Nigeria: NDPHC begins construction of injection sub-station

first_img UNDP China, CCIEE launch report to facilitate low-carbon development Featured image: Stock Low carbon, solar future could increase jobs in the future – SAPVIA Previous articleDrought affects hydroelectricity generation in KenyaNext articleEskom: PIC bailout could be beyond its remit Babalwa BunganeBabalwa Bungane is the content producer for ESI Africa – Clarion Events Africa. Babalwa has been writing for the publication for over five years. She also contributes to sister publications; Smart Energy International and Power Engineering International. Babalwa is a social media enthusiast. Generation RELATED ARTICLESMORE FROM AUTHORcenter_img Finance and Policy BRICS AFD and Eskom commit to a competitive electricity sector The Niger Delta Power Holding Company (NDPHC) has commenced the construction of 2x 150, 330/132kV and 2x 60MVA, 132/33kV injection sub-station power transformer projects in Akruba, Lafia, Nassarawa state.The Leadership newspaper cited the managing director at NDPHC, Joseph Chiedu Ugbo, stating that the source of power currently in use at the Lafia environs is 33KV, obtained from Akwanga which is 93km away from the state capital.Ugbo said this is however, unable to meet with the increasing demand of the Lafia population. Read more…This project is estimated to cost $18 million, funded by both the Federal, State and Local government and would serve to supply both Lafia and its envisions.NDPHC injection sub-stationThe substation is a 330KV power station and would serve to add up as a back-feed supply of power in the FCT in addition to the power sources from Gerogu and Shiroro plants.The two 7.5 MVA (330/132) power transformers at the station would inject 13MW of electricity to the existing supply to Lafia and surroundings, it will supply 15 units of 50KV distribution transformers.Ugbo the project is being handled by a German company AK – AY Elektrik and gave assurance that the project will be completed before 31 December, 2018.last_img read more

