End
Owner
Owner
Construction Secretary
Justice Department
Construction & Transport Department
xEndeavour
Construction Secretary
- Joined
- Apr 7, 2020
- Messages
- 3,125
- Thread Author
- #1
House: 5-2-1
Senate: 4-1-0
A
BILL
To
Establish a standards act for business
The people of the Commonwealth of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:
1 - Short Title and Enactment
(1) This Act may be cited as the 'Commercial Standards Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by: Various people(s)
(4) This Act was compiled by: Sen. xEndeavour
(5) This Act has been co-sponsored by: Rep. Goldblooded
2 - Reasons
(1) Standards acts consolidate relevant laws into one place making information easier to find and reference.
(2) The Corporate Law and Shareholder Protections Act was far too specific and over-reaching than required. It has been simplified to ensure protection but also freedom (like it was so specific that I doubt anyone actually follows it).
(3) It has placed a heavier emphasis on shareholder theory as requested by the president.
3 - Consolidation
(1) The following acts of congress are rescinded:
(a) Act of Congress - Employee Protection Act
(b) Act of Congress - The Pugbandit Anti Scam act (redundant)
(c) Act of Congress - Union Reform Act (semi-redundant)
(d) Act of Congress - Economic Growth Act (redundant)
(e) Act of Congress - Cool DEC Casino Investigation Act
(f) Act of Congress - Business Transparency Act
(g) Act of Congress - Banking Act
(h) Act of Congress - Stocks Repossession Act
(i) Act of Congress - White-Collar Crack Down Act
4 - Powers of the Commerce Department
(1) The Department of Commerce is authorized to monitor financial transactions and may publish generalized reporting on transaction statistics.
(2) The Department of Commerce is afforded access to financial institution accounts on request for the purposes of monitoring them for compliance.
(3) The Department of Commerce is empowered to conduct random spot-checks of gaming machines to ensure compliance with the advertised odds. Failure to comply is considered fraudulent trading.
(4) The Department of Commerce is authorized to disband any companies in game which do not meet the requirements to be a company.
(5) The Department of Commerce is authorized to create additional regulations for Securities Exchanges in order to prevent or investigate any suspected illicit activity that could be in violation of regulations.
(6) The Department of Commerce is charged with investigating commerce-related white-collar crimes.
(a) Findings are referred to the Department of Justice for prosecution.
(b) Where it is unclear which department should investigate the crime, the matter will be referred to the Department of Justice.
5 - Legal Application
(1) All offences within this law are Indictable Criminal Offences.
(2) Civil damages may be sought against these offences by way of the Legal Damages Act or a succeeding Act of the same nature.
6 - Whistleblowers
(1) A whistleblower is someone with inside knowledge of an organization who reports misconduct or dishonest or illegal activity that may have occurred within that organization. Whistleblower protections are the protections provided to whistleblowers to enable them to come forward to report misconduct without fear of retribution or personal detriment.
7 - Employee Protections
(1) Unfair dismissal - The unjust termination of an employee. In determining if a termination was unjust, the following criteria must rightfully be considered:
(a) if the employee’s termination made financial sense given the regular business activities and necessity to maintain operations of the terminating party (such as in the case of normal company downsizing);
(b) whether or not the employee’s continued employment would have been a detriment to the workflow, reputation, or legal standing of the business;
(c) whether or not the dismissal was made primarily on the basis of any personally identifiable characteristics, including, but not limited to, gender, race, or political affiliation;
(i) Excepted from the provisions in §13.1.c are personally identifiable characteristics that are integral to the function of the terminated party's employment.
(d) other metrics that courts find necessary to consider in accordance with what may be considered unfair dismissal by any reasonable person and is consistent with the previous language and intent of this section. Courts may not construe this section in any way that creates a result that is odd, absurd, or otherwise inconsistent with this section or the intent thereof.
(2) Deferral of Responsibility - a worker cannot be held legally accountable where there is a deficiency in training provided by the employer, where training would reasonably be required.
(2) A worker cannot be sued for their individual actions when they are in accordance with lawful organisational directions and policy.
