Free enterprise – Freedominst Wed, 20 Oct 2021 21:21:27 +0000 en-US hourly 1 Free enterprise – Freedominst 32 32 Recorded caller gives businesses extensive options to take advantage of STIR / SHAKEN to verify caller information Wed, 20 Oct 2021 20:40:00 +0000

– (COMMERCIAL THREAD) – iconective:

What: Many businesses and contact centers use multiple voice service providers and phone number types, including long 10-digit codes and toll-free numbers. Therefore, voice service providers need a way to verify that the organization using a delegate certificate or toll free number is authorized to do so for specific businesses and phone numbers.

The Secure Telephone Identity Governance Authority (STI-GA) has approved the use of delegate certificates and toll-free numbers for authenticating calls with STIR / SHAKEN. STIR / SHAKEN is an industry-led framework designed to mitigate illegal robocalls and caller impersonation by verifying the identity of the organization using this Caller ID. Available for use in the United States, delegated certificates allow communication providers to verify the authentication of outgoing calls on behalf of their corporate and contact center customers. Likewise, responsible organizations (RespOrgs) can authenticate whether a company or contact center has the right to use a toll-free number.

The Registered Caller operationalizes this process by providing a reliable, industry-backed, centralized phone number registry that service providers and certification authorities can use to verify phone number information.

A collaborative industry initiative facilitated by CTIA and iconectiv, Registered Caller enables voice service providers, RespOrgs, businesses and contact centers to take advantage of delegate certificates and toll-free numbers to verify caller information for ” improve call response rates and reduce customer service costs. Businesses simply register their 10-digit, toll-free phone numbers in the registered caller database, which voice service providers then use to verify this information and leverage to determine the highest level of attestation for calls made. .


On October 22, 2021, delegate certificates and free numbers will be accepted in the STIR / SHAKEN ecosystem.


Learn more about Registered Caller at

About iconectiv

Your business and your customers need to access and exchange information in a simple, transparent and secure way. Iconectiv’s vast experience in information services and unmatched dialing intelligence helps you do this. In fact, more than 2 billion people rely on our platforms every day to keep their networks, devices and applications connected. Our cloud-based Software as a Service (SaaS) solutions cover network and operations management, dialing, trusted communications and fraud prevention. For more information, visit follow us on Twitter and LinkedIn.

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UK businesses look to app development providers to tackle pandemic and Brexit challenges Tue, 19 Oct 2021 09:00:00 +0000

ISG Provider Lens ™ Report Says Companies Are Seeking Help While Seeking To Expand Their Digital Business Capabilities

LONDON, October 19, 2021– (BUSINESS WIRE) – UK businesses are looking to application development and maintenance providers to help them tackle the twin challenges of COVID-19 and Brexit and expand their digital business capabilities, new report says released today by Information Services Group (ISG) (Nasdaq: III), a global leader in technology research and consulting.

The 2021 ISG Provider Lens ™ UK Next Generation Application Development and Maintenance Services report reveals that the Application Development and Maintenance (ADM) market is growing rapidly in the UK with increasing digital business demands.

“The ongoing pandemic and Brexit have increased the need for UK businesses to optimize IT costs and harness new technologies to gain a competitive advantage in an ever-changing market environment,” said Ola Chowning, partner , Strategy and digital solutions for ISG.

Agile development has become a high priority for UK companies who need to define software requirements and react quickly while trying to maintain software quality, the report says. Brexit has given many companies a heightened sense of urgency, leading to faster decision-making and a focus on clear value propositions.

In addition, Brexit is expected to result in a shortage of skilled software developers in the UK, with limitations for foreign workers in the country and uncertainty over the employment of remote workers within the European Union. As a result, some smaller UK software development vendors may lose market share to larger international vendors.

The report also finds ADM service providers offering numerous tools, frameworks, and methodologies which makes the market confusing for many business clients. Service providers often partner with other framework, software and solution providers, but also develop their own proprietary platforms and methodologies, leading to further confusion in the market.

The ADM market in the UK is driven by customer requirements including cost reduction, modernization and speed to market, but implementation varies widely from customer application environment to customer application environment. other. Suppliers make the environment more complex when they try to cover as many customer scenarios as possible.

