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Category: Finance

  • MIL-OSI Security: Second Maui Man Arrested in Connection with IED

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    HONOLULU – United States Attorney Clare E. Connors announced that Jess Kiesel Lee, age 43, of Kula, Maui, was arrested on September 18, 2024 pursuant to a criminal complaint for possessing explosives as a felon and damaging property by means of explosives. An initial appearance in federal court is set for September 23, 2024.

    The complaint and affidavit allege that on August 7, 2024, Maui Police Department (“MPD”) officers encountered multiple improvised explosive devices (“IEDs”) near Kaamana Street in Kula. One of the IEDs, which had been exploded before MPD arrived, contained a mixture of compounds consistent with the remnants of explosive powder. 

    If indicted and convicted of the charged offenses, the defendant would face up to ten years in prison on the felon in possession of explosives charge and a mandatory minimum sentence of at least five years in prison, but no more than and up to 20 years in prison, on the property damage charge. The charges and information contained in the federal complaint are merely accusations, and the defendant is presumed innocent unless and until indicted and proven guilty beyond a reasonable doubt in a court of law.

    Lee is not charged for the IED located near Lono Avenue in Kahului on July 23, 2024 or the explosion damaging a car in Pukalani on August 8, 2024, both mentioned in the complaint filed on August 13, 2024 charging another man for the IED located on July 23, 2024.

    The Federal Bureau of Investigation and MPD conducted the investigation resulting in the complaint and arrest, and the investigation into this matter remains ongoing. The prosecution is being handled by Assistant U.S. Attorneys Jonathan D. Slack and Wayne A. Myers.

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  • MIL-OSI Security: Illinois Bank President Sentenced to Jail for Falsifying Records

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    BENTON, Ill. – The former president of a bank in southern Illinois was sentenced Thursday for his role in falsifying bank records to facilitate real estate loans.

    Steven Cook was fined $6,000 and sentenced to 50 hours of community service and two weekends in the Jackson County jail. 

    He will also likely be banned from the banking industry for life.

    Cook fraudulently facilitated three different sales of commercial real estate to Lawler and Maze Properties LLC in 2022. Cook was the president of SouthernTrust Bank at the time, and was also on the bank’s board of trustees and was a member of its loan committee. The bank has branches in Marion, Vienna and Goreville, Illinois.

    Cook approved one loan that funded the sale of seven commercial rental properties in Williamson and Franklin counties from Results Home Buyers 2 to Lawler and Maze. The transaction was a new purchase of real estate, not a refinance, and the buyers were not using any cash to fund the purchase.  But during an April 6, 2022, meeting with the seller and buyer, Cook and the others agreed to fraudulently make it appear as if the loan was a refinancing. Cook also agreed that the bank would supply the cash for the purchase. They agreed to backdate documents to falsely indicate the buyer purchased the properties on Feb. 1, 2022, for a falsely inflated price of $545,152. The documents also falsely indicated that the bank was refinancing 80% of that loan, with the buyers bringing 20% in cash to the sale. The bank’s loan to the buyers was approved by the bank’s loan committee based upon the false information.

    Results Home Buyers 2 is partially owned by former Williamson County State’s Attorney Brandon Zanotti.

    In August of 2022, Cook facilitated a second real estate transaction for the purchase of four properties by Lawler and Maze. Cook, the seller and Lawler and Maze agreed that the real estate contract would falsely list a sales price of $413,000 instead of the actual price of $330,400, and falsely state that the buyer would supply $82,600 in cash.

    In November of 2022, Cook facilitated an additional loan to Lawler and Maze for the purchase of a property in Marion. Bank documents falsely stated that the borrowers would supply $21,500 cash.

    Cook pleaded guilty in U.S. District Court in Benton in June to three felony counts of aiding and abetting the making of a false bank entry. Zanotti pleaded guilty in March to one count of the same crime. He was sentenced in May to two years of probation, a $5,000 fine and 20 hours of community service.  His conduct we reported to the Illinois Attorney Registration and Disciplinary Commission.

    Lawler and Maze, LLC is owned by Justin Maze and David Lawler, who each entered into a pretrial diversion program in which they acknowledged their involvement in the criminal conduct by aiding and abetting Zanotti and Cook. As a condition of pretrial diversion, Maze was required to resign from his position as Williamson County Circuit Clerk and agreed not to seek re-election to any public office. Lawler’s conduct was reported to the Illinois Attorney Registration and Disciplinary Commission.

    “The FBI works daily to disrupt fraudulent activity and we recognize the impact it has on banking institutions,” said FBI Springfield Field Office Special Agent in Charge Christopher Johnson. “FBI Springfield will continue to dedicate investigative resources for targeting fraud in its many forms to protect the integrity of the banking process.”

    “FHFA-OIG will continue to relentlessly investigate and pursue the prosecution of mortgage-related fraud, no matter who commits the crimes. Officers of financial institutions who have a duty to conduct honest business must be held accountable. We are proud to have partnered with our FBI colleagues and with Special Assistant United States Attorney Hal Goldsmith,” said Korey Brinkman, Special-Agent-in-Charge of FHFA OIG’s Midwest Regional Office.

    The FBI Springfield Field Office and the Federal Housing Finance Agency Office of Inspector General investigated the case. The prosecution was handled by Special Attorney Hal Goldsmith from the Eastern District of Missouri. The U.S. Attorney’s Office for the Southern District of Illinois was recused from the case.

    Anyone with information about mortgage-related fraud can report it by contacting the Federal Housing Finance Agency – Office of Inspector General Hotline at 800-793-7724 or via the web at https://www.fhfaoig.gov/ReportFraud#hotlineform

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  • MIL-OSI Translation: 23/09/2024 Meeting of the Minister of Finance with the EU Commissioner for Economy

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    Meeting of the Minister of Finance with the EU Commissioner for Economy23.09.2024

    On September 23, 2024, Finance Minister Andrzej Domański met with Paolo Gentiloni, EU Commissioner for Economic Affairs. The discussion focused on the current economic situation in the European Union and Poland, including the potential impact of flooding. Undersecretary of State Paweł Karbownik also participated in the meeting. During the conversation, issues related to Poland’s preparation of a medium-term budgetary and structural plan, which will define the framework for fiscal policy for 2025-2028, were raised. In accordance with the new rules of economic governance in the EU, Member States are required to submit such plans to the European Commission by mid-October. Minister Domański presented Poland’s strategy for exiting the excessive deficit procedure, which Poland was subject to this year, paying particular attention to military expenditure, which is responsible for a part of the deficit of the general government sector.

    MILES AXIS

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI Security: Nine Individuals Indicted in $28 Million Illegal Opioid Distribution Conspiracy Three Doctors and a Clinic Owner Among Those Indicted

    Source: Federal Bureau of Investigation (FBI) State Crime News

    An indictment was unsealed today charging nine individuals with conspiracy to illegally distribute prescription drugs, announced U.S. Attorney Dawn N. Ison.

    U.S. Attorney Ison was joined in the announcement by Special Agent in Charge Cheyvoryea Gibson of the Federal Bureau of Investigation and Special Agent in Charge Mario Pinto, of the Department of Health and Human Services, Office of Inspector General (HHS-OIG).
    Charged in the indictment are:
    Dr. Charles Wasson, 70, Orchard Lake, MI Dr. Maurice Potts, 65, Detroit, MI
    Dr. Bruce Kaplan, 83, Commerce Township, MI
    Sharlene Dawson (aka Sharlene Crawford), 55, Detroit, MI Desiree King, 41, Sterling Heights, MI
    Lanise Gortman, 53, Warren, MI Aaron Thomas, 42, Southfield, MI Valecia Logan, 33, Detroit, MI and Antoine Arnold, 38, Mt. Clemens, MI

    The indictment alleges that from June 2021 through September 2024, Sharlene Dawson (aka Sharlene Crawford), owner of P&A Aftercare, located in Southfield, Michigan, hired Drs. Charles Wasson, Maurice Potts, and Bruce Kaplan to issue controlled substance prescriptions for a cadre of “fake” patients, without medical necessity and outside the usual course of professional medical practice, in exchange for cash payments. According to the indictment, the “fake” patients were recruited by Lanise Gortman, Aaron Thomas, Valecia Logan, and Antoine Arnold. These recruiters would fill the prescription at area pharmacies and sell the controlled substances on the street. The indictment further alleges that Desiree King ran the front office at P&A Aftercare and worked closely with the recruiters to facilitate the issuance of the controlled substance prescriptions.
    The primary prescription controlled substances illegally prescribed by the doctors named in the indictment included Schedule II controlled substances Oxycodone, Oxycodone-Acetaminophen (Percocet), and Hydrocodone-Acetaminophen (Norco). While most of the unlawful controlled substance prescriptions were paid for in cash, both controlled and non-controlled

    “maintenance” medications were billed to health care benefit programs by pharmacies. It is also alleged that billings to the Medicare and Medicaid programs for medically unnecessary prescription drug medications and maintenance medications during this conspiracy exceeded
    $20 million.

    The case was investigated by special agents of the Federal Bureau of Investigation and the Department of Health and Human Services, Office of Inspector General, and it is being prosecuted by Assistant United States Attorneys Lisandra Fernandez-Silber and Regina R. McCullough. The Eastern District of Michigan is one of the twelve districts included in the Opioid Fraud Abuse and Detection Unit, a Department of Justice initiative to combat the opioid epidemic.

    An indictment is only a charge and is not evidence of guilt. Each defendant is entitled to a fair trial in which it will be the government’s burden to prove guilt beyond a reasonable doubt.
     

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  • MIL-OSI Security: Farmington Hills Man Sentenced to Eight Years for Stealing Cars From Silverdome

    Source: Federal Bureau of Investigation (FBI) State Crime News

    DETROIT – A Farmington Hills man was sentence to 8 years in prison for conspiring to steal Volkswagen and Audi vehicles from a lot in Pontiac yesterday, announced United States Attorney Dawn N. Ison. The charges stem from an investigation initiated by the Oakland County Sheriff’s Office Auto Theft Unit.

    Ison was joined in the announcement by Cheyvoryea Gibson, Special Agent in Charge of the Detroit Field Office of the Federal Bureau of Investigation, and Sheriff Michael Bouchard of Oakland County.

    In April, after a 13-day trial, a jury convicted Romane Porter, 47, of conspiracy to transport stolen vehicles and transportation of stolen vehicles. The evidence presented during trial showed that for approximately six months in 2017, Porter and co-defendant Daniel Onorati conspired with each other and others to steal approximately 61 recalled Volkswagen and Audi cars that were parked at the site of the former Pontiac Silverdome.

    “This defendant orchestrated a large-scale conspiracy to brazenly steal recalled vehicles and sell them across state lines,” said U.S. Attorney Ison. “This sentence reflects the seriousness with which we address fraud, and the work done to achieve the result in this case further demonstrates the strong collaboration and coordination between our local and federal law enforcement partners.”

    In addition to the 97-month sentence, U.S. District Judge Denise Page Hood ordered Porter to pay

    $683,080 in restitution and to serve three years of supervised release upon release from prison.

    “The sentencing of Romane Porter sends a stark reminder that those individuals who conspire to commit fraud and theft, will face the highest penalties under the law,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “The joint investigative work of the FBI’s Detroit Fraud & Financial Crimes Task Force, the Oakland County Sheriff’s Office Auto Theft unit, and the diligent prosecution from the U.S. Attorney’s Office of the Eastern District of Michigan, disrupted an elaborate theft scheme orchestrated by this bad actor. The FBI in Michigan will continue to investigate and arrest individuals who engage in criminal acts.”

    “I am grateful for the partnership between our Auto Theft Unit, the FBI, and the US Attorney’s Office who brought this organized auto theft activity to a close,” said Sheriff Michael J. Bouchard. “These individuals were bold in their behavior in stealing such a large volume of vehicles from a well-known location. These criminals deserve to be punished to the fullest extent of the law.”

    The case was investigated by agents of the Federal Bureau of Investigation and the Oakland County Sheriff’s Office Auto Theft Unit. The team was also assisted by the Special Investigations Section, Office of Investigative Services of the Michigan Department of State, as well as the Hardin County Sheriff’s Office and the Kentucky State Police. The case was prosecuted by Assistant United States Attorneys Trevor Broad and Louis Meizlish

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  • MIL-OSI Security: One of the Largest Methamphetamine Distributors in New England Sentenced to 23 Years in Prison

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    Defendant believed to be responsible for distributing more than 660 pounds of methamphetamine over the course of six months

    BOSTON – The leader of a nationwide drug trafficking ring has been sentenced in federal court in Boston. During the investigation over 160 pounds of pure methamphetamine, as well as an AK-47, a Glock with no serial number, two loaded Smith & Wesson handguns and over 4,200 rounds of ammunition were seized. An illegal marijuana grow operation with hundreds of marijuana plants was also dismantled.

    Reshat Alkayisi, 63, a Turkish national residing in Covington, R.I., was sentenced on Sept. 17, 2024 by U.S. District Court Judge Nathaniel M. Gorton to 23 years in prison to be followed by five years of supervised release. In April 2024, Alkayisi pleaded guilty to five counts of a second superseding indictment, charging him with conspiracy to distribute and to possess with intent to distribute 500 grams or more of methamphetamine; possession of a firearm in furtherance of a drug trafficking offense; money laundering conspiracy; and two counts of money laundering. 

    “This defendant was one of the largest methamphetamine distributors in New England, whose massive drug operation fueled addiction and devastation across our communities. He is now going to pay a very heavy price for the havoc he wreaked across Massachusetts. This sentencing sends a powerful message to anyone engaged in pumping deadly narcotics onto our streets,” Acting United States Attorney Joshua S. Levy. “As demonstrated by this prosecution, the dedicated prosecutors and law enforcement partners will be relentless in our efforts to disrupt and dismantle drug trafficking operations and ensure that individuals like Mr. Alkayisi are held accountable.”

    “Reshat Alkayisi was the leader of a nationwide drug trafficking organization that pushed massive amounts of methamphetamine onto New England streets, and profited from the pain and misery of others,” said Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division. “Thankfully, this 23-year sentence officially puts his 24/7 operation, protected in part by illegal firearms, including an AK-47, out of business. Operation Ice Cats is an example of how the FBI and our partners are hard at work dismantling dangerous trafficking operations as we work to make our communities safer.”

    “DEA stands committed to keeping highly addictive drugs like methamphetamine off the streets of Massachusetts,” said Acting Special Agent in Charge Stephen Belleau, Drug Enforcement Administration, New England Field Division. “This substantial sentence not only holds Mr. Alkayisi accountable for his crimes but serves as a warning to those traffickers who are contributing to the drug crisis in New England and throughout America. This investigation demonstrates the strength of collaborative law enforcement efforts and our strong partnership with the U.S. Attorney’s Office.”

    In late 2020, Alkayisi was identified as a large-scale methamphetamine trafficker, who distributed multi-pound quantities to distributor customers throughout the New England area. Between October 2020 and April 2021, 12 controlled purchases of methamphetamine were made from the drug trafficking organization—two of which were delivered personally by Alkayisi and one that was negotiated with Alkayisi and delivered by a co-conspirator. 

    Intercepted communications revealed that Alkayisi supplied multiple distributor customers with supplier quantities of pure methamphetamine. Alkayisi also regularly bragged to these distributors about quality of his methamphetamine, saying, “You’re gonna get nice, big crystals,” and “Ur contacts should b happy with the size of product.” Alkayisi also operated a large-scale marijuana grow out of his Rhode Island residence, including while on probation for a state conviction for unlawful marijuana distribution.

    Alkayisi typically charged his distributor customers $5,000 to $6,000 per pound of methamphetamine and utilized multiple methods to conceal the nature of these proceeds. These included paying the bail of his distributors, structuring cash deposits to avoid reporting requirements, utilizing peer-to-peer transfers and purchasing vehicles with cash. Alkayisi also created and utilized a shell company to launder his proceeds and recruited and directed others, including his wife, to launder his drug proceeds for him.

    On June 1, 2021, four packages were seized containing a total of approximately 100 pounds of 100% pure methamphetamine that were picked up on behalf of Alkayisi from a UPS store in Rhode Island. Each of the boxes were addressed to Alkayisi’s shell company, which he used to launder his drug proceeds. 

    On June 25, 2021, another package was seized, destined for Alkayisi that contained approximately 30 pounds of 100% pure methamphetamine. In total, approximately 160 pounds of methamphetamine was seized throughout the investigation from controlled purchases, motor vehicle stops and package seizures.

    During a search of Alkayisi’s residence in Rhode Island, an AK-47 assault rifle, a Glock handgun with no serial number, over 4,200 rounds ammunition and over $23,000 cash were also seized. Additionally, numerous electronics, including a computer that contained a ledger documenting Alkayisi’s methamphetamine sales for January through June of 2021 was seized. Based on the ledger, as well as the seizures, Alkayisi was responsible for over 660 pounds of methamphetamine over the course of six months. Law enforcement also located his large unlawful marijuana grow operation with hundreds of marijuana plants in all stages of production for distribution. 

    Alkayisi is the seventh defendant to be sentenced in the case. All remaining defendants have pleaded guilty and are awaiting sentencing.

    Acting U.S. Attorney Levy, FBI SAC Cohen and DEA Acting SAC Belleau made the announcement. Valuable assistance was provided by the Massachusetts, Rhode Island, New Hampshire and Maine State Police; Massachusetts Department of Correction; Norfolk County Sherriff’s Office; and Concord, Hudson, Peabody, Reading, Watertown and Waltham Police Departments. Assistant U.S. Attorneys Alathea Porter and Katherine Ferguson of the Criminal Division are prosecuting the case.

    This case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

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  • MIL-OSI USA News: U.S.-UAE Joint Leaders’ Statement Dynamic Strategic  Partners

    Source: The White House

    His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, and President Joseph R. Biden Jr. met today at the White House during an official visit of His Highness President Sheikh Mohamed bin Zayed to the United States.  The visit is the first-ever by a President of the United Arab Emirates to Washington and marks the leaders’ fourth bilateral meeting in the Biden-Harris Administration.  The leaders affirmed the enduring U.S.-UAE strategic and defense partnership, bolstered areas of deepening cooperation in advanced technology and investments, and discussed global and regional matters.  The leaders pledged to pursue new opportunities to strengthen their economic and defense partnership; promote peace and stability across the Middle East and wider region; and deliver global leadership on issues of shared importance.  The five decades of U.S.-UAE ties and friendship are rooted in a strong foundation of close collaboration that has underpinned our countries’ prosperity and security. 

