Boerse Stuttgart Digital, Europe’s leading crypto infrastructure partner, announces its partnership with Ilirika, one of the most prominent brokerage companies in Slovenia, aimed at expanding MiCAR-compliant access to crypto services across Europe. Through the integration of Boerse Stuttgart Digital’s institutional-grade brokerage and custody solutions, clients of Illirika gain reliable and regulated access to cryptocurrencies. Boerse Stuttgart Digital will be fully embedded within Ilirika’s platform, enabling seamless trading and secure custody for its clients. “As Europe’s leading crypto infrastructure partner, our mission is to drive the mass adoption of cryptocurrencies by providing institutional-grade trading and custody solutions,” said Joaquín Sastre Ibáñez, Head of Institutional Business at Boerse Stuttgart Digital. “We are delighted to partner with Ilirika, one of Slovenia’s leading brokerage companies, to broaden easy and reliable crypto access in Europe. Together, we offer their clients exposure to digital assets without compromising on trust, security, or compliance.” This partnership unites two regulatory pioneers: Boerse Stuttgart Digital, the first provider in Germany and Ilirika, the first company in Slovenia, to receive the EU-wide license to offer crypto services under MiCAR. "As the first firm in Slovenia licensed under MiCAR, Ilirika is raising the bar for secure, regulated access to digital assets. Partnering with Boerse Stuttgart Digital embeds institutional-grade trading and custody into our platform combining EU-level compliance, robust risk management, and bank-grade safeguarding so our clients can engage with crypto confidently and responsibly,” comments Igor Štemberger, President of the Management Board at Ilirika. Crypto adoption is accelerating, with an annual growth rate of 7% in Slovenia and nearly 50% across Eastern Europe. These numbers underscore the need for financial institutions to integrate crypto into their offerings or risk missing significant business opportunities. Through their partnership, Boerse Stuttgart Digital and Ilirika aim to meet the rising demand for MiCAR-compliant trading and custody solutions in the region and across Europe.

LSEG announces it has purchased the following number of its ordinary shares of 679/86 pence each from Citigroup Global Markets Limited ("Citi") on the London Stock Exchange as part of its share buyback programme, as announced on 04 November 2025. Date of purchase: 07 November 2025 Aggregate number of ordinary shares purchased: 207,500 Lowest price paid per share: 9,262.00p Highest price paid per share: 9,544.00p Average price paid per share: 9,334.69p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 516,231,262 ordinary shares of 679/86 pence each in issue (excluding treasury shares) and holds 24,051,599 of its ordinary shares of 679/86 pence each in treasury. Therefore, the total voting rights in the Company will be 516,231,262. 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 Regulation (EU) No 596/2014 (the Market Abuse Regulation) (as such legislation forms part of retained EU law as defined in 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 purchases by Citi on behalf of the Company as part of the buyback programme can be found at: http://www.rns-pdf.londonstockexchange.com/rns/7631G_1-2025-11-7.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:      207,500 (ISIN: GB00B0SWJX34) Date of purchases:      07 November 2025 Investment firm:         Citi Aggregate information: Venue Volume-weighted average price Aggregated volume Lowest price per share Highest price per share London Stock Exchange 9,334.69 207,500 9,262.00 9,544.00 Turquoise        

Today LSEG is hosting an Innovation Forum for investors and analysts at its offices in Paternoster Square, London. During the event we will cover the Group's strategy and execution, outline our AI strategy and engineering transformation, and showcase product innovation across the business. We will also discuss our LSEG Everywhere strategy for content distribution in more detail. No new material financial disclosure or guidance will be given. The majority of the event will be available via webcast. Please use the following link to register for the webcast: https://www.lseg.com/en/investor-relations Approximate timings (GMT) for the webcast are as follows: 12:30   Group strategy and execution  13:00   Engineering transformation and AI strategy   13.50   Data & Analytics strategy   14.20   Data & Analytics product demos  17:15   Q&A All of the materials for the event will be available on our website at https://www.lseg.com/en/investor-relations.        

Nigeria's equities market closed the week ending November 7 with a N2.8 trillion decline in market capitalization, but market analysts are optimistic, characterizing the downturn as a healthy correction that presents attractive entry points for long-term investors seeking value.The pullback followed recent remarks from US President Donald Trump threatening military action against Nigeria, which prompted some cautious repositioning, alongside natural profit-taking following previous rallies. This drove declines across several blue-chip counters.However, experts remain bullish on the market's prospects. Aruna Kebira, Managing Director/CEO of Globalview Capital Limited, described the downturn as temporary, noting that strong fundamentals underpin the market. "The current downturn is temporary as fundamentals remain strong," he said. "Valuations are now even more attractive and should soon draw renewed buying interest."Data from NGX showed the All-Share Index (ASI) declined 2.11% week-on-week to close at 149,524.83 points, while market capitalisation dropped to N94.9 trillion from N97.7 trillion the previous week.Despite the weekly decline, the broader market picture remains positive. In the nine months to September 2025, total equities transactions on NGX reached N8.538 trillion, with domestic investors accounting for 78.44% of trading activity. Significantly, foreign inflows of N1.030 trillion exceeded outflows of N810.39 billion, demonstrating continued international confidence in Nigerian equities.Jude Chiemeka, Chief Executive Officer of Nigerian Exchange Limited (NGX), views the correction as an opportunity for strategic portfolio positioning. "A well-diversified portfolio across equities, fixed income, and alternative assets helps investors manage risk and capture opportunities as the market recalibrates," he said.Market watchers note that while uncertainty surrounding the planned 25% capital gains tax set to take effect in 2026 may have amplified the correction, Nigeria's corporate fundamentals remain robust. Listed firms continue to sustain profitability and dividend payouts across key sectors, signaling underlying strength.Analysts encourage investors to view the pullback as a strategic repositioning phase rather than a prolonged downturn, emphasizing that disciplined investors can capitalize on improved valuations to build long-term wealth.

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A former B.C. resident and his company have agreed to pay almost $4.2 million to the BC Securities Commission (BCSC) for fraudulently misusing funds from investors, making misrepresentations to shareholders and illegally distributing securities. William Brent Meikle and Hit TV Brands Inc. will pay about $3.7 million, representing the amount obtained from their misconduct. Investors can make a claim to those funds after the BCSC receives the money. Meikle must also pay $500,000 to the BCSC as part of the settlement. Meikle was the founder, president, CEO and director of the Alberta-based company, which claimed to market and sell various products like batteries and a spray-on lubricant. Between February 2018 and December 2019, Hit TV fraudulently used approximately $1 million in investor funds for Meikle’s personal expenses. The company also made a series of misrepresentations to shareholders about imminent revenue prospects, as well as an imminent public offering and equity financing. It also made prohibited representations to investors that they would be reimbursed for their invested funds and would keep their shares. During the same time period, Hit TV illegally distributed its securities 128 times without filing a prospectus – a formal document providing details of an investment – and without an exemption from the prospectus requirement. Meikle, by authorizing, permitting or acquiescing in each of Hit TV’s contraventions, committed the same contraventions. In addition to the financial payment, Meikle and Hit TV are permanently banned from participating in the investment market, including from being a registrant or promoter, engaging in investor relations, holding any management role in the investment market or trading securities, except Meikle may do so in his own account through a registered dealer. Meikle is also prohibited from being a director or officer of any issuer. 