The report also finds that the accelerated use of agile development practices has highlighted the limits of scaling agile development in large organizations. The number of tools and frameworks is almost endless, and when companies free up their agile teams to choose their tools, customers and vendors alike struggle to integrate agile development processes.

Additionally, DevOps continues to be a challenge for most companies, with less than half of all agile development teams using it effectively, the report says. Automation of repetitive tasks is necessary, and without automation development teams tend to skip process steps, including quality assurance.

Meanwhile, the managed application services market has adapted to demands for automation, agility, and new business and software features, the report says. Vendors are challenged to focus on improvement requests and application bug fixes alongside requests for new functionality, often with tight implementation times. Leading organizations manage this by separating new development streams from their lagging improvements and bug fixes.

Many companies also continue to struggle to merge the maintenance of legacy applications and new applications running in agile mode, the report adds. Automation has gained more and more attention and has become a competitive differentiator. Service providers merge IT processes into automated operations with AI capabilities including AIOps. Vendors add value by integrating AI-powered automation throughout the development process, and especially in quality assurance, to provide analytical dashboards and insights for process improvement.

The 2021 ISG Provider Lens ™ Next-Generation Application Development and Maintenance Services Report for the UK assesses the capabilities of 41 vendors in five quadrants: Application Development and Scaled Agile, Agile Development Specialists, Managed Application Services, Application Quality Assurance and Continuous Testing Specialists.

The report names Capgemini, Cognizant, HCL, Infosys and Wipro as leaders in three quadrants and Atos, Coforge and TCS as leaders in two. Accenture, Hexaware, LTI, Persistent Systems, Tech Mahindra, UST and Zensar are named Leaders in a quadrant.

In addition, EPAM is named a rising star – companies with “promising portfolios” and “high future potential” as defined by ISG – in two quadrants. LTI and Softtek are named Rising Stars in a quadrant.

A customized version of the report is available from Capgemini.

The 2021 ISG Provider Lens ™ Next-Generation Application Development and Maintenance Services Report for the UK is available for subscribers or for a one-time purchase on this webpage.

About ISG Provider Lens ™ Research

The ISG Provider Lens ™ Quadrant research series is the only service provider assessment of its kind to combine empirical and data-driven research and market analysis with the real-world experience and observations of the advisory team. world of ISG. Companies will find a wealth of in-depth data and market analysis to help them select suitable sourcing partners, while ISG advisors will use the reports to validate their own market knowledge and make recommendations to corporate clients. ISG. The research currently covers providers offering their services around the world, in Europe, as well as in the United States, Germany, Switzerland, United Kingdom, France, the Nordic countries, Brazil and Australia / New Zealand, with additional markets to be added in the future. For more information on ISG Provider Lens research, please visit this webpage.

A complementary research suite, the ISG Provider Lens Archetype reports, provides a unique assessment of suppliers from the perspective of specific types of buyers.

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and consulting company. A trusted business partner of more than 700 customers, including more than 75 of the world’s 100 largest companies, ISG is committed to helping businesses, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The company specializes in digital transformation services including automation, cloud and data analytics; procurement advice; managed governance and risk management services; network operator services; design of strategy and operations; change management; market intelligence and technology research and analysis. Founded in 2006, and headquartered in Stamford, Connecticut, ISG employs more than 1,300 digitally ready professionals operating in more than 20 countries — a global team known for their innovative thinking, market influence, deep industrial and technological expertise. and its world-class expertise. Industry’s most comprehensive market data-driven research and analysis capabilities. For more information, visit

See the source version on



Will Thoretz, ISG
+1 203 517 3119

Kate Hartley, Carrot Communications for ISG
+44 (0) 20 3457 6403

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Adding a Digital Adoption Platform for Business Software Users: What You Need to Know Sun, 17 Oct 2021 22:23:21 +0000

With remote and hybrid work now the norm, employers are rethinking their training strategies around the adoption of digital technology. Organizations often turn to digital adoption platforms (DAPs) to help optimize the use of company technologies by employees. And as DAPs gain in popularity, organizations need to understand their strengths and how they complement existing systems and platforms to provide users with the best experience.

Understanding digital adoption platforms

Digital adoption platforms not only serve as a replacement for traditional training systems, but can also be used to complement and enhance the in-person training experience. Often, platforms such as Microsoft 365 and Dynamics 365 are not sufficient to meet the learning needs of employees. In such situations, DAPs step in to provide an additional layer of help in the form of contextual help and knowledge resources.

