Thursday, October 1, The San Juan Daily Star

Size: px
Start display at page:

Download "Thursday, October 1, 2015. The San Juan Daily Star"

Transcription

1 2 Thursday, October 1, 2015 The San Juan Daily Star

2 GOOD MORNING The San Juan Daily Star, the only paper with 3 October 1, 2015 News Service in English in Puerto Rico, publishes 7 days a week, with a Monday, Tuesday, Wednesday and Thursday edi on, along with a Weekend Edi on to cover Friday, Saturday and Sunday. Report Highlights Pervasiveness of Corruption Across PR Sectors Local Mainland Business Interna onal Viewpoint Cinema Movies INDEX No cias en Español Legal No ces Sports Games Horoscope Cartoons By EVA LLORENS VELEZ llorenseva4@gmail.com Corruption has become so widespread and commonplace that there are thousands of people in Puerto Rico engaged in corrupt acts, according to a Civil Rights Commission report. Corruption is closely related to civil rights because it is anchored to a number of activities that affect government coffers and services to the people, according to the report titled Human Rights and Corruption that was entrusted to attorney Víctor Rivera Hernández, former representative Víctor García San Inocencio and the late former Police Superintendent Pedro Toledo, who died several years ago. Since the study began in 2009, Puerto Rico has been shaken by acts of corruption including the case of former Sen. Jorge de Castro Font and revelations about schemes involving the private sector, federal arrests of officials who use the U.S. mail to facilitate the entry of weapons and drugs, the arrests of some 100 police officers for protecting drug traffickers, the arrests of more than 500 residents in Lares for committing insurance fraud, as well as allegations of corruption against mayors, public officials and government contractors. The repeatability, frequency, variety and amount of corruption-generating news is only one side in approaching this phenomenon, the report by the Civil Rights Commission says. Some of these practices come not only from public officials, but also from citizens. Here are two shocking statistics: Almost half of the money collected for the sales and use tax is not remitted by businesses to the Treasury Department. More than 200,000 consumers do not pay their water bills because their water meters are buried or illegally connected. The report describes corruption as a dysfunctional activity that affects the individual and the people as a whole. Despite all efforts, strategies, policies and legislation against corruption, the problem has not diminished in Puerto Rico. That is why there is a public perception of corruption as one of the most serious problems facing the commonwealth and its institutions. Among the findings contained in the report were the following: 1. There is a lack of knowledge in much of the population on human rights. 2. There are repeated instances of corruption that also involve the commission of crimes involving hundreds of thousands of people. 3. Those working in public service do not understand the relationship between human rights and corruption. 4. There is a stagnation or inaction of governmental bodies responsible for governmental programs to prevent corruption. 5. There is a climate of indifference and everyday acceptance of the phenomenon of corruption. 6. The entities in charge of dealing with corruption lack a structural unit and operate independently. Víctor García San Inocencio 7. The remarkable growth of government over the past three decades may have affected the supervisory activity of the bodies responsible for handling corruption. 8. The operation of two legal systems and two administrative systems within the governmental framework complicates the problem. 9. The expansion of agencies and programs that increased the size of government in the past half century also increased the areas of opportunity for corrupt individuals. 10. The unrestricted increase in the number of governmental-private projects and their budgets have created large areas of opportunity for corruption. 11. There is a growing and established practice of political investment. 12. Current law has opened the doors for businesses to participate in elections through political action committees. 13. The rising cost of political campaigns, together with their unrestricted length, contributes to the problem. 14. Citizen participation in democratic governance is extremely weak in our current governmental organization. 15. The audit of the operation, management of public resources, and effectiveness of and compliance with governmental programs lacks citizen participation to monitor the problem. 16. The operation of supervisory bodies lacks integration and innovation. 17. Public corporations have become entities subject to the sway of partisan politics. 18. Government ethics is not a guiding reality in government. 19. In an effort to improve the control and combat the scourge of corruption in government, a refined sensibility that would strengthen the instruments without infringing on human rights is necessary. 20. The government must establish preventive measures necessary to effectively deal with corruption. Continues on page 4 S

3 4 Thursday, October 1, 2015 The San Juan Daily Star From page It is necessary to strengthen and reinforce the investigation of government corruption. 22. Authorities must seek the cooperation of accomplices in corruption cases. 23. Reporting corrupt acts carries risk. Officials should strengthen the protective measures for whistleblowers. 24. Impunity is a breeding ground for illicit activity. Measures should be taken to destroy the notion that the system favors or is indifferent to corruption. 25. The government should rely on education to help promote public integrity. 26. Public policy regarding the prevention and fight against the phenomenon of corruption should be reviewed continuously. The 300-page report devotes three quarters of its pages to a list of recommendations that include creating an entity to deal with the problem, a mechanism to reward people who denounce corrupt acts and special courtrooms to deal with cases of corruption. Report Warns Against Uniform Application of Federal Tax Rules Across Territories By EVA LLORENS VELEZ llorenseva4@gmail.com A report prepared by the Senate Joint Committee on Taxation warns against applying federal tax rules uniformly across the territories or to reflect the principle that the territories are like states. The report was prepared for the Senate Finance Committee ahead of Tuesday s hearings to evaluate Puerto Rico s fiscal challenges. The report, Federal Tax Laws and Issues related to the Commonwealth of Puerto Rico, a copy of which was obtained by the STAR, tried to answer questions related to the federal tax rules application to Puerto Rico and the other territories, in particular whether the application should be uniform across the territories and whether the application should be based on a single principle such as state treatment or foreign country treatment. The report also discussed whether U.S. bilateral income treaties should in any cases include the territories in their scope. Statehood advocate Gregorio Igartua, meanwhile, wrote to the Senate Committee to inform Chairman Orrin Hatch that Puerto Rico has been so incorporated, and/or so assimilated, to the U.S. since 1898 that it is practically like a state. We pay more than $3.5 billion dollars annually to the U.S. Treasury, Igartua said. Congressional withholding of the Statehood Gregorio Igartua Act [from] Puerto Rico has deprived us of federal grants in an amount between 10 and 15 billion dollars annually, that amounts to 150 to 200 billion dollars since the year The report says U.S. tax rules applicable to the territories could be modified so that the rules as a whole reflect the principle that the territories are like states, or the principle that the territories are like foreign countries. It is not clear, however, whether either of those principles or another principle would be an improvement over present law, the report says. Territories are much poorer than states, and their economies are different from the economies of states. These observations may argue against an overarching principle of treating the territories as states. They do not, however, necessarily favor the principle of treating the territories as foreign countries. The economies of the territories differ from the economies of both the states and some foreign countries. The federal government has an interest in the welfare of territory residents that contrasts with the federal government s stance toward residents of other countries, the report points out. Given these considerations, and given the unique histories of the U.S. territories relationships with the United States, it is understandable that neither foreign country treatment nor U.S. state treatment -- nor any other single principle -- underlies the U.S. federal tax regime for the territories, the committee said. Income tax arrangements between the United States and the U.S. territories are broadly divided into mirror Code and non-mirror Code systems. Federal law requires Guam, the Northern Mariana Islands, and the U.S. Virgin Islands to have mirror Code tax systems under which the income tax laws in force in the United States also are in force in Guam, the Northern Mariana Islands, and the U.S. Virgin Islands. These mirror Code systems include certain single filing requirements under which, for example, bona fide residents of those three territories generally file income tax returns with the territory. By contrast, federal law does not require that the income tax laws in force in the United States also be in force in American Samoa and Puerto Rico. Consequently, American Samoa and Puerto Rico have their own tax systems. In contrast with a bona fide resident of Guam, the Northern Mariana Islands or the U.S. Virgin Islands, a bona fide resident of American Samoa or Puerto Rico is not automatically entitled to file an income tax return only with the American Samoa or Puerto Rico government. American Samoa-source income of a bona fide American Samoa resident and Puerto Ricosource income of a bona fide Puerto Rico resident, however, is generally exempt from U.S. income tax. The variation might be viewed as appropriately reflecting different historical, economic, legal, and political considerations among the territories, the report says. As a recent example, it might be argued that the expiration of the possession tax credit, which had been allowed for activities in any possession, would have disproportionately affected economic activity in American Samoa and Puerto Rico had the special temporary rules described above not been enacted for those territories. The mirror and non-mirror Code arrangements between the United States and the territories represent resolutions of a particular issue in the historical relationships of the territories and U.S. governments and are part of an overall legal structure for the territories. Moreover, the economies of the territories differ greatly from one another, and these differences could be considered to justify differences in taxation, the report says. On the other hand, States of the United States differ from one another in their economic, historical, and political circumstances, but the U.S. federal tax rules for the most part do not explicitly distinguish among the states. Moreover, uniform treatment of the territories might be expected to reduce aggregate administrative and compliance costs. This result, though, might depend on the particular sort of uniformity adopted. The report does not support extending U.S. income tax treaties to the territories.

