Good morning, and thank you to the American Society for Public Administration for the Paul Volcker Public Integrity Award. I regret that I cannot be with you in person today, but I am deeply grateful for this award, and for the opportunity to share some reflections. It is a humbling honor just to be mentioned alongside Chairman Volcker. He stands out as a towering figure in economics and central banking, perhaps our greatest public servant in the economic arena. His legacy is one of commitment to serve the public selflessly, courageously, and with the highest degree of integrity. Paul Volcker exemplified integrity in public service, enabling him to earn the trust of presidents and lawmakers from both parties. He served at the Treasury under three presidents—Kennedy, Johnson, and Nixon—before leading the Federal Reserve from 1979 to 1987, nominated by President Carter and reappointed by President Reagan. Non-political, non-partisan service is the bedrock of the Federal Reserve, and no one embodies that virtue more than Paul Volcker. At the Fed, his defining test came in confronting double-digit inflation in the early 1980s. Despite political pressure and a painful recession, he held firm to his commitment to bring inflation down. In a speech at the Economic Club of Chicago on May 19, 1982, with unemployment above 9 percent and critics calling for him to change course, Volcker acknowledged the pain of wringing out inflation through high interest rates but held out the prospect of a return to price stability, and with it a much brighter future. And he deserves a good part of the credit for achieving just that future and launching our economy on a period of low and stable inflation and steady growth that we now look back on as the Great Moderation. His willingness to resist short-term pressures in the interest of achieving lasting price stability demonstrated the courage and long-term perspective that define principled public service. Paul Volcker set an example that all public servants should emulate. His actions remind us that independence and integrity are inseparable—we need independence to do what is right, and we need integrity to use that independence wisely. Ultimately, each of us will want to look back at the arc of our lives and know that we did what was the right thing. As Paul Volcker showed throughout his career, in the end, our integrity is all we have. Thank you again for this humbling honor.

The current reports for the week of March 17, 2026 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data. Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

SIFMA has confirmed its previous holiday recommendations for the U.S., the U.K., and Japan in observance of the Good Friday and Easter Monday holidays. United States SIFMA recommends an early close at 12:00 p.m. EST on Friday, April 3, 2026 in observance of Good Friday. United Kingdom SIFMA recommends a full market close on Friday, April 3, 2026, in observance of Good Friday and a full market close on Monday, April 6, 2026, in observance of Easter Monday. Japan SIFMA recommends a full market close on Friday, April 3, 2026, in observance of Good Friday and an early close at 3:00 p.m. JST on Monday, April 6, 2026 in observance of Easter Monday. Also consistent with past practice, SIFMA recommends that Friday, April 3, not be treated as a good settlement day for secondary market transactions in U.S. government securities, federal agency debt and mortgage-backed securities, corporate bonds, and municipal bonds. Additionally, SIFMA recommends for U.S. government and federal agency debt a T+2 settlement cycle for trades entered on Friday, April 3. SIFMA is making no settlement recommendations for money market transactions. SIFMA also notes the following regarding Friday, April 3: The U.S. Bureau of Labor and Statistics is releasing their Employment Situation Report. (See: BLS Release Calendar) The CME Group’s trading floor will close at 10:15am CT (See: CME Group’s Trading Floor Holiday Schedule). CME Group’s CME Globex for CME Cryptocurrencies, FX and Interest Rates will close at 10:15am CT, and GME Globex Equities will close at 8:15 a.m. CDT (See: CME Globex Holiday Schedule). The Depository Trust Company will be open for limited processing on April 3. (See: DTC 2026 Holiday Schedule press release).  However, there will be no Continuous Net Settlement (CNS) processing on April 3. The Fixed Income Clearing Corporation will be closed. (See: FICC 2026 Holiday Notice) The National Securities Clearing Corporation will be closed. (See: NSCC holiday notice for 2026) For the purposes of TRACE reporting, FINRA will be closed. (See: FINRA TRACE Holiday Calendar) The Federal Reserve Bank of New York will be open. (See: Holidays Observed by the Federal Reserve) These recommendations apply to trading of U.S. dollar-denominated government securities, mortgage- and asset-backed securities, over-the-counter investment-grade and high-yield corporate bonds, municipal bonds and secondary money market trading in bankers’ acceptances, commercial paper and Yankee and Euro certificates of deposit. The early close will not affect the closing time for settlements. SIFMA’s recommended early and full market closes are recommendations only; each member firm should decide for itself whether its fixed income departments remain open for trading. All SIFMA recommendations are subject to change due to market conditions.