    The leaders welcomed the significant progress between the United Arab Emirates and the United States during their tenure through cooperation in building trusted technology ecosystems, the Partnership for Global Infrastructure and Investment (PGI), the U.S.-UAE Partnership for Accelerating Clean Energy (PACE) initiative, and the Economic Policy Dialogue (EPD), all of which serve to uplift economic and trade ties between the two countries. 

    On particular issues of discussion:

    Dynamic Strategic Partnership: Trade and Advanced Technology

    Our countries’ strong foundation of partnership is reflected in our close alignment on key economic objectives and in the excellence of our private sectors that generate more than $40 billion of bilateral trade annually and an access of $26 billion of U.S. exports to the UAE.  The Leaders charted an ambitious course for the United Arab Emirates and the United States to lead global efforts to develop and expand new fields central to the global economy, particularly in advanced technologies and the clean energy required to power Artificial Intelligence.

    They welcomed the partnership between Microsoft and UAE’s Group 42 (G42) through Microsoft’s $1.5 billion investment in April 2024.  This investment is accelerating joint AI development to bring advanced AI and digital infrastructure to countries in the Middle East, Central Asia, and Africa.

    The leaders further welcomed Microsoft and G42’s ongoing digital transformation in Kenya, which will leverage 1GW of geothermal energy to power data-centers to enable the deployment of cloud infrastructure and AI services for the public sector and regulated industries as well as enterprises.  Further, the partnership will support the development of local Large Language Models and the establishment of an East African Innovation Lab.  Additionally, the partnership hopes to encourage international and local connectivity investments, and collaboration with the government of Kenya to enable digital transformation programs across East Africa.

    These initiatives mark the beginning of our partnership and investments in the responsible deployment of advanced technologies, clean energy, and frontier technologies that will be the engine that powers our interconnected world.

    To meet the promise of this transformational moment and harness the potential of leading-edge technologies to improve human welfare globally, President Biden and His Highness President Sheikh Mohamed bin Zayed welcomed the Common Principles for Cooperation on AI, endorsed today by National Security Advisor Jake Sullivan and UAE National Security Advisor Tahnoon bin Zayed, and through which the United States and the United Arab Emirates aim to further strengthen cooperation, develop regulatory frameworks, promote the safe and trusted deployment of critical and emerging technologies, and enable enhanced support for joint private-public sector research and academic exchanges.  

    Building on our collaboration in the field of advanced technology, this partnership incorporates safeguards to protect the national security of both countries, enable trusted investments and entrepreneurship, and facilitate cross-border innovation, while creating jobs and facilitating the protection of advanced U.S. technologies and respect for international principles, best practices, and human rights.  Moving forward, the leaders decided to promote the expansion of relationships among scientific, academic, and research and development communities. 

    Strengthening Critical Infrastructure and Supply Chain Resiliencies

    The leaders reviewed progress on efforts to build a more interconnected, integrated world in committing to secure and resilient supply chains through the Partnership for Global Infrastructure and Investment (PGI). 

    His Highness President Sheikh Mohamed bin Zayed and President Biden discussed progress on the landmark India-Middle East-Europe Economic Corridor (IMEC) launched at the 2023 G20 Leaders’ Summit in New Delhi together with the leaders of India, Saudi Arabia, France, Germany, Italy, and the European Union.  The leaders reaffirmed that the corridor – connecting India to Europe by ship-to-rail connections through the United Arab Emirates, Saudi Arabia, Jordan, Israel, and Europe through Greece – will generate economic growth, incentivize new investments, increase efficiencies and reduce costs, enhance economic unity, generate jobs, lower greenhouse gas emissions, and enable the transformative integration of Asia, Europe, and the Middle East. 

    They underscored that this transformative partnership has the potential to usher in a new era of international connectivity to facilitate global trade, expand reliable access to electricity, facilitate clean energy distribution, and strengthen telecommunication. The two leaders emphasized the importance of joint initiatives to promote a circular economy, reduce waste, facilitate recycling, and advance sustainable practices, underscoring their commitment to innovation for resource efficiency and environmentally responsible growth.

    The leaders also reaffirmed their commitment to continue their efforts with international partners and the private sector to connect the continents to commercial hubs and facilitate the development and export of clean energy; support existing trade and manufacturing synergies; strengthen food security and supply chains; and link energy grids and tele-communication lines through undersea cables to expand access to electricity, enable innovation of advanced clean energy technology, and connect communities to secure and stable internet.

    The leaders additionally discussed the importance of ongoing efforts to cooperate on strategic investments in hard infrastructure and critical minerals-supply chains in Africa and emerging markets globally.  These investments aim to diversify sourcing of critical minerals that are essential components to clean energy and advanced technologies, including batteries, wind turbines, semiconductors, and electric vehicles.  President Biden recognized the United Arab Emirates’ leadership in strategic investments globally to ensure reliable access to critical infrastructure including, ports, mines, and logistics hubs through the Abu Dhabi Investment Authority, the Abu Dhabi Developmental Holding Company, Abu Dhabi Ports, and DP World. 

    Both leaders committed to remain in close touch on future investment opportunities and maintain cooperation on strategic investments.  

    The leaders additionally highlighted that the U.S.–UAE 123 Agreement, which provides a comprehensive framework for peaceful nuclear cooperation based on a mutual commitment to nuclear nonproliferation, is the “gold standard” for securing and propelling the next generation of technologies.

    Partnering to Protect our Planet Through the Clean Energy Transition

    The leaders underscored the importance of U.S.-UAE leadership at COP28, which galvanized world leaders to take action and address the climate crisis.  President Biden thanked His Highness President Sheikh Mohamed bin Zayed for his extraordinary commitment that was central to the groundbreaking outcomes at COP28 in Dubai resulting in the UAE Consensus. 

    The two leaders recognized that this moment represents a unique opportunity to create sustainable and clean energy jobs, revitalize communities, improve quality of life, and power digital infrastructure with renewable energy across both countries and around the globe.  In this context, the two leaders affirmed their shared commitment to protecting our precious planet and securing a sustainable future for humanity through united leadership across various platforms, including the upcoming COP29 and beyond, which will serve to advance climate action and strengthen global partnerships.

    The two leaders expressed their determination to leverage visionary initiatives, including the Partnership for Accelerating Clean Energy (PACE), the Agricultural Innovation Mission for Climate (AIM4C), the First Movers Coalition, the Net Zero Producers Forum, the Global Methane Pledge, Carbon Management Challenge, the Oil and Gas Decarbonization Charter (OGDC), the Industrial Transition Accelerator (ITA), the Global Biofuels Alliance, and Global Flaring and Methane Reduction (GFMR) Trust Fund; and encourage commercial partnerships to decarbonize our energy systems, reduce emissions in pursuit of a net zero economy, and deliver prosperity to future generations. 

    President Biden and His Highness President Sheikh Mohamed bin Zayed reaffirmed their strong commitment to collaborate on sustainability and climate resilience, emphasizing their commitment to addressing global challenges through innovative solutions. The two leaders underscored their joint efforts in advancing agri-tech and vertical farming innovations, key drivers in enhancing food security for future generations. They highlighted ongoing cooperation in humanitarian initiatives aimed at addressing food insecurity in vulnerable regions, particularly through agricultural development and capacity building in climate affected areas. Recognizing the impact of climate change on public health, the leaders emphasized the need to integrate health resilience into comprehensive climate action strategies.

    President Biden also congratulated the United Arab Emirates on its many successes in its two Years of Sustainability (2023-2024), including the recent announcement on co-hosting the next UN Water Conference in 2026 with Senegal, noting the critical importance of accessible and affordable clean water to all; and its significance within various sectors in the clean energy transition, addressing climate change, and the sustainable development agenda.

    Partnership to Accelerate Clean Energy (PACE)

    Under the U.S.-UAE Partnership to Accelerate Clean Energy (PACE) initiative, the United States and the UAE are announcing several initiatives that will continue our efforts to ensure a swift and smooth transition towards clean energy. The United States and United Arab Emirates remain committed to investing together in Africa and working to end energy poverty across sub-Saharan Africa.  Today, the UAE-based Averi Finance and AMEA Power are both private sector partners under the U.S.-led Power Africa Initiative, joining an existing partnership with UAE-based company Phanes. As private sector partners, these firms will be offered tailored assistance from transaction advisors and technical experts and can benefit from services offered by participating U.S. government departments and agencies.

    To support the Power Africa initiative, Averi Finance intends to facilitate $5 billion in investments, build 3GW of power generation projects, construct over 3,000 kilometers of transmission or distribution lines, establish over 500,000 new home and business connections, and aim for a CO2 equivalent reduction or avoidance of 90 million tons.  AMEA Power and Power Africa have recently entered into a partnership to accelerate power projects.  AMEA Power is targeting 5GW of renewable energy capacity in Africa by 2030, and to realize this target, intends to mobilize $5 billion in capital. 

    Additionally, under PACE, ADNOC has announced a 35 percent stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas.  This facility aims to produce up to approximately 900,000 tons of low-carbon ammonia per year, enabling the transition to cleaner fuels in hard-to-abate sectors.  Plynth Energy – a recently established Abu Dhabi government-owned early-stage fund focused on fusion technologies and supply chains – invested in the U.S. company Zap Energy, which plans to build scalable and commercially-viable fusion energy.  This investment will help fund the further development of Zap Energy’s small-format commercial fusion technology. Zap Energy is a participant in the U.S. Department of Energy’s (DOE) Milestone-Based Fusion Development Program, and will receive DOE funding based on reaching development milestones to support the design of a fusion pilot plant.

    Lastly, as two of over 155 participants in the Global Methane Pledge, the U.S. and the UAE will accelerate their respective domestic methane reductions, work together to support countries undertaking methane abatement, and call on others to do the same by advancing methane reduction projects, strengthening methane standards and regulations, addressing methane super emitter events, and identifying appropriate financing for methane reduction.

    Partners in Space Exploration

    As founding nation members of the Artemis Accords, His Highness President Sheikh Mohamed bin Zayed and President Biden reinforced the U.S. and UAE’s groundbreaking cooperation in space, the future of human exploration, and our shared interest in deepening our understanding of the universe. 

    The leaders recalled the role of this partnership in the historic launch of the first Arab probe to Mars, the Hope Probe in 2021, and the resulting and ongoing global scientific collaboration and contribution to the study of Mars’ atmosphere.  This strategic partnership in deep space missions is further exemplified by the UAE Space Agency’s announcement of the Emirates Mission to the Asteroid Belt, the first multi-asteroid tour and landing mission to the main belt, with the partner, Laboratory for Atmospheric and Space Physics at the University of Colorado Boulder.

    The leaders highlighted the January 2024 Mohammed bin Rashid Space Center agreement with NASA for the Center to provide an airlock for Gateway, humanity’s first space station to orbit the Moon supported by NASA’s missions for long-term Moon exploration under the Artemis Program.  The airlock will allow crew and equipment transfers to-and-from the habitable environment of Gateway’s pressurized modules to the vacuum of space.  This agreement will also enable the first Emirati astronaut to fly to the Gateway for joint exploration of the Moon. 

    This cooperation builds on NASA and the UAE’s previous human spaceflight collaboration.  In 2019, Hazaa Al Mansouri became the first Emirati astronaut to fly to space during a visit to the International Space Station (ISS), where he worked with NASA to perform experiments and educational outreach.  A second Emirati astronaut, Sultan Al Neyadi, launched to the ISS in 2023, where he participated in the floating laboratory’s scientific research to advance human knowledge and improve life on Earth.  The leaders welcomed continued training of astronauts, including two Emirati astronaut candidates in training at the Johnson Space Center, as well as ongoing work on Mars research and scientific studies to support mutual exploration goals.

    Sharing the common spirit and ambition of humanity’s journey in space, the leaders reaffirmed the principles of the Artemis Accords to explore and use outer space for peaceful purposes and usher in a new era of exploration, as well as obligations under the Outer Space Treaty, including the requirement that countries not place in orbit around the Earth any objects carrying nuclear weapons or any other kind of weapons of mass destruction.

    Partners in Security and Defense

    His Highness President Sheikh Mohamed and President Biden praised the strong security and defense partnership with the UAE.  President Biden strongly affirmed the United States’ commitment to the United Arab Emirates’ security and territorial defense, and to facilitating its ability to obtain necessary capabilities to defend its people and territory against external threats.  The leaders reaffirmed their commitment to a strong bilateral security and defense relationship and to expanding defense and security cooperation to bolster joint defense capabilities against external threats, including through the Department of Defense’s State Partnership Program.

    The leaders affirmed a shared vision of an interconnected, peaceful, tolerant, and prosperous region as outlined by President Biden during the GCC+3 Summit Meeting in Jeddah, Saudi Arabia, on July 16, 2022.  They reviewed the proud legacy of standing shoulder-to-shoulder, in peace and in conflict, including the UAE’s support for American-led counterterrorism missions since the attacks in New York, Pennsylvania, and Washington on September 11, 2001, to deter threats, de-escalate conflicts, and reduce tensions globally.  Specifically, the leaders recalled the United States and the United Arab Emirates standing alongside each other in the global coalition against Da’esh, and prior conflicts: Somalia, the Balkans, Iraq, Afghanistan, and Libya.

    The leaders reviewed ongoing initiatives and investments in advanced systems that have made the United Arab Emirates one of the most capable U.S. military partners in the region, in addition to a robust schedule of bilateral and multilateral exercises.  They underscored the importance of strengthening efforts to combat regional threats, advance counterterrorism initiatives, reinforce maritime security and counter-piracy efforts, increase security cooperation, and intercept illicit shipments of weaponry and technology. 

    The leaders discussed deepening investment in U.S. defense systems and acknowledged that military-to-military cooperation with the United Arab Emirates’ armed services helps ensure interoperability with the United States through the provision of advanced defense articles and services.  They further decided to explore potential investment in our most advanced defense systems and to maintain regular exchanges to deepen partnership in research and development. 

    The leaders reaffirmed the 2017 Defense Cooperation Agreement, an important step for both countries that underscored their vital and longstanding collaboration in defeating terrorist groups, such as Da’esh and al-Qaida, securing regional stability, and combatting threats against their common interests including terrorist financing.  They underscored the importance of the annual Joint Military Dialogue as the foremost bilateral defense forum for advancing the U.S.-UAE defense partnership, including reviewing shared security interests, as well as discussing strategic objectives for the relationship and challenges in the region, such as maritime security, counter-piracy, counterterrorism cooperation, and domain awareness in the Middle East, the Indian Ocean, and East Africa.  They further noted the recognition by the Security Council in Resolution 2686 that hate speech, racism, racial discrimination, xenophobia, related forms of intolerance, gender discrimination and acts of extremism can contribute to driving the outbreak, escalation and recurrence of conflict.   

    Designation as a Major Defense Partner of the United States

    Acknowledging the U.S. and UAE’s deepening security partnership and cooperation in advanced technology and acquisition, shared interest in preventing conflict and de-escalation, President Biden today recognized the United Arab Emirates as a Major Defense Partner of the United States, joined by only India, to further enhance defense cooperation and security in the Middle East, East Africa, and the Indian Ocean regions.  This unique designation as a Major Defense Partner will allow for unprecedented cooperation through joint training, exercises, and military-to-military collaboration, between the military forces of the United States, the UAE, and India, as well as other common military partners, in furtherance of regional stability.

    Both leaders committed to close and sustained cooperation among our militaries. 

    Partners in a Stable, Integrated, and Prosperous Middle East and Wider Region

    The leaders stressed the importance of reaching a peaceful solution to the dispute over the three islands, Greater Tunb, Lesser Tunb, and Abu Musa, through bilateral negotiations or the International Court of Justice, in accordance with the rules of international law including the UN Charter.

    The leaders discussed persisting and emerging threats to peace and stability in the Middle East and the wider region.  They renewed their commitment to upholding international law, particularly international humanitarian law, work with parties to resolve conflicts and protect civilians, and to provide urgently needed aid to alleviate human suffering.  They reiterated the importance of sustainable and enduring solutions to the security threats in the region, including those posed by non-state terrorist actors.  They discussed the enduring importance of the Abraham Accords and continuing on the path of peace, integration, and prosperity in the region.

    The leaders discussed the war in Gaza. They underscored their commitment to continue working together towards ending the conflict, calling for a lasting and sustainable ceasefire and the release of hostages and detainees in accordance with the United Nations Security Council Resolution (UNSCR) 2735, and affirmed that all sides to the conflict must adhere to their obligations under international humanitarian law. President Biden commended the UAE’s extraordinary humanitarian efforts in Gaza, which have been critical in addressing the humanitarian crisis, including through the launch of a maritime corridor for movement of aid, opening a field hospital in Gaza, and supporting evacuations of wounded civilians and cancer patients.

    The two leaders emphasized the ongoing need for the urgent, unhindered, and sustained delivery of life-saving humanitarian assistance, at a scale commensurate with the growing needs among the civilian population throughout Gaza.  They called on all parties to ensure the safety, security, and sustained access of aid workers to all those in need, and to create the conditions needed to facilitate an effective humanitarian response in Gaza.

    His Highness President Sheikh Mohamed commended the mediation efforts by the United States, along with Egypt and Qatar, to reach a lasting and sustainable ceasefire and hostage release deal to help end the war in Gaza.  His Highness also echoed the principles laid out by President Biden on May 31, 2024, and stressed the importance of building on this proposal in order to create a serious political horizon for negotiation.  To that end, the leaders discussed a path to stabilization and recovery that responds to the humanitarian crisis, establishes law and order, and lays the groundwork for responsible governance.  The leaders expressed their commitment to the two-State solution, wherein a sovereign and contiguous Palestinian state lives side-by-side in peace and security with Israel, as the only way to resolve the Israeli-Palestinian conflict in accordance with the internationally-recognized parameters and the Arab Peace Initiative.  They stressed the need to refrain from all unilateral measures that undermine the two-State solution, and to preserve the historic status quo of Jerusalem’s holy sites, recognizing the special role of the Hashemite Kingdom of Jordan in this regard.

