Merger of Canadian investment industry regulators heads to final stages with new board - The Globe and Mail (2024)

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Merger of Canadian investment industry regulators heads to final stages with new board - The Globe and Mail (1)

The U.S. has committed hundreds of millions of dollars to renewed initiatives to help Haiti during its crime crisis in the country, but concerns remain about whether the country will properly utilize the money, according to an expert.

Haiti received around $13.5 billion in the years following a devastating 2010 earthquake, thanks to an international effort led by the U.S. and the United Nations, around 120% of the country’s GDP at the time.

“They never rebuilt Port-au-Prince. You’re talking about a city that doesn’t have a sanitation system, doesn’t have basic plumbing and electricity, no basic infrastructure … people can’t get anywhere, they’re walking up and down the dirt,” said Jack Brewer, a former NFL player and philanthropist who has pursued initiatives to help rebuild Haiti.

Brewer told Fox News Digital that he felt the funding provided after the 2010 earthquake “wasn’t properly spent.”

“I got a chance to watch a lot of the things that happened on the ground,” Brewer said. “After the earthquake in 2010, I worked with the NFL Players Association, and we partnered with the Clinton-Bush Haiti Fund … it was called the Clinton Haiti Fund … and we raised a lot of money through that, and it started to be allocated.”

“Then other countries came in and started to allocate a lot of money,” he added. “You would think that the long-term goal was to rebuild the city of Port-au-Prince and the surrounding areas that were impacted by the earthquake, but I was there, and a few years went on, and we’re still working.”

SENATE VOTES TO CONFIRM US AMBASSADOR TO HAITI AMID GANG ATTEMPT TO SEIZE POWER IN CARIBBEAN COUNTRY

The flag flies atop the Catholic Church in Haiti, rebuilt after it was destroyed in the 2010 earthquake. (Jose A. Iglesias/Miami Herald/Tribune News Service via Getty Images)

The U.S. has committed to contribute the bulk of funds for a multinational security mission from East Africa to Haiti, led by Kenya and comprised of police from various countries. The Biden administration will pledge another $33 million in general humanitarian aid to the country, bringing the total committed for the effort to $333 million – as America’s national debt tops $34.5 trillion.

U.S. Secretary of State Antony Blinken on Wednesday said the crisis “has been a long unfolding story” and will require the international community to help stabilize the country as gangs continue to run rampant.

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Merger of Canadian investment industry regulators heads to final stages with new board - The Globe and Mail (2)

Violence has erupted in the neighborhood of Solino in Haiti’s capital of Port-au-Prince as frantic residents have called in to radio stations to request help. (AP Photo/Odelyn Joseph)

“Having done all this work, we should be in a place where that mission goes forward,” Blinken said. “It will, we believe, help reestablish security and take back control of the country from gangs.”

Jimmy Cherizier, known by the nickname “Barbecue,” runs a gang coalition called the G9 Family and Allies, rising to a level of influence that allows him to block sitting Haitian Prime Minister Ariel Henry from returning to the country until he agrees to resign.

PENTAGON ALERTED TO POTENTIAL ‘MARITIME MASS MIGRATION’ FROM HAITI AMID CARIBBEAN NATION’S SPIRALING CONFLICT

Brewer said he feels that many Haitians “believe that America is one of the roots of the problem,” going back to the Clintons and their rebuilding efforts following the earthquake.

“They think Washington, D.C., is controlling these leaders that are coming into the country, and, as you can see, most of the leaders are corrupt,” Brewer claimed. “They’re in, and it’s kind of the culture in Haiti: As a politician, once you get there, you get that power so you can enrich yourself.”

Merger of Canadian investment industry regulators heads to final stages with new board - The Globe and Mail (3)

Jimmy “Barbeque” Cherizier claimed responsibility for the jailbreak that set about 4,000 inmates loose in Haiti and the recent violence. (United Nations)

When asked about their role in the Haiti recovery, spokespersons for the former president and the secretary told Fox News Digital: “The Clintons worked tirelessly to address the needs of the Haitian people in the aftermath of the devastating earthquake. Even as their detractors have distorted and obfuscated the facts, they have never shied away from doing all they could to lift people up. It’s easy to point fingers from afar for political gain, but it impedes progress, and that’s tragic.”