Good morning, everyone. Thank you for the opportunity to join you today and speak about something profoundly practical: how small businesses raise capital—and how we’d like your help in simplifying and improving that journey. Before we explore that, though, let me note that we are providing our remarks today in our official capacities as the Deputy Directors of the Office of the Advocate for Small Business Capital Formation. They do not necessarily reflect the views of the Securities and Exchange Commission (the "Commission"), the Commissioners, or other members of the Commission Staff. Turning back to small businesses, every great business starts with an idea—maybe it’s at a kitchen table, scribbles on a napkin, a phone call to a friend who may become a first investor, or a community seeking to tackle a common problem. Our job in the Office of the Advocate for Small Business Capital Formation is to make that journey—from that proverbial kitchen table to the cap table—understandable and navigable. Why Voices Matter | “Listen → Learn → Improve” We like to frame our work with a simple loop: Listen → Learn → Improve. We listen to founders, their investors, and the advisors and ecosystem builders that support them; we learn what’s happening in the market and how different companies, investors, and geographic areas are affected by our rules; and we work to improve things for small businesses by sharing that feedback with policy makers to enhance capital-raising pathways and by incorporating those insights into education and further outreach. Our Office was established by Congress to advance the interests of small businesses—from early-stage companies to smaller public companies—and their investors at the SEC and in the capital markets. That charge includes engaging with the public to share educational resources and identify and understand capital–raising challenges. That essential feedback informs everything we do, including: (1) analyzing the potential impact of rules on small business capital formation; (2) working with small businesses and their investors to help problem-solve; (3) supporting the Small Business Capital Formation Advisory Committee; (4) organizing the SEC’s annual Small Business Forum; and (5) preparing an annual report to the Commission and Congress on the state of small business capital formation. Why is the work of this Office so important? Because small businesses are critical to the U.S. economy, job creation, and innovation. Entrepreneurship is a formidable engine of growth, and access to capital is a national priority. Our mission is to help small businesses and their investors navigate our regulatory landscape to raise capital to fuel that engine. What We’re Hearing - and How It Informs Our Work From North Carolina to California, from Montana to Arkansas, the feedback we gather helps inform policy by allowing us to bring market perspectives to discussions with the Commission and the rule‑writing divisions. We listen in places where capital is scarce and ambition is abundant—because rules should fit the realities of the people who use them. This ongoing loop—listen, learn, improve—anchors our mission. Tools that Guide from Complexity to Clarity A question for the crowd: Who here has struggled to pinpoint the right pathway for a client—or help them understand the steps to use it? That’s exactly why we built a suite of small business-friendly tools to help. A military veteran building a manufacturing startup in rural America; a community member considering investing in a local emerging fund; an angel investor mentoring in a historically underserved neighborhood. These are just a few examples of the small businesses and investors our Office has engaged with and who make up part of the 36.2 million U.S. small businesses that are essential to job creation and innovation across the country.[1] We are proud to be part of the ecosystem that fuels this formidable engine of growth. That’s why access to capital is a national issue—not a niche concern. When entrepreneurs face capital-raising questions, they shouldn’t need to be experts in securities laws to find their next step. They should have access to resources and advisors to help answer their questions and help them get from complexity to clarity. Our Office is here to help educate and guide them to appropriate resources—resources even their advisors may find useful in helping them prepare to raise capital. Think of the capital formation journey as a trail. The trailhead is our Resources for Small Businesses page—a central portal that organizes resources across phases of the journey. Encourage your clients and communities to bookmark it. Here’s a quick tour: The Funding Roadmap is a printable overview mapping financing choices from personal savings to grants and loans, to raising capital from investors, and explaining where securities laws enter the picture. Navigate Your Options is an interactive “choose-your-adventure” tool that identifies potentially relevant regulatory pathways based on basic questions about the business. This tool is great for first‑time founders and for advisors triaging options. Our Glossary includes plain‑English definitions for many of the terms founders and investors encounter, including foundational terminology and specific investing- and fund-related terminology—along with shortcuts to additional resources for those—like lawyers!—looking to dig deeper. Building Blocks are one‑page explainers on fundamentals—like accredited investors, general solicitation, private funds, exits and liquidity, consequences of non‑compliance, and more—with new topics added and printable versions to share widely. For those looking for a deeper dive, check out Exempt Offerings and Going Public pages, which provide additional information for teams preparing for specific exempt pathways or those considering an IPO or wanting to learn more about public company obligations. Finally, check out our educational videos. Our Let’s Talk Small Business series includes short interviews with entrepreneurs, investors, and ecosystem builders who provide tips and share insights into a variety of small business topics. Our Rulemaking Videos summarize new and proposed rules that may affect small businesses and explain how to comment to share your perspective. Our tools meet audiences where they are. They help small businesses navigate—and help their advisors guide them—from complexity to clarity.  These tools exist to make the language and logistics of capital raising more accessible to founders, investors, and the advisors who support them. Closing the Loop | A Direct Call to Advisors and Lawyers At this point, you may be asking how our Office’s mission and resources relate to you and your work. Where do you fit into our listen-learn-improve plan? Advisors and counsel are closest to what’s working—and where friction lives. You play a critical role for countless businesses, investors, and ecosystem builders. We hope our resources help you to empower your clients and communities to make the best use of your time and guidance—a way for them to research, reference, and reinforce the valuable advice you have to offer. And we do apologize if this means fewer billable hours. We also welcome your feedback, comment letters, and recommendations to help the Commission better understand the issues you see and think creatively to arrive at innovative and market-driven solutions. The Commission considers, values, and appreciates public feedback and perspectives in all of its policy initiatives; your voice belongs in that discussion! Let us end where we began—with the journey from kitchen table to cap table. Every founder’s path should be understandable, navigable, and shaped by real-world feedback. With that in mind, here are three actions you can take now: Help companies, investors, and other advisors discover the Resources for Small Businesses page and its tools so more small businesses reach the right guidance earlier. Identify areas where more resources and tools are needed to support small businesses and their investors. Are there common misconceptions? Areas where the rules are confusing for clients?  Let us know how we can help you and your clients and communities. Participate in the discussion and encourage clients to share their perspectives. Whether it’s at the SEC’s annual Small Business Forum, a Small Business Capital Formation Advisory Committee meeting, a policy roundtable discussion, or open comment file, help us improve by sharing your experiences, highlighting what is working, and identifying where changes are needed. Your work and expertise across the market is a data set. When you share feedback and submit comments—grounded in client experiences—you help us see where compliance bites harder than intended and where clarity could unlock responsible capital. As you advise and counsel clients, don’t just interpret the rules—improve them. Tell us what you are seeing and be part of improving the market and the regulatory landscape. Together, we can make the capital formation marketplace work better for everyone. Thank you for partnering with us to listen, learn, and improve. [1] SEC Office of the Advocate for Small Business Capital Formation, “Staff Report for Fiscal Year 2025” (2026) at p. 4.

