The Governor-General on the advice of the Minister of Commerce and Consumer Affairs has appointed Steven Bardy as Deputy Chairperson of the Financial Markets Authority  - Te Mana Tātai Hokohoko. Mr Bardy has been appointed from 1 January 2026 to 28 February 2027, when his current term on the Board ends. Mr Bardy has extensive experience as a regulator and adviser in financial services, regulation, compliance and risk management. The FMA also welcomes two new members onto its Board. Philip Doak and Alastair Hercus have been appointed by the Governor-General from 1 January 2026 to 31 December 2030. Biographies of these new Board members are below. Board member Christopher Swasbrook has been reappointed for the period 23 December 2025 to 22 December 2030. Mr Swasbrook has served on the FMA Board since 2019. Board member Prasanna Gai has resigned from the Board with effect from 31 December 2025. Mr Gai has served on the FMA Board since 2018. The FMA acknowledges with thanks the work of Mr Gai and Board Member Sue Chetwin, who has stepped down from the Board following completion of her term in November this year.  About the FMA board: The Crown Entities Act 2004 sets out the collective and individual duties of the FMA Board and its members. The Board is the governing body of the FMA. The Board's focus is generally on the critical strategic and regulatory policy issues that determine the overall success of FMA. This includes: setting the FMA's strategic direction and strategic priorities  appointing the Chief Executive and providing oversight of their performance and, through them, FMA staff  ensuring the FMA's actions are consistent with its objectives, functions, SOI and output agreement (if any)  maintaining appropriate relationships with stakeholders  complying with the FMA's obligations under all applicable legislation  ensuring the FMA operates in a financially responsible manner - achieving results and doing so within budget (operating within agreed budget parameters and managing assets and liabilities prudently).  Biographies Steven Bardy  Steven is a senior executive with extensive experience as a regulator and advisor in financial services, regulation, compliance, and risk management. He currently serves on our board and holds the position of Chair of the Audit and Risk Committee.   His career includes leadership roles at prominent organisations such as the Australian Securities and Investments Commission (ASIC), where he was a senior executive for over 8 years, and as a Group Head of Operational Risk and Compliance at Westpac. He was previously the Managing Director of Promontory Australia (an IBM Company) and served as the inaugural Chairperson of the Assessment Committee of the International Organisation of Securities Commissions (IOSCO). He consults to the World Bank and foreign governments on regulatory design and architecture and is a senior advisor to Principia Advisory.   Steven holds degrees in Law and Economics (Hons.) from the Australian National University and a Master of Business Administration (MBA) from the London Business School. He also undertook post-graduate studies at Queen's University at Kingston and the Wharton Business School.  Philip Doak  Phil has over 35 years of experience in the New Zealand financial services sector. He has held senior executive positions spanning the strategy, distribution, operations, programme management and technology functions of banking and funds management firms. He now consults to the sector leading a broad range of assignments supporting firms to architect, execute and govern operational change.   His financial services governance background includes a range of director and oversight roles in financial services entities spanning banking, funds management and wealth management.   Phil is a Chartered Member of the New Zealand Institute of Directors. He holds a Bachelor of Commerce (Ag) from Lincoln University, and a Diploma in Applied Finance and Investment from the Financial Services Institute of Australasia.   Alastair Hercus  Alastair is an experienced director and lawyer.  He was formerly a partner and board member of Buddle Findlay with an extensive public sector and public law practice, following an earlier diplomatic career with the Ministry of Foreign Affairs and Trade. Alastair has wide ranging public and private sector governance experience. He is a Board member, and Chair of the Audit and Risk Committee, of the Natural Hazards Commission, a director of Fonterra Shareholders’ Fund Management Company Ltd and Invercargill Airport Ltd, and Chair of Co-operative Life Ltd.  He is also a director of the Stroke Foundation of New Zealand. Former roles include director and deputy Chair of Medical Assurance Society and Chair of the Risk and Advisory Committee of MBIE. Alastair holds a Bachelor of Arts with Honours in History and a law degree. 

Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today announced her departure from public service. Her last day at the Commission will be December 22, 2025. Pham was sworn in as a CFTC Commissioner on April 14, 2022, after being nominated by the President and unanimously confirmed by the U.S. Senate. She was designated as the CFTC’s Acting Chairman on January 20, 2025, following the inauguration of President Donald J. Trump. “It has been the honor of a lifetime to lead the CFTC during such a historic moment for market structure and innovation,” said Acting Chairman Pham. “I am incredibly proud of the CFTC and all its dedicated staff for their hard work and commitment this year to deliver on our pledge to get back to basics and regular order. As I said at the beginning of the year, as the CFTC celebrates our 50th anniversary, we have always served our mission to promote market integrity and liquidity in the commodity derivatives markets that are critical to the real economy and global trade — ensuring American growers, producers, merchants, and other commercial end-users can mitigate risks to their business and support strong U.S. economic growth.  “This year, we also refocused on our mandate to promote responsible innovation and fair competition as the CFTC prepares to take on expanded oversight of new markets and new products like digital assets, crypto, and prediction markets. I am deeply grateful for the CFTC’s expertise, experience, and care in safeguarding the public’s trust while championing progress, growth, and access to markets. I am thrilled to welcome Michael Selig as the 16th Chairman of the CFTC. His pragmatic, common sense approach will ensure the CFTC strikes the right balance of innovation and market integrity.”  During Acting Chairman Pham’s tenure at the CFTC, she has been a champion for good government, proposing and implementing a number of reforms to protect Constitutional rights and promote due process and transparency. Pham’s decisive leadership delivered results this year on providing regulatory clarity, right-sizing regulations, promoting innovation, ending regulation by enforcement, and modernizing the CFTC’s operations for both efficiency and effectiveness.  Accomplishments include addressing longstanding Dodd-Frank Act issues and swaps regulation, issuing a comprehensive framework for self-reporting and cooperation in enforcement actions and referrals for non-compliance issues, and enabling innovation in market structure, such as perpetual contracts, 24/7 trading, and prediction markets. Pham launched the CFTC’s Crypto Sprint to implement the President’s Working Group on Digital Asset Markets report recommendations, achieving historic milestones such as listed spot crypto trading on CFTC-registered futures exchanges, digital asset markets pilot program, tokenized collateral guidance, and the CFTC Crypto CEO Forum and CEO Innovation Council.  Her CFTC modernization efforts include deploying the CFTC’s first automated market surveillance system, saving nearly $50 million in annualized costs, and restructuring the CFTC’s organization and operations to maximize efficiency and effectiveness. Pham’s efforts to reduce regulatory burdens to promote U.S. economic growth has resulted in unlocking many tens of billions of dollars of capital and collateral regulatory relief and saving an estimate of hundreds of millions of dollars annually for market participants, as well as launching a pilot program to increase liquidity and hedging in energy markets and deliver potentially billions in energy savings. 

Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today announced Rob Hadick of Dragonfly Capital Partners has joined the Global Markets Advisory Committee’s Digital Asset Markets Subcommittee. Acting Chairman Pham currently sponsors the GMAC. Hadick is a General Partner at Dragonfly Capital Partners, where he focuses on digital asset investment strategy, market structure innovation, and expanding global market opportunities across blockchain-based financial systems.  “Rob’s deep insight into digital asset markets and his experience at the intersection of technology and finance make him an invaluable addition to the GMAC’s Digital Asset Markets Subcommittee,” Acting Chairman Pham said. "I am extremely grateful for the hard work, dedication, and thoughtful contributions of all members of the GMAC and its three subcommittees, Global Market Structure, Digital Asset Markets and Technical Issues, throughout my time as Acting Chairman and Commissioner. Their expertise and commitment have been invaluable to the Commission, and I look forward to the important work the GMAC and its subcommittees will continue to deliver in support of the CFTC’s mission. Thank you to Amy, Darcy, Brad, Sandy, Scott, Tara, and Allison for their leadership and tireless service as chairs of the GMAC and its subcommittees.” 

CFTC's Weekly Swaps Report has been updated, and is now available: http://www.cftc.gov/MarketReports/SwapsReports/index.htm.Additional information on the Weekly Swaps Report. Archive Explanatory Notes Swaps Report Data Dictionary Release Schedule Released: Weekly on Mondays at 3:30 p.m.

Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a multi-tiered operation targeting more than 100 U.S. money services businesses (MSBs) operating along the southwest border. These MSBs—which provide financial services outside of a formal bank—are being examined for potential non-compliance with regulations designed to detect money laundering and combat illicit finance. FinCEN’s operation resulted in the issuance of six notices of investigation, dozens of examination referrals to the Internal Revenue Service (IRS), and over 50 compliance outreach letters. “At President Trump’s direction, the Treasury Department is utilizing all tools to stop terrorist cartels, drug traffickers, and human smugglers,” said Secretary of the Treasury Scott Bessent.  “This sweeping operation will help root out potential cartel-related money laundering from the U.S. financial system.” Click here to watch a video from Secretary Bessent on today's announcement MSBs operating along the southwest border can face elevated exposure to illicit activity, including the laundering of proceeds from drug trafficking, smuggling of illegal aliens, and other serious crimes. This operation is consistent with President Trump’s directive to secure the border and to pursue the total elimination of Cartels and Transnational Criminal Organizations. Ongoing Border Operation Based On Data From Over ONE Million Banking Records — May result in Monetary Penalties, irs examinations, and criminal referrals FinCEN’s operation resulted in the issuance of six notices of investigation, dozens of examination referrals to the IRS, and over 50 compliance outreach letters. These tiered actions are designed to address the money laundering vulnerabilities created by MSBs that appear to be non-compliant with the Bank Secrecy Act.  MSBs on the receiving end of these actions are on notice that Treasury will not tolerate Bank Secrecy Act violations that could put Americans at risk. This data-driven operation is based on a review of over one million Currency Transaction Reports and 87,000 Suspicious Activity Reports, which financial institutions are required to submit to FinCEN to provide highly useful data to law enforcement.  This is an ongoing operation in which FinCEN will follow the facts and, where appropriate, seek to impose civil money penalties, pursue civil injunctive actions, issue warning letters, and make referrals to criminal authorities for willful violations of the Bank Secrecy Act. FinCEN is coordinating closely with the Homeland Security Task Force, the Internal Revenue Service, and both law enforcement and regulatory partners at the state and federal levels. Treasury Deploys Cutting-Edge Technology to Target Potential Money Laundering on Southwest Border The Trump Administration has prioritized making government more modern, effective, and efficient. Under Secretary Bessent’s leadership, Treasury has expanded its use of advanced technology to deliver results for the American people. FinCEN is now applying high-performance data processing to uncover illicit networks and protect the U.S. financial system from evolving threats. Treasury’s modernization efforts have strengthened FinCEN’s ability to transform fragmented financial information into reliable, decision-grade leads at scale. This commitment to technological advancement has enabled FinCEN to launch this first-of-its-kind, data-driven enforcement operation to enhance the safety of the American public. Compliance Failures Threaten National Security  Failure to comply with the Bank Secrecy Act deprives law enforcement and national security agencies of critical financial intelligence and increases the risk that MSBs can facilitate money laundering and other criminal activity. U.S. MSBs, including those operating along the southwest border, are reminded that they must: develop, implement, and maintain effective, risk-based anti-money laundering/countering the financing of terrorism programs; verify customer identification as needed to fulfill Bank Secrecy Act reporting requirements; monitor transactions for suspicious activity and file timely Suspicious Activity Reports; file timely Currency Transaction Reports for transactions exceeding reporting thresholds; and ensure adequate oversight of agents, branches, and third-party service providers, as applicable.