Oliver Townend takes second Burghley title

first_img Email* Horse Sport Enews SIGN UP We’ll send you our regular newsletter and include you in our monthly giveaways. PLUS, you’ll receive our exclusive Rider Fitness digital edition with 15 exercises for more effective riding. British fill first four places while Michael Jung easily secures his second FEI Classics™ titleOliver Townend (GBR) kept his head in a tense final jumping round at the Land Rover Burghley Horse Trials, last leg of the FEI Classics™, to score his first CCI4* victory for eight years and head a British sweep of the top four places.He overcame a nerve-racking moment when the 10-year-old Irish Sport Horse Ballaghmor Class crashed through the upright gate but, fortunately for him, the previous pair in the arena, Gemma Tattersall (GBR) and Arctic Soul had given him breathing space when they had a fence down.“This is very, very special. Such a lot can go wrong with a young horse – and he’s only just learned to do flying changes – but he’s in a different class to anything else I’ve ridden recently.” ~ Oliver Townend (GBR), Burghley winner.Tattersall finished third, slipping one place behind Piggy French (GBR), who jumped clear on the mare Vanir Kamira to move up from fifth after cross country to the runner-up slot. It was a particularly triumphant return for French, who has taken a year off from the sport to have a baby.“Our jumping round wasn’t that pretty, but who cares! Burghley is the toughest four-star in the world and to do well here is a dream!” ~ Piggy French (GBR), runner-upTom McEwen (GBR) riding Toledo de Kerser rose three places to fourth, a career best, with a beautifully judged clear round and Kristina Cook (GBR), one of the British gold medal team at last month’s FEI European Championships in Strzegom, moved up from 10th to seventh on Star Witness.Richard Jeffry’s track produced seven clear rounds from the 40 finishers, two of which were with time faults.New Zealander Tim Price was the highest-placed non-British rider, in fifth on Ringwood Sky Boy. America’s Lynn Symansky was sixth on Donner and Andrew Nicholson (NZL) and the gallant 17-year-old Nereo were eighth with two rails down.FEI Classics™Although Michael Jung had retired across country after a rare mistake with La Biosthetique Sam, the German still secured the top prize in the FEI Classics™ following a win at Kentucky and second places at Pau and Badminton.French rider Maxime Livio, who was not competing at Burghley, remained in second place, counting a win at Pau and a second at Kentucky, and Nicola Wilson (GBR) remained in third with a fourth place at Pau and a second at Lühmuhlen.“It’s been a brilliant season”, summed up the FEI’s Catrin Norinder, head of the Eventing and Olympic department. “All six events have been thrilling and we’ve seen some fantastic performances from athletes and horses who have portrayed our sport in the very best light.”Final result:1. Oliver Townend/Ballaghmor Class (GBR) 40.2 + 0.4 + 5 = 45.62. Piggy French/Vanir Kamira (GBR) 43.7 + 3.2 + 0 = 46.93. Gemma Tattersall/Arctic Soul (GBR) 43.0 + 0 + 4 = 47.0Full results here.FEI Classics™ series final leaderboard:1. Michael Jung (GER) 392. Maxime Livio (FRA) 333. Nicola Wilson (GBR) 204. Andrew Nicholson (NZL) 185. Tim Price (NZL) 166. Oliver Townend (GBR) 157. Julia Krajewski (GER) 158. Hazel Shannon (AUS) 159. Gemma Tattersall (GBR) 1410. Piggy French (GBR) 12 Tags: Piggy French, Land Rover Burghley Horse Trials, Gemma Tattersall, FEI Classics™, Oliver Townend, Ballaghmor Class, Subscribe to the Horse Sport newsletter and get an exclusive bonus digital edition! More from Horse Sport:Christilot Boylen Retires From Team SportAfter an exemplary career as one of Canada’s top Dressage riders, seven-time Olympian Christilot Boylen has announced her retirement from team competition.2020 Royal Agricultural Winter Fair CancelledFor only the second time in its history, The Royal Agricultural Winter Fair has been cancelled but plans are being made for some virtual competitions.Royal Agricultural Winter Fair Statement on 2020 EventAs the Province of Ontario starts to reopen, The Royal’s Board and staff will adhere to all recommendations put forward by government and health officials.Government Financial Assistance for Ontario FarmersOntario Equestrian has recently released this update of several financial assistance packages available, including those for farm business.last_img read more

THIRD TIME’S A CHARM FOR FLENSBURG!

