As Alibaba Group looks to upgrade its secondary listing in Hong Kong to a primary status, all eyes are on which firms will handle the tech giant’s latest play.
When it listed in the New York in 2014, raising $25 billion in what was then the world’s largest ever initial public offering (IPO), it was represented by its lead legal advisors, Simpson Thacher & Bartlett and Fangda Partners.
The Chinese conglomerate was again advised by the Simpson Thacher and Fangda when it sought a secondary listing in Hong Kong in 2019, in which it raised another $13 billion.
The underwriters for both listings were advised by King & Wood Mallesons and Freshfields Bruckhaus Deringer.
Now Alibaba has announced that it is seeking to upgrade its secondary listing in Hong Kong to a primary status. Its legal advisors are likely the same quartet, none of which responded to requests for comment.
For Fangda, Alibaba is one of the firm’s most high profile, longtime clients. The firm has advised the technology giant many of its strategic acquisitions and investments over the years. It also represented Ant Group, Alibaba’s fintech affiliate, in a $14 billion funding round in 2018. Former Fangda chair, Jonathan Zhou, left the firm in 2020 to join Ant Group as general counsel.
It’s a similar tale for Simpson Thacher, the firm’s former corporate partner Leiming Chen is now a director at Ant Group, having joined in 2016 as Zhou’s predecessor. Chen is now senior vice president at Ant Group, and heads up the company’s international government and policy matters. For Alibaba’s 2014 debut in the U.S., Simpson Thacher reportedly raked in $16 million in legal fees. The firm has since continued to represent Alibaba on several transactions including a $4.6 billion investment in Chinese e-commerce platform Suning.com in 2015, and a $5 billion senior notes offering last year.
Alibaba’s plans in Hong Kong will help the company hedge against the risks of being delisted in the U.S. 150 Chinese companies are facing the threat of being expelled from American bourses as early as next year, as China and the U.S. have so far failed to come to an agreement on auditing access.
For now, Alibaba will keep its American depositary shares on the New York Stock Exchange. Other Chinese companies including electric vehicle manufacturers Xpeng and Li Auto have already launched dual-primary listed stocks in Hong Kong last year, raising $2 billion and $1.5 billion, respectively. Sullivan & Cromwell and Fangda Partners advised Xpeng, Li Auto was advised by Skadden, Arps, Slate, Meagher & Flom and Han Kun Law Offices.
News of Alibaba’s Hong Kong listing upgrade coincides with reports of Jack Ma’s plans to provide up control of Ant Group, as part of the fintech giant’s effort to distant from affiliate Alibaba.
Both companies, founded by Ma, have faced significant pressure from Chinese regulators, that have worked to curb the expansion of Alibaba. As part of that, Alibaba received a $2.7 billion antitrust fine last year.
Based in Hangzhou, Ant Group operates one of China’s most popular mobile financial apps— Alipay. Its $34 billion IPO in Hong Kong, advised again by Simpson Thacher, Fangda, Freshfields and King & Wood Mallesons, was also derailed. Ant has since been ordered to restructure as a financial holding company so it will be regulated by China’s central bank.
New Chinese regulations has since thwarted several other stock debuts by other Chinese companies. Skadden and Simpson Thacher were advising Chinese ride-hailing giant Didi Chuxing’s on its $4.4 billion New York IPO. Didi’s success was shortlived as days later the Cyberspace Administration of China announced that it had opened a national security investigation of Didi, and later ordered app stores in China to stop offering Didi’s product because it collected “personal information in violation” of Chinese laws and regulations.
Monday, August 1, 2022
The U.S. District Court for the District of Puerto Rico has recently ruled on a case dealing with Puerto Rico’s Dealer’s Contracts Act, also known as Law 75. Law 75 prohibits principals or suppliers from impairing their contracts with dealers without just cause, including arbitrary termination of a contract after a dealer has created a market for the products at issue. In Jose Santiago Inc. v. Smithfield Foods, Inc., the Court ruled in favor of the defendant manufacturer, Smithfield, after the plaintiff dealer, Santiago, brought suit complaining that Smithfield breached the exclusivity provision of their distribution agreement.
