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The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against cryptocurrency exchange Coinbase, alleging it functioned as an unregistered broker and exchange. The legal action, which seeks a permanent injunction against such operations, led to a precipitous 15% drop in the company's stock in premarket trading on Tuesday.
Coinbase's share price had already taken a 9% hit on Monday following the SEC's announcement of charges against Binance, a rival cryptocurrency exchange, and its founder Changpeng Zhao.
In the complaint, the SEC alleges that Coinbase's prime brokerage, exchange, and staking programs are in violation of U.S. securities laws. It accuses the company of consistently disregarding regulatory frameworks and sidestepping the disclosure requirements of these laws over the years.
According to the SEC, at least 13 of the crypto assets available to Coinbase customers, including Solana’s SOL token, Cardano’s token, and Protocol Labs’ Filecoin token, are classified as “crypto asset securities” by the regulator.
SEC chair Gary Gensler stated, "We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions."
Coinbase has yet to respond to the SEC's allegations and the request for comment regarding the lawsuit.

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Records for 1872-03-01 → 1889-10-31 are from the Central Experimental Farm ( https://climate.weather.gc.ca/climate_data/daily_data_e.html?StationID=4327 )
Records for 1889-11-01 → 1938-10-31 are from the Central Experimental Farm ( https://climate.weather.gc.ca/climate_data/daily_data_e.html?StationID=4333 )
Records for 1938-11-01 → 2011-12-14 are from the Airport ( https://climate.weather.gc.ca/climate_data/daily_data_e.html?StationID=4337 )
Records for 2011-12-15 → 2023-06-06 are from the Airport ( https://climate.weather.gc.ca/climate_data/daily_data_e.html?StationID=49568 )