The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) will hold a public hearing on Tuesday, 24 March 2026, in two sessions. Participation in the hearing requires registration - find all details below.  This session covers the draft RTS developed under Article 19(9) of Regulation (EU) 2024/1624, establishing criteria for identifying business relationships, occasional and linked transactions and lower thresholds. The public consultation on this draft RTS is open until 8 May 2026, 23:59 CEST — to contribute your views, click the button below: Consultation 19(9) Click here for full details.

Monetary policy Central bank compliance with prohibitions on monetary financing and privileged access On 18 March 2026, in accordance with the Treaty on the Functioning of the European Union (TFEU) which tasks the ECB with monitoring the compliance of EU central banks with the prohibitions referred to in Articles 123 and 124 of the TFEU and the related regulations, the Governing Council approved the monitoring report covering 2025. Further information on this matter will be available in a dedicated section of the ECB’s Annual Report 2025, which will be published on the ECB’s website on 4 May 2026. Market infrastructure and payments Appia roadmap for Europe’s tokenised finance On 11 March 2026, following Governing Council approval, the ECB published an Appia roadmap which provides comprehensive information about the initiative, including its objectives, timeline and methodology, and invites stakeholders to provide feedback and propose ways they could actively contribute to this initiative. A related press release, together with the material related to the public consultation to gather this feedback which runs until 22 April 2026, is available on the ECB’s website. To recall, Appia is a strategic initiative to shape the development of a European tokenised financial ecosystem in which central bank money continues to play a pivotal role. It will bring together the Eurosystem as well as public and private sector stakeholders, with the aim of building integrated, innovative and resilient tokenised wholesale financial markets in Europe. Advice on legislation ECB Opinion on prudential supervisory powers in relation to anti-money laundering and counter-terrorist financing On 26 February 2026 the Governing Council adopted Opinion CON/2026/7 on its own initiative. ECB Opinion on emergency powers On 9 March 2026 the Governing Council adopted Opinion CON/2026/8 at the request of the Finnish Ministry of Justice. ECB Opinion on a proposed regulation as regards the simplification of the digital legislative framework (Digital Omnibus) On 10 March 2026 the Governing Council adopted Opinion CON/2026/9 at the request of the European Parliament. The Opinion will be published in due course on EUR-Lex. ECB Opinion on a proposal for a regulation as regards the simplification of the implementation of harmonised rules on artificial intelligence On 13 March 2026 the Governing Council adopted Opinion CON/2026/10 on its own initiative. The Opinion will be published in due course on EUR-Lex. Corporate governance ECB Recommendation on the external auditors of Българска народна банка (Bulgarian National Bank) On 18 March 2026 the Governing Council adopted Recommendation ECB/2026/8 to the Council of the European Union on the external auditors of Българска народна банка (Bulgarian National Bank). The Recommendation will be published in due course on EUR-Lex. Appointment of a member of the ECB’s Ethics Committee On 18 March 2026 the Governing Council decided to appoint Věra Jourová, former European Commission Vice-President for Values and Transparency, as member of the Ethics Committee for an initial three-year term starting on 1 May 2026. Ms Jourová will succeed Virginia R. Canter. In line with the European Commission’s internal rules for post-mandate activities, Ms Jourová has obtained clearance to take on this role for the ECB, should the Governing Council so decide. ECB Banking Supervision ECB Annual Report on supervisory activities 2025 On 3 March 2026 the Governing Council approved the ECB Annual Report on supervisory activities 2025 and authorised its publication and transmission to the European Parliament, the Council of the European Union, the Eurogroup, the European Commission and the national parliaments of the participating Member States. The report was published on the ECB’s banking supervision website on 18 March 2026. It was presented to the Committee on Economic and Monetary Affairs of the European Parliament by the Chair of the Supervisory Board on the same day. ECB Decision on the total amount of the annual supervisory fees for 2025 On 5 March 2026 the Governing Council adopted Decision ECB/2026/7 on the total amount of annual supervisory fees for 2025. Compliance with the European Banking Authority (EBA) Guidelines on environmental scenario analysis On 6 March 2026 the Governing Council did not object to a proposal by the Supervisory Board to notify the EBA that, for the significant institutions under its direct supervision, the ECB intends to comply by 1 January 2027 with the Guidelines on environmental scenario analysis (EBA/GL/2025/04). These EBA Guidelines complement the EBA Guidelines on the management of Environmental, Social and Governance risks by specifying supervisory expectations regarding how institutions should conduct environmental scenario analysis. Administrative penalty imposed on one euro area bank On 10 March 2026 the ECB announced that it had imposed an administrative penalty of €2,260,000 on Nordea Finance Finland Ltd for having wrongly reported its largest exposures and breached the large exposures limit. A related press release is available on the ECB’s banking supervision website.

