SEC Adopts Amendments to Enhance Retail Investor Protections and Modernize the Rule Governing Quotations for Over-the-Counter Securities

The Securities and Exchange Commission today adopted amendments to Exchange Act Rule 15c2-11, an important component of the over-the-counter (OTC) market regulatory structure.  The amendments are designed to modernize the rule, which was last…

Source: SEC Press Releases, SEC Adopts Amendments to Enhance Retail Investor Protections and Modernize the Rule Governing Quotations for Over-the-Counter Securities

Hurricane Sally blasts ashore in Alabama with punishing rain

PENSACOLA, Fla. — Hurricane Sally made landfall Wednesday near Gulf Shores, Alabama, as a Category 2 storm, pushing a surge of ocean water onto the coast and dumping torrential rain that forecasters said would cause dangerous flooding from the Florida Panhandle to Mississippi and well inland in the days ahead.

Moving at an agonizingly slow 3 mph, Sally finally came ashore at 4:45 a.m. local time with top winds of 105 mph (165 kmh), the National Hurricane Center said. Sally’s northern eyewall had raked the Gulf Coast with hurricane-force winds and rain from Pensacola Beach, Florida, westward to Dauphin Island, Alabama, for hours before its center finally hit land.

Some 150,000 homes and businesses had lost electricity by early Wednesday, according to the poweroutage.us site. A curfew was called in the coastal Alabama city of Gulf Shores due to life-threatening conditions. In the Panhandle’s Escambia County, Chief Sheriff’s Deputy Chip Simmons vowed to keep deputies out with residents as long as physically possible. The county includes Pensacola, one of the largest cities on the Gulf Coast.

“The sheriff’s office will be there until we can no longer safely be out there, and then and only then will we pull our deputies in,” Simmons said at a storm briefing late Tuesday.

This for a storm that, during the weekend, appeared to be headed for New Orleans. “Obviously this shows what we’ve known for a long time with storms – they are unpredictable,” Pensacola Mayor Grover Robinson IV said.

Stacy Stewart, a senior specialist with the hurricane center, told The Associated Press said the rainfall will be “catastrophic and life threatening” over portions of the Gulf Coast, Florida panhandle and southeastern Alabama, and will continue well after landfall, with the storm producing heavy rainfall Wednesday night and Thursday over portions of central and southern Georgia.

Sally was a rare storm that could make history, said Ed Rappaport, deputy director of the hurricane center.

“Sally has a characteristic that isn’t often seen and that’s a slow forward speed and that’s going to exacerbate the flooding,” Rappaport told the AP.

He likened the storm’s slow progression to that of Hurricane Harvey, which swamped Houston in 2017. Up to 30 inches (76 centimeters) of rain could fall in some spots, and “that would be record-setting in some locations,” Rappaport said in an interview Tuesday night.

Although the hurricane had the Alabama and Florida coasts in its sights Wednesday, its effects were felt all along the northern Gulf Coast. Low lying properties in southeast Louisiana were swamped by the surge. Water covered Mississippi beaches and parts of the highway that runs parallel to them. Two large casino boats broke loose from a dock where they were undergoing construction work in Alabama.

In Orange Beach, Alabama, Chris Parks, a tourist from Nashua, New Hampshire, spent the night monitoring the storm and taking care of his infant child as strong winds battered his family’s hotel room. Their return flight home was canceled. Now, they are stuck in Alabama until Friday. “I’m just glad we are together,” Parks said. “The wind is crazy. You can hear solid heavy objects blowing through the air and hitting the building.”

Mississippi Gov. Tate Reeves urged people in the southern part of his state to prepare for the potential for flash flooding.

As Sally’s outer bands reached the Gulf Coast, the manager of an alligator ranch in Moss Point, Mississippi, was hoping he wouldn’t see a repeat of what happened at the gator farm in 2005, when about 250 alligators escaped their enclosures during Hurricane Katrina’s storm surge.

Gulf Coast Gator Ranch & Tours Manager Tim Parker says Sally has been a stressful storm because forecasters were predicting a storm surge of as much as 9 feet in his area. He felt some relief after surge predictions shifted.

After dumping rain on the coast Wednesday, Sally was forecast to bring heavy downpours to parts of Mississippi, Alabama, Georgia and the Carolinas later in the week.

Sally’s power was an irresistible draw for some in its path.

