News Articles

Ontario Securities Commission Files Bankruptcy Application Against Harry Stinson Over Unpaid Sanctions

Fri, 03 Jul 2026 18:41:38 GMT

The Ontario Securities Commission (OSC) has filed an application under the Bankruptcy and Insolvency Act (BIA) to obtain a bankruptcy order against Mr. Harry Stinson and appoint a trustee over his assets.

This application follows Mr. Stinson’s failure to pay the financial sanctions and costs ordered by the Capital Markets Tribunal on December 15, 2023, which includes over $13 million in disgorgement and $600,000 in administrative penalties. Mr. Stinson was sanctioned by the Tribunal after the OSC proved he, and his companies, failed to comply with Ontario securities law when raising funds from investors for a hotel renovation project in Buffalo, New York.

Since the 2023 ruling, the OSC has provided Mr. Stinson with reasonable opportunities to comply with the order after he claimed funds may become available to repay investors if he were able to refinance and then restore, re-open, and potentially sell the Buffalo Grand Hotel. The refinancing for the hotel never materialized. In 2025, Mr. Stinson applied to vary the sanctions and costs order, but the Tribunal dismissed his application.

In December 2025, the City of Buffalo commenced a process to have the Buffalo Grand Hotel deemed abandoned, based on the property being subject to an order to vacate, overdue real property taxes, and zoning and safety code violations. Following the news in May 2026 that the City of Buffalo is continuing the process to have the hotel deemed abandoned after a further financing deal proposed by Mr. Stinson fell through, the plan to reopen the hotel remains incomplete and uncertain.

Mr. Stinson has been unable to demonstrate a viable path toward making investors whole, and addressing the sanctions ordered against him. As such, today’s application for a bankruptcy order is necessary to try to resolve this long running case and potentially obtain disgorgement amounts that could be distributed to harmed investors.

A public hearing is scheduled for September 23, 2026. A court will decide whether to appoint a trustee to assume control of Mr. Stinson’s assets.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at www.osc.ca.

Background:

Mr. Harry Stinson is a resident of Hamilton, Ontario and a real estate broker and property developer.
In 2023, the Capital Markets Tribunal ordered sanctions against Stinson and corporate respondents, including disgorgement of over $13 million and a $600,000 administrative penalty. The Tribunal found that Mr. Stinson illegally distributed securities by not filing a prospectus, while also failing to segregate investor funds, failing to maintain accurate records of funds received from investors, and failing to properly record the use of investors’ funds. Mr. Stinson also admitted to making false or misleading statements to investors.
In 2025, Mr. Stinson brought an application to vary the sanctions order which was dismissed by the Capital Markets Tribunal.
In December 2025, as reported in the media, the City of Buffalo announced its plans to seize the hotel due to the property being subject to an order to vacate, unpaid taxes and fees, and other violations. In April 2026, Mr. Stinson said he had secured financing for the sale of the hotel – this financing arrangement then collapsed, as reported on in May 2026.
The OSC’s website contains a public list of individuals or companies with unpaid administrative penalties, disgorgement orders and costs, and any applicable interest, ordered against them in enforcement proceedings.

Nigerian Exchange Weekly Report For The Week Ended 3 July 2026

Fri, 03 Jul 2026 18:08:19 GMT

A total turnover of 3.821 billion shares worth ₦154.393 billion in 258,567 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 2.324 billion shares valued at ₦134.486 billion that exchanged hands last week in 249,328 deals.

Click here for full details.

Recognition Of The Chambre de l’assurance: Autorité des Marchés Financiers Announces Effective Date For Recognition Order And Amendments For Canadian Investment Regulatory Organization

Fri, 03 Jul 2026 18:38:51 GMT

In accordance with the Act to amend various provisions mainly with respect to the financial sector (Law 16), the recognition order for the Chambre de l’assurance (Chambre) will take effect on July 4, 2026.

Recognition of the Chambre is part of a larger effort to modernize regulation of Québec’s financial sector in line with Law 16 and establishes a more agile and resilient oversight framework, thereby enhancing several key dimensions of the Chambre, particularly in matters of governance.

The consequential amendments to the Canadian Investment Regulatory Organization (CIRO) recognition order will also take effect on July 4, 2026.

These changes will operate together to transfer responsibility for mutual fund dealer representatives to CIRO and responsibility for scholarship plan dealer representatives to the AMF.

“The coming into effect of these orders is a decisive step toward further simplifying and harmonizing regulation of the financial sector while maintaining public protection,” said Yves Ouellet, AMF President and CEO. “AMF, Chambre and CIRO staff have been fully engaged for the past few months and will continue to work closely together to ensure a smooth transition,” he added.

