|By Marketwired .||
|June 20, 2014 09:30 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/20/14 -- The British Columbia Securities Commission has released a report on its Private Placement Review Program (PPRP), which monitors private companies that raise money in the private placement market. The PPRP has been active since 2010, prior to which there was no formal compliance review program of its kind in Canada.
The report indicates that, for the past several years, more money has been raised in B.C.'s private placement market than in the public markets - from 2010 to 2013, companies reported that they raised $45 billion in BC's private placement market versus $25 billion in the public market. The amount raised in BC's private placement market over this period rises to $79 billion when you include companies from outside of BC.
"The private placement market is critically important to the economic well-being of our province, and the BCSC has demonstrated leadership in regulating this market," said Brenda Leong, Chair and CEO of the BCSC. "In overseeing this market, we want to ensure that companies are playing by the rules, and that investors understand the risks and receive the information they need to make informed investment decisions. If we find evidence of misconduct, we will investigate and take appropriate enforcement action."
The PPRP monitors private placements, reviews selected companies, enforces the rules, and educates market participants. Some of the private placement securities sold to retail investors are high-risk and illiquid, and can result in significant losses.
Since 2010, 2,400 private companies filed exempt distribution reports with the BCSC. After performing a preliminary analysis of all of those reports, staff completed 284 in-depth reviews. Actions taken include:
-- 15 files were referred to Enforcement, and 17 files were referred to other divisions in the BCSC and other securities regulators. Enforcement opened several cases, with one resulting in a BCSC hearing and findings of fraud, illegal distributions and breach of a cease trade order (CTO), and another ending in a settlement where the issuer agreed to pay $10,000 to the BCSC. Several cases are ongoing. -- 42 CTOs were issued. Of these, 21 have since been revoked because the deficiencies identified were addressed. The 21 companies that remain cease-traded have shown no progress in having the cease trade order revoked, were likely higher risk, and are no longer raising money from investors. -- Eight companies completed rescission offers to their investors. -- In April 2012, the BCSC participated with regulators in other Canadian jurisdictions to create and publish guidance around preparing and filing an offering memorandum, and preparing and filing exempt distribution reports.
Additionally, the PPRP has led the BCSC to develop two key initiatives to enhance the surveillance of B.C.'s private placement market, and help companies to stay compliant with capital raising rules:
-- In January 2014, the BCSC launched a private company risk model that supports staff's surveillance efforts. The risk model uses fielded data from all exempt distribution reports since January 2011 together with data from a variety of internal and external databases and analyzes each new exempt distribution report using a set of 38 risk indicators to identify high-risk companies. In the first three months, 50 cases were opened on unregistered finders, as well as five enforcement cases related to issuers. -- In November 2013, BCSC staff launched the Capital Raising for Small Business program. The goal of this program is to reach entrepreneurs who are in the early stages of building a business, and who could unintentionally run afoul of capital raising rules. Staff developed a guide, made a number of presentations to small business groups, and produced a webinar and a video. During the year ended March 31, 2014, staff reached over 100 small businesses live, and thousands online.
Overall, the PPRP revealed that most companies intend to comply with the rules. However, staff found that companies have a poor understanding of the exemptions, do not keep adequate records of their private placements, and use professional advisors who do not have specialized knowledge of the securities industry and the private placement market.
The BCSC's monitoring and regulation of the private placement market through the PPRP, together with its continuing education and outreach efforts, should help to raise the level of understanding and compliance in the private placement market.
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
-- A securities market that is fair and warrants public confidence -- A dynamic and competitive securities industry that provides investment opportunities and access to capital
Learn how to protect yourself and become a more informed investor at www.investright.org.
British Columbia Securities Commission
British Columbia Securities Commission
604-899-6854 or 1-800-373-6393 (toll free)
Platform-as-a-Service (PaaS) is a technology designed to make DevOps easier and allow developers to focus on application development. The PaaS takes care of provisioning, scaling, HA, and other cloud management aspects. Apache Stratos is a PaaS codebase developed in Apache and designed to create a highly productive developer environment while also supporting powerful deployment options. Integration with the Docker platform, CoreOS Linux distribution, and Kubernetes container management system ...
Mar. 2, 2015 07:45 PM EST Reads: 524
As organizations shift toward IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection &E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 16th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships, will disc...
Mar. 2, 2015 07:45 PM EST Reads: 322
Hadoop as a Service (as offered by handful of niche vendors now) is a cloud computing solution that makes medium and large-scale data processing accessible, easy, fast and inexpensive. In his session at Big Data Expo, Kumar Ramamurthy, Vice President and Chief Technologist, EIM & Big Data, at Virtusa, will discuss how this is achieved by eliminating the operational challenges of running Hadoop, so one can focus on business growth. The fragmented Hadoop distribution world and various PaaS soluti...
Mar. 2, 2015 07:30 PM EST Reads: 165
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, will analyze a range of cloud offerings (IaaS, PaaS, SaaS) and discuss the benefits/challenges of migrating to each of...
Mar. 2, 2015 07:30 PM EST Reads: 549
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance...
Mar. 2, 2015 07:30 PM EST Reads: 507
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...
Mar. 2, 2015 07:15 PM EST Reads: 714
The Workspace-as-a-Service (WaaS) market will grow to $6.4B by 2018. In his session at 16th Cloud Expo, Seth Bostock, CEO of IndependenceIT, will begin by walking the audience through the evolution of Workspace as-a-Service, where it is now vs. where it going. To look beyond the desktop we must understand exactly what WaaS is, who the users are, and where it is going in the future. IT departments, ISVs and service providers must look to workflow and automation capabilities to adapt to growing ...
Mar. 2, 2015 07:00 PM EST Reads: 273
VictorOps is making on-call suck less with the only collaborative alert management platform on the market. With easy on-call scheduling management, a real-time incident timeline that gives you contextual relevance around your alerts and powerful reporting features that make post-mortems more effective, VictorOps helps your IT/DevOps team solve problems faster.
Mar. 2, 2015 05:00 PM EST Reads: 1,293
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, will discuss why containers should be paired with new architectural practices such as microservices ra...
Mar. 2, 2015 04:00 PM EST Reads: 1,507
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been ...
Mar. 2, 2015 04:00 PM EST Reads: 1,336
HP and Aruba Networks on Monday announced a definitive agreement for HP to acquire Aruba, a provider of next-generation network access solutions for the mobile enterprise, for $24.67 per share in cash. The equity value of the transaction is approximately $3.0 billion, and net of cash and debt approximately $2.7 billion. Both companies' boards of directors have approved the deal. "Enterprises are facing a mobile-first world and are looking for solutions that help them transition legacy investme...
Mar. 2, 2015 04:00 PM EST Reads: 696
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
Mar. 2, 2015 03:15 PM EST Reads: 1,443
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
Mar. 2, 2015 02:00 PM EST Reads: 1,415
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Mar. 2, 2015 01:45 PM EST Reads: 1,283
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
Mar. 2, 2015 01:15 PM EST Reads: 1,207