(This is part of a continuing series, links to which will be provided in the comments below)
Bêafrîka State: Bob Denard, Jean-Bédel Bokassa and the mercenary state.
The term “warlord” has been abused by many as a catch all term for any armed african group. It brings to mind images of a barbaric, violent oaf seeking to enrich themselves with trinkets and money off the back of their military extortion: an example of the primitive and bloodthirsty nature of the african. This is certainly the purpose of the term for the Germans, who seek to paint all native armed resistance in this light in order to justify their own return to the continent. But despite this abuse of the term, and its unjust application, it is not made up out of whole cloth: bandits, criminal gangs and short sighted thugs do exist among the africans as they do in all people, and the chaos of the German collapse has given these characters the opportunity of a lifetime. In the former RK Zentralafrika this is seen most clearly in the “mercenary state” of Bêafrîka.
Borders of a successful Bêafrîka. Many post-colonial African nations are accused of being artificial: random lines drawn on a map for the convenience of foreigners, and thus doomed to be either failures or exploitive facades. The truth of this statement is debatable: what makes a nation “organic”, is it truly critical that one be so? Are the struggles of new African nations so easily encapsulated? The argument goes on but all will agree on this: Bêafrîka is an utterly artificial and extractive state which can only begrudgingly be called a nation at all.
The north-west of Zentralafrika has always been something of a hodgepodge. The initial conquest of the area from the Free French meant the roll back of any “nation building” expenditures in favor of reverting back to the old company rule. Corvee slavery, plantations and almost non-existent infrastructure was the rule even under the French, and as such the transition to German ownership was almost seamless. If the average native african noticed a difference at all it was in the flags and helmets of the whites who terrorized them: their managers and guards stayed essentially the same. As such the region was seen by independence agitators as ripe for their own movements to grow in. Though such resistance was kept on a tight leash by the Germans it finally burst forth in the northern incursion of 1954. Supported by Nigeria and with the German forces drawn thin by the ongoing Wester Russian War, socialist militants made a lightning strike southward in the hopes of toppling Zentralafrika. For a moment it seemed as if they would do it: the road to Leopoldville was only lightly guarded and the rebel numbers were, in theory, vast. But it was not to be: poor command structures and infighting slowed the rebel advance for long enough that Kommissar Krogmann and Seigfreid Muller were able to reorganize and counterattack with the aid of a new breed of soldier: the Mercenary.
Though having been present in the role of corporate security for years this war was the instance when the Congo Mercenaries truly became a force to be reckoned with. Restrictions on who could hold a gun were dropped and the ranks of mercs swollen with Europeans, Asians and Africans. Though typically small groups and far more independent than Krogmann would have liked, they were all well acquainted with their trade and often brought along their own equipment. They could move fast, hit hard, and there was no reason to suspect their siding with the revolutionaries. With the aid of mercenaries and the cash of selling off vast tracts of land to private holders the revolutionaries were pushed back, and the long guerilla war began. Some areas of Zentralafrika were essentially passive, or had other security solutions. But in the north it was the mercenaries and the garrison which enforced the German order. Names of these men would soon become minor celebrities to the military minded, and their benefactor Seigfreid Muller got a promotion. But for our story only three names matter: the French “mercenary king” Bob Denard, “black Napoleon” Jean-Bédel Bokassa, and “the tiger” Alexandre Banza.
Though it is the armed men who hold real power in their hands, the counter-revolutionary forces are not all German and French soldiers of fortune. The APL’s anti-clerical excesses and radical nativism also alienated the thin class of native collaborators and most of all the catholic church. Barthelemy Boganda was one such native conservative, being a native priest who has tried to act through the church to both reform and aid his flock. After the death of his mentor Marcel Grandin Boganda has become a leading figure of pro-native reform without resorting to violence or leftist radicalism.
With the alliance of French and German landowners paying for their protection the mercenaries, though still technically led by Europeans, became the foremost armed presence in the north. Battling against resistance internal and external by 1962 they have become a hated and envied force, and one which Krogmann is eager to bring into line. But the South Africa War will get in the way of any reforms, with mercenaries once again being called on to shoulder the burden of warfare and internal suppression. By the end of the conflict, no matter how it ends, the mercenaries will have become an even more entrenched force in Zentralafrika. Of course when Huttig takes over this will no longer be tolerated. Having already been humiliated by Muller before, Huttig will take great pleasure in dismissing and rounding up the mercenaries, forcing them to join his forces as regular conscripts without any special privileges. Or rather he would, if he had been fast enough to catch them. When news came of Krogmann’s death and Huttig’s assumption of control the mercenaries did not wait for the order to come: they fled if they were able, and if not they seamlessly transitioned from paid agents of the state to new warlords out for their own survival and enrichment. And more than anyone they congregated around the new king of the mercenaries: Bob Denard.
For the year Huttig’s reign lasts the gangs of former mercenaries will be yet another thorn in his side: raiding, bribing and leading his forces on goose chases. And thanks to Huttig’s destruction of any boats or airplanes he could not gain control over these same former mercenaries had nothing else they could do, unless they cared to gamble trekking all the way to Free France. But Huttig’s flailing attempts to bring them to heel was only one of many threats: in this same area socialist militants and petty warlords also sprung up, and sought to destroy the hated mercenaries themselves. When Huttig dies and the German forces retreat to Leopoldville all pretense will be dropped: the Pan-africans, Fang Gabonese and Cameroonian revolutionaries will all attempt to proclaim new states and to expel the gangsters of German capitalism for good. But with their attention divided and the mercenaries still possessing skill, fire power, and all the money the old landowners could scrap together the attempt will only be half successful. Right between the three of them the new Bêafrîka State will be proclaimed.
Born in 1929 Bob Denard first got the taste for battle during the French State’s failed expeditions against De Gaulle in the late 40s. Deciding that there was better pay and better leadership to be had in Zentralafrika he was one of the first mercenaries brought in through the “King of the Mercs” Siegfried Müller. Though he has little patience for the Reich’s racial code he is a brave commander and an ardent anti-communist. After Müller’s disappearance upon Hüttig’s ascension the stranded mercenaries looked to those bold and skilled enough to lead them, and found it in Denard.
Under the nominal presidency of Boganda, who was practically kidnaped to take the role, the new state is in perhaps the most precarious position of all post-independence states.Their domestic support rests on a incredibly thin strata of white landlords, a handful of native conservatives and a mercenary army which is already looking for a way out the back door. And opposing them is a very dedicated coalition of native nationalists and revolutionaries. It would be the most natural thing in the world for this ramshackle “state” to disintegrate. But there is one thing which can unite them, and can make them all take the risk of fighting it out: Money. Specifically diamonds, gold, and other precious metals which can be sold high on the global market. The mercenaries, native or foreign, have struck for fame in Bêafrîka with the process of becoming more than the lap dogs of the wealthy, but instead to be the wealthy themselves. Baganda hates this of course, but no one asked: the guns call the shots here. And besides, the APL has already branded him a traitor to the people: in the mercenaries' eyes he should be thankful that he still has his head. And so it is decided, the mercenaries would make their own little heaven, and all they had to do to keep it was win the war for it.
