Legal entity – Southway Corp http://southwaycorp.net/ Tue, 22 Nov 2022 18:39:09 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://southwaycorp.net/wp-content/uploads/2021/10/southway.png Legal entity – Southway Corp http://southwaycorp.net/ 32 32 Corporate Transparency Act Revisited: Companies Must Prepare for Final Rule Making | Kohrman Jackson & Krantz LLP https://southwaycorp.net/corporate-transparency-act-revisited-companies-must-prepare-for-final-rule-making-kohrman-jackson-krantz-llp/ Tue, 22 Nov 2022 18:32:15 +0000 https://southwaycorp.net/corporate-transparency-act-revisited-companies-must-prepare-for-final-rule-making-kohrman-jackson-krantz-llp/ Last February, we published a three-part series on the Company Transparency Law (CTA). The series of articles outlines the details and implications of the United States Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) December 8, 2021 rule. proposal establish a centralized Beneficial Ownership Information (BOI) reporting requirement for certain domestic and foreign entities. FinCEN […]]]>

Last February, we published a three-part series on the Company Transparency Law (CTA). The series of articles outlines the details and implications of the United States Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) December 8, 2021 rule. proposal establish a centralized Beneficial Ownership Information (BOI) reporting requirement for certain domestic and foreign entities. FinCEN rule aims to prevent anonymous front companies from carrying out illegal activities in the United States

FinCEN received over 240 comments. After reviewing the submissions, FinCEN issued a final rule September 30, 2022 to implement the BOI reporting requirement. This new, updated series of articles will provide an overview of key elements of the Final Rule, including the new FinCEN guidelines.

Reporting companies

Consistent with FinCEN’s original proposal, the final rule clarifies that, subject to certain exemptions, any entity that meets the definition of a “reporting company” must file a BOI report.

There are two types of reporting companies: domestic companies and foreign companies.

Domestic and foreign corporations are those formed by filing with a Secretary of State or similar office. In particular, the final rule clarifies that domestic and foreign corporations will include, for example:

  • Companies
  • Limited Liability Companies
  • Limited Liability Companies
  • Limited Liability Partnerships
  • Commercial Trusts
  • Limited partnerships

Under this rule, most companies will be required to file and update BIO reports.

Beneficial owners

If your company is considered a declaring company, it must file a declaration identifying each beneficial owner and any change in its beneficial owners.

Generally, the beneficial owners of a reporting company are those who, directly or indirectly:

  • Exercise substantial control, or
  • Own or control at least 25% of the ownership interest in the company.

FinCEN’s Final Rule provides more detail on “substantial control” and “ownership interests”. Specifically, the final rule says that an individual with substantial control is one who:

  • Serves as senior officer.
  • Has authority over the appointment or removal of senior executives or the majority of the board of directors (or similar body).
  • Directs or determines major matters such as dissolution, merger or reorganization.
  • Any other form of substantial control.

The “catch-all” final provision should help prevent reporting companies from circumventing the final rule when reporting.

Additionally, FinCEN makes it clear with its 25% ownership threshold that majority ownership is not only indicative of beneficial ownership. In addition, FinCEN’s commentary in the final rule indicates that ordinary advisory services by legal or tax professionals would not be considered to exercise substantial influence over a reporting company.

FinCEN’s revamped definition takes into account the wide diversity and less conventional ownership structures that reporting companies can adopt. Essentially, reporting companies that have simple ownership structures should be able to easily identify and report their beneficial owners. On the other hand, unless an exemption applies, reporting companies that are structured with a more complex chain of ownership structure will likely have multiple levels of beneficial owners to disclose.

Exceptions to the definition of beneficial owner include:

  • Minor children (if a parent or guardian is identified)
  • Nominees, intermediaries, custodians or agents
  • Persons whose interests are linked to a right of succession
  • Entities that are not created by filing with a government entity, such as joint trusts

Company candidates

Reporting companies must also identify nominees from their company. Applicant companies are those that:

  • Directly file the document that creates the entity or, in the case of a foreign reporting company, the document that first registers the entity to do business in the United States; Where
  • The person who is primarily responsible for directing or controlling the filing of the relevant document by another person.

FinCEN clarified that the number of applying companies is limited to one or two people.

Reporting companies that already exist or are registered on the effective date of the rule must not need to report company candidates. Newly established reporting companies will need to report company applicants, but not need to update information. These rules are intended to avoid any challenges that may arise if the reporting company does not have a direct or ongoing relationship with a candidate company.

Shortly

In Part 2 of our series reviewing the LTC, we will revisit and expand on the information a reporting company must disclose regarding its beneficial owners and candidate companies, and we will look at exemptions. Part 3 will explore the final timeline for disclosures (January 1, 2024 and January 1, 2025 are the key dates your business should note now), what the timeline means for current versus new businesses, and the likelihood of additional FinCEN regulations.

In light of the FinCEN Final Rule, companies should proactively review CTA requirements and begin gathering information on key business players who may be beneficial owners and candidate companies. A solid understanding of the reporting requirements and the effect of the rule on your business will be essential as we prepare to see the CTA rolled out over the next two years.

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Aerostar SA: Quarterly report as of September 30, 2022 (posted on the Aerostar website on 11.11.2022, hours 08:00) https://southwaycorp.net/aerostar-sa-quarterly-report-as-of-september-30-2022-posted-on-the-aerostar-website-on-11-11-2022-hours-0800/ Fri, 11 Nov 2022 08:52:08 +0000 https://southwaycorp.net/aerostar-sa-quarterly-report-as-of-september-30-2022-posted-on-the-aerostar-website-on-11-11-2022-hours-0800/ The report of the board of directors JANUARY 1 – SEPTEMBER 30, 2022 9 Condorilor Street, Bacau 600302, Romania Telephone/Fax number: 004-0234575070/004-0234 572023 Date of creation of the company: APRIL 17, 1953 European Unique Company Identifier (EUID): ROONRC.J04/1137/1991, The LEI identification code as a legal entity is 315700G9KRN3B7XDBB73; Share capital subscribed and […]]]>


The report of the board of directors

JANUARY 1 – SEPTEMBER 30, 2022

9 Condorilor Street, Bacau 600302, Romania

Telephone/Fax number: 004-0234575070/004-0234 572023

Date of creation of the company: APRIL 17, 1953

European Unique Company Identifier (EUID):

ROONRC.J04/1137/1991,

The LEI identification code as a legal entity is 315700G9KRN3B7XDBB73;

Share capital subscribed and paid up: RON 48,728,784;

Unique registration code 950531, ISIN code ROAEROACNOR5,

Activities are carried out at the head officelocated in Bacău, Condorilor Street 9, postal code 600302;

Since January 2018, AEROSTAR also has a secondary headquarters (workplace) at the premises of Iaşi International Airport;

The main field of activity of the company is manufacturing. The main object of the company’s activity is “Manufacture of aircraft and spacecraft” – CAEN code 3030

Individual financial statements closed on September 30, 2022, are not accompanied by the auditor’s report. They have been audited by the company’s internal auditor.