In 1995, Santiago entered into a distribution agreement with Farmland Foods, which later became part of Smithfield. Santiago remained the exclusive distributor for Farmland products. Santiago would later contend that Smithfield promised that it would remain the exclusive distributor not only for Farmland products but also for all of Smithfield’s products, too. Smithfield disputed this allegation.
In May 2020, Smithfield informed Santiago that Smithfield would be consolidating its Farmland brand with Smithfield products and that another distributor in Puerto Rico, Ballester Hermanos, Inc., would have the right to sell Smithfield products. In a cease-and-desist letter, Santiago charged Smithfield with violating its right to be the exclusive distributor of all Smithfield products in Puerto Rico. Smithfield countered that, at best, Santiago was the exclusive distributor for Farmland products only. Smithfield offered Santiago a non-exclusive distributorship for Smithfield products. Santiago rejected the offer.
Santiago filed suit claiming Smithfield had threatened to stop supplying Santiago with Smithfield products unless it agreed to the non-exclusive distributorship it had previously rejected. Santiago sought an injunction to stop Smithfield from terminating its supply of products, claiming it would suffer irreparable harm without access to Smithfiled products. In spite of Santiago’s pleading on what kind of harm it stood to suffer, Law 75 actually only requires that a court consider the interests of the parties and the statute’s public policy.
As a threshold matter, the Court held that Santiago was a dealer entitled to the protections of Law 75. Prior court decisions have laid out factors to consider in determining whether an entity is a dealer under Law 75: Does the alleged dealer promote products, maintain inventory, establish prices, extend credit, advertise or purchase products, maintain facilities, or offer services related to the products it sells? The Court held that Santiago was a dealer because it performed many of these functions.
Next, because Law 75 only came into play if a supplier was threatening a dealer’s contractual rights, the Court turned to whether a relevant agreement existed between the parties. While Santiago did have a contract to be the exclusive dealer of Farmland products, there was no such agreement for the distribution rights for Smithfield products. Indeed, Smithfield had offered terms for one, but Santiago had rejected them.
The Court further observed the parties’ course of dealing could themselves establish a contractual relationship for the right to exclusive distribution of Smithfield products, but here the Court held the parties’ dealings did no such thing. The parties’ relationship bore none of the hallmarks of an exclusive distribution arrangement: There was no minimum product volume Santiago had to purchase, any minimum volume Smithfield had to sell, or any obligation on the part of Santiago to order anything at all, or likewise for Smithfield to sell.
Finally, the Court held that Smithfield was not operating in bad faith. It undertook consolidation of the Farmland brand to eliminate redundancy. Smithfield had offered exclusive distribution rights to Santiago, albeit not over as many products as Santiago wanted. Thus, Santiago lacked an exclusive distribution arrangement with Smithfield for all of its products because the parties had reached an impasse in their negotiations over such an agreement. On these grounds, the Court denied Santiago’s request for injunction requiring Smithfield to fulfill Santiago’s product orders.
Jose Santiago Inc. v. Smithfield Foods, Inc. is an example of a court’s common-sense studying of an applicable dealer statute. It emphasizes the importance of agreements with clear terms and the danger in relying on a course of dealing through which to enforce alleged contractual rights.
This article was written with the assistance of summer associate Sophia Pfander.
Many people assume working with computers, robots, CNC machines and automation will never be an option for them. As a result, they miss significant opportunities. Our Computational Literacy for Modern Careers Certificate aims to change this. If you are willing to put in the effort, we will take you on a journey where you will learn how computers think, how they operate and how you can use them to solve problems. In addition to learning hard skills, you’ll develop important soft skills, including the ability to focus, pay attention to detail, communicate, solve problems, use logic and make correct decisions, persevere and adapt to changing conditions.
If you have the capability to learn and the desire to grow, this training program is for you. Throughout the program, students use a virtual robot to solve various simple tasks. This allows students to learn essential skills such as how to identify repeating patterns and how to break complex problems into simpler ones. Upon completing the program, students will have acquired the mindset and skills needed to successfully deal with automation and intelligent machines.