4 The San Juan Daily Star Thursday, October 1, Economic Census Data Indicates Higher IVU Capture Rate By The STAR Staff The island sales and use tax s level of capture is about 83 percent, when considering both exempt sectors and government procurements, the Census Information Center (CIC) at the Institute for Interdisciplinary Research of the University of Puerto Rico in Cayey has reported. The percentage is based on 2012 Economic Census data on retail sales published this week. The finding indicates that the sales and use tax (IVU by its Spanish acronym) collection rate is not as low as the 58 percent alleged by certain sectors, or as high when considering exempt sectors and procurements. A survey that overestimated the level of retail sales to calculate IVU evasion was being used, said José Caraballo Cueto, director of the only CIC in Puerto Rico, according to Inter News. He said the advantage of the Economic Census is that, like any census, it has a much lower error margin than any survey. This again highlights the importance of improving Puerto Rico s statistics, Caraballo Cueto said. Some efforts have already been made but many more are needed. José Caraballo Cueto Caraballo Cueto said that if the estimate of the retail sales report is used, and the IVU-exempt sectors are not excluded, such as medicine in pharmacies, gasoline and government purchases, IVU evasion would be at around 42 percent, representing a 58 percent capture rate. However, the CIC director said that using the new Economic Census data, and considering the exempt sectors, such as gasoline and medicine, evasion is much lower, at around 17 percent. Thus the capture rate would rise to 83 percent. This means that Treasury did not receive the charged IVU of 18 cents on each dollar sold by merchants. This is equivalent to evasion, or loss in revenue, for Treasury of about $245 million in 2012, the CIC director said. Although this represents a much lower figure than the previously estimate of about $819 million. Caraballo Cueto added that a control mechanism that could be functional would be to assist merchants in being able to charge with electronic cards, since cash transactions are difficult to monitor.

5 6 Thursday, October 1, 2015 The San Juan Daily Star Aponte Sets Sights on Serving Again as House Speaker By MARIA MIRANDA SIERRA New Progressive Party (NPP) Rep. José Aponte, who was appointed by party president Pedro Pierluisi at the beginning of 2014 to be the NPP secretary general, aspires to be the House speaker once again in 2017, a post he held from 2005 to 2009, during the administration of then-gov. Aníbal Acevedo Vilá. Acevedo Vilá s four-year term was a difficult one for all politicians in leadership posts due to the differences in political affiliation defining the government. That is when the island s economic recession set in and Puerto Rico elected a shared government, with Acevedo Vilá from the Popular Democratic Party, then-resident Commissioner Luis Fortuño from the NPP and NPP majorities in the House and Senate. Aponte, who fully supports Pierluisi s aspirations to be the NPP candidate for governor, told the STAR that when Pierluisi, who also is serving his second term as resident commissioner, asked him to take on the task of secretary general, he informed the party president that when we win the 2016 general elections I intend to once again become the House Speaker. When he [Pierluisi] asked me to be secretary general, I said I had no problem with running the party s processes and that when the time came I would be aspiring for re-election as a representative and would eventually vie for the House speaker seat, Aponte told the STAR. Aponte said he opted to make his intentions public now, because the filing period for candidacies is getting close. But still, we have to win the primary elections next summer, and then the general elections next November. After the general elections, I vow to become House speaker again with Pedro Pierluisi as the next elected governor, he added. He said that if Pierluisi wins the NPP primary against gubernatorial hopeful Ricardo Rosselló Nevares and then the general elections against Gov. Alejandro García Padilla, who is running for reelection, one of the first steps he will take as House speaker is making sure the government continues operating with the same budget inherited from the previous fiscal year. He said he intends to continue running government operations under that same budget for the four-year term or longer, it all depends if and when the island s economic recovery gets underway. That is what we did under the Aníbal Acevedo Vilá administration, we approved the same budget inherited from the previous Sila Calderón administration, Aponte said. Because the fiscal situation back then, although not as bad as now, was still a dire one, so we passed the same budget from the previous administration and that is what we will do again in the next four-year term. He said that even though they passed the same budget back in 2005 through 2009, during difficult fiscal and economic times, the House staff worked under better conditions, with salary hikes, higher Christmas bonus checks and better working conditions, all without affecting public funds. We have the experience to address difficult situations -- having run the ship under a shared government -- and taking into account how the next administration will be under an even worse fiscal economic situation than the current one is in, Aponte said. We have the capacity to work with all of this and will begin to address legislation together with the Senate to begin eliminating and or reducing taxes imposed by the García Padilla administration. In addition, he said he will work together with Pierluisi on the NPP president s number one priority, which is the status issue and getting the status admission process started in the U.S. Congress. Aponte added that as House speaker he will not pressure, sanction, threaten, or take away committees or budgets from lawmakers who don t agree with 100 percent of the NPP proposals or legislation, but instead will give them their space and freedom to think differently. What this administration has done to its own members, to its own lawmakers, defies description, he said. Everyone has the right to a difference of opinion, and for that they should not be sanctioned, or have committees taken from them, or have their budgets reduced, all of the things that they [the PDP leaders] have done to those lawmakers who think differently and vote differently. That is something I would never do. As for reducing taxes and/or eliminating as many as possible of the tax hikes imposed by the García Padilla administration, Aponte said the NPP priority is lowering the 11.5 percent sales and use tax (IVU by its Spanish acronym), but no promises can be made on anything as of yet, because we don t know if all these taxes are committed or not to pay off some debt. The first tax we want to lower is the IVU, but we have to wait to be in power and evaluate everything with caution and thoroughness to then be able to take action as quickly as possible, Aponte said. But the truth is that there are so many taxes that we don t know if they are committed or not, and we can t make promises until we are in office and able to evaluate everything and then be able to figure out what can be done.