Governor Kathy Hochul today signed legislation to require AI frameworks for AI frontier models, setting a nation-leading standard for AI transparency and safety. The agreed-upon chapter amendments to the RAISE Act (S6953B/A6453B) requires large AI developers to create and publish information about their safety protocols, and report incidents to the State within 72 hours of determining that an incident occurred. It also creates an oversight office within the Department of Financial Services that will assess large frontier developers and enable greater transparency. The office will issue reports annually. “By enacting the RAISE Act, New York is once again leading the nation in setting a strong and sensible standard for frontier AI safety, holding the biggest developers accountable for their safety and transparency protocols,” Governor Hochul said. “This law builds on California’s recently adopted framework, creating a unified benchmark among the country’s leading tech states as the federal government lags behind, failing to implement common-sense regulations that protect the public. I thank the leaders and members of both houses of the Legislature, as well as the bill’s sponsors, for their partnership in delivering this responsible, nation-leading approach to AI safety.” Artificial intelligence is evolving faster than any technology in human history. It is driving groundbreaking scientific advances leading to life-changing medicines, unlocking new creative potential, and automating mundane tasks. At the same time, experts and practitioners in the field readily acknowledge the potential for serious risks. Under the new law the Attorney General can bring civil actions against large frontier developers for the failure to submit required reporting or making false statements. Penalties are up to $1 million for the first violation and up to $3 million for subsequent violations. New York State Department of Financial Services Acting Superintendent Kaitlin Asrow said, “DFS has been a leader in developing rules that are facilitating the responsible adoption of artificial intelligence by financial services companies. DFS looks forward to supporting Governor Hochul’s continued efforts to foster innovation and establish standards for the safe development of artificial intelligence models.” State Senator Andrew Gournardes said, “This is an enormous win for the safety of our communities, the growth of our economy and the future of our society. The RAISE Act lays the groundwork for a world where AI innovation makes life better instead of putting it at risk. Big tech oligarchs think it’s fine to put their profits ahead of our safety — we disagree. With this law, we make clear that tech innovation and safety don’t have to be at odds. In New York, we can lead in both.” Assemblymember Alex Bores, “Today is a major victory in what will soon be a national fight to harness the best of AI’s potential and protect Americans from the worst of its harms. New York now has the strongest AI transparency law in the country. This bill moves beyond California's SB53 in significant ways, and sets the stage for greater disclosure, learning, and legislative action in years to come. In New York, we defeated last-ditch attempts from AI oligarchs to wipe out this bill and, by doing so, raised the floor for what AI safety legislation can look like. And we defeated Trump’s — and his donors’ — attempt to stop RAISE through executive action greenlighting a Wild West for AI.” A Global Leader in Artificial Intelligence The enactment of the RAISE Act complements New York’s global leadership in AI technology through innovation, collaboration and responsibility. Under Governor Hochul’s leadership, she created Empire AI, the state’s trailblazing consortium that is uniting academia, industry and government for the public good. This new law ensures that innovation continues to thrive while safeguarding against potential harms, and reinforces New York’s position as a global hub for ethical AI development.

FINRA’s Board of Governors held its final meeting of the year Dec. 10-11. The Board approved three rule proposals. It also reviewed FINRA’s 2025 financial performance and approved FINRA’s 2026 budget. More information about FINRA's finances will be provided in FINRA’s annual financial report and budget summary. Rulemaking The three rule proposals reflect feedback FINRA has received on the rule modernization effort that is part of FINRA Forward, a series of initiatives to improve FINRA’s effectiveness and efficiency in pursuing its mission of protecting investors and safeguarding market integrity. “The Board’s approval of these three rule proposals reflects FINRA’s commitment to modernizing our regulatory framework while strengthening investor protections for an evolving marketplace. By enabling electronic delivery as a default option, we’re aligning our rules with how many investors prefer to receive information in the digital age. Our enhanced safeguards against financial exploitation demonstrate our determination to protect vulnerable investors, particularly seniors, from fraud and abuse. And by updating our new issue rules for collective trust funds, we’re ensuring retirement savers have equitable access to investment opportunities,” said FINRA Board Chair Scott Curtis. The three rule proposals are: Electronic Delivery Default: The Board approved a proposal to permit member firms to use electronic delivery as the default means of providing information to customers under FINRA rules. The proposal supports modern communication practices and preferences while preserving customers’ ability to choose paper delivery. FINRA plans to file the proposed rule changes with the SEC and publish related guidance in a Regulatory Notice. Customer Protection from Financial Exploitation: The Board approved a proposal that would better equip member firms to protect customers from financial exploitation. The proposal includes amendments to boost the adoption and usefulness of customers' trusted contacts and allow member firms greater flexibility to extend temporary holds when they reasonably suspect financial exploitation of a senior or vulnerable adult. It would also offer member firms a new optional shorter temporary hold (a “speed bump”) to protect customers of any age from suspected fraud. FINRA will issue a Regulatory Notice seeking comment on the proposal. Collective Trust Fund Flexibility: The Board approved a proposal that would provide more flexibility for collective trust funds—sometimes referred to as collective investment trusts— to receive initial public offering allocations under FINRA’s new issue rules. The exemption would treat these pooled investment vehicles, which are generally used as investment options in qualified retirement plans, comparably to other types of pooled investments. FINRA plans to file the proposal with the SEC. Additional Updates The Board received an update on FINRA’s 2026 Regulatory Oversight Report, a key resource for member firms with insights from FINRA’s regulatory operations programs, including findings and best practices. The Board also received an update on the ongoing external review of FINRA’s enforcement program, as well as the enhancements being made to FINRA’s organizational structure to align with the demands of FINRA’s mission. This includes the ongoing work to operationalize two new groups: Regulatory Operations and Market and Regulatory Services. The Board also met with Investment Company Institute President and CEO Eric Pan, who joined the meeting to discuss issues that are top of mind for the asset management industry, including exchange-traded fund share classes of mutual funds. More information about the Board's operations, including membership and responsibilities of its committees, is available here. In related news, FINRA announced the winners of the recent Small Firm Advisory Committee (SFAC) and Regional Committee elections, as well as those who were appointed to serve on the SFAC and the National Adjudicatory Council. Visit FINRA’s year-end Election Notice for the full list of winners and appointees.