    On the conflict in Sudan, the leaders expressed their deep concern over the tragic impact the violence has had on the Sudanese people and on neighboring countries.  Both leaders expressed alarm at the millions of individuals who have been displaced by the war, the hundreds of thousands experiencing famine, and the atrocities committed by the belligerents against the civilian population.  They stressed that there can be no military solution to the conflict in Sudan and underscored their firm and unwavering position on the imperative for concrete and immediate action to achieve a lasting cessation of hostilities, the return to the political process, and transition to civilian-led governance.

    Both leaders reaffirmed their shared commitment to de-escalate the conflict, alleviate the suffering of the people of Sudan, ensure humanitarian assistance reaches the Sudanese people, and prevent Sudan from attracting transnational terrorist networks once again. Noting their shared concern about the risk of imminent atrocities, particularly as fighting continues in Darfur, they underscored that all parties to the conflict must comply with their obligations under international humanitarian law, and all individuals and groups that commit war crimes must be held accountable.  The leaders emphasized that the priority right now must be the protection of civilians, particularly women, children and the elderly, securing humanitarian pauses in order to scale up and facilitate the movement of humanitarian assistance into the country and across conflict lines, and ensuring the delivery of aid to those in need, especially to the most vulnerable.

    Partners in Cyberspace

    The leaders emphasized that safety and stability in cyberspace is critical for digital economic growth and development, and reaffirmed their commitment to an open, interoperable, secure, and reliable internet, underpinned by the multistakeholder model of internet governance. 

    They committed to deepen cooperation on cybersecurity and to enhance cyber collaboration to protect critical infrastructure, counter malicious cyber activity by state and non-state actors, and noted that the UAE’s significant contributions to the International Counter Ransomware Initiative reflects the strength of our cooperation.  The leaders committed to promote stability in cyberspace based on the applicability of international law including the United Nations Charter, the promotion of voluntary norms of responsible state behavior during peacetime, and the development and implementation of confidence building measures between states. 

    Looking Forward

    The United States and the United Arab Emirates are both entrepreneurial nations, joined together by a relentless focus on the future.  Our aspirations are rooted in a common resolve to pursue innovative partnerships in new fields, including AI, food security, infrastructure investment, and supply chain resilience, even as we continue to strengthen the foundational element of our partnership: our longstanding people-to-people ties.  These connections between our countries drive progress and expand horizons, from clean energy technologies, to AI, defense cooperation, space exploration, and ongoing coordination across priority areas of science, education, and culture.  This first-ever official visit by a President of the United Arab Emirates to the United States sets a new foundation for our countries’ cooperation for decades to come

    ###

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Union Minister of Communications and Development of North Eastern Region Shri Jyotiraditya M. Scindia addresses a press conference in New Delhi today on the significant achievements of the first 100 days of Ministry of Development of North Eastern Region

    Source: Government of India

    Union Minister of Communications and Development of North Eastern Region Shri Jyotiraditya M. Scindia addresses a press conference in New Delhi today on the significant achievements of the first 100 days of Ministry of Development of North Eastern Region

    Increase of around 314% in expenditure from ₹24819 Cr in FY 2014-15 to ₹1,02,749.46 Cr in FY 2023-24 by 54 Central Ministries to NER

    Increase of Around 152% In Budget Allocation for DoNER Ministry From ₹2,332 Cr  (FY 2014-15) To ₹5,892 Cr (FY 2023-24)

    In Comparison To Period 2009-2014, A 384% Increase in Average Annual Budget Allocation  under Railways Totaling ₹9,970 Cr (FY 2023-24). 1,909 Km Increase in Railway Tracks

    In 100 days 6 Projects worth ₹419.13 Cr have been sanctioned including  for establishing  a State Cancer Institute at Itanagar, Arunachal Pradesh under PM-DevINE

    Policy reforms for simplification of Scheme Guidelines and Streaming of release of funds

    Posted On: 23 SEP 2024 9:44PM by PIB Delhi

    Union Minister of Communications and Development of North Eastern Region  Shri JyotiradityaScindia addressed a press conference in New Delhi today on the important initiatives, decisions and achievements of the last ten years and first 100 days  of the third term of Prime Minister Shri Narendra Modi.

    On this occasion,  Union Minister Shri JyotiradityaScindia launched the ‘EkPedMaaKeNaam’ mobile application along with Union MoS for Department of Telecommunications, Dr. Pemmasani Chandra Sekhar. This campaign, launched on World Environment Day, 2024, encourages citizens to plant trees to honour their mothers, promoting nationwide environmental awareness and action. By leveraging technology, this  app empowers individuals to contribute to a greener India, fostering a culture of sustainability and community engagement.

     

     

    Addressing the media persons, Union Minister highlighted   the development activities in North Eastern Region by various Ministries/Department of Government of India. He informed that more than ₹5 lakh Cr  has been allocated in NER under 10% Gross Budgetary Support by 54 Ministries. The expenditure in NER has increased from ₹24819 Cr in FY 2014-15 to ₹1,02,749.46 Cr in FY 2023-24.  There is also 152% increase in Budget allocation of MDoNER from ₹2332 Cr in 2014-25 to Rs.5892 Cr in 2023-24.

     

    He said that during the  first ten years of Modi Government, there is 384% of increase in average Annual Budget Allocation of Railways  totaling ₹9970 Cr in 2023-24.  The Annual commissioning was 66.6 KM/year during 2009-2014 which has increased by 170% to   179.78 Km/Year (2014-23). There is 1,909 Km increase in Railway Tracks.19 Railway projects worth ₹81941 Cr are in different stages of execution.

    Talking about the revolutionary work done by the government in the last 10 years, he also highlighted completion of 46,296 Km Rural Roads under Pradhan Mantri Gram SadakYojana (PMGSY) with an expenditure of ₹47,279 Cr. He made a mention of laying foundation stone and inauguration of many projects in NER  by Hon’ble PM  on 9th March, 2024 including inauguration of Sela Tunnel  for all weather connectivity to Tawang. Increase in number of airports from 9 to 17 (including operationalization of 72 routes under Udan Scheme), increase in Number of National  Waterways from 1 to 20 and an expenditure of ₹21,151 Cr on education  and establishment of 843 new Schools in NER during last ten years was also mentioned by Hon’ble Minister.

    100 Days Achievements:

    • Union Minister said that the during first 100 days of Modi 3.0, MDoNER has sanctioned 6 Projects worth ₹ 419.13 Cr under PM-DevINE, including establishment of State Cancer Institute at Itanagar, Arunachal Pradesh, 3 Projects worth ₹152.6 Cr. under NESIDS (OTRI)including augmentation of Water Supply System at Namsai Township in Arunachal Pradesh and 5 Projects worth ₹ 370.16 Cr under NESIDS (Roads).

    • Union Minister has informed that guidelines of various Schemes of MDoNER have been simplified to jointly consider concept note and DPR of project proposals in one go to reduce the lead time in conceptualization and sanction of projects substantially. Financial and sectoral demarcation among the schemes of MDoNER have been rationalized and issued on 21.08.2024, to prevent duplication of sanction of projects. Funds flow process for projects sanctioned under Schemes of MDoNER/NEC  has been simplified to enable the release of funds for projects in 4 installments only.

    • MDoNER  has empanelled the Third Party Technical Inspection (TPTI) Agencies and Project Quality Monitors (PQMs) through NEDFi for inspection of ongoing projects to  strengthen the monitoring and inspection mechanism of ongoing projects sanctioned under various schemes of MDoNER.

    • Union Minister informed that  for supporting new Start-ups, Manipur Strart-up Venture Fund  with an initial corpus of Rs. 30 Crhas been initiated and two Start-ups  have received in-principle investment commitments from this fund.

    • The Ministry is organizing Ashtalakshmi Mahotsav-2024 from 6th to 8th December, 2024 at Bharat Mandapam, New Delhi to promote rich heritage, handicrafts, handloom, agri-produce and craft tourism of the North Eastern States.

    • North East Science and Technology (NEST) Cluster for innovation ecosystem: The Ministry of DoNER approved NEST on 13.8.2024, North east Science & Technology Cluster (NEST cluster) ecosystem exclusively for the North eastern Region similar to the S&T Cluster of the Office of the Principal Scientific Advisor. 4 Verticals have been approved viz. (i) Innovation Hub on Grassroots Technologies,  (ii) Technology Hub for Artificial Intelligence & Semiconductor (iii) CoE for Innovation in Bamboo based Technology, Entrepreneurial promotion & skill development and Skill Development and (iv) Innovation Centre on Biodegradable, eco-friendly Plastics & Solid-Waste Management. The objective of the NEST cluster is to identify and address the issues and challenges of the people of NER through the technological interventions for the holistic development of North Eastern Region.

    • Launch of North Eastern Region Agri-Commodity e-Connect (NE-RACE) Portal: It is a transformative step for the agricultural sector in North East, aligning with Hon’ble Prime Minister’s vision of ‘Vocal for Local’ and opening global markets to our farmers.The North Eastern Council (NEC) under the Ministry of Development of North Eastern Region (MDoNER) in collaboration with North Eastern Development Finance Corporation Limited (NEDFi) launched on 12th July 2024  a digital initiative called North Eastern Region Agri-Commodity E-Connect (NE-RACE) to provide market linkage for agricultural and horticultural products from the North Eastern Region (NER) in both fresh and processed forms. The NE-RACE digital platform is funded by NEC and is developed and managed by the NEDFi.

    • Development of various Portals – On 22nd July, 2024, a portal was launched for robust monitoring and evaluation of the projects being implemented under various scheme of Government of India’s 54 Ministries/Departments (non-exempted under 10% GBS). The said portal has been developed. All the Ministries have been sensitized through a live demo on 6th September, 2024. This portal will help in robust monitoring and evaluation of the projects being implemented under various scheme of Government of India’s Ministries/Departments. Similarly, a portal has been developed to capture the expenditure being made under the 10% GBS of the 54 non-exempted Ministries/Departments. The expenditure details monitored will be State- wise and scheme-wise by respective Ministries/Departments. The portal will capture expenditure details State wise and scheme wise therefore ensuring effective evaluation and monitoring.

    ***

    MG/PD

    (Release ID: 2058063) Visitor Counter : 31

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Van Hollen, Shaheen, Colleagues Urge FHFA to Implement Stronger Energy Efficiency Standards for New Federally-Backed Homes

    US Senate News:

    Source: United States Senator for Maryland Chris Van Hollen
    September 23, 2024
    Today, U.S. Senators Chris Van Hollen (D-Md.) and Jeanne Shaheen (D-N.H.) were joined by Senators Cory Booker (D-N.J.), Martin Heinrich (D-N.M.), Ed Markey (D-Mass.), Bernie Sanders (I-Vt.), Elizabeth Warren (D-Mass.), and Peter Welch (D-Vt.) in writing to Federal Housing Finance Agency (FHFA) Director Sandra Thompson urging the Agency to set a minimum energy efficiency standard for new homes built using loans backed by government-sponsored enterprises, such as Fannie Mae, Freddie Mac, and Ginnie Mae. In response to a question from Senator Van Hollen during a Senate Banking, Housing, and Urban Affairs Committee hearing earlier this spring, Director Thompson suggested that FHFA would do so this summer – but it has not yet taken such action. In their letter, the Senators ask Director Thompson for an updated timeline for a decision, while calling on FHFA to act swiftly in order to improve home energy efficiency and ultimately save money for American homeowners and renters.
    “We are writing to urge the Federal Housing Finance Agency (FHFA) to phase in a minimum energy efficiency standard for Enterprise-backed mortgages on new homes. Such a standard would save homeowners and renters money and make the housing market more consistent and stable,” the Senators began. “When asked at a hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs last April, you indicated an intention to make a decision about this potential action on or about the end of the second quarter. As we are now rapidly approaching the end of the third quarter, we respectfully request an update on your intended timeline for a decision and for the Enterprises to begin implementation.”
    Outlining the benefits of a minimum energy standard, they wrote, “Aligning new home energy standards with updated model codes will save money for homeowners and renters across the country. HUD and USDA found that the increased initial costs of construction are more than made up for by lower monthly energy costs. […] Beyond these financial benefits, updated codes help save lives by protecting families from the impacts of extreme weather events, particularly utility outages during heat waves and cold snaps. Updated energy codes can also yield better indoor air quality and reduce exposure to pollutants that can have negative health impacts including asthma, heart disease and lung cancer.”
    “This year is an ideal time for FHFA to make these changes. The Bipartisan Infrastructure Law and Inflation Reduction Act provided over $1.2 billion of federal funding to help states and localities update their building codes. Already, multiple state and local governments, as well as HUD and USDA have adopted the updated building codes,” they Senators continued.
    They concluded, “We urge you to move quickly to adopt modern energy standards for new homes utilizing Enterprise-backed mortgages to align with other federally backed housing construction, and ask you for an update on your timeline for taking this action. These standards will support a stable, efficient housing market by reducing wasted energy, improving health outcomes, and lowering costs for both renters and homeowners across the country.”
    This letter is supported by Americans for Financial Reform, Rocky Mountain Institute, and the National Electrical Manufacturers Association.
    The full text of the letter is available here and below.
    Dear Director Thompson:
    We are writing to urge the Federal Housing Finance Agency (FHFA) to phase in a minimum energy efficiency standard for Enterprise-backed mortgages on new homes. Such a standard would save homeowners and renters money and make the housing market more consistent and stable. When asked at a hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs last April, you indicated an intention to make a decision about this potential action on or about the end of the second quarter. As we are now rapidly approaching the end of the third quarter, we respectfully request an update on your intended timeline for a decision and for the Enterprises to begin implementation.
    FHFA has the opportunity to match or exceed the standards recently adopted by the Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture (USDA) for their residential mortgage programs. This action would support consistency and further the expansion of resilient, energy-saving construction practices across the housing market.
    Your authority to take this action is clear from Public Law 110-289, the Housing and Economic Recovery Act of 2008, as well as from other actions FHFA and the government-sponsored enterprises have undertaken in alignment with their missions and obligations. Freddie Mac’s research has found that energy efficiency improvements can reduce risks associated with mortgage-backed securities, in part due to better resale values. Research also suggests that during major economic disruptions, energy efficiency may reduce mortgage defaults.
    Aligning new home energy standards with updated model codes will save money for homeowners and renters across the country. HUD and USDA found that the increased initial costs of construction are more than made up for by lower monthly energy costs. For a typical home purchased with a 30-year mortgage, energy bill savings more than make up for small increases to down payments and monthly mortgage payments. High-performance homebuilders and multifamily property developers in diverse markets have found the incremental up-front costs of at- or above-code performance to be closer to 1% or, in some cases, negative.
    Beyond these financial benefits, updated codes help save lives by protecting families from the impacts of extreme weather events, particularly utility outages during heat waves and cold snaps. Updated energy codes can also yield better indoor air quality and reduce exposure to pollutants that can have negative health impacts including asthma, heart disease and lung cancer.
    This year is an ideal time for FHFA to make these changes. The Bipartisan Infrastructure Law and Inflation Reduction Act provided over $1.2 billion of federal funding to help states and localities update their building codes. Already, multiple state and local governments, as well as HUD and USDA have adopted the updated building codes.
    When energy codes raise the floor on building performance, 45L tax incentives for builders to achieve certifications – such as ENERGY STAR® for Residential New Construction and Zero-Energy Ready Homes (ZERH) – frequently mean that the smartest path for developers is to build to these higher standards. ZERH homes use about 40% less energy than a typical home, opening the door to Greenhouse Gas Reduction Fund financing, green MBS opportunities, and – most importantly – even cleaner air, lower bills, and more secure housing for households nationwide. If FHFA also requires updated building codes, it will reduce or eliminate the need for developers to understand numerous different codes.
    In summary, we urge you to move quickly to adopt modern energy standards for new homes utilizing Enterprise-backed mortgages to align with other federally backed housing construction, and ask you for an update on your timeline for taking this action. These standards will support a stable, efficient housing market by reducing wasted energy, improving health outcomes, and lowering costs for both renters and homeowners across the country.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Advisory Firm Atom Investors, Charged with Recordkeeping Violations, Avoids Civil Penalty Because of Self-Reporting, Substantial Cooperation, and Prompt Remediation

    Source: Securities and Exchange Commission

    The Securities and Exchange Commission today announced charges against Texas-based registered investment adviser Atom Investors LP for its failure to maintain and preserve off-channel communications in violation of the recordkeeping provisions of the federal securities laws. The Commission did not impose a penalty because Atom Investors self-reported the conduct, promptly remediated the violations, and provided substantial cooperation to Commission staff in an investigation of another entity.

    According to the order, in 2021, the Commission staff issued a subpoena to Atom Investors for documents in connection with an investigation into a third party. In responding to the subpoena, Atom Investors discovered that, over a more than three-year period, it had failed to preserve records subject to the recordkeeping requirements of the federal securities laws, including records that were responsive to the Commission staff’s subpoena. This included communications by personnel at senior levels of the firm. Some of these records related to recommendations and advice to purchase or sell securities.

    “This enforcement matter highlights the risk to investors when firms don’t comply with their recordkeeping obligations: because of Atom Investors’s longstanding failures to preserve required communications, including communications by Atom Investors’s senior personnel, we were hampered in our investigation into a third party,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “At the same time, this resolution shows that the full benefits of cooperation are available in recordkeeping matters. Atom Investors’s self-reporting and prompt remedial efforts weighed heavily in the Enforcement Division’s decision to recommend that the Commission not impose a penalty, which the Commission accepted. This resolution should serve as a model for other investment advisors that are not currently in compliance with federal recordkeeping requirements.”

    The SEC’s order finds that Atom Investors violated the recordkeeping provisions of the federal securities laws. Without admitting or denying the SEC’s findings, Atom agreed to cease and desist from further violations of the securities laws and to a censure.

    The SEC’s investigation was conducted by Wendy E. Pearson and Sarah S. Nilson, assisted by Stephen Kam, and supervised by Finola H. Manvelian, all of the Los Angeles Regional Office.

