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.

Thank you, Chair, and members of the Committee, for the opportunity to appear today. I am joined today by Commissioner, Kate O’Rourke, Executive Director, Enforcement and Compliance, Chris Savundra and Senior Executive Leader, Sustainability, Financial Reporting and Audit, Claire LaBouchardiere. A key strategic priority for ASIC is strengthening market disclosure, specifically financial reporting, sustainability reporting, and audit. In terms of enforcement, financial reporting misconduct and auditor misconduct remain priorities for ASIC. High quality financial reports and audits are critical to informed investor decision making and market integrity. As we have discussed before with the Committee, ASIC’s role in relation to auditors has some constraints that can impact our ability to take action. ASIC regulates individual registered company auditors and authorised audit companies. We administer the requirements of the Corporations Act as it relates to auditor independence and audit quality.  ASIC does not regulate the accounting or consulting professions more broadly. Many large accounting, audit and consulting firms operate as partnerships – we do not have the power to regulate these. We also do not regulate the staff within these firms who are not registered with ASIC. The role of an auditor is to independently examine a company’s financial reports to ensure they comply with the Corporations Act 2001 and accounting standards, and to determine whether the reports provide a true and fair view of the entity’s financial position and performance. ASIC continues to investigate and take enforcement action against auditors who breach the law, and we share information with the professional accounting bodies where possible. Information sharing ASIC has worked with the professional bodies to improve the regularity and efficiency of information sharing and we have now formalised regular information sharing arrangements, replacing earlier ad hoc processes. This has improved the timeliness of referrals and reduced the risk of regulatory gaps between ASIC and the professional bodies. The professional bodies play a key role in upholding ethical standards, and ASIC works closely with them to share conduct concerns about individuals who are both ASIC-regulated and members of a professional body, so that matters are addressed appropriately. Strategic work and regulatory outcomes We have continued to enhance and expand our surveillance work. We have now reviewed financial reports and audits of registrable superannuation entities for the first time, and in September last year we released a report that found directors, superannuation trustees and auditors need to improve the quality of financial reports and audits, particularly when valuing investments in unlisted funds. In October last year, ASIC released a separate report which found that auditors from firms of all sizes often could not demonstrate compliance with independence and conflict of interest obligations. We are now selecting audit files for review where we have independence concerns to consider whether there is an impact on audit quality. Another report in October last year into oversight of financial reporting and audit reviewed 254 financial reports from listed and large proprietary companies and conducted surveillance of a further 22 companies. The result was 18 companies making or agreeing to make changes to their financial reports, most commonly to address inadequate disclosure of material business risks in the Operating and Financial Review. In 2025–26, our audit surveillance program will expand to 25 audit file reviews, up from 15 in 2024–25, with files selected both randomly and where there are concerns about auditor independence and conflicts of interest. We will monitor the response to the findings of these reviews. Our surveillance work will now include reviews of mandatory sustainability reports. We will take a pragmatic and proportionate approach to supervision and enforcement in the early years, supporting industry through guidance and education. ASIC has recently strengthened its enforcement actions against company auditors. Since June 2025, ASIC has reported enforcement outcomes including imposing conditions on registration, referring matters to the Companies Auditors Disciplinary Board (CADB) resulting in cancellation of registration and issuing infringement notices. The most recent enforcement action was the commencement of civil penalty proceedings in the Federal Court against authorised audit company, BDO Audit (WA) Pty Ltd (BDO Audit), and one of its directors.

THe Security Traders Association of Chicago (STAC), a membership organization representing securities industry professionals and an affiliate of the Security Traders Association (STA), has opened the application period for its STAC Fund Scholarship program for the 2026 – 2027 academic year.  The STAC Fund Scholarship provides financial support to college students who are interested in building careers in finance, trading and related fields. Through this annual initiative, STAC remains dedicated to encouraging the next generation of industry leaders by helping students pursue their educational and professional goals.  The scholarship is available to all students in the Chicago area, regardless of any connection to STAC. STAC members, as well as their spouses and dependent children, are also eligible to apply, though affiliation with the organization is not required. “We’re excited to launch the next scholarship cycle and continue STAC’s tradition of investing in the future of our community,” said Matt Tobin, STAC President. “Supporting students as they advance their education and deepen their understanding of financial markets is a core part of our mission. We’re proud to have awarded 24 scholarships to outstanding local students in 2025, and we look forward to helping another group of talented individuals take the next step toward leadership in our industry.”  Applications and all required supporting materials must be submitted online through the STAC website. The digital application and complete eligibility criteria can be found here, and submissions will be accepted through April 24, 2026.  Founded in 1991, the STAC Fund is a 501(c)(3) organization established to provide college scholarships to deserving students and to make grants to charitable and educational institutions. The STAC Fund is committed to giving back to the Chicagoland community while promoting financial awareness and literacy. Over the past decade, the STAC Fund has contributed more than $600,000 in scholarships and charitable donations through the generosity of STAC members, sponsors, and supporters. 