Applicable accounting standards:

The individual financial statements are prepared in accordance with the provisions of the International Financial Reporting Standards (IFRS) adopted by the European Union, Accounting Law no. 82/1991, as republished, with its subsequent amendments and supplements and they are submitted in accordance with the requirements of IAS 1 (Note 3);

AEROSTAR S.A. is listed on the Bucharest Stock Exchange under the code ARS, with all shares issued in the Standard category. The register of its shares and shareholders is maintained as provided by SC Depozitarul Central SA Bucharest.

Reporting period: I JANUARY – 30 SEPTEMBER 2022.

The report of

the Board of Directors has been prepared in accordance with the provisions of Law 24/2017 regarding issuers of financial instruments and market operations and ASF Regulation n. 5/2018 of the Financial Supervisory Authority, regarding issuers of financial instruments and market operations, Annex 13, respectively.

The report of the board of directors

1

The report of the board of directors

2

I JANUARY – 30 SEPTEMBER2022

Report of the Board of Directors ………………………………………………………………2

Individual Financial Statements ………………………………………….. ………………………………………….. .19

GENERAL ASPECTS

With nearly 7 decades of experience, AEROSTAR places the improvement of its performance at the center of its business through continuous improvement and the development of its employees in a spirit of integration, innovation and initiative. We are focused on fulfilling our mission to meet the requirements and expectations of our customers through continuous improvement actions at all levels.

AEROSTAR SA is a privately held company that operates in global manufacturing programs in the global aerospace industry manufacturing and industrial level maintenance programs for civil and military aircraft. All information about the company is disseminated simultaneously, in accordance with the provisions of the Corporate Governance Code, both in Romanian and in English.

All shareholders can obtain information about AEROSTAR SA and its main events on the company’s website www.aerostar.ro.

The purpose of this report is to inform investors about changes in the status and performance of the company that occurred during the reporting period January-September 2022, as well as foreseeable developments in the industry market. of defense and aviation and in relation to the evolution of the company. development opportunities.

web/email www.aerostar.ro, aerostar@aerostar.ro

JANUARY 1 – SEPTEMBER 30, 2022

Share of business sales

1805

EMPLOYEES

3261

PARTICIPATION IN TRAINING

SESSIONS

2.1%

aircraft manufacturing

21.5%

product

ZERO

commercial aviation MRO

WORK ACCIDENTS

49.6%

Defense systems

15.5%

SALARY INCREASES

26.8%

other products and

services

8.974 million lei

INVESTMENTS

Share of exports in turnover

3.16%

1.85%

Priorities

9.24%

28.40%

Romania

Europe

Asia

Africa

Canada+AUS

57.35%

The report of the board of directors

Consolidate Aerostar’s position and activities

ARS share 6.5 leiworldwide ;

Maintain workforce stability;

3

Mitigate environmental impact by increasing investment in clean technologies. Important events

The report of the board of directors

4

Significant events that occurred during the reporting period

March 13

End of negotiations between the Administration of AEROSTAR SA and the Employees’ Committee for the 2022-2024 Collective Labor Agreement. This agreement provides for a set of benefits intended to cover the dynamic needs and demands of employees as well as salary increases of 15.5%. The new provisions entered into force April 1, 2022;

April 20

During the Ordinary General Meeting, the shareholders of AEROSTAR approved the following points:

  • The report of the board of directors and the accounts for the 2021 financial year;
  • The financial auditor’s report on the audit of the financial statements;
  • The removal of responsibility from the general management and the members of the board of directors;
  • Breakdown of net income for the 2021 financial year.

June 16

The Ordinary General Meeting of Shareholders in accordance with the applicable legal provisions. The shareholders of AEROSTAR SA unanimously approved the valid votes cast (secret vote) the extension of the mandate of:

Grigore HOROI, Mihai DEJU and Daniel BOTEZ as members of the Audit Committee, appointed by the Resolutions of the General Meeting of August 13, 2020 in accordance with art. 65 of Law no. 162/2017 regarding the legal audit of annual accounts and consolidated annual accounts, until July 10, 2024.

The shareholders of the company AEROSTAR SA unanimously approved valid votes cast (secret vote) the appointment of the company Auditeval Consulting SRL as auditor and the conclusion of the financial audit agreement for a minimum period of 1 (one) year, with the option of extending it by an Additional Deed approved by the Board of Directors of the Company.

The draft resolutions, the material submitted for the approval of the OGMS and the forms requested by AEROSTAR have been posted on the company’s website. www.aerostar.ro, under Investor Relations.

Events after the reporting date

After the closing date, no event likely to have an impact on the financial statements as of September 30, 2022 has been recorded.

web/email www.aerostar.ro, aerostar@aerostar.ro

Disclaimer

Aerostar SA published this content on November 09, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on November 11, 2022 08:51:04 UTC.

Public now 2022

All the news from AEROSTAR SA

Sales 2021 378M
78.7 million
78.7 million
Net income 2021 59.9 million
12.5 million
12.5 million
Net cash 2021 273 million
56.8M
56.8 million
PER 2021 ratio 21.0x
2021 performance 1.82%
Capitalization 1,165 million
243M
243M
EV / Sales 2020 1.51x
EV / Sales 2021 2.60x
# of employees 1,797
Floating 13.3%


Duration :

Period :




Aerostar SA Technical Analysis Chart |  MarketScreener




Evolution of the income statement

Medium consensus
Number of analysts 0
Last closing price 7.65
Average target price
Average Spread / Target


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Researcher and economist Dr Kannan Vishwanatth was crowned Honoris Causa for economics at the Latvian Academy of Sciences in Riga. https://southwaycorp.net/researcher-and-economist-dr-kannan-vishwanatth-was-crowned-honoris-causa-for-economics-at-the-latvian-academy-of-sciences-in-riga/ Sat, 05 Nov 2022 15:51:00 +0000 https://southwaycorp.net/researcher-and-economist-dr-kannan-vishwanatth-was-crowned-honoris-causa-for-economics-at-the-latvian-academy-of-sciences-in-riga/ Dr Kannan Vishwanatth at the Latvian Academy of Sciences Dr Kannan Vishwanatth with the Latvian Academy of Sciences team Dr Kannan Vishwanatth at the graduation ceremony in Riga, Latvia Dr. Kannan Vishwanatth was presented Honoris Causa for Economics at the Latvian Academy of Sciences and a permanent member of the Latvian Academy of Sciences in […]]]>