    MIL OSI USA News –

  • MIL-OSI USA: United  States and United Arab Emirates Cooperation on Artificial  Intelligence

    US Senate News:

    Source: The White House
    Building on the common vision of President Joseph R. Biden, Jr. and President H.H. Sheikh Mohamed bin Zayed Al Nahyan to advance safe, secure, and trustworthy artificial intelligence (AI), U.S. Assistant to the President for National Security Affairs Jake Sullivan and UAE National Security Advisor H.H. Sheikh Tahnoon bin Zayed Al Nahyan reaffirmed the shared intention of the United States (U.S.) and the United Arab Emirates (UAE) to promote cooperation in AI and related technologies. This statement also signals our shared commitment to develop a government-to-government memorandum of understanding on AI between the U.S. and the UAE.
    Common Principles for Cooperation
    We recognize the tremendous potential of AI for good, including to accelerate economic growth, transform education and healthcare, create jobs, and drive environmental sustainability. At the same time, we acknowledge the challenges and risks of this emerging technology and the vital importance of safeguards and protections with respect to the most advanced technologies.
    Recognizing the importance for each of our nations to pursue their own national AI and advanced technologies strategies, and in order to fully realize the benefits of AI and technology, the U.S. and the UAE affirm the importance of deepening bilateral ties and strengthening cooperation between our governments, companies, and workforces.
    In particular, we intend to closely collaborate to:
    Advance Safe, Secure, and Trustworthy AI: Foster acceptance of international AI frameworks, principles, and standards to help ensure the responsible and reliable development and use of AI technologies that are explainable and equitable, that safeguard human rights and fundamental freedoms, that promote international norms, best practices, and the interoperability in AI governance.
    Align Regulatory Frameworks to Strengthen Innovation Ecosystems: Further the alignment of regulatory frameworks and rules for AI and related technologies to safeguard national security interests, enable trusted investments and entrepreneurship, and facilitate cross-border innovation, while facilitating protection of advanced technologies and respect for international principles and best practices
    Promote Ethical AI Research and Development: Conduct ethical AI research and development by prioritizing research addressing bias, discrimination, and ensuring fairness in AI algorithms.
    Broadening and Deepening Cooperation in AI Protection and Cybersecurity: Promote an open, interoperable, secure, and reliable cybersecurity environment and cyber incident response strategies that foster efficiency and resilience of critical infrastructure, whilst managing related emerging technology risks.
    Facilitate Opportunities for Trusted Trade and Investment: Support and facilitate bilateral investment and efficient licensing to seize opportunities for developing robust and secure AI infrastructure.
    Talent Development and Exchange: Foster talent development to facilitate knowledge exchange and development between the nations through joint training programs and workshops for AI researchers, engineers and policymakers.
    Promote Clean Energy for the AI Future: Build on our ongoing bilateral cooperation through the U.S.-UAE Partnership for Accelerating Clean Energy (PACE) to meet the energy demands of AI systems with clean energy sources, consistent with our shared commitment to combatting climate change.
    Support AI for Sustainable Development in Developing Countries: Foster inclusive, responsible, and sustainable capacity building with respect to AI and AI infrastructure to address the world’s greatest challenges, and close digital divides, globally, and in particular across the Middle East and North Africa.
    Conclusion
    President Joseph R. Biden, Jr. and President H.H. Sheikh Mohamed bin Zayed Al Nahyan directed relevant officials to develop a U.S.-UAE government-to-government memorandum of understanding to build upon this shared vision overseen by a High-Level Mechanism which includes the appropriate talents and experience to accomplish the task.
    The U.S. and the UAE look forward to deepening collaboration across AI and related technologies to propel their strategic partnership forward, delivering a more prosperous, secure future for their peoples, underpinned by a shared commitment to safe, secure, and trustworthy AI.
    Jake Sullivan                                                                                   U.S. Assistant to the President for National Security Affairs                        
    Tahnoon bin Zayed Al NahyanUAE National Security Advisor

    MIL OSI USA News –

  • MIL-OSI USA: Booker, Merkley, Grassley, Hinson, and Adams Shine Light on Stillbirth Prevention

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker
    WASHINGTON, D.C. – Today, U.S. Senators Cory Booker (D-NJ), Jeff Merkley (D-OR), and Chuck Grassley (R-IA) teamed up with U.S. Representatives Ashley Hinson (R-IA-01) and Alma S. Adams, Ph.D. (D-NC-12) to introduce a bipartisan, bicameral resolution recognizing September 19th as National Stillbirth Prevention Day.
    Earlier this year, the bipartisan Maternal and Child Health Stillbirth Prevention Act—led by Merkley in the Senate and Hinson and Adams in the House—was signed into law by President Biden to help save the lives of mothers and babies across America. With at least 25 percent of stillbirths being potentially preventable, this resolution stresses the need for continued stillbirth prevention activities in the United States.
    “Thousands of families grapple with the unimaginable pain of stillbirths, and, devastatingly, Black women and underserved communities are disproportionately impacted by these tragedies,” Booker said. “By designating September 19 as National Stillbirth Prevention Day, we will help raise awareness, promote research and develop solutions so all mothers and babies, regardless of their background or circumstances, have access to the care and support they deserve.”
    “A single family affected by stillbirth is one too many. Yet this tragedy impacts thousands across America, upending the lives of individuals and families from all walks of life,” Merkley said. “Getting my Maternal and Child Health Stillbirth Prevention Act signed into law was an important first step, but we must do more to reduce the alarming rate of stillbirth, which disproportionately impacts Black, Native Hawaiian or Other Pacific Islander, and American Indian or Alaska Native women. This National Stillbirth Prevention Day we recommit to doing everything we can to end this public health crisis, so no one again ever has to experience the trauma of stillbirth.”
    “Iowa has made strides towards reducing stillbirths in our state. This bipartisan resolution recognizes researchers like we have in Iowa, as well as care providers and advocates. It also reaffirms our goal to improve maternal care resources, particularly in rural areas,” Grassley said. “No mom should know the heartbreak of a stillbirth. I’m glad to be partnering on a number of federal legislative efforts to help target contributing factors and save babies’ lives.”
    “Over 21,000 babies are stillborn in the U.S. each year. This rate is unacceptably high, and we must do more to ensure more women experience healthy pregnancies and have healthy babies. I am proud to lead this bipartisan, bicameral effort to recognize September 19th as National Stillbirth Prevention Day to raise awareness about stillbirth prevention so we can help save more moms and babies,” Hinson said.
    “I was proud to co-lead the Maternal and Child Health Stillbirth Prevention Act and see it pass into law this year, which will increase awareness for families on how to prevent this painful, yet common experience. Today we recommit to ending stillbirth and to giving more families a chance to be whole. This is just the beginning, and I am committed to doing my part on behalf of all of America’s families,” Adams said.
    According to the Centers for Disease Control and Prevention, one out of every 175 U.S. births tragically result in stillbirth—accounting for nearly 21,000 stillbirths a year—more stillbirths annually than the number of babies who pass away during their first year of life. In the last two decades, the stillbirth rate in the United States declined by a negligible 0.4 percent. In a report published by the World Health Organization comparing progress in improving stillbirth rates, the United States ranked 183 out of 195 countries.
    “For the third year in a row, and under Senator Merkley’s leadership, we pause to recognize the crisis of stillbirth in this country and celebrate progress on stillbirth prevention efforts. When Congress recognizes this important day, when buildings and bridges are lit up across the country, and moms and dads make their voices heard through OpEds and sharing their personal stories of loss — progress happens and lives are saved. We mourn the tens of thousands of babies who should be with their families right now and accelerate progress so no other family has to endure the tragedy of stillbirth,” said Emily Price, Healthy Birth Day Inc. CEO.
    In the Senate, the resolution is cosponsored by Senators Angus King (I-ME) and Martin Heinrich (D-NM). Healthy Birth Day Inc., Charles Martin Corvi Fund, Birth and Breastfeeding in Color Inc, American College of Nurse-Midwives, Aaliyah in Action, Yale University Reproductive and Placental Research Unit, Yale University, The Sudden Unexplained Death in Childhood Foundation, Nitamising Gimashkikinaan Our First Medicine Indigenous Perinatal and Lactation Support Circle, Division of Indian Work, Maternal Mental Health Leadership Alliance, 1st Breath, 2 Degrees, Dieudonne Foundation, Jace’s Journey, Start Healing Together, In the Arms Of Jesus Grief Support, Healing Our Hearts Foundation, Matties Memory, Society for Reproductive Investigation, March of Dimes, Measure the Placenta, Nurturing Babyhood N’ Beyond LLC, PUSH for Empowered Pregnancy, March for Moms, Policy Center for Maternal Mental Health, Gifts from Liam, Mera’s Mission, and Kansas Birth Justice Society also endorsed the resolution.
    Previous Efforts
    Last year, Booker reintroduced the Stillbirth Health Improvement and Education (SHINE) for Autumn Act, legislation that aims to reduce the alarmingly high U.S. stillbirth rate. Named after Autumn Joy, a New Jersey baby who was stillborn in 2011, the bill would provide critical resources to states, local public health departments, the Centers for Disease Control and Prevention (CDC), and other related federal agencies to improve data collection and increase education and awareness of stillbirth in the United States.
    The full text of the resolution can be found by clicking here.

    MIL OSI USA News –

  • MIL-OSI USA: Exercise Caution with Crypto Asset Securities: Investor Alert

    Source: Securities and Exchange Commission

    TLDR:  The SEC’s Office of Investor Education and Advocacy continues to urge investors to be cautious if considering an investment involving crypto asset securities.  Investments in crypto asset securities can be exceptionally volatile and speculative, and the platforms where investors buy, sell, borrow, or lend these securities may lack important protections for investors.  The risk of loss for individual investors who participate in transactions involving crypto assets, including crypto asset securities, remains significant.  The only money you should put at risk with any speculative investment is money you can afford to lose entirely.  Investors should understand that:

    1. Those offering crypto asset investments or services may not be complying with applicable law, including federal securities laws.  Under the federal securities laws, a company may not offer or sell securities unless the offering is registered with the SEC or an exemption to registration is available.  Similarly, the law requires parties such as securities broker-dealers, investment advisers, alternative trading systems (ATS), and exchanges to register with the SEC, a state regulator, and/or a self-regulatory organization (SRO), such as FINRA.  Moreover, entities and platforms involved in lending or staking crypto assets may be subject to the federal securities laws. 

    Registration of a securities offering requires the issuer to disclose important information about the company, the offering, and the securities offered to the public.  Unregistered offerings in crypto asset securities may not provide key information that investors need to make informed decisions.  For example, registration typically requires an issuer to include financial statements audited by an independent public accounting firm registered with the Public Company Accounting Oversight Board (PCAOB).  Audited financial statements play an important role in making sure investors are provided the information they need to understand the securities in which they want to invest.  Issuers of unregistered crypto asset securities offerings might not provide audited financial statements, depriving investors of this key information.

    Proof of Reserves is a term crypto asset entities, including trading platforms and/or entities that issue crypto assets securities, use to describe a voluntary method for offering evidence that in the aggregate an entity has sufficient reserve assets to cover what is held for customers and/or accounts at a given point in time. Crypto asset entities may be offering these types of assessments as a way to satisfy customers that their funds are safe and available upon demand.  However, these types of services may not provide any meaningful assurance that these entities hold adequate assets to back their customers’ balances.  Further, crypto asset entities might use these in lieu of audited financial statements in order to obscure and confuse customers about the safety of their assets.  For example, a proof of reserves typically:

    • may only provide a snapshot of what is, for example, held by an entity in certain wallets or accounts, or backing customer assets as of a point-in-time;
    • may not disclose management’s activities during the period between the snapshots (for example, use of customer crypto assets in crypto asset lending or other activities); 
    • does not tell customers the whole story about the entity’s liabilities and, for example, whether the customer has to “stand in line” behind other creditors if the entity fails; and
    • may not offer protection against the entity moving customer assets shortly after a proof of reserves is completed.

    In addition, a proof of reserves is not as rigorous, or as comprehensive, as a financial statement audit and may not provide any level of assurance.  For example, audited financial statements typically require audits of a complete set of financial statements performed by a registered public accounting firm in accordance with PCAOB auditing standards.  With so-called proof of reserves, there are no specific audit requirements for the engagement or the information reported, allowing an entity full discretion to manage the terms of the engagement.  For example:

    • the extent and frequency of assessments performed around customer assets;
    • the determination of the reserves (for example, which wallets and accounts are examined as part of the assessment);
    • the level of assurance provided (for example, reasonable, limited, or no assurance) and the standards applied;  
    • the type of third-party assurance provider engaged (i.e., accountant or non-accountant assurance providers, affiliated or independent); and 
    • whether the results are made public, including the extent and format of the information shared. 

    Investors should be aware that this level of management discretion undermines any suggestion that a proof of reserves offers protections similar to a financial statement audit.  In sum, investors should exercise extreme caution when relying on proof of reserves to conclude that a crypto asset entity has sufficient reserve assets to meet customer liabilities.

    Similarly, registration with the SEC by an entity as a “broker-dealer” and/or “investment adviser” provides important protections for investors.  Some of those benefits include rules around custody of assets, fees, conflicts of interest, standards of conduct, and minimal capital requirements for broker-dealers.  For example, a broker-dealer must comply with custody requirements such as the customer protection rule, which requires broker-dealers to safeguard customer assets and to keep customer assets separate from the firm’s assets – increasing the likelihood that customers’ securities and cash can be returned to them in the event of the broker-dealer’s failure.  In addition, a broker-dealer making recommendations of securities or investment strategies involving securities (including crypto asset securities) to retail customers is subject to Regulation Best Interest, which requires broker-dealers to make recommendations in the retail customers’ best interest, and requires compliance with specific disclosure, care, conflict of interest, and compliance obligations. 

    Recordkeeping and reporting rules require a broker-dealer to make and keep current ledgers reflecting all assets and liabilities.  Moreover, financial responsibility rules require that broker-dealers routinely prepare financial statements.  These books, records, and financial reporting requirements assist securities regulators in examining for compliance with the federal securities laws.  Crypto asset entities not offering these types of protections put investors at risk.  

    ATSs, which are marketplaces for securities, must be registered broker-dealers and members of an SRO, such as FINRA.  In addition to complying with federal securities laws and its SRO’s rules, an ATS must comply with Regulation ATS, which includes filing disclosures with the SEC about the ATS’s operations and securities trading and protecting its users’ trading information.       

    SEC-registered investment advisers that hold or have the ability to obtain possession of their clients’ funds or securities are required to maintain those assets with a qualified custodian, like a bank or broker-dealer.  SEC-registered investment advisers that have “custody” of client funds and securities are also generally required to undergo an annual “surprise examination” in which an independent public accountant verifies the existence of these assets and to make and keep records showing all purchases and sales for each client.  

    Also, unlike SEC-registered entities, crypto asset securities trading platforms or other intermediaries (such as so-called “crypto exchanges”) may offer a combination of services that are typically performed by separate firms that may each be required to be separately registered with the SEC, a state regulator, or a SRO.  The commingling of these functions, exchange, broker-dealer and custodial functions, for example, creates conflicts of interest and risks for investors.  SEC-registered entities are subject to a number of rules to minimize these risks and conflicts of interests, in some cases by separating the functions into legally separate and unaffiliated entities.  Registered broker-dealers, ATSs, and investment advisers are also subject to examination by regulators.  None of the major crypto asset entities is registered with the SEC as a broker-dealer, exchange, or investment adviser—so investors may not get the protections afforded by the rules applicable to these entities.  

    In particular, no crypto asset entity is registered with the SEC as a national securities exchange (like, for example, the New York Stock Exchange or the Nasdaq Stock Market).  And no existing national securities exchange currently trades crypto asset securities.  As a result, investors in crypto asset securities may not benefit from rules that protect against fraud, manipulation, front-running, wash sales, and other misconduct when intermediaries for those products do not comply with the federal securities laws that apply to registered exchanges.

    Investors who hold registered securities with registered broker-dealers also generally benefit from protections offered by the Securities Investor Protection Corporation (SIPC).  Similarly, people who place deposits in banks enjoy insurance, up to a defined limit, provided by the Federal Deposit Insurance Corporation (FDIC).  The National Credit Union Administration (NCUA) insures deposits in federal credit unions.  There are no such protections for accounts that you place with crypto asset entities.    

    In sum, investors in crypto asset securities should understand they may be deprived of key information and other important protections in connection with their investment.  

    2.  Investments in crypto asset securities can be exceptionally risky, and are often volatile.  Over the last year, the crypto asset space has been exceptionally volatile – and a number of major platforms and crypto assets have become insolvent and/or lost value.  Investments in crypto asset securities continue to be subject to significant risk, including:

    • volatility and illiquidity in the crypto asset markets;
    • the potential for the company holding your crypto assets to fail or go bankrupt;
       

      Investors who deposit funds or crypto assets with a crypto asset securities entity might cease to have legal ownership of those assets and might not be able to get those assets back when they want to.  Over the past year, a number of crypto asset entities have faced severe financial difficulties, sometimes resulting in suspending customers’ ability to withdraw their assets.  Some crypto asset entities have entered bankruptcy proceedings, and it is unclear how much of their holdings (if any) customers might be able to recover.  Investors need to be wary of claims that “you always retain ownership of your crypto assets” and “you can withdraw your assets whenever you like.”

    • unpredictability, including that the market for a particular crypto asset security may disappear altogether or the crypto asset security may no longer be tradable anywhere;
    • sometimes highly concentrated and opaque ownership and control structures;
    • enforcement of laws and regulations by federal, state, or foreign governments that may restrict the use and exchange of crypto assets;
    • unauthorized lending or transfers of customers’ crypto asset securities, or halting of customer withdrawals;
    • the inability for an investor to be made whole should fraud, default, or a mistake occur; 
    • technical glitches, hacking, or malware; and
    • lack of investor protections due to crypto asset securities entities not acting in compliance with applicable law.

    3. Fraudsters continue to exploit the rising popularity of crypto assets to lure retail investors into scams, often leading to devastating losses.  Crypto asset securities-related investments continue to be replete with fraud, including bogus coin offerings, Ponzi and pyramid schemes, and outright theft where the project promoter simply disappears with investors’ money.  

    Some promoters use social media to find and entice new investors with testimonials about returns made on deposits and investments, but what is not mentioned is that the promoter is often paying investor withdrawals out of new investor funds – a Ponzi scheme.  Moreover, recovering money from the wrongdoers can be nearly impossible.  In part, that can be because of the anonymity or pseudonymity associated with crypto assets.  However, the SEC and state regulators continue to bring enforcement actions in this space.

    Celebrity endorsements:  It is never a good idea to make an investment decision just because someone famous says a product or service is a good investment.  A celebrity endorsement does not mean that an investment is appropriate for all investors, or even that it is legitimate.  Often, a celebrity is getting paid to promote the investment opportunity, including those involving crypto assets.  Even if a celebrity endorses an investment opportunity, you should consider the potential risks and opportunities to determine whether it is right for you.