Against them stands the APL, their long-time adversary. When the war begins these Pan-africanists, supported by Cameroon and Nigeria, will take the fight to Bêafrîka. This would probably be a death sentence if it were not for the fact the APL is fighting a two front war with the Nationalists to their east. If the mercenary state should still fail it will be dismantled, with the surrounding states taking over its former territory. But if it should win this first war the gamble will have, for now, paid off. Bob, Bokassa and the rest will be able to begin bringing in the money as they use outright criminal methods to both extract and then sell the bounty of the land. The people, of course, hate this as does the nominal “president”. And within the mercenary ranks new fissures will soon begin to show. When faced with a united enemy these men were willing to work together, but now that the threat of death no longer hands quite so close the question of dividing the spoils has quickly turned into a feeding frenzy: it seems to be every mercenary clique for itself trying to carve out its own privileged fiefdom. And it is here that the reformists, such as they are, spy an opportunity.
Alexandre Banza, born 1932 to the Gbaya people, is one of the very few high ranking officers who have a ethnic connection to the land they now rule. His story is much the same as the rest of the black mercenaries: born to a poor family he saw mercenary service as a path to excitement, respect and advancement he would never get on his own. Intelligent, ambitious, and unscrupulous he would rise to become a commander of his own group before the Huttig takeover, and should he take power will rename his state the Bêafrîka Republic, embarking on a cynical campaign of “reform”.
The continued presence of white mercenaries is especially resented by the people, and none more so than commander of the presidential guard and de facto leader of the Bêafrîka State Bob Denard. As such soon after the emergency of war has passed Denard will be dismissed from his position and the two most prominent native warlords Alexandre Banza and Jean-Bédel Bokassa will be invited in to take command. Denard of course has no interest in leaving, and will arrest the president in his own residence, but not before word of the new decree leaked to the streets and the other mercenaries. So it is that the fate of Bêafrîka will be decided the only way a state built on mercenaries could be: with a shootout for control of the president. On one side is Denard: he has already made overtures to Free France and the OFN, as well as criminal contacts in Europe. By leveraging these contacts, and with the aid of the remaining white mercenaries who see his removal as the precursor to their own, he may be able to fight his way out and rise to power over the bodies of his rival warlords.
If Bob Denard and his presidential guard emerges victorious president Boganda’s days will be numbered. Unceremoniously removing and replacing him with a more compliant puppet who I will not even bother you with the name of, any promised elections will be delayed, and then delayed indefinitely. In the end even the facade of democracy will be left behind as the government instead relies on various emergency decrees and under the table deals, as well as outright coercion to cement its power. This is the true mercenary state, in which the armed and powerful take what they want from the weak and destitute: the state will see its revenues come from precious minerals and eventually oil, but just as much from the underground world of smuggling, arms trading, mercenary contracts on behalf of any who will pay, and even (if rumors are to be believed) human trafficking. Denard himself is not so unsophisticated as many of his henchmen: he portrays himself and his state as anti-communist crusaders who are willing to go to the ends of the earth to protect the people from the bolshevik menace. But it makes no difference to the people and to his neighborhood: unless those friendly to him such as the Free French and the Belgian regionalists are victorious both Denard and his state will find themselves facing external invasion sooner or later. When that happens, surrounded by disciplined enemies and facing ever increasing internal revolts, Denard will do what mercenaries do best: he will gather what valuables and guns he can before fleeing. But if this should not happen: if the Congo should remain shattered, and Nigerian ambitions fail, who knows how long the dream may last?
Living as they do in a half criminal status all mercenaries are well acquainted with the underworld. Under Bob however the state itself will come to resemble a crime syndicate, with Bob acting as the Mafia boss. More than any other single resource diamonds are the breadwinner for the “White King of Bêafrîka”, but taking a page out of Manchuria’s playbook drug production and trafficking are increasingly filling the ledger as well. The diplomatic denouncements are nothing: there are always back doors which money can open.
But all this is only if Bob and his people should win the battle for President Boganda. For the first time having the full backing of the streets and with a larger manpower pool to draw from it is likely that the native warlords Alexandre Banza and Jean-Bédel Bokassa will become the victors, chasing out the (competition) colonizers in favor of their own rule. They shall of course be rewarded by the eternally thankful president for their good deeds: Bokassa will take over as the new head of the presidential guard, while Banza will become minister of finance and foreign minister. But just as inevitably there is no throne on earth big enough for two people and so the former allies will soon look for a way to oust the other. The hope of the civilians lay in the victory of the Alexandre Banza clique. If he should succeed in arresting and disappearing his rivals Banza will seek to somewhat moderate the state. Rather than rely on naked coercion he will enforce the most basic of social contracts: in return for the country's obedience he will provide protection. Though the basic facts of the Bêafrîka State shall remain: a thriving underground, an economy based on raw export, and a army of criminals, the worst aspects of this rule will be softened and the “civilianization” of government give cosmetic reform to the regime, and finally permit the nominal president a level of dignity, even being allowed to push some of his catholic inspired social reforms. Though not much more than swapping a military uniform for a business suit this will go some way to providing a sense of normalcy, and allow the state to take a non-aligned stance rather than become the plaything of some foreign power.
On the other hand is the favorite of the soldiers Jean-Bédel Bokassa. You know him as the “mad” emperor of the C.A.R. otl, but there was always a method to his madness: one cannot remain in power for over a decade by being stupid. Where Banza seeks to normalize his regime and to be seen as a developmental junta rather than a warlord, Bokassa will lean into his reputation as a warlord, adding esoteric elements to bolster his rule over strangers. Under Bokassa the new system will be entirely personal: he will take the already weak state apparatus and effectively dismantle it, instead relying on personalized dependents to govern the capital city, and leaving the remainder of the country to its own devices so long as it bent the knee when ordered. No longer able to convincingly portray himself as a benign figure to a people who are mostly foreigners to him, he will instead tap into local superstitions to appear as the master of the occult, ruling as a man to be feared even beyond the grave and allegedly indulging in cannibalism. Perhaps even more importantly however he will make a hard switch from western backing to eastern, seeking the protection and the money of Japan. In this at least he will be fairly competent: negotiating the relationship with Japan through a mixture of bribery, utility, and threatened confiscations to wring out as much foreign aid and diplomatic backing as he can. Beyond this his rule will be one of chaos and decline with the people seeing their standard of living decrease yet further to a near subsistence level. But it will be a chaos which Bokassa alone is the ruler of.
Jean-Bédel Bokassa has been fighting longer than most: volunteering for the Free French during WW2, he was captured and ultimately released during the German conquest of Gabon. From there he drifted as a menial laborer until the northern insurrection forced the Reichskommissar to bend, and Bokassa was called up by an old french commander. From there he rose to be the de-facto head of his own suit by 1962, and now the undisputed leader of his own fiefdom. The extreme personalism and close relation with Japan will eventually result in his coronation as the sovereign of the Central African Empire.
Whether it be cynical pragmatism or esoteric terror the Bêafrîka State will remain a pariah among their fellow african nations. Cameroon and Gabon will consistently attempt to undermine and take over their territory for themselves, while even the Germans will see any government as traitors and rebels. Though its military may find a backer and its people may become cowed, the incredibly fragile state will come to an end sooner than later, unless they get very lucky. Any Nigerian victory will be a disaster, but a successful unifyer to the south and east would be a great threat as well. They were already founded in the war against one of those potential unifiers and all contenders for power recognize that a united Congo is a dangerous Congo. So, either through direct aid in the case of Denard or cheering from the sidelines Bêafrîka must hope for the victory of the regionalists and Jean Schramme.