New York Attorney General Letitia James and a bipartisan coalition of 50 other attorneys general today announced a nearly $150 million settlement with Mercedes-Benz USA (Mercedes), resolving violations of environmental and consumer protection laws stemming from the company’s use of illegal emissions-cheating software. A multistate investigation led by Attorney General James and eight other attorneys general found that Mercedes equipped hundreds of thousands of diesel vehicles with undisclosed software designed to cheat emissions tests, mislead consumers, and illegally pollute communities nationwide. Under the settlement, Mercedes will pay $149,673,750 to the coalition, including more than $13.5 million to New York to fight air pollution, and provide $2,000 payments to eligible owners and lessees whose vehicles receive the required emissions repairs. The company must also undertake broad corrective actions to prevent future misconduct and comply with strict oversight requirements. “Mercedes promised New Yorkers clean, green cars, but instead sold vehicles that polluted our air and put public health at risk,” said Attorney General James. “For nearly a decade, Mercedes misled regulators and consumers while its vehicles spewed toxic emissions into our communities. Today’s settlement holds Mercedes accountable, delivers millions of dollars to protect New York’s environment, and ensures that this company never again deceives the public about its emissions.” “Thanks to strong leadership from Governor Hochul and Attorney General James, New York continues to advance a cleaner and healthier state for all New Yorkers,” said Department of Environmental Conservation Commissioner Amanda Lefton. “This multi-state settlement not only ensures accountability for bad actors using illegal emissions-cheating devices, it also importantly delivers more than $13.5 million to New York to reduce harmful emissions and help eligible consumers pay for costly vehicle repairs.” Attorney General James and the coalition launched an investigation in 2020 following the conclusion of a similar federal investigation. As part of a nine-state executive committee, the Office of the Attorney General (OAG) reviewed more than 350,000 documents and interviewed numerous witnesses. The coalition found that Mercedes installed undisclosed software in its diesel vehicles that masked the true level of pollution they produced. These devices artificially lowered emissions during government testing, but in normal driving conditions, the vehicles emitted far higher levels of harmful pollutants, sometimes up to 30 or 40 times the legal limit. This unlawful software enabled Mercedes to obtain emissions certifications that the vehicles did not actually qualify for. The investigation also found that Mercedes misled consumers by advertising these diesel vehicles as “clean” and “green” vehicles that produced “ultra-low emissions.” Mercedes claimed to offer “the world’s cleanest diesel automobiles” and touted its products’ ability to convert pollutants into “pure, earth-friendly nitrogen and water.” In reality, the vehicles emitted far more pollution than permitted and did not operate as advertised or certified. Between 2008 and 2017, Mercedes sold more than 200,000 diesel vehicles equipped with this software, including more than 19,000 vehicles registered in New York. As part of the settlement, Mercedes will immediately pay $120 million to the coalition states, including $13,530,088 for New York, to support efforts to prevent, abate, and mitigate air pollution. An additional $29,673,750 penalty is temporarily suspended and will be reduced by $750 for each affected vehicle Mercedes repairs, takes off the market, or buys back. To encourage repairs, Mercedes must provide $2,000 payments to eligible owners and lessees whose vehicles receive an Approved Emissions Modification (AEM). To obtain this payment, owners and lessees of affected vehicles must submit a valid claim by September 30, 2026. Mercedes is required to mail notices to eligible owners and lessees explaining how to participate. The company will also provide an extended emissions warranty for vehicles that receive the modification. Mercedes must also implement sweeping reforms to prevent future violations and comply with new reporting requirements. Mercedes is prohibited from selling or leasing any diesel vehicles equipped with these illegal emissions-cheating devices, from making misleading statements about a vehicle’s emissions performance, and from claiming a diesel vehicle is clean or low-pollution unless the claim is accurate and substantiated. The company must also comply with requirements previously imposed in federal court. Mercedes must regularly report to state regulators which vehicles have been repaired or removed from the road and may face additional penalties depending on its compliance. Joining Attorney General James in this settlement, which was co-led with the attorneys general of Alabama, Connecticut, Delaware, Georgia, Maryland, New Jersey, South Carolina, and Texas, are the attorneys general of Alaska, Arkansas, Colorado, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming, the District of Columbia, and Puerto Rico. The matter was handled by Assistant Attorney General Ashley M. Gregor, former Assistant Attorney General Gavin McCabe, and Deputy Bureau Chief Lisa M. Burianek of the Environmental Protection Bureau, as well as Assistant Attorney General Noah H. Popp of the Consumer Frauds and Protection Bureau. The Environmental Protection Bureau is led by Bureau Chief Lemuel Srolovic and is part of the Division for Social Justice, led by Chief Deputy Attorney General Meghan Faux. The Consumer Frauds and Protection Bureau is led by Bureau Chief Jane M. Azia and Deputy Bureau Chief Laura J. Levine and is part of the Division for Economic Justice, led by Chief Deputy Attorney General Chris D’Angelo. Both the Division for Economic Justice and the Division for Social Justice are overseen by First Deputy Attorney General Jennifer Levy.

The European Banking Authority (EBA) has updated its Guidelines on the equivalence of confidentiality and professional secrecy regimes in third countries, reinforcing the EU’s commitment to safeguarding confidential information and enabling effective cross‑border supervisory cooperation. Key updates and impact The revised Guidelines expand the scope of the original 2022 Guidelines to reflect new requirements under the Markets in Crypto Assets Regulation (MiCAR) and incorporate the latest EBA equivalence assessments. The updated framework confirms that the confidentiality and professional secrecy regimes of several authorities, including those in Australia, China, Montenegro, Peru, Serbia and the UK, are now considered equivalent to EU standards. In addition, the revised Guidelines streamline definitions, update legal references, and clarify how competent authorities should apply the framework when sharing information or engaging in supervisory cooperation. Background By extending the scope of the Equivalence Guidelines, the EBA harmonises the approach that competent authorities across the EU should adopt when cooperating with their counterparts in third countries. Competent authorities must report their compliance with the Guidelines within two months of the publication of translations into the official EU languages. These Guidelines are part of EBA’s broader effort to enhance supervisory convergence and facilitate international cooperation. More information on this can be found here. Legal basis Regulation (EU) No 1093/2010 mandates EBA to support Member States in ensuring third-country confidentiality and professional secrecy frameworks meet EU standards. Article 100 of MiCAR requires that information exchanged between competent authorities under this Regulation must remain confidential and protected by professional secrecy, with disclosure allowed only in strictly defined legal circumstances and binding on anyone working for or with those authorities. Documents Guidelines amending Guidelines on equivalence of confidentiality regimes (433.83 KB - PDF) Related content GuidelinesFinal and awaiting translation into the EU official languages Guidelines on the equivalence of confidentiality and professional secrecy regimes of third-country authorities Topic Third country equivalence and international cooperation