This report summarizes the Federal Reserve Board’s framework for assessing the resilience of the U.S. financial system and presents the Board’s current assessment. By publishing this report, the Board intends to promote public understanding and increase transparency and accountability for the Federal Reserve’s views on this topic.   2025 November: PDF April: HTML | PDF | Chart Data and Descriptions 2024 November: HTML | PDF | Chart Data and Descriptions April: HTML | PDF | Chart Data and Descriptions 2023 October: HTML | PDF | Chart Data and Descriptions May: HTML | PDF | Chart Data and Descriptions 2022 November: HTML | PDF | Statement by Vice Chair Brainard | Chart Data and Descriptions May: HTML | PDF | Statement by Governor Brainard | Chart Data and Descriptions 2021 November: HTML | PDF | Chart Data and Descriptions May:  HTML | PDF | Statement by Governor Brainard | Chart Data and Descriptions 2020 November: HTML | PDF | Statement by Governor Brainard | Chart Data and Descriptions May: HTML | PDF | Chart Data and Descriptions 2019 November: HTML | PDF | Chart Data and Descriptions May: HTML | PDF | Chart Data and Descriptions 2018 November: HTML | PDF | Chart Data and Descriptions

Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology, today announced its participation in the following investor conferences. Mike Lyons, CEO, and Paul Todd, CFO, will participate in the following conferences: KBW Fintech Payments Conference 12:25 p.m. ET on November 12 UBS Global Technology and AI Conference 1:35 p.m. ET on December 1 Live webcasts and archived replays will be available on the investor relations section of the Fiserv website at investors.fiserv.com.