(a) The employer assumes all legal liability where policy is followed or the policy is unlawful.
8 - Unions
(1) This act defines 'Union' as an organized association of workers formed to protect and advance their rights and interests.
(2) Every employee of the Commonwealth of Redmont has the right to create or apply to register their own union.
(3) Unions do not have to follow a democratic structure, but are encouraged to.
(4) Employers are prohibited from discriminating against an employee for being involved in a union.
(5) Employers are prohibited from involving themselves in the democratic processes of their employee's union.
(6) Employers who take action to disrupt or prevent the formation of a union, and or engage in conduct to dismantle a union, such as, but not limited to, terminating employees who try to start a union, shall be guilty of Union Busting.
9 - Gaming
(1) Gaming institutions are required to display the odds of gaming machines and activities in a visible area adjacent to the machine/activity.
10 - Operations of Securities Exchanges
(1) The Department of Commerce is authorized to monitor the operations of any securities exchange with full access to trading channels and data.
(a) Any Commerce Department employee engaged in the regulation of securities exchanges may not hold a security for less than 30 days.
(2) Securities Exchanges will be prohibited from calculating the market prices of shares in Public Companies using any factors other than the market supply of and demand for said shares. They will be responsible for updating these prices without requiring further input from the companies of which the shares grant ownership in.
(a) Securities Exchanges must provide consistent updates to the market prices of company shares. Each company listed on an exchange must have its stock price updated at least once every 30 days.
(4) The Department of Commerce is authorized to create any additional regulations for the operations of securities exchanges. Such regulations must be for the purpose of preserving the stability of securities exchanges, and must not conflict with any section of this Act.
11 - Extortion
(1) Definition: Extortion is defined as the act of obtaining something of value from someone through threats, force, or coercion, which can involve physical, financial, or other types of pressure.
(2) Parties may sue for the thing of value. If the thing of value is a decision, the commonwealth is to sue to reverse that decision.
(3) Exceptions: Extortion does not include lawful business practices, voluntary agreements, or actions taken under legal authority or judicial processes.
12 - Definitions
(1) Financial Institutions
(a) A Financial Institution is a business that deals with deposits, loans, and/or investments.
(b) There are four types of financial institutions: Commercial Banks, Investment Banks, Stock Exchanges, and Credit Unions.
(2) Definition and Characteristics of a Commercial Bank:
(a) A Commercial Bank is a Financial Institution that is owned owner or a group of owners who may make all decisions regarding the bank and its investments, employees, and interest rates, among other business decisions..
(b) Profits of a Commercial Bank are shared among owners/shareholders as decided by its shareholder/operating agreements..
(c) Companies not registered as Commercial Banks may not take interest bearing deposits from customers for bank accounts
(3) Defining Characteristics of a Investment Bank:
(a) An Investment Bank can't take deposits.
(b) An Investment Bank is allowed to brokerage stocks through Stock Exchanges. invest for clients in funds, give out loans, and provide investment advice to clients
(i) Investment Banks may charge for these services
(c) Companies not registered as Investment Banks may not invest for customers or provide investment advice.
(d) Investment Banks may not have tax exemption status and will have to pay taxes on ingame balances.
(i) However, they will not need to pay Financial Institution tax as defined by the Taxation Act
(4) Definition and Characteristics of a Stock Exchange:
(a) A Stock Exchange is the sole Financial Institution able to list Redmont-based securities for public trading.
(b) A Stock Exchange reserves the right to charge clients commissions for each transaction in order to make a profit.
(5) Definition and Characteristics of a Credit Union:
(a) A Credit Union is a Financial Institution that is governed by the members.
(b) A Credit Union must elect a leader through a democratic fashion.
(c) Profits of a Credit Union are distributed to the members of the Credit Union and/or reinvested back into the Credit Union through interests, services, or other costs that benefit all members of the Credit Union.
(6) False Advertisement: A commercial advertisement that contains untrue information, that would deceive the reasonable person. The advertiser must have acted knowingly. If the information is publicly accessible, it may be presumed that the advertiser was aware of it.