Elavon has signed a merchant acquirer and processor license agreement with Bancontact Company, the domestic payment scheme in Belgium with over 18 million Bancontact cards in circulation. Elavon, one of Europe’s largest merchant acquirers, will now offer merchants throughout Belgium direct acquiring services for Bancontact transactions, in addition to continuing to support international card scheme transactions.     Elavon will begin supporting Bancontact card-present transactions from January 2026, followed soon after by card-not-present transactions, including both Ecommerce and Mcommerce transactions. Thanks to the agreement between the two companies, Elavon will be able to serve businesses and consumers with a broader choice of payment options in Belgium.      Hemlata Narasimhan, President, Elavon, says, “Enabling businesses to take fast, simple payments to meet the needs of their customers – and, ultimately, get paid themselves in an efficient manner – is critical to their growth. We are delighted that, as a result of this agreement, Bancontact Company will benefit from our resilient pan-EU platform, customer service and core payment capabilities. This will help our customers offer their customers a comprehensive suite of payment options in Belgium.”    Nathalie Vandepeute, CEO, Bancontact Company says, “Signing this agreement with Elavon marks a significant step in our ongoing commitment to enhancing the payment experience for both businesses and consumers in our Belgian market and beyond. By extending our partners network with a trusted global partner like Elavon, we are providing merchants and customers the possibility to pay with Bancontact, the local payment solution. This partnership will support the continued growth of digital payments across Belgium, ensuring that businesses of all sizes can offer their customers the convenience and security they expect."    Elavon continues to evolve its pan-European strategy by adding Bancontact to the list of payment schemes it offers, demonstrating its commitment to remain at the forefront of European payments. In Belgium, Elavon now provides acquiring services for Bancontact, Visa, Mastercard, American Express, Discover, China Union Pay, and JCB. 

Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange will be closed on Friday, April 3, 2026, for Good Friday. The Exchanges will re-open and resume regular trading hours on Monday, April 6, 2026.

The Commodity Futures Trading Commission’s Market Participants Division and Division of Clearing and Risk today published responses to frequently asked questions concerning registrant and registered entity activities relating to crypto assets and blockchain technologies.  The responses provide further clarity to market participants on topics addressed in CFTC Staff Letter 25-39 (Tokenized Collateral Guidance) and CFTC Staff Letter 26-05 (Staff No-Action Position Regarding Digital Assets Accepted as Margin Collateral). RELATED LINKS FAQs Relating to Crypto Assets and Blockchain Technologies

The FCA has opened an enforcement investigation into Market Financial Solutions Limited (MFS). MFS is an Annex 1 business, which is solely registered with and supervised by us for its compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Annex 1 registered firms are not authorised or subject to wider FCA regulation. MFS entered administration on 25 February 2026.

Click here to download Malawi Stock Exchange's weekly summary report.

The European Council today appointed Boris Vujčić as Vice-President of the European Central Bank for a non-renewable 8-year term. The new Vice-President will replace Luis de Guindos as of 1 June 2026. The decision was taken after having consulted both the European Parliament and the European Central Bank's Governing Council. The Eurogroup gave its support to Mr Vujčić’s candidacy on 19 January. On 26 January 2026, the Council adopted a recommendation to the European Council on his appointment as Vice-President of the European Central Bank. Background Article 283(2) of the Treaty on the Functioning of the European Union specifies that appointments to the ECB executive board are made "by the European Council, acting by a qualified majority, from among persons of recognised standing and professional experience in monetary or banking matters, on a recommendation from the Council, after it has consulted the European Parliament and the governing council of the European Central Bank." The ECB executive board is responsible for implementation of eurozone monetary policy, as laid down by the ECB governing council. It is composed of the President, the Vice-President and four other members, all appointed for non-renewable eight-year terms. The governing council is composed of the six executive board members and the governors of the national central banks of the eurozone countries. Curriculum vitae of Boris Vujčić  Appointment of the European Central Bank executive board (background information)

The following offering circular has been approved by the Financial Conduct Authority and is available for viewing: Offering circular relating to the London Stock Exchange Group plc, LSEG Finance plc, LSEG Netherlands B.V. and LSEG US Fin Corp. £10,000,0000,000 Euro Medium Term Note Programme dated 19 March 2026. To view the full document, please paste the following URL into the address bar of your browser: http://www.rns-pdf.londonstockexchange.com/rns/4989X_1-2026-3-20.pdf A copy of the above Offering Circular has been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism For further information, please contact: London Stock Exchange Group plc Lucie Holloway, Rhiannon Davies  (Media)                  +44 (0) 20 7797 1222 Peregrine Riviere (Investors)              ir@lseg.com DISCLAIMER - INTENDED ADDRESSEES This announcement is a communication to the market. Nothing in this announcement constitutes an offer of securities for sale in the United States or any other jurisdiction. This announcement does not constitute a prospectus or a prospectus equivalent document. This announcement has been delivered to you on the basis that you are a person into whose possession this announcement may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorised to, deliver this announcement to any other person. The distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction. Likewise, the information contained in the Offering Circular may be addressed to and/or targeted at persons who are residents of particular countries specified in the Offering Circular only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Offering Circular is not addressed. Prior to relying on the information contained in the Offering Circular you must ascertain from the Offering Circular whether or not you are part of the intended addressees of the information contained therein. Your right to access this service is conditional upon complying with the above requirement. Legal Entity Identifier The legal entity identifier of London Stock Exchange Group plc is 213800QAUUUP6I445N30. The legal entity identifier of LSEG Finance plc is 2138009YFYTGEHZNNZ09. The legal entity identifier of LSEG Netherlands B.V. is 213800JCR9B7CYW7U265. The legal entity identifier of LSEG US Fin Corp. is 2138007FV67QQ13CGJ43.