Dr Kannan Vishwanatth at the Latvian Academy of Sciences

Dr Kannan Vishwanatth with the Latvian Academy of Sciences team

Dr Kannan Vishwanatth at the graduation ceremony in Riga, Latvia

Dr. Kannan Vishwanatth was presented Honoris Causa for Economics at the Latvian Academy of Sciences and a permanent member of the Latvian Academy of Sciences in Riga

The world today is undergoing a sea of ​​change. The post-New World Order pandemic coupled with the trade war and the instability of the geopolitical situation will be a new laboratory of innovations in times of crisis”

—Professor Dr. Kannan Vishwanatth

CALIFORNIA, CALIFORNIA, UNITED STATES OF AMERICA, November 5, 2022 /EINPresswire.com/ — Academic researcher, economist and founder of Hong Kong Rupus Global Limited & Dr. Ashley’s Limited received the Honoris Causa Prize for Economics at the Latvian Academy of Sciences and was made a permanent member of the Latvian Academy of Sciences in Riga at a graduation ceremony at which attended by members of the Latvian Academy of Sciences. Dr. Kannan Vishwanatth received this distinguished recognition for his outstanding contributions in the field of economics. Dr. Kannan Vishwanatth is engaged in research in areas of the economic implications of the post-pandemic world. “There is significant uncertainty about economic recovery in PEPFAR countries, which will be highly dependent on the future course of the COVID-19 pandemic, economic relief efforts, and vaccine deployment. Currently, in 30 of the 53 PEPFAR countries, less than a third of the population has received at least one dose of the vaccine and only 10 are on track to meet global COVID-19 vaccination targets. The toll of the COVID-19 pandemic on the global economy has been significant, with the International Monetary Fund (IMF) estimating that median global GDP fell 3.9% between 2019 and 2020, making it the worst downturn economy since the Great Depression. While the global economy is estimated to have recovered in 2021, the recovery has been uneven and disparities in vaccine access and coverage could threaten improvement in much of the world,” said Dr. Kannan Vishwanatth.

Dr. Kannan Vishwanatth is also co-author of a book on “smart villages” where he highlighted the downturn in the economy in rural villages in their standard of living. Dr. Vishwanatth is currently co-author of a book on The Road to Economic Recoveries in Hong Kong.

Dr. Kannan Vishwanatth, The Garwood Fellow at University of California, Berkeley – Haas School of Business is an avid researcher with approximately 24 years of pharmaceutical and international business experience. He was awarded the Albert Schweitzer Medal for Science, the Malcolm Adiseshiah Award for Distinguished Studies 2020 and the Dr. APJ Abdul Kalam Excellence Award for Medicine. He received the Academic Professional Award from the American College of Dubai in the United Arab Emirates. He has co-authored and filed 15 worldwide patents on non-infringing products and various processes in antimalarial and anticancer products from plant extracts with expertise in licensing, business development, APIs, Generics, Finished doses.

The Latvian Academy of Sciences succeeds several scientific associations which previously existed in Latvia. Its predecessors are the Kurzeme Society for Literature and Art, founded in 1815 in Jelgava and the Science Commission, founded within the Latvian Society in Rīga in 1869, which in 1932 was reorganized into the Scientific Committee with the status of private academy of sciences. Since 1919, the government of the Republic of Latvia has repeatedly considered the foundation of an official Latvian Academy of Sciences. In 1927, the idea was supported by Rainis, then Minister of Education. In 1935, the intention to establish the Latvian Academy of Sciences was publicly expressed by Prime Minister Kārlis Ulmanis, and on January 14, 1936, by Cabinet law, the Institute of Latvian History was founded as as the first constituent element of this Academy. In Latvia, the Academy of Sciences began its work on February 14, 1946, when the members of the Academy met for their first general assembly. Scientists from the University of Latvia and the Latvian Academy of Agriculture formed the core of the Academy of Sciences. The Latvian Academy of Sciences (LAS) is a derived legal entity under public law in the self-governing public administration system which consists of elected members of the LAS.

SamDaniel
Leaders’ Conclave
+91 99306 01477
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United States Continues to Adopt NAIC Liquidity Stress Test Updates | Foley & Lardner LLP https://southwaycorp.net/united-states-continues-to-adopt-naic-liquidity-stress-test-updates-foley-lardner-llp/ Thu, 03 Nov 2022 01:18:26 +0000 https://southwaycorp.net/united-states-continues-to-adopt-naic-liquidity-stress-test-updates-foley-lardner-llp/ In December 2020, the National Association of Insurance Commissioners (the NAIC) has adopted revisions to the Insurance Holding Company System Regulation Act (the “Model Law”) that require large life insurers to report the results of a Liquidity Stress Test (“LST”) for a specific year. The 2020 revisions also added group capital calculation reports for all […]]]>

In December 2020, the National Association of Insurance Commissioners (the NAIC) has adopted revisions to the Insurance Holding Company System Regulation Act (the “Model Law”) that require large life insurers to report the results of a Liquidity Stress Test (“LST”) for a specific year. The 2020 revisions also added group capital calculation reports for all insurance company holding systems, which we explore in more detail here.1

According to the NAIC Financial Analysis Manualthe main objectives of the LST and the specific stress scenarios used are:

  • First of all, for macroprudential uses allowing the Financial Stability Task Force (E) identify the amounts of asset sales by insurers that could impact markets in stressed environments. Thus, the selected stress scenarios are consciously focused on industry-wide stresses that may impact many insurers in a similar timeframe.
  • Second, the LST is also intended to assist regulators in their microprudential oversight, in the context of being useful to home and major state regulators to better understand the LST programs of the insurers and insurance groups of these legal entities.

In addition, the NAIC clarified that while liquidity risks exist in other insurance segments, the task force focused on large life insurers due to the long-term liquidity buildup involved in many contracts insurance companies and the potential for large-scale asset liquidations.

Submission requirements

Generally, the 2020 Model Law revisions to the Enterprise Risk Filings section require all insurers that are included in the NAIC’s Liquidity Stress Testing Framework to file a specific year’s LST results to the Principal State Commissioner of the Insurance Holding Company System, as determined by the procedures within the Financial Analysis Manual adopted by the NAIC. See Article 4(L)(3) of the model law.

Similar to filing Form F, LST results only need to be prepared and submitted to the Main State of the Insurance Holding Company’s system. See Article 4(L)(3) of the Model Law (“The case must be filed with the Principal State Commissioner of the insurance holding company system . . .”). Therefore, if the pilot state of an insurance holding company system has not adopted the 2020 Model Law revisions, it is not required to perform and file the LST for entities. (the adoption status of the 2020 Model Law revisions is discussed below).