Katanga, the Regional Alliance, and “The Belgian”.
For the Pan-Africans, the Republicans, the Nationalists and even the Germans survival is not enough: they wish to reunite the old Belgian colony under their vision of the future, and perhaps even seek expansion beyond that. But not all “congolese” feel this way: in particular the province of Katanga sees no reason why it should not be free to plot its own course. Wealthy in its own right with economic ties to the south the elite of the mining provence see no reason why they should be chained to a central government, and are at least partially supported in this by the people. Just what future this “independence” takes is is still up for grabs, but in the chaotic aftermath of Huttings death Moïse Tshombe, Albert Kalonji and Jean Schramme will form a triumvirate to lead the Regional Alliance.
Élisabethville slum. Katanga is the richest province in the Congo, as well as the one with the highest concentration of Belgians, and as such has seen the beginning of a modern city develop in its capital. It has also been the prime region for victims of the Congo Dam to migrate into, on account of its relative stability and high labor demand. This has all combined to put a great deal of pressure on those populating the land south of the lake and the development of modern slums alongside the growing city.
Katanga is, in 1962, the last remnant of Belgian colonial rule left after the German takeover. Not formally of course, that had been swept away along with Belgum itself in the 50s. But just beneath the German surface the old colonial trinity of church, company and stick still held true, and mostly under Belgian control. In the aftermath of WW2 and the establishment of Burgundy many Belgians had chosen to migrate into their old colonial territory, either for political or economic reasons. Their numbers would soon fill out the officer ranks of the Force Publique, the managerial posts of various new mines and plantations, and the pews of the catholic church. But it would not be the end of their difficulties: the old trinity clashed with Krogmann’s designs for the colony and after formally absorbing it in 1955 the contest began. Where the catholic church once held near total control over healthcare and education, not to mention religious life, Krogmann favored secularism for the european and promoted dechristianization for the native. His hopes for dissolving the FP and for removing french and dutch from the lexicon would be similarly resisted. By 1962 this contest of wills has continued to grind on, with the steady advance of germanization being constantly interrupted by economic and political expediency. The Belgian Katangaians find themselves stuck uncomfortably between German pressure from above and Native pressure from below.
This native pressure is on one hand from the educated evoles, always looking to improve the lot of themselves and sometime of their kin. But it also increasingly comes from the restless masses who have come under pressure from the fallout of the Congo Dam. As the Belgian congo moderately prospered the cities began to grow as well, with the colonial authorities making tentative attempts to accommodate the influx. But after the Congo dam and the German takeover both of these trends changed. Millions of refugees fled the great flood into the wealthiest regions they could go: Leopoldville and Katanga. The population of the cities exploded, and the subsistence agriculture still practiced by most Congolese came under incredible pressure as migrants and squatters proliferated. The Belgian authorities meanwhile were left without the resources needed to truly accommodate this change, and were left with only the Force Publique to try and keep the “indigenes” separate from the new “foreigners”. It was in this context that regionalist associations with the goal of protecting specific people, such as the Lula or Lunda, came to dominate the native political scene, such as it was. Both of these movements discovered that they had similar enemies: both resented German power and feared the “national” native resistance. But this did not yet mean they became allies.
Moïse Tshombe, the nominal head of Katanga. Born to a noble lineage and always wealthy, his desire to be liked and his lack of spin have made him into an ideal puppet for other interests. His current sponsor is the remnants of the old Belgian Union Minière, which comprise much of Katanga’s economy. Though not hated by any “his” government is in reality more beholden to his lieutenants such as Godefroid Munongo.
Katanga had lived in an atmosphere of tension even before the rise of Huttig and the advent of the “Afrikareich” did nothing to alleviate this tension. As part of Huttig’s program to fully disarm the natives and bring all armed forces under SS command he attempted to disarm the Force Publique and Belgian mercenaries, rolling them into its own armed forces. Prominent civilian Belgians were arrested and replaced with SS men, leaving both the Belgians and the natives angered. Under this new pressure some decided to give it up: the new regime could not be bargained with as the prior one was, and any resistance clearly meant death. But enterprising elements were not willing to take death laying down: most prominently this included Godefroid Munongo and Jean Schramme. Using their own wealthy connections and estates as payment they would form small resistance groups, and would be the first formal alliance between the Belgians and the regionalists. To cut a long story short when Huttig dies and the Germans retreat to Leopoldville, those SS governors who do not flee will find their lifespans much shorter than expected, and those brave or desperate enough to resist Huttig will return to power. In the face of nationalist calls to reunite the congo however, the regionalists will move first. With the lavish bribery of local mining conglomerates and the justification of “popular will”, the Belgian community led by Schramme and localist leaders will form the first concret result of their ad-hoc alliance: The State of Katanga.
In its first years Katanga is a divided and unsettled place, forced into unity by the common fear of external subjugation but beholden to competing political camps. The state itself is at least nominally led by Moïse Tshombe, descendant of the kings of the Lunda people and scion to one of the last wealthy native families. He is the figurehead of a poorly organized class of native elites and collaborators, most often independently wealthy and committed just as much to their own economic privileges as they are to the cause of regionalism itself. But despite this Tshombe heads the closest thing to a “popular movement” in the new state: the "Confédération des associations tribales du Katanga" (CONAKAT). Formed in the interest of protecting the livelihoods of the Lunda against the encroaching migrants it is through this party that the people are mobilized for war. Relying on traditional authority and elite connections in the name of a tribalism has been effective in at least countering the partisans of the republicans and nationalists which contest the provence. Just as in the other contenders the war is as much a mater of internal division as it is defeating external challenges. But in order to meet those external enemies the party has been obliged to do so with the aid of their “ally”, the Belgians.
Jean Schramme, despite his official profession, is less of a mercenary and more of a Belgian “contractor” who has a reputation for getting things done and resisting German encroachment. Coming to Africa soon after the end of WW2 he is part of a new breed of Belgians who consider Zentralafrika, or more accurately Katanga, as their true home and embrace the ideal of a paternal ruler of their “primitive” neighbors. Being a successful entrepreneur as well as part time leader of the “Leopard Battalion” Jean has become a prominent part of the Belgian expat community. But though he no longer wishes to return to Europe do not think he has forgotten what the Nazi’s did: the old motherland is dead by German hands, and he has not forgiven them.
Just as on the native side the Belgians are divided internally: German policy was frustrating and insulting, but it was also relatively stable and offered a protection against the natives surrounding them. To forgo this protection and risk battle with the world's superpowers in the name of an uncertain independence requires a boldness uncommon in men. But since when did the meek make history? Returning from his armed exile Schremme will find the FP and Belgian police in disarray, and take it upon himself to topple the last of the SS governors. In his mind there is no question: in order for the Belgians to be free and prosperous they must take the risk of rebellion against Germany and carve out their own state in the chaos. But despite his personal exploits he is unable to do this on his own, and so despite his personal distaste for allying with the native regionalists his own backers in the belgian mining and administrative class have forced him to make common cause with “their” evolese. Regardless Schremme has become the critical belgian commander in this rebelion, bringing the remainder of the belgian community with him whether they like it or not. He leads in a mercenary style, never far from the front lines and with a greater emphasis on personal bravery than more mundane things like logistics.