Thank you, I really appreciate the opportunity to speak to you today.1 I am excited to be discussing stablecoins. This innovation has been unfairly treated as a pariah by some, but stablecoins are now an established and fast-growing part of the financial landscape. Putatively, stablecoins were originally intended to facilitate holding and trading cryptocurrency. But their proliferation has been aided by providing users with a stable store of value, a means of payment, and the ability to move capital quickly, irrespective of territorial borders. Demand for dollars continues to be strong, so it's no surprise that a more efficient means of accessing dollars has become increasingly popular. With the passage this year of the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), there is now a clear regulatory pathway in the U.S. for stablecoin issuers to broaden their reach and solidify stablecoins as a core part of the payment system. I believe economic research has some catching up to do. Economists meticulously study demand for dollar assets and consider how monetary policy may be affected, and the rapid growth of stablecoins affects the supply of loanable funds in the U.S. economy. I am encouraged that the Federal Reserve is taking steps to recognize the importance of stablecoins for the payment system; greater transparency and rising adoption should help us consider their effect on monetary policy as well.2 Stablecoins and DollarsEssentially all stablecoins are denominated in dollars, and their success is at least partly due to the U.S. dollar's enduring status as the world's preferred currency.3 Stablecoins are also contributing to the dollar's dominance by allowing an ever-growing share of people around the globe to hold assets and conduct transactions in the most trusted currency. My thesis is that stablecoins are already increasing demand for U.S. Treasury bills and other dollar-denominated liquid assets by purchasers outside the Unted States and that this demand will continue growing. All else equal, this new demand lowers borrowing costs for the U.S. government. However, as a central banker, my focus is on what I believe may be a substantial and long-term force putting downward pressure on a crucial guideline for monetary policymakers known as r*. The neutral rate, or r*, is the policy interest rate that neither stimulates nor restricts economic activity when the economy is operating at its potential once the transitory effects of cyclical economic shocks have abated. There are several open questions with respect to the impact of stablecoins on U.S. monetary policy: How many assets will be managed by stablecoin issuers? Will the funds come from domestic or foreign sources, and where might substitution pull funds out of the banking system? What are the systemic risks related to runs on stablecoins? Since monetary policy must be forward looking, my colleagues and I would be best served exploring these topics now. In these remarks, I'll focus on the consequences for monetary policy if stablecoin growth follows industry expectations. In short, stablecoins may become a multitrillion dollar elephant in the room for central bankers. GENIUS ActWhile I tend to view new regulations skeptically, I'm greatly encouraged by the GENIUS Act. This regulatory apparatus for stablecoins establishes a level of legitimacy and accountability congruent with holding traditional dollar assets. For the purposes of monetary policy, the most important aspect of the GENIUS Act is that it requires U.S.-domiciled issuers to maintain reserves backed on at least a one-to-one basis in safe and liquid U.S. dollar–denominated assets. These reserves can be held in bank deposits, short-term Treasurys, overnight repurchase agreements (repos) or reverse repos backed by U.S. Treasurys, or government money market funds. Depending on the source of funds used to invest in stablecoins, it may constitute new loanable funds in the U.S. economy or the overall amount of money available for borrowing and lending. Even stablecoins outside the ambit of the GENIUS Act are likely to boost demand for Treasurys and other dollar-denominated assets. Stablecoins that do not comply with the GENIUS Act can invest reserves in a much broader range of assets but, to be viewed as reliable stores of value, will likely end up still investing substantially in U.S. dollar securities with minimal credit risk. The inter-quartile range of private-sector estimates compiled by Federal Reserve staff roughly projects stablecoin uptake reaching between $1 trillion and $3 trillion by the end of the decade. For reference, the Fed grew its holdings of U.S. Treasury securities by just over $3 trillion during the latest round of quantitative easing in response to the COVID-19 pandemic. In total, under $7 trillion in Treasury bills are outstanding today. If these forecasts prove accurate, the magnitude of additional demand from stablecoins will be too large to ignore. Potential for Broad AdoptionThe innovation of public blockchains means that stablecoins can trade freely on rails that anyone in the world can use. This advancement represents potentially transformational change for consumers and businesses outside the U.S., particularly those in emerging market economies (EMEs) or even advanced foreign economies (AFEs) with burdensome restrictions on their payment systems. In many jurisdictions, low-friction payment rails are unavailable. Banking services to convert local currency or assets into dollars may be limited. Basic banking services themselves may be limited. And billions of people worldwide are subject to capital controls preventing convertibility and access to dollars. Globally, savers disproportionately favor dollar-denominated assets, and the ubiquity of capital controls is indicative of that revealed preference. For stablecoins to enter widespread use, there must be a bridge from local fiat currencies into stablecoins. One can imagine many possible bridges, often already in use for existing dollar vehicles: Remittances from immigrants working in the U.S. might take the form of stablecoins; exporters may receive portions of their payment in stablecoins, perhaps undeclared if domiciled in jurisdictions that proscribe stablecoin use; people might trade local currency for cryptocurrency and then use that cryptocurrency to buy a stablecoin; or they might trade physical cash or goods or services or other assets for stablecoins. Stablecoins merely make it easier to traverse some of these bridges and increase incentives for doing so because once stablecoins are in circulation in an economy, they can circulate more freely and cheaply behind capital controls than traditional forms of dollar payments.4 These bridges will not be frictionless or have infinite capacity. For people who want to use dollars either as a store of value or a means of payment but are unable to do so, stablecoins make it incrementally easier. Stablecoins will not instantly obliterate barriers to dollar use, but they will perforate those barriers. Reserve assets and currency provided by the U.S. are global public goods, but some jurisdictions prohibit their citizens' enjoyment of them. Stablecoins might establish an easier means for the financially repressed to enjoy these global public goods and evade draconian restrictions on their finances. For individuals and businesses in many nations, especially those in which dollars are used for large purchases like homes, this also leapfrogs the challenges of high and unstable inflation or volatile exchange rates. To be fair, stablecoin growth may not live up to the forecasts I cited earlier. Potential limits on yield and reward arrangements could limit adoption, particularly in open economies. The presumption that the crypto industry will grow at the prodigious rates of recent years cannot be taken for granted. But even with these considerations, it seems likely to me that the growth in stablecoin usage outside the U.S. will continue at a high rate. One important distinction is that if domestically purchased stablecoins are financed with bank deposits, or foreign purchases are financed with existing dollar-denominated holdings, then that doesn't affect the amount of loanable funds in the financial system. Further, there's some risk that a flow of deposits out of the U.S. banking system and into stablecoins could disintermediate banks, affecting the transmission of monetary policy and stunting the velocity of money. However, because GENIUS Act payment stablecoins do not offer yield and are not backed by federal deposit insurance, I see little prospect of funds broadly fleeing the domestic banking system. The real opportunity in stablecoins is to satiate untapped foreign appetite for dollar assets from savers in jurisdictions where dollar access is limited; by contrast, users in the U.S. and AFEs like the euro zone already freely access Treasurys, dollars, and other instruments that offer yield or deposit insurance. I therefore expect most demand for stablecoins to