In addition, the performance and filing of results for a specific year’s LST must comply with the NAIC LST framework. instructions and reports models for that year. See Article 4(L)(3)(b) of the Model Law. The deadline for filing LST results is also listed in the annual NAIC LST Framework instructions.2

Scope Criteria

As outlined in the NAIC 2021 LST framework, the scope criteria apply minimum thresholds to the following six activities: (1) fixed and indexed annuities, (2) funding arrangements; (3) Derivatives, (4) Securities Lending, (5) Repurchase Agreements and (6) Borrowed Money. See NAIC 2021 LST framework p. 10 and Annex 1. The scope criteria applicable to a specific data year are reviewed at least annually by the Financial Stability Task Force (E) and any changes to the LST framework or data year for which the scope criteria are to be measured shall be as of January 1 of the year following the calendar year in which such amendments are enacted. See Article 4(L)(3)(a) of the Model Law.

Any life insurance legal entity or life insurance group that exceeds at least one threshold of the scope criteria is considered included in the LST framework for the specified data year, while those that do not trigger at least one threshold of the scope criteria are considered excluded. Identifier. As such, for entities included in the scope, a report on the sources and uses of liquidity must be generated for each legal entity in the group that is subject to stress tests, using the templates of the NAIC, and these results are aggregated to report at the group level. . See NAIC 2021 LST framework p. 30. Moreover, according to the Financial Analysis Handbook, “[a]Although P&C and health insurers are not subject to the scope criteria in 2021, if a P&C insurer or a health legal person is considered by the group of insurers to present a significant liquidity risk for a group that triggered the scope criteria in a future year, the property and casualty insurer and corporate entity within the group will perform the LST. »

Notwithstanding these fairly mechanical thresholds for inclusion or exclusion from the LST framework, the 2020 model law revisions allow a senior state commissioner to make a discretionary decision, in consultation with the NAIC’s Financial Stability Task Force , that an insurer should or should not be included in the framework for the data year. See Article 4(L)(3)(a) of the Model Law. This helps prevent insurers from frequently entering and exiting the LST framework. See Article 4(L)(3)(a)(i) of the Model Law.

State adoption

Based on NAIC tracking, as of August 1, 2022, twenty-two (22) states have adopted the LST Model Law revisions, including: Alabama, California, Connecticut, Delaware, Georgia, Iowa, Illinois, Kentucky, Louisiana, Maine, Missouri, Montana, Nebraska , New Hampshire, New Jersey, Nevada, Ohio, Pennsylvania, Rhode Island, Utah, Virginia and Wisconsin. In addition, three states have pending bills that would enact revisions to the model law: Massachusetts, Michigan, and New York.3

States’ adoption of the 2020 model law revisions was driven in part by covered agreements between the United States and the European Union (EU) and the United Kingdom on reciprocity in insurance regulation. See Bilateral agreement between the United States of America and the European Union on prudential measures relating to insurance and reinsurance (September 22, 2017) and the corresponding agreement between the United States and the United Kingdom. (December 18, 2018) (the “Covered Agreements”). US states have until November 7, 2022 to bring their laws into line with the requirements of the agreements covered, or risk the EU or UK imposing their own LST requirements on international insurance holding company systems, including any US insurer in these systems.

In addition, the NAIC is considering making adoption of the 2022 Model Law revisions a standard for NAIC Accreditation. Although the NAIC does not have formal authority to make insurance laws, in order for individual states to receive NAIC accreditation, they must (among other things) adopt certain NAIC model laws and regulations that are included in NAIC accreditation standards. Typically, states want to retain accredited status because it allows non-national states to rely on the accredited domestic state to fulfill a basic level of financial regulatory oversight, i.e. States are able to coordinate and build on each other’s work to monitor insurers’ assets. Note that the proposal to make the 2020 Model Law revisions a standard for NAIC accreditation is open for a one-year comment period, which began January 1, 2022.4 The proposed effective date to make adoption of the 2020 Model Law Revisions an NAIC credentialing standard is January 1, 2026.


2 Note that the NAIC 2021 LST framework dated February 4, 2022 has a filing date of June 30, 2022; however, the NAIC 2020 LST framework dated May 2021 had a filing date of September 30, 2021.

[View source.]

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Redde Northgate Plc – Interest(s) in the company https://southwaycorp.net/redde-northgate-plc-interests-in-the-company/ Mon, 31 Oct 2022 13:16:04 +0000 https://southwaycorp.net/redde-northgate-plc-interests-in-the-company/ TR-1:Sstandard form for notification of significant shareholdings NOTIFICATION OF MAIN HOLDINGS (to be sent to the issuer concerned and to CAF in Microsoft Word format if possible)I 1a. Identity of the issuer or the underlying issuer of the existing shares to which the voting rights are attachedii: Redde Northgate PLC 1b. Please indicate if the […]]]>

TR-1:Sstandard form for notification of significant shareholdings

NOTIFICATION OF MAIN HOLDINGS (to be sent to the issuer concerned and to CAF in Microsoft Word format if possible)I
1a. Identity of the issuer or the underlying issuer of the existing shares to which the voting rights are attachedii: Redde Northgate PLC
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” where applicable)
Non-UK issuer
2. Reason for notification (please mark the appropriate box or boxes with an “X”)
Acquisition or sale of voting rights X
An acquisition or disposal of financial instruments
An event modifying the distribution of voting rights X
Other (Please specify)iii:
3. Contact details of the person subject to the notification obligationiv
Last name Pendal Group Limited
City and country of registered office (if applicable) Sydney, Australia
4. Full name of shareholder(s) (if different from 3.)v
Last name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reachedvi: 28/10/2022
6. Date on which the issuer notified (DD/MM/YYYY): 31/10/2022
7. Total positions of the person(s) subject to the notification obligation
% of voting rights attached to shares (total of 8. A) % of voting rights via financial instruments
(total of 8.B 1 + 8.B 2)
Total of the two in % (8.A + 8.B) Total number of voting rights held in the issuerviii
Resulting situation on the date on which the threshold was crossed or reached Less than 5% Less than 5% 5.22749% 12 152 101
Position of the previous notification (if
in force)
5.04380% Less than 5% 5.24942%
8. Notified detail of the resulting situation on the date the threshold was crossed or reachedviii
A: Voting rights attached to shares
Class/type of
actions