Though Katanga is the heart of the Regionalist Alliance it is still only one part of that alliance: to the eastern flank is Sud-Kasaï, led by Albert Kalonji as the vanguard state of the Luba secessionist movement. Both Kalonji and Tshombe claim to be protecting their people (Luba and Lunda respectively) from becoming minorities within their own land and from becoming the playthings of another foreign power, whether that be Germania, Washington or any other place. They are also both from prominent and wealthy local families, who have cooperated with the belgian colonizers for generations and have every personal incentive to resist foreign acquisition. As such their support is not primarily from the people, but from the oligarchs and the army. These are two significant advantages however: While other factions are scrambling to put together a military, a state, and to pay for it all, Katanga and her allies are able to fall back on the old colonial power structures, expanding the FP and leveraging oligarchical ties to slap together an army faster than their rivals. With the mix of audacious leadership, money and the Schramme loyalist mercenaries/formed FP officers the alliance may be able to snatch its independence despite the lack of international backing.
Map of regionalist victory, Azandeland acts as a placeholder for local authority (or lack thereof), Sud-Kasai is the Luba Empire. The immediate issue facing the regionalists will be export access: the states survival depends on the revenue from its extensive mining operations, and if that material cannot be exported it is worthless. For this Katanga must either negotiate a trade deal with the German remnants, or seek a detente with the self proclaimed frontline of liberation Zambia. Neither is eager to do this, but the world calls for what Katanga can provide, most of all Uranium. Eventually the market will win out, and one side will decide it is better to compromise principle than give the other an opportunity to gain access to the Katanga bounty.
IF VICTORIOUS the Regionalist Alliance will comprise an expanded State of Katanga, the Luba Empire, and a number of minor eastern powers propped up by Katanga. For the Luba and the Eastern chiefs the question of post war politics is an easy one: tribal traditionalism shall prevail as Albert Kalonji names himself king and the local chiefs are either bribed or threatened into compliance with the new order. While some may make efforts to modernize and advance their domains it will only be done under the watchful and occasionally helpful eye of Katanga. The only question remaining is who will be in control of Katanga itself. Jean Schramme is not a reasonable man, or at least not a moderate one: if he feels that he and the Belgians are not granted their proper place he may well try to overthrow Moïse Tshombe and install himself as the leader of the new state. The natives are less than satisfied as well: though free of foreign control it is clear to them that the old order is no longer acceptable: the people who fought and won the war for independence demand that their sacrifice be rewarded in some meaningful way. And most of all the question of race can no longer be papered over: The Belgians and Europeans remain on top, the migrants have been savaged, and the land and jobs available are not enough to satisfy them all.
To reconcile these internal difficulties a conference shall be held between the Belgian leadership of the army and company's one on hand, and the native oligarchs and officers on the other to see if a viable solution can be worked out. On the Belgian side the question is that of security and property: they wish to maintain the full roster of legal rights granted to them by belgian law, to keep their property and company concessions, and for a Belgian “veto” in the national government to ensure that Belgian rights are not trampled by some future populist government. On the CONAKAT side is a desire to renegotiate the terms of the “social contract”: to ensure a majority native voice in government which cannot be overruled by Belgian privilege, greater native ownership of property and the full abolition of any legal barriers to their advancement. However both sides are united in seeking stability and in their distrust of the congolese “masses”. Those masses are not without a voice themselves: through labor unions, dissident political parties and new officer associations the experience of warfare has made the people politically aware. If the result of the conference does not give some bones to the people it may find that its support is far too narrow to be stable.
Union Minière, once the undisputed master of the Katanga economy, has declined somewhat under German overlordship. With a majority of its shares owned by the Belgian state and its former leadership fleeing to America after the end of the war its foundations were shaky. When Krogmann began the great sell off and rescinded the Belgian Congo’s autonomy the company found itself in yet more hot water. Transitioning to a locally owned company within Zentralafrika itself the Union has been forced to cut back on its paternalistic spending to make ends meet. Beyond the typical demands for labor rights and wage increases the Kantaga people also wish for a return to the housing, education and social protection once afforded by the leviathan. With its place in Katanga once again secure this may just be possible.
A successful conference will be one of compromise. For the people a number of social protections and laws will be promised: greater state funding to education, hospitals, and housing will be promised, along with a hike in wages. In order to afford this the belgians will need to accept their privileged economic position comes with a responsibility to fund the state which protects it: though direct taxes may be a bridge too far a system of expected “gifts” and an expansion of the old paternalism into state guided policy may work out. In return for their material contributions the Belgians will receive legal autonomy, organizing their own political parties and keeping their land. The native oligarchs meanwhile would take the national stage, being granted privileged places within the Katanga economy as well as using CONAKAT as their vehicle for political dominance. Concessions and compromises such as these require that all parties trust the other to keep up their end of the bargain, and not simply alter the deal when they feel they are able. And in the aftermath of a brutal civil war and a political culture of corruption such trust is very hard to come by. But if these difficulties are overcome, and Jean Schramme is kept mollified, the new State of Katanga will be ruled as a collaborative oligarchy, keeping real representation out of the hands of the people and wealth in the hands of a few, but also a relatively stable and moderate government which is willing to compromise when need be. Unless it is a question of distrusted ethnic groups attempting to secede from the state or restart Congolese unification, in which case the Katanga Gendarmerie will be the only answer given.
But what if this conference does not succeed? What if the protests outside become too large, or the sides are too inflexible, or if Jean Schramme believes the rights of Belgians are being sold too cheaply? Then the Rule of Fire will come back and those with the force to crush their opposition will prevail. And in Katanga that can only mean one thing: Schramme and his allies will stage a coup, placing themselves in charge once again as an emergency government. Those unwilling to ally with him will be dismissed, replaced with those who are. The new mission of the state is the protection of “Belgian civilization” in Katanga, with Schramme attempting to revive the old trinity of Church, State and Company under his guiding hand. He never truly wanted to be in this position: he would much rather simply go back to his plantation and be master of his own little world. But he belives that his new homeland calls out for leadership and guts it seems only he can provide, and so he will seek to lead it into the future he envisions. One where the Congo natives are grateful and subservient to their betters, where all the structures of the trinity are led by Europeans to the benefit of all. Of course most of the natives have very different ideas about what the future should look like, and so Schremma’s Katanga will immediately be thrown into a bush war as the old civil war factions reform as guerrilla movements seeking to topple his dictatorship. The profits of Katanga are vast, especially if one is willing to sell uranium to anyone willing to buy, but how long will money and determination be able to hold against the will of the people?
At a stretch the white population of Katanga is 100,000, while the total african population is somewhere north of 1.5 million. This is before one considers the increasing populations of the Luba Empire and the eternal frontier of the Eastern Congo. And then there is the highly likely presence of hostile regimes on the borders: all the money in the world cannot win Schramme this Bush War, and he will either need to swallow his pride and accept democratization for the natives or accept the return of the Reich as suzerain. And even that may not be enough to avoid the rage of a people betrayed.