come from locales unable to access dollar-denominated saving instruments, boosting demand for dollar assets. Implications for Monetary PolicyThe supply–demand balance for loanable funds determines the neutral interest rate, or r*. As I discussed in a recent speech, I believe a range of different factors are putting downward pressure on r* and should be considered in formulating monetary policy.5 Some researchers have tried to estimate how much stablecoin growth might lower interest rates. In 2024, work by Marina Azzimonti and Vincenzo Quadrini estimated that if stablecoins are in widespread use and fully backed by U.S. securities, it could put as much as 40 basis points of downward pressure on interest rates.6 In estimating the effect of the projected growth of stablecoin issuance on demand for Treasurys and other highly liquid dollar assets, it is helpful to make a comparison to what most researchers believe was a large factor during an era of declining interest rates that began around the turn of the millennium—what former Fed Chairman Ben Bernanke called the global saving glut.7 In measuring the global saving glut, Bernanke reported that the annual U.S. current account deficit widened by 4 percentage points of U.S. gross domestic product (GDP) from 1996 to 2004.8 As I mentioned earlier, projections indicate between $1 trillion to $3 trillion of growth in stablecoins over the next several years. Adoption depends on regulatory clarity, institutional integration, and factors emanating from outside the U.S.—for instance, growth in EMEs, foreign exchange fluctuations, foreign political stability, and so forth. An additional $2 trillion of foreign demand for dollar assets by the end of the decade would, all else equal, increase the current account deficit by roughly 1.2 percentage points of GDP over this period. This increase would represent about 30 percent of the size of the original global saving glut. More bullish stablecoin-uptake forecasts on the order of $4 trillion would double the size of this effect, making it about 60 percent the size of the original global saving glut. These magnitudes would matter for monetary policy. Demand could obviously differ in domestic versus foreign adoption or miss these estimates. My goal is not to pinpoint the most accurate forecast, but to highlight the potential power of this channel. You can fill in your own numbers using this same method—my crystal ball is no clearer than others'. Moreover, the asset mix purchased by the rest of the world 20 years ago differs from that purchased by stablecoin issuers. The effects of a lower neutral rate might therefore manifest in financial markets differently than they did last time. Even relatively conservative estimates of stablecoin growth imply an increase in the net supply of loanable funds in the economy that pushes down r*. If r* is lower, policy rates should also be lower than they would otherwise be to support a healthy economy. A failure of the central bank to cut rates in response to a reduction in r* is contractionary. If a global stablecoin glut looks like a global saving glut, some other consequences may be replicated, too. For instance, a lower r* increases the odds that the zero lower bound (ZLB) binds in the future, limiting the ability of short-term interest rates to move down to provide accommodation but not restraining their ability to move up to restrict activity. Markets may expect policy to spend more time at the ZLB because of that inability to provide accommodation and get away from zero. That may make the fed funds rate more volatile to the upside with respect to other financial conditions, even as downside volatility remains muted by the ZLB, simulating elements of former Chairman Alan Greenspan's "conundrum."9 Moreover, if a global stablecoin glut is driven by flows out of foreign currencies and into the U.S. dollar, it will, all else equal, make the dollar stronger. Depending on the strength of this effect relative to other forces affecting the Fed's price-stability and maximum-employment mandates, that might be something that monetary policy reacts to. Finally, incremental dollarization may reduce the benefits of floating exchange rates. Exchange rates often function as shock absorbers, adjusting rapidly to changes in relative conditions across countries so that nominal prices don't have to. If nominal prices are sticky and exchange rates are not, the cyclical distortions associated with those rigidities are less detrimental for the economy. Increased real price rigidity because exchange rates cannot adjust would intensify the volatility of global business cycles. And Fed policy will have a greater effect on foreign economic growth with greater dollarization, increasing business cycle synchronization. Whether this phenomenon would matter for the U.S. and not just for countries that dollarize a portion of their economies remains speculative.10 America's capital markets are the world's deepest, helping to support economic growth, fund new ideas, and allocate capital efficiently. However, our financial infrastructure, not unlike our physical infrastructure, could use a reboot. Stablecoins may well lead the way on this front, facilitating dollar holdings and payments domestically and abroad. While there has been extensive research on the topic since the advent of stablecoins a decade ago, the scope for rapid increases in issuance makes it now even more imperative to consider what widespread adoption may mean for monetary policy, both in the U.S. and abroad. 1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee.  2. See Board of Governors of the Federal Reserve System (2025), proceedings of the Payments Innovation Conference, streamed live on October 21, YouTube (Washington: Board of Governors).  3. For the list of stablecoins circulating, see the DeFiLlama website at https://defillama.com/stablecoins; at the time of writing, 99.6 percent of stablecoins were denominated in dollars. For more on the enduring global preference for dollars, see Carol Bertaut, Bastian von Beschwitz, and Stephanie Curcuru (2025), "The International Role of the U.S. Dollar – 2025 Edition," FEDS Notes, (Washington: Board of Governors of the Federal Reserve System, July 18).  4. Although many countries have existing black markets for dollars, these are likely to be less preferred to stablecoins because of the difficulty of verifying and saving currency. Relative to stablecoins, physical cash is riskier, and both more difficult and costlier to store or move in large volumes. Moreover, many black market dollars trade at a premium because the amount of dollars available is limited.  5.  See Stephen I. Miran (2025), "Nonmonetary Forces and Appropriate Monetary Policy," speech delivered at the Economic Club of New York, New York, September 22.  6. See Marina Azzimonti and Vincenzo Quadrini (2024), "Digital Assets and the Exorbitant Dollar Privilege (PDF)" AEA Papers and Proceedings, vol. 114 (May), pp. 153–56. This paper and related work by the same authors—including the 2025 paper "Digital Economy, Stablecoins and the Global Financial System," NBER Working Paper Series 34066 (Cambridge, Mass.: National Bureau of Economic Research, July)—expand on some of these ideas but do so in a model in which stablecoin issuers can choose to hold much less—or even none—of their assets in Treasury securities. The prediction on the interest rate depends on the fraction of reserves held in Treasury securities by stablecoin issuers. With a low enough fraction, the stablecoin steady-state interest rate can actually also be higher. However, such a pattern does not match what we observe from issuers or the guidelines in the GENIUS Act, and I therefore prefer to assume a high value of the fraction of reserves held in Treasury securities. It follows that the stablecoin steady-state interest rate is lower than the steady-state interest rate in which stablecoins are absent. 7. In his 2005 speech that coined the term and launched a thousand papers, then-Fed Governor Ben Bernanke estimated that the global saving glut began around 2001. See Ben S. Bernanke (2005), "The Global Saving Glut and the U.S. Current Account Deficit," remarks delivered at the Sandridge Lecture, Virginia Association of Economists, Richmond, Virginia, March 10.  8. After peaking in 1995 at 7.91 percent, the 10-year yield fell to 4.92 percent in January 2001.  9. See Alan Greenspan (2005), testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, February 16, 109th Cong. (Washington: U.S. Government Printing Office), quoted text in paragraph 23.  10. Caballero, Fahri, and Gourinchas (2017) note that once the ZLB for global interest rates is reached, the world economy becomes increasingly interdependent as countries can no longer use monetary policy to insulate their economies from world capital flows; see Ricardo J. Caballero, Emmanuel Farhi, and Pierre-Olivier Gourinchas (2017), "The Safe Assets Shortage Conundrum (PDF)," Journal of Economic Perspectives, vol. 31 (Summer), pp. 29–46. 