A new company was listed on Tehran Securities Exchange (TSE): Arvand Petrochemical Company (APC) made stock market debut on Monday, 22 December 2025. Arvand Petrochemical Company, one of the largest PVC chain producers in the Middle East, was established in 2000 to support national self-sufficiency, industrial growth, and to supply raw materials to downstream industries in both domestic and international markets.   APC made its Initial Public Offering on TSE’s Main Board of the Second Market in “Chemicals & By-products sector” on Monday, 22 December 2025. The Company with an authorized capital of IRR 12,000 billion was listed as the 627th issuer, under the ticker of “RVND” offered 5% of its total shares, equivalent to 600 million shares, to the public at an offering price of IRR 37,500 per share. The number of participants in this offering was 1,521,353 and a maximum of 455 shares were allocated to each trading code. It is worth mentioning that Arvand Petrochemical Co. produces 300,000 tons per year of suspension-grade PVC (S-PVC) and 40,000 tons per year of emulsion-grade PVC (E-PVC), alongside 634,000 tons of 100%-pure caustic soda, 186,700 tons of chlorine gas, 329,300 tons of ethylene dichloride (EDC), and 16,260 tons of sodium hypochlorite annually - products destined for both local consumption and export. APC’s mission is to manufacture quality products in PVC chain and create sustainable value for stakeholders by creative human capital, the use of new technologies, and compliance with environmental and safety requirements for sustainable development. Increasing profitability, increasing stakeholders’ satisfaction, achieving nominal production capacity, achieving knowledge based and learning organization and producing with sustainable development approach and protection of the environment are the company’s strategic goals.

Fiserv, Inc. (NASDAQ: FISV) and Mastercard (NYSE: MA) are extending their partnership to advance agentic commerce for merchants. Fiserv will be one of the first major payment processors to leverage Mastercard’s Agent Pay Acceptance Framework at scale, raising the bar for secure, intelligent and interoperable agentic commerce and empowering merchants to confidently embrace the era of AI-driven payments. Supporting Merchant Acceptance Through Agent Pay As commerce becomes increasingly digital and autonomous, merchants need trusted solutions that balance innovation with security and transparency. With this expanded partnership, Fiserv is integrating with Mastercard’s Secure Card on File solution to act as a network token requestor on behalf of merchants and partners. This capability leverages Mastercard’s robust tokenization technology to deliver secure, seamless transactions across the ecosystem. Fiserv will also adopt the Mastercard Agent Pay Acceptance Framework, which establishes a secure, scalable framework for enabling AI agents to transact on behalf of customers with tokenization, strong authentication, fraud prevention, and governance. The partnership will also simplify merchant participation in the agentic commerce era by providing them with the tools and insights to maintain control of their customer relationships while unlocking new revenue streams. "Fiserv and Mastercard are working together to establish the foundation for secure, intelligent, and interoperable agentic commerce experiences,” said Sanjay Saraf, SVP and Global Chief Product Officer, Merchant Solutions at Fiserv. “Together, we are enabling merchants of all sizes to confidently participate in this new era of commerce, leveraging trusted standards and programmable payments to unlock growth.” “Agentic commerce is transforming payments by creating smarter, more intuitive experiences for both merchants and consumers,” said Chiro Aikat, Co-President, U.S., Mastercard. "These technologies simplify transactions, reduce friction, and enable businesses to deliver faster, more personalized experiences. By working with Fiserv, we’re making it easier for merchants to embrace these innovations in ways that add trust, speed and confidence.” Fiserv and Mastercard are advancing their work together, following efforts to drive stablecoin adoption and expanding Mastercard’s Small Business Navigator program.

Fiserv, Inc. (NASDAQ: FISV) today announced a strategic collaboration with Visa (NYSE: V) to enable Visa Intelligent Commerce and deploy Trusted Agent Protocol across Fiserv’s interoperable agentic ecosystem. This will empower merchants to participate in the rapidly evolving world of Agentic Commerce, where artificial intelligence-driven agents act on behalf of consumers to discover, compare, and purchase products. By combining Visa’s authentication and agentic commerce capabilities with Fiserv’s extensive merchant network, the two companies are delivering the infrastructure and trust needed for merchants to thrive as commerce becomes increasingly automated. “Fiserv and Visa are simplifying entry into the Agentic Commerce ecosystem, giving Clover and Fiserv merchants, as well as our ISV and ISO partners, the tools to capitalize on the groundbreaking experiences while fostering trust and safety," said Sanjay Saraf, SVP and Global Chief Product Officer, Merchant Solutions at Fiserv. “Through Visa Intelligent Commerce and our Trusted Agent Protocol, we are building trust into every layer of the agentic commerce experience,” said Rubail Birwadker, Global Head of Growth Products and Strategic Partnerships, Visa. “Partners like Fiserv are essential to scaling these secure, innovative solutions for merchants and consumers worldwide.” Supporting Merchant Acceptance Through Trusted Agent Protocol As part of this collaboration, Fiserv and Visa are working together to deploy Trusted Agent Protocol across Fiserv’s acceptance ecosystem to authenticate, retrieve, accept, and process agentic transactions. The Trusted Agent Protocol establishes a secure framework that distinguishes trusted agents from malicious bots, ensures every interaction is authorized by a consumer with verified intent, and validates that payment information used at checkout remains unaltered. With the Trusted Agent Protocol available within Fiserv’s existing products and services, merchants and their customers can engage confidently in automated commerce experiences knowing that every transaction is protected by robust identity and transaction safeguards. Beyond Acceptance: Enabling Intelligent Commerce Fiserv and Visa are also looking beyond solely supporting agentic acceptance to enable the full potential of intelligent commerce. Fiserv and Visa deliver the foundational capabilities that make agent-driven experiences possible. This includes providing merchants, ISVs, and ISOs with the infrastructure, tools, and integration frameworks needed to embed AI-driven agentic experiences seamlessly into their workflows without disrupting existing operations. Fiserv’s enabler role extends outside of payments to include secure connectivity that authenticates agents and protects transactions, scalable integration options that allow businesses to adopt agentic capabilities at their own pace, and operational intelligence that automates dispute resolution and optimizes routing in real time. By connecting merchants to Visa Intelligent Commerce’s global authentication and tokenization services and enabling issuers and acquirers to participate in shaping agentic experiences, Fiserv acts as the bridge between the traditional payment ecosystem and the agentic commerce ecosystem. Fiserv and Visa are united in their commitment to innovation and merchant success. Merchants and partners are invited to explore these solutions and learn more about integration and onboarding opportunities at Fiserv.com and Visa.com.