first_imgmyself 1. June 2014. at 21:24 Related Items: ShareTweetShareShareEmail ShareTweetShareShareEmailCommentsHandball is the biggest winner after an amazing weekend in Cologne. SG Flensburg-Handewitt lift their first VELUX EHF Champions League trophy, in the aftermath of a seven-goal turnaround against forceful THW Kiel- with 30:28 (14:16) win in the final match of the VELUX EHF FINAL4. Bundesliga outfit from the far north on the Danish border, wouldn’t allow being star-struck or intimidated by sheer concentration of talent in THW Kiel’s team. The final match was a big statement of Bundesliga teams dominance, in a match that could signal the shift of power in European club handball. THW Kiel leave Cologne empty-handed for the second time in a row, and it’s a worrying signal for Alfred Gislason’s team, that may be on decline, since enjoying the most successful season in club’s history in 2012.Vranješ: I’m going to win this!Seven-time finalists couldn’t match the enthusiasm and drive of Ljubo’s Jungs, lead by the tactical genius Ljubomir Vranješ, who believed in his team’s success every step of the way.“I’m speechless. I am so proud, proud of my team. I told them before the match that I was proud just to be here today. Because we did something great yesterday,” said Vranješ, who previously stated he ‘will win’ the VELUX EHF Champion League trophy with SG Flensburg-Handewitt, who lost two EHF Champions League finals beforehand; including a 2007 final defeat to THW Kiel, with Vranješ a SG Flensburg-Handewitt player.“And today, I do not know what we did today. It was incredible, I don’t wanna talk about tactics at all now. I just wanna thank everybody who supported us and I wanna thank my players for this season. Incredible,” boasted Vranješ who continued his team’s success upon their EHF Cup Winner’s Cup victory in 2012.“I am there since 2006 I think, first as a player. So I know all the surroundings, all the people who are continuously supporting us. I am trying to keep continuity in our work,” added the legendary Swede, born to Serbian parents.Flensburg take revengeThe first half saw THW Kiel on their natural high, as the awakened Marko Vujin, and Aron Palmarson- the VELUX EHF FINAL4 MVP barrage-fired from both left and right, to keep Flensburg on a comfortable distance at 8:3, and 10:5 later on.“It’s a great award and a great honour for me. But in this moment I’m much more disappointed about the loss than happy about the award,” said Palmarson, the first winner of the VELUX EHF FINAL4 MVP prize, presented for the first time at the 2014 VELUX EHF FINAL4.It was Mattias Andersson who took charge as the experienced Swede ‘closed the blinds’ mid-way to the first half to get Flensburg back into the game, with a two-goal deficit to catch up on 12:14.“We never gave up, we went on fighting. And never were in panic – I’m sure that was the key to succeed today. The defence helped me a lot today,” said composed ex-Kiel man, who took a lion’s share of merits for winning SG Flensburg-Handewitt’s first, and his second EHF Champions League title.It all went uphill for SG Flensburg-Handewitt from the moment Anders Eggert scored a beautifully placed kempa, worthy only of the top-echelon players, to take the first lead for his team, 20:19 seven minutes into the second half. Andersson put the lights out again, at 25:21, with Vranješ hasitant to take the time-out, to keep up with a high-tempo of SG Flensburg-Handewitt’s game. Anders Eggert and Lasse Svan-Hansen lead the efficient counter-attacks.“In the last ten minutes of the first half and in the second half we nearly didn’t make any mistakes. I’m so happy that we have Andersson in our goal – he is the best goalkeeper,” said Svan, who scored 7 goals for his team.Andersson summed up the frustration of Palamrson and Vujin, keeping the later from scoring what might have been a lifeline goal for THW Kiel at 29:28, with a little over a minute left in the game, but that is when the fatigue kicked in for the German powerhouse.“I’m trying to laugh because the season is over. Congratulations from me to Flensburg, because they deserve to stand here as a winner. It was tough, because we were tired. We tried, but Flensburg was well prepared. As Alfred already said, we’re happy to be here and I’m happy that the season is over,” said seemingly relieved, but exhausted Filip Jicha. The SG Flensburg-Handewitt players gathered up center-court for a group hug, to celebrate a monumental victory. THW Kiel stars were barely standing in disbelief, some of them in tears, on the sidelines of the LANXESS Arena court tonight.SG Flensburg-Handewitt players, and everyone associated with this win, still may be unaware the magnitude of their achievement.“It is quite hard to understand at the moment. I even cannot say that I know ‘I have won the Champions League’ in that very moment. Maybe tomorrow, or the day after. At the moment I just feel empty. I want to celebrate with my team and my family now,” said Vranješ, who masterminded this monumental success.TEXT: NEMANJA SAVIC 2 Comments to myself 2. June 2014. at 20:53 center_img Dont cry vezprem fan:) only 2 teams fans always crying after defeat, Vezprem and Kielce No one knows how they won the title…..well Gjeding/Hansen and EHF know. Four matches at the Final4 and four terrible referee performances. 2 Comments Leave a Reply Cancel replyYour email address will not be published.Comment Name Email Website Save my name, email, and website in this browser for the next time I comment.last_img read more