    Learn more about investment fraud, including how to spot “red flags” of a scam, in our Investor Bulletin, What You Can Do to Avoid Investment Fraud.
     
    4.    Having an investing plan, as well as understanding your risk tolerance and time horizon, can be critical to your investing success.

    What are the best saving and investment products for you? The answer depends on when you will need the money, your goals, and whether you will be able to sleep at night if you purchase a risky investment (one where you could lose your entire principal). Before making any investment, consider these tips:

    • Create and follow an investment plan.  Do not let short-term emotions about investments disrupt your long-term investment objectives.  If you are considering short-term investments, think about how much of your overall portfolio you should allocate to these types of investments.
    • Pay off credit cards or other high interest debt first.  No investment strategy pays off as well as, or with less risk than, eliminating high interest debt.  
    • Consider the importance of asset allocation and diversification.  Asset allocation involves dividing your investments among different assets, such as stocks, bonds, and cash.  The allocation that works best for you changes at different times in your life, depending on how long you have to invest and your ability to tolerate risk.
    • Understand risk.  All investments have risk.  While some regulated institutions may offer retail investors ways to gain exposure to crypto asset securities, even when using a regulated entity, investors should ask questions and make sure they understand the terms of the investment.  Never invest if you do not understand the product – including the risks involved.

    MIL OSI USA News –

  • MIL-OSI USA: Travel Advisory: RIDOT to Close Portion of Main Road in Tiverton for Culvert Replacement During the Weekend of September 27-30

    Source: US State of Rhode Island

    On Friday, September 27 at 8 p.m., the Rhode Island Department of Transportation (RIDOT) will begin a weekend closure of a portion of Main Road (Route 77) in Tiverton for the rapid replacement of a culvert for Quaket Creek, which runs under the road just south of its intersection with Nanaquaket Road. The road will reopen by 6 a.m. on Monday, September 30.

    During the weekend, motorists will be required to detour using Bulgarmarsh Road (Route 177) to the north of the closure area or East Road (Route 179) south of the closure area to reach Crandall Road (Route 81). RIDOT will post trail blazing detour signage so drivers can easily follow the detour. Motorists should plan additional travel time.

    While the road is closed, RIDOT will demolish the old culvert and install prefabricated box culvert sections and repave the road. This approach avoids three months of lane closures which would be more disruptive to residents and businesses.

    RIDOT may have temporary single-lane alternating traffic patterns at the culvert leading up to the closure and for two weeks after it. The full closure will be limited to the September 27-30 weekend.

    All construction projects are subject to changes in schedule and scope depending on needs, circumstances, findings and weather.

    The replacement of this culvert is made possible by RhodeWorks and the Bipartisan Infrastructure Investment and Jobs Act. RIDOT is committed to bringing Rhode Island’s infrastructure into a state of good repair while respecting the environment and striving to improve it. Learn more at www.ridot.net/RhodeWorks.

    MIL OSI USA News –

  • MIL-OSI USA: What You Need to Know About the End of LIBOR – Investor Bulletin

    Source: Securities and Exchange Commission

    You may have recently read in the financial press about the phase-out of LIBOR.  You may be affected by the transition away from LIBOR if you hold securities, financial instruments or financial products that have exposure to LIBOR.  The SEC’s Office of Investor Education and Advocacy (OIEA) wants to help you understand how the transition away from LIBOR could impact your investments and financial situation, and where you can go for additional information.

    What’s LIBOR?

    U.S.-dollar LIBOR is a benchmark interest rate set by input from a panel of banks.  It has been used to set the interest rate in floating rate, adjustable rate or variable rate instruments or loans, in which the interest rate periodically resets (such as every three months or every year) over the life of the instrument or loan.  LIBOR was used once in over $200 trillion of financial instruments, ranging from sophisticated financial and investment derivatives to bonds, bank loans and consumer products, like adjustable rate mortgages and student loans.

    Replacing LIBOR

    In recent years, however, U.S.-dollar LIBOR is being phased out in response to concerns that the benchmark was being manipulated.  The publication for one-week and two-month U.S.-dollar LIBOR ceased at the end of 2021.  The remaining tenors of U.S.-dollar LIBOR are scheduled to cease publication after June 30, 2023. 

    The end of LIBOR has precipitated the need for an alternative benchmark rate.  In March 2022, Congress enacted the Adjustable Interest Rate (LIBOR) Act.  This Act provides a process and protections for transitioning to an alternative rate in contracts with terms that do not provide for a clear transition.  The Federal Reserve Board adopted a final rule in December 2022 implementing the LIBOR Act and specified benchmarks based on the Secured Overnight Financing Rate (SOFR) as the replacement rates.

    Secured Overnight Financing Rate (SOFR).  SOFR is a broad measure of the cost of borrowing overnight collateralized by U.S. Treasury securities.  It is based on observable transactions in the repurchase market.  The Alternative Reference Rate Committee (ARRC), an industry-led group in which the SEC and other departments and agencies of the U.S. government participate, recommended SOFR as the LIBOR replacement rate.

    What do I need to know?

    Some investments you own, such as mutual funds, ETFs, closed-end funds, business development companies (BDCs), municipal and corporate bonds, and individual stocks, may either be LIBOR-based financial instruments or have exposure to such instruments. 

    For instruments that are subject to the LIBOR Act, the replacement rate will be a SOFR-based rate.  Other LIBOR-based financial instruments that already provide for a clear transition from LIBOR may have other non-SOFR-designated replacement rates, such as the U.S. prime rate. 

    Synthetic U.S.-dollar LIBOR.  The Financial Conduct Authority in the United Kingdom, LIBOR’s regulator, recently required the continued publishing of “synthetic” U.S.-dollar LIBOR for a period of 15 months after June 30, 2023 for use in certain cases to aid in the transition.

    How may I be affected?

    You may be affected by the transition away from LIBOR if you hold securities, financial instruments or financial products that have exposure to LIBOR.

    Municipal, corporate and FHLB bonds.  If you are directly invested in a variable or floating rate municipal, corporate or FHLB bond that relies on LIBOR as a component for the periodic variable rate adjustment, then the cessation of LIBOR will have direct implications for you.  Review any disclosures provided by the issuer of the bond.  You can utilize our EDGAR database to review disclosures by issuers of corporate bonds.  For municipal bonds, you may access information at the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access (EMMA) website.  You can find offering disclosure regarding FHLB bonds on their website.  In addition, it may be worthwhile to have a discussion with your broker or investment adviser about your specific exposure and how the LIBOR transition may affect your specific bond holdings.

    Individual stocks.  Many companies use sophisticated financial and investment instruments and derivatives as a means to manage the company’s financial situation and risk profile.  Many of these instruments and derivatives may incorporate a variable interest rate based on LIBOR. 

    To further understand how a company may be affected by the LIBOR transition, you may review the company’s periodic disclosure in our EDGAR database.  Companies that have material risk exposure to the LIBOR transition should discuss such risks in their annual reports on Form 10-K and quarterly reports on Form 10-Q.  A search for the term “LIBOR” in the document can be a quick way to find the relevant discussions.  The SEC’s Division of Corporation Finance has encouraged public companies and asset-backed securities issuers to keep investors informed about the progress toward risk identification and mitigation, and the anticipated impact on the company, if material, and expects disclosures to evolve as companies provide updates to reflect transition efforts and the broader market and regulatory landscape.    

    Asset-backed securities.  Asset-backed securities are securities whose income payments come from a pool of specific debt obligations, such as mortgages, credit card obligations or car loans.  Mortgage-backed securities (MBSs) issued by Fannie Mae, Freddie Mac and Ginnie Mae are types of asset-backed securities.  New LIBOR-based securities are no longer being issued by these entities, except for certain re-securitizations, which will cease on June 30, 2023.  If you invest in asset-backed securities, then you may want to have a conversation with your broker or investment adviser about how the LIBOR transition may affect your specific holdings of asset-backed securities.  Fannie Mae and Freddie Mac have also prepared frequently asked questions relating to the LIBOR transition that you may want to review.   

    Mutual funds and ETFs.  Mutual funds and ETFs that you own may have invested in individual stocks, municipal bonds, corporate bonds, bank loans and/or securitizations that have risks related to the LIBOR transition.  You along with your broker or investment adviser may want to assess the nature and character of the mutual funds and ETFs you are invested in to determine how much exposure to LIBOR transition risk you have.  Certain types of a mutual funds or ETFs may merit closer review, particularly those investing in companies in the real estate, banking, or insurance industries or specific municipal and corporate bonds, including floating rate debt, and bank loans. 

    You can review a fund’s principal strategies and risk disclosure in its prospectus.  The SEC’s Division of Investment Management has encouraged funds affected by the LIBOR transition to provide investors with tailored risk disclosures that specifically describe the impact of the transition on their holdings.

    Adjustable rate mortgages.  Many adjustable rate mortgages—a mortgage where the interest rate adjusts to the then prevailing market rate after a period of time—are tied to LIBOR as the reference rate.  In 2016, there was an estimated $1.2 trillion in residential mortgages with an interest rate based on LIBOR. 

    If you have an adjustable rate mortgage based on LIBOR, consider consulting with your lender or loan servicer or read the documentation to understand how you may be affected by the LIBOR transition. Read this blog from the Consumer Financial Protection Bureau (CFPB) for more information. 

    Student loans.  Similar to adjustable rate mortgages, student loans can have variable rates based on LIBOR.  If you have a variable rate student loan, consult with your lender or loan servicer or read the documentation to understand how you may be affected by the LIBOR transition.  If you are planning on obtaining a new student loan or refinancing an existing one, consider the LIBOR transition in your decision making.

    Other consumer products.  Other consumer credit products such as credit cards, auto loans and personal loans and lines of credit can also have variable rates based on LIBOR.  You should review the financial products that you hold, particularly those that operate with a variable interest rate, in light of the LIBOR transition.

    Additional Resources

    To learn how the SEC is addressing the LIBOR transition, see the Staff Statement on LIBOR Transition, the Office of Municipal Securities Staff Statement on LIBOR Transition In The Municipal Securities Market, and the Staff Statement on LIBOR Transition—Key Considerations for Market Participants.

    To learn more about adjustable rate mortgages, see the CFPB’s Consumer Handbook on Adjustable Rate Mortgages (CHARM) booklet.

    For additional investor educational information, see the SEC’s website for individual investors, Investor.gov.

    Call OIEA at 1-800-732-0330, ask a question using this online form, or email us at Help@SEC.gov.

    Receive Investor Alerts and Bulletins from OIEA email or RSS feed.  Follow OIEA on Twitter.  Like OIEA on Facebook.

    MIL OSI USA News –

  • MIL-OSI Security: Shenandoah Man Sentenced to Seven Years in Federal Prison for Receipt of Child Pornography

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    COUNCIL BLUFFS, Iowa – A Shenandoah man was sentenced today to seven years in federal prison for receipt of child pornography.

    According to public court documents, Evaristo Hernandez Flores Carnes, 34, uploaded images and videos containing child sex abuse material to a social media application. Law enforcement executed search warrant at Carnes’s residence and seized a cell phone that was later found to contain images and videos of child sex abuse material.

    After completing his term of imprisonment, Carnes will be required to serve a five-year term of supervised release. There is no parole in the federal system.

    United States Attorney Richard D. Westphal of the Southern District of Iowa made the announcement. This case was investigated by the Iowa Division of Criminal Investigation (DCI), DCI Internet Crimes Against Children Task Force, Shenandoah Police Department, and Federal Bureau of Investigations.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc.

    MIL Security OSI –

  • MIL-OSI USA: Speaker Johnson: Congress Has an Obligation to the American People to Secure American Elections

    Source: United States House of Representatives – Representative Mike Johnson (LA-04)

    WASHINGTON — This morning, ahead of the House vote on a six month spending measure to avoid a government shutdown and protect American elections from noncitizen voting, Speaker Johnson joined Fox News’ Fox and Friends and CNBC’s Squawk Box to implore Congressional Democrats to protect American elections, highlight the 2025 GOP economic agenda, and detail plans to expand the investigative scope of the Task Force to Investigate the Assassination of President Trump.

    Click here to watch the full “Fox and Friends” interview

    Click here to watch the full “Squawk Box” interview

    On Congress’s responsibility to protect elections and fund the government:

    Listen, Congress has an immediate obligation to do two very important things. We have to keep the government funded, and we need to make sure that our elections are secure. And we have a vehicle today to do both things, because we owe that to the American people and because they demand it. We’re moving legislation today to have a continuing resolution to keep the government going for six months and to make sure that illegals cannot vote, noncitizens cannot vote in the upcoming election. It’s a number one issue around the country.

    On the GOP plan for economic growth:

    We implement the principles and the policies that we’ve always espoused, and that is less regulation and lower taxes. It’s a pretty simple formula, and it has a great result. So, we want to expand upon the Trump era tax cuts, and we want to do massive regulatory reform. One of the problems we have right now across the free market is that the federal government has been, these agencies have been weaponized against the industries they’re supposed to be assisting and regulating in a meaningful way. Under the Biden-Harris Administration, they have almost smothered the free market. I mean, it’s like the boot of government is on the neck of job creators and entrepreneurs and risk takers who are just trying to do their jobs, and they’ve made it almost impossible. So, we’re going to reverse that.

    If you get Republican leadership in the White House, the Senate and the House, unified government, we will put this thing on turbo. You will see massive regulatory reform. We have a great opportunity. The Supreme Court has overturned a Chevron doctrine. We have all the talk about political tailwinds in a moment of opportunity. That’s what we’ll see in the first quarter of next year, and you’re going to see a lot of change that I think will really incentivize more opportunity, more investment, more American manufacturing, detangle from China, get the border under control and stop the illegal immigration and stop the maddening government spending that’s been out of control for the last four years.

    On expanding the Task Force Investigating the Assassination of Donald Trump:

    I had that conversation with the White House yesterday. I called and demanded that President Trump receive the same level of protection that the sitting president does, because he is under such great threat. I mean, clearly, he’s the most threatened figure in American public life, and the Secret Service has an obligation to protect him, so they need to make every available asset assigned to him right now.

    President Trump and I have talked about this, and now I’ve talked about it with the White House. Now, they say they’re going to be cooperative, but they also say there’s a manpower issue. So, Congress is looking at every aspect of this. If we need to add additional funding, we will, but it’s difficult to go hire 2,500 new secret service agents in the next 48 days, right? So, they’re going to have to rely upon, in some cases, to fill the gaps local and state law enforcement. And so, we’re looking at every aspect. This job must be done. President Trump must be protected. 

    MIL OSI USA News –

  • MIL-OSI USA: Protect Your Thrift Savings Plan (TSP) Account From Fraud — Investor Alert

    Source: Securities and Exchange Commission

    The SEC’s Office of Investor Education and Advocacy (OIEA) and Division of Enforcement Retail Strategy Task Force are providing tips for investors in the Thrift Savings Plan to help protect against fraud.

    Most federal government employees, including military service members, are eligible to participate in The Thrift Savings Plan (TSP), a federal government-sponsored retirement savings and investment plan.  The TSP offers the same type of savings and tax benefits that many private corporations offer their employees under 401(k) plans.  The TSP website (TSP.gov) explains the benefits available to TSP participants.  

    If you have a TSP account, you should be aware of fraudulent schemes aimed at TSP investors. 

    Here are a few ways you can protect your account.

    Be cautious if someone you do not know contacts you and tries to convince you to transfer money out of your TSP account.

    Fraudsters may use scare tactics to convince TSP investors to transfer money out of their TSP accounts and into other accounts controlled by the fraudsters.  In some cases, they may direct investors to transfer money from their TSP accounts into self-directed individual retirement accounts.  To learn more about risks of investing through self-directed IRAs — including fraudulent schemes — read this Investor Alert.

    SEC enforcement action.  In SEC v. Red Rock Secured, LLC et al., the SEC charged defendants for engaging in a fraudulent scheme through which they allegedly persuaded hundreds of TSP and other retirement plan investors to sell their existing securities, to transfer the proceeds into a self-directed IRA (SDIRA) account that the defendants helped to establish, and to invest the proceeds in gold or silver coins sold by the defendants.  According to the SEC’s complaint, investors who held securities in retirement accounts such as TSPs, 401(k)s and IRAs were targeted through numerous email campaigns, digital newsletters and advertisements.  The SEC alleges that investors were provided with false and misleading information, including regarding the markups charged on the coins sold, the value of the coins sold, and stock market performance.  As alleged in the SEC’s complaint, most of the proceeds that investors transferred to SDIRAs to purchase “premium” coins went to pay markups, which significantly depleted the investors’ retirement assets.

    Be suspicious if someone offering you an investment claims to be affiliated with the government, the TSP, or government retirement plans.

    The TSP will not contact federal employees about investment opportunities and does not authorize third parties to provide counseling or investment-related services to anyone.  You can confirm whether a seller is affiliated with a government agency by contacting the agency directly or calling the SEC’s toll-free investor assistance line at (800) 732-0330.  To learn more about fraudsters targeting TSP investors while pretending to be affiliated with the federal government, read this Investor Alert. 

    Protect your TSP account (and personal information) from being compromised.

    The TSP website describes the following three steps as well as other ways you can protect money you’ve invested in your TSP account from fraud:

    1. Make sure the contact information and mailing address on your account are correct.
    2. Protect your username, password, and ThriftLine PIN.
    3. Consider using the account lock feature for extra protection.

    If you believe someone else has your My Account login information, you’ve experienced identity theft, or you receive any message about suspicious activity on your TSP account, contact the ThriftLine Service Center immediately.

    If you suspect securities fraud in connection with your TSP investments, you can report it to the SEC using the SEC’s online TCR system.

    Additional Resources

    Investor Alert: Fraudsters May Target Federal Government Employee Retirement Plan Participants

    Investor Alert: Self-Directed IRAs and the Risk of Fraud

    Military webpage on Investor.gov

    Report possible securities fraud to the SEC online at www.sec.gov/tcr.

    Protect your hard earned money – learn more tips on investing wisely and avoiding fraud at Investor.gov.

    Call the SEC’s Office of Investor Education and Advocacy (OIEA) at 1-800-732-0330, ask a question using this online form, or email OIEA at Help@SEC.gov.  Receive Investor Alerts and Bulletins by email or RSS feed.