An expert on Haiti told The Associated Press that after President René Préval left office in 2011, he found subsequent Haitian leaders were at best easy on the gangs and at worst tied to them.

HAITI’S FUTURE GOVERNANCE FACES STRUGGLE BETWEEN POLITICAL POWER AND GANG INFLUENCE

The gangs have gained influence throughout the previous decades, but their increasing influence and ties with the country’s political leadership allowed them to gain money through a mix of extortion, kidnappings, and drugs and weapons smuggling.

Brewer worries that even without the fear of diverting the funds, he does not have confidence that the new money will prove effective, citing the post-earthquake humanitarian aid and lack of long-lasting improvements.

Merger of Canadian investment industry regulators heads to final stages with new board - The Globe and Mail (4)

Haitian Prime Minister Ariel Henry attends a public lecture at the United States International University in Nairobi, Kenya, on March 1, 2024. The prime minister traveled to Kenya to push for the U.N.-backed deployment of a police force to help fight gangs in Haiti. Henry, who is facing calls to resign or form a transitional council, remains unable to return home. (AP Photo/Andrew Kasuku/File)

In a 2016 review of some of the initiatives applied to Haiti following the natural disaster, ABC News found that a $400 million garment factory that promised to create plenty of jobs for the area had ultimately “underdelivered.”

“They’re building infrastructure with no coding,” he said. “They don’t have coding, so if they get hit with another earthquake, the same thing is going to happen.”

CONGRESSMAN EVACUATES 10 AMERICANS FROM CRIME-RAVAGED HAITI, SLAMS BIDEN FOR ‘PATTERN OF ABANDONMENT’

The country struggled to cope with a cholera outbreak that started after U.N. peacekeepers accidentally introduced the disease to the island. Around 10,000 people died as a result of the disease.

Part of the issue was that money given to Haiti had already been earmarked for a number of necessary services, such as paying the Red Cross for their on-the-ground assistance, as well as other rescue services.

Merger of Canadian investment industry regulators heads to final stages with new board - The Globe and Mail (5)

Pedestrians walk past a soldier guarding the area of the international airport in Port-au-Prince, Haiti, on March 4, 2024. (AP Photo/Odelyn Joseph)

“The actual funds left on the ground, a lot of them got into the hands of the wrong people or the folks in power,” Brewer added, calling the recovery effort “the worst handling of a natural disaster in the history of the planet.”

“It’s been very disappointing to see the level of corruption, particularly around things that involve children and youth, and trying to get medical supplies in and out of the country … it has been very difficult,” he said.

Regarding the $333 million headed for Haiti in the coming months, the United States Agency for International Development (USAID) told Fox News Digital that “any interference in, or diversion of, humanitarian aid is unacceptable.”

“USAID takes its duty as a steward of U.S. taxpayer funding seriously and holds implementing partners to the highest standards to ensure that taxpayer funds are used wisely, effectively, and for their intended purposes,” a USAID spokesperson said. “We require our partners to have robust safeguards and risk-mitigation systems in place to ensure that principled humanitarian aid reaches those who need it most.”

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The agency noted that it works with humanitarian partners with “extensive experience working in challenging environments” and who have “demonstrated their commitment to stay and deliver life-saving assistance with impartiality, neutrality and independence while ensuring the safety of their staff and facilities.”

The United Nations did not respond to a Fox News Digital request for comment by the time of publication.

The Associated Press and Fox News Digital’s Michael Lee and Bradford Betz contributed to this report.

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Merger of Canadian investment industry regulators heads to final stages with new board - The Globe and Mail (2024)

FAQs

What is the new name for the MFDA? ›

The New SRO subsequently changed its name to the Canadian Investment Regulatory Organization (CIRO) on June 1, 2023. CIRO consolidates the functions of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).