The Spine, the Royal College of Physicians’ (RCP) new £35 million northern headquarters in Liverpool, takes its name from a staircase that resembles human vertebrae. The clever architectural design - by architectural and building consultancy practice AHR - doesn’t end there. The façade takes its design from the human skin, the Voronoi pattern includes 23 million individual polygons applied to the glazing of the building. This mathematical pattern, found in biology, medicine and epidemiology, assists in solar control within the building (local taxi drivers have dubbed it ‘the giraffe’). The Spine is one of the first buildings in the UK designed to achieve the prestigious WELL Platinum standard and is one of the healthiest workspaces for mental and physical wellbeing in the country.
The RCP is the oldest medical college in England. Its 40,000 members work in hospitals and the community across 30 different medical specialties and range from medical students to retired doctors. The RCP was looking for a new building outside of its London home, and once it chose the city of Liverpool, the process of designing and building The Spine began.
The Spine is located within the £1 billion Paddington Village development, which has been created to boost the study and research of life-science, healthcare and technology industries in the city’s Knowledge Quarter. RCP at The Spine in Liverpool provides events, activities and services to its members in the north of England and helps to achieve its vision of a world in which everyone has the best possible health and healthcare.
The bottom three and top four floors of The Spine provide a centre of clinical excellence for the RCP, as well as an award-winning event venue, Spaces at The Spine. The remaining seven floors offer modern workspaces for organisations in those sectors mentioned above.
Upon entering The Spine for the first time, visitors are immediately stuck by one of the major areas of biophilic intervention, rather than a standard atrium found in a typical commercial building, The Spine features a series of double height spaces known as vertical villages which represent lungs in the building. Whilst improving connectivity between the floors with helical stairs, the spaces contain a mix of plants and trees to reduce both carbon dioxide and toxin levels in the building whilst also producing oxygen.
The building was designed by Rob Hopkins for architects AHR, the technology consultant on the project was Recursive and the system integrator was Pure AV. Recursive were first contacted by Ben Pain, head of AV resources at the RCP, three years ago and after initial conversations were invited to participate in the competitive tender. “I think it was our previous experience with other similar, unique institutions that probably won through. We understood this wasn't just going to be a normal office building,” says Paul Marshall, senior technology consultant, Recursive. Pure AV won a competitive tender after initially being contacted personally by Pain, after receiving recommendations on their work from peers in the AV User Group and LTSMG (Learning & Teaching Spaces Managers Group) and began working on the first phase of the project when a test site was created using two floors of a building across the road from The Spine while construction took place. Pain has been involved with the project for six years and the process has been a labour of love for him, and one ‘with a difficult birth’ he admitted.
The first AV in the building can be found in the reception area in the form of two 1x2 LG videowalls, driven by Tripleplay digital signage players and Datapath processors. The entrance is also home to portable 1.9mm pixel pitch LED digital totem displays from NEC, used for wayfinding and event registration. Alongside the plant life in the reception area, the ground floor is also home to The Base café and an elegant double-ceiling-height events space called The Steps. The first floor is a membership space and also a space for smaller companies or small medical organisations that want to have a presence in Liverpool. It’s home to a member’s lounge which features an 86-in LG LFD, Tripleplay digital signage player, Neets soundbar, a 5-in touchpanel from QSC, and like the other AV-enabled spaces in the building features the ability to send/receive content from anywhere else in The Spine, thanks to QSC AVoIP system. a Mersive wireless presentation system provides the ability for wireless presentations.
A meeting room on the first floor is typical of ones around the building, it features a 65-in LG LFD, Logitech conference camera, Extron screen controller and room sensors, Onelan Reserva Edge room booking panels and the Mersive platform.
The tenth floor is a workspace area, and features six meeting rooms and a breakout room, with LG LFDs, Logitech Tap meeting room touch controllers and conference cameras, Onelan Reserva panels and Extron room sensors and screen controllers.
Visitors to the eleventh floor could be forgiven for thinking they have walked into a hospital, as it features 28 medical consultation rooms. It is in these Dinwoodie and Jerwood exam Rooms where RCP members take part in PACE and OSCE medical assessments and exams, to perfect ‘bedside manner’ or tests to find the right diagnosis. There is a central AV control desk, deliberately modelled as a hospital nursing station, from where examiners can speak to all rooms or individual rooms, they can hear audio individually from one room or all rooms, and they can send audio to the lift lobby, the patient holding room, the examiner rooms, the exam corridors and the reception area.