6 The San Juan Daily Star Thursday, October 1,

7 8 Thursday, October 1, 2015 The San Juan Daily Star Lack of Reliable, Timely Fiscal Data Seen as Recurring Theme for PR Gov t By MARIA MIRANDA SIERRA mirandasansjuanstar@gmail.com Daniel Hanson Height Securities analyst Daniel Hanson said Wednesday that the Senate Finance Committee hearing held earlier this week highlighted how the lack of available and reliable data was a key sticking point as Puerto Rican officials look to make their case to U.S. lawmakers for help in addressing the island s debt woes. While Congress may be prepared to assist Puerto Rico, the prospects for aid rest on timely disclosure of material financial data, which the commonwealth cannot and has not provided, said Hanson, an analyst at Height Securities, a Washington, D.C.-based investment firm that advises clients with financial interests in Puerto Rico. The deficit of data hurts Puerto Rico s credibility and may raise the calls for a control board from Washington. Furthermore, Puerto Rico may be in violation of relevant municipal guidance with respect to its disclosure requirements, Hanson noted. We also note the governor s conspicuous absence from yesterday s hearing and highlight a Government Development Bank (GDB) call for municipalities to fulfill lawful financial obligations, he said. Finally, a request for support from the federal government from Resident Commissioner Pedro Pierluisi may have fallen on deaf ears. Senate Republicans signaled on Tuesday that they may be willing to work with Puerto Rico on a number of initiatives that could theoretically boost growth prospects or relieve fiscal tensions, but their signals came with admonitions. Most importantly, Hanson said, is the fact that Sen. Orrin Hatch (R- Utah) repeatedly requested audited, comprehensive, easy-to-read disclosures about budget performance and economic viability. Leaning heavily on the criticisms of former Congressional Budget Office (CBO) Director Douglas Holtz Eaken, Hatch asked GDB President Melba Acosta at least eight questions regarding financial disclosure, and these questions were met with responses regarding the (unaudited) quarterly reports, the last of which was published in May (with a supplement in June), and the Conway Mackenzie liquidity analysis. As a reminder, the commonwealth has yet to release audited financial statements for FY 2014, which ended 15 months ago, Hanson said. The commonwealth has an obligation to release reliable financial data in accordance with the Municipal Securities Rulemaking Board (MSRB) rules and on a timely basis; congressional assistance to Puerto Rico may be dependent on the territory s ability to generate acceptable financial reports. Hanson noted that Puerto Rico is actively investing in infrastructure to produce better financial data and real-time control of budget operations. Having solicited bids from software venders and IT firms, the commonwealth has moved ahead with some purchases of new equipment for the Treasury Department and the GDB, according to the Comptroller s Office. The systems will take some time to get online, however, and the commonwealth is still working on buying the new accounting systems they need to modernize their budget practices, Hanson said. Increased oversight of the accounting process is constrained in two key ways. First, the Puerto Rico budget process prohibits the Office of Management and Budget (OMB) from controlling or auditing independently chartered government components (any government entity with a supervisory board) on anything more frequent than a quarterly basis, even if the agency is in violation of budget rules. Secondly, Hanson said, the Puerto Rico government suffers from a scarcity of qualified and competent managers of financial systems, accounting operations, or IT platforms. Hiring more auditors, technicians, and controllers must be a feature of any modernization effort, he said. We note in passing that a growing public backlash against corruption in the Puerto Rico government is likely to be bolstered by the release of a report today that details more than 200 instances of corruption in the government since 2011, Hanson said. In the context of creating badly needed better accounting systems, we recall that the chief Puerto Rico lobbyist for Oracle, the company in line to receive tens of millions of dollars in business from the modernization effort, is Antonio García Padilla, brother to the woebegone governor. Hanson said the Puerto Rican government probably cannot generate the data requested by the Senate Finance Committee in a timely fashion, much less provide regular updates to said data to help reinforce policy discussions. As a consequence, Puerto Rico will hurt its own credibility with the federal government in general -- and Congressional Republicans specifically -- and make it less likely that politically positive federal intervention protects regular Puerto Ricans. Instead, we anticipate that Congress may become more disgruntled about the island s leadership, and this may augment the simmering discussions about a federally imposed Puerto Rico control board, Hanson said. If Puerto Rico s leaders are perceived as incompetent, given their inability to provide timely and transparent financial disclosure, congressional Republicans are likely to double down on their efforts to demand fiscal and government reform in exchange for aid. The Washington-based analyst noted that Puerto Rico s government officials would do well to remember that MSRB Rule 15c2-12 requires timely continuing disclosure around material events, annual financial information and operating data reports, and other material financial facts. While many municipal governments fail to file their Comprehensive Annual Financial Report (CAFRs) by the agreed-upon deadline, Puerto Rico is seriously delinquent in its disclosure of audited statements, and so-called quarterly reports -- issued slightly less frequently than once a quarter -- often contain some factual errors or inaccurate data. This could pose a serious risk to the island in legal proceedings, Hanson said. Hanson recalled that in the U.S. Securities and Exchange Commission s (SEC) so-called Harrisburg Order, the SEC said the following regarding Harrisburg s misleading or outdated disclosures: Municipal issuers have an obligation to make sure that information that is released to the public that is reasonably expected to reach investors and the trading markets, even if not specifically published for that purpose, does not violate the antifraud provisions. In its 1994 Interpretive Guidance, the Commission reminds issuers that without a mechanism for disseminating information about the municipal issuer to the market as a whole investors purchasing municipal securities in the secondary market risk doing so on the basis of incomplete and outdated information. Since access by market participants to current and reliable information is uneven and inefficient, municipal issuers presently face a risk of misleading investors through public statements that may not be intended to be the basis of investment decisions, but nevertheless may be reasonably expected to reach the securities markets, the SEC said in the 1994 document. Continues on page 10

8 The San Juan Daily Star Thursday, October 1,

9 10 Thursday, October 1, 2015 The San Juan Daily Star From page 8 Hanson said that Harrisburg failed to submit annual financial information, audited financial statements, notices of failure to provide required annual financial information and material event notices because statements are evaluated for anti-fraud purposes in light of the circumstances in which they are made, the lack of other disclosures by the municipal entity may increase the risk that municipal officials public statements may be misleading or may omit material information. We remind investors that Puerto Rico has missed three self-imposed deadlines for filing 2014 s CAFR and has indicated on several occasions that, while its liquidity position is dire, it does not fully understand exactly when its coffers will run dry, Hanson noted. Indeed, in testimony Tuesday, Melba Acosta seemed to indicate at separate points that the government was at risk of interrupting government operations because of liquidity problems in November, January, and June. Hanson said that adequate liquidity support is a material fact for investors, and without reliable disclosures, investors must rely on public statements from public officials. Currently, these statements are uneven and incomplete. In addition, Hanson said that noticeably absent at Tuesday s hearing was Gov. García Padilla, who was in Puerto Rico inaugurating a new bridge. Speaking out against his critics, the governor indicated that he had sent Acosta in his place because the hearing needed a technician to deliver remarks. The lack of gubernatorial presence at important financial and political events has been a constant feature of the García Padilla administration, and it has been reported widely in the island media, damaging the governor s credibility and standing, he said. Furthermore, discussions about reforms with congressional Republicans are hurt when the leader overseeing their implementation cannot speak directly to their progress. Separately, we note that the Puerto Rico government has filed a writ of mandamus to compel the Municipal Revenue Collections Center (CRIM) to make timely deposits of property tax revenue with the GDB, Hanson said. The CRIM has reportedly suspended such deposits since June 30, and the GDB is demanding that the CRIM deposit its funds in accordance with the law. The order highlights the disagreements over Puerto Rico liquidity management among senior politicians, who are resisting GDB oversight, he said. Coming out of Tuesday s hearing, we would highlight a request buried in Resident Commissioner Pedro Pierluisi s testimony, Hanson said. In his own words: Therefore, debt service on the $18.6 billion in bonds issued or guaranteed by the central government must be sacrosanct. Most of these bonds carry reasonable interest rates. The exception is a $3.5 billion bond emission from March 2014, which carried a coupon rate of 8.0 percent.the federal government should explore whether it can help the government of Puerto Rico refinance this bond issue on more affordable terms, as well as whether it can help the government of Puerto Rico obtain short-term bridge financing to meet immediate liquidity needs. Hanson noted that to his knowledge this is the first time Pierluisi has called for a renegotiation of the March 2014 GO bonds, and it marks the first time he has called on the federal government to help bridge liquidity needs. We highlight this comment because, while federal intervention to assist Puerto Rico in a bailoutstyle fashion is highly unlikely, we speculate that Congress may elect to provide some liquidity relief vehicle -- including a potential bond guarantee -- as part of a quid pro quo involved in the imposition of a fiscal control board, Hanson said. We have no knowledge of any such plans but will monitor for responses to this request. Isabela Landfill to Receive Upgrades Before 2020 Shutdown By The STAR Staff The Isabela Municipal Solid Waste Landfill will permanently shut down operations by June 2020 after reaching a legal agreement with the U.S. Environmental Protection Agency (EPA) resulting in an upgrade of the landfill. In addition, the Isabela municipality will be implementing a recycling and composting program, the EPA announced in a news release Wednesday. This legal agreement will improve the operation and ensure the proper closure of the Isabella landfill, and will make sure more material will be recycled and composted, EPA Regional Administrator Judith Enck said. It is important that every community in Puerto Rico step up its recycling and composting programs. As part of the agreement, the northwest coastal town of Isabela will establish an enhanced, comprehensive recycling program within 10 months to eliminate the landfilling of recyclable materials such as paper, metals, plastic and glass, as well as scrap tires and certain auto parts. The municipality will also establish a pilot composting program for the collection of compostable materials. Furthermore, as part of the initiative, the municipality will provide education and community outreach, targeting households, small businesses, government facilities and other establishments. The educational program will include community workshops to educate the public on the benefits of recycling and composting, as well as guidelines for complying with the recycling and composting requirements. The municipality of Isabela has also agreed to make improvements at its landfill, including covering exposed areas on a regular basis and reducing dust. In addition, the leveling of steep slopes at the site will decrease the chances of storm water runoff and landslides. The landfill is scheduled to be closed no later than June 30, At that point, the municipality will take significant steps to improve the landfill, including: installing a gas collection system for reducing methane and non-methane emissions from the landfill, capping the landfill to reduce the amount of rainwater filtering into it, and controlling stormwater. The Isabela Municipal Solid Waste Landfill has been receiving waste since The majority of the waste deposited in the landfill includes solid household waste, as well as commercial solid waste and construction and demolition debris. Following inspections, the EPA determined that the landfill lacked adequate stormwater controls and a groundwater monitoring system, among other things. Groundwater beneath the Isabela landfill can flow into the North Coast aquifer system, which serves as a public water supply source for municipalities along Puerto Rico s north coast.