Who is the investment manager regulator in Canada? ›

Welcome to IIROC

The Investment Industry Regulatory Organization of Canada is the pan‑Canadian self‑regulatory organization that oversees all investment dealers and trading activity on Canada's debt and equity marketplaces.

What is IIROC called now? ›

Canadian Investment Regulatory Organization (CIRO) is the recognized SRO to operate as a successor to the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (the MFDA).

What is the difference between the CSA and CIRO (formerly IIROC)? ›

The CSA relies on CIRO to oversee investment dealers and mutual fund dealers in Canada. The CSA jurisdictions directly oversee other securities registrants including Exempt Market Dealers (EMDs), Scholarship Plan Dealers (SPDs), Portfolio Managers (PMs) and Investment Fund Managers (IFMs).

Why did IIROC and MFDA merge? ›

The merger was intended to streamline the regulatory framework, reduce duplication and complexity, and enhance investor protection and access to advice.

Does the MFDA still exist? ›

The MFDA Investor Protection Fund (MFDA IPC) and the former Canadian Investor Protection Fund (CIPF) have merged into a single investor protection fund and will be known as CIPF. The name “New Self-Regulatory Organization of Canada” is the temporary legal name of the newly consolidated SRO.

What is the investment industry regulatory organization of Canada? ›

IIROC oversees the registration of firms and individuals who provide advice and conduct securities trading in Canada. These firms must register as Dealer Members.

Who regulates investments in Canada? ›

CIRO is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. Find out how to file a complaint with the Canadian Investment Regulatory Organization.

How many securities regulators are there in Canada? ›

The 10 provinces and 3 territories in Canada are responsible for securities regulations.

What is the equivalent of IIROC in USA? ›

The Investment Industry Regulatory Organization of Canada (IIROC) is a self-regulatory organization and is the equivalent of the Financial Industry Regulatory Authority (FINRA) in the United States.

Why is IIROC halted? ›

When surveillance staff believes that the information is material enough to significantly impact the price of the security they might issue a “trading halt.” A trading halt is a temporary pause in trading to allow the market to properly absorb the information.

What is the Canadian version of finra? ›

The Investment Industry Regulatory Organization of Canada (IIROC) is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

Did CIRO replace IIROC? ›

The two predecessor SROs, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA), amalgamated to continue as the New Self-Regulatory Organization of Canada (New SRO), effective January 1, 2023, which subsequently changed its name to CIRO on June 1, ...

How does CIRO protect investors? ›

CIRO sets rules for the firms and advisors we regulate, from conduct rules regarding the handling of your account to capital requirements to reduce the risk of a firm insolvency to how your firm trades on a marketplace. These rules protect investors like you.

What is the difference between CSA and CSD? ›

Credit Support Deed CSD (CSD) is very similar to a CSA, except that it is used to create specific types of legal rights over the collateral under English and Irish law, which requires a specific type of legal agreement (a deed).

What is the new name of the principal Global Opportunities fund? ›

In August 2018, PNB's stake was bought by Principal, and the fund house was renamed as Principal Mutual Fund.

What is the new name of Fidelity mutual fund? ›

Fidelity Mutual Fund has announced a name-change of certain schemes.
Old Name of the SchemeNew Name of the Scheme
Fidelity Cash FundL&T Cash Fund
Fidelity Global Real Assets FundL&T Global Real Assets Fund
Fidelity India Prudence FundL&T India Prudence Fund
Fidelity India Equity and Gold FundL&T India Equity and Gold Fund
8 more rows
Oct 9, 2012

What is the new name for Sudrania fund Services? ›

JAIPUR: Sudrania Fund Services, a third-party fund administration and back-office technology solutions provider on Monday announced its rebranding as Formidium.

What is the new name of the new residential investment corporation? ›

Rithm Capital Corp. (Rithm Capital), formerly New Residential Investment Corp, is a real estate investment trust (REIT) company.

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