Apex Group Ltd (“Apex Group”), a global financial services provider with over $3.5 trillion in assets serviced, in collaboration with Coinbase Asset Management (“CBAM”), today announced the launch of the tokenized Coinbase Bitcoin Yield Fund on Base. Apex Group is enabling world class institutional asset managers like Coinbase Asset Management, to offer clients more functionality with their investment holdings. The enablement of a tokenized Coinbase Bitcoin Yield Fund represents a clear step forward in modernizing regulated fund distribution onchain. When identity and eligibility are enforced at the token level, the tokenized share class is set up to interact with compatible platforms, wallets, and infrastructure without compromising compliance. This opens the door to more efficient distribution models and future secondary‑liquidity frameworks while maintaining strict controls. The initiative combines Apex Group’s global transfer agency capabilities with blockchain infrastructure powered by the ERC‑3643 permissioned token standard to deliver a digitally native share class within a fully compliant framework. The ERC-3643 structure embeds compliance rules directly into the smart contract providing interoperability across the broader digital asset ecosystem. Investor onboarding is conducted through the CBAM Investor Portal powered by Tokeny, ensuring every participant is linked to a compliant on chain identity. This preserves regulatory safeguards while improving operational efficiency. Each investor is verified and approved before subscribing to, holding, or transferring digital shares, with identity integrated at the core of the token architecture. Token issuance and book‑entry records remain aligned with the fund’s NAV lifecycle, maintaining the integrity of traditional share registry processes. Regulators are highlighting the need for token standards that embed compliance into digital assets. In a recent speech, the SEC Chairman pointed to the importance of using frameworks “such as ERC‑3643” that enforce compliance at the token level.  Peter Hughes, Founder and CEO at Apex Group, commented: "Digital assets are no longer a future ambition, they are becoming the infrastructure of modern fund distribution. The tokenized share class of the Coinbase Bitcoin Yield Fund is a concrete demonstration that institutional-grade compliance and blockchain efficiency are not in conflict. Because compliance travels with the token, these structures can connect to a growing ecosystem of digital distribution platforms, including our own Apex Invest.io, opening new channels for managers and investors alike." Anthony Bassili, President of Coinbase Asset Management, added: “Tokenized fund infrastructure has finally arrived and is ready to scale. It needs to meet the same regulatory and operational standards investors expect from traditional markets. The Coinbase Bitcoin Yield Fund’s tokenized share class shows that you can bring real‑world assets onchain while preserving the full compliance stack. By integrating identity and eligibility at the token level, this structure lays important groundwork for scalable, institutional‑grade digital distribution. We’re pleased to work with Apex Group as the industry moves toward more efficient, interoperable fund models.” The launch of the Coinbase Bitcoin Yield Fund’s tokenized share class to institutional and accredited investors offers a practical blueprint for institutional‑grade tokenized funds, illustrating how identity‑driven compliance and blockchain interoperability can coexist within regulated structures. As demand for digital‑native fund distribution increases, Apex Group continues to position itself at the forefront of compliant tokenization infrastructure, connecting traditional capital markets with next‑generation digital asset ecosystems. Coinbase Asset Management plans to launch a tokenized share class for its Coinbase US Bitcoin Yield Fund with Apex Group as well.

Comptroller of the Currency Jonathan V. Gould issued the following statement today at the Federal Deposit Insurance Corporation’s (FDIC) board meeting about two proposals to modernize the regulatory capital framework for banking organizations of all sizes. Today’s proposals are another important step in resetting the risk tolerance for the banking system and restoring banks to their proper role as financial intermediaries. The OCC currently estimates that the banks it supervises will see an aggregate reduction in minimum binding capital requirements of 6.9% under the proposed standardized approach. And the very largest OCC-supervised banks will see a reduction of 3.4% under the expanded risk-based approach. This increases lending capacity and gives banks more runway to support their communities and customers. These proposals would also simplify our regulatory framework by eliminating the need for calculating risk weights using multiple methodologies in parallel. Overly-complex or unintuitive regulatory frameworks frustrate accountability to elected officials and the public, impede economic growth, and compromise our ability to respond in a crisis. I would like to thank the OCC team as well as our colleagues at the FDIC and the Federal Reserve for their excellent efforts on these proposals. None of this would have been possible without the leadership of Chairman Hill and Vice Chair for Supervision Bowman, and I look forward to continuing to work with them as we review and respond to comments from the public. Related Links Notice of Proposed Rulemaking - Regulatory Capital Rule: Category I and II Banking Organizations, Banking Organizations with Significant Trading Activity, and Optional Adoption for Other Banking Organizations (PDF) Notice of Proposed Rulemaking - Regulatory Capital Rules: Regulatory Capital and Standardized Approach for Risk-weighted Assets (PDF)

