La réponse de la Securities and Exchange Commission au risque de marché : l’encadrement de la notation

Les agences de notation de crédit ont permis la banalisation des véhicules de titrisation. Elles ont sous-estimé la probabilité que les émetteurs de certains instruments financiers complexes ne puissent pas honorer leurs dettes. Elles ont tardé à refléter la détérioration du marché de leurs notes. Les agences de notation ont donc été en partie responsables de la tempête que traversent les places financières mondiales et ont exposé les entreprises à un risque sérieux de défiance. Alors que les entreprises doivent à l’heure actuelle maîtriser de multiples risques, celles-ci ont été les premières victimes des professionnels de la notation. Pour apporter une réponse au risque de la notation, les régulateurs tentent de réagir. Par l’intermédiaire de leur autorité boursière, les Etats-Unis ont été les premiers à modifier le cadre règlementaire de l’activité de la notation. C’est ce cadre règlementaire, adopté au premier trimestre 2009, qui fait l’objet du présent papier.

La Securities and Exchange Commission se met au vert : le changement climatique envahit l’information financière

Près d’un quart de siècle que la Securities and Exchange Commission (SEC) ne s’était pas penchée sur le cas de l’information environnementale. C’est chose faite depuis le 8 février 2010. En effet, dans des lignes directrices rendues publiques au premier trimestre 2010, la SEC est venue offrir aux entreprises un outil pour appréhender les exigences qui pèsent sur elles en matière de divulgation concernant le changement climatique. Loin de constituer un nouveau cadre législatif ou de modifier celui existant, ce guide offre l’opportunité d’apporter de la clarté sur la manière dont le changement climatique s’intègre dans le dispositif réglementaire s’imposant aux entreprises nord-américaines. Après avoir présenté le dispositif juridique existant assurant une transparence des données relatives au changement climatique, la position de la SEC quant aux éléments à prendre en compte dans la divulgation des entreprises sera détaillée.

Uncomfortable Comparisons : The Canadian Truth And Reconciliation Commission In International Context

The Canadian Truth and Reconciliation Commission on Indian Residential Schools is a novel foray into a genre previously associated with so-called “transitional” democracies from the post-Communist world and the global South. This basic fact notwithstanding, a systematic comparison with the broader universe of truth commission-hosting countries reveals that the circumstances surrounding the Canadian TRC are not entirely novel. This article develops this argument by distilling from the transitional justice literature several bases of comparison designed to explain how a truth commission���s capacity to promote new cultures of justice and accountability in the wake of massive violations of human rights is affected by the socio-political context in which the commission occurs; the injustices it is asked to investigate; and the nature of its mandate. It concludes that these factors, compounded by considerations unique to the Canadian context, all militate against success. If Canadian citizens and policymakers fail to meet this profound ethIcal challenge, they will find themselves occupying the transition-wrecking role played more familiarly by the recalcitrant and unreformed military and security forces in the world’s more evidently authoritarian states.

The Ethics Of Reconciling : Learning From Canada’s Truth And Reconciliation Commission

In 2008, the Truth and Reconciliation Commission of Canada (TRC) was initiated to address the historical and contemporary injustices and impacts of Indian Residential Schools. Of the many goals of the TRC, I focus on reconciliation and how the TRC aims to promote this through public education and engagement. To explore this, I consider two questions: 1) who does the TRC include in the process of reconciliation? And 2) how might I, as someone who is not Indigenous (specifically, as someone who is “white”), be engaged by the TRC? Ethical queries arise which speak to broader concerns about the TRC’s capability to fulfill its public education goals. I raise several concerns about whether the TRC’s plan to convoke the col- lective will result in over-simplifying the process by relying on blunt, poorly defined identity categories that erase the heterogeneity of those residing in Canada, as well as the complexity of the conflict among us. I attempt to situate myself in-between proclamations of “success” or “failure” of the TRC, to better understand what can be learned from contested truths and experiences of uncertainty.

Characterization of antimicrobial resistance in Aeromonas and Vibrio isolated in Canada from fish and seafood