“The recognition order will allow the Chambre to operate in a spirit of transparency, agility and collaboration. These values are at the core of the decisions the AMF and CIRO have made to ensure an effective transition, and they will continue to guide our public protection and oversight actions in respect of our members,” said Chantal Lamoureux, Chambre President and CEO.

“We are honoured to expand our involvement in the regulatory oversight of mutual fund representatives in Québec. With today’s announcement, we have created greater regulatory clarity and a single point-of-contact for mutual fund dealers and their representatives, which will ultimately serve to protect investors in Québec. I want to commend the many departments at the AMF, the Chambre and CIRO, who have modelled an exemplary form of collaboration, moving quickly to solve challenges and get to the desired outcome—a smooth transition for the industry,” stated Andrew Kriegler, President and CEO of CIRO.

Legislative background

Chapter I of Law 16 came into force in July 2025. It modernized regulation of Québec’s financial sector and created the Chambre from the merger of the Chambre de la sécurité financière (CSF) and the Chambre de l’assurance de dommages (ChAD).

The Chambre continues the public protection mission previously carried out by the CSF and ChAD. However, Law 16 required its functions and powers with respect to mutual fund dealer representatives and scholarship plan dealer representatives to be transferred.

For more information on the key provisions of Law 16, visit the AMF website.

To stay up to date on aspects of the transition under the responsibility of:

The Chambre, visit the Chambre website This link will open in a new window.
CIRO, visit the CIRO webpage devoted to Québec Mutual Fund Dealers This link will open in a new window.

Malawi Stock Exchange Weekly Summary Report, 3 July 2026

Fri, 03 Jul 2026 14:39:45 GMT

Click here to download Malawi Stock Exchange's weekly summary report.

ESMA Launches Common Supervisory Action With NCAs On The Risk Management Function

Fri, 03 Jul 2026 18:23:38 GMT

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is launching a Common Supervisory Action (CSA) on risk management function of UCITS management companies and Alternative Investment Fund Managers (AIFMs) across the European Union. The CSA will be conducted throughout 2026 and 2027, in close collaboration with National Competent Authorities (NCAs).

The objective of the CSA is to assess how market participants comply with key risk-related provisions under the UCITS and AIFMD frameworks. The focus will be on the effectiveness, independence and expertise of the risk management function.

Risk management is a core function of investor protection and financial stability. It ensures that material risks, such as market, credit, liquidity, counterparty, and operational risks, are properly identified, measured, monitored, and managed.

As part of this exercise, NCAs will focus on three key areas:

governance and organisation of the risk management function;
identification, measurement and monitoring of risks; and
reporting to senior management and governing bodies.

The CSA will be conducted using a common assessment framework developed by ESMA. This framework sets out the scope, methodology, supervisory expectations, and supervisory expectations and timeline for the exercise, ensuring a comprehensive and convergent approach across the EU.

Throughout the exercise, NCAs will share knowledge and supervisory experiences through ESMA, further supporting supervisory convergence in the oversight of risk management function.

Next steps

ESMA will publish a final report with the results of the exercise in 2028.

ByteTravel Begins Trading On BME Growth Following Its Time On BME Scaleup

Fri, 03 Jul 2026 18:21:40 GMT

The company made its debut on BME Scaleup in 2024
It is the second company to make the leap to the BME Growth market from BME Scaleup

BME Growth has welcomed ByteTravel after nearly two years as part of the BME Scaleup market. Axel Serena, the company’s CEO, rang the traditional opening bell at the Barcelona Stock Exchange, accompanied by Jesús González Nieto, managing director of BME Growth and BME Scaleup, and Fausto Agelet, president of the Barcelona Stock Exchange.

This milestone is yet another example of BME’s commitment to supporting companies, helping them achieve their goals and develop their projects through BME’s growth markets and financing ladder. It also highlights the company’s efforts over the past few years to advance its business plan.

The Catalan company, which is the second to make this leap within BME’s growth markets, was also the first newly founded tech scaleup to join BME Scaleup. Since joining nearly two years ago, ByteTravel has used the Fast Track, one of the new tools developed by BME to facilitate companies’ access to the markets. This initiative consists of a simplified procedure that reduces duplication and streamlines the transition between segments, strengthening the connection between BME’s various growth markets. In this way, companies can move toward new stages of financing and development, reducing the time required, the costs associated with the listing process, and the administrative efforts needed to complete the market transition.

“All these new initiatives are part of BME’s commitment to the evolution of capital markets and to offering companies tools that are simpler, more flexible, and tailored to their needs. Facilitating access to financing, reducing barriers to entry, and supporting companies through their various growth phases are key elements in fostering a more dynamic, competitive market that is connected to business opportunities,” emphasized Jesús González Nieto, managing director of BME Growth and BME Scaleup of BME.