I am pleased to present the 2025 Financial Report of the United States Government, which provides a comprehensive view of the federal government’s fiscal position, its long-term outlook, and the progress we are making toward restoring fiscal responsibility. This Report arrives at a consequential moment. Under the previous administration, deficits averaged roughly 7 percent of gross domestic product (GDP). There was no recession, no pandemic, and no major war to justify those deficits. Instead there was only an addiction to government spending that distorted the economy, slowed growth, and fueled inflation. This administration inherited an unsustainable fiscal trajectory. Whether we now rise to that challenge is, in no small part, a test of our national character. To that end, in 2025, the administration has focused on reigning in government spending and growing the economy through tax reform, a fundamental reset of regulatory policy, and energy abundance. Through growth, we can over time reduce the federal deficit to 3 percent of GDP, an attainable benchmark that is consistent with long-term fiscal sustainability. Already we have made real progress. The deficit-to-GDP ratio declined from 6.4 percent in fiscal year 2024 to 5.9 percent in fiscal year 2025. Measured on a calendar-year basis—which better reflects the President’s time in office—the improvement is even larger: a 1.6 percentage point reduction. This Report highlights these trends in federal revenues and expenditures and presents long-term fiscal projections that underscore both the seriousness of the challenge and the importance of continued reform. It reflects our commitment to transparency, accountability, and responsible stewardship of taxpayer dollars. A government that lives beyond its means ultimately erodes the foundations of its own strength. Getting our fiscal house in order is not only an economic imperative, it is also essential to preserving the strength and credibility of the United States at home and abroad. Under President Trump’s leadership, this administration intends to restore the United States Government to sound fiscal foundations, securing America’s Golden Age far beyond our own time.  

The Ontario Securities Commission (OSC) is warning the public about fraudsters who use fake regulators or impersonate actual regulators to offer a false sense of legitimacy to their scheme. Fraudsters create trading platforms that appear legitimate, using fake credentials and fabricated licensing numbers that link to fictitious Canadian or international regulators. Some of these platforms may even misuse OSC branding to convince investors that they are registered, when they are unlicensed and have no affiliation with the OSC. “These scams are built on false claims and attempt to imitate the Ontario Securities Commission (OSC) in order to pressure people into sending money. We want investors to know that the OSC does not contact individuals to recover funds or promote investment opportunities,” said Bonnie Lysyk, Executive Vice President, Enforcement at the OSC. "If you receive an unsolicited message that claims to be from us, please check with the OSC before taking any action.” The OSC is also aware of emails impersonating OSC staff as part of a scheme that promises to recover investor funds lost due to these fraudulent activities. The emails indicate that the OSC is contacting the individual in order to protect and recover dormant or potentially compromised digital assets. The email will often ask for payment, either to validate ownership or for tax purposes. However, the emails come from non-OSC email addresses such as support@blockchainsforensics.org”, which are unaffiliated with the OSC. They may also include the name of the non-existent “Blockchain Forensics & Asset Recovery Division” as well as using fake OSC email signatures. These are fraudulent schemes designed to pressure victims into sending additional funds. Fraudsters often target people who have already been victimized by a previous scheme and claim they can recover the money for a fee. They may also ask for personal information to undertake this work. The OSC urges Ontarians to be vigilant with unsolicited information, including documentation that contains OSC branding or claims to be from OSC staff. Investors are reminded that the OSC will never: Ask investors to send money anywhere at any time. Promote any kind of investment opportunity or company. Promote companies or entities offering to recover funds that have been scammed. Make unsolicited phone calls or send unsolicited emails or text messages to investors asking for payments related to enforcement actions or investigations. Anyone who receives a communication claiming to be from the OSC that they find suspicious should contact the OSC directly to verify whether the message is genuine. Investors should not reply to the suspicious communication directly or rely on contact information included in the communication. Instead, they should refer to the official OSC Website. Investors should always to check the registration of any person or business trying to sell them an investment or give them investment advice. For more information about investor protection visit GetSmarterAboutMoney.ca and to stay on top of the latest investor news, warnings and more sign up for the OSC’s popular e-newsletter, Investor News and follow us on social media. The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at www.osc.ca.