    Follow OIEA on Twitter @SEC_Investor_Ed. Like OIEA on Facebook at facebook.com/secinvestoreducation.

    MIL OSI USA News –

  • MIL-OSI USA: Investor Bulletin: SIPC Protection (Part 2: Filing a SIPC Claim)

    Source: Securities and Exchange Commission

    The SEC’s Office of Investor Education and Advocacy and the Securities Investor Protection Corporation (SIPC) are issuing two Investor Bulletins to help educate investors about SIPC protection for brokerage accounts. The first Investor Bulletin (“SIPC Basics”) will provide investors with an overview of how SIPC protection works and what it protects, and the second Investor Bulletin (“Filing a SIPC claim”) will provide investors with an overview for how to file a SIPC claim.

    If you have an investment account at a SIPC member brokerage firm that closes due to bankruptcy or other financial difficulties, here are some steps to take and issues to consider if you need to file a claim for SIPC protection.

    IMPORTANT: THE CLOSURE OF A SIPC-MEMBER BROKERAGE FIRM MAY NOT REQUIRE A PROTECTION PROCEEDING OR THE FILING OF A CLAIM FOR SIPC PROTECTION.  A CLOSED SIPC MEMBER MAY BE ABLE TO TRANSFER ITS CUSTOMER ACCOUNTS TO ANOTHER SIPC-MEMBER BROKERAGE FIRM WITHOUT THE NEED FOR SIPC’S INTERVENTION.  THE APPROPRIATE REGULATORS WILL MONITOR THESE CLOSURES, AND IF SIPC INITIATES A PROTECTION PROCEEDING TO LIQUIDATE A BROKERAGE FIRM, ITS CUSTOMERS WILL BE NOTIFIED OF THE CLAIMS PROCESS.

    Once I have a securities account with a SIPC member, how does SIPC protection work?

    SIPC initiates a customer protection proceeding

    SIPC protection applies only when a brokerage firm is unable to meet its obligations to customers and has been placed in liquidation under the Securities Investor Protection Act of 1970 (SIPA).  SIPC relies upon regulators such as the SEC or the Financial Industry Regulatory Authority (FINRA) to notify SIPC when customers need its protection.

    When SIPC determines that a brokerage firm (1) has failed or is danger of failing to meet its obligations to customers and (2) meets a specified condition such as insolvency or an inability to meet certain financial responsibility guidelines, SIPC will ask a court to place the brokerage firm into liquidation under SIPA for the protection of its customers and appoint a trustee to oversee the liquidation of its brokerage business.  This date usually is considered the “filing date,” which will be used to value the securities in customer accounts.

    Importantly, SIPC also pays the administrative costs of the liquidation, including attorneys’ fees, if the brokerage firm is insolvent.  This means that even if the brokerage firm lacks funds to pay the costs of the liquidation, the trustee can still process claims, distribute customer property, and recover stolen or fraudulently transferred customer property.

    You must file a claim in the liquidation

    The trustee’s primary goal in the liquidation is the prompt return of customer property to customers.  You will be notified of the liquidation and mailed a claim form, and you must file a timely claim with the trustee.  On the claim form, you should describe, as of the filing date, the cash and securities that are owed to you by the brokerage firm and the cash and securities that you owe to the brokerage firm.

    Customer claims are given two deadlines, each calculated from the date of notice of the commencement of the liquidation is published: If you file a claim within the first deadline (set by the court, usually either 30 or 60 days) and request that the trustee return securities custodied with the broker, the trustee must return the securities unless they are unavailable and cannot be purchased in a fair and orderly market. If you file after the first deadline but within a six-month deadline set under SIPA, the trustee has the option of delivering securities or paying the cash value of the securities as of the filing date, depending upon which is more economical.  Claims filed after the six-month deadline will be denied as untimely, and the customer property is forfeited.  Except for very narrow exceptions inapplicable to most customers, this deadline cannot be extended.

    As the customer, you must establish the validity of your claim and your entitlement to assets.  If possible, you should provide any documents that support your claim, including copies of account statements, trade confirmations, and any relevant correspondence with the brokerage firm.  If needed, the trustee may ask you for more information. The trustee will also have access to the brokerage firm’s books and records and in most cases will be able to use those records to determine what you are owed.

    You may also make a claim for unauthorized trading to recover the property which was the subject of the unauthorized trade.  You must support your claim with evidence that the trade was unauthorized, typically in the form of a timely written complaint to your brokerage firm.  Otherwise, you could be deemed to have accepted the trade.

    The trustee satisfies claims

    Brokerage firms, under regulation by the SEC and FINRA, are required to segregate customer property from the brokerage firm’s business. This means that if a brokerage firm fails, all customer property should be intact, separate from the failed business.  If possible, the trustee in a SIPA liquidation will attempt to bulk transfer customer accounts to a new brokerage firm, and you could have access to your account as quickly as within a week.  While this can be accomplished without you filing a claim, you should still do so in case the transfer does not make your account whole.

    The trustee pools the available customer property custodied with the brokerage,  excluding customer name securities, and distributes it to customers with valid claims on a prorated basis.  Securities are valued as of the filing date.  The trustee may also bring legal actions to recover stolen or fraudulently transferred customer property, for further distribution to customers.  Customer name securities are treated separately and are delivered to the customer in whose name they are registered – i.e., not on a prorated basis – provided that the customer is not indebted to the member.

    • To illustrate, suppose you have a valid claim for shares of Company ABC registered in your name worth $300,000, plus $1,000,000 in securities registered in “street” name.  The trustee recovers 75% of the customer property the brokerage firm owes its customers.  The trustee will deliver to you the shares of Company ABC, assuming the shares are in the broker’s custody, plus $750,000 of customer property, either as securities or cash in lieu of securities, depending on the availability of securities and when you filed your claim.  The shortfall of $250,000 will be satisfied by a SIPC advance.

    SIPC may advance up to $500,000 per customer (including a $250,000 limit on cash in the account) for customer protection.  The benefit of this advance is two-fold.  First, the trustee can use it to accelerate the satisfaction of claims while the trustee gathers and recovers customer property.  Second, if the trustee’s prorated distribution of customer property does not fully satisfy your claim, the advance can be used to restore missing property and cover any shortfall.  To illustrate these limits:

    • Customer A has a valid claim for $400,000 in securities and $200,000 in cash.  SIPC will advance $500,000 for this customer’s protection.  The remaining $100,000 may be distributed as part of Customer A’s prorated share of customer property.
    • Customer B has a valid claim for $200,000 in securities and $400,000 in cash.  SIPC can only advance $450,000 for this customer’s protection: $200,000 for securities and the limit of $250,000 for cash.  The remaining $150,000 may be distributed as part of Customer B’s prorated share of customer property.

    If your customer claim is not fully satisfied by the trustee’s prorated distribution of customer property plus the SIPC advance of up to $500,000, then you will become a general creditor.  The unsatisfied portion of your customer claim becomes an unsecured creditor claim against the general estate (i.e., the unsecured business assets, excluding customer property) of the brokerage firm in liquidation.

    What About Excess SIPC Coverage?

    SIPC’s protection is provided under federal law, and it does not offer any way to purchase additional protection.  Brokerage firms, however, may have insurance policies called “excess SIPC coverage” which apply once SIPC protection is exhausted and may partially cover remaining losses.  Excess SIPC coverage is offered by private insurance carriers to brokerage firms and may operate differently than the protections available under SIPA.  SIPC does not maintain information about excess SIPC coverage or monitor or regulate such offerings.  Questions about excess SIPC coverage should be directed to your brokerage firm.

    Additional Resources

    Investor Bulletin: SIPC Protection (Part 1: SIPC Basics) (https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-101)

    SIPC Brochure: How SIPC Protects You (https://www.sipc.org/media/brochures/HowSIPCProtectsYou-English-Web.pdf)

    SIPC Brochure: The Investor’s Guide to Brokerage Firm Liquidations (https://www.sipc.org/media/brochures/Liquidations-Web.pdf)

    Investor.gov Glossary: Securities Investor Protection Corporation (https://www.investor.gov/introduction-investing/investing-basics/glossary/securities-investor-protection-corporation-sipc)

    FINRA Investor Alert: If a Brokerage Firm Closes Its Doors (https://www.finra.org/investors/insights/if-brokerage-firm-closes-its-doors)

    FINRA: Your Rights Under SIPC Protection (https://www.finra.org/investors/need-help/your-rights-under-sipc-protection)

    FDIC: Understanding Deposit Insurance (https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance/index.html)

    For more information regarding SIPC, please visit SIPC’s website (www.sipc.org).  If you have any questions regarding SIPC and the protection that it provides, you can email SIPC at asksipc@sipc.org.

    Visit the SEC’s website for individual investors, Investor.gov.

    Call OIEA at 1-800-732-0330, ask a question using this online form, or email us at Help@SEC.gov.

    Receive Investor Alerts and Bulletins from OIEA by email or RSS feed. Follow OIEA on Twitter. Like OIEA on Facebook.

    MIL OSI USA News –

  • MIL-OSI USA: Investor Bulletin: SIPC Protection (Part 1: SIPC Basics)

    Source: Securities and Exchange Commission

    The SEC’s Office of Investor Education and Advocacy and the Securities Investor Protection Corporation (SIPC) are issuing two Investor Bulletins to help educate investors about SIPC protection for brokerage accounts. The first Investor Bulletin (“SIPC Basics”) will provide investors with an overview of how SIPC protection works and what it protects, and the second Investor Bulletin (“Filing a SIPC claim”) will provide investors with an overview for how to file a SIPC claim.

    What is SIPC protection?

    When you open a brokerage account with a SIPC member brokerage firm, SIPC protection helps address your risk of losing your securities and cash held by the firm if it fails or goes out of business.  If a SIPC member brokerage firm fails, SIPC protects its customers against the loss of securities and cash deposited with the SIPC member firm for the purchase of securities.  SIPC protection advances funds of up to $500,000 per customer (including a $250,000 limit for cash claims) to cover a shortfall in customer property. We will discuss how this protection works in more detail below. 

    Who are SIPC member brokerage firms?

    SIPC member brokerage firms are, with narrow exceptions, all securities broker-dealers registered with the SEC.  SIPC members pay annual membership assessments which are used to fund SIPC and its mission.

    Most registered brokerage firms which conduct business with the investing public are SIPC members. SIPC member brokerage firms must state that they are SIPC members in their offices and on their webpage and advertisements.  The narrow exceptions to SIPC membership include brokerage firms whose exclusive business involves selling specific products, like registered open-end mutual funds or variable annuities.  Brokerage firms that are not SIPC members must disclose this fact to customers before or at the time of conducting any securities transactions in a customer’s account.

    A SIPC member’s affiliate, including a parent company or subsidiary, is a separate legal entity and not a member of SIPC unless independently registered.  Accordingly, customers of a foreign subsidiary of a SIPC member firm are not protected by SIPC if the foreign subsidiary fails.

    SIPC members include both introducing brokers and clearing brokers.  The different broker roles create an important difference in how SIPC protection might apply.  An introducing broker generally is a client-facing brokerage firm which interacts with the customer and takes customer orders.  The clearing broker works on the back end, executing customer trades, holding custody of customer property, and issuing statements and confirmations.  Because SIPC protects against losses caused by the failure of a brokerage firm to maintain custody of customer accounts, the failure of an introducing broker may not require SIPC protection. Customer property should be safely held by the clearing broker, which will usually locate a new introducing broker to service the accounts.

    Who are customers?

    In general, you are a customer if you have an investment account with a SIPC-member brokerage firm or have deposited cash with a SIPC-member brokerage firm, for the purpose of purchasing securities.  You do not need to be a U.S. citizen to qualify as a customer.  SIPC protection of customers with multiple accounts is determined by “separate customer” capacity.

    Some of examples of separate capacities include:

    • An individual account;
    • a joint account;
    • a traditional individual retirement account;
    • a Roth individual retirement account;
    • an account for a trust created under state law;
    • an account for a corporation; and
    • an account held by a guardian for a minor.

    Additional information on separate accounts may be found in SIPC’s Series 100 Rules.

    Each separate capacity is treated as a unique customer and protected up to $500,000 for securities and cash (including a $250,000 limit for cash only). Accounts held in the same capacity are combined for purposes of the SIPC protection limits.  Here are some examples to illustrate how SIPC protection limits apply to investors with multiple accounts:

    Example 1:

    Sally has a brokerage account in her name at her brokerage firm.

    SIPC Protection Limit

    Sally has SIPC protection up to $500,000 for her brokerage account.
    Example 2:

    Tim has two brokerage accounts, each in his name, at the same brokerage firm.

    SIPC Protection Limit

    For purposes of SIPC protection, Tim’s accounts are combined. Tim does not have SIPC protection of $500,000 for each account, but has a total of $500,000 SIPC protection for both accounts.
    Example 3:

    Tim and Sally are married and they have a joint brokerage account, in addition to the individual brokerage accounts they each have at the brokerage firm.

    SIPC Protection Limit

    This joint brokerage account of Tim and Sally would have SIPC protection of $500,000, in addition to the SIPC protections of $500,000 that Sally and Tim have for their individual brokerage accounts discussed in Examples 1 and 2.
    Example 4:

    Tim also has a traditional IRA and a Roth IRA at the same brokerage firm.

    SIPC Protection Limit

    In addition to the other SIPC protections in the above examples, each of these IRA accounts would receive up to $500,000 in SIPC protection.

    What is protected?

    SIPC works to return “customer property,” generally meaning customer securities and related cash held by a SIPC-member brokerage firm.  Protected securities include notes; stocks; Treasuries; bonds; CDs; options on securities; investment company shares such as mutual funds, ETFs, and money market funds; and investment contracts that are registered with the SEC under the Securities Act of 1933.

    A brokerage firm may hold your securities as either “customer name securities” – directly registered in your name in a non-negotiable form – or street name securities – owned by you on the brokerage firm’s books and records but registered in the brokerage firm’s name.  Both customer name and “street” name securities are protected by SIPC, although, as discussed below, the registration method affects how the securities are returned to you. 

    Protected securities do not include commodities (such as gold or silver) or futures contracts, unregistered investment contracts, unregistered limited partnerships, fixed annuity contracts, or most types of crypto assets. For additional information on the types of securities SIPC protects, see SIPC’s “What SIPC Protects” webpage (https://www.sipc.org/for-investors/what-sipc-protects).

    In recent years, certain securities have been issued and/or transferred using blockchain or distributed ledger technology, i.e., a crypto asset security.  At this time, many of the crypto asset securities that have been issued may be investment contracts and very few of them are registered in compliance with the federal securities laws.  As noted above, under SIPA an investment contract must be registered with the Commission under the Securities Act of 1933 in order to be a protected security, regardless of whether it is a crypto asset security.

    Cash held in the account for the purpose of purchasing securities is also protected.  Cash placed in the account solely for the purpose of earning interest, however, is not protected.  Investments in currency, such as foreign exchange trading positions, also are not protected.

    What SIPC Does Not Protect

    SIPC protection works to restore to customers the cash and securities that were in their brokerage account when the SIPC-member brokerage firm failed. SIPC protection:

    • does not protect you against the decline in value of your securities
    • does not protect you against non-custody related fraud or misrepresentations such as being sold worthless stock or other securities. (SIPC protection may apply to the fraudulent transfer of your securities)
    • does not protect against losses due to a broker’s bad investment advice or recommendations for inappropriate investments, or for claims that a broker you authorized to buy or sell securities in your account did so in a way that was inconsistent with your overall investment objectives. 
    • does not provide protection for claims of churning – that your broker engaged in excessive trading to generate commissions.
    • does not protect assets held outside of a SIPC-member brokerage firm, even if such assets are reported on an account statement

    Brokerage firms may offer you different options for managing cash in your account.  SIPC provides protection for two common cash management options: either simply leaving the cash in your brokerage account to invest it or placing it in a money market fund (which qualifies as a security for SIPC protection purposes).  Another option offered by some brokerage firms is a bank sweep program.  In a bank sweep program, your brokerage firm automatically transfers (or “sweeps”) unused cash from your brokerage account into a bank account.  There, the cash is protected under banking laws and may be insured within limits by the Federal Deposit Insurance Corporation (FDIC).  Since cash in a bank sweep program is held outside of the brokerage firm, SIPC would not protect these funds if your brokerage firm fails.

    How do I obtain SIPC protection?

    You become eligible to receive SIPC protection simply by becoming a securities customer of a SIPC member brokerage firm.  You do not need to pay additional fees for SIPC protection.  

    What should I do to protect myself?

    Outside of the liquidation of a SIPC member, SIPC cannot intervene to satisfy claims or offer protection when a brokerage firm is still viable.  SIPC is not a regulator, and it has no authority to investigate active brokerage firms and does not have access to account records.  Accordingly, you should be vigilant and take steps when investing through a brokerage firm to protect yourself and maximize your protection should your brokerage firm be liquidated. 

    First, you should verify that you have invested with a SIPC member brokerage firm.  You can find a list of SIPC members on SIPC’s website (https://www.sipc.org/list-of-members/), and you can research registered brokerage firms using BrokerCheck, a service provided by FINRA (https://brokercheck.finra.org/).  You should further ensure that all deposits or transfers are directed to the SIPC member (or a SIPC-member clearing broker) and not to an individual representative or affiliate.

    You should carefully review your account statements and trade confirmations.  Any discrepancies should be brought promptly to the brokerage firm’s attention in writing.  Of particular importance, you should submit a written complaint to your introducing brokerage firm if you notice any unauthorized trading.  The failure to file a complaint about an unauthorized trade may result in the trade being “ratified” – meaning that you are deemed to have accepted and authorized the trade.  If you have any complaint about your account, you should first contact the brokerage firm and see if it can resolve the complaint.  If not, you should contact the SEC, FINRA, or your state securities regulator, documenting any complaints.