Marine Diver. The San Juan Daily Star. Wednesday, October 14, 2015. Self-winding movement. Water-resistant to 300m.

Marine Diver. The San Juan Daily Star. Wednesday, October 14, 2015. Self-winding movement. Water-resistant to 300m. 2 Wednesday, October 14, 2015 Marine Diver Self-winding movement. Water-resistant to 300m. 18 ct rose gold case. Also available in stainless steel. U LY S S E - N A R D I N. C O M The San Juan Daily Star

More information

A View From the Ground

A View From the Ground Puerto Rico: A View From the Ground A Reorg Research Webcast Series Status of the Recovery Act Ruled Unconstitutional A U.S. District Court ruled the law was preempted by Section 903(1) Appeal Argument

More information

Thursday, November 12, 2015. The San Juan Daily Star

Thursday, November 12, 2015. The San Juan Daily Star 2 Thursday, November 12, 2015 The San Juan Daily Star GOOD MORNING The San Juan Daily Star, the only paper with 3 November 12, 2015 News Service in English in Puerto Rico, publishes 7 days a week, with

More information

Marine Diver. The San Juan Daily Star. Tuesday, November 3, 2015. Self-winding movement. Water-resistant to 300m.

Marine Diver. The San Juan Daily Star. Tuesday, November 3, 2015. Self-winding movement. Water-resistant to 300m. 2 Tuesday, November 3, 2015 Marine Diver Self-winding movement. Water-resistant to 300m. 18 ct rose gold case. Also available in stainless steel. U LY S S E - N A R D I N. C O M The San Juan Daily Star

More information

Review of the Office of Justice Programs Forensic Science Improvement Grant Program. December 2005

Review of the Office of Justice Programs Forensic Science Improvement Grant Program. December 2005 U.S. Department of Justice Review of the Office of Justice Programs Forensic Science Improvement Grant Program December 2005 I-2006-002 EXECUTIVE SUMMARY The Department of Justice Paul Coverdell Forensic

More information

EFFECT OF THE SARBANES-OXLEY ACT OF 2002

EFFECT OF THE SARBANES-OXLEY ACT OF 2002 EFFECT OF THE SARBANES-OXLEY ACT OF 2002 August 15, 2002 President Bush signed the Sarbanes-Oxley Act of 2002 (the Act ) into law on July 30, 2002, after numerous business and accounting scandals had rocked

More information

Marine Diver. The San Juan Daily Star. Monday, November 23, 2015. Self-winding movement. Water-resistant to 300m.

Marine Diver. The San Juan Daily Star. Monday, November 23, 2015. Self-winding movement. Water-resistant to 300m. 2 Monday, November 23, 2015 Marine Diver Self-winding movement. Water-resistant to 300m. 18 ct rose gold case. Also available in stainless steel. U LY S S E - N A R D I N. C O M The San Juan Daily Star

More information

Thursday, September 17, 2015. The San Juan Daily Star

Thursday, September 17, 2015. The San Juan Daily Star 2 Thursday, September 17, 2015 The San Juan Daily Star GOOD MORNING The San Juan Daily Star, the only paper with 3 September 17, 2015 News Service in English in Puerto Rico, publishes 7 days a week, with

More information

President Proposal Calls For Small Government Pay Freeze - Lawful Deductions?

President Proposal Calls For Small Government Pay Freeze - Lawful Deductions? FEDERAL-POSTAL COALITION October 20, 2011 The Honorable Patty Murray Co- Chair Joint Select Committee on Deficit Reduction 448 Russell Senate Office Building Washington, D.C. 20510 The Honorable Jeb Hensarling

More information

CRS Report for Congress Received through the CRS Web

CRS Report for Congress Received through the CRS Web CRS Report for Congress Received through the CRS Web 97-526 GOV Updated June 24, 1998 Puerto Rico: A Chronology of Political Status History Garrine P. Laney Analyst in American National Government Government

More information

TITLE VIII PAYMENT, CLEARING AND SETTLEMENT SUPERVISION

TITLE VIII PAYMENT, CLEARING AND SETTLEMENT SUPERVISION 1 0 1 TITLE VIII PAYMENT, CLEARING AND SETTLEMENT SUPERVISION SEC. 01. SHORT TITLE. This title may be cited as the Payment, Clearing, and Settlement Supervision Act of 00. SEC. 0. FINDINGS AND PURPOSES.

More information

Thursday, July 9, 2015. The San Juan Daily Star

Thursday, July 9, 2015. The San Juan Daily Star 2 Thursday, July 9, 2015 GOOD MORNING 3 July 9, 2015 has exclusive New York Times News Service in English in Puerto Rico Governor Says Obama Cabinet Holding Back on Helping PR Local Mainland Business Interna

More information

Lecture 4: The Aftermath of the Crisis

Lecture 4: The Aftermath of the Crisis Lecture 4: The Aftermath of the Crisis 2 The Fed s Efforts to Restore Financial Stability A financial panic in fall 2008 threatened the stability of the global financial system. In its lender-of-last-resort

More information

Marine Diver. The San Juan Daily Star. Monday, October 26, 2015. Self-winding movement. Water-resistant to 300m.

Marine Diver. The San Juan Daily Star. Monday, October 26, 2015. Self-winding movement. Water-resistant to 300m. 2 Monday, October 26, 2015 Marine Diver Self-winding movement. Water-resistant to 300m. 18 ct rose gold case. Also available in stainless steel. U LY S S E - N A R D I N. C O M The San Juan Daily Star

More information

Transitional Guidance for Taxpayers Claiming Relief Under the Military Spouses Residency Relief Act for Taxable Year 2009

Transitional Guidance for Taxpayers Claiming Relief Under the Military Spouses Residency Relief Act for Taxable Year 2009 Part III - Administrative, Procedural, and Miscellaneous Transitional Guidance for Taxpayers Claiming Relief Under the Military Spouses Residency Relief Act for Taxable Year 2009 Notice 2010-30 I. PURPOSE

More information

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

THE PEOPLE OF THE STATE OF MICHIGAN ENACT: State financing and management; authorities; Michigan financial review commission; expand to include certain school districts. State financing and management: authorities; Retirement: pension oversight;

More information

Why Puerto Rico may now be stuck in no man s land

Why Puerto Rico may now be stuck in no man s land Why Puerto Rico may now be stuck in no man s land March 2, 2015 by Municipal Insight Committee of Eaton Vance After its debt recovery act is struck down, Puerto Rico faces significant short-term and longterm

More information

GAO FOOD ASSISTANCE. Reducing Food Stamp Benefit Overpayments and Trafficking

GAO FOOD ASSISTANCE. Reducing Food Stamp Benefit Overpayments and Trafficking GAO United States General Accounting Office Testimony Before the Subcommittee on Department Operations, Nutrition, and Foreign Agriculture, Committee on Agriculture, House of Representatives For Release

More information

(No. 34-2014) (Approved March 4, 2014) AN ACT

(No. 34-2014) (Approved March 4, 2014) AN ACT (H. B. 1696) (No. 34-2014) (Approved March 4, 2014) AN ACT To authorize the issue of bonds of the Government of the Commonwealth of Puerto Rico in a principal amount that shall not exceed three billion

More information

GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO

GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO SPECIAL LIQUIDITY UPDATE DATED MARCH 5, 2014 Introduction GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO SPECIAL LIQUIDITY UPDATE March 5, 2014 This Special Liquidity

More information

Marine Diver. The San Juan Daily Star. Wednesday, February 10, 2016. Self-winding movement. Water-resistant to 300m.