The company's Registered Advisor is  Renta 4 Corporate, while Renta 4 Banco will act as Liquidity Provider. The company has started trading under the code "BYTE".

ByteTravel is a young Spanish company founded in 2021 specialised in the traveltech sector and focused on creating ancillary services for tourists and business travellers from all over the world. They currently manage visas for more than 70 countries and expect to reach 150 in the coming years. This service operates under the European Visagov brand, becoming an international benchmark in just 3 years.

The company also aims to create and operate complementary services for tourists and business travellers, through the massive use of technology, automation, biometrics and artificial intelligence to help customers save time and, at the same time, reduce operating costs for society.

Bytetravel's bell ringing photos are available on Flickr.opens in a new tab

BME’s growth markets (BME Growth and BME Scaleup ) are aimed at small and medium-sized enterprises. In 2025, these markets welcomed 14 new companies and now have more than 150 listed firms, which raised 605 million euros last year through 105 capital increases. In addition, in 2026, these markets added 8 new companies. BME offers alternatives for every type of company—from those in their early formation stages, via preparatory steps in the Pre-Market Environment , to growth markets and the main stock exchange for large corporations. Among the advantages of accessing capital markets for small and medium-sized enterprises are financing, enhanced reputation, greater visibility, support for inorganic growth, and an improved ability to attract and retain talent.

HKEX Enters Into Data Licensing Agreement With ChinaBond Pricing Center To Support CGB Futures Launch

Fri, 03 Jul 2026 09:48:26 GMT

Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Friday) that its wholly-owned subsidiary, Hong Kong Futures Exchange Limited (HKFE), has reached a data licensing agreement with ChinaBond Pricing Center Co., Ltd. (CBPC) to support the launch of 5-Year China Government Bond (CGB) Futures in Hong Kong.

CBPC, a wholly-owned subsidiary of China Central Depository & Clearing Co, will license bond valuation data to HKFE and provide price calculation services to support the launch of the CGB Futures, targeted for launch on 3 August 2026.

HKEX Head of Markets, Gregory Yu, said: "We are pleased to be working closely with CBPC on preparations for the launch of CGB Futures, marking a key milestone for HKEX as we continue to enrich our fixed-income product ecosystem and support the internationalisation of the RMB. This partnership will not only provide important data support for the new RMB interest rate risk management tool but also enhance the international visibility of China's bond valuation benchmarks, enabling greater global investor participation in China's bond market."

CBPC is a key pricing benchmark service provider in the Chinese Mainland's fixed income market. Its bonds data is widely used by institutions in trading, risk management and accounting.

ESMA Reminds Firms Of Existing Rules And Obligations Under Binary Option Measures Amid Growing Popularity Of Prediction Markets Globally

Fri, 03 Jul 2026 09:43:30 GMT

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has issued a statement reminding firms of their obligation to assess whether newly offered products fall within the scope of existing product intervention measures on binary options.

The statement responds to the growing popularity of prediction markets - or event contracts - and increasing retail participation globally. Event contracts are products whose financial outcome is binary (a fixed payout or no payout at all) and depends on a yes-or-no answer to a question about a future event. Event contracts exist for a wide variety of event questions. Whether they qualify as financial instruments depends on the event question. Event contracts may (also) qualify as bets under national gambling legislation.

Where event contracts are financial instruments, they classify as derivatives and, given the binary outcome, fall within the scope of the existing national product intervention measures on binary options adopted by national competent authorities prohibiting their marketing, distribution or sale to retail clients.

The statement also reminds firms that the distribution of event contracts qualifying as financial instruments in the EU requires an authorisation as investment firm, even where only distributed to non-retail clients.

Date	Reference	Title	Download	Select
03/07/2026	ESMA35-243228190-8148	Public Statement on the application of the national product intervention measures on binary options to event contracts

Securities Commission Malaysia Seeks Public Feedback On Key Proposals To Strengthen Corporate Governance Ecosystem

Fri, 03 Jul 2026 09:12:02 GMT

The Securities Commission Malaysia (SC) today published a Consultation Paper to seek public feedback on proposals to further strengthen Malaysia’s corporate governance ecosystem.

The proposals include a follow-up from areas discussed in the Discussion Paper on Corporate Governance Framework issued in December last year, incorporating the feedback and comments received.

The Consultation Paper covers four key proposals aimed at strengthening accountability among key governance gatekeepers, improving governance practices and transparency by public listed companies (PLCs) and promoting market discipline through greater shareholder empowerment.