The standard approach to training expects employees to memorize all information shared during an initial training session. From there, the organization expects (or hopes) that employees will apply all of this knowledge whenever it is needed. This line of thinking is highly unrealistic, as end users often won’t retain all of the information. They will then find it difficult to complete the tasks. I have described the challenges of traditional training in more detail here. DAPs come to the rescue by acting as open books that users can access whenever they need advice.

How is a digital adoption platform different from a learning management system?

Chances are you are already familiar with a Learning Management System (LMS), but if not, it is essentially a storage system for an organization’s training material. An LMS can look a lot like a DAP in that they both act as a resource hub for users. But they are more different than you think. Let’s understand how.

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Bashwinger and Palow are just plain dangerous Thu, 14 Oct 2021 22:59:00 +0000

For the publisher:
Dennis Palow and Randy Bashwinger are dangerous and unfit to perform their duties and I prove it here.

If you are concerned about the safety of your family, friends, and city employees, you should read this letter and consider the very solid documentation that I provide. So please come out and vote for Peggy Christman and Barb Kennedy to address the dangers I am documenting. Your vote for these ladies is essential for the safety of our community.

In 2018 and 2019, the majority of the Democratic city council acknowledged and documented that the operations of the Bern roads department were dangerous and that the results of the project were flawed. We have provided a reasonable, objective and independent evaluation of the operations of the road service in order to formulate recommendations aimed at improving the results and the safety of the project. These objective recommendations were to be provided by a consulting engineer and stamped by a professional engineer.

but supervisor [Sean] Lyons did not announce the RFP and therefore no estimate was received. Then, at the January 2020 regular meeting, Deputy Supervisor Palow brought forward a motion to derail this council-approved Highway Department safety initiative.

He put forward a motion that convinced his fellow GOP and GOP board members to cancel the security initiative, saying it would cost too much and he had obtained free advice from a professional organization. . None of these statements were true, as he later explained in his February lies.

First, he said the engineer’s assessment would cost the city “hundreds of thousands of dollars.” This is not true, and this and the other lie helped convince the GOP-backed majority to quash the initiative, depriving the public and employees of the benefits of the initiative. No estimate had even been requested and he had no basis for his claim.

Secondly, Mr Palow also claimed that he contacted the Cornell Local Roads Program and that organization provided a statement that there were no road service safety issues in Bern. Not surprisingly, no documentation of his correspondence with this organization or this statement could be produced.

Then the official recording of the January 2020 meeting mysteriously disappeared! Unbeknownst to Mr. Palow, the meeting was recorded by an affected resident.

Believing that there was no recording of his false statements at the January meeting, Mr Palow, incredibly, then denied making the false statements at the February meeting.

Would you seriously consider voting for a candidate who would lie to derail a board-approved public and worker safety initiative and then lie about those lies? Remember, months later we had another very serious incident in the highways department, this one fatal.

Listen carefully to posted recordings. First, Mr Palow’s rationale from January 2020 for derailing the council-approved security initiative:

“I don’t think we need to bring in an engineer and spend hundreds of thousands of dollars to… to tell Randy how our roads should be. I mean, he’s got Cornell; I contacted Cornell and they told me there was nothing wrong with the safety of our roads.

Now listen to the other recording with the false statements Mr Palow made at the February 2020 meeting to distort his false statements from January. He clearly assumed there was no recording:

Palow: “Okay, last month, when this was brought up at the city council meeting, what I actually said was that we could bring Cornell in here to take a look at our roads to see if they are safe. And I said it could cost – probably cost – hundreds of thousands of dollars. I did not say –

Willsey: “That’s not what you said. “

Palow: “I didn’t say it would cost the city hundreds of thousands of dollars, I said ‘probably’. “

Willsey: “There is no official recording of this meeting, but I have a recording -“

Palow: “May I finish? “

Willsey: “Well you should be telling the truth if you want to speak. “

If elected supervisor, Mr. Palow will be responsible for the safety of employees and residents of Bern, and he will be the chief financial officer. In my opinion, these audio clips make it clear that Mr. Palow cannot be entrusted with important decisions about public and employee safety or decisions about spending your tax dollars.