Marine Diver. The San Juan Daily Star. Wednesday, February 10, 2016. Self-winding movement. Water-resistant to 300m. 2 Wednesday, February 10, 2016 Marine Diver Self-winding movement. Water-resistant to 300m. 18 ct rose gold case. Also available in stainless steel. U LY S S E - N A R D I N. C O M GOOD MORNING, the only

More information

PROPHASE LABS, INC. POLICY STATEMENT SECURITIES TRADES BY COMPANY PERSONNEL

PROPHASE LABS, INC. POLICY STATEMENT SECURITIES TRADES BY COMPANY PERSONNEL PROPHASE LABS, INC. POLICY STATEMENT SECURITIES TRADES BY COMPANY PERSONNEL The Need For A Policy Statement Federal securities laws make it illegal for you-- the directors, officers and Associates of ProPhase

More information

UnFAIR plan: Why we need reform WHAT IS THE FAIR PLAN? HERE IS THE PROBLEM

UnFAIR plan: Why we need reform WHAT IS THE FAIR PLAN? HERE IS THE PROBLEM UnFAIR plan: Why we need reform March 12, 2012 2:21 AM This is the first of a three-part series examining homeowners insurance in Massachusetts in the wake of 2004 legislative changes. The series was written

More information

CIVITAS SOLUTIONS, INC. INSIDER TRADING POLICY September 17, 2014. Adoption of Insider Trading Policy. Background

CIVITAS SOLUTIONS, INC. INSIDER TRADING POLICY September 17, 2014. Adoption of Insider Trading Policy. Background CIVITAS SOLUTIONS, INC. INSIDER TRADING POLICY September 17, 2014 This policy applies to all directors, officers and employees of Civitas Solutions, Inc. and its subsidiaries (the Company ), and to consultants

More information

NEW YORK STATE DEPARTMENT OF ENVIRONMENTAL CONSERVATION RECYCLING PROGRAM. Report 2008-S-142 OFFICE OF THE NEW YORK STATE COMPTROLLER

NEW YORK STATE DEPARTMENT OF ENVIRONMENTAL CONSERVATION RECYCLING PROGRAM. Report 2008-S-142 OFFICE OF THE NEW YORK STATE COMPTROLLER Thomas P. DiNapoli COMPTROLLER OFFICE OF THE NEW YORK STATE COMPTROLLER DIVISION OF STATE GOVERNMENT ACCOUNTABILITY Audit Objectives...2 Audit Results - Summary...2 Background...3 Audit Findings and Recommendations...4

More information

Corporate Governance Code for Shareholding Companies Listed on the Amman Stock Exchange

Corporate Governance Code for Shareholding Companies Listed on the Amman Stock Exchange Corporate Governance Code for Shareholding Companies Listed on the Amman Stock Exchange CONTENTS Topic Page Preamble 3 Chapter One: Definitions 5 Chapter Two: The Board of Directors of the Shareholding

More information

FISCAL AND ECONOMIC RECONSTRUCTION ADVISORY BOARD

FISCAL AND ECONOMIC RECONSTRUCTION ADVISORY BOARD FISCAL AND ECONOMIC RECONSTRUCTION ADVISORY BOARD REPORT ON FISCAL RECONSTRUCTION TO THE GOVERNOR OF THE COMMONWEALTH OF PUERTO RICO EXECUTIVE SUMMARY A. INTRODUCTION Puerto Rico is going through one of

More information

May 4, 2006. Good morning. Chairman Herger, Ranking Member McDermott and

May 4, 2006. Good morning. Chairman Herger, Ranking Member McDermott and TESTIMONY OF MASON BISHOP DEPUTY ASSISTANT SECRETARY EMPLOYMENT AND TRAINING ADMINISTRATION U.S. DEPARTMENT OF LABOR BEFORE THE HOUSE COMMITTEE ON WAYS AND MEANS SUBCOMMITTEE ON HUMAN RESOURCES May 4,

More information

Five-Year Strategic Plan

Five-Year Strategic Plan U.S. Department of Education Office of Inspector General Five-Year Strategic Plan Fiscal Years 2014 2018 Promoting the efficiency, effectiveness, and integrity of the Department s programs and operations

More information

RULES OF PROCEDURE FOR THE BOARD OF DIRECTORS, THE EXECUTIVE CHAIRMAN AND THE GENERAL MANAGER IN DOLPHIN GROUP ASA

RULES OF PROCEDURE FOR THE BOARD OF DIRECTORS, THE EXECUTIVE CHAIRMAN AND THE GENERAL MANAGER IN DOLPHIN GROUP ASA RULES OF PROCEDURE FOR THE BOARD OF DIRECTORS, THE EXECUTIVE CHAIRMAN AND THE GENERAL MANAGER IN DOLPHIN GROUP ASA ADOPTED BY THE BOARD OF DIRECTORS ON 27 APRIL 2015 1. THE BOARD OF DIRECTORS The Board

More information

Marine Diver. The San Juan Daily Star. Wednesday, September 2, 2015. Self-winding movement. Water-resistant to 300m.

Marine Diver. The San Juan Daily Star. Wednesday, September 2, 2015. Self-winding movement. Water-resistant to 300m. 2 Wednesday, September 2, 2015 Marine Diver Self-winding movement. Water-resistant to 300m. 18 ct rose gold case. Also available in stainless steel. U LY S S E - N A R D I N. C O M The San Juan Daily Star

More information

THE AMERICAN JOBS ACT SMALL BUSINESSES AND ENTREPRENEURS LEADING THE RECOVERY

THE AMERICAN JOBS ACT SMALL BUSINESSES AND ENTREPRENEURS LEADING THE RECOVERY THE AMERICAN JOBS ACT SMALL BUSINESSES AND ENTREPRENEURS LEADING THE RECOVERY The American Jobs Act reflects a commitment to strengthen the recovery and help increase access to jobs for all Americans.

More information

Corporate Governance. Coca-cola amatil limited annual report 2009 7

Corporate Governance. Coca-cola amatil limited annual report 2009 7 Corporate Governance At Coca-Cola Amatil (CCA), the Board of Directors is committed to achieving the highest standards in the areas of corporate governance and business conduct. This Corporate Governance

More information

SAN FRANCISCO ADMINISTRATIVE CODE CHAPTER 96: COORDINATION BETWEEN THE POLICE DEPARTMENT AND THE OFFICE OF CITIZEN COMPLAINTS

SAN FRANCISCO ADMINISTRATIVE CODE CHAPTER 96: COORDINATION BETWEEN THE POLICE DEPARTMENT AND THE OFFICE OF CITIZEN COMPLAINTS SAN FRANCISCO ADMINISTRATIVE CODE CHAPTER 96: COORDINATION BETWEEN THE POLICE DEPARTMENT AND THE OFFICE OF CITIZEN COMPLAINTS SEC. 96.1. DEFINITIONS. (a) "Chief of Police" shall mean the Chief of the Police

More information

PUBLIC LAW 104 169 AUG. 3, 1996 NATIONAL GAMBLING IMPACT STUDY COMMISSION ACT

PUBLIC LAW 104 169 AUG. 3, 1996 NATIONAL GAMBLING IMPACT STUDY COMMISSION ACT PUBLIC LAW 104 169 AUG. 3, 1996 NATIONAL GAMBLING IMPACT STUDY COMMISSION ACT 110 STAT. 1482 PUBLIC LAW 104 169 AUG. 3, 1996 Aug. 3, 1996 [H.R. 497] National Gambling Impact Study Commission Act. President.