Vlado Sola will be the new RK PPD Zagreb coach

first_imgVlado Sola to lead Beijing University at SEHA Gazprom League ShareTweetShareShareEmailComments Igor Vori is not more RK PPD Zagreb coach after only five matches of the season.According to Handball-Planet.com sources, the new coach of Croatian champions will be Vlado Sola.The former World and Olympic winner as a goalkeeper of Croatian generation in 2003 and 2004, worked previously in Qatar and local RK Dubrava, while his last job was in Chinese project of Beijing University which competed at SEHA Gazprom League last season.Sola will be the 15th Zagreb’s coach since 2011. Vlado Sola will be the 15th Zagreb coach for 10 years Click to comment ShareTweetShareShareEmailcenter_img Leave a Reply Cancel replyYour email address will not be published.Comment Name Email Website Save my name, email, and website in this browser for the next time I comment. Related Items:Vlado Sola Recommended for youlast_img read more

Keselowski lurking behind Hamlin, Harvick during ‘silently’ best season of career

first_imgDenny Hamlin and Kevin Harvick may be the class of the NASCAR Cup Series field, but Brad Keselowski is quietly lurking.The No. 2 Team Penske Ford spent most of the night near the front after starting seventh in Thursday’s Super Start Batteries 400 presented by O’Reilly Auto Parts at Kansas Speedway, winning the second stage after passing teammate Ryan Blaney with three laps remaining.RELATED: Official race results | Hamlin scores fifth win at KansasWhile a late-race charge fell just short, Keselowski wound up finishing second behind race winner Hamlin, who notched a series-high fifth victory of the 2020 season. Harvick, who finished fourth, owns the second-most victories of the season with four.“I thought Denny (Hamlin) and I were probably pretty close to equal the second half of the night,” Keselowski said. “It was just a matter of who got out in front. We didn’t get out in front on the restarts there, and he was able to take advantage and bring home the win. All in all, it was still a really good day.”While Keselowski’s two victories — one each at Charlotte Motor Speedway and Bristol Motor Speedway earlier in the year — leave him a bit short of Hamlin and Harvick in the playoff points column, the 2012 champion is on the cusp of making it a “Big 3” into the postseason with seven races left in the regular season.Keselowski has earned seven top fives and 14 top 10s in the first 19 races with an average finish of 8.9. Since his first victory of the season at Charlotte, Keselowski has only finished outside the top 10 in two of the 13 events after starting out the first five races with three finishes of 11th or worse. While the numbers might not suggest a career-best trajectory, Keselowski thinks otherwise.“Silently, one of the best years of my career, maybe not wins-wise at this point in the year, but average finish wise, one of the best in my career at this point in the season,” Keselowski said. “I’m very, very happy for that and hopeful that we can just find that other little notch so we can dominate races and showcase ourselves as the Ford to beat.”With 2020 serving as the final year of his current contract with Team Penske, Keselowski acknowledged he has nothing new to report as negotiations are ongoing, but he’s optimistic given this year’s success.“I hope,” Keselowski said. “It’s not there, but I’m very hopeful.”last_img read more