BME’s fixed-income market, AIAF, has admitted to trading a new Commercial Paper Programme by Sociedad Estatal de Participaciones Industriales (SEPI) with a maximum outstanding balance of 1 billion euros.  Through this programme, SEPI will be able to flexibly issue commercial paper over the next 12 months with maturities of more than 3 days and up to 364 days, included, with an individual face value of 100,000 euros. This new programme marks SEPI’s return as an issuer to the wholesale capital markets after having utilized fixed-income financing instruments in the 1990s. Banca March will act as Arranger and Paying Agent for the issuances made under the programme. The placement of the commercial papers will be carried out by a broad group of financial institutions to be selected by SEPI.  J&A Garrigues has served as legal counsel to the issuer for the commercial paper program. SEPI has short-term and long-term ratings of A-1 and A+, respectively, both with a stable outlook, from the rating agency Standard & Poor’s Global Ratings. Sociedad Estatal de Participaciones Industriales (SEPI) is a strategic instrument for implementing the Government’s policy for the public business sector. Its mission is to ensure the profitability of the businesses in which the State holds an interest and to guide all actions in accordance with the public interest. Thus, SEPI’s management must balance economic profitability with social returns. SEPI was established in 1995 by Royal Decree-Law 5/1995 of June 16, subsequently enacted as Law 5/1996 of January 10, 1996, on the Creation of Certain Public-Law Entities, and is attached to the Ministry of Finance. Its scope of operations encompasses 14 companies in which it holds direct and majority stakes, comprising the SEPI Group, with a workforce of over 87.000 employees; it is also a shareholder in Corporación RTVE, oversees a public foundation, and holds direct minority stakes in 11 companies and indirect stakes in more than 100 companies.  The SEPI Group is one of the largest business organizations in the country and a key player in the economy; its holdings in companies across key sectors contribute to Spain’s economic growth and strategic autonomy in Europe and, by extension, in the global market.  Its total revenue in 2024 reached €6.355 billion, and the market capitalization of SEPI’s minority stakes in publicly traded companies was €10.730 billion. You can find more information about BME’s fixed-income markets on its website.

Today, ACER publishes its Recommendation on how national regulatory authorities (NRAs) should report barriers to non-fossil flexibility. The document provides clear guidance and indicators to ensure consistent reporting across Member States and help NRAs and relevant entities evaluate these barriers as part of their flexibility needs assessments. What is non-fossil flexibility? Non-fossil flexibility is the energy system’s ability to quickly adapt to changes in electricity supply and demand, without relying on fossil fuels or costly grid expansions. It does so by shifting electricity consumption or generation to times or locations where the system is less constrained. Unlocking flexibility helps foster a more efficient electricity system, supports the integration of renewables and contributes to lowering consumer bills.  Why an ACER Recommendation? The EU Electricity Regulation requires Member States to carry out flexibility needs assessments to determine how much clean flexibility their electricity systems require, including identifying existing barriers. These national assessments are harmonised across the EU through a common methodology approved by ACER in July 2025. ACER's Recommendation complements this process by:  Setting out clear guidance on which barriers, indicators and evaluation methods Member States may consider when preparing their assessments. Streamlining the assessment process, consolidating ACER’s prior work on barriers across all types of non-fossil flexibility. Ensuring comparable reporting across countries to support EU-wide analyses. What does ACER recommend? ACER recommends that NRAs, in coordination with relevant entities, consider the main barriers to non-fossil flexibility when drafting their national reports. These include: Legal gaps for households, new entrants or aggregators to participate in electricity markets and system operation services. Lack of enablers and incentives for flexibility, such as smart meters and flexible retail contracts. Restrictive rules for balancing and congestion management services. Complex, lengthy and discriminatory administrative requirements. Limited regulatory incentives for system operators to invest in non-wire, innovative grid technologies. What are the next steps?  Member States are expected to complete their flexibility needs assessments by July 2026. ACER will then have a year to analyse the findings and publish an EU-wide analysis, estimating flexibility needs across the EU, evaluating existing barriers to clean flexibility and providing recommendations on issues of cross-border relevance. Read more.

As of today, VINCORION SE (ISIN: DE000VNC0014) is listed in the Prime Standard of the Frankfurt Stock Exchange. The first price of the share was 19.30 euros. The current share price is available on Deutsche Börse. BNP PARIBAS, J.P. Morgan, and Joh. Berenberg, Gossler & Co acted as Joint Global Coordinators and Joint Bookrunners. COMMERZBANK, in cooperation with ODDO BHF, and UniCredit are additional Joint Bookrunners. The designated sponsor in Xetra trading is Joh. Berenberg, Gossler & Co. The specialist on the trading venue Frankfurt is Baader Bank. According to its own information, VINCORION SE is a leading developer and manufacturer of energy and mechatronics solutions for defense platforms and advanced aviation systems, with a focus on innovative energy systems. The company, based in Wedel near Hamburg, has approximately 900 full-time employees at locations in Germany and the USA and generated revenues of around €240 million in 2025. Further information can be found in our primary market statistics.

