Securities regulators in Ontario, Alberta, British Columbia, Québec, New Brunswick, Nova Scotia and Saskatchewan, today published a Canadian Securities Administrators (CSA) Multilateral Staff Notice (the Staff Notice) to update market participants and seek feedback on the use of a time-limited exemption. The Staff Notice advises market participants that the temporary exemption announced in CSA Notice Regarding Coordinated Blanket Order 31-930 Exemption to Allow Exempt Market Dealer Participation in Selling Groups in Offerings of Securities Under a Prospectus, which expires on December 20, 2025, will not be extended. The time-limited exemption, introduced in late June 2024, enabled exempt market dealers to assist start-ups and small- to medium-sized businesses raise capital as they grow and mature by participating in selling groups in prospectus offerings. However, there was only limited use of the exemption. In the Staff Notice, the securities regulators are also seeking feedback on the exemption. Feedback provided will be used to assist in future policymaking and to consider whether a revised exemption should be published in the future. The CSA welcomes feedback on the exemption. The 60-day comment period closes January 26, 2026. Stakeholders are encouraged to submit their comments using the method set out in the Notice, which is available on CSA members’ websites. The CSA, the council of securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

Commercial real estate firms constitute the single largest risk of credit losses for banks in a stressed scenario. However, other sectors’ total loss contribution in such scenario is equally large. This is the conclusion of a new analysis by Finansinspektionen (FI) of how banks’ credit losses could be impacted by a macroeconomic shock. The analysis presents a new method for stress testing how vulnerabilities in non-financial firms could impact banks’ credit losses following a macroeconomic shock. The method makes it possible to assess in more detail the link between these firms’ financial position and banks’ credit risks in order to be able to assess the banks’ resilience if the economy were to experience a sharp downturn. “Non-financial firms make up a large portion of banks’ lending. If a significant share of these firms were to experience payment difficulties, this could pose a risk to the stability of the financial system. Our analysis shows that commercial real estate firms represent the largest share of the credit losses in a stressed scenario, but that other sectors together contribute just as much. The credit risks are thus spread throughout the economy and are not limited to a specific sector,” says Jon Thor Sturluson, Chief Economist at FI. The stress test is based on simulations of non-financial firms’ profit and loss statements, balance sheets, and cash flows. The analysis shows how major changes in GDP, inflation, interest and asset prices impact the firms’ financial position and thus their credit assessment. This change is then linked to both the classification of the firms’ loans according to the IFRS 9 accounting standard and the impact on the banks’ credit loss reserves.  The method can be used as a tool to analyse risks and vulnerabilities in the corporate sector and its link to the financial sector as well as a complement to other models that FI uses in its analysis and supervision of banks’ credit risks.  FI Analysis 52: Stress test of banks’ lending to non-financial firms ( < 1MB)

Households that experience greater buying power tend to choose homes of a higher standard over amortisation payments or savings. This is evident in a new model that Finansinspektionen (FI) has developed. In order to gain more knowledge about how households make decisions about housing purchases and how greater buying power could impact household demand for loans, FI has