I believe the published PDF files solidly document the very negligent and dangerous operations of Mr. Bashwinger which continue to this day due to Mr. Palow’s dishonest motion. The safety standards imposed by vehicle and traffic laws were totally ignored during the very recent Bush Drive project.

View the attached PDF and the Company article. No signs, no drums, no flaggers, no safety measures in the work area! And a dangerous and flawed project resulted.

View the Bridge Road Incident PDF file also provided. The highway was not closed and a woman found herself at the bottom of an excavation. See the Company article.

Watch the Enterprise article documenting all security breaches at the highway garage (identified by state investigators after the death). Bashwinger and Palow are just plain dangerous.

So think about it: Mr Palow derailed a council-approved security initiative to protect Mr Bashwinger from scrutiny and allow his negligent and dangerous operations to continue. He could have told the truth and protected everyone from the well-documented dangers posed by Mr. Bashwinger.

Elect Peggy Christman and Barb Kennedy. They won’t fool you with blatant lies about security and spending. They will actually seek professional opinions instead of just lying about it.

If the City of Bern and safety are important to you, come out and vote for these ladies.

Joel willsey

Bern City Council

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Walker asks Supreme Court to take press freedom case – Empower Wisconsin Wed, 13 Oct 2021 10:55:32 +0000

MADISON – Former Gov. Scott Walker is asking the U.S. Supreme Court to take up a Wisconsin press freedom case in which Gov. Tony Evers’ managers barred conservative reporters from covering events in the executive press.

The Wisconsin Institute for Law & Liberty (WILL) submitted a friend at the high court on behalf of Walker, a Republican.

John K. MacIver Institute v. Evers presents to the court a critical dispute over the power of state actors to restrict press freedom by selecting and choosing which news organizations have access to information on matters of public importance.

In 2019, journalists at the MacIver Institute were intentionally excluded from press briefings, media alerts and public events hosted by the governor. Empower Wisconsin executive director MD Kittle, who worked at MacIver at the time, was one of the journalists banned from attending the governor’s closed-door budget briefing with the press.

The Freedom Justice Center, a Chicago-based public interest law firm, filed a lawsuit in April 2019 in the United States District Court, arguing that Evers’ actions violate, among other things, the free press clause of the first amendment. After the lower court rulings, Liberty Justice Center appealed the case to the United States Supreme Court.

“Governor Evers’ treatment of the press presents unique concerns about the First Amendment and equal protection. The Court’s review is warranted to ensure that government officials are not allowed to erode press freedom by restricting access to the press without sufficient justification, ”said Anthony LoCoco, WILL’s deputy lawyer .

WILL’s amicus brief on behalf of the former governor argues for a decision in the United States. The Seventh Circuit Court of Appeal which sided with Evers applied the wrong legal doctrine to the case. WILL urges the Supreme Court to take the case in part so that it can determine whether Evers violated the equal protection clause, which the Seventh Circuit failed to do.

Walker, who served two terms as the 45th governor of Wisconsin, is a strong supporter of transparency in government and a strong free press. In 2020, Walker became president of the Young America’s Foundation (YAF), a non-profit organization committed to ensuring that a growing number of young Americans understand and be inspired by ideas of individual freedom, advocacy strong national, free enterprise and traditional values. . YAF publishes the New guard and Libertas, and its National Journalism Center has trained future journalists in the values ​​of responsible, balanced and accurate reporting since 1977.

Listen to more:

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Fearing a First Amendment violation, Whiteville to repeal “deceiver or spell” law Mon, 11 Oct 2021 20:44:00 +0000

WHITEVILLE, NC (WECT) – With kids across America preparing to dress up as goblins, ghouls and a bevy of fanged creatures this Halloween, the town of Whiteville is set to repeal a toothless law regulating the age-old tradition of trick-or-treating.

A local ordinance regulating scary vacations is not a concept exclusive to Whiteville; other towns and cities across the state and country have, at one time or another, established rules for door-to-door candy seekers.

Last year, however, the City received “negative comments / press” on its stance on Halloween, prompting staff to review the ordinance.

As it currently reads, trick-or-treating is only permitted before 8:30 p.m. on Halloween night by children 12 and under. Anyone over the age of 12 or trying to grab late-night candy could be charged with a misdemeanor. If convicted, penalties include up to 30 days in jail or a $ 50 fine.