Confirmed COVID-19 Cases Pass 40 Million

first_imgThe World Health Organization said last week that Europe had a reported a record weekly high of nearly 700,000 cases and said the region was responsible for about a third of cases globally. Britain, France, Russia and Spain account for about half of all new cases in the region, and countries like Belgium and the Czech Republic are facing more intense outbreaks now than they did in the spring. In the U.S., some states are trying more targeted measures as cases continue to rise across the country. New York’s new round of virus shutdowns zeroes in on individual neighborhoods, closing schools and businesses in hot spots measuring just a couple of square miles. But WHO Director-General Tedros Adhanom Ghebreyesus has warned against the belief that herd immunity might be a viable strategy to pursue, saying this kind of protection needs to be achieved by vaccination, not by deliberately exposing people to a potentially fatal disease. WHO said the new measures being taken across Europe are “absolutely essential” in stopping COVID-19 from overwhelming its hospitals. Those include new requirements on mask-wearing in Italy and Switzerland, closing schools in Northern Ireland and the Czech Republic, closing restaurants and bars in Belgium, implementing a 9 p.m. curfew in France and having targeted limited lockdowns in parts of the U.K. Dr. Anthony Fauci, the U.S. government’s top infectious-disease expert, said Americans should think hard about whether to hold Thanksgiving gatherings next month. A woman wearing a face mask walks in Manchester, England, Monday, Oct. 19, 2020. Britain’s government says discussions about implementing stricter restrictions in Greater Manchester must be completed Monday because the public health threat caused by rising COVID-19 infections is serious and getting worse. (Peter Byrne/PA via AP) The milestone was hit Monday morning, according to Johns Hopkins University, which collates reports from around the world. The U.S., India and Brazil are reporting by far the highest numbers of cases – 8.1 million, 7.5 million and 5.2 million respectively – although the global increase in recent weeks has been driven by a surge in Europe, which has seen over 240,000 confirmed virus deaths in the pandemic so far. Related Managing COVID-19: Applying an Asymmetric Solution to an Asymmetric ProblemRegions Hospital (MN) Community Paramedic Response to COVID-19IAFC Supports Vaccine Prioritization for First Responders Some researchers have argued that allowing COVID-19 to spread in populations that are not obviously vulnerable will help build up herd immunity and is a more realistic way to stop the pandemic instead of the restrictive lockdowns that have proved economically devastating. LONDON (AP) – The number of confirmed COVID-19 cases across the planet has surpassed 40 million, but experts say that is only the tip of the iceberg when it comes to the true impact of the pandemic that has upended life and work around the world. The actual worldwide tally of COVID-19 cases is likely to be far higher, as testing has been uneven or limited, many people have had no symptoms and some governments have concealed the true number of cases. To date, more than 1.1 million confirmed virus deaths have been reported, although experts also believe that number is an undercount. “Allowing a dangerous virus that we don’t fully understand to run free is simply unethical,” Tedros said last week. WHO has previously estimated about 1 in 10 of the world’s population – about 780 million people – have been infected with COVID-19, more than 20 times the official number of cases. That suggests the vast majority of the world’s population is still susceptible to the virus. The agency said several European cities could soon see their intensive care units overwhelmed and warned that governments and citizens should take all necessary measures to slow the spread of the virus, including bolstering testing and contact tracing, wearing face masks and following social distancing measures. As of last week, new cases per day were on the rise in 44 U.S. states, with many of the biggest surges in the Midwest and Great Plains, where resistance to wearing masks and taking other precautions has been running high and the virus has often been seen as just a big-city problem. Deaths per day were climbing in 30 states. The U.N. health agency said it hopes there might be enough data to determine if any of the COVID-19 vaccines now being tested are effective by the end of the year. But it warned that first-generation vaccines are unlikely to provide complete protection and that it could take at least two years to bring the pandemic under control. Logistics experts also say that some 3 billion of the world’s 7.8 billion people live in areas that lack the infrastructure to refrigerate new vaccines safely, a challenge that is sure to slow down the delivery of vaccines to those areas. This includes most of Central Asia, much of India and southeast Asia, Latin America except for the largest countries, and all but a tiny corner of Africa.last_img read more

When Disaster Strikes, CNN Hero Team is First on the Scene With Heavy Equipment

first_imgAddThis Sharing ButtonsShare to FacebookFacebookFacebookShare to TwitterTwitterTwitterShare to EmailEmailEmailShare to RedditRedditRedditShare to MoreAddThisMore (WATCH the video below from CNN – Make a Donation to the Team) AddThis Sharing ButtonsShare to FacebookFacebookFacebookShare to TwitterTwitterTwitterShare to EmailEmailEmailShare to RedditRedditRedditShare to MoreAddThisMoreA powerful tornado ripped through West Liberty, Kentucky, last week, making the quaint community look like “a war zone.”Fortunately, the First Response Team of America was there to help.Founded by Tad Agoglia in 2007, the team has crisscrossed the country, providing free aid to as many as 40 disaster sites.Within hours the organization arrived in West Liberty with its specialized fleet of heavy-duty disaster recovery equipment.last_img read more