Speaker: Nikhil Rathi, chief executive Event: JP Morgan Pensions and Savings Symposium 2026Delivered: 20 March 2026 Key points Technology has the potential to transform how consumers see their pension savings. The transparency provided by dashboards could be a catalyst for greater engagement and changes in consumer behaviour. The pensions system must be ready to support a wide spectrum of consumer behaviours and support needs. From well-designed defaults to Targeted Support and simplified advice, firms and policymakers must empower consumer agency, while ensuring appropriate guardrails are in place. Retirement decisions are increasingly interconnected across pensions, housing and wider financial resilience. As consumers consider their financial futures more holistically, the system must work together to support informed long-term decision making. Last year, I spoke about the importance of getting on the right track. That if we want better consumer outcomes – as well as stronger capital markets to support growth – we need to think beyond individual products and look at the whole financial journey. How pensions interact with housing wealth…How savings interact with advice…And how all these decisions evolve across a lifetime. Over the past year, we have made good progress. Targeted Support goes live next month, helping bridge the gap between generic guidance and regulated advice. The ABI saysLink is external  this could be 'one of the most significant engagement shifts in pensions since auto-enrolment'. And with 75% of DC pension holders over 45 having no clear plan for taking their money at retirement, a big opportunity to help secure better outcomes at lower cost. For those wanting more personalised advice, we will be proposing next week to simplify rules – expanding access for consumers while reducing complexity for firms. Then there’s work on later life lending and pension transfers - which I will speak more on later. Alongside lending our support to the industry-led retail investment campaign going live shortly, and continuing work with the Investment Association and industry on making risk information more effective. So, a huge amount both delivered and underway, working closely with the Pensions Regulator, Government, and others. And it’s encouraging to see the level of attention pensions are receiving across the political system. But today I want to focus on how technology is changing the foundational context in which we are having this pensions debate. As technology makes people much more aware of – and able to act on – their financial wealth, what happens next? And is our pensions system ready for the potential demand and behavioural shifts that follow? Technology drives visibility We’ve seen markets reacting sharply to announcements related to tech and AI capabilities. Quickly branding subsectors of financial services as AI winners or losers.  Investors clearly anticipating dramatic structural change. For pensions, one of the most significant changes will be how technology drives visibility. Dashboards will soon allow tens of millions of people to see their pension wealth in one place for the first time. We can’t predict exactly how that might change behaviour. Some, the first time, will simply look and move on. But experience across financial services – auto-enrolment, Open Banking - suggests that when information becomes easier to see and understand, consumer engagement often increases. The practical first step for dashboard users will be reaching out to pension administrators to confirm and update basic personal details. So we have to ask ourselves: with tens of millions of pots suddenly becoming visible, are administrators doing enough to prepare for a significant increase in queries? And considering the quality of the customer experience they provide. Behavioural shifts In the next stage – as people re-connect with lost pension pots – we should expect more interest in consolidation and transfers. Making it particularly important this part of the market is functioning well. Our Financial Lives Survey showed many customers don’t take investment options, costs or other factors into account when transferring. And we’re concerned that existing processes don’t always support meaningful comparison between schemes - particularly for non-advised customers. The challenge is not simply providing consumers with information; it’s providing the right information in a way that supports understanding of long-term consequences.   We have set out some proposals on transfers, to be tested.  But nothing is set in stone; we know we have some re-thinking to do, and welcome alternative ideas.  We hopefully can all agree this is an opportunity to modernise systems across industry. And in the longer term, we shouldn’t underestimate the potential for broader behavioural shifts.  A report released by the Social Market FoundationLink is external on Wednesday, suggests 54% of Gen X will have inadequate retirement incomes, with half over-estimating their likely retirement income. Seeing accumulated pension savings alongside State Pension forecasts in a dashboard, could be quite a profound moment of realisation for many. Some will be prompted to act – whether it’s upping their contributions, questioning investment strategy, or re-thinking target retirement age. So the pensions system will increasingly need to cater to a spectrum of behaviours and support needs. A question for us – as policymakers and industry – is whether we are ready to accommodate more active engagement where it arises. And to do so at pace. Risk Some will point to the risks of doing so. Greater consumer engagement doesn’t automatically translate into better outcomes. We should be honest that results will not be even across the board. That can feel uncomfortable – especially when we are talking about something as charged as security in retirement.  But it doesn’t mean we can, or even should, try to mitigate risk entirely. Too often discussion focuses only on the risks of doing something, rather than weighing the risks of doing nothing. Take the mortgage market as an example. We were seeing large groups of consumers left underserved because of affordability assessments applied too restrictively.  Otherwise creditworthy borrowers, shut out. Grappling with the high costs and lower security of renting. More financially vulnerable both now and into the future. So we had to consider how to widen access, while maintaining responsible lending standards and acknowledging potential risks. We decided to take targeted action to clarify the flexibility already available under our rules. Eighty-five per cent of lenders updated their approach and can now offer about £30,000 more to many borrowers.  Getting more people into their own homes – including a sharp increase in the share of purchases made by first-time buyers. Just one example of why we have been vocal about the need to re-balance risk in the system – included in the latest FCA Strategy. Much of the public commentary around that idea has focused on supporting growth and competitiveness in UK financial services. And that is certainly part of the story. But re-balancing risk is also about improving consumer outcomes.  Helping people to understand the choices and risks that inevitably come up as they navigate their financial lives. And managing that risk with them, not for them. Consumer protection will always be central to our approach at the FCA. But protection doesn’t mean insulating people from every decision. Modern pensions policy has to move beyond that kind of simple paternalism: maintaining strong guardrails, yes, and of course respecting that pensions are about security of income in retirement (and also managing fiscal demands).  But also about empowering customers to make choices about what is, ultimately, their money. That is why we are introducing reforms like Targeted Support, and consulting on simplified advice. Our goal is not a ‘risk-free’ system, but a ‘risk-aware’ one. Technology So far, I’ve talked about the questions technology may prompt. But what about its potential to provide answers? When consumers have access to pensions data via dashboards, this will create clear commercial opportunities for firms to develop tools that support them to engage further. And researchLink is external by Lloyds Banking Group indicates over half of UK adults are already turning to AI to help manage their finances – with about 40% using it for future financial planning like pensions. Complex questions that once required specialist advice, can now be explored with digital tools more quickly and cheaply, and in more accessible ways. How would increasing contributions affect my retirement income? What difference would it make if I retired later? How might my investment choices influence what I get in retirement? Our December consultation set out proposals on pensions tools and modellers that will help consumers explore these kinds of questions and better understand their retirement options. And with researchLink is external suggesting around a third of consumers would welcome more personalised guidance after using a pensions dashboard, there is a genuine opportunity to innovate, compete, grow.  In parts of Asia we are already seeing digital models emerge which allow individuals to specify a financial goal and receive automated portfolio recommendations, potentially linked directly to execution at pace. Whether similar models develop here remains to be seen, but they illustrate a broader point. That technology is not just changing what consumers can see and expect, but what they are able to do. Meeting that demand will require strong data foundations and robust digital infrastructure. The firms that have invested in those capabilities are increasingly better-placed to meet the expectations of a more engaged generation of savers coming through. Others need to catch up – fast. So I’d encourage making use of all the FCA support available; our Innovation Pathways, Sandboxes and AI Live Testing can help firms trial new ideas safely before going to market. Taking a more holistic view The greater transparency provided by technology could also encourage consumers to think about retirement in a more integrated way. For many, retirement is a balance sheet issue, rather than simply a pensions one – involving total wealth managementLink is external across pensions, housing, and other savings. And for most households, the majority – around 80%Link is external - of their wealth at retirement sits in two places: pensions and housing. So it’s natural that decisions about retirement income and housing increasingly intersect. For homeowners, choices around downsizing, equity release, or later life borrowing can interact directly with how their pension savings are used. And as mortgage terms extend further into later life, and pensions savings gaps persist for some groups, housing wealth will play a larger role in supporting retirement living standards. Products like lifetime mortgages and retirement interest-only mortgages – currently more niche - may become more prominent parts of the retirement landscape. This raises important questions. How straightforward is it to understand the trade-offs between pension drawdown and borrowing to utilise housing wealth? And does the market currently provide the advice and support people need to navigate those choices with confidence? These are just a couple of the questions behind the market study we are running this year, the Terms of Reference for which we’ve published today. We’ll be looking at whether the later life mortgage market can and will develop in a way that meets evolving needs, including what changes might be required to make competition more effective for consumers. At the same time, exploring how consumers might be better supported to access more holistic advice and guidance on later life lending.  Appreciating these decisions are rarely straightforward – often spanning housing, inheritance, and long-term care planning considerations all at the same time.  And we can never lose sight of ensuring vulnerable consumers get the support they need and are not exploited. Of course, not everyone approaches retirement with housing wealth. For renters, the absence of housing assets materially changes the retirement equation. AnalysisLink is external from Standard Life suggests people who expect to rent during retirement could need an additional £398,000 in savings. With home ownership falling, this will only become a more pressing issue. Our interim pure protection study is looking at the structure of markets for products like life insurance and income protection, where take-up remains low despite the crucial role these can play in managing risk over the longer term. These different elements must work much better together to support consumers in making decisions about their financial futures.  So that retirement is a glide path, not a cliff edge. Closing The issues I’ve touched on this morning – technology, advice, housing and later life lending – all shape the financial resilience people carry into later life. They are so intersecting that there will inevitably be a number of bodies involved. But coordination doesn't mean everything has to move forward in lock step; different institutions will take forward different strands of work.  What matters is that the direction of travel remains aligned. And at the FCA, we are determined to keep moving at considered pace. Changes in technology, in visibility, in consumer engagement, demand this. Where improvements can be made today, we shouldn’t delay. So I hope this time next year, we will be in a position to mark further rapid progress.