ISIN code (if possible)
Number of voting rightsix % of voting rights
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
GB00B41H7391 Less than 5% Less than 5%
SUBTOTAL 8. A Less than 5% Less than 5%
B 1: Financial Instruments according to DTR5.3.1R (1) (a)
Type of financial instrument Expiry
Date
X
Exercise/
Conversion period
xi
Number of voting rights that may be acquired if the instrument is
exercised/converted.
% of voting rights
Stock loan N / A N / A Less than 5% Less than 5%
SUBTOTAL 8. B 1 Less than 5% Less than 5%
B 2: Financial instruments with a similar economic effect according to DTR5.3.1R (1) (b)
Type of financial instrument Expiry
Date
X
Exercise/
Conversion period
xi
Physical or in cash
settlementxi
Number of voting rights % of voting rights
SUBTOTAL 8.B.2
9. Information relating to the person subject to the notification obligation (please mark the
applicable box with an “X”)
The person subject to the notification obligation is not controlled by any natural or legal person and does not control any other company directly or indirectly holding a stake in the (underlying) issuerxiii
Full chain of controlled companies through which the voting rights and/or
the financial instruments are actually held starting with the natural or legal person who has ultimate controlxiv (please add additional rows if needed)
X
Last namexvi % of voting rights if it is equal to or greater than the declarable threshold % of voting rights through financial instruments if it is equal to or greater than the notifiable threshold Total of the two if it is equal to or greater than the threshold to be notified
Pendal Group Limited
JO Hambro Capital Management Limited
Pendal Group Limited
Pendal USA, Inc.
Thomas Siegel & Walmsley LLC
10. If voting by proxy, please identify:
Agent’s name
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional informationXVI
The disclosure is made because the Group’s voting rights position fell below the notifiable thresholds. The group’s overall position remains above 5%
place of completion London
Completion date 31/10/2022
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Research: Rating Action: Moody’s rates term loans offered by INEOS Group at Ba2; stable outlook https://southwaycorp.net/research-rating-action-moodys-rates-term-loans-offered-by-ineos-group-at-ba2-stable-outlook/ Wed, 26 Oct 2022 14:05:33 +0000 https://southwaycorp.net/research-rating-action-moodys-rates-term-loans-offered-by-ineos-group-at-ba2-stable-outlook/ No related data. © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. THE CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES CONSTITUTE THEIR CURRENT OPINIONS ON THE RELATIVE FUTURE CREDIT RISK OF THE ENTITIES, CREDIT COMMITMENTS, INDEBTEDNESS OR SECURITIES ASSOCIATED WITH INDEBTEDNESS, […]]]>


No related data.

© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

THE CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES CONSTITUTE THEIR CURRENT OPINIONS ON THE RELATIVE FUTURE CREDIT RISK OF THE ENTITIES, CREDIT COMMITMENTS, INDEBTEDNESS OR SECURITIES ASSOCIATED WITH INDEBTEDNESS, AND THE DOCUMENTS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, THE “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY FAILURE TO MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS WHEN DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE THE APPLICABLE PUBLICATION OF MOODY’S RATINGS SYMBOLS AND DEFINITIONS FOR MORE INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS COVERED BY MOODY’S CREDIT RATINGS. THE CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISKS, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“RATINGS”) AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACTS. MOODY’S PUBLICATIONS MAY ALSO INCLUDE MODEL-BASED QUANTITATIVE ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE AND DO NOT PROVIDE ANY RECOMMENDATION TO BUY, SELL OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF ANY INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE CARE AND UNDERSTANDING THAT EACH INVESTOR WILL CAREFULLY MAKE HIS OWN RESEARCH AND EVALUATION OF EACH SECURITY THAT IS CONSIDERED FOR PURCHASE, HOLDING OR SALE.

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Moody’s Investors Service, Inc., a credit rating agency wholly owned by Moody’s Corporation (“MCO”), hereby declares that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred shares rated by Moody’s Investors Service, Inc. have, prior to the assignment of any credit rating, agreed to pay Moody’s Investors Service, Inc. for rating opinions credit and the services it renders fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to ensure the independence of credit ratings and Moody’s Investors Service credit rating processes. Information regarding certain affiliations that may exist between MCO directors and rated entities, and between entities that hold credit ratings from Moody’s Investors Service and that have also publicly disclosed to the SEC an ownership interest in MCO of more than 5% , are published each year on www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy”.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stocks rated by MJKK or MSFJ (as applicable) have, prior to the assignment of any credit rating, agreed to pay MJKK or MSFJ (as applicable) for credit rating opinions and the services it renders a fee ranging from 100 000 JPY to around 550,000,000 JPY.

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But not with who you think https://southwaycorp.net/but-not-with-who-you-think/ Sun, 23 Oct 2022 10:30:12 +0000 https://southwaycorp.net/but-not-with-who-you-think/ Analyze the Backdoor – Hacker in Deep Mind Solutions to Destroy the Web Getty DeFi is at war. TvL is at its pre-pandemic level of $50 billion, with BTC prices BTC and ETH ETH . Rising inflation is reducing the cost of money for investments in fintech innovation and raising capital is becoming more difficult. […]]]>

DeFi is at war. TvL is at its pre-pandemic level of $50 billion, with BTC prices
BTC
and ETH
ETH
. Rising inflation is reducing the cost of money for investments in fintech innovation and raising capital is becoming more difficult. Many fintechs are facing downsizing and layoffs, while their customers face rising costs for mortgages, energy and food.

Regulators can’t seem to move fast enough with spot market and stablecoin regulation and have resorted to blunt enforcement tools as a jab at the industry front. OFAC and Tornado Cashand the The recent application of the CFTC the action against bZEROx sent a shiver down the spines of DeFi network players.

Regulators do not appear to have a stated goal of regulating algorithms, but in the absence of individuals or corporations to hold accountable, as is commonly done, they must be seen to be taking action against cyberattacks sponsored by the States.

The regulator is not the enemy at the gates of DeFi

DeFi is at war with hackers. The industry is being warned that it needs to put itself on a war footing to better protect its customers, staff and shareholders from damage caused by hackers, both financially and reputationally. It was one of big posts following the Fintech Nexus Merge conference in London last week.

“There is a revolution taking place. This will change things for the better. The government’s question is not how to allow this to happen, but what can we do to make it happen… I think there is now a serious realization that unless the US authorities and Britons have put in place a positive liberal regime with space for building, we will do it”, said Matt Hancocks, British MP and digital champion.

Nonetheless, October is the worst month for crypto hacks, and the industry is on track to perform worse than the 2021 record if it continues according to Chainalysis.

“If you accept that the crypto ecosystem is at war, then you better be clear about who your enemy is: the threat posed by security weaknesses and those who seek to abuse decentralized products is greater than the threat of regulatory action,” said Anastasia Kinsky, Head of Programs at GBBC Digital Finance.

The weakest links

The recent $117 million Mango Markets hack makes the DeFi industry look like rank amateurs. The hacker manipulated a price oracle and borrowed money from the Mango Treasury based on an inflated reserve, and the rest is history. The pirate is to negotiate a bug-bounty for a eye-watering sum of $47 million, which is a great return on investment, the hacker is estimated to have invested $10 million in the hack and sends a signal to the world that cybercrime pays and pays well .