Canada Bans Removal of Passengers on Overbooked Planes Unless Diplomacy is Used

first_imgThe bill, which is set to pass at the start of 2018, will also require financial compensation for damaged luggage.CHECK OUT: American Airlines Worker Hailed for Saving 2 Lives in 1 Day“When Canadians buy an airline ticket they expect the airline to keep its part of the deal,” said Garneau.Airline overbooking has become a hot topic in recent months since a United Airlines passenger released cell phone footage of a man being violently dragged from a flight after he refused to give up his seat for a crew member.United has since issued new guidelines stating that crew members must arrive 60 minutes prior to the departing flight, which will hopefully help to avoid any incidents in the future.Fly This Story Over To Your Friends: Click To ShareAddThis Sharing ButtonsShare to FacebookFacebookFacebookShare to TwitterTwitterTwitterShare to EmailEmailEmailShare to RedditRedditRedditShare to MoreAddThisMore AddThis Sharing ButtonsShare to FacebookFacebookFacebookShare to TwitterTwitterTwitterShare to EmailEmailEmailShare to RedditRedditRedditShare to MoreAddThisMoreCanada has just released a new airline passenger bill of rights that makes it illegal for passengers to be forcibly removed from overbooked domestic or international flights.The legislation, passed by the transportation minister Marc Garneau, will require airlines to offer compensation for the passenger’s ticket – if a passenger does not accept the compensation, the airline will simply be forced to raise their offering price.last_img read more

Northern Power Systems licenses wind turbine technology in South America

first_imgExpanding the global reach of its permanent magnet direct drive (PM/DD) technology, Northern Power Systems (www.northernpower.com(link is external)) announced today that it has entered into a strategic partnership with WEG Equipamentos Elétricos S.A., one of the world’s largest manufacturers of electronic equipment. WEG and Northern Power are cooperating to bring proven, next-generation wind turbine technology to the South American wind market. This partnership combines WEG’s extensive production capabilities and market knowledge with Northern Power’s PM/DD technology and wind industry experience to deliver value-enhanced wind energy products for customers of WEG.Through this strategic partnership, WEG is offering a utility-scale technology platform that will include wind turbines rated between 2.1 and 2.3MW and rotors sized from 93m to 110m to meet customer requirements in a range of a wind classes. WEG has already secured commitments for initial orders and will be scaling production operations throughout 2013 and 2014. “We believe that Northern Power’s PM/DD technology offers a significant performance advantage to a vast array of customers in South America,” explained Mr. João Paulo Gualberto da Silva, WEG’s Head of Wind Energy Generation Business. “The South American wind market, particularly Brazil, is growing at an incredible rate, and the initial market response to WEG’s turbine offerings has been very positive. Having a partner like Northern Power with proven technology which is capable of providing solutions for both current and evolving wind market demands, positions WEG to be a leader in this expanding space no w and in the future.”Turbines leveraging PM/DD technology typically demonstrate higher availability and lower maintenance and repair costs than traditional gear-based turbines, offering higher energy production over the turbine’s lifetime, and providing enhanced economic returns to owners. The wind turbines initially will be manufactured at WEG’s manufacturing facilities in Jaragua do Sul, state of Santa Catarina, Brazil.”WEG has tremendous capabilities to supply all aspects of wind power plants integrated with a strong understanding of the needs of the South American wind market, and Northern Power has the experience and technology necessary to provide the right solutions for this market,” said Troy C. Patton, Chief Executive Officer of Northern Power Systems. “We look forward to powering WEG’s capabilities through our technology offerings.”About WEGFounded in 1961, WEG operates mainly in the sector of capital goods and is one of the largest world manufacturers of electrical equipment, having five main businesses: Motors, Energy, Transmission and Distribution, Automation and Coatings. With over 25 thousand employees, it had a net revenue of R$ 6.1 billion in 2012.In Brazil, the group has its headquarters and main industrial plants in Jaraguá do Sul/SC. The other plants are spread over Rio Grande do Sul (Gravataí), Santa Catarina (Blumenau, Guaramirim, Itajaí and Joaçaba), São Paulo (São Paulo, São Bernardo do Campo and Monte Alto), Amazonas (Manaus), Espírito Santo (Linhares). Overseas, WEG has manufacturing units in Argentina, Mexico, Portugal, South Africa, China, India, Austria and USA, besides distribution and trading centers in the USA, Venezuela, Colombia, Chile, Germany, England, Belgium, France, Spain, Italy, Sweden, Australia, Japan, Singapore, India, Russia and United Arab Emirates.About Northern Power SystemsNorthern Power Systems licenses and develops wind technology on a global basis, and provides engineering and development services for a wide variety of energy applications, including microgrids, power conversion systems, and wind and marine turbine solutions. With over 30 years of experience in developing advanced, innovative wind turbines, Northern Power also offers direct turbine sales of its NPS 60 kW, NPS 100 kW and utility-scale products. The Company’s proven, next generation permanent magnet direct drive (PM/DD) wind turbine technology is based on a vastly simplified architecture that utilizes a unique combination of a permanent magnet generator and direct-drive design. This revolutionary approach uses fewer moving parts, delivers higher energy capture, and provides increased reliability due to reduced maintenance and downtime costs. More information is available at www.northernpower.com(link is external).BARRE, VT–(Marketwired – August 14, 2013) – Northern Power Systemslast_img read more