(7) Misleading Advertisement: A commercial advertisement that includes information that is true, but is presented in a way that may confuse or mislead the reasonable person. The below actions are considered misleading advertisement:
(a) Omitting information that a reasonable person would consider in their decision making.
(b) Using ambiguous language
(c) Omitting the intent of a non-serious or satirical advertisement
(8) Advertising Puffery: Vague, wildly exaggerated claims that no reasonable person would take seriously. For example, “the best restaurant in the world”.
(9) Commercial Advertisement: An advertisement intended to benefit or harm a privately owned or operated business.
(10) Political Advertisement: An advertisement intended to promote a political message, influence public opinion of a social issue, or persuade individuals to support a candidate, party or policy.
(11) “Authorising an advertisement”: An individual or organization approving a commercial advertisement by:
(a) Displaying the advertisement of their own volition.
(b) Agreeing to have another individual or organization display the advertisement on their behalf is considered authorization.
(12) Public Company: A company whose securities are listed on any registered Stock Exchange in the Commonwealth of Redmont.
13 - Exemptions
(1) The following are exempt from the definitions of false & misleading advertising.
(a) Advertising Puffery
(b) Political Advertisements
14 - Public Company Reporting
(1) All Public Companies shall be required to file the following financial statements monthly.
(a) Balance Sheet
(b) Income Statement
(2) The statements must be publicly available through the stock exchange the public company is listed on, in an accessible form that can be downloaded.
(3) Public companies must have their audit status disclosed alongside their statements.
(a) The two statuses are Audited and Unaudited
(i) Audited: The company has received a statutory audit in the previous 3 months. The date of the most recent audit, and who conducted the audit must also be disclosed.
(ii) Unaudited: The company has not received a statutory audit in the previous 3 months.
15 - Statutory Audits
(1) A statutory audit shall give a fair and impartial assessment of a Public Company’s financial health, validate their reported statements, and ensure they comply with financial law.
(i) The audit must verify the existence and fair valuation of each item recorded on the balance sheet.
(ii) The audit must confirm the existence and legitimacy of the cash flows reported on each line of the income statement.
(2) Any audit that does not meet the above specification cannot be labelled an audit by a public company or a registered stock exchange.
Senate: 4-1-0
A
BILL
To
Establish a standards act for business
The people of the Commonwealth of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:
1 - Short Title and Enactment
(1) This Act may be cited as the 'Commercial Standards Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by: Various people(s)
(4) This Act was compiled by: Sen. xEndeavour
(5) This Act has been co-sponsored by: Rep. Goldblooded
2 - Reasons
(1) Standards acts consolidate relevant laws into one place making information easier to find and reference.
(2) The Corporate Law and Shareholder Protections Act was far too specific and over-reaching than required. It has been simplified to ensure protection but also freedom (like it was so specific that I doubt anyone actually follows it).
(3) It has placed a heavier emphasis on shareholder theory as requested by the president.
3 - Consolidation
(1) The following acts of congress are rescinded:
(a) Act of Congress - Employee Protection Act
(b) Act of Congress - The Pugbandit Anti Scam act (redundant)
(c) Act of Congress - Union Reform Act (semi-redundant)
(d) Act of Congress - Economic Growth Act (redundant)
(e) Act of Congress - Cool DEC Casino Investigation Act
(f) Act of Congress - Business Transparency Act
(g) Act of Congress - Banking Act
(h) Act of Congress - Stocks Repossession Act
(i) Act of Congress - White-Collar Crack Down Act
4 - Powers of the Commerce Department
(1) The Department of Commerce is authorized to monitor financial transactions and may publish generalized reporting on transaction statistics.
(2) The Department of Commerce is afforded access to financial institution accounts on request for the purposes of monitoring them for compliance.
(3) The Department of Commerce is empowered to conduct random spot-checks of gaming machines to ensure compliance with the advertised odds. Failure to comply is considered fraudulent trading.
(4) The Department of Commerce is authorized to disband any companies in game which do not meet the requirements to be a company.
(5) The Department of Commerce is authorized to create additional regulations for Securities Exchanges in order to prevent or investigate any suspected illicit activity that could be in violation of regulations.