Plusieurs études ont examiné la sensibilité aux antimicrobiens chez les bactéries d’organismes provenant de produits issus de l’aquaculture ou de leur environnement. Aucune information n’est cependant disponible concernant la résistance aux antimicrobiens dans les bactéries de la flore de poissons ou de fruits de mer vendus au détail au Canada. C’est particulièrement vrai en ce qui a trait aux bactéries des genres Aeromonas et Vibrio, dont certaines espèces sont des agents pathogènes zoonotiques connus. Au cours de cette étude, la sensibilité aux antimicrobiens d’isolats d’Aeromonas spp. et de Vibrio spp. provenant de poissons et de crevettes domestiques et importés a été mesurée à l’aide de techniques de micro dilution en bouillon et/ou de diffusion sur disque. Les classes d’antimicrobiens examinés comprenaient les tétracyclines (TET), les inhibiteurs de la voie des folates (sulfadiméthoxine-triméthoprime, SXT), le florfenicol (FLO), et les quinolones (acide nalidixique / enrofloxacine, NA/ENO). Des valeurs seuils épidémiologiques pour Aeromonas et Vibrio ont été établies en utilisant la méthode d’interprétation normalisée des données de résistance provenant de diffusion sur disque. La recherche de gènes de résistance associés au profil de résistance des isolats a été effectuée en utilisant des PCRs et des puces ADN. Le nombre d’isolats résistants aux divers antimicrobiens parmi les 201 isolats d’Aeromonas et les 185 isolats de Vibrio étaient respectivement les suivants: TET (n=24 et 10), FLO (n=1 et 0), SXT (n=2 et 8), NA (n=7 et 5) et ENO (n= 5 et 0). Diverses associations de gènes tet(A), tet(B), tet(E), floR, sul1, sul2, et intI1 ont été détectées, les gènes tet(E), intI1, sul2 et tet(B) étant les plus communs. Les espèces d’Aeromonas et de Vibrio isolées de poissons au détail et de fruits de mer peuvent héberger une variété de gènes de résistance, bien que peu fréquemment. Le risque que représente ces gènes de résistance reste à évaluer en considérant le potentiel infectieux des bactéries, l’utilisation des ces agents antimicrobiens pour le traitement des maladies en aquaculture et en médecine humaine et leur rôle en tant que réservoir de la résistance antimicrobienne.

Development of Cell Culture Systems from Selected Species of Fish and Prawns

The present work deals with the development of primary cell culture and diploid cell lines from two fishes, such as Poecilia reticulata and Clarias gariepinus. The greatest difficulty experienced was the avoidance of bacterial and fungi contamination. Three types of cell cultures are commonly developed, primary cell culture, diploid cell lines and heteroploid cell lines. Primary cell culture obtained from the animal tissues that have been cultivated in vitro for the first time. They are characterized by the same chromosome number as parent tissue, cultivated in vitro for the first time, have wide range of virus susceptibility, usually not malignant, six chromatin retarded and do not grow as suspension cultures. Diploid cell lines arise from a primary cell culture at the time of subculturing. Diploid cell lines commercially used in virology are W1-38 (human embryonic lung), W1-26 (human embryonic lung) and HEX (Human embryonic kidney). Heteroploid cell lines have been subcultivated with less than 75% of the cells in the population having a diploid chromosome constitution. Tissue cultures have been extensively used in biomedical research. The main applications are in three areas, Karyological studies, Identification and study of hereditary metabolic disorders and Somatic cell genetics. Other applications are in virology and host-parasite relationships. In this study an attempt was made to preserve the ovarian tissue at low temperature in the presence of cryoprotectants so that the tissue can be retrieved at any time and a cell culture could be developed.

Studies on Lactic Acid Bacteria from Tropical Fish and Shellfish

In this study, an attempt has been made to gather enough information regarding lactic acid bacteria from fish and shellfish of tropical regions. The occurrence and distribution of lactic acid bacteria in fresh and frozen marine fish and shellfish, farmed fish and shellfish, cured and pickled fish and shellfish have been investigated. Lactic Acid Bacteria (LAB) have for centuries been responsible for the fermentative preservation of many foods. They are used to retard spoilage and preserve foods through natural fermentations. They have found commercial applications as starter cultures in the dairy, baking, meat, fish, and vegetable and alcoholic beverage industries. They are industrially important organisms recognized for their fermentative ability as well as their nutritional benefits. These organisms produce various compounds such as organic acids, diacetyl, hydrogen peroxide and bacteriocins or bactericidal proteins during lactic fermentations.Biopreservation of foods using bacteriocin producing LAB cultures is becoming widely used. The antimicrobial effect of bacteriocins and other compounds produced during fermentation of carbohydrates are well known to inhibit the growth of certain food spoiling bacteria as well as a limited group of food poisoning and pathogenic bacteria LAB like Lactobacillus plantarum are widely used as starter cultures for the Production of fish ensilage. The present study is the first quantitative and qualitative study on the occurrence and distribution of lactic acid bacteria in fresh and frozen fish and prawn. It is concluded that Lactobacillus plantaruni was the predominant lactobacillus species in fresh and frozen fish and shellfish. The ability of selected Lactobacillus cultures to grow at low temperatures, high salt content, produce bacteriocins, rapidly ferment sugars and decrease the pH make them potential candidates for biopreservation of fish and shellfish.

Culture and Nutritional Enrichment of the Rotifer Brachionus Rotundiformis ( Tschugunoff ) for the Rearing of Marine Fin Fish and Shrimp Larvae

The present study is an attempt to standardize the environmental condition like pH, salinity and photoperiod, and also the feed for the maximum production of rotifers. Considering the deficiency of essential fatty acids in rotifers, enrichment experiments were carried out and fatty acids profile were analysed. Attempts were made to improve the production of clown fish (Amphiprion sebae) juveniles using enriched rotifers. Attempts were also made to rear various larval stages of Penaeus monodon with enriched rotifers as a substitute for Artemia nauplii.