“The City is not trying to regulate other floating holidays, why is the City trying to regulate Halloween? City staff questioned in a summary of the proposal to repeal the ordinance included in the agenda for Tuesday’s city council meeting.

The diary also contains an article written by Pacific Legal – a nonprofit organization that provides legal services in the areas of property rights, individual liberty, and free enterprise – which held that the ban on the trick -or-treat was a First Amendment violation. Specifically, the article states that the Supreme Court has repeatedly upheld the right of individuals to engage in door-to-door canvassing for a variety of causes, including expressive activity.

“Trick-or-treat is in keeping with this tradition of expressive door-to-door activity,” the article reads. “The trompe-l’oeil costume can be a form of speech protected from government censorship. “

Additionally, city staff acknowledged in the proposal summary that if someone challenges a violation in court, a judge would likely declare the order unenforceable.

Staff did, however, provide several suggestions for safety guidelines the city could issue, should city council vote for them at Tuesday’s meeting. These guidelines include:

  • Parents are requested to supervise their children’s Halloween Trick or Treat activities and ensure that Trick or Treat activities are limited to children under the age of 16.
  • Trick or Treat times will be observed from 6 p.m. to 8 p.m. on Sunday, October 31, 2021.
  • Residents who wish to participate in Trick or Treat are asked to leave a porch light or other outdoor light on during these hours.
  • Parents are encouraged to explain to children that homes without outside light do not participate in Trick or Treat and that these homes should be left out during these activities.
  • It is also recommended for the safety of our children that parental supervision be extended to include the insistence that children not consume any “treats” until they are closely examined by their parents. Parents should follow the “if in doubt, throw it out” rule when there is evidence of tampering with the packaging or surfaces of consumable products.

Whiteville city council is scheduled to meet at 6:30 p.m. on Tuesday.

Copyright 2021 WECT. All rights reserved.

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If Boris Wants To Spend Money He Will Have To Find It, Says KATE ANDREWS | Express commentary | Comment Sun, 10 Oct 2021 10:50:44 +0000

The Prime Minister’s favorite slogans – ‘level up’ and ‘build back better’ – remained as empty as ever, but every time they were uttered it felt like they had a big price tag. to pay.

But if Boris Johnson wants to spend more money, he’s going to have to find it. Having already borrowed over £ 300bn last year [and on track to borrow over £200billion this year] its chancellor, Rishi Sunak, is increasingly nervous about public finances. Thus, all additional expenses will have to be quantified.

This explains the rise in national insurance next year, to provide additional funds for the NHS and social care.

It’s difficult and unpopular for a Tory to raise taxes, which could make Johnson think twice before embarking on more expensive projects. Again, this can lead to more tax increases.

What if the NHS doesn’t turn its NI money over to social services, when it should, in a few years? The taxpayer may be asked to pay even more.

Or take the UK’s zero carbon pledge.

We are a few weeks away from COP26, but we still do not know how the net zero will be paid.

The Climate Change Committee estimates that it will take an additional £ 50bn every year between 2030 and 2050 to reach the target. The nationwide network has estimated the total costs at over £ 3 trillion.

The prospect of rising energy bills due to the global gas shortage was barely lip service. If circumstances largely out of the hands of government are too difficult to follow, it’s hard to see how an honest conversation around net-zero plays out.

Then there’s Johnson’s warm embrace of current labor shortages as a path to a “high-wage, high-skill, high-productivity” economy.

It makes sense to recognize that shutting down and re-igniting the global economy has resulted in shortages benefiting workers who have been neglected for much of the past decade.

Still, the Prime Minister’s reception of these shortages appears to have gone too far, as he was relaxed in the face of food and energy shortages, even willing to risk inflation to maintain wage increases.

It was perhaps the biggest cost revealed at the Conference, that the party quickly abandons one of the most fundamental tenets of free enterprise: that a growth program creates much more lasting prosperity than a program designed to limit economic activity.

If this becomes the new normal, we will all pay dearly for it.

  • Kate Andrews is The Spectator’s business correspondent
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Why cronyism is against capitalism and free enterprise Fri, 08 Oct 2021 20:09:51 +0000

It makes no sense to say “crony capitalism”.

Yet it has become common parlance, often used when policymakers load laws such as Democrats’ $ 3.5 trillion tax and expense bill with cronyism policies.