    Additional Resources

    Investor Bulletin: SIPC Protection (Part 2: Filing a SIPC Claim) (https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-102)

    SIPC Brochure: How SIPC Protects You (https://www.sipc.org/media/brochures/HowSIPCProtectsYou-English-Web.pdf)

    SIPC Brochure: The Investor’s Guide to Brokerage Firm Liquidations (https://www.sipc.org/media/brochures/Liquidations-Web.pdf)

    Investor.gov Glossary: Securities Investor Protection Corporation (https://www.investor.gov/introduction-investing/investing-basics/glossary/securities-investor-protection-corporation-sipc)

    FINRA Investor Alert: If a Brokerage Firm Closes Its Doors (https://www.finra.org/investors/insights/if-brokerage-firm-closes-its-doors)

    FINRA: Your Rights Under SIPC Protection (https://www.finra.org/investors/need-help/your-rights-under-sipc-protection)

    FDIC: Understanding Deposit Insurance (https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance/index.html)

    For more information regarding SIPC, please visit SIPC’s website (www.sipc.org).  If you have any questions regarding SIPC and the protection that it provides, you can email SIPC at asksipc@sipc.org.

    Visit the SEC’s website for individual investors, Investor.gov.

    Call OIEA at 1-800-732-0330, ask a question using this online form, or email us at Help@SEC.gov.

    Receive Investor Alerts and Bulletins from OIEA by email or RSS feed. Follow OIEA on Twitter. Like OIEA on Facebook.

    This Investor Alert represents the views of the staff of the Office of Investor Education and Advocacy. It is not a rule, regulation, or statement of the Securities and Exchange Commission (“Commission”). The Commission has neither approved nor disapproved its content. This Alert, like all staff statements, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person.

    MIL OSI USA News –

  • MIL-OSI USA: DoD Commits $500 Million for Women’s Health Research, Supports Better Care for All Women

    Source: United States Department of Defense

    The Department of Defense (DoD) is working to ensure that research conducted across the Department addresses health disparities faced by women, including conditions that affect women uniquely, disproportionately, or differently. As part of the Department’s broader efforts to support the health of women Service members, veterans, and beneficiaries (such as spouses and dependents) to enhance the medical readiness of the force—and consistent with the President’s Executive Order on Advancing Women’s Health Research and Innovation—DoD is publicly announcing a series of new actions and commitments to advance women’s health research by:

    • Spending half a billion dollars each year on women’s health research, primarily through the Congressionally Directed Medical Research Programs (CDMRP);
    • Adopting a new research policy to ensure that women’s health is considered during every step of the research process that will apply to relevant research funded through the CDMRP beginning on October 1, 2024;
    • Standardizing CDMRP and Military Health System Research funding opportunity announcements to encourage applicants to consider research on health areas and conditions that affect women; and
    • Committing DoD’s Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer (STTR) program to increase its investments in supporting innovators and early-stage small businesses engaged in research and development on women’s health.

    These new announcements build on recent work that DoD has already done to advance women’s health research—including the establishment of a joint collaborative to improve women’s health research with the Department of Veterans Affairs (VA), DoD’s new Military Women’s Health Research Program, and the appointment of Dr. Lynette Hamlin as the first-ever dedicated Director of the Military Women’s Health Research Program at the Uniformed Services University of Health Sciences—as well as DoD’s prior investments in women’s health research.

    Investing in women’s health research and evidence-based care is critical to meeting the health care needs of the women served by DoD. The DoD provides medical care to more than 230,000 active-duty Service women, nearly 2 million women military retirees, and to the family members of the active force and of retirees. Compared to men, this population experiences more than twice the rate of conditions in hematological, genitourinary, endocrine, nutrition, and immunity-related disorder categories. Additionally, women’s rates for illness and injury-specific diagnoses, such as those associated with the musculoskeletal system and connective tissue, are more than 1.5 times those of male rates. DoD’s systematic surveillance and research of health conditions among Service women at a population level will bolster treatment options, improve patient care, and support breakthrough technologies and resources for women inside and outside of the military health system. Information on specific DoD policy efforts can be found below.

    Congressionally Directed Medical Research Programs
    CDMRP funds a wide variety of specialized health research areas that affect women, such as Alzheimer’s disease, multiple sclerosis, lupus, orthopedic and musculoskeletal injuries, and various cancers. In Fiscal Year (FY) 2022 and FY 2023, CDMRP funded 751 grants, produced 625 studies, and supported 706 researchers. For FY 2024, depending on the applications received, DoD anticipates investing more CDMRP funding for women’s health research than in previous years. These funds will be used to support research on topics such as rheumatoid arthritis, chronic fatigue, eating disorders, and gynecological cancers.

    In addition to this new commitment, DoD adopted a new policy that will require researchers interested in CDMRP funding to consider sex as a biological variable in study design and analysis. Intentional consideration of biological variables, like sex, in medical research improves our understanding of health and disease in men and women. Under the new policy, CDMRP-funded research must consider the known and potential sex differences in disease prevalence, presentation, and outcomes. Peer and programmatic panels will review applications for how sex as a biological variable is incorporated into the proposed research and data analysis plans.

    This new policy aligns with a similar policy adopted by the National Institutes of Health and will take effect on October 1, 2024. The new policy will apply to applications submitted for FY 2025 CDMRP funding opportunities, contingent on FY 2025 funding for CDMRP-managed programs. White House and DoD officials highlighted this change at DoD’s 2024 Military Health System Research Symposium, the Department’s premier scientific meeting.

    Accounting for Women’s Health Across DoD’s Research Programs and Processes
    DoD has taken action to ensure that women’s health is considered throughout the research application process. For instance, the CDMRP, the Uniformed Services University of Health Sciences (USUHS), and the Military Health System Research Program have all included standardized language in their FY 2024 funding opportunity announcements to encourage research on women’s health, including consideration of sex as a biological variable and its relationship to socioeconomic factors in affecting health outcomes. Additionally, for these programs, DoD has implemented policies to ensure that reviewers consider women’s health when evaluating research proposals, where appropriate.

    Uniformed Services University of Health Sciences
    The USUHS established the Military Women’s Health Research Program (MWHRP) in 2023, under the leadership of Dr. Lynette Hamlin, the program’s inaugural Director. The MWHRP funds $1.67 million in research grants annually, sponsors publications and webinars to share important research findings, and encourages women to participate in the SBIR program and the STTR program. Over the last five years, USUHS has sponsored 76 grants, and produced 32 presentations and 152 publications specific to women’s health research.

    USUHS also established the Military Women’s Health Research Consortium to develop and guide best practices for the clinical care of women in the Military Health System. Recent research focus areas include studying interventions for physical and emotional pain due to uterine fibroids, evaluating treatment options for women with low back pain, and studying the effects of prenatal mental health support.

    Defense Health Program Small Business Innovation Research and Small Business Technology Transfer Programs
    The Defense Health Agency (DHA) SBIR and STTR programs are statutorily required programs established to increase the participation of small businesses in federal research and development. These programs enable DHA to spark the development of future technologies to improve warfighter health and survival. DHA SBIR and STTR revised the DoD Broad Agency Announcement (BAA), the funding mechanism utilized for these programs, to encourage participation in innovation and entrepreneurship by women. Additionally, to enhance investments in applied research and practice focused on women’s health, SBIR and STTR have requested women’s health research topics from stakeholders as part of the FY 2025 BAA development process.

    DoD/VA Women’s Health Research Collaborative
    To further our collaboration and partnership with the VA, the joint DoD/VA Health Executive Committee established a Women’s Health Research Collaborative in 2024, which will explore opportunities to promote joint efforts to advance women’s health research and improve evidence-based care for the women they serve: Service members, veterans, and their spouses, surviving spouses, dependents, and family caregivers. Additionally, the Collaborative will increase coordination with the goal of improving care and care delivery across the lifespan of women Service members, veterans, and other beneficiaries. The Collaborative will also advance research on key women’s health issues and develop a roadmap to close pressing research gaps, including those specifically affecting Service women and women veterans.

    Moreover, the Department ensures our providers are trained in gender-specific care. Through the DoD/VA Women’s Health Working Group, two mini-residencies are held annually to build provider proficiency. The DoD/VA Women’s Musculoskeletal Mini-Residency and DoD/VA Women’s Mental Health Mini-Residency offer health care providers, from both departments, opportunities to learn about the latest research while strengthening skills and knowledge in how to assess, diagnose, and treat women Service members, veterans, and other beneficiaries.

    The DoD/VA also developed a Women’s Midlife Health Concerns Working Group to develop a needs assessment tool that will be deployed to women Service members, veterans, and other beneficiaries to gather their input on their midlife health concerns, including menopause and cardiovascular health. This group will make recommendations and develop tools to build provider proficiency in appropriately assessing and treating midlife health concerns.

    Additional DoD actions to support the health needs of women Service members, retirees, and their eligible family members include the establishment of the Women’s Midlife Telehealth Clinic – the first U.S.-based study examining birth outcomes between births attended by Certified Nurse Midwives and physicians focused on births within the MHS – and the provision of world-class cancer care and translational research at the Murtha Cancer Center at Walter Reed Gynecological Cancer Center of Excellence.

    MIL OSI USA News –

  • MIL-OSI Security: Bangladesh: ICITAP-Developed Host Nation Instructors Continue Self-Initiated Training Efforts for Human Rights

    Source: United States Attorneys General 13

    On June 29, the ICITAP-Bangladesh mission provided an update on the impact of its Human Rights assistance efforts in Bangladesh. Following the completion of an ICITAP-led Human Rights and Dignity course in May 2024, a Host Nation Instructor (HNI) – rank of Superintendent of Police – from the Police Bureau of Investigations (PBI) – Chattogram District, demonstrated his commitment to our INL-funded Human Rights and Host Nation Instructor programs by organizing and completing a day-long Human Rights and Dignity course on June 6, 2024 for personnel assigned within his unit. While attending ICITAP’s course in May, the HNI had expressed his strong appreciation for the information and training provided during this event, further highlighting his strong desire to share what he had learned with his unit members, allowing for opportunities for discussion, sharing of insights, and afford openings for improved policy and procedures. This workshop was carefully designed to explore crucial topics such as international human rights standards, ethical conduct, and professional integrity, with the goal of enhancing officers’ abilities in identifying signs of abuse and reshaping police mindsets. To sculpt this latest effort for his unit, SP Nazmul focused on confronting the significant challenge of human rights violations in law enforcement by highlighting strategies to minimize risks during criminal investigations, highlighting the importance of respecting human rights throughout the entire investigative process, including crime scenes, arrests, victim support, and interviews. This unit-initiated training event, spearheaded by ICITAP’s HNI, proved very successful, with the 17 graduating attendees acknowledging the foundational impact that human rights have in providing effective and fair law enforcement, each pledging to uphold human rights as they continue to carry out their duties going forward.

    MIL Security OSI –

  • MIL-OSI: Habeas Corpus (constitutional challenge, “Amparo”) granted against the Ministry of Energy, Mexico – BERDEJA Y BUTLER CONSULTORES, S.C.

    Source: GlobeNewswire (MIL-OSI)

    Santa Fe, Mexico City, Sept. 23, 2024 (GLOBE NEWSWIRE) —

    Amparo en contra de la Secretaría de Energía, México

    Verfassungsbeschwerde gegen das Energieministerium, Mexiko

    Berdeja y Butler Consultores, S.C. (“the Firm”) has achieved a significant legal victory securing an Amparo against  Mexico’s Ministry of Energy, challenging its Decree imposing maximum tariffs on ‘UVIEs’ -verifiers for conformity in electrical installations to the Mexican Official Standards (“NOMs”), “the Decree”, dated September 5, 2022.

    The Amparo was granted in October 2023 and ratified on 4th July 2024 by the First Collegiate Circuit Court in Administrative Matters Specialising in Economic Competition, Broadcasting & Telecommunications.

    The illegal imposition of maximum rates discouraged the work of the UVIEs, promoted simulation, and generated uncertainty for customers, who, due to the improper actions of the authorities, believed that below-market rates were valid; that is, below the rates formally registered by each UVIE with the Ministry of Economy. In other words, the Ministry of Energy was distorting the market and services provided by the UVIEs, and their economics because they had to judicially defend themselves from the now judged illegal Decree.

    The Decree violates the principles of statement of reasons, foundation -constitutional, conventional, and legal–, legal certainty, free competition, job freedom, efficient economy, and the supremacy of the rule of law by prioritising a public interest artificially constructed by the Decree.

    The granting of the definitive Amparo will generate the following benefits: 1. Recover legal and economic certainty in the UVIE-clients relationship; 2. Remove the distortion of UVIE rates in the relevant market; 3. Eliminate the constraint on the UVIE’s job freedom; 4. Reconfirm that the powers of the Ministry of Energy and the Ministry of Economy are limited; it constrained their arbitrariness; 5. Clarify the difference between the regulated electricity industry and the electricity sector; 6. Enforce the international treaties to which Mexico is a party, as well as Mexico’s Constitution and laws; in summary, the rule of law in Mexico.

    There are key industries that need to be properly defended against legislative changes or acts of authority. These include energy: oil & gas, and clean energies; mining for lithium & open-pit mines; and water, particularly pre-existing or granting of future concessions. When acts or ommisions of public authorities violate human rights, the Constitution is the best defense; however, if it is also violated, Conventional mechanisms for the defense and protection of international investments can be activated.

    The Firm trusts that the next President of Mexico will promote the energy sector and the rule of law, and hopes that the administration of justice will not be adversely affected by any reform to the Judiciary Power. Likewise the Firm will continue working towards legal certainty and regulatory compliance to effectively and efficiently protect its clients’ interests, and the investment attraction of Mexico; otherwise, the Firm is ready to help defending business interests in Mexico.

    Please do not hesitate to contact Carlos Berdeja Prieto, Berdeja y Butler Consultores, S.C., carlos_berdeja@bybconsultores.com; (+52)5554362055, in case any business plan related to Mexico needed to be implemented or defended.

    #Verfassungsrecht #Amparo #ConstitutionalLaw #Energie #Energia #Energy #Mexiko #México #Mexico #JuristischeDienstleistungen #LegalServices #ServiciosLegales #Investitionen #Investments #Inversiones #RegulatorischeCompliance #CumplimientoRegulatrorio #RegulatoryCompliance #WirtschaftlicherWettbewerb #EconomicCompetition #CompetenciaEconomica

    The MIL Network –

  • MIL-OSI: Red Cat Holdings Reports Financial Results for Fiscal First Quarter 2025 and Provides Corporate Update

    Source: GlobeNewswire (MIL-OSI)

    SAN JUAN, Puerto Rico, Sept. 23, 2024 (GLOBE NEWSWIRE) —  Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, reports its financial results for the fiscal first quarter ended July 31, 2024 and provides a corporate update.

    Recent Operational Highlights:

    • Presented drone solutions to high-level officials, at multiple Defense Conferences, including the U.S Marine Corps (Modern Day Marine), domestic and international Special Operations Forces (SOF Week), and European Union and NATO forces at Eurosatory 2024 in Paris, France.
    • Announced development of a new Family of Small ISR and Precision Strike Systems at Eurosatory 2024.
    • Recently closed FlightWave asset purchase agreement.
    • Launched Robotics and Autonomous Systems Industry Consortium called Red Cat Futures Initiative.

    First Quarter 2025 Financial Highlights:

    • Quarterly revenue of $2.8 million, representing 59% year-over-year growth.
    • Ended the quarter with cash of $7.7 million.
    • Guidance of $50-$55 million for calendar year 2025 exclusive of government or NATO programs of record.
    • Record backlog of $13 million.

    “Red Cat continues to see significant global demand and year-over-year growth with a strong pipeline and backlog,” said Jeff Thompson, Red Cat Chairman and Chief Executive Officer. “This is being driven by strong domestic and international adoption and sales across our entire Family of Systems, which now includes the Edge 130 Blue. Our guidance for the upcoming 2025 calendar year of $50 – $55 million will continue our growth trend as we await news around the U.S. Army’s Short-Range Reconnaissance Program of Record and prepare to scale up production capacity.”

    “We are reporting 59% year-over-year growth and $13 million in backlog for the first quarter of fiscal 2025,” stated Leah Lunger, Chief Financial Officer. “Having officially closed the acquisition of FlightWave Aerospace System, we look forward to integrating the Edge 130 Blue into our Family of Systems, which will open new revenue streams and partnership opportunities with companies in our Futures Initiative. We also have significant market potential for NDAA compliant FPV precision strike drones within our innovation roadmap.”

    Conference Call Today

    CEO Jeff Thompson and CFO Leah Lunger will host an earnings conference call at 4:30 p.m. ET on Tuesday, September 23, 2024 to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.

    Interested parties can listen to the conference call by dialing 1-844-413-3977 (within the U.S.) or 1-412-317-1803 (international). Callers should dial in approximately ten minutes prior to the start time and ask to be connected to the Red Cat conference call. Participants can also pre-register for the call using the following link: https://dpregister.com/sreg/10192508/fd6e5cff60

    The conference call will also be available through a live webcast that can be accessed at:
    https://event.choruscall.com/mediaframe/webcast.html?webcastid=TD6F4UVA

    A replay of the webcast will be available until December 22, 2024 and can be accessed through the above link or at www.redcatholdings.com. A telephonic replay will be available until October 7, 2024 by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using access code 2058195.

    About Red Cat, Inc.
    Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a bleeding-edge Family of ISR and Precision Strike Systems including the Teal 2, a small unmanned system offering the highest-resolution thermal imaging in its class, the Edge 130 Blue Tricopter for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities.  Learn more at www.redcat.red.