The proposals are as follows:

Enhancing oversight over company secretaries
The SC proposes to introduce new requirements that aim to strengthen the quality, professionalism and effectiveness of company secretaries in supporting boards and advising on governance matters;
Establishing a shareholder litigation fund
Enhancing shareholders’ activism by providing shareholders with access to financial resources and legal support to pursue meritorious legal claims that are in the broader interests of shareholders and the market;
Enhancing governance practices in companies with concentrated ownership such as family owned companies
The SC proposes to introduce greater guidance on governance expectations for PLCs with concentrated ownership structures, given their prominence in Malaysia’s corporate landscape; and
Clarifying expectation on technology governance
The SC also seeks feedback on proposed expectations for board oversight of technology, including disclosures on the use and governance of technology and artificial intelligence (AI).

The review and proposed enhancements are aligned with the Capital Market Masterplan 2026-2030, which continues to position market discipline as a key enabler towards a strong and effective corporate governance ecosystem.

This Consultation Paper is open for feedback from 3 July 2026 to 31 July 2026.

The SC welcomes views from a wide range of stakeholders, including PLCs, investors and industry associations.

The Consultation Paper is available at https://www.sc.com.my/regulation/consultation papers . Enquiries may be emailed to mccg@seccom.com.my.

Vienna Stock Exchange H1 2026: Equity Turnover And ATX Hit Record Highs

Fri, 03 Jul 2026 09:32:20 GMT

The first half of the year on the Vienna Stock Exchange was characterised by new listings, high trading activity and a strong performance of the Austrian stock market. Equity turnover amounted to EUR 53.39 billion as of 30 June, marking the strongest half-year since 2008. The Austrian benchmark index, the ATX (including dividends), closed at a record high at the end of June and had risen by 24.86% since the start of the year. With Emerald Horizon AG on the standard market, FIT GROUP AG on the direct market plus and K2G Holding AG on the direct market, the Vienna Stock Exchange recorded three new listings in the first half of 2026. The direct market plus was registered as an EU SME growth market to further facilitate access to the capital market for growth companies as well as small and medium-sized enterprises.

“Austrian stocks stand for solid business models, attractive dividends and a strong positioning in the growth region of Central and Eastern Europe. The new record highs on the Austrian stock market show that this investment story holds up even in a volatile environment. A similar momentum is now needed when it comes to incentives for private pension provision. Austria is increasingly falling behind in this respect compared with other European countries,” says Christoph Boschan, CEO of Wiener Börse AG.

The ATX, including dividends, reached its current all-time high on 22 June 2026 at 16,547.21 points (ATX excluding dividends: 6,594.82 points). However, the positive performance of the Austrian stock market is not a short-term trend: over the past 25 years, the domestic benchmark index has recorded an annualised average return of 10.14%, outperforming numerous international indices such as the DAX (5.83%), MSCI Total Return (8.65%) and Euro Stoxx (1.61%). The market capitalisation of all domestic stocks listed on the Vienna Stock Exchange stood at EUR 209.86 billion as of 30 June.

ETF expansion today, many new international stocks tradable

In addition to primary listings, a large number of international equities were admitted to the Vienna Stock Exchange’s global market in the first half of the year, including numerous stocks from the Euro Stoxx 600 index as well as recent IPOs such as SpaceX and Innio. As of today, the range of ETFs has also been expanded by a further 49 index funds. So far this year, 133 international securities have been admitted to trading, which investors can trade at domestic fees and during Vienna Stock Exchange trading hours.

Number of primary debt listings continues to rise sharply

The Vienna Stock Exchange’s bond segment continued to perform strongly. In the first half of the year, 21,425 primary listings (+76% vs. 2025) had been recorded, once again setting a new record. The main drivers of growth were strong demand from the Eurasian region, greater visibility in China and the targeted development of new relationships in Africa. Alongside international issuers such as Lenovo, Qatar Energy and Klarna, there were also notable listings at national level: Oesterreichische Kontrollbank AG issued its sustainability bond (EUR 1 billion). In addition, the Republic of Austria issued a new ten-year government bond and increased the size of the 2049 Green Bond – with a combined record order book of EUR 116 billion. A regulatory simplification has taken place for issuances on the Official Market. Since 6 June, it is no longer mandatory for a registered stock exchange member to co-sign an application for admission to listing.

Vienna Stock Exchange H1 2026: facts & figures
Top performers prime market	AT&S Austria Tech.&Systemtech. +555.28%	AUSTRIACARD HOLDINGS AG +65.63%	FACC AG +57.32%
Most traded stocks	Erste Group Bank AG EUR 10.29 billion	BAWAG Group AG EUR 6.79 billion	OMV AG EUR 5.71 billion
Strongest trading days	27 February EUR 1.65 billion	19 June EUR 1.20 billion	20 March EUR 1.19 billion
H1 equity turnover comparison	2026: EUR 53.39 billion	2025: EUR 36.94 billion	2024: EUR 30.97 billion

Info graphics for download