CalPERS announced today that its investments in climate solutions had grown to nearly $60 billion as of June 30, 2025, a number that represents significant progress toward meeting the $100-billion goal identified in the pension fund’s Climate Action Plan. Launched in November 2023, the Climate Action Plan lays out a global strategy to generate strong performance on behalf of CalPERS’ members by investing in opportunities created by the global shift to a low-carbon economy.  The strategy also seeks to manage climate-related financial risks by investing in activities that improve energy efficiency, support adaptation and resilience and reduce real-world greenhouse gas emissions. The $59.7 billion in climate solutions investments in CalPERS’ portfolio today represents an increase from $47 billion in November 2023. The increase includes both investment appreciation and new dedicated investments in climate solutions. “In just two years, CalPERS has seen significant growth in its Climate Action Plan, growth that is driven by the energy transition,” said CalPERS Chief Executive Officer Marcie Frost. “Climate is a key mega-trend and CalPERS is committed to leading the way and finding the best investments on behalf of our members.”   In the private markets area, CalPERS has made investment commitments in 13 climate-focused funds covering such industries as renewable energy, energy optimization software, drought resistant crops, wildfire fire suppression, electric vehicle charging networks, reusable packaging containers, and battery storage. Some of the funds that CalPERS has invested in since June 2024 include TPG Rise Climate (private equity and infrastructure funds), West Street Climate Credit (Del) LP, Generation IM Sustainable Private Equity Fund II (A), B Capital Climate Fund I, LP, Copenhagen Infrastructure Partners V USD Feeder SCSp, Brookfield Global Transition Fund II-B, LP, and others. Overall, the largest contributors to climate solution investments are real estate and public equity. “The opportunities before us cut across all industries and sectors, and we believe that sound, long-term commitment to climate solutions will deliver results for our members,” said CalPERS Chief Investment Officer Stephen Gilmore. “The global demand for energy will continue to grow and CalPERS is providing the capital necessary to meet the needs that the world will have to power homes, cars and technology, such as artificial intelligence.” CalPERS earned 11.6% on its investments in the most recent fiscal year. The estimated funded status had increased to 82% as of September 30, 2025.

TMX Group Limited today announced October 2025 trading statistics for its marketplaces – Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha), including Alpha-X & Alpha DRK, and Montréal Exchange (MX). Related Document:TMX Group Consolidated Trading Statistics - October 2025

The European Banking Authority (EBA) today launched a data collection, through the competent authorities, to obtain the list of EU counterparties that will be required to apply to the EBA for validation of ISDA SIMM, as well as their contact persons. The EBA underscores the counterparties' obligation to apply for the authorisation of the use of initial margin models and warns of the legal consequences in case of non-authorised use under the European Market Infrastructure Regulation (EMIR). All financial and non-financial counterparties exchanging initial margins (IM) calculated - directly or indirectly - using IM models based on ISDA SIMM should apply to their competent authorities for the authorisation of such models as per EMIR and the EBA’s no-action letter published on 17 December 2024. Counterparties must provide their competent authorities with the information requested. This information will be used to onboard counterparties onto the EBA’s validation system during the first semester of 2026, ahead of counterparties’ applications to the EBA for validation of ISDA SIMM expected in the second semester of 2026. Counterparties failing to apply for the EBA’s validation will no longer be permitted to use ISDA SIMM under EMIR until they rectify their status with the EBA. The EBA’s no-action letter remains in force. Legal basis, background and next steps Financial and non-financial counterparties that are subject to the requirement to exchange initial margin in accordance with Article 36 of Commission Delegated Regulation (EU) 2016/2251 (the joint ESAs RTS on uncleared OTC derivatives) and use – directly or indirectly - the ISDA SIMM pro forma model to comply with such requirement, are required to request validation of ISDA SIMM by the EBA in accordance with Article 11(3) of EMIR, in order to carry on using that pro forma model. In addition, financial and non-financial counterparties using an IM model (based or not based on ISDA SIMM) are reminded of their obligation - if not done yet – to apply for authorisation to their competent authority under the regime introduced by the no action letter published on 17 December 2024. This process should be completed ahead of the entry into application of the ISDA SIMM v2.8+2506. Counterparties that have not applied for authorisation from their competent authority will not be able to apply to the EBA for validation of ISDA SIMM in 2026. Counterparties that fail to apply for validation by the EBA will no longer be permitted to use ISDA SIMM until they rectify their status with the EBA. The EBA intends to publish the list of counterparties validated for the use of ISDA SIMM in the EU towards the end of 2026. Any infringement of the rules under Article 11(3) of EMIR may lead to penalties under Article 12 of EMIR. Related content Topic Market infrastructures