Capitalism and our free enterprise system are concerned with individuals and businesses with the opportunity to compete on their own merits for economic success and to realize their own personal American dreams.

In contrast, cronyism puts favoritism above merit, giving special treatment to certain people and businesses over others to give them an edge over their competition.

Simply put, cronyism is the antithesis of capitalism and free enterprise.

Cronyism takes many forms, but ultimately the effect is that the government chooses winners and losers, for example through grants to support a government-favored industry (for example, for electric vehicles). ) or regulations that create barriers to entry for new competitors in an industry (such as state professional licensing laws).

These actions are carried out to the detriment of competition and innovation. Worse yet, by their very nature, they ignore the general public interest. Instead, they get a small, privileged interest at the expense of everyone else, from taxpayers and consumers to other businesses.

So why should we care?

A free enterprise system, based on the principles of equal opportunity and economic freedom, is compromised when government officials and their vested interests consistently take political action that rejects these principles.

But whether or not one believes in free enterprise, a political system that is played out for the well-connected must be viewed with contempt.

Cronyism creates a political system that is biased against those who do not have the “right” political contacts or who are not part of the “right” interest group. There should be common ground across the ideological spectrum that such a system is intolerable.

Of course, solving the cronyism problem will not be easy. Special interests will resist any attack on their goodies. And politicians and bureaucrats who have the influence and power to channel favors from their buddies will be just as resilient.

Cronyism is usually easy to spot, but that doesn’t mean those who advocate cronyism policies won’t try to articulate an excuse as to why fostering a particular interest in a certain case is actually good for everyone.

These excuses are usually easily dismissed from a political point of view, but that does not mean that they are easily undone in practice.

For example, there is the issue of concentrated benefits and dispersed costs. It just means that the benefits of cronyism, such as a hypothetical $ 20 billion a year subsidy program, from a privileged special interest perspective, are essential.

This price, once distributed among all taxpayers, will appear low. Therefore, special interests will fight hard for their $ 20 billion in corporate social assistance, while not everyone will be prompted to oppose it due to the low cost per person.

Thus, to fight against cronyism on an ad hoc basis becomes a particularly difficult battle. Therefore, the best approach to tackling cronyism is likely to be major process changes at all levels.

For example, Congress needs to create more controls within the political system so that there are counters to help fend off cronyism. This would include ensuring that federal agencies are not given too much power and discretion in the first place, combined with proper oversight from Congress.

In addition, Congress itself should create checks and balances throughout the legislative process, for example by requiring that certain legislative proposals be managed by more than one committee.

Policymakers should improve transparency and ensure the use of sound science in rule-making and the legislative process. Better transparency will help promote more thoughtful debate and analysis. Demanding the use of solid science will help to reject the policies based on undesirable science that policymakers and special interests often use to justify their crony policies.

Then there is the big picture of government intervention in general. Policymakers need to reduce government intervention, not only for economic reasons, but because greater government intervention invites more cronyism.

The willingness of decision-makers to use the power and strength of government ever more broadly invites special interests to come to decision-makers and to benefit from the intervention.

The fight against cronyism and the well-being of companies is a critical and dignified fight.

Conservatives and other free enterprise supporters should lead this fight and put it at the heart of their economic vision. And, as has been explained, this is not just an economic issue, but a central issue in preserving the integrity of our political system and our representative form of government.

At a minimum, let’s stop the deceptive practice of bundling cronyism with capitalism.

Do you have an opinion on this article ? To ring, please send an email [email protected] and we will consider posting your amended remarks in our usual “We Hear You” section. Be sure to include the URL or title of the article as well as your name and city and / or state.

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SEC sued for approving Nasdaq ‘racist and sexist’ quota rules Thu, 07 Oct 2021 13:48:47 +0000

SEC sued for approving Nasdaq ‘racist and sexist’ quota rules

Washington, DC – The National Center for Public Policy Research has filed a lawsuit against the United States Securities & Exchange Commission (SEC) for SEC approval of the diversity rules of the board of directors of the Nasdaq Stock Market, which require companies listed on the Nasdaq to establish a board of directors. quotas based on race, gender and sexual orientation, or explain why they did not.