More information

Human Rights Crisis in Puerto Rico;

Human Rights Crisis in Puerto Rico; Human Rights Crisis in Puerto Rico; FIRST AMENDMENT UNDER SIEGE While the world celebrates the democratic revolution in Egypt, major violations of basic human rights are occurring in our own backyard.

More information

IMPORTANT DISCLOSURES AND CONSIDERATIONS FOR INVESTORS IN AUCTION RATE SECURITIES

IMPORTANT DISCLOSURES AND CONSIDERATIONS FOR INVESTORS IN AUCTION RATE SECURITIES IMPORTANT DISCLOSURES AND CONSIDERATIONS FOR INVESTORS IN AUCTION RATE SECURITIES Goldman, Sachs & Co., as a Broker-Dealer of Auction Rate Securities, provides the following important information about

More information

Work Plan ongoing and planned audit and evaluation projects. Current as of June 5, 2015

Work Plan ongoing and planned audit and evaluation projects. Current as of June 5, 2015 Work Plan ongoing and planned audit and evaluation projects Current as of June 5, 2015 Overview The Work Plan presents the audits and evaluations that the Office of Inspector General (OIG) is conducting

More information

Waste Management s Participation in the. Political Process

Waste Management s Participation in the. Political Process Waste Management s Participation in the Political Process Waste Management is actively engaged in the political process at all levels of government. Through years of collaboration, we have developed an

More information

INPHI CORPORATION. Insider Trading Policy and Communication Policy. As Amended July 25, 2014

INPHI CORPORATION. Insider Trading Policy and Communication Policy. As Amended July 25, 2014 INPHI CORPORATION Insider Trading Policy and Communication Policy As Amended July 25, 2014 1. INTRODUCTION Both the Securities and Exchange Commission (the SEC ) and Congress are very concerned about maintaining

More information

Marine Diver. The San Juan Daily Star. October 9-11, 2015. Self-winding movement. Water-resistant to 300m.

Marine Diver. The San Juan Daily Star. October 9-11, 2015. Self-winding movement. Water-resistant to 300m. 2 October 9-11, 2015 Marine Diver Self-winding movement. Water-resistant to 300m. 18 ct rose gold case. Also available in stainless steel. U LY S S E - N A R D I N. C O M The San Juan Daily Star GOOD MORNING

More information

City of Mt. Angel. Comprehensive Financial Management Policies

City of Mt. Angel. Comprehensive Financial Management Policies City of Mt. Angel Comprehensive Financial Management Policies May 2014 Table of Contents Section Description Page I. Purpose... 3 II. Objectives... 3 III. Management of Fiscal Policy... 4 IV. Accounting,

More information

The Committee of Seventy s 2015 INTEGRITY AGENDA PHILADELPHIA CITY COUNCIL

The Committee of Seventy s 2015 INTEGRITY AGENDA PHILADELPHIA CITY COUNCIL The Committee of Seventy s 2015 INTEGRITY AGENDA PHILADELPHIA CITY COUNCIL The Committee of Seventy is asking you and the other declared candidates for Philadelphia City Council to commit to the attached

More information

Marine Diver. The San Juan Daily Star. Wednesday, November 18, 2015. Self-winding movement. Water-resistant to 300m.

Marine Diver. The San Juan Daily Star. Wednesday, November 18, 2015. Self-winding movement. Water-resistant to 300m. 2 Wednesday, November 18, 2015 Marine Diver Self-winding movement. Water-resistant to 300m. 18 ct rose gold case. Also available in stainless steel. U LY S S E - N A R D I N. C O M The San Juan Daily Star

More information

(No. 131) (Approved June 1, 2004) AN ACT

(No. 131) (Approved June 1, 2004) AN ACT (H. B. 4822) (No. 131) (Approved June 1, 2004) AN ACT To amend the Title, Section (1), Section (3), Section (5), Section (6), Section (7), Section (14) and Section (15) of Act No. 74 of March 1, 2004,

More information

P.A. 86-1. House Bill No. 9001

P.A. 86-1. House Bill No. 9001 JUNE 23, 1986 P.A. 86-1 House Bill No. 9001 June 23, 1986, Special Session II PUBLIC ACT NO. 86-1 AN ACT AUTHORIZING THE USE OF A PORTION OF THE GENERAL FUND SURPLUS FOR THE FISCAL YEAR ENDING JUNE 30,

More information

(No. 210) (Approved August 28, 2003) AN ACT

(No. 210) (Approved August 28, 2003) AN ACT (S. B. 754) (No. 210) (Approved August 28, 2003) AN ACT To create an Act for the Prevention of Fraud in Telemarketing; to set forth its purposes and to establish penalties. STATEMENT OF MOTIVES In Puerto

More information

STATEMENT BY STEPHEN S. GARDNER, VICE CHAIRMAN BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE

STATEMENT BY STEPHEN S. GARDNER, VICE CHAIRMAN BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE FOR RELEASE ON DELIVERY STATEMENT BY STEPHEN S. GARDNER, VICE CHAIRMAN BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE SUBCOMMITTEE ON TAXATION AND DEBT MANAGEMENT OF THE COMMITTEE ON FINANCE

More information

US Taxpayers Participating in Non US Retirement Plans: When is There an FBAR or FATCA Reporting Obligation?

US Taxpayers Participating in Non US Retirement Plans: When is There an FBAR or FATCA Reporting Obligation? February 29, 2012 Authors: Anubhav Gogna and David W. Powell If you have questions, please contact your regular Groom attorney or any of the attorneys listed below: Anubhav Gogna agogna@groom.com (202)

More information

Revised May 20, 2010. Bill Would Provide Needed Economic Boost

Revised May 20, 2010. Bill Would Provide Needed Economic Boost 820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org Revised May 20, 2010 BUDGETARY CONCERNS SHOULD NOT BE AN OBSTACLE TO PASSING THE NEW

More information

North Shore LIJ Health System, Inc.

North Shore LIJ Health System, Inc. North Shore LIJ Health System, Inc. POLICY TITLE: Detecting and Preventing Fraud, Waste, Abuse and Misconduct POLICY #: 800.09 System Approval Date: 6/23/14 Site Implementation Date: Prepared by: Office

More information

Puerto Rico s Economic and Fiscal Crisis

Puerto Rico s Economic and Fiscal Crisis Puerto Rico s Economic and Fiscal Crisis The Economic Situation is Challenging Puerto Rico has experienced a sharper recession than the rest of the United States, and the economy continues to contract.

More information

IFIAR 2015 Member Profile - PCAOB

IFIAR 2015 Member Profile - PCAOB Jurisdiction United States of America (USA) 1. Organization Insert the name of the Organization, both in the local language and in English: Public Company Accounting Oversight Board ( PCAOB ) Include relevant

More information

ETHICS IS EVERYBODY S BUSINESS. The Ohio Ethics Commission

ETHICS IS EVERYBODY S BUSINESS. The Ohio Ethics Commission ETHICS IS EVERYBODY S BUSINESS The Ohio Ethics Commission "No man is allowed to be a judge in his own cause, because his interest would certainly bias his judgment, and, not improbably, corrupt his integrity."

More information

The term mid-size advisor refers to a registered investment advisors with assets under management between $25 million and $100 million.

The term mid-size advisor refers to a registered investment advisors with assets under management between $25 million and $100 million. VIA ELECTRONIC MAIL Elizabeth M. Murphy Secretary Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-1090 RE: File Number S7-36-10 Rules Implementing Amendments to the Investment

More information

What's Next for the Year-Old SEC Whistleblower Program? By: Marc S. Raspanti, Esq. and Bryan S. Neft, Esq.