Vermont to receive $499,000 in multi-state settlement with LPL Financial

first_imgVermont Business Magazine Today the Vermont Department of Financial Regulation (DFR) announced it has entered into a settlement agreement(link is external) with LPL Financial LLC (LPL) that requires the firm to pay the State of Vermont $499,000 and to repurchase certain securities sold to Vermonters dating back to October 2006. A $400,000 civil penalty will be deposited into the state’s General Fund with the remaining $99,000 being deposited into the department’s Investor Education Fund.Michael Pieciak, DFR Commissioner, applauded the efforts and coordination of his fellow state regulators.“This settlement demonstrates that state regulators can work together effectively to police our financial markets and protect our citizens,” Pieciak said in a press release. “The settlement’s civil penalties send a strong message of deterrence to other companies and the contribution to the Investor Education Fund will strengthen our department’s efforts to improve Vermonters’ financial literacy as they plan for major life events.”The settlement stems from a multi-state investigation regarding LPL’s failure to establish and maintain reasonable policies and procedures to prevent the sale of unregistered, non-exempt securities to its customers.The settlement finds LPL failed to maintain adequate systems to reasonably supervise agents, staff, and employees to prevent unregistered sales. The settlement also provides the firm failed to maintain books and records necessary to ensure full and proper compliance with state securities laws and failed to conduct appropriate and necessary due diligence regarding the retention, use, and subsequent cancelation of certain third-party services critical for compliance with state securities laws.In total, LPL will pay $26 million in civil penalties to the 52 jurisdictions participating in the multi-state settlement. In addition, any Vermont LPL clients holding securities determined to have been unregistered, non-exempt equity, or fixed-income securities sold since October 1, 2006 will receive an offer to repurchase the securities at the original purchase price plus three percent interest per year.As part of the settlement, LPL also agreed to a “top-to-bottom” review of the integration of new securities products to assess the firm’s ability to comply with all state securities registration requirements and to adhere to all operations and procedures in connection with state registration requirements, that apply to the offer and sale of that product. The firm also agreed to a similar review of its vendor-service protocols to ensure processes are in place to identify and manage critical services used to ensure compliance with state securities laws.Source: Montpelier, VT – 11.26.2018. Vermont Department of Financial Regulation website(link is external).last_img read more