On the occasion of the ongoing merger between Helvetia Holding and Baloise Holding, SIX is carrying out an extraordinary index adjustment for the SLI®, SMIM® and SPI® Mid-cap indices. The affected indices will be adjusted as of 22 December 2025. Changes to the SMIM® index basket Admission to the SMIM® GALENICA N CH0360674466 Exclusion from the SMIM® No changes   Changes to the SLI® index basket Admission to the SLI® Helvetia Baloise Holding                                                                         CH0466642201 Exclusion from the SLI® SWATCH GROUP I                                                                              CH0012255151 Changes to the SPI® Small and Mid index baskets Changes from SPI® Small to SPI® Mid DOTTIKON ES N CH0582581713 Changes from SPI® Mid to SPI® Small No changes   Further Information For further information, please refer to the equity index selection list and to the equity index forecast on the website: Index adjustments Access to the Closed User Group required.

A total turnover of 3.575 billion shares worth N107.011 billion in 146,429 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 7.479 billion shares valued at N145.429 billion that exchanged hands last week in 159,487 deals. Click here for full details.

The Payments Vision Delivery Committee has published its strategy to guide the development of future UK retail payments infrastructure in line with the government’s National Payments Vision. Documents Strategy for Future Retail Payments Infrastructure PDF, 264 KB, 19 pages This file may not be suitable for users of assistive technology. Request an accessible format. If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email digital.communications@hmtreasury.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use. Details At Mansion House 2025, the Payments Vision Delivery Committee set out a new model of public and private sector collaboration for the design and delivery of the next generation of UK retail payments infrastructure.     As part of the new model, the Committee has now published its strategic outcomes to guide the development of the future UK retail payments infrastructure, building on the ambitions of the government’s National Payments Vision.

New York Stock Exchange member firms that conduct business with the public reported a third-quarter 2025 after-tax profit of approximately $16 billion and revenues of approximately $135 billion, compared with approximately $11 billion after-tax profit on revenues of about $125 billion in the third-quarter of 2024. NYSE MEMBER FIRMS DEALING WITH PUBLIC ($ in Millions) Note: Data is from NYSE member firms that conduct business with the public. 3rd QTR 20253rd QTR 20242nd QTR 2025YTD 2025YTD 2024 Revenue $135,484 $125,419 $126,612 $385,964 $362,004 Expense $118,174 $113,064 $111,638 $338,288 $327,476 After Tax Profit Loss $15,872 $11,398 $13,937 $44,795 $31,897 After Tax Annualized Return on Capital 16% 12% 14% 15% 11% Assets $5,496,380 $4,941,741 $5,321,880 $5,496,380 $4,941,741 Capital and subordinated liabilities $405,013 $370,071 $391,292 $405,013 $370,071 Commission Revenues $6,498 $5,481 $6,274 $19,038 $15,945 Firms 146 132 130 148 132 Profitable Firms 126 112 109 132 113 Aggregate PreTax Earnings of Profitable Firms $17,464 $12,783 $15,286 $48,587 $36,802 Unprofitable Firms 20 20 21 16 19 Aggregate PreTax Loss of Unprofitable Firms ($154) ($427) ($312) ($611) ($1,214)   LinksNYSE Member Firms Dealing with Public (Financial Summary)Statement of Income (Loss) and Expense UnconsolidatedStatement of Financial Condition

The Securities Commission Malaysia’s (SC) affiliate, Capital Markets Malaysia (CMM) today released the Sustainable Batik Disclosure Guide (SBDG), marking another step in championing sustainable growth. This practical tool empowers batik artisans, entrepreneurs and producers to easily disclose their Environmental, Social and Governance (ESG) data and practices.   The release of the SBDG coincides with SC’s annual Batik Lestari Festival, a showcase of Malaysia's rich batik heritage that aims to build a more inclusive and sustainable marketplace, especially for MSMEs. SC Chairman Dato’ Mohammad Faiz Azmi said the initiative reinforces the SC’s long-term commitment to sustainable and inclusive growth.   “The SBDG is a practical tool that enables Malaysia’s batik sector to differentiate itself through sustainability, enhance market access, and preserve cultural heritage, while meeting the growing expectations of global and local buyers, investors and regulators,” he said. The SBDG comprises 34 priority ESG disclosures, aligned with key local and international sustainability standards1 ensure relevance, comparability and verifiability.   It is structured across Basic, Intermediate, and Advanced levels to support artisans and entrepreneurs at different stages of sustainability and maturity.   Building on CMM’s Simplified ESG Disclosure Guide for SMEs in Supply Chains (SEDG), introduced in 2023, the SBDG demonstrates the SC’s efforts to embed ESG practices among MSMEs across all sectors.    The SBDG recognises the sector’s unique characteristics - from traditional dyeing techniques and textile sourcing to community-based production - providing actionable steps for responsible practices.  The Batik Lestari Festival 2025, now in its second installment, was held alongside the ASEAN Capital Markets Forum (ACMF) International Conference, thus presenting Malaysia’s cultural and creative strength to regional representatives and international audiences. In a related development, the SC and Malaysian Handicraft Development Corporation (Kraftangan Malaysia) today signed a Memorandum of Understanding to help promote the local batik industry.   The MOU was exchanged between SC Managing Director Datin Paduka Azalina Adham and Kraftangan Malaysia Director-General Datuk ‘Ainu Sham Ramli. Under the MOU, both parties will undertake joint capacity building, sustainability, branding and promotional initiatives to empower batik producers to adopt ESG-aligned practices and strengthen market competitiveness.   For more information, visit https://www.sc.com.my/resources/publications-and research/sustainable-batik-disclosure-guide  1 IFRS S1/S2, GRI, FTSE Russell), Bursa’s Sustainability Reporting Framework and local standards (MS 692-1:2025, Standard Kraftangan Malaysia, DOE Guidelines                                                                                                                                                           