London Stock Exchange Group plc (LSEG) announces today that it has purchased the following number of its ordinary shares of 679/86 pence each on the London Stock Exchange from Morgan Stanley & Co. International Plc (Morgan Stanley) as part of its share buyback programme, as announced on 26 February 2026: Ordinary Shares Date of purchase: 19 March 2026 Number of ordinary shares purchased: 348,774 Highest price paid per share: 8,692.00p Lowest price paid per share: 8,518.00p Volume weighted average price per share: 8,601.56p   LSEG intends to cancel all of the purchased shares.  Following the cancellation of the repurchased shares, LSEG has 500,381,188 ordinary shares of 679/86 pence each in issue (excluding treasury shares) and holds 21,451,599 of its ordinary shares of 679/86 pence each in treasury. Therefore, the total voting rights in the Company will be 500,381,188. This figure for the total number of voting rights may be used by shareholders (and others with notification obligations) as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. In accordance with Article 5(1)(b) of Market Abuse Regulation (EU) No 596/2014 (as it forms part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as implemented, retained, amended, extended, re-enacted or otherwise given effect in the United Kingdom from 1 January 2021 and as amended or supplemented in the United Kingdom thereafter) a full breakdown of the individual trades made by the Morgan Stanley on behalf of the Company as part of the buyback programme can be found at: http://www.rns-pdf.londonstockexchange.com/rns/3828X_1-2026-3-19.pdf This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction. Schedule of Purchases Shares purchased: 348,774 Date of purchases: 19 March 2026 Investment firm: Morgan Stanley & Co. International Plc   Aggregate Information: Venue Volume weighted average price Aggregated Volume Lowest price per share Highest price per share XLON 8,598.84p 323,349 8,518.00p 8,692.00p TRQX 8,636.04p 25,425 8,544.00p 8,692.00p