Beyond oracle hacks, bridge hacks and hacking of conventional web2 technology infrastructure supporting more resilient blockchain technologies are the weakest link. The Ronin Bridge The $540 million Axie-Affinity hack alleged by state-sponsored terrorist Lazarus Group painfully illustrates this point and arguably accelerated the use of blunt tools by agencies like OFAC.

Professional hackers and cyber syndicates are one thing, but state-sponsored cyber is another, and some behind-the-scenes industry estimates place state-sponsored cybercrime volumes far ahead of cyber syndicates, a unappetizing subject.

Bloomberg estimates that only 26% of global GDP will be generated by free market economies by 2050, digital innovators seem naïve to think that they can simply abandon algorithms for finance in the great global public digital sandbox of Web2 and let the strengths of network advantages take their course, quickly failing along the way.

Lex Sokolin, chief economist at Consensys said“So for me the next phase and the missing piece for this transformation from FinTech to DeFi is that DeFi is not a repackaging of the traditional financial sector for the traditional economy… so for me the next step is for the Web3, is it necessary to develop its own GDP and a productive and functional economy.

With arguably the world’s worst macro-political instability in many years, digital innovators must accept that there are powerful states and forces not rooted in democratic capitalism that seek to weaken it at every opportunity, and DeFi seems to offer this opportunity. The industry needs to turn this opportunity around – the big opportunity for DeFi is to make the economy of Web3 better than Web2 and TradFi, and safe for society to use – this should be a DeFi primacy.

ID In Web3 and the race for DAO legal structures

Social media has done a good job of trying to break down democratic capitalism, which is holding its own. With no (digital) identity required to create personal or entity accounts, hate speech and toxic speech online are on the rise. The stimulus-response loop in many cases is amplified by algorithms, due to the (apparent) popularity of inflammatory content.

DeFi is well advised to pay attention to the lessons here. Anonymity in your ecosystem, especially where the right to vote is conferred, could very well be existentially fatal. It’s not something that professional money managers or financial stability-focused agencies will appreciate.

The race for jurisdictions to proclaim DAO legal structures is on, with a number of US states passing laws, including Vermont, Wyoming and Tennessee. Singapore is well planned Guardianand it’s rumored the Australian Department of Treasury is studying the legal structures of DAOs. The European Union has just published a report on the regulation of DeFi which experts advise to be incorporated into the drafting and the MiCA level 2 law by 2024.

In the United Kingdom, the Law Commission of England and Wales has just launched a project examine the legal status of DAOs. The Commission has published a consultation document on the legal treatment of digital assets and recommends reform to create a third category of personal property, called “data objects”. This is revolutionary legal protection for digital assets (holders) and all eyes are on it to become law.

Although it is unclear how, when, and where the law will help to better accelerate the benefits of DeFi. What is clear is that cyber resilience needs to be built into DeFi to protect against syndicated cybercriminals who are innovating at the same, if not faster, pace than top innovators. It is quite another to ignore the cyber threats posed by the enemies of democratic capitalism and the free market.

When it comes to cyber resilience, if DeFi is to be at the heart of the future of Web3, it is not going to evolve without becoming cyber resilient and mastering the identity of the legal entity. Digital innovators and lawmakers need to hurry.

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Election counts with Transfer Entity Tax Elections https://southwaycorp.net/election-counts-with-transfer-entity-tax-elections/ Tue, 18 Oct 2022 08:47:02 +0000 https://southwaycorp.net/election-counts-with-transfer-entity-tax-elections/ A majority of states promulgated tax on intermediate entities laws, allowing partnerships and S corporations to elect to pay entity-level state income taxes that are deducted from federal taxable income earned by owners of flow-through entities. Depending on whether the PTE is a partnership or an S corporation, a PTET status could offer a greater […]]]>

A majority of states promulgated tax on intermediate entities laws, allowing partnerships and S corporations to elect to pay entity-level state income taxes that are deducted from federal taxable income earned by owners of flow-through entities. Depending on whether the PTE is a partnership or an S corporation, a PTET status could offer a greater tax advantage.

State laws are not always consistent when determining the tax base of resident and non-resident owners, and they may differ more regarding which owners are eligible for the PTET deduction.

Due to varying rules imposed by states, there could be significant federal and state tax consequences, depending on the residency of PTE owners combined with the language contained in the PTE’s legal documents.

Invalidation of a federal election S Corporation

S corporations require income, deductions, and distributions to be based on proportionate ownership. If the IRS finds that the income and deductions were not prorated, the agency could invalidate Election S and the entity would revert to a taxable C corporation. Therefore, before making a TFWP Election, S Corporation shareholders should understand the impact of the deduction on their income and deductions.

In some states, a PTET election may have a disproportionate impact on S corporation owners, particularly if the ownership group includes people who reside in different states or when the owners are not included in the PTET record. It is therefore possible that a PTET election inadvertently invalidates the federal election S, causing him to lose the status of PTE and the possibility of making a PTET election. An invalid Election S creates a host of other federal and state tax complications in addition to TFWP eligibility.

These consequences can be avoided through careful planning and documentation of distributions to owners and payments that shareholders make to the company. Partnerships, on the other hand, will not lose PTE status because partnerships are not required to allocate income, deductions, and distributions on the prorated ownership share.

Impact of State Allocation on PTE Benefits

In general, if a PTE only operates in one state, the type of PTE will not have a significant impact on the benefits owners receive, as 100% of the income would be included in the TFWP base. But if a PTE is taxable in multiple states, the full benefit of the PTET deduction may not be received. State rules vary widely when it comes to determining the tax base to which the TFWP applies.

For S corporations, some states only include the income in the tax base to the extent that it is from an activity carried on in the state. In this case, all of a resident owner’s state tax liability would not be covered by the deducted TFWP. Here, the resident owner would be taxed on 100% of his distributable income on his individual return, while the PTE would only pay tax on the amount allocated to the state. Other states will look at the residency of PTE owners. For resident PTE owners, the tax base would include 100% of their income. For non-residents, the tax base would only include income attributed to the state.

S corporation rules require that income and expense items be allocated to shareholders on a pro rata basis. Because of this requirement, some state laws will cause shareholders to receive federal deductions on income earned by other owners. This is due to the different income allocation or attribution rules for non-resident and resident owners. The benefits of the TEP could also be impacted for partnerships, depending on whether or not there are special allowances for allocating income and expenses to partners.

Who owns the PTE?

The PTET election was created by the states to give individuals a way to deduct state income tax from their federal income. Election and reporting are less complex when done by a partnership or a wholly privately owned S corporation. However, many partnerships have ownership groups that include other PTEs, C corporations, and trusts.

In some states, the existence of PTE owners or C corporations may render the PTE ineligible to stand for election to the PTET. In states where tiered TEWPs are permitted, the attribution of the TFWP benefit and tax base becomes more complicated because the paid TFWP must be passed on to the ultimate owner, individual or corporation. This information is often unknown and the ultimate owner may not be eligible to claim the PTE deduction or related credit.

