needs of our Chinese customers.”
Confidence in the Chinese market is based on the optimistic outlook of China’s economy, the strong economic ties between China and Germany, and China’s visa-free policies.
“Germany has a strong connection with China, because so many companies are based from Germany here in China,” Ritter said. “It is a long-lasting relationship and we truly believe in those two economies and we need to tie them.”
Figures provided to the Financial Times by Germany’s central bank, the Bundesbank, show that Germany’s direct investment in China totaled 2.48 billion euros ($2.76 billion) in the first three months of 2024, and the figure rose substantially to 4.8 billion euros in the second quarter.
“I think this represents a strong relationship between our two economies,” said Ritter.
In the meantime, China’s visa-free policy presents new opportunities for carriers such as Lufthansa, as eligible ordinary passport holders from countries including Germany can enjoy visa-free travel to China for up to 15 days.
Thanks to the collaborated efforts of Civil Aviation Administration of China and related government divisions, international passenger flights have been restored to nearly 80 percent of the 2019 level during the first week of July, and passenger flights to 30 countries, including the UK and UAE, surpassing the 2019 level, according to Xu Qing, an official with the CAAC.
“The expansion of China’s visafree policy to more countries has created an incentive effect on the aviation market,” Xu said.
Source: Minister for Trade