Introduction
When it comes to undertaking a construction project in Chennai, choosing the right construction company is of paramount importance. The success of your project hinges on selecting a reliable, experienced, and capable company that can bring your vision to life. With numerous construction companies vying for your attention, it can be overwhelming to make the right choice. In this article, we will discuss the key factors you should consider when selecting a construction company in Chennai, with a particular focus on Bluemoon Construction, a renowned player in the industry.
Reputation and Experience
One of the primary factors to consider is the reputation and experience of the construction company. Reputation is built over time through consistently delivering high-quality projects and satisfying clients. Bluemoon Construction has established a strong reputation in Chennai through its track record of successful projects and satisfied customers. With over 20 years of experience in the industry, Bluemoon Construction has honed its expertise and gained insights into various construction techniques and practices.
Portfolio and Expertise
Evaluating the company's portfolio and expertise is crucial in assessing their capabilities. Bluemoon Construction boasts an impressive portfolio of completed projects, ranging from residential complexes to commercial buildings and infrastructure developments. Their expertise extends across various construction types, including traditional, contemporary, and sustainable designs. By reviewing their portfolio, you can gauge the company's versatility and ability to handle projects of different scales and complexities.
Licensing and Insurance
Before finalizing a construction company, it is essential to ensure that they possess the necessary licenses and insurance coverage. Bluemoon Construction is a licensed contractor in Chennai, complying with all the legal requirements. They also maintain comprehensive insurance coverage to protect their clients, employees, and the project itself. This aspect provides peace of mind, knowing that you are working with a legitimate and responsible company.
Chennai Construction Company
Client References and Testimonials
Gathering feedback from previous clients is an effective way to gauge a construction company's performance and client satisfaction. Bluemoon Construction willingly provides client references and testimonials, allowing you to get firsthand insights into their work. Speaking directly to their past clients or reading testimonials will provide you with valuable information about their professionalism, project management, adherence to timelines, and overall customer experience.
Quality of Workmanship
The quality of workmanship is a crucial aspect when selecting a construction company. Bluemoon Construction takes pride in delivering top-notch quality in every project they undertake. From the selection of materials to the execution of construction techniques, they ensure meticulous attention to detail. The final outcome is a testament to their commitment to excellence, ensuring that your project is built to withstand the test of time.
Project Management and Timelines
Efficient project management and adherence to timelines are essential for the smooth execution of a construction project. Bluemoon Construction employs experienced project managers who oversee every aspect of the project, ensuring effective coordination among various stakeholders. They utilize advanced project management tools and techniques to optimize efficiency and minimize delays. By choosing Bluemoon Construction, you can have confidence that your project will be completed within the agreed-upon timeframe.
Safety Standards
Construction sites are inherently risky environments, making safety a paramount concern. Bluemoon Construction prioritizes safety and strictly adheres to industry-standard safety protocols and practices. They provide a safe working environment for their employees and take necessary precautions to mitigate potential hazards. By choosing a construction company with a strong focus on safety, you are safeguarding the well-being of everyone involved in the project.
Sustainable Practices
In an era of growing environmental awareness, incorporating sustainable practices in construction has become imperative. Bluemoon Construction recognizes the importance of sustainability and implements eco-friendly construction techniques wherever feasible. They employ energy-efficient systems, use environmentally friendly materials, and promote practices that minimize the project's carbon footprint. By selecting Bluemoon Construction, you contribute to a greener future.
Cost and Budget
Budget considerations play a significant role in any construction project. Bluemoon Construction offers transparent and competitive pricing, providing detailed cost estimates upfront. They work closely with clients to understand their budgetary constraints and offer suitable solutions without compromising on quality. By collaborating with Bluemoon Construction, you can achieve the desired outcomes within your financial framework.
Communication and Collaboration
Effective communication and collaboration are vital for a successful construction project. Bluemoon Construction emphasizes open and transparent communication throughout the entire project lifecycle. They keep clients informed about progress, address any concerns promptly, and encourage active collaboration to ensure that the project aligns with your vision. Their approachable and friendly team fosters a positive working relationship, making the construction journey a seamless experience.
Warranty and After-Sales Service
A reputable construction company stands behind its work and offers warranty provisions and after-sales service. Bluemoon Construction provides warranties on their projects, giving you assurance that they are committed to resolving any issues that may arise post-construction. Their prompt after-sales service ensures that you receive the necessary support even after project completion, further enhancing their customer-centric approach.
Awards and Recognitions
Awards and recognitions received by a construction company serve as a testament to their expertise and exceptional performance. Bluemoon Construction has been honored with several prestigious awards for their outstanding projects and contributions to the construction industry. These accolades demonstrate their commitment to excellence and validate their position as a trusted construction company in Chennai.
Client Support and Flexibility
Having reliable client support and flexibility in accommodating changes can make a significant difference during a construction project. Bluemoon Construction values client satisfaction and offers excellent support throughout the project duration. They understand that changes or unforeseen circumstances may arise, and they are flexible in adapting to new requirements without compromising the project's integrity. Their client-centric approach ensures that your needs are met with utmost priority.
Conclusion
Choosing the right construction company in Chennai is a critical decision that can determine the success of your project. By considering the factors discussed in this article, such as reputation, experience, expertise, licensing, client references, quality of workmanship, project management, safety standards, sustainability, cost, communication, warranty, awards, and client support, you can make an informed choice.
Bluemoon Construction, with its proven track record and commitment to excellence, emerges as a highly recommended option for your construction needs in Chennai.
Frequently Asked Questions
1.Can I visit some of Bluemoon Construction's completed projects before making a decision?
Absolutely! Bluemoon Construction welcomes you to visit their completed projects to witness their workmanship firsthand. Simply reach out to their team, and they will arrange a site visit for you.
2.How long has Bluemoon Construction been in the construction industry?
Bluemoon Construction has been operating in the construction industry for over 20 years, gaining extensive experience and expertise in various types of projects.
3.What safety measures does Bluemoon Construction have in place on their construction sites?
Bluemoon Construction prioritizes safety and strictly adheres to industry-standard safety protocols. They have comprehensive safety measures in place to ensure the well-being of everyone involved in the construction process.
4.Does Bluemoon Construction offer customizable construction solutions?
Yes, Bluemoon Construction believes in tailoring their services to meet clients' specific requirements. They work closely with clients to understand their needs and offer customized solutions accordingly.
5.What warranty coverage does Bluemoon Construction provide for their projects?
Bluemoon Construction offers warranty coverage for their projects, ensuring that any issues or defects discovered after completion are addressed promptly and efficiently.