The National Center, represented by the New Civil Liberties Alliance (NCLA), argues that the SEC does not have the power to set such quotas. The SEC’s regulator, established by the Securities and Exchange Act of 1934, limits itself to securities regulation to ensure fair markets and enforce federal laws that punish fraud. The lawsuit asserts that the approval of market rules establishing quotas for boards of directors exceeds this limited authority.

Scott Shepard

“The SEC has become increasingly politicized in recent years, and particularly since the arrival of President Gary Gensler,” said Scott Shepard, director of the National Center’s Free Enterprise Project. “He has a narrowly circumscribed authority: that of protecting shareholders in a limited way. This in no way extends to the kind social engineering attempted by the Nasdaq rule. It was therefore illegitimate for the SEC to approve the rule. The approval was particularly appalling because the current rule requires companies to subordinate merit to illegal discrimination based on race, gender and orientation, or to open up to the screaming crowd on the left.

The SEC approved Nasdaq Stock Market LLC Rules 5605 (f) and 5606 on August 6. The rules require listed companies to (a) disclose information about the self-identified gender, race and sexuality of members of their board of directors; and (b) either include in their council minimum quotas of individuals of certain gender, racial and sexual identities, or publicly explain why the council does not respect these quotas. The Nasdaq offers companies access to a list of “diverse board-ready candidates” who could meet the quotas. The ultimate enforcement mechanism for non-compliance with these rules is delisting the company from the Nasdaq.

The National Center submitted a comment to the SEC during the approval process in which it argued that the quotas exceed the authority of the SEC, are unconstitutional and illegal, and are inadmissible.

Justin danhof

Justin Danhof, Esq.

“By allowing the Nasdaq board’s plan to move forward, the SEC is completely flouting the US Constitution,” said Justin Danhof, Esq., Executive vice president of the National Center. “The people who run the Nasdaq may have no idea what is and isn’t constitutionally permitted, but SEC lawyers and regulators should know more. Companies should be free to appoint directors who will help them prosper. Mandating board appointments based on candidates’ skin color, gender and sexual partners is not only unconstitutional, but also flattering, racist, sexist and downright offensive. Hopefully the court will make a common sense decision reversing this drastic pattern.

The Nasdaq board’s diversity rules are also being challenged in parallel lawsuits.

To schedule an interview with a member of the Free Enterprise Project on this and other issues, contact Judy Kent at (703) 477-7476.

Launched in 2007, the National Center’s free enterprise project focuses on shareholder activism and the confluence of big governments and big corporations. In the past four years alone, VET representatives have participated in over 100 shareholder meetings – advancing free market ideals on healthcare, energy, taxes, subsidies, regulations, religious freedom, food policies, media bias, gun rights, workers’ rights and other important public policy issues. As the leading voice of conservative investors, he tables over 90% of all center-right shareholder resolutions each year. However, dozens of liberal organizations file more than 95% of all political shareholder resolutions each year and continue to exert undue influence over American companies.

The activity of VET was covered by the media, including the New York Times, Washington Post, USA Today, Variety, The Associated Press, Bloomberg, Drudge Report, Business Insider, National Public Radio, and SiriusXM. VET work featured prominently in new book by Stephen Soukup The Woke Capital Dictatorship: How Political Correctness Captured Big Business (Encounter Books) and the 2016 book by Kimberley Strassel The bullying game: how the left silences freedom of expression (Hachette Book Group).

The National Center for Public Policy Research, founded in 1982, is an independent, non-partisan conservative think tank. Ninety-four percent of its support comes from individuals, less than four percent from foundations and less than two percent from businesses. It receives more than 350,000 individual contributions per year from more than 60,000 recent active contributors. Sign up here to receive email updates.

The New Civil Liberties Alliance (NCLA) is a non-partisan, nonprofit civil rights group founded by eminent jurist Philip Hamburger to protect constitutional freedoms from violations by the administrative state. NCLA’s public interest litigation and other pro bono advocacy endeavors to tame the illegal power of state and federal agencies and foster a new civil liberties movement that will help restore basic human rights. Americans.

Follow us on Twitter at @National Center for general announcements. To be alerted to upcoming media appearances by National Center staff, follow our media appearances Twitter account at @ NCPPRMedia.