ASIC is seeking feedback on proposed changes to the Unclaimed Monies Gazette to improve the privacy and security of personal information.We are proposing to make a new legislative instrument to address the risks associated with the public availability of personal information in unclaimed money records published in the Gazette.Currently, the Gazette lists the names and full addresses of shareholders entitled to unpaid money after the compulsory acquisition of their shares.The draft instrument would modify the operation of subsection 668A(4) of the Corporations Act 2001 to omit the publication of street names and numbers in future editions of the Gazette. The next Gazette is scheduled for publication by 28 February 2026.ASIC welcomes feedback on the proposal. Please send submissions to rri.consultation@asic.gov.au by 5pm AEDT on 28 November 2025. Background ASIC maintains a database of unclaimed money records on ASIC’s Moneysmart website to help people find and reclaim lost money. ASIC also publishes a Gazette each year for unclaimed money records relating to compulsory acquisitions.Moneysmart displays only limited address information on public unclaimed money records. The draft instrument would align the Gazette with the information published on Moneysmart. More information CS 35 Proposed changes to the Unclaimed Money Gazette

Key points Growing the financial literacy of Australians is central to ASIC’s role in promoting confident and informed participation in the financial system. Consumers are often vulnerable to exploitation in the financial system because for many of the decisions they make, they are equipped with less knowledge than the person or firm on the other side of the transaction. Through its Moneysmart program ASIC provides financial information and guidance to enable consumers to make decisions that support their financial future. Good morning. It’s a pleasure to be with you this morning. I would like to begin by acknowledging the traditional owners and custodians of the land on which we meet today, the Gadigal people of the Eora nation. I pay my respects to their elders past and present – and extend that respect to Aboriginal and Torres Strait Islander people here today. I also acknowledge the amazing First Nations counsellors and capability workers across the country. I think in the 20 years I’ve been around these types of conversations, one of the most important shifts I’ve seen has been the growth of a network and movement of First Nations workers working on these issues, and I’ll tell you that they are such an important source of intelligence for us. It has a huge impact on the priorities that we choose. Thank you to the Ecstra team for the invitation to speak today. It’s good to be here because enabling the financial wellbeing of Australians is really core to what ASIC does and has been for close to 25 years. There’s a good reason for that. The very first section the ASIC Act – the legislation that sets us up - makes it clear that that’s something that Parliament wanted us to do. It says that in going about our work, ASIC must strive to […] promote the confident and informed participation of investors and consumers in the financial system. So ‘confident’ and ‘informed’. And that requires not only that we work alongside organisations like those in the room today to build the financial knowledge and capability of all Australians, but it also requires that we make it easy for them to find the information and tools that they require to confidently navigate the financial system at key life stages when they are considering important financial decisions. And that’s what we try to do through ASIC’s Moneysmart work. So, today I want to speak briefly about: the role of Moneysmart and financial literacy in consumer protection, and the work we are doing to refresh and rebuild Moneysmart. The role of financial literacy in consumer protection I’ve mentioned that the ASIC Act sets out a clear expectation that we will build the knowledge and confidence of consumers in the financial system. I want to say that’s not the only reason we do that. It’s also because we see this as core to our work in consumer protection. Consumers in the financial system – and I don’t need to tell people in the room this but it’s important to say - that consumers in the financial system are often vulnerable to exploitation because in almost every decision they make, they are equipped with less knowledge than the person or firm on the other side of the transaction. We see this in our work every day. People on low incomes being hit with excessive fees on their transaction accounts, without knowing they could be in a low-fee account. Consumers who acquire a product via a consumer lease, without realising that they will end up paying four times the retail cost of the item. People who take steps to find a better super account but find themselves tricked into moving their super from a relatively safe fund into a high-risk option. Or people who are advised to set up a self-managed super fund when it is clearly not in their best interests –we have a big report out today that points to the scale of that problem. These situations have real economic consequences for the people involved – whether that’s not having enough money to pay essential bills or losing their entire retirement savings. Through our Moneysmart work, we hope to ensure that fewer people find themselves caught in these traps, by bridging at least part of the knowledge gap between consumers and the people who stand to gain from their misfortune. Now that’s an ambitious goal – particularly when we are dealing with industrial-scale misconduct, as is the case with some of the high-risk super-switching matters that are a huge priority for ASIC at the moment. But it is our hope that when somebody’s faced with a financial decision, they might recall a relevant Moneysmart social media post or they might, through research online, find their way to a Moneysmart resource that can put them in a better position to make decisions that reflect their best interests. In talking about the role of financial literacy in our consumer protection work, I want to make it clear that we don’t see it as the only – or even the best – way to protect consumers. Many other factors sit around the role of financial education – adequate income, access to affordable housing, health outcomes. And I want to add to that by saying that financial literacy and education need to be complemented by strong consumer protection laws that encourage firms to do the right thing by their customers. Both are important parts of the consumer protection system. And, with that in mind, we are now using Moneysmart in a broader range of ways to support our strong consumer protection. So a few examples of that: We have targeted campaigns and resources alongside key regulatory priorities. Last year, when we launched a major report on the financial hardship responses of a number of lenders in Australia, we launched a ‘Just ask’ campaign which was really about raising awareness of the fact that consumers could ask for financial hardship assistance if they had a credit product and were concerned about being able to make their repayments. We’ve also launched successive campaigns warning consumers about the risks of lead-generation practices that encourage them to switch their super into high-risk investments. And we are increasingly promoting our investor alert list, which is being updated constantly as a result of the roughly 130 websites we are having taken down each week as part of our work to disrupt investment scams. Rebuilding and refreshing Moneysmart And while we are using Moneysmart in different ways, we also recognise that Moneysmart itself needs to change, which is why we have committed to rebuild and refresh it. In doing so, I do want to tell you that we are starting from a strong base. With 11.7 million visitors in the last financial year, Moneysmart holds a firm position as a source of independent financial information. But we think it can do even more. To inform our thinking, over the past 12 months we have commissioned extensive consumer research – which many of you contributed to - to help us understand: how Australians feel about their current level of financial knowledge their levels of interest in knowing more, and their experiences and perceptions of Moneysmart. At a high level, this research has told us that: only 26% of Australians over the age of 18 consider themselves to be ‘very knowledgeable’ on money and financial matters[1] 75% would like to be more knowledgeable[2] only 4% of people in Australia can spontaneously recall Moneysmart when searching for organisations with financial information or advice[3]. So lots of people are getting there, but they don’t necessarily recall it if they’re not prompted. but, when they have used Moneysmart, 93% report a positive experience[4]. Alongside that general research, we have also commissioned targeted research on the knowledge and needs of people approaching retirement, which is part of new funding that we’ve got from the Australian government to do more work in that area. Informed by all of this research, we have developed a new Moneysmart strategy to drive its renewal over the next three years. If you have visited Moneysmart’s website or social channels recently, you probably started to see some of those changes, whether that’s the website or our social media channels, and you’ll start to see more over the coming months. A big part of this is the approach to social media that I hope some of you have started to see which is about publishing more relevant content, more frequently. That’s already driving growth and engagement in our social channels. I would say on the topic of retirement we have recently released a new version of our retirement planner, which is one of the most popular calculators on Moneysmart. And towards the end of next week, we’ll be launching a new ‘retirement hub’ with a range of content resources to help Australians planning for retirement, and you’ll see more coming over the next year. Conclusion So that’s just a brief ‘skate over’ of how we’re thinking about our work in this area and some of the improvements that we’re working on. Before finishing up, I want to say that we can’t do this alone at ASIC. We know that Moneysmart does its best work as part of a network of individuals and organisations who share the same goal: a financial system where consumers are treated fairly, and where they are equipped with the knowledge that they need to assert their rights. We may each pursue that goal in different ways, but we do so with the knowledge that financial literacy not only delivers better outcomes for individuals – it also brings substantial and measurable benefits to the broader community and economy. So, thank you Ecstra for bringing this group together today, and for inviting us to be part of the conversation. I hope that this event allows all of us to return to our organisations with new energy, new ideas and new hope.   [1] (2025) Moneysmart nationally representative research into Australians’ financial needs [2] (2025) Moneysmart nationally representative research into Australians’ financial needs [3] (2025) Moneysmart brand tracking report [4] (2025) Moneysmart brand tracking report