Who elects the PTET?

Partners and shareholders may be negatively affected if tied to the election, and action may be required to make these PTE owners whole. Rules vary when it comes to making the election, and not all states require all or most PTE owners to agree to the election for it to apply.

Partnership agreements and other legal documents may need to be amended to address inconsistencies in state law. It may be necessary to write separate provisions in agreements that specifically address the allocation of the TFWP deduction among owners.

Key points to remember

When a PTE is considering a PTET election, or a new business is seeking information on choosing the entity based on PTET options, the decision requires careful analysis of many factors. Make sure those involved in the decision consider:

  • Ensure that a Company S election will not be invalidated by making the PTET election.
  • How state distribution rules can affect the benefits of a PTET election.
  • Who owns the PTE, as some states do not allow certain owners to make a PTET election.
  • Who needs to be involved to do the PTET election.

If you have any questions about the impact of a TFWP election, whether in your role as an officer of a flow-through entity or as an entity owner, please contact your tax advisor to discuss the facts and specific circumstances of your situation.

This article does not necessarily reflect the views of the Bureau of National Affairs, Inc., publisher of Bloomberg Law and Bloomberg Tax, or its owners.

Author Information

Tony Israels leads the Local and State Tax Due Diligence Group of the Plante Moran National Tax Office. He has clients in manufacturing, service industries and private equity.

Jason Parish is a partner in Plante Moran’s National and Local Tax Group. He works in all areas of SALT, including income/franchise taxes, sales/use, and gross receipts, primarily in the service, manufacturing, and distribution sectors.

Ron Cook is the national practice leader of Plante Moran’s national and local tax group. He helps clients stay abreast of tax issues that impact their business and navigate the complexities of state and local taxes.

We would love to hear your smart and original point of view: write for us

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Research: Rating Action: Moody’s Upgrades 13 Classes of Notes Issued by Seven Securitizations of Prime Auto Loan ABS https://southwaycorp.net/research-rating-action-moodys-upgrades-13-classes-of-notes-issued-by-seven-securitizations-of-prime-auto-loan-abs/ Wed, 12 Oct 2022 22:04:24 +0000 https://southwaycorp.net/research-rating-action-moodys-upgrades-13-classes-of-notes-issued-by-seven-securitizations-of-prime-auto-loan-abs/ About $269 million in asset-backed securities affected New York, October 12, 2022 — Moody’s Investors Service (“Moody’s”) has upgraded 13 classes of bonds issued by seven leading auto securitizations. The notes are backed by pools of retail auto loan agreements issued and managed by multiple parties. Chase Auto Credit Linked Notes, Series 2021-3 (CACLN 2021-3) […]]]>

About $269 million in asset-backed securities affected

New York, October 12, 2022 — Moody’s Investors Service (“Moody’s”) has upgraded 13 classes of bonds issued by seven leading auto securitizations. The notes are backed by pools of retail auto loan agreements issued and managed by multiple parties. Chase Auto Credit Linked Notes, Series 2021-3 (CACLN 2021-3) transfers credit risk to noteholders through a hypothetical tranched credit default swap on a reference pool of auto loans.

The full rating actions are as follows:

Issuer: Ally Auto Receivables Trust 2019-4

Class D tickets, upgraded to Aaa (sf); Previously Sep 14, 2021 Upgraded to Aa1 (sf)

Issuer: Canadian Pacer Auto Receivables Trust 2020-1

Class C tickets, upgraded to Aa1 (sf); previously May 6, 2022 upgraded to Aa2 (sf)

Issuer: Capital One Prime Auto Receivables Trust 2021-1

Class B tickets, upgraded to Aaa (sf); previously on May 16, 2022 Upgraded to Aa1 (sf)

Class C tickets, upgraded to Aa2 (sf); previously May 16, 2022 upgraded to Aa3 (sf)

Class D tickets, upgraded to A2 (sf); previously on May 16, 2022 Upgrade to A3 (sf)

Issuer: CarMax Auto Owner Trust 2021-3

Class C asset-backed notes, upgraded to Aa2 (sf); previously on April 11, 2022 Upgraded to Aa3 (sf)

Issuer: CarMax Auto Owner Trust 2021-4

Class B asset-backed notes, upgraded to Aaa (sf); previously on April 11, 2022 Upgraded to Aa1 (sf)

Issuer: CarMax Auto Owner Trust 2022-1

Class B asset-backed notes, upgraded to Aa1 (sf); previously on January 26, 2022 Final rating assigned Aa2 (sf)

Grade C asset-backed notes, upgraded to A1 (sf); previously on January 26, 2022 Final rating assigned A2 (sf)

Issuer: Chase Auto Credit Linked Notes Series 2021-3

Class C tickets, upgraded to A1 (sf); previously on Sep 20, 2021 Final rating assigned A2 (sf)

Class D tickets, upgraded to A3 (sf); previously on Sep 20, 2021 Final rating given Baa2 (sf)

Class E tickets, upgraded to Baa3 (sf); previously on Sep 20, 2021 Final rating given Ba2 (sf)

Class F tickets, upgraded to Ba3 (sf); previously on Sep 20, 2021 Final rating awarded B2 (sf)

RATINGS RATIONALE

Rating actions are primarily driven by the accumulation of credit enhancement due to structural features including a sequential payout structure, non-declining reserve account and overcollateralisation. For CACLN 2021-3, rating actions are primarily driven by increasing subordination.

Our cumulative lifetime net loss forecasts are shown below for trade pools. Loss forecasts reflect updated performance trends on the underlying pools.

Ally Auto Receivables Trust 2019-4: 0.70%

Canadian Pacer Auto Receivables Trust 2020-1: 0.40%

Capital One Prime Auto Receivables Trust 2021-1: 0.35%

CarMax Auto Owner Trust 2021-3: 2.25%

CarMax Auto Owner Trust 2021-4: 2.25%

CarMax Auto Owner Trust 2022-1: 2.25%

Chase Auto Credit Linked Notes, Series 2021-3: 0.30%

MAIN METHODOLOGY

The main methodology used in these ratings was “Moody’s Global Approach to Rating Auto Loan- and Lease-Backed ABS” published in July 2022 and available at https://ratings.moodys.com/api/rmc-documents/390478. Otherwise, please see the Scoring Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Factors that would lead to an upgrade or downgrade of ratings:

At the top

Levels of credit protection in excess of what is necessary to protect investors against current loss expectations could lead to rating upgrades. Losses could decline from Moody’s original expectations due to fewer debtor defaults or higher recoveries of the value of vehicles securing debtors’ promise to pay. The US labor market and the used vehicle market are also key drivers of the deal’s performance. Other reasons for better-than-expected performance include changes in servicing practices to maximize loan recoveries or refinancing opportunities that result in prepayment of the loan.