(6) The Department of Commerce is charged with investigating commerce-related white-collar crimes.
(a) Findings are referred to the Department of Justice for prosecution.
(b) Where it is unclear which department should investigate the crime, the matter will be referred to the Department of Justice.
5 - Legal Application
(1) All offences within this law are Indictable Criminal Offences.
(2) Civil damages may be sought against these offences by way of the Legal Damages Act or a succeeding Act of the same nature.
6 - Whistleblowers
(1) A whistleblower is someone with inside knowledge of an organization who reports misconduct or dishonest or illegal activity that may have occurred within that organization. Whistleblower protections are the protections provided to whistleblowers to enable them to come forward to report misconduct without fear of retribution or personal detriment.
7 - Employee Protections
(1) Unfair dismissal - The unjust termination of an employee. In determining if a termination was unjust, the following criteria must rightfully be considered:
(a) if the employee’s termination made financial sense given the regular business activities and necessity to maintain operations of the terminating party (such as in the case of normal company downsizing);
(b) whether or not the employee’s continued employment would have been a detriment to the workflow, reputation, or legal standing of the business;
(c) whether or not the dismissal was made primarily on the basis of any personally identifiable characteristics, including, but not limited to, gender, race, or political affiliation;
(i) Excepted from the provisions in §13.1.c are personally identifiable characteristics that are integral to the function of the terminated party's employment.
(d) other metrics that courts find necessary to consider in accordance with what may be considered unfair dismissal by any reasonable person and is consistent with the previous language and intent of this section. Courts may not construe this section in any way that creates a result that is odd, absurd, or otherwise inconsistent with this section or the intent thereof.
(2) Deferral of Responsibility - a worker cannot be held legally accountable where there is a deficiency in training provided by the employer, where training would reasonably be required.
(2) A worker cannot be sued for their individual actions when they are in accordance with lawful organisational directions and policy.
(a) The employer assumes all legal liability where policy is followed or the policy is unlawful.
8 - Unions
(1) This act defines 'Union' as an organized association of workers formed to protect and advance their rights and interests.
(2) Every employee of the Commonwealth of Redmont has the right to create or apply to register their own union.
(3) Unions do not have to follow a democratic structure, but are encouraged to.
(4) Employers are prohibited from discriminating against an employee for being involved in a union.
(5) Employers are prohibited from involving themselves in the democratic processes of their employee's union.
(6) Employers who take action to disrupt or prevent the formation of a union, and or engage in conduct to dismantle a union, such as, but not limited to, terminating employees who try to start a union, shall be guilty of Union Busting.
9 - Gaming
(1) Gaming institutions are required to display the odds of gaming machines and activities in a visible area adjacent to the machine/activity.
10 - Operations of Securities Exchanges
(1) The Department of Commerce is authorized to monitor the operations of any securities exchange with full access to trading channels and data.
(a) Any Commerce Department employee engaged in the regulation of securities exchanges may not hold a security for less than 30 days.
(2) Securities Exchanges will be prohibited from calculating the market prices of shares in Public Companies using any factors other than the market supply of and demand for said shares. They will be responsible for updating these prices without requiring further input from the companies of which the shares grant ownership in.
(a) Securities Exchanges must provide consistent updates to the market prices of company shares. Each company listed on an exchange must have its stock price updated at least once every 30 days.
(4) The Department of Commerce is authorized to create any additional regulations for the operations of securities exchanges. Such regulations must be for the purpose of preserving the stability of securities exchanges, and must not conflict with any section of this Act.
11 - Extortion
(1) Definition: Extortion is defined as the act of obtaining something of value from someone through threats, force, or coercion, which can involve physical, financial, or other types of pressure.
(2) Parties may sue for the thing of value. If the thing of value is a decision, the commonwealth is to sue to reverse that decision.
(3) Exceptions: Extortion does not include lawful business practices, voluntary agreements, or actions taken under legal authority or judicial processes.
12 - Definitions
(1) Financial Institutions
(a) A Financial Institution is a business that deals with deposits, loans, and/or investments.