• The proposed rule change was published for notice and comment in the Federal Register on December 6, 2022.7 June 4, 2023 is 180 days from that date, and August 3, 2023 is 240 days from that date.
• FINRA finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and its comments.
• Accordingly, FINRA pursuant to section 19(b)(2) of the Act, designates August 3, 2023 as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR-FINRA-2022-031).

https://public-inspection.federalregister.gov/2023-11924.pdf
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What are they delaying?

Purpose:

• Rule 606(a) of Regulation NMS3 (“SEC Rule 606(a)”) requires broker-dealers to publicly disclose specified information about their order routing practices for NMS Securities, including for non-directed orders in NMS stocks that are submitted on a “held” basis.
• The SEC has stated that, as a result of these disclosures, “customers—and retail investors in particular—that submit orders to their broker-dealers should be better able to assess the quality of order handling services provided by their broker-dealers and whether their broker-dealers are effectively managing potential conflicts of interest.”
• "FINRA believes these same goals would be furthered by providing investors with similar order handling information for unlisted stocks, which are not covered by the existing SEC Rule 606(a) disclosure requirements."
  • "Accordingly, FINRA is proposing to adopt new Rule 6470 to require members to publish quarterly order routing disclosures primarily for non-directed held orders in OTC Equity Securities, generally aligned with the SEC Rule 606(a) disclosures for NMS stocks but with modifications to account for differences between the market for NMS Securities and over-the-counter (“OTC”) markets."
  • "In addition, to make both the existing SEC Rule 606(a) disclosures and the new OTC Equity Security disclosures more accessible to investors, FINRA is proposing new Rule 6151 and paragraph (d) of new Rule 6470 to require members to send both disclosures to FINRA for centralized publication on the FINRA website".

Disclosure of Order Routing Information for OTC Equity Securities:

• Proposed new Rule 6470, entitled “Disclosure of Order Routing Information for OTC Equity Securities,” would require the publication of order routing disclosures for OTC Equity Securities.
• Specifically, as is already required for broker-dealers with respect to held orders in NMS stocks under SEC Rule 606(a)(1), proposed Rule 6470(a) would require, among other things, every member to make publicly available for each calendar quarter a report on its routing of non-directed orders in OTC Equity Securities that are submitted on a held basis during that quarter, broken down by calendar month, and keep such report posted on an internet website that is free and readily accessible to the public for a period of three years from the initial date of posting on the internet website.
• Also in line with the required publication timeframe for NMS stock disclosures under SEC Rule 606(a)(2), proposed Rule 6470(c) would require that a member make the new OTC Equity Security report publicly available within one month after the end of the quarter addressed in the report.
• Under Rule 606(a)(1), the SEC Rule 606(a) reports for NMS Securities are required to be broken out into separate sections for NMS stocks in the S&P 500 Index as of the first day of the quarter, other NMS stocks, and NMS Securities that are options.
  • Since these categories are not relevant to the OTC market, FINRA is proposing to instead require that the new quarterly reports for OTC Equity Securities under Rule 6470(a) be separated into three sections to better reflect the OTC market. Specifically, the new reports would be required to be separated into three sections for:
  • (i) domestic OTC Equity Securities;
  • (ii) American Depository Receipts (“ADRs”) and foreign ordinaries that are OTC Equity Securities; and
  • (iii) Canadian-listed securities trading in the United States as OTC Equity Securities.
• To provide for consistency across member reports, FINRA will publish a list of the OTC Equity Security symbols that fall under each category, and members would be required to publish reports in a manner consistent with such list.
• Under Rule 606(a)(1), the SEC Rule 606(a) reports for NMS Securities must be made available using the most recent versions of the XML schema and associated PDF renderer as published on the SEC’s website. Similarly, Rule 6470(a) would specify that the new OTC Equity Security reports must be made available using the most recent versions of the XML schema and associated PDF renderer as published on the FINRA website.

With respect to the content of the new reports, Rule 6470(a) would require that each section of the new OTC Equity Security reports include the information specified in paragraphs (a)(1) through (4) of proposed Rule 6470, specifically:

• The percentage of total orders14 for the section that were not held orders and held orders, and the percentage of held orders for the section that were non-directed orders
• The identity of the ten venues to which the largest number of total non-directed held orders for the section were routed for execution and of any venue to which five percent or more of non-directed held orders for the section were routed for execution, and the percentage of total non-directed held orders for the section routed to the venue
• For each identified venue, the net aggregate amount of any payment for order flow received, payment from any profit-sharing relationship received, transaction fees paid, and transaction rebates received, both as a total dollar amount and per order, for all nondirected held orders for the section.
• A discussion of the material aspects of the member’s relationship with each identified venue, including, without limitation, a description of any arrangement for payment for order flow and any profit-sharing relationship and a description of any terms of such arrangements, written or oral, that may influence a member’s order routing decision including, among other things: incentives for equaling or exceeding an agreed upon order flow volume threshold, such as additional payments or a higher rate of payment; disincentives for failing to meet an agreed upon minimum order flow threshold, such as lower payments or the requirement to pay a fee; volume-based tiered payment schedules; and agreements regarding the minimum amount of order flow that the member would send to a venue.
• "FINRA believes that requiring members to provide information about the relative amount of a member’s held and not held orders in the new reports proposed to be published under Rule 6470(a)(1) would provide investors, regulators, academics, and others seeking to review the reports with additional information regarding the business of brokers active in the OTC market."
• "Studies analyzing the market for NMS stocks indicate that broker-dealers may route orders to maximize order flow payments by sending market orders to venues making payments and sending limit orders to venues paying large liquidity rebates. Such routing may not always be in customers’ best interests."
• "Make-take fees may lead to agency conflicts and rebate volume pricing tiers may worsen such conflicts further."
• Theoretical models of the conflict between investors and their broker-dealers, who may be incentivized to route orders based on the take fees charged or rebates paid by exchanges, find that the conflict of interest reduces investor utility
• Using Rule 606 data, one study examined broker-dealer routing of non-marketable limit orders in NMS stocks to exchanges offering the largest rebate. This analysis combined with proprietary limit order data found that low-fee (i.e., low-rebate) exchanges fill or fill more rapidly when high-fee (i.e., high-rebate) exchanges do not fill, and non-marketable limit orders earn higher average realized spreads on low-fee than high-fee exchanges.
• "In addition, in the absence of order routing and payment for order flow information, customers may not possess information necessary to assist them in forming a preference concerning their brokers’ routing choicesparticularly where customer commission charges have been reduced or eliminated."
  • "Furthermore, if customers have information on how brokers route orders and are able to negotiate commissions to more closely represent the broker dealer’s average execution cost for a particular customer’s order flow, then customers may be better able to submit the mix of liquidity-supplying and demanding orders to minimize commissions and improve order execution."

Economic Impacts/Anticipated Benefits (AGAIN, this is what they are CHOOSING to DELAY):

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WUT mean?

• The proposed rule change aims to provide customers with increased transparency about financial incentives that could impact their brokers' order routing decisions.
  • These include any payment for order flow received, profit-sharing payments, transaction fees, and rebates.
• Currently, without order routing reports, customers may not fully understand the indirect costs that can affect their trading quality, especially for retail investors using zero-commission broker-dealers.
  • The proposed rule change allows customers to consider these less observable costs better and assess potential conflicts of interest.
• The standardized reports would be accessible on both the member's website and FINRA's website, enabling customers to compare order routing practices across firms and observe changes in a firm's behavior over time.
  • This would help customers understand if the received payment for order flow and net transaction fees paid might be influencing some firms' routing decisions more than others.
• However, FINRA acknowledges that direct benefits might be limited by a customer's ability to interpret the information in the reports... (do they not get we will teach each other if we have to?)
  • The reports would allow us to compare order routing to competing firms and consequently HAVE DATA for calling out how firms can improve their order execution quality.
• Furthermore, academic or industry researchers can analyze the data in the proposed public reports, making their findings public and describing differences in broker-dealer routing practices.
  • The centralization of the new OTC Equity Security reports and the existing Rule 606(a) reports on FINRA’s website should also reduce FINRA's costs and ease their access to the reported data for regulatory purposes.

How can you comment to get them to consider action on 8/3/2023:

File a regulatory Tip:
https://www.finra.org/contact-finra/file-tip
https://www.finra.org/contact-finra/file-tip

FINRA encourages individuals with information about potentially fraudulent, illegal or unethical activity to submit a regulatory tip. If you are aware of unfair practices or specific instances of abusive conduct, FINRA wants to know about it immediately. Often, violations of our rules and the federal securities regulations come to light through the receipt and investigation of regulatory tips from members of the industry and other industry professionals.
FINRA may find it useful to contact you for the purposes of verifying the information provided and soliciting additional information. While anonymous regulatory tips will be accepted and reviewed, their value may be diminished if FINRA is unable to conduct this additional inquiry.
It is requested that you provide a brief summary of the significant types of abusive conduct and/or rule violations that:
You believe to have taken place;
You believe may now be occurring, and/or
You believe may be about to occur.
All regulatory tip information received will be treated in confidence to the fullest extent possible. FINRA, however, cannot guarantee that during the course of a related investigation or possible prosecution of the matter that the identity or documents of the source of a regulatory tip will not become known.

A possible comment template you could use for the basis of a comment:

Dear FINRA,
I am a retail investor writing to express my concern regarding the delay in implementing the proposed changes to the FINRA rule SR-FINRA-2022-031 that aim to increase transparency in the financial industry. These changes promise several anticipated benefits that will enhance investors' ability to make informed decisions and potentially prevent instances of financial misconduct.
I believe that there may have been past and ongoing instances of conflicts of interest affecting order routing decisions that could be mitigated by the proposed rule change. The lack of transparency about brokers' financial incentives and their potential impacts on routing decisions makes it difficult for customers to discern these issues.
In addition, the lack of standardized reporting and easily accessible data on members' websites inhibits investors' ability to compare firms' order routing practices effectively. This lack of comparison and oversight could potentially enable unethical practices to continue unchecked.
I also foresee the possibility of further conflicts of interest or suboptimal execution quality, especially given the increasing prevalence of zero-commission broker-dealers. These firms might be influenced by hidden costs such as payment for order flow or net transaction fees, potentially affecting their order routing decisions and execution quality.
The delayed implementation of this rule change may allow such unethical practices to persist or even proliferate. Therefore, I urge you to expedite the process to implement these changes, providing the transparency necessary to empower investors and ensure fair practices in the industry as soon as possible!
Thank you for your attention to this matter.

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Firm and individual details can be selected as 'Unknown'
Then hit submit!

TLDRS:

• FINRA can kicks implementing disclosure rules for OTC
  • because PFOF data is involved?
• Will consider again on August 3rd...
  • Please consider commenting so that they KNOW retail wants this approved and implemented!

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