What's Next for the Year-Old SEC Whistleblower Program? By: Marc S. Raspanti, Esq. and Bryan S. Neft, Esq. What's Next for the Year-Old SEC Whistleblower Program? By: Marc S. Raspanti, Esq. and Bryan S. Neft, Esq. COMMENTARY For years, the Securities and Exchange Commission had a whistleblower program in place

More information

Worldwide Anti-Corruption Policy

Worldwide Anti-Corruption Policy Worldwide Anti-Corruption Policy I. PURPOSE The laws of most countries make the payment or offer of payment or even receipt of a bribe, kickback or other corrupt payment a crime, subjecting both Eaton

More information

CHEVRON CORPORATION AUDIT COMMITTEE CHARTER

CHEVRON CORPORATION AUDIT COMMITTEE CHARTER CHEVRON CORPORATION AUDIT COMMITTEE CHARTER PURPOSE The purpose of the Audit Committee (the Committee ) of the Board of Directors of Chevron Corporation (the Corporation ) is: 1. To assure that the Corporation

More information

The FCPA, Al Capone and the IRS June 11, 2014

The FCPA, Al Capone and the IRS June 11, 2014 The FCPA, Al Capone and the IRS June 11, 2014 Ron Stefani, CFO Partner ron.stefani@aventinehillinc.com 832 922 2200 (mobile) 713 580 9400 (office) Origins of the FCPA? Congress enacted the U.S. Foreign

More information

Public Act No. 15-15

Public Act No. 15-15 Public Act No. 15-15 AN ACT AMENDING THE CODE OF ETHICS FOR LOBBYISTS TO REDEFINE "EXPENDITURE" AND RAISE THE THRESHOLD FOR LOBBYIST REGISTRATION. Be it enacted by the Senate and House of Representatives

More information

USA Truck, Inc. Insider Trading Policy July 29, 2015

USA Truck, Inc. Insider Trading Policy July 29, 2015 USA Truck, Inc. Insider Trading Policy July 29, 2015 I. Purpose. The purpose of this Insider Trading Policy (this "Policy") is to promote compliance with applicable securities laws by USA Truck, Inc. (the

More information

SECURITIES TRADING AND INVESTMENT POLICY

SECURITIES TRADING AND INVESTMENT POLICY STEWART INFORMATION SERVICES CORPORATION SECURITIES TRADING AND INVESTMENT POLICY I. PURPOSE AND SCOPE This Policy is intended to provide guidance to all Company Employees of Stewart Information Services

More information

Senate Standing Committees on Insurance, Health and Codes

Senate Standing Committees on Insurance, Health and Codes Testimony to Senate Standing Committees on Insurance, Health and Codes Medical Malpractice Reform Presented by Kenneth Adams President and CEO December 1, 2009 I am Kenneth Adams, President and CEO of

More information

UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION

UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES ACT OF 1933 Release No. 8750 / November 8, 2006 UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 54720 / November 8, 2006 INVESTMENT

More information

And as we do our best to understand and manage complexity, some joke that we have gone from complexity to perplexity.

And as we do our best to understand and manage complexity, some joke that we have gone from complexity to perplexity. PREPARED REMARKS OF COMMISSIONER OF INTERNAL REVENUE DOUGLAS SHULMAN NEW YORK STATE BAR ASSOCIATION TAXATION SECTION ANNUAL MEETING NEW YORK CITY JANUARY 26, 2010 Thank you for that gracious introduction

More information

12 USC 5301. NB: This unofficial compilation of the U.S. Code is current as of Jan. 4, 2012 (see http://www.law.cornell.edu/uscode/uscprint.html).

12 USC 5301. NB: This unofficial compilation of the U.S. Code is current as of Jan. 4, 2012 (see http://www.law.cornell.edu/uscode/uscprint.html). TITLE 12 - BANKS AND BANKING CHAPTER 53 - WALL STREET REFORM AND CONSUMER PROTECTION 5301. Definitions As used in this Act, the following definitions shall apply, except as the context otherwise requires

More information

The Ethics Act. A Code of Conduct for Public Servants. W. Va. Code 6B-1-1 et seq

The Ethics Act. A Code of Conduct for Public Servants. W. Va. Code 6B-1-1 et seq The Ethics Act A Code of Conduct for Public Servants W. Va. Code 6B-1-1 et seq WV Ethics Commission 210 Brooks Street, Ste 300 Charleston WV 25301 (304) 558-0664 fax (304) 558-2169 Toll Free (866-558-0664

More information

Evergreen INSTITUTIONAL MONEY MARKET FUNDS. Prospectus July 1, 2009

Evergreen INSTITUTIONAL MONEY MARKET FUNDS. Prospectus July 1, 2009 Evergreen INSTITUTIONAL MONEY MARKET FUNDS Prospectus July 1, 2009 Evergreen Institutional 100% Treasury Money Market Fund Evergreen Institutional Money Market Fund Evergreen Institutional Municipal Money

More information

SUBSTITUTE SENATE BILL 6406. State of Washington 64th Legislature 2016 Regular Session

SUBSTITUTE SENATE BILL 6406. State of Washington 64th Legislature 2016 Regular Session S-.1 SUBSTITUTE SENATE BILL 0 State of Washington th Legislature 0 Regular Session By Senate Commerce & Labor (originally sponsored by Senators Warnick and Conway) READ FIRST TIME 0/0/. 1 AN ACT Relating

More information

SEMPRA ENERGY. Corporate Governance Guidelines. As adopted by the Board of Directors of Sempra Energy and amended through September 12, 2014

SEMPRA ENERGY. Corporate Governance Guidelines. As adopted by the Board of Directors of Sempra Energy and amended through September 12, 2014 SEMPRA ENERGY Corporate Governance Guidelines As adopted by the Board of Directors of Sempra Energy and amended through September 12, 2014 I Role of the Board and Management 1.1 Board Oversight Sempra

More information

Regional Tribal Tax Meeting May 17-18, 2012

Regional Tribal Tax Meeting May 17-18, 2012 Regional Tribal Tax Meeting May 17-18, 2012 National Congress of American Indians Intertribal Tax Initiative Update & The General Welfare Exclusion as Applied to Indian Tribes Intertribal Tax Initiative

More information

Addressing Puerto Rico s Economic and Fiscal Crisis and Creating a Path to Recovery: Roadmap for Congressional Action

Addressing Puerto Rico s Economic and Fiscal Crisis and Creating a Path to Recovery: Roadmap for Congressional Action Addressing Puerto Rico s Economic and Fiscal Crisis and Creating a Path to Recovery: Roadmap for Congressional Action The Commonwealth of Puerto Rico is in the midst of an economic and fiscal crisis, and

More information

Fiscal Year 2013 Report to the Congress on the Use of Section 7623

Fiscal Year 2013 Report to the Congress on the Use of Section 7623 Fiscal Year 2013 Report to the Congress on the Use of Section 7623 Table of Contents I. Executive Summary... 1 II. Program History... 2 A. Prior Law and Policy... 2 B. 2006 Amendments... 3 III. Program

More information

Semiannual Report to Congress. Office of Inspector General

Semiannual Report to Congress. Office of Inspector General Semiannual Report to Congress Office of Inspector General Federal Election Commission 999 E Street, N.W., Suite 940 Washington, DC 20463 April 1, 2005 September 30, 2005 November 2005 TABLE OF CONTENTS

More information

(No. 228) (Approved August 24, 2004) AN ACT

(No. 228) (Approved August 24, 2004) AN ACT (H. B. 3592) (Conference) (No. 228) (Approved August 24, 2004) AN ACT To amend Article 41.050 of the Puerto Rico Insurance Code of 1957, in order to exempt health services professionals from being included

More information

RESOLUTION ON CAP-AND-TRADE

RESOLUTION ON CAP-AND-TRADE RESOLUTION ON CAP-AND-TRADE WHEREAS, Cap-and-Trade is regulatory program under which the Federal government would 1) set a limit (cap) on the volume of carbon emissions that would be permitted, and 2)

More information

Investment Management Regulation

Investment Management Regulation Investment Management Regulation Our Investment Management Division regulates investment companies (which include mutual funds) and investment advisers under two companion statutes, the Investment Company

More information

Statement of Edward M. Gramlich Acting Director Congressional Budget Office. before the Committee on Veterans' Affairs United States Senate