The Federal Court has today made declarations that Macquarie Investment Management Limited (MIML) contravened the Corporations Act by failing to place the Shield Master Fund (Shield) on a watch list for heightened monitoring. Based on a Statement of Agreed Facts and Admissions filed by the parties, His Honour Justice Wheelahan made declarations that MIML should have placed the Shield investment options on a watch list so that they could be subject to further monitoring, such as additional reporting, due diligence, performance monitoring or other follow-up action. ASIC commenced proceedings against MIML after accepting a court enforceable undertaking that Macquarie pay over 3,000 affected members 100% of the amounts they invested in Shield, less any amounts withdrawn (25-215MR). Approximately $321 million was paid to affected members in September last year. Deputy Chair Sarah Court said today’s outcome was another important milestone as part of ASIC’s 2026 enforcement priority related to the collapse of Shield. ‘Superannuation trustees play a crucial role safeguarding the retirement savings of their members. ‘Australians expect super trustees to take the steps necessary to monitor funds available on their platforms. ‘In this case, those steps could and should have triggered closer scrutiny of these investments. ‘Following ASIC’s investigation, Macquarie paid members quickly, providing them certainty by returning them to the position they were in before their retirement savings were eroded. ‘Today’s declarations reinforce that trustees must put members first and take active steps to identify and respond to risks,’ the Deputy Chair said. In his reasons, Justice Wheelahan said the declarations sought were appropriate because ‘they inform the public of the harm arising from Macquarie’s contravening conduct, and they deter other corporations from contravening the Corporations Act.’ The Court noted that ASIC did not seek a pecuniary penalty against MIML owing to what it considered the exceptional circumstances of the case, including payments made to investors. ASIC continues to investigate misconduct relating to the Shield and First Guardian Master Funds to hold those involved to account. Download Judgment Background MIML is a subsidiary of Macquarie Group Limited and is the superannuation trustee of the Macquarie Superannuation Plan and operates the Macquarie wrap platform. As superannuation trustee, MIML oversaw approximately $321 million in super investments into Shield by around 3,000 of its members between 2022 and 2023. In February 2024, ASIC halted new offers of investments in Shield by making interim stop orders on four product disclosure statements. In June 2024, ASIC took action to secure the assets held within Shield to preserve them for the benefit of investors while investigations continue. ASIC is investigating the conduct of the responsible entity for Shield, its directors and officers, the role of superannuation trustees, certain financial advisers, lead generators and others involved in the promotion and distribution of Shield. ASIC and APRA coordinated closely in relation to this matter, consistent with their collaborative approach to issues of shared regulatory interest. ASIC determined not to seek the imposition of a civil penalty against Macquarie given the exceptional circumstances, including: the strong public interest in obtaining a timely court-based outcome which will encourage other superannuation trustees to comply with their legal obligations in the context of choice platforms;  the interests of providing affected members who invested into Shield through a regulated superannuation fund with certainty in a timely manner; and  the level of cooperation demonstrated by Macquarie in agreeing to pay members 100% of the amounts invested in Shield less any amounts withdrawn, without waiting for an outcome of the Shield liquidation or proceedings against other parties involved.   Proceedings that ASIC has commenced against Equity Trustees Superannuation Limited seeking compensation for investors in Shield (25-176MR), and against Diversa Trustees Limited seeking compensation for investors in First Guardian (25-296MR), are continuing. In December, ASIC announced that Netwealth agreed to pay over $100 million in compensation to more than 1,000 Australians who invested their superannuation in the First Guardian Master Fund and has admitted it contravened the Corporations Act (25-307MR).

The Monetary Authority of Singapore (MAS) today announced the successful conclusion of phase two of Project MindForge[1], which culminates in the publication of an Artificial Intelligence (AI) Risk Management Toolkit for the financial services sector. This toolkit, developed collaboratively by a consortium of 24 leading banks, insurance companies, capital market firms, and other industry partners[2], provides financial institutions with resources for managing AI-related risks across traditional AI, generative AI, and emerging agentic AI technologies.2  The MindForge AI Risk Management Toolkit features an ‘AI Risk Management Operationalisation Handbook  ’ that provides detailed, practical guidance on implementing AI risk management frameworks. This handbook is accompanied by a supplement that features a compilation of AI case studies  that document the experiences and lessons learned from financial institutions. These examples offer insights into the challenges, approaches and risk management practices when using AI in different organisational contexts.3  MAS is presently reviewing responses to an earlier public consultation on a set of Guidelines on AI Risk Management.[3] The Operationalisation Handbook is organised into four sections, which are aligned with MAS’ proposed Guidelines: a. Scope and oversight – Establishment of AI governance framework, and clarity of roles and responsibility for AI oversight.b. AI risk management – Identification of AI usage, risk materiality assessment, and AI inventorisation through organisational systems, policies and procedures.c. AI lifecycle management – Implementation of controls covering the entire lifecycle of AI use.d. Enablers – Development of organisational capabilities, infrastructure, and resources to enable ongoing responsible AI use and risk management. 4  The Operationalisation Handbook will be periodically updated as the use of AI in the industry matures and to reflect MAS’ supervisory expectations. To facilitate broader industry adoption of AI risk management practices and solutions, MAS will establish an AI risk management workgroup comprising MindForge consortium members and other industry practitioners under the BuildFin.ai[4] initiative to develop implementation resources, facilitate knowledge sharing, and build capabilities and frameworks for managing risks from newer AI technologies such as agentic AI.5  Kenneth Gay, Chief FinTech Officer, MAS said, “The development of the MindForge AI Risk Management Toolkit, including the release of the Operationalisation Handbook, marks a major step forward in our journey to ensure the responsible adoption of AI in finance. We are committed to fostering a culture of continuous engagement and strengthening of AI governance and risk management practices across the industry. The BuildFin.ai programme also serves as a foundation for our next phase of collaboration in AI risk management, to bolster the safe adoption of AI across the financial industry.” **** [1] Project MindForge, launched by MAS in mid-2023, aims to strengthen AI risk management for financial institutions deploying AI technologies in their services and operations. [2] Please see Annex A for the list of consortium members. [3] For more details of the proposed MAS Guidelines for Artificial Intelligence Risk Management, please refer to https://www.mas.gov.sg/news/media-releases/2025/mas-guidelines-for-artificial-intelligence-risk-management [4] BuildFin.ai is a new initiative launched by MAS that brings together technology providers, research institutes, and financial institutions to collaboratively tackle complex industry challenges. The initiative aims to create shared resources and solutions that benefit the entire financial ecosystem by pooling expertise and data to address common problems.