The Reporting and audit update covers regulatory developments in reporting and audit, including sustainability and financial reporting matters. This Reporting and audit update contains the following articles: ASIC releases REP 819 ASIC's oversight of financial reporting and audit 2024-25 ASIC review into financial reporting and audit of super funds finds greater uplift is needed ASIC review finds gaps in auditor compliance with independence and conflicts of interest obligations ASIC finds poor compliance with financial reporting requirements by grandfathered companies Regulatory guide reissued on auditor reporting obligations to ASIC Regulatory guide reissued on communicating findings from audit files ASIC publishes FAQs about auditing and assurance requirements for sustainability reports Entities lodge sustainability reports online with ASIC Allow time for ASIC to consider your sustainability reporting relief applications ASIC releases REP 819 ASIC's oversight of financial reporting and audit 2024-25 On 31 October 2025, we published REP 819 ASIC's oversight of financial reporting and audit 2024-25 (REP 819). This report is the third in our series of audit-related reports and sets out the results from ASIC’s program of work on financial reporting and audit from 1 July 2024 to 30 June 2025, including: findings from our financial reporting and audit surveillance of companies enforcement and compliance actions against registered company auditors and outcomes relating to company financial reports observations on voluntary sustainability reporting to assist preparers of mandatory sustainability reports, and observations on auditor reporting to ASIC. We reviewed 254 listed and large proprietary company financial reports and conducted surveillances on the financial reports of 22 companies. Findings from our financial reporting surveillances resulted in 18 companies making or agreeing to make changes to their financial reports. The main deficiency that we continue to identify is a lack of disclosure about material business risks in the Operating and Financial Review. We also reviewed 10 company audit files at eight audit firms. The companies included eight ASX listed entities and two large proprietary companies. We issued nine comment forms to audit firms setting out our concerns, mostly related to revenue and receivables, impairment and asset values, and investments and financial instruments. These comment forms were also shared with the company directors, together with the firms’ responses (including the remediation action they intend to take in response to our concerns). ASIC also took enforcement action against registered company auditors for failing to comply with auditing standards. In 2025-26 our audit surveillance program will expand to 25 audit file reviews (from 15 in 2024-25) with some files selected on a random basis and some where we have concerns about auditors’ compliance with independence and conflicts of interest obligations. We will also monitor how auditors and audit firms address the findings from our audit file reviews. REP 819 highlights areas where the quality of financial reporting and audits can be improved. We call on report preparers and auditors to review our findings and adopt our recommendations when preparing and auditing financial reports. For more information, see REP 819 ASIC's oversight of financial reporting and audit 2024-25. ASIC review into financial reporting and audit of super funds finds greater uplift is needed On 30 September 2025, we published Report 816 Accounting for your super: ASIC's review into the financial reporting and audit of super funds (REP 816) summarising findings from our surveillance of registrable superannuation entity (RSE) financial reports and audits for FY 2024–25. The review found greater uplift is needed in the quality of super fund financial reports and audits. We reviewed 60 RSE financial reports, enquired with 17 superannuation trustees and conducted audit surveillances of five RSEs, focusing on the valuation and disclosure of investments, and disclosure of expenses. Following our audit surveillances, we issued comment forms to four of the five audit firms setting out our findings and the basis of our concerns. Our surveillances revealed inconsistent approaches to disclosing investments, limited disclosure of sponsorship and advertising expenses, and insufficient audit evidence obtained in the valuation of some investments. In 2025-26 we will continue to include RSEs in our surveillance program, reviewing the 30 June 2025 financial reports of all RSEs not covered in our first surveillance program and reviewing five RSE audit files. We will work closely with the AUASB, APRA and industry to enhance the quality of RSE financial reporting and audit practices. We will also monitor how auditors and audit firms are taking action to address our findings. For more information, see REP 816 Accounting for your super: ASIC’s review into the financial reporting and audit of super funds. ASIC review finds gaps in auditor compliance with independence and conflicts of interest obligations On 7 October 2025, we released Report 817 Building trust: Auditor compliance with independence and conflict of interest obligations (REP 817) which sets out the findings from ASIC’s targeted review of how 48 auditors complied with their independence requirements under the Corporations Act in relation to 53 clients. Our surveillance focused on auditors’ compliance with independence and conflict of interest obligations, including auditor rotation, as announced in ASIC releases FY 2023-24 financial reporting and audit report and launches auditor independence surveillance (24-240MR). The review found that many auditors were unable to effectively demonstrate how they complied with their prescriptive and general independence and conflicts of interest obligations.  Specifically, we found: likely breaches of prescriptive rotation requirements and prohibited relationships for almost one third of the auditors we issued notices to gaps in how auditors approached and documented compliance with their general independence requirements, taking a narrow, tick-box approach and not considering potential threats to independence. Some auditors focused on independence of mind and did not give equal consideration to independence in appearance, and auditors who did not appear to meet their independence requirements failed to proactively identify and report this to ASIC despite being prompted to do so. ASIC has taken action against auditors and audit firms as a result of this review. We will continue to investigate potential breaches of independence obligations and seek further compliance outcomes accordingly. Auditor independence will remain a key part of our surveillance program. In 2025-26, we will select audit files for review where we have independence concerns to consider whether there is an impact on audit quality. ASIC finds poor compliance with financial reporting requirements by grandfathered companies Our recent surveillance has identified high levels of non-compliance by previously grandfathered companies with the requirement to lodge their financial reports. This prompted ASIC to increase its intensity of reviews and launch a broader crackdown, as announced in ASIC increases its focus on lodgement of financial reports after finding poor compliance by grandfathered companies (25-169MR). Based on our records, more than half (755 of 1,166) of the formerly grandfathered companies did not lodge financial reports in FY23 or FY24. We made inquiries with 58 grandfathered companies, which did not lodge FY23 and FY24 financial reports and appeared to be large based on other data sources.  We found that of these 58 grandfathered companies, 32 were large and failed to lodge their reports. 30 of the 32 companies have since lodged their financial reports following our interventions. As a result of widespread non-compliance, ASIC has launched a broader surveillance focused on non-lodgement of financial reports by large proprietary companies, which we expect to complete in Q1 2026. Regulatory guidance reissued on auditor reporting obligations ASIC has reissued Regulatory Guide 34 Auditor obligations: Reporting to ASIC (RG 34) to consolidate and simplify existing guidance on auditor breach notification and contravention reporting obligations to ASIC as well as reflect changes to the law. The reissued RG 34 replaces guidance issued in March 2020. The updates include guidance on auditor obligations to report: in line with recent changes to the law, suspected contraventions in connection with sustainability reporting, and when conducting audits of registrable superannuation entities, corporate collective investment vehicles (CCIVs) and compliance plans of retail CCIVs attempts to unduly influence, interfere and mislead the auditor conflicts of interest and circumstances involving relevant relationships as part of an auditor’s independence obligations, and the auditor’s own suspected contraventions. For further information, download Regulatory Guide 34 Auditor obligations: Reporting to ASIC (RG 34). Regulatory guide reissued on communicating findings from audit files ASIC has reissued RG 260 Communicating findings from audit files to directors, audit committees or senior managers (RG 260) to update ASIC’s guidance on how we will communicate financial reporting and audit quality findings from ASIC’s reviews of audit files.  The changes include updates to reflect:  ASIC’s new responsibilities and powers following law reform to regulate the financial reporting and audit requirements of registrable superannuation entities (RSEs), and that the ASIC Act allows ASIC to communicate findings from our reviews of audit files to the relevant directors of the superannuation trustees. RG 260 provides guidance for directors, audit committees and senior managers of companies, responsible entities, superannuation trustees or disclosing entities, and for audit firms on ASIC’s approach to communicating financial reporting and audit quality findings from our reviews of audit files.  The purpose of our communication is so the audit firms and audited entities can work together and take steps to improve financial reporting and audit quality. For further information, download Regulatory Guide 260 Communicating findings from audit files to directors, audit committees or senior managers (RG 260). ASIC publishes FAQs about auditing and assurance requirements for sustainability reports We have published responses to some frequently asked questions about the review and auditing requirements for sustainability reports under the Corporations Act 2001 to help auditors and preparers of sustainability reports to understand their obligations under the Corporations Act. The FAQs may be helpful for: auditors in understanding their obligations under the Corporations Act, such as in relation to forming an opinion on the sustainability report, what the auditor’s report on the sustainability report must contain, and the extent to which the modified liability settings apply to statements in the auditor’s report on the sustainability report, and preparers of sustainability reports in understanding their obligations in relation to obtaining a review or audit of the sustainability report, the appointment, removal or resignation of auditors, and who can conduct a review or audit of the sustainability report. The AUASB have also published frequently asked questions that are focused on some of the practical considerations relating to the review and audit of sustainability reports. Entities lodge their sustainability reports online with ASIC From January 2026, entities will be able to lodge their sustainability reports online through the company officeholder, registered agent and auditor portals. The sustainability report (and auditor’s report on the sustainability report) should be lodged at the same time and relate to the same reporting period as the annual financial report. ASIC is developing a new form that entities must use to lodge their sustainability report and the auditor’s report on the sustainability report. This form is separate to Form 388 Copy of financial statements and reports, which is used to lodge the annual financial report, directors’ report and auditor’s report on the financial report. Entities should complete and lodge this form separately to Form 388, even if the sustainability report is included within the annual report that is lodged using Form 388. Listed entities do not have to lodge with ASIC if they have already lodged their sustainability reports with ASX, NSX or SSX and the conditions in ASIC Corporations (Electronic Lodgement of Financial and Sustainability Reports) Instrument 2016/181 are met. Sustainability reports lodged with ASIC will be available on the public register at ASIC Connect using the company name search under Organisations & Business Names. For information on how and when to lodge sustainability reports, visit our Sustainability reporting webpage, which will be updated in due course with details of the lodgement process. Allow time for ASIC to consider your sustainability reporting relief applications We encourage entities considering applying for sustainability reporting relief to begin the application process as early as possible. As sustainability reporting requirements are new, your application may raise novel issues which may take longer to assess because they raise new policy considerations.  We encourage applicants to apply for relief well before the applicable statutory deadline. Sustainability reporting relief applications lodged around the statutory deadline risk being refused as there is insufficient time to properly consider the application. We will generally refuse sustainability reporting relief applications lodged after the statutory deadline because a breach has occurred, and we do not have the power to grant retrospective relief. Entities considering applying for sustainability reporting relief should note the following: Applications are to be lodged through the ASIC Regulatory Portal as an ‘Application for declaration or exemption or order – Application for Relief’ and selecting the appropriate head of power. Applications for relief incur an application fee when the application is made, irrespective of the outcome. The current application fee is $3,487 for each entity requesting relief. Further information on our fee charges is outlined in Regulatory Guide 51 Applications for relief (RG 51). Applications for relief under section 340 must be made validly – that is, the application must be in writing, be authorised by resolution of the company’s board of directors and be signed by a director. Our assessment of your relief application begins once all formal requirements are met. Applications must address at least one of the statutory pre-conditions in section 342(1) for relief specifically why complying with the obligation from which you seek relief would render the sustainability report misleading, be inappropriate in the circumstances, or impose unreasonable burdens. For guidance on how ASIC exercises its relief powers, see Regulatory Guide 280 Sustainability reporting (RG 280), Regulatory Guide 43 Financial reports and audit relief (RG 43) and the relief from sustainability reporting requirements section of our website. You can also view the sustainability reporting and audit relief decisions register, which contains some of our decisions on sustainability reporting relief applications. Prospective applicants are encouraged to review the register before submitting a relief application as it will provide insights into the factors we consider in our decision-making process and conditions we may impose. The register will be updated as decisions are made (including where we refuse to exercise relief). Newsroom highlights Visit the ASIC newsroom to browse all speeches and announcements, past and current. You can also sign up to receive emailed news alerts directly from the source.