On 17 December 2025, the European Network of Transmission System Operators for Electricity (ENTSO-E) submitted its proposal for the European Resource Adequacy Assessment (ERAA) 2025 to ACER. What is ERAA? Mandated by the 2019 Clean Energy Package, the ERAA is ENTSO-E’s annual evaluation of the risks to the EU’s security of electricity supply for up to 10 years ahead. Following the methodology approved by ACER in 2020, ENTSO-E must carry out an annual assessment on whether the EU has sufficient electricity resources to meet future demand. At national level, Member States set their own electricity reliability standards to indicate the level of security of electricity supply they need. At European level, the ERAA verifies whether the EU’s electricity system can meet these national standards. How does the ERAA benefit the EU? The ERAA provides an objective basis for identifying potential risks to Europe’s security of electricity supply and for determining whether additional national measures, such as capacity mechanisms, are needed. It helps inform decisions by Member States and the European Commission (e.g. state aid decisions) on national security of electricity supply measures. What are the steps and what’s next? Every year, where necessary, ACER suggests how to improve the next ERAA before ENTSO-E begins its work (e.g. see ACER suggestions for the ERAA 2025). ACER also actively engages with ENTSO-E throughout the year. ACER will review and decide on ENTSO-E’s proposed ERAA 2025 within three months of its submission. Read more on ERAA.

The World Federation of Exchanges (“The WFE”), the global industry group for exchanges and CCPs, has opened applications for its 2026 Market Infrastructure Certificate (MIC) programme.  The MIC is designed to develop the next generation of financial services leaders who work with the institutions that underpin global public markets including exchanges, clearing and settlement organisations, central counterparties, payment systems, and central securities depositories. The qualification is relevant to all professionals working and interacting with public markets, from central banks, buy-side and sell-side firms, exchanges, clearing houses and regulatory bodies. The programme supports the students to enhance their business network and form valuable connections with their peers and other industry professionals on the course. Our alumni come from a range of geographies, organisations and roles, working in diverse areas from Risk, to Product, Cyber, Sustainability, Communications and many more.  The programme is delivered in partnership with Bayes Business School (formerly Cass), which is part of City, University of London. It is at the same level as an MSc (i.e., Higher Education Level 7 in the UK). MIC candidates who successfully complete the programme will be awarded a postgraduate certificate, the Market Infrastructure Certificate, and receive 60 credits from Bayes Business School, City University of London. The programme focuses both on the theoretical and practical aspects of market infrastructures (MIs) and features both an online and residential component. The online component includes recorded sessions which participants can access at any time and a series of live interactive webinars. The residential component comprises a residential academic week in London and an industry practitioner week, with sessions run by the leaders of the market infrastructure space, which will be hosted by Cboe, in Chicago, USA.  The programme begins on 1st September 2026, with the London residential week running from 21st-25th September 2026, and the Chicago residential week running from 26th-30th October 2026. Teaching will complete on 4th December 2026 and final projects will be submitted in January 2027. On successful completion of the programme candidates will have: •    Developed a broader and deeper knowledge of how MIs operate, their interrelations, their regulatory environment, and their role in achieving financial stability and supporting sustainable and inclusive economic growth. •    An updated knowledge of the current best practices in MIs. •    A deeper understanding of how different risks are managed by each MI. •    Assessed the implications of recent financial and technological innovations. •    Studied the role of ESG and ethics in the working of modern MIs. Nandini Sukumar, CEO of The WFE, said, “We developed the Market Infrastructure Certificate to meet the learning needs of professionals who want to gain valuable insights on the key issues shaping our industry. Our growing alumni base represents the next generation of industry leaders who have chosen to deepen their understanding into the processes, infrastructure, and stakeholders that underpin the financial ecosystem.”    Please click here to go to the MIC page on our website which contains all details including the application, course dates and fees. Applications are reviewed on a first come first served basis and will close once the course intake limit is filled. For more on the WFE’s educational programmes, see here.

Avenir Registrars Ireland Ltd (www.avenir-registrars.ie) has this morning announced its appointment as securities registrar for Senus, the environmental software company which has become the first to list on the Euronext Access Dublin market. Developed to provide a route for SMEs looking to tap into public markets, Euronext Access reflects the evolving capital market needs of businesses today. Hardeep Tamana, Managing Director of Avenir Registrars Ireland, commented: ““Euronext’s initiative to open capital markets to smaller companies is vital for the growth economy. It ensures businesses can access necessary funds while allowing original investors to retain ownership stakes. Our 'right-sized' registry solutions are designed to grow alongside the issuer, ensuring full compliance and reporting capabilities at a competitive price point.”” Avenir will provide Senus with a fully digital share registration service, alongside dematerialisation in the domestic CSD of Ireland, Euroclear. This includes; Live Shareholder Records with real-time access for issuers via a secure, best-in-class platform; Investor Autonomy, providing self-serve portals for shareholders to manage administration without third-party delays; and Dynamic Records by using QR-coded ownership technology for enhanced security. Whilst Senus is the first Euronext Access listing for Avenir, the company already works with a number of other Ireland based equity issuers and is currently the largest registrar for domestic corporate and institutional debt issuance in Ireland. Jai Baker, Head of Business Development at Avenir Registrars Ireland, added: “Providing capital market access especially for smaller issuers required a laser focus on cost without sacrificing service quality. We are delighted to welcome Senus as the latest Avenir client. In recent days we have also seen a significant number of enquiries from other Euronext issuers keen to leverage our differentiated, tech-forward offering.”