Statement of Edward M. Gramlich Acting Director Congressional Budget Office. before the Committee on Veterans' Affairs United States Senate Statement of Edward M. Gramlich Acting Director Congressional Budget Office before the Committee on Veterans' Affairs United States Senate June 17,1987 NOTICE This statement is not available for public

More information

Instructions for Form 8938

Instructions for Form 8938 2015 Instructions for Form 8938 Statement of Specified Foreign Financial Assets Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless otherwise

More information

Isle of Man Government

Isle of Man Government Isle of Man Government Commitment to Combating Money Laundering and the Financing of Terrorism & Proliferation Council of Ministers June 2012 Isle of Man Government Commitment to Combating Money Laundering

More information

Individual income tax

Individual income tax International Tax Puerto Rico Tax Alert 12 June 2015 Tax reform enacted Contacts Francisco A. Castillo fcastillo@deloitte.com Ricardo Villate rvillate@deloitte.com Michelle Corretjer mcorretjer@deloitte.com

More information

New York attorney general offers proposed amendments to state s Not-for-Profit Corporation Law

New York attorney general offers proposed amendments to state s Not-for-Profit Corporation Law MAY 30, 2012 New York attorney general offers proposed amendments to state s Not-for-Profit Corporation Law By Michael J. Cooney, Anita L. Pelletier, and Meghan J. Schubmehl New York Attorney General Eric

More information

Governor s Ethics and Campaign Finance Reform Task Force Subcommittee Report on Public Financing of Campaigns

Governor s Ethics and Campaign Finance Reform Task Force Subcommittee Report on Public Financing of Campaigns Governor s Ethics and Campaign Finance Reform Task Force Subcommittee Report on Public Financing of Campaigns Group Leader: Matt Brix Other Task Force Participants: Senator Dede Feldman, Stuart Bluestone,

More information

NEVADA DEPARTMENT OF JUSTICE Office of the Attorney General A GUIDE TO NON-PROFITS. Catherine Cortez Masto, Attorney General

NEVADA DEPARTMENT OF JUSTICE Office of the Attorney General A GUIDE TO NON-PROFITS. Catherine Cortez Masto, Attorney General NEVADA DEPARTMENT OF JUSTICE Office of the Attorney General A GUIDE TO NON-PROFITS Catherine Cortez Masto, Attorney General INTRODUCTION Directors of Nevada nonprofit corporations are responsible for management

More information

DISTRICT OF COLUMBIA TAXICAB COMMISSION NOTICE OF EMERGENCY AND PROPOSED RULEMAKING

DISTRICT OF COLUMBIA TAXICAB COMMISSION NOTICE OF EMERGENCY AND PROPOSED RULEMAKING DISTRICT OF COLUMBIA TAXICAB COMMISSION NOTICE OF EMERGENCY AND PROPOSED RULEMAKING The District of Columbia Taxicab Commission ( Commission ), pursuant to the authority set forth in Sections 8(c) (1),(2),(3),

More information

Prefiled Legislation. In the News

Prefiled Legislation. In the News SOUTH CAROLINA LEGISLATIVE UPDATE - JANUARY 16, 2015 January 16, 2015 The 1 st Regular Session of the 121 st South Carolina General Assembly convened on Tuesday, January 13, 2015, and Governor Haley and

More information

COMMONWEALTH OF PUERTO RICO Supplemental Financial Information Report

COMMONWEALTH OF PUERTO RICO Supplemental Financial Information Report COMMONWEALTH OF PUERTO RICO Supplemental Financial Information Report August 15, 2013 General Fund Preliminary Revenues for Fiscal Year 2013 Compared to Fiscal Year 2012 General Fund preliminary total

More information

CRS Report for Congress Received through the CRS Web

CRS Report for Congress Received through the CRS Web CRS Report for Congress Received through the CRS Web Order Code RS21135 February 4, 2002 Summary The Enron Collapse: An Overview of Financial Issues Mark Jickling, Coordinator Specialist in Public Finance

More information

ATTACHMENT D CHARTER SCHOOLS IN MICHIGAN

ATTACHMENT D CHARTER SCHOOLS IN MICHIGAN ATTACHMENT D CHARTER SCHOOLS IN MICHIGAN Introduction In December of 1993, Michigan became the ninth state to pass charter school legislation. The current charter school statute applicable to this RFP

More information

U.S. DEPARTMENT OF THE TREASURY

U.S. DEPARTMENT OF THE TREASURY U.S. DEPARTMENT OF THE TREASURY Press Center Link: http://www.treasury.gov/press-center/press-releases/pages/hp1060.aspx Statement For the Record of the Senate Committee on Finance Hearing on International

More information

SUMMARY OF THE SEC S PAY-TO-PLAY RULE 206(4)-5

SUMMARY OF THE SEC S PAY-TO-PLAY RULE 206(4)-5 SUMMARY OF THE SEC S PAY-TO-PLAY RULE 206(4)-5 In general, pay-to-play refers to various arrangements by which investment advisers may seek to influence the award of advisory business by making or soliciting

More information

Dodd-Frank for Foreign Financial Institutions and Publicly Traded Companies in the U.S.: An Update

Dodd-Frank for Foreign Financial Institutions and Publicly Traded Companies in the U.S.: An Update Dodd-Frank for Foreign Financial Institutions and Publicly The Dodd-Frank Wall Street Reform and Consumer Protection Act ( Dodd-Frank ), which was signed into law by President Obama on July 21, 2010, launched

More information

POLICY ON INSIDE INFORMATION AND INSIDER TRADING

POLICY ON INSIDE INFORMATION AND INSIDER TRADING FTI CONSULTING, INC. POLICY ON INSIDE INFORMATION AND INSIDER TRADING I. Overview FTI Consulting, Inc., together with its subsidiaries and affiliates ( FTI Consulting or the Company ), are committed to

More information

Coventry Resources Inc. Corporate Governance Statement (current as at 30 June 2015)

Coventry Resources Inc. Corporate Governance Statement (current as at 30 June 2015) Coventry Resources Inc. Corporate Governance Statement (current as at 30 June 2015) The Board of Directors are responsible for the overall strategy, governance and performance of Coventry Resources Inc.

More information

CAPACITY BUILDING AND OVERSIGHT BEST PRACTICES

CAPACITY BUILDING AND OVERSIGHT BEST PRACTICES CAPACITY BUILDING AND OVERSIGHT BEST PRACTICES NOT-FOR-PROFIT VENDOR REVIEWS MAYORS OFFICE OF CONTRACT SERVICES 1) Not-for-profit organization has effective and dynamic governance structure a) At least

More information

CPI CARD GROUP INC. INSIDER TRADING POLICY

CPI CARD GROUP INC. INSIDER TRADING POLICY CPI CARD GROUP INC. INSIDER TRADING POLICY CPI Card Group Inc. (the Company ) and its Board of Directors have adopted this Insider Trading Policy (this Policy ) both to satisfy our obligation to prevent

More information

HOUSE BILL No. 2087. By Committee on Insurance 1-26. AN ACT enacting the Kansas professional employer organization licensing

HOUSE BILL No. 2087. By Committee on Insurance 1-26. AN ACT enacting the Kansas professional employer organization licensing Session of 00 HOUSE BILL No. 0 By Committee on Insurance - 0 0 AN ACT enacting the Kansas professional employer organization licensing act. Be it enacted by the Legislature of the State of Kansas: Section.

More information

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Money Market Funds Prospectus UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Prospectus August 28, 2015 Ticker symbols:

More information

Title V Preventing Fraud and Abuse. Subtitle A- Establishment of New Health and Human Services and Department of Justice Health Care Fraud Positions

Title V Preventing Fraud and Abuse. Subtitle A- Establishment of New Health and Human Services and Department of Justice Health Care Fraud Positions Title V Preventing Fraud and Abuse Subtitle A- Establishment of New Health and Human Services and Department of Justice Health Care Fraud Positions Sec. 501. Health and Human Services Senior Advisor There

More information

GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO

GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO SPECIAL LIQUIDITY UPDATE DATED OCTOBER 17, 2014 GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO SPECIAL LIQUIDITY UPDATE October 17, 2014 Introduction This Special

More information