Optimization of Process Parameters for the Extraction of Gelatin from the Skin of Freshwater Fish and the Evaluation of Physical anal Chemical Characteristics

Faculty of Marine Sciences,Cochin University of Science and Technology

Packaging materials for shrimp, fish and fish products, their properties, selection and effect of different packaging materials on their shelf life

Packaging is important not only in extending the shellife of fish and fishery products but also improving their marketability. In the recent years, significant development have taken place in the packaging industry. During the past decade in India, there is almost a packaging revolution with the availability of variety packaging materials, thus generating better packaging consciousness in other producer/manufacturing industries. But unfortunately, such realisation is not forthcoming in the fisheries sector and packaging techniques for local and export trade continues to be on traditional lines with their inherent drawbacks and limitations. Better packaging ensures improved quality and presentation of the products and ensures higher returns to the producer. Among several packaging materials used in fishery industry, ISI specifications had been formulated only for corrugated fibre board boxes for export of seafoods and froglegs. This standard was formulated before containersiation came into existance in the export of marine products. Before containerisation, the standards were stringent in view of the rough handling, transportation and storage. Two of the common defects reported in the master cartons exported from India are low mechanical strength and tendency to get wet. They are weakened by the deposits of moisture caused by temperature fluctuations during loading, unloading and other handling stages. It is necessary to rectify the above defects in packaging aquatic products and hence in the present study extensive investigations are carried out to find out the reasons for the damage of master cartons, to evolve code of practice for the packaging oi frozen shrimp for exports, development of alternative style of packaging for the shipping container, development of suitable consumer packaging materials for fish soup powder, cured dried mackeral, fish pickles in oil and frozen shrimp. For the development of suitable packaging materials, it is absolutely essential to know the properties of packaging materials, effect of different packaging materials on theirshelf life and their suitability for food contact applications.

Enzyme reactions as index of freshness of Fish and Shellfish

An attempt has been made in this study to screen some fish muscle enzymes to assess their potential worth in testing the degree of freshness of fish. A problem with routine enzyme activity determinations is the complexity of the method of enzyme assay. Hence, in the present study as far as possible simple assay techniques were adopted. Several species were screened to assess the possibility of employing this procedure on a large scale. It is hoped that findings of this study will lead to the development of meaningful criteria in testing the freshness of fish. This thesis has been divided into five chapters

Effect Of Raw Material Quality On The Shelf Life Of Frozen Stored Fish And Fishery Products

Frozen storage characteristics and shelflife vary considerably among species as well as within the species (Powrie, 1973; Fennema. 1973). This can be attributed to the variation in the composition of fish among various species. In certain species like sardines and mackerel. wide seasonal variation in chemical composition occur within the species. These variations affect the quality and shelflife. The nutritional level of water. spawning, method of catching, struggling etc. are found to have profound influence on the condition of the fresh fish. Soon after death the deteriorative changes in fish start due to autolysis and bacterial growth. The rate of these changes depends mainly on temperature. The handling methods have great influence on bacterial contamination. Thus the type oi'handling. temperature control. period of chill storage. processing methods. type of freezing, condition of frozen storage and period of storage affect the quality and shelflife Of the fisho In the present study extensive investigations were carried out on various factors affecting the quality of fish as well as their effect on the physical. chemical and sensory qualities of fish during frozen storage and the shelflife

Prevalence of Salmonella in fish and crustaceans from markets in Coimbatore, South India

Seven hundred and thirty fishes and 276 crustaceans collected from various fish markets of Coimbatore, South India, over a period of 2 years (September 1990 to August 1992) were analysed for the prevalence of Salmonella. Fishes (14·25%) and 17·39% of crustaceans were found to be contaminated with Salmonella. Of the different fishes analysed, the highest incidence of Salmonella was seen in Scopelidae (28%) followed by Trachnidae (26·9%). Among crustaceans Portunus pelagicus (33·33%) showed the highest incidence followed by Scylla serrata (28·57%). A well-marked seasonal variation in the incidence pattern was observed in both fishes and crustaceans with a higher incidence during monsoon season followed by post-monsoon and pre-monsoon. The region of the body that showed frequent isolation was the alimentary canal in fishes (41·33%) and gills (35·06%) in crustaceans. Serotyping of the isolates revealed prevalence of Salmonella weltevreden, Salmonella typhi, Salmonella paratyphi B, Salmonella mgulani and Salmonella typhimurium in both fishes and crustaceans. Salmonella senftenberg was isolated only from crustaceans

Antibiotic resistance of Aeromonas hydrophila isolated from marketed fish and prawn of South India

A total of 319 strains of Aeromonas hydrophila were isolated from 536 fish and 278 prawns for a 2-year period. All the strains were tested for resistance to 15 antibiotics and 100% of the strains was resistant to methicillin and rifampicin followed by bacitracin and novobiocin (99%). Only 3% of the strains exhibited resistance against chloramphenicol. The multiple antibiotic resistance (MAR) indexing of A. hydrophila strains showed that all of them originated from high-risk sources