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Foreign media fail to understand Chinese fintech regulators Wed, 06 Oct 2021 20:00:00 +0000

Nan Li is Associate Professor of Finance at the Antai College of Economics & Management, Shanghai Jiao Tong University. John D. Van Fleet supports industry relations for Antai College.

It seems not a month goes by without an English-speaking media outlet making room for even more misleading media coverage of Jack Ma’s Ant Group and the Chinese financial industry in general.

Last month’s eruption involved so-called new and nefarious regulatory actions undermining Ant’s hard-earned entrepreneurial successes and innovations. If only they had waited a week, or simply done a little more research, these media organizations might have avoided embarrassing themselves.

After Ant recently announced that its now separate Huabei loan arm, with permission from borrowers, would report individual credit data such as loan volume and repayment history to the People’s Bank of China, the company has confirmed that personal expenditure data would not be communicated.

Better late than never. For over a year now, Chinese regulators have been asking Ant, and other online microlenders to report such data, but Ant has long tried to resist his responsibilities, as the now infamous speech shows. de Ma in Shanghai attacking financial regulators as having a “pawnshop mentality”.

Since then, Chinese regulators have been increasingly clear on the path to take over Ant: to separate consumer lending and payments business, and follow appropriate financial sector regulations aimed at reducing conflicts of interest and moral hazard.

Around the world, credit reference bureaus perform the critical function of aggregating credit data. In some countries, these organizations are controlled by the state. In others, they are managed privately, such as the US data analysis company FICO. Nowhere is the essential component of consumer data protection left to unattached private sector lenders, as Ant had been before.

The all-too-regular epidemics of misleading reporting about Ant and China’s consumer credit industry are generally based on a series of myths, in addition to the prejudices that “everything that happens in China today is news” or is. a politically motivated attack.

One of those myths is that Ant’s credit scoring model and related data is valuable intellectual property that Beijing is eager to get their hands on.

This alleged government attack is launched as a pernicious blow against free enterprise, part of an existential battle between the titans of noble industry, the captains of creative destruction and, once again, the bureaucrats who harm the economy. .

But Ant’s credit scoring model, developed by non-financial technicians with little experience in risk management, was primarily based on consumer spending behavior. In itself, this data is far from worthless. If it were a stand-alone entity, it would be a loss making company.

A sign with a QR code for payment via Alipay sits among produce at a farmer’s market in Beijing in October 2020: Ant’s credit scoring model was based on consumer spending behavior. © PA

Putting an end to the media screeching of Chicken Little, Ant’s recent announcements confirm that the central bank has no interest in obtaining personal spending data collected by Ant from Alipay, Alibaba Group’s payment platform Holding.

Additionally, in a multi-year regulatory review that culminated in the introduction of the new Personal Data Protection Act in August, personal data, including spending and credit history, is protected. It is now illegal in China for any other party to read or use data without someone’s specific permission, let alone exploit the data for profit. Again, this fits well with global practice and common sense.

Large Chinese commercial banks have long played their role in developing far better credit scoring models than Ant ever could or will ever do since the banking reforms of the 2000s.

The China Credit Reference Center was established in 2006 to “establish, operate and maintain the National Centralized Commercial and Consumer Credit Assessment System”. For years, Chinese commercial lenders have relied in part on data from CRC – the largest such pool in the world – to measure and manage credit risk.

Another myth is that the recent regulatory announcements are a net loss for investors.

While this may be true for investors who have taken advantage of Ant’s predatory lending practices, investors in companies committed to building long-term value should be happy with recent regulatory updates. . And many are, judging by subsequent statements from some of the world’s most renowned investors.

Around the world, there is a heated debate, even among companies in the financial sector, about the right way to grow fintech. What no one doubts is the need to regulate financial institutions – including fintechs – to keep the financial system strong and secure.

After Huawei Technologies’ Meng Wanzhou’s post last month, the US Department of Justice issued a statement claiming that “financial institutions are our first line of defense in maintaining the safety and security of the US financial system.”

Therefore, we suggest that regulatory “interference” in Ant’s business model is not an overly malicious government manifestation. Not only is this to China’s advantage, but it may be a model for other economies to follow.

Either way, companies as a whole and the savvy investors within them would do well, including in their long-term returns on investment, to assess regulatory measures based on their specific value – or lack thereof. – and not false media stories. International news agencies could strengthen their credibility by avoiding the hype from interested actors.

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