With heavy rains pelting Navarre Beach, Fla., and the wind-whipped surf pounding, a steady stream of people walked down the wooden boardwalk at a park for a look at the scene Tuesday afternoon.

Rebecca Studstill, who lives inland, was wary of staying too long, noting that police close bridges once the wind and water get too high. With Hurricane Sally expected to dump rain for days, the problem could be worse than normal, she said.

“Just hunkering down would probably be the best thing for folks out here,” she said.

Meanwhile, Tropical Storm Teddy has now become a hurricane with maximum sustained winds of 100 mph (160 kph) the National Hurricane Center said early Wednesday.

Teddy is located about 820 miles (1,335 km) east of the Lesser Antilles. Hurricane-force winds extend outward up to 25 miles (40 km) from the center and tropical-storm-force winds extend outward up to 175 miles (281 km).

Some strengthening is forecast during the next few days, and Teddy is likely to become a major hurricane later Wednesday and could reach Category 4 strength on Thursday.



Source: Politico, Hurricane Sally blasts ashore in Alabama with punishing rain

Japan’s prime minister steps down

TOKYO — Japanese Prime Minister Shinzo Abe and his Cabinet resigned, clearing the way for his successor to take over after parliamentary confirmation later Wednesday.

Abe, Japan’s longest-serving prime minister, announced last month that he was stepping down because of health problems.

“I devoted my body and soul for the economic recovery and diplomacy to protect Japan’s national interest every single day since we returned to power,” Abe told reporters at the prime minister’s office before heading into his final Cabinet meeting. “During this time, I was able to tackle various challenges together with the people, and I’m proud of myself.”

He said his health is improving thanks to treatment and that he, as a lawmaker, will support his successor-to-be, Yoshihide Suga, from now on. He also thanked the people for their understanding and strong support for the upcoming leadership under Suga.

Suga, chief Cabinet secretary for Abe’s government and long seen as his right-hand man, was chosen Monday as the new head of the governing Liberal Democratic Party, virtually guaranteeing his election as prime minister in a parliamentary vote Wednesday because of the party’s majority.

Suga, a self-made politician and the son of a strawberry grower in the northern prefecture of Akita, has stressed his background in promising to serve the interests of ordinary people and rural communities.

He has said he will pursue Abe’s unfinished policies, and that his top priorities will be fighting the coronavirus and turning around an economy battered by the pandemic. He gained the support of party heavyweights and their followers early in the campaign on expectations he would continue Abe’s line.

Suga has been a loyal supporter of Abe since Abe’s first stint as prime minister from 2006 to 2007. Abe’s tenure ended abruptly because of illness, and Suga helped him return as prime minister in 2012.

Abe, 65, has ulcerative colitis and his current treatment requires IV injections. He said last month his condition has improved but, facing ongoing treatment and physical weakness, he decided to resign.

Suga has praised Abe’s diplomacy and economic policies when asked about what he would like to accomplish as prime minister.

Suga, who does not belong to any wing within the party and opposes factionalism, says he is a reformer who will break down vested interests and rules that hamper reforms. He says he will set up a new government agency to speed up Japan’s lagging digital transformation.

In a reshuffle of the ruling party key posts, however, Suga evenly allocated top posts to key factions, a balancing act seen as a return of favor for their support in the leadership race.

Suga said he will appoint “reform-minded, hard-working people” to the new Cabinet, to be launched later Wednesday. About half of the members in the Abe Cabinet are expected to be retained or shifted to different ministerial posts.

Media reports say some key ministers, including Finance Minister Taro Aso, Foreign Minister Toshimitsu Motegi, Olympic Minister Seiko Hashimoto, and Environment Minister Shinjiro Koizumi, the son of former Prime Minister Junichiro Koizumi, will stay. Abe’s younger brother, Nobuo Kishi, is reportedly tapped as defense minister, replacing Taro Kono who is expected be shifted to administrative reforms minister.

Compared to his political prowess at home, Suga has hardly traveled overseas and his diplomatic skills are unknown, though he is largely expected to pursue Abe’s priorities.

The new prime minister will inherit a range of challenges, including relations with China, which continues its assertive actions in the contested East China Sea, and what to do with the Tokyo Olympics, which were postponed to next summer due to the coronavirus. And he will have to establish a good relationship with whomever wins the U.S. presidential race.



Source: Politico, Japan’s prime minister steps down