Because exam sessions are timed, bespoke clock software has been installed which integrates into both the QSC media playback system and the TriplePlay digital signage system. AV in the rooms is the same, but the rooms are different shapes for different scenarios. All 28 rooms feature a 43-in LG LFD, Tripleplay digital signage player, 180-degree ceiling mounted camera, Clockaudio beam forming Dante mics suspended from the ceiling (so as to be unobtrusive as possible), Onelan Reserva panels and Cloud ceiling speakers. This floor provided one of the biggest design and implementation challenges of the projects admits Marshall. “This is an example of stretching a piece of equipment to do something it’s not necessarily designed to do. We’re actually using CCTV technology that’s tied into the (QSC) Q-SYS system. We’re also getting audio into the CCTV system and back out again.” All 28 rooms can be used an individual meeting rooms, and each one has the ability to host Teams calls.
The floor also houses patient and examiner holding rooms. During exams the examiners, patients and candidates are kept separate between exams and the debriefs that follow are held in these spaces.
On the twelfth floor, visitors will find more stunning use of AV technology in education and event spaces Six, Seven, Eight and Nine, as well as Spaces Four and Five, the Wolfson Lecture Theatre and the Wolfson Virtual Theatre. The four spaces can function individually or be joined together via divisible walls.
Audio is provided in each space via Bose MA12 line arrays, Cloud subs, with Bose speakers and Sennheiser TeamConnect 2 mics fitted in the ceiling. The display in each room is a massive 98-in NEC interactive screen, QSC touchpanels control the in-room AV, with QSC front and reverse PTZ cameras and AVoIP encoders completing the picture alongside Mersive and Onelan
as previously mentioned. These rooms represent a design philosophy you will see repeated around the building – cables are at minimum, and AV is out of the way, there to do a job, not to be seen.
The Wolfson Lecture theatre seats 48 people, and display technology is provided around the room via one 98-in interactive NEC displays and one 98-in LG display (with custom bezel to fit nicely beside the larger interactive display) and six 43-in LG repeater and confidence screens. Control is via an 11-in QSC touchpanel, audio is via Sennheiser TCC2 ceiling and speech line digital wireless handheld and lavaliere mics, Cloud subs, and Bose speakers. Additional presentation technology is provided via Kaptivo boards and an Elmo visualiser. The Wolfson Virtual theatre is a nod to a more streaming/remote learning/video conferencing future. It can seat between 16-24 in the room itself (depending on seat config), but via an LG LCD 3x6 videowall a lecturer can also include up to 48 additional participants on the videowall to join in too.
Pain explains how it works; “The lecturer can talk to all of them as a group and can then split them into separate groups to do breakout work. The whole thing is recorded. As a lecturer you can split into four screens and people join via WebRTC. The lecturer can see all of them - who’s got their hand up, who doesn’t have their hand up etc. Everybody on the other side has the opportunity to present their screen if they need to.” The sessions are run through the MashMe collaboration software, audio in the space is provided by Bose speakers hidden above the videowall behind acoustically transparent cloth. The Virtual Theatre is more akin to a live TV production studio than a lecture theatre, but this is undoubtedly how the majority of these spaces will be designed over the next decade to meet hybrid working/learning demands. Dante-enabled portable Bose speakers are also provided to allow the room to be opened out into the foyer serving as a breakout space for larger events.
Finally, the top floor of the building features destination dining space The Axis, boasting stunning panoramic views across Liverpool (The Spine is at the highest viewpoint in Liverpool). A lot of the AV already mentioned (86-in display, Bose speaker, Onelan Resevera QSC backbone, etc.) is integrated in The Axis to facilitate its use as an event space.
The floor also features two additional event spaces (Spaces One and Space Two), which can be combined into one larger space for up to 330 people via a central divisible wall. Each room features two 98-in LG displays in bespoke cabinets, which also house more AV kit (eg QSC PTZ cameras). The rooms also feature an AV control desk for the in-hours AV team to run during events.