Down

Insufficient levels of credit protection to protect investors against current expectations of loss could lead to rating downgrades. Losses could increase relative to Moody’s original expectations due to a higher number of debtor defaults or deterioration in the value of vehicles securing debtors’ promise to pay. The US labor market and the used vehicle market are also key drivers of the deal’s performance. Other reasons for performance below expectations include poor service, error on the part of the parties to the transaction, lack of transactional governance, and fraud.

REGULATORY INFORMATION

For details on key rating assumptions and Moody’s sensitivity analysis, see the Methodological Assumptions and Sensitivity to Assumptions sections in the Disclosure Form. Moody’s rating symbols and definitions can be found at https://ratings.moodys.com/rating-definitions.

The analysis includes an evaluation of collateral characteristics and performance to determine expected collateral loss or a range of collateral losses or expected cash flows for rated instruments. Second, Moody’s estimates collateral losses or expected cash flows using a quantitative tool that takes into account credit enhancement, loss distribution and other structural characteristics, to derive the loss expected for each scored instrument.

Moody’s quantitative analysis involves an evaluation of scenarios that focus on factors contributing to rating sensitivity and consider the likelihood of material collateral losses or impaired cash flows. Moody’s weights the impact on rated instruments based on its assumptions of the likelihood of events in such scenarios occurring.

For ratings issued on a program, series, category/class of debt or security, this announcement provides certain regulatory information regarding each rating of a subsequently issued bond or note of the same series, category/class of debt, security or under a program for which ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a media provider, this announcement provides certain regulatory information relating to the credit rating action on the media provider and each particular credit rating action for securities whose credit ratings are derived from the support provider’s credit rating. For the provisional ratings, this press release provides certain regulatory information relating to the provisional rating assigned, and to a final rating that may be assigned after the final issuance of the debt, in each case where the structure and conditions of the transaction n have not changed prior to the final rating being assigned in a way that would have affected the rating. For more information, please see the issuer/transaction page of the respective issuer at https://ratings.moodys.com.

For all relevant securities or rated entities receiving direct credit support from the lead entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action , the associated regulatory information will be that of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to the jurisdiction: Ancillary services, Disclosures to the rated entity, Disclosures to be provided by the rated entity.

The ratings have been communicated to the rated entity or its designated agent(s) and issued without modification resulting from such communication.

These notes are solicited. Please refer to Moody’s Policy for the Designation and Assignment of Unsolicited Credit Ratings available on its website. https://ratings.moodys.com.

The regulatory information contained in this press release applies to the credit rating and, if applicable, the outlook or rating revision relating thereto.

Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis are available at https://ratings.moodys.com/documents/PBC_1288235.

The worldwide credit rating on this credit rating announcement was issued by one of Moody’s affiliates outside the EU and is approved by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main. -le-Main 60322, Germany, in accordance with Article 4(3) of Regulation (EC) No 1060/2009 on credit rating agencies. Further information on the EU approval status and the Moody’s office that issued the credit rating can be found at https://ratings.moodys.com.

The worldwide credit rating on this credit rating announcement has been issued by one of Moody’s affiliates outside the UK and is approved by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the United Kingdom. . Further information on the UK endorsement status and the Moody’s office that issued the credit rating can be found at https://ratings.moodys.com.

Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and Moody’s legal entity that issued the rating.

Please see the issuer/transaction page at https://ratings.moodys.com for additional regulatory information for each credit rating.

Nicholas Monzillo
Assistant Vice President – Analyst
Structured Finance Group
Moody’s Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
UNITED STATES
JOURNALISTS: 1 212 553 0376
Customer service: 1 212 553 1653

Jinwen Chen
VP – Senior Loan Officer/Manager
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Customer service: 1 212 553 1653

Release Office:
Moody’s Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
UNITED STATES
JOURNALISTS: 1 212 553 0376
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Ascendion – A software engineering ally for digital innovation https://southwaycorp.net/ascendion-a-software-engineering-ally-for-digital-innovation/ Mon, 10 Oct 2022 13:00:00 +0000 https://southwaycorp.net/ascendion-a-software-engineering-ally-for-digital-innovation/ Specializing in data and insights, user experience, cloud and software platforms to improve work and life BASKING RIDGE, NJ, October 10, 2022 /PRNewswire/ — Today, Ascendion launches as a separate legal entity. The newly created operating company offers software engineering and talent transformation solutions focused on user experience, cloud, digital platforms, data and insights, and […]]]>

Specializing in data and insights, user experience, cloud and software platforms to improve work and life

BASKING RIDGE, NJ, October 10, 2022 /PRNewswire/ — Today, Ascendion launches as a separate legal entity. The newly created operating company offers software engineering and talent transformation solutions focused on user experience, cloud, digital platforms, data and insights, and practical metaverse applications.

“Leaders in the industries we serve are looking for ways to accelerate digital innovation and transformation,” said Karthik Krishnamurthy, CEO, Ascendion. “Our new talent engineering and transformation model is demanded by all companies ready to embrace the true future of work. We know this because over the past few years we have grown the teams and engineering capabilities of Rise faster than our competitors in the market.”

The company provides next-generation software engineering, co-authoring delivery and business model flexibility to hundreds of enterprise customers as well as fast-growing digital technology companies looking for ways to accelerate the change while reducing the risk of innovation.

“The digital shift started years ago, and customer demand for transformation is accelerating and evolving. We have always been a platform of opportunity for new, high-value businesses,” said Hiten Patel, president of Ascension. “The launch of Ascendion is the next step in our journey to create an innovative services company that impacts the world through technology.”

Ascendion customers, which include approximately one-third of Fortune 100 companies, benefit from industry-aligned engineering expertise, proactive customer engagement and global delivery. The company’s technology experts, skills development capabilities, and enabling engineering platform – known as AVA – deliver execution transparency and better business results.

“Never has it been more critical for technology to deliver an enhanced customer and employee experience,” said Phil Fercht, Founder, CEO and Chief Analyst at HFS Research. “Ascendion offers business leaders new options for digital engineering and expertise that will accelerate their value creation in the future.”

About Ascension

Ascendion is an ally for customers seeking enterprise digital innovation. We design and manage software platforms and products that drive growth and deliver compelling experiences. By embracing the future of work, we bring creativity and execution excellence together to make digital transformation valuable (and even fun). Our engineering, cloud, data, experience design and talent transformation capabilities accelerate innovation for Global 2000 customers. Ascendion is headquartered in New Jersey. In addition to our remote/hybrid workforce, we have 20 offices across the United States and India. We are committed to developing technology that improves lives with an inclusive workforce, service to our communities and a vibrant culture. For more information, visit www.ascendion.com.

SOURCEAscension

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