(b) There are four types of financial institutions: Commercial Banks, Investment Banks, Stock Exchanges, and Credit Unions.
(2) Definition and Characteristics of a Commercial Bank:
(a) A Commercial Bank is a Financial Institution that is owned owner or a group of owners who may make all decisions regarding the bank and its investments, employees, and interest rates, among other business decisions..
(b) Profits of a Commercial Bank are shared among owners/shareholders as decided by its shareholder/operating agreements..
(c) Companies not registered as Commercial Banks may not take interest bearing deposits from customers for bank accounts
(3) Defining Characteristics of a Investment Bank:
(a) An Investment Bank can't take deposits.
(b) An Investment Bank is allowed to brokerage stocks through Stock Exchanges. invest for clients in funds, give out loans, and provide investment advice to clients
(i) Investment Banks may charge for these services
(c) Companies not registered as Investment Banks may not invest for customers or provide investment advice.
(d) Investment Banks may not have tax exemption status and will have to pay taxes on ingame balances.
(i) However, they will not need to pay Financial Institution tax as defined by the Taxation Act
(4) Definition and Characteristics of a Stock Exchange:
(a) A Stock Exchange is the sole Financial Institution able to list Redmont-based securities for public trading.
(b) A Stock Exchange reserves the right to charge clients commissions for each transaction in order to make a profit.
(5) Definition and Characteristics of a Credit Union:
(a) A Credit Union is a Financial Institution that is governed by the members.
(b) A Credit Union must elect a leader through a democratic fashion.
(c) Profits of a Credit Union are distributed to the members of the Credit Union and/or reinvested back into the Credit Union through interests, services, or other costs that benefit all members of the Credit Union.
(6) False Advertisement: A commercial advertisement that contains untrue information, that would deceive the reasonable person. The advertiser must have acted knowingly. If the information is publicly accessible, it may be presumed that the advertiser was aware of it.
(7) Misleading Advertisement: A commercial advertisement that includes information that is true, but is presented in a way that may confuse or mislead the reasonable person. The below actions are considered misleading advertisement:
(a) Omitting information that a reasonable person would consider in their decision making.
(b) Using ambiguous language
(c) Omitting the intent of a non-serious or satirical advertisement
(8) Advertising Puffery: Vague, wildly exaggerated claims that no reasonable person would take seriously. For example, “the best restaurant in the world”.
(9) Commercial Advertisement: An advertisement intended to benefit or harm a privately owned or operated business.
(10) Political Advertisement: An advertisement intended to promote a political message, influence public opinion of a social issue, or persuade individuals to support a candidate, party or policy.
(11) “Authorising an advertisement”: An individual or organization approving a commercial advertisement by:
(a) Displaying the advertisement of their own volition.
(b) Agreeing to have another individual or organization display the advertisement on their behalf is considered authorization.
(12) Public Company: A company whose securities are listed on any registered Stock Exchange in the Commonwealth of Redmont.
13 - Exemptions
(1) The following are exempt from the definitions of false & misleading advertising.
(a) Advertising Puffery
(b) Political Advertisements
14 - Public Company Reporting
(1) All Public Companies shall be required to file the following financial statements monthly.
(a) Balance Sheet
(b) Income Statement
(2) The statements must be publicly available through the stock exchange the public company is listed on, in an accessible form that can be downloaded.
(3) Public companies must have their audit status disclosed alongside their statements.
(a) The two statuses are Audited and Unaudited
(i) Audited: The company has received a statutory audit in the previous 3 months. The date of the most recent audit, and who conducted the audit must also be disclosed.
(ii) Unaudited: The company has not received a statutory audit in the previous 3 months.
15 - Statutory Audits
(1) A statutory audit shall give a fair and impartial assessment of a Public Company’s financial health, validate their reported statements, and ensure they comply with financial law.
(i) The audit must verify the existence and fair valuation of each item recorded on the balance sheet.
(ii) The audit must confirm the existence and legitimacy of the cash flows reported on each line of the income statement.
(2) Any audit that does not meet the above specification cannot be labelled an audit by a public company or a registered stock exchange.
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