QSC’s Q-SYS platform was absolutely fundamental to this project, in order for the AV to be moved around The Spine, and for cables to be minimised, it had to take on a massive workload, and be incredibly reliable. In fact, the original number of network points was tripled from the first M&E plan once Recursive has decided the network was going to host all the AV. “It gives us flexibility,” explains Smith. “It’s a data point, it might be carrying audio now, but next week it could be video, or it could be repurposed as a WAP.”
The challenge for Recursive and Pure AV was that Q-SYS was so new at the time of install. “It was fresh out of the box. We’d seen early development concepts of it, so it was a learning curve for us in terms of how to design the system and the limitations and requirements of that,” says Marshall. “The control element had never been used quite to the extent we’re using it here. It’s well established in the audio world, but we were stretching the control and video elements and the philosophy of being able to move any signal from any room to any other room,” adds Smith. “Nothing’s physically connected, everything’s very heavily reliant on the network, that had its challenges in itself, because there was very little we could test until the network was in place. And the network wasn’t in place until the building was handed over,” says Daniel Saville, system designer and product manager, Pure AV. “There’s a lot going on in the background here. It’s very simple at the front end, but if you go to the comms rooms there’s a lot in the background that’s making everything here work.”
Did the strong architectural desires of this project create difficulties for Recursive and Pure AV in designing complimentary AV systems? Thankfully not it seems, “We loved working with AHR to make sure that the technology is an integral part of it, rather than something that is bolted on later on,” says Smith.
Speaking to everyone involved, it’s clear this is a project that has only finished phase one, there are immediate plans to adapt and Strengthen on what is already a flagship project. Has the project achieved its aims from an AV point of view? “Absolutely,” says Pain. “We have a building that offers a level of flexibility that I don’t think many other buildings offer. We are a membership organisation, we’re an educational organisation, we’re a training body, we’re a research space, we have small museum status and we’re a commercial venue. And we’re doing all that over seven floors. “We needed AV that did more than one thing and did all the things that it did well. And we’ve got that.”
Allen & Heath SQ-5 mixing desks
Apart Audio PMR4000RMK11 media players
Atterotech UND4I-L Dante I/O interfaces
Audinate analogue/Dante converters
Biamp TCM-1, TCM-X-EX mics, Forte CI AVB DSP
BlackMagic ATEM 1 M/E video switcher
Bose MA12, DM3C, DM6SE, DM5C loudspeakers, DM8C subwoofers
ClockAudio C303W-D beam forming Dante mics
Cloud CS-CSUB8W subwoofers
Extron SM3, SM4 loudspeakers, MPA152 amplifiers
Glensound Dark 16AO Dante I/O interfaces
Neets SB1 soundbars
Revolabs HD mic receivers
Sennheiser TeamConnect 2 mics, MobileConnect assistive hearing system, MZH 3015 gooseneck mics, lapel mics, handheld mics,
Stewart Audio AV 8-2-LZ Dante amplifiers
Yamaha XMV8140-D, XMV4140-D Dante amplifiers
Aten US3344i USB matrix
Datapath FX4 video processors
Dynascan DS551DR4 55-in dual displays
Elo 2202L touch monitors
Extron HD CTL 100 screen controllers, OCS 100 room sensors, DTP HDMI 4K 230 Tx DTP transmitter
Kaptivo digital whiteboards
Lindy USB Hubs
LG 43-in, 49-in, 65-in, 86-in, 98-in LFDs, 55-in videowalls
Logitech Meetup conference cameras, PTZ Pro cameras, Tap VC touchscreens
MashMe collaboration software
NEC 98-in interactive LFDs
Netgear GS716Tv3 AVB network switch
Onelan Reserva Edge room booking displays
Mersive Solstice Pods
NEC 1.9mm LED Digital Posters
Samsung Flip interactive displays
Tripleplay digital signage player
QSC TSC-55W-G2, TSC-116W-G2-BK touchpanels, Q-SYS Core 110f processor, NV-32-H AVoIP encoder
Viewsonic CDE6561T 65-in interactive
In a latest article, "Gun sellers' message to Americans: Man up," the New York Times wrote, "Gun companies have spent the last two decades scrutinizing their market and refocusing their message....The sales pitch — rooted in self-defense, machismo and an overarching sense of fear — has been remarkably successful." That's correct, but legislatures might have an opportunity to reduce or even eliminate such tactics, which as the article put it, "woo millions of men who liked to buy gear that made them feel like soldiers and the police."
The $73 million settlement between the parents of the children slain in Sandy Hook on Dec. 14, 2012, and the now-bankrupt Remington Arms might provide a blueprint. The Sandy Hook parents did not sue based on Second Amendment principles; they relied on the First Amendment to support their claims.
Tuesday, August 2, 2022
Initially enacted in 1980, the Superfund chemical excise taxes apply to the sale or use of certain chemicals and substances to fund a federal cleanup program for hazardous waste sites. While the initial tax program expired on December 31, 1995, the Superfund chemical excise taxes were reinstated by section 80201(c)(3) of the Infrastructure Investment and Jobs Act (Public Law 117-58, 135 Stat. 429 (2021)), effective July 1, 2022. The reinstated taxes contain different provisions and tax rates compared to the ones that expired in 1995 and apply to manufacturers, producers, or importers of taxable chemicals and importers of taxable substances. Section 4662(e) of the Internal Revenue Code (“IRC”) also provides for a refund for taxable chemicals and taxable substances that are exported.
Companies that sell or purchase products should review their contracts with an eye towards Superfund chemical excise taxes if those products contain “taxable chemicals” under section 4661 of the IRC or “taxable substances” under section 4671 of the IRC. Contract provisions to consider include:
Does the contract address taxes in connection with manufacturing, producing, and importing goods and materials, including which party is responsible for such taxes?
Is there any provision providing for reimbursement of taxes paid for tax burdens that cannot be shifted by contractual means?
Is there any provision that addresses which party is entitled to a refund or reimbursement thereof with respect to Section 4662(e) of the IRC?
Is the supplier required to disclose certain chemicals or substances that the product contains?
Does the contract contain any representation or warranty that the product does not contain any chemicals or substances taxable under sections 4661 or 4671 of the IRC?
Does the contract contain any representation, warranty, or covenant that applicable taxes on the product will have been paid by the supplier prior to delivery?
In addition to addressing compliance matters posed by the reinstatement of Superfund chemical excise taxes, addressing relevant contract provisions will be an important piece of the go-forward plan for any company impacted by the reinstated taxes.
© 2022 Foley & Lardner LLPNational Law Review, Volume XII, Number 214
AMITYVILLE, N.Y., June 1, 2022 /PRNewswire/ — NAPCO Security Technologies, Inc. (NASDAQ: NSSC), one of the leading designers and manufacturers of high-tech electronic security devices, wireless subscription communication services for intrusion, fire alarm, access control and locking systems as well as a leading provider of school safety solutions, today announced that its products have once again been selected for use in a school security project at Pepperdine University in Malibu, CA. Pepperdine has approximately 9,500 students enrolled at its Malibu, CA. campus
The project includes the installation of NAPCO’s Alarm Lock division ArchiTech locks in the university’s classrooms. ArchiTech Series Networx Locks are an ideal access control solution, elegantly blending advanced wireless access control convenience within any décor, in an attractive, infinitely customizable designer locking form factor, in choice of trims and finishes. Ideal for educational, commercial office or multi-dwelling residential settings, these stylish, durable locks, leveraging proven Trilogy Networx™ access control technology, offer a choice of ID credential technology, and can be used to control access, a door at a time, across a wireless network, or as an integral part of a new or existing enterprise security system—spanning a few, or thousands of doors, in one building, a campus or multiple sites around the world. The Architech locks combined with NAPCO’s Continental Access division CA4K software, controls all of the doors for an enterprise class access control solution.
Richard Soloway, CEO of NAPCO commented, “We are pleased to report this school security project at Pepperdine University, which has used NAPCO products in multiple projects over the years. The security of our schools remains a very important issue, as we continue to witness horrific events around the country. NAPCO continues to be a leader in school security products and solutions, and we would like to thank Pepperdine for continuing to choose our products and being a highly valued customer.”
About NAPCO Security Technologies, Inc.
NAPCO Security Technologies, Inc., is one of the world’s leading manufacturers and service providers of high-tech electronic security devices as well as a leading provider of school safety solutions. The Company consists of four Divisions: NAPCO, plus three wholly-owned subsidiaries: Alarm Lock, Continental Instruments, and Marks USA. Headquartered in Amityville, New York, its products are installed by tens of thousands of security professionals worldwide in commercial, industrial, institutional, residential and government applications. NAPCO products have earned a reputation for innovation, technical excellence and reliability, positioning the Company for growth in the multi-billion dollar and rapidly expanding electronic security market. For additional information on NAPCO, please visit the Company’s web site at http://www.napcosecurity.com.
Safe Harbor Statement
This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management’s judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, but are not limited to, statements relating to the impact of COVID-19 pandemic; the growth of recurring service revenue and annual run rate; the introduction of new access control and locking products; the opportunities for fire alarm products; and our ability to execute our business strategies. genuine results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those risk factors set forth in the Company’s filings with the Securities and Exchange Commission, such as our annual report on Form 10-K and quarterly reports on Form 10-Q. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause genuine results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot certain future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and the Company undertakes no duty to update such information, except as required under applicable law.
Director of Investor Relations
NAPCO Security Technologies, Inc.
800-645-9445 x 374
Nearly 190 candidates across Canada challenged the Qualified Associate Financial Planner™ exam.
TORONTO, July 12, 2022 /CNW/ - FP Canada has announced results for the May sitting of the Qualified Associate Financial Planner™ exam. There were 186 candidates who attempted the exam.
In a survey, candidates were asked why they chose to pursue QAFP certification. The majority of respondents (64%) said they did so to enhance their skills and better serve their clients. A total of 40% took the step so they could legally use the financial planner title under Ontario's Financial Professionals Title Protection Act. The survey results also highlighted the value firms place on certification, with 36% of candidates stating that it was a requirement set by their employer.
Many candidates also indicated that their ultimate goal was obtaining CFP® certification via FP Canada's QAFP Certification to CFP Certification Bridge Path.
"Whether they're acquiring the tools they need to advise their clients to the best of their abilities or enthusiastically demonstrating their fitness for the financial planner title, I'm pleased to see candidates achieving their goals through QAFP certification," said Tashia Batstone, President and CEO of FP Canada. "Congratulations to those who successfully challenged the QAFP exam. We wish you the very best in your financial planning careers."
The May exam took place on May 31, 2022. FP Canada gave candidates the option of writing the exam in person or remotely through online proctoring. Due to government restrictions related to COVID-19, in-person availability was limited in some locations. Just over 63% of writers chose to complete the exam remotely through online proctoring, while the remainder did so at one of 20 test centres across the country. The pass rate among first-time writers was 56.6%.
To obtain QAFP certification, candidates must complete a series of educational requirements including an FP Canada-Approved Core Curriculum Program and the FP Canada Institute™ Introduction to Professional Ethics course, pass a national exam, and have at least one year of qualifying work experience. To maintain their certification, QAFP professionals must complete the QAFP Professional Education Program—which focuses on the pillars of holistic financial planning, human behaviour, and honesty and ethics—within one year of achieving certification and adhere to the high professional standards established by the FP Canada Standards Council™.
QUALIFIED ASSOCIATE FINANCIAL PLANNER certification, which was launched in January of 2020, is designed for professional financial planners with the demonstrated knowledge, skills, experience, and ethics to understand the everyday financial planning needs of their clients and provide holistic advice that suits their lifestyles and supports their goals. There are about 2,000 QAFP professionals in Canada as of June 30, 2022.
About FP Canada
A national certification and professional oversight body working in the public interest, FP Canada is dedicated to championing better financial wellness for all Canadians by leading the advancement of professional financial planning in Canada. There are about 17,000 Certified Financial Planner® professionals and about 2,000 Qualified Associate Financial Planner professionals (as of June 30, 2022), who meet FP Canada's rigorous professional and ethical standards. Learn more at FPCanada.ca.
SOURCE FP Canada
View original content to obtain multimedia: http://www.newswire.ca/en/releases/archive/July2022/12/c5803.html
&nbsp;© 2022 Regulatory Affairs Professionals Society.
Many liquid alt funds struggled along with broad equities in the first six months of 2022
To ease client worries, advisors may need to be responsive in case of emergencies
Use of mandatory retirement policies down at S&P 500, Russell 3000 companies, Conference Board reports