    Forward Looking Statements
    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

    Contact:

    INVESTORS:
    E-mail: Investors@redcat.red

    NEWS MEDIA:
    Phone: (347) 880-2895
    Email: peter@indicatemedia.com

    RED CAT HOLDINGS
    Condensed Consolidated Balance Sheets
           
        July 31,     April 30,
        2024       2024  
    ASSETS          
               
    Cash and marketable securities $ 7,732,763     $ 6,067,169  
    Accounts receivable, net   681,775       4,361,090  
    Inventory, including deposits   10,667,676       8,610,125  
    Intangible assets including goodwill, net   12,612,560       12,882,939  
    Other   6,260,457       7,473,789  
    Equity method investee   —       5,142,500  
    Note receivable   —       4,000,000  
               
    TOTAL ASSETS $ 37,955,231     $ 48,537,612  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
               
    Accounts payable and accrued expenses $ 3,428,538     $ 2,703,922  
    Debt obligations   599,570       751,570  
    Operating lease liabilities   1,471,589       1,517,590  
    Total liabilities   5,499,697       4,973,082  
               
    Stockholders’ capital   126,002,642       124,690,641  
    Accumulated deficit/comprehensive loss   (93,547,108 )     (81,126,111 )
    Total stockholders’ equity   32,455,534       43,564,530  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 37,955,231     $ 48,537,612  
               
    Condensed Consolidated Statements of Operations      
                     
        Three months ended      
        July 31,       
        2024     2023  
      Revenues $ 2,776,535     $ 1,748,129  
                     
      Cost of goods sold   3,259,926       1,573,464  
                     
      Gross (loss) profit   (483,391 )     174,665  
                     
      Operating Expenses              
      Research and development   1,626,440       1,353,551  
      Sales and marketing   2,041,511       1,288,760  
      General and administrative   3,483,095       2,863,758  
      Impairment loss   93,050       —  
      Total operating expenses   7,244,096       5,506,069  
      Operating loss   (7,727,487 )     (5,331,404 )
                     
      Other expense   4,688,889       262,891  
                     
      Net loss from continuing operations (12,416,376 )     (5,594,295 )
                     
      Loss from discontinued operations   —       (242,573 )
      Net loss $ (12,416,376 )   $ (5,836,868 )
                     
      Loss per share – basic and diluted $ (0.17 )   $ (0.11 )
                     
      Weighted average shares outstanding – basic and diluted   74,500,480       54,935,339  
                     
    Condensed Consolidated Statements of Cash Flows
         
          Three months ended July 31,  
          2024       2023  
    Cash Flows from Operating Activities                
    Net loss from continuing operations   $ (12,416,376 )   $ (5,594,295 )
    Non-cash expenses     6,755,639       1,522,611  
    Changes in operating assets and liabilities     3,312,325       (2,854,385 )
    Net cash used in operating activities     (2,348,412 )     (6,926,069 )
                     
    Cash Flows from Investing Activities                
    Proceeds from sale of equity method investment and note receivable     4,400,000       —  
    Proceeds from sale of marketable securities     —       4,888,399  
    Other     (99,957 )     (5,054 )
    Net cash provided by investing activities     4,300,043       4,883,345  
                     
    Cash Flows from Financing Activities                
    Payments of debt obligations, net     (152,000 )     (137,989 )
    Payments related to employee equity transactions     (134,037 )     (8,520 )
    Net cash used in financing activities     (286,037 )     (146,509 )
                     
    Net cash used in discontinued operations     —       (118,295 )
                     
    Net increase (decrease) in Cash     1,665,594       (2,307,528 )
    Cash, beginning of period     6,067,169       3,260,305  
    Cash, end of period     7,732,763       952,777  
    Less: Cash of discontinued operations     —       (15,021 )
    Cash of continuing operations, end of period     7,732,763       937,756  
    Marketable securities     —       7,922,392  
    Cash of continuing operations and marketable securities   $ 7,732,763     $ 8,860,148  
                     

    The MIL Network –

  • MIL-OSI: Jamf Announces Appointment of David Rudow as Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Sept. 23, 2024 (GLOBE NEWSWIRE) — Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced the appointment of David Rudow to Chief Financial Officer (“CFO”).

    Mr. Rudow will begin employment with Jamf on October 28, 2024, and will succeed Jamf’s current Chief Financial Officer, Ian Goodkind, who is departing to pursue other opportunities, effective November 28, 2024. Goodkind will work closely with Rudow to facilitate a seamless transition. 

    “I want to thank Ian Goodkind for everything he has done for Jamf over the last five years and wish him the best of his future endeavors,” said John Strosahl, CEO, Jamf.

    Rudow is a seasoned financial executive with significant experience in both public and private high-growth technology companies. Rudow joins Jamf from Cover Genius, a global embedded Insurtech company. Prior to that, he was the CFO at Unite Us as well as the CFO of nCino, a fintech SaaS company, where Rudow led nCino’s initial public offering. In addition to his technology enterprise experience, Rudow held several senior level positions over an 18-year period at various investment banking and financial services firms, including Piper Jaffray, J.P. Morgan, and Thrivent Asset Management. Rudow is also a Certified Public Accountant and worked at KPMG and PricewaterhouseCoopers. 

    “David brings a powerful combination of deep financial acumen and public company experience to Jamf,” added Strosahl. “His proven CFO track record and experience in tech will be invaluable as we continue to innovate and drive growth in this rapidly evolving market. His appointment underscores our commitment to excellence and our dedication to driving value for our customers, employees, and shareholders.”

    “I am excited to join the talented team at Jamf and contribute to Jamf’s continued success,” said Rudow. “Jamf has an exceptional culture and is the market leader in helping organizations manage and secure their Apple devices for work. I look forward to contributing to their mission of helping organizations succeed with Apple.”

    Jamf is also reaffirming its previously announced financial outlook for revenue and non-GAAP operating income for the third quarter and full year 2024.

    For the third quarter of 2024, Jamf currently expects:

    • Total revenue of $156.5 to $158.5 million
    • Non-GAAP operating income of $25.5 to $26.5 million

    For the full year 2024, Jamf currently expects:

    • Total revenue of $622.5 to $625.5 million
    • Non-GAAP operating income of $96.0 to $98.0 million

    Jamf plans to report financial results for the third quarter ending September 30, 2024, in early November.

    Non-GAAP Financial Measures
    In addition to our results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), we believe the non-GAAP measure of non-GAAP operating income is useful in evaluating our operating performance. Non-GAAP operating income excludes amortization expense, stock-based compensation expense, foreign currency transaction loss (gain), amortization of debt issuance costs, acquisition-related expense, payroll taxes related to stock-based compensation, system transformation costs, restructuring charges, and extraordinary legal settlements and non-recurring litigation costs. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. The principal limitation of the non-GAAP financial information is that it excludes significant expenses that are required by GAAP to be recorded in our financial statements. In addition, the non-GAAP financial information is subject to inherent limitations as it reflects the exercise of judgment by our management about which expenses are excluded or included in determining the non-GAAP financial information. We strongly encourage investors to review our consolidated financial statements included in our publicly filed reports in their entirety and not rely solely on any single financial measurement or communication.

    Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “can,” “will,” “would,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “forecasts,” “potential,” or “continue,” or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements may involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include, but are not limited to, statements regarding our future financial and operating performance (including our outlook and guidance), the demand for our platform, anticipated impacts of macroeconomic conditions on our business, our expectations regarding business benefits financial impacts from our acquisitions, partnerships, and investments, and our ability to deliver on our long-term strategy, and statements related to the CFO transition.

    The forward-looking statements contained in this press release is also subject to additional risks, uncertainties, and factors, including those more fully described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024 as well as the subsequent periodic and current reports and other filings that we make with the Securities and Exchange Commission from time to time. Moreover, we operate in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release and the accompanying conference call.

    Given these factors, as well as other variables that may affect our operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release and the accompanying conference call relate only to events as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as otherwise required by law.

    About Jamf
    Jamf’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment that is enterprise secure, consumer simple and protects personal privacy. To learn more, visit www.jamf.com.

    Media Contact:
    Kaitlin Shinkle | media@jamf.com

    Investor Contact:
    Jennifer Gaumond | ir@jamf.com

    The MIL Network –

  • MIL-OSI: Nasdaq to Hold Third Quarter 2024 Investor Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Sept. 23, 2024 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) has scheduled its third quarter 2024 financial results announcement.

      Who:   Nasdaq’s CEO, CFO, and additional members of its senior management team
           
      What:   Review Nasdaq’s third quarter 2024 financial results
           
      When:   Thursday, October 24, 2024
          Results Call: 8:00 AM Eastern
           

    Senior management will be available for questions from the investment community following prepared remarks.

    All participants can access the conference via webcast through the Nasdaq Investor Relations website at http://ir.nasdaq.com/.

    Note: The press release and results presentation for the third quarter 2024 results will be posted on the Nasdaq Investor Relations website at http://ir.nasdaq.com/ on Thursday, October 24, 2024 at approximately 7:00 AM Eastern.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Media Relations Contact:

    Nick Eghtessad
    +1.929.996.8894
    Nick.Eghtessad@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network –

  • MIL-OSI: Ellomay Capital Announces Execution of An Agreement for the Sale of Tax Credits of Texas Solar Projects

    Source: GlobeNewswire (MIL-OSI)

    Tel-Aviv, Israel, Sept. 23, 2024 (GLOBE NEWSWIRE) —  Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, Israel and the USA, today announced a key achievement in its U.S. strategic growth plan. The Company has successfully entered into an agreement for the sale and transfer of Investment Tax Credits (ITCs) linked to its Fairfield (13.4 MW), Malakoff (13.92 MW), Mexia (11.1 MW), and Talco (10.5 MW) solar projects, all located in the State of Texas, USA. The agreement was executed with a reputable financial institution, with vast experience in executing tax credit transactions.

    Through this transaction, the Company expects to receive approximately $19 million from the sale of Investment Tax Credits, representing approximately 32% of the expected total portfolio costs. The sale is facilitated under the Inflation Reduction Act’s new transferability provisions, allowing Ellomay to retain 100% of the operating profits from these projects. Funds from the sale of the ITCs generated from a project will be disbursed after such project is placed in service and meets the applicable requirements. The Company expects the Fairfield and Malakoff projects to be placed in service by the end of Q4 2024, and the Mexia and Talco projects to be placed in service by the end of Q2 2025. The agreement includes customary indemnification obligations (for damages not covered by tax insurance policy), including in connection with certain continued eligibility requirements and scope of the ITCs, for which the Company provided a guarantee to the purchaser of the ITCs.

    Ran Fridrich, CEO and a board member of Ellomay, said “The agreement to sell the Investment Tax Credits to an institutional buyer represents a major milestone in the development of Ellomay’s solar portfolio in Texas and underscores the Company’s commitment to expanding its renewable energy presence in the U.S. The Company sees great importance in its ability to sell the ITCs while maintaining the benefits of accelerated depreciation in the Company. The Company believes that additional projects in the pipeline will be able to follow a similar strategy.”

    About Ellomay Capital Ltd.

    Ellomay is an Israeli based company whose shares are listed on the NYSE American and the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay Capital focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

    To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

    • Approximately 335.9 MW of operating photovoltaic power plants in Spain (including a 300 MW photovoltaic plant in owned by Talasol, which is 51% owned by the Company) and approximately 20 MW of operating photovoltaic power plants in Italy;
    • 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
    • Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
    • 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
    • Ellomay Solar Italy Ten SRL that is construction a photovoltaic plant (18 MW) in Italy;
    • Ellomay Solar Italy Four SRL (15.06 MW), Ellomay Solar Italy Five SRL (87.2 MW), Ellomay Solar Italy Seven SRL (54.77 MW), Ellomay Solar Italy Nine SRL (8 MW) and Ellomay Solar Italy Fifteen SRL (10 MW) that are developing photovoltaic projects in Italy that have reached “ready to build” status; and
    • Fairfield Solar Project, LLC (13.44 MW), Malakoff Solar I, LLC (6.96 MW) and Malakoff Solar II, LLC (6.96 MW), that are constructing photovoltaic plants and Mexia Solar I, LLC (5.6 MW), Mexia Solar II, LLC (5.6 MW), and Talco Solar, LLC (10.3 MW), that are developing photovoltaic projects that have reached “ready to build” status, all in the Dallas Metropolitan area, Texas.

    For more information about Ellomay, visit http://www.ellomay.com.

    Information Relating to Forward-Looking Statements

    This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including the delays or failure in placing into service of any or all of the Texas solar facilities, failure to meet the continued eligibility requirements for the ITCs, changes in the markets and economy, changes in electricity prices and demand, continued war and hostilities in Israel and Gaza, regulatory changes, including extension of current or approval of new rules and regulations increasing the operating expenses of manufacturers of renewable energy in Spain, increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Kalia Rubenbach (Weintraub)
    CFO
    Tel: +972 (3) 797-1111
    Email: hilai@ellomay.com

    The MIL Network –

  • MIL-OSI: Greystone Housing Impact Investors LP Announces Broker’s For Sale Listing of Vantage at Hutto

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., Sept. 23, 2024 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced today that Vantage at Hutto, a 288-unit market rate multifamily property located in Hutto, TX (the “Property”), has been publicly listed for sale by Institutional Property Advisors Texas at the direction of the Property-owning entity’s managing member. The Partnership’s non-controlling investment in the Property was originated in November 2020 and the Partnership has contributed equity totaling $11.8 million during construction and stabilization. Construction of the Property was completed in December 2023. The Property reported 89% physical occupancy as of August 31, 2024. If the listing process is consistent with past Vantage property sales and a sale contract is successfully executed, then the Partnership expects the sale of the Property to occur in the first quarter of 2025. Current market volatility and potential future market developments may delay the expected timing of the sale and may negatively impact the final sales price for the Property.

    Consistent with past Vantage property sales, the managing member controls the listing and sales process under the terms of the Property owning entity’s operating agreement (the “Operating Agreement”). The Partnership will be entitled to certain net proceeds upon the successful completion of a sale of the Property in accordance with the Operating Agreement.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    INVESTOR CONTACT:
    Andy Grier
    Senior Vice President
    402-952-1235

    MEDIA CONTACT:
    Karen Marotta
    Greystone
    212-896-9149
    Karen.Marotta@greyco.com

    The MIL Network –

  • MIL-OSI: Jade Power Announces Closing of Non-Brokered Private Placement

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Sept. 23, 2024 (GLOBE NEWSWIRE) — Jade Power Trust (“Jade Power” or the “Trust”) (TSXV:JPWR.H) is pleased to announce that it has closed its non-brokered private placement of 6,666,666 units (the “Units”) at a price of C$0.075 per Unit (the “Offering”).

    Each Unit consists of one trust unit in the capital of the Trust (the “Trust Units”) and one half of one Trust Unit purchase warrant (each a “Warrant”). Each whole Warrant is exercisable for a period of one year from the date of issuance to purchase an additional Trust Unit at a price of C$0.10. Net proceeds of the Offering will be used for working capital and general corporate purposes.

    Closing of the Offering remains subject to receipt of all necessary corporate and regulatory approvals, including the final approval of the NEX Board and the TSX Venture Exchange. All securities issued in connection with the Offering are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

    This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    For further information please contact:

    David Barclay
    Chief Executive Officer
    +1 954-895-7217
    david.barclay@bellsouth.net

    About Jade Power

    The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, was formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. All material information about the Trust may be found under Jade Power’s issuer profile at www.sedarplus.ca.

    Forward-Looking Statements

    This news release contains forward-looking statements within the meaning of securities legislation in the Canada and which are based on the expectations, estimates and projections of management of the parties as of the date of this news release unless otherwise stated. Forward-looking statements are generally identifiable by use of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “could”, “believe”, “plans”, “intends” or the negative of these words or other variations on these words or comparable terminology. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

    Details of the risk factors relating to Jade Power and its business are discussed under the heading “Business Risks and Uncertainties” in the Trust’s annual Management’s Discussion & Analysis for the year ended December 31, 2023, a copy of which is available on Jade Power’s SEDAR+ profile at www.sedarplus.ca. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Jade Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

    Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI: Nano Labs Announces Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    HANGZHOU, China, Sept. 23, 2024 (GLOBE NEWSWIRE) — Nano Labs Ltd (Nasdaq: NA) (“we,” “the Company,” or “Nano Labs”), a leading fabless integrated circuit design company and product solution provider in China, today announced that it will hold its 2024 Annual General Meeting of Shareholders (the “2024 Annual Meeting”) at 10 A.M. on October 23, 2024, Beijing time (10 P.M. on October 22, 2024, U.S. Eastern time) in China Yuangu Hanggang Technology Building, 509 Qianjiang Road, Shangcheng District, Hangzhou, Zhejiang, 310000, People’s Republic of China. The Company has established the close of business on September 27, 2024, Eastern time (the “Record Date”), as the record date for determining shareholders entitled to notice of, and to vote at, the Meeting and any adjournments or postponements thereof. The purpose of the Meeting is:

    (1) to effect a share consolidation of every ten shares with a par value of US$0.0002 each in the Company’s issued and unissued share capital into one share with a par value of US$0.002 (the “Share Consolidation”), so that immediately following the Share Consolidation and the Share Re-designation, the authorized share capital of the Company shall be US$50,000 divided into 25,000,000 ordinary shares of par value of US$0.002 each, comprising (i) 12,141,093 Class A ordinary shares of par value of US$0.002 each, (ii) 2,858,908 Class B ordinary shares of par value of US$0.002 each, and (iii) 9,999,999 shares of a par value of US$0.002 each of such class or classes (however designated) as the board of directors of the Company (the “Directors”) may determine in accordance with the Company’s New M&A (as defined below).

    (2) to amend the Company’s memorandum and articles of association currently in effect (the “Current M&A”) by the adoption of a new memorandum and articles of association to reflect the Share Consolidation (after the amendment, the “New M&A”); and

    (3) to approve the appointment of MaloneBailey, LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024.

    Subject to obtaining the relevant shareholders’ approval at the Meeting, the Share Consolidation will be effective at 5 P.M. on October 29, 2024, U.S. Eastern time, and the Class A ordinary shares are expected to begin trading on a post-Share Consolidation basis on the Nasdaq Capital Market when markets open on the next business trading day under the new CUSIP/ISIN numbers. No fractional shares will be issued in connection with the Share Consolidation. All fractional shares will be rounded up to the whole number of shares. Copies of the notice of the Meeting and the form of proxy are available on the Company’s corporate investor relations website at https://ir.nano.cn.

    About Nano Labs Ltd

    Nano Labs Ltd is a leading fabless integrated circuit (“IC”) design company and product solution provider in China. Nano Labs is committed to the development of high throughput computing (“HTC”) chips, high performance computing (“HPC”) chips, distributed computing and storage solutions, smart network interface cards (“NICs”) vision computing chips and distributed rendering. Nano Labs has built a comprehensive flow processing unit (“FPU”) architecture which offers solution that integrates the features of both HTC and HPC. Nano Lab’s Cuckoo series are one of the first near-memory HTC chips available in the market*. For more information, please visit the Company’s website at: ir.nano.cn.

    *According to an industry report prepared by Frost & Sullivan.

    Forward-Looking Statements

    This report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s plan to appeal the Staff’s determination, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

    For investor inquiries, please contact:

    Nano Labs Ltd
    ir@nano.cn

    Ascent Investor Relations LLC
    Tina Xiao
    Phone: +1-646-932-7242
    Email: investors@ascent-ir.com

    The MIL Network –