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, in cooperation with National Competent Authorities (NCAs), completed an analysis of the cross-border provision of investment services in 2024. Data was gathered from investment firms across 30 jurisdictions in the EU/EEA.  The main findings include: Around 370 financial firms provided cross-border services to retail clients. Approximately 10.5 million clients in the EU/EEA received investment services from firms located in other Member States. Compared to 2023: The number of firms decreased by 4%. The number of retail clients rose by 32%. Complaints increased by 46%. Cyprus leads as the primary location for firms providing cross-border investment services in the EU/EEA, accounting for 21% of passporting firms, followed by Luxembourg (15%) and Germany (13%). Germany, France, Spain, and Italy are the most significant destinations for retail clients receiving cross-border services in other Member States. These insights will allow ESMA and the NCAs to better understand and monitor cross-border investment services provided by firms in the EU/EEA. Next steps ESMA will perform the next data collection in 2026. Related Documents DateReferenceTitleDownloadSelect 22/12/2025 ESMA35-335435667-6654 Report on the 2024 cross-border provision of investment services to retail clients in the EU and EEA

76 admissions on Euronext in 2025 to date1, including 50 new equity listings, Euronext remains the number one listing venue in Europe Euronext is the leading global venue for debt listing, with over 14,500 bonds listed in 2025 Euronext confirms its position as the number one European primary markets venue with over 1,700 issuers representing €6.7 trillion of aggregated market capitalisation on its single stock market covering seven countries. Following the successful acquisition of a majority stake in the Athens Stock Exchange, Euronext will further expand its European footprint at the service of local and global issuers and investors. Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, commented: “In 2025, Euronext proved the resilience of its federal model. Despite a challenging environment, Euronext welcomed 50 new listings on its integrated market, representing nearly a third of the new listings in Europe. Both large companies and SMEs chose Euronext to continue their growth journey, convinced by the strength and relevance of our single liquidity pool, central order book and single trading platform. In 2026, Euronext will once again demonstrate its leadership in equity and debt listing, as many companies are looking at public markets to finance their funding needs and accelerate their growth.” #1 equity listing venue in Europe In 2025, Euronext strengthened its position as the leading equity listing venue in Europe. As of 22 December 2025, Euronext recorded 76 admissions and welcomed 50 new companies to its markets, representing an aggregated market capitalisation of €17 billion. New equity listings on Euronext represent nearly a third of new equity listings across Europe in 2025. Euronext attracted 42% of international listings2 in Europe. Notably, Euronext welcomed several local and global champions: The Magnum Ice Cream Company, the largest ice cream company in the world, spun-off from Unilever and became the largest company to list on Euronext this year, with a market capitalisation of €7.8 billion. Ferrari Group, a global leader in the shipment of luxury goods incorporated in the United Kingdom, listed on Euronext and raised €225 million at a market capitalisation of €785 million. Constellation Oil Services, one of the largest offshore drilling contractors in Brazil, listed on Euronext at a market capitalisation of €693 million.  In 2025, Euronext also confirmed its position as the European exchange for Tech companies. Approximately 700 technology companies are listed on Euronext, representing an aggregated market capitalisation of €1.4 trillion. 36% of the companies that listed on Euronext in 2025 are Tech companies. Among those: SoftwareOne Holding, a Swiss leading global software and cloud solutions provider, listed on Euronext at a market capitalisation of €1.9 billion following its combination with Crayon Group and joined the Euronext Tech Leaders index. Younited Financial a French leading consumer credit business and alumni of Euronext pre-IPO programme IPOready, listed on Euronext and joined the Euronext Tech Leaders index. Energyvision, a Belgium provider of solar energy and alumni of IPOready, listed on Euronext. 2025 marked the 20th anniversary of the creation of Euronext Growth. Euronext’s growth market is now home to 500+ small and mid-cap companies, across six market locations, connected to institutional investors from 29 countries. Over 200 Euronext listed companies raised more than €15 billion through follow-on transactions to finance their funding needs. Among them, Elia Group raised €2.2 billion, the largest equity placement on Euronext Brussels since 2009, Eutelsat raised €1.5 billion, and Italgas €1.0 billion. Throughout the year, Euronext solidified its role as Europe’s leading capital market infrastructure, advocating for further integration in the financial markets landscape: In March 2025, Euronext led an industry call to action in France to better finance companies through capital markets. The Manifeste pour un Meilleur financement des entreprises par les marchés de capitaux was supported by 33 financial institutions. In April 2025, Euronext launched the European Common Prospectus to accelerate capital market integration and boost IPO activity across the European Union. The European Common Prospectus brings a long-awaited harmonisation of how companies present themselves to the market. Issuers benefit from a streamlined, easy-to-use template that significantly reduces complexity. It replaces the 21 sections previously required with a simpler 11-section format, and makes the preparation of a listing prospectus faster and more efficient. #1 debt listing venue worldwide Euronext confirmed its global position as the leading debt listing venue, with over 55,000 total bonds listed from around 100 different countries. In 2025, Euronext markets welcomed over 14,500 new bonds, raising over €3.6 trillion in new capital. Euronext has further solidified its position as the world’s leading venue for sustainable bonds, with over 650 new ESG bond listings in 2025, raising more than €270 billion. Euronext reinforced its position as the leading venue for specific asset classes, notably Collateralised Loan Obligations (CLOs), with more than 4,000 CLOs new listings in 2025, and maintained its global leadership in Islamic finance, with 25 sukuk transactions approved and more than €13 billion raised. In parallel, Euronext continued to enhance efficiency in its debt listing processes by leveraging artificial intelligence to streamline bond admission reviews, reinforcing its commitment to digital services for issuers and listing agents. Euronext continued to support private companies in their growth journey From January to June 2025, Euronext organised the tenth edition of IPOready, Europe’s largest pre-IPO programme. For the 2025 edition, IPOready attracted an outstanding cohort of over 160 companies from Belgium, France, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, Spain and the United Kingdom. Tech companies dominated the cohort, making up 67% of the total participants. More than 1,200 alumni have participated in IPOready over the years, resulting in 38 successful listings on Euronext markets. These companies have collectively raised over €1.7 billion at listing, achieving a combined market capitalisation of nearly €7 billion. In 2025, Euronext welcomed the listing of seven new IPOready alumni: ADEC Innovations, Appear, EnergyVision, FSDV, SEMCO Technologies, Tecno, and Younited Financial. ELITE, Euronext’s ecosystem for private companies, expanded its reach as the European leading ecosystem for private businesses, paving the way for private companies to scale, innovate, and access capital markets. In 2025, ELITE welcomed 163 new companies from 10 different countries in Europe, bringing its network to over 2,000 members. Access to capital remained at the heart of ELITE’s mission. This year, four ELITE companies listed on equity markets, raising €20.9 million, while 16 companies issued 19 bonds, securing €243 million. Euronext launched a set of initiatives to support the companies most critical to Europe’s strategic autonomy On 6 May 2025, Euronext announced the launch of a set of New ESG focused initiatives designed to strengthen Europe’s strategic autonomy. On 7 and 8 July 2025, Euronext hosted the first European aerospace and defence funding days, bringing together 25 companies seeking financing with more than 90 investors and financing experts from across Europe. Euronext also introduced the European Defence Bond Label, a voluntary, market-driven initiative for listed bonds aimed at directing private capital towards eligible Defence and Security projects in Europe. On 8 September 2025, Groupe BPCE became the first financial institution in Europe to issue a bond granted with the European Defence Bond Label, followed by Bpifrance in November 2025. Collectively, they raised €1.75 billion. On 24 November 2025, Euronext launched the European Aerospace and Defence Growth Hub, bringing together 15 companies from France, Hungary, Italy and the Netherlands. Powered by ELITE, Euronext’s ecosystem for private companies, this initiative is designed to strengthen the supply chain of aerospace and defence companies. In January 2026, Euronext will launch the first edition of IPOready Defence, part of Euronext’s broader IPOready programme. Participating companies will gain the tools, insights, and network needed to understand capital markets, gain an exhaustive view of their financing options, and prepare for a potential IPO. IPOready Defence will benefit from support provided by defence industry associations, financial institutions and supranational bodies, including the European Investment Bank through the InvestEU Advisory Hub EU framework. Euronext developed its Euronext Corporate Solutions franchise across Europe In 2025, Euronext Corporate Solutions further strengthened its position as a leading European SaaS provider of governance, compliance and investor relations solutions. The franchise doubled its size following the acquisition of Board Portal and Virtual Data Room provider Admincontrol, and expanded its client base to more than 8,500 companies, significantly strengthening its footprint across the Nordics. Over the year, Euronext Corporate Solutions enriched its product suite with new capabilities and released new products including a dedicated Client portal serving as a command centre for IR professionals, confirming its commitment to providing comprehensive, innovative solutions that help clients successfully navigate from the boardroom to capital markets.

On 2 July 2025, ACER received a proposal from the EU transmission system operators (TSOs) to amend the methodology for intraday cross-zonal gate opening and closure time. On 19 December 2025, ACER approved the TSOs proposal, with some clarifications and adjustments. What is the methodology about? Established under the Capacity Allocation and Congestion Management (CACM) Regulation, the methodology sets harmonised rules across EU Member States for when electricity trading can begin (gate opening time) and end (gate closure time) in the intraday market. The TSOs proposed shortening the gate closure time from the current 60 to 30 minutes before delivery, while keeping the gate opening time unchanged. Shortening the gate closure time is expected to: allow market participants to trade closer to real time, giving them more time to respond to last-minute changes in demand and supply; support the integration of renewable energy sources and flexibility solutions; and help TSOs keep the system balanced and the supply secure. What are the next steps?  From 1 January 2026, the first TSOs will start implementing the 30-minutes gate closure time, with full rollout subject to national regulatory decisions. Read more.

Market capitalisation of €13 million76th listing on Euronext in 20251st listing on Euronext Access+ Dublin, Euronext’s new market in Ireland    Euronext today congratulates Senus PLC, the Irish headquartered provider of Natural Capital management software and technology solutions, on its listing on Euronext Access+ Dublin (ticker code: SENUS). Founded by Brendan Allen, Eoghan Finneran and Joe Desbonnet in 2017 and headquartered in Ireland, after 8 years of R&D and implementing projects with marquee clients, Senus is now seeking to establish itself as a leading global provider of Natural Capital management software and technology solutions for Governments, State agencies, financial institutions, corporations, farmers and other landowners. Natural Capital comprises the world's stock of natural resources including soil, air, water and habitats which underpin economies and society. Senus enables clients to optimise the use and preserve the value of their nature related assets. The 2,561,332 shares making up Senus’ equity were admitted to trading on 22 December 2025. The admission and issue price of Senus shares was set at €5.126 per share. Market capitalisation was €13.13 million on the day of listing. Gerard Keenan, Chairman of Senus, said: “We are excited to become a public company at a formative stage for Senus and the Natural Capital market with significant drivers for investment in technologies to support Natural Capital services evident. The Euronext Access market provides an ideal stepping stone for Senus to execute the next phase of our growth, leveraging our standing as a public company to build our profile and access capital to provide more enterprises with Senus’ Natural Capital management technology and software solutions.” Senus listing is the first on Euronext Access Dublin. Euronext Access provides an ideal platform for growing scale-ups and SMEs looking to raise capital and increase their global profile. Offering a streamlined and lower cost listing process, Euronext Access is a straightforward entry into the public market. By joining this platform, companies gain the advantages of being publicly traded, including the stamp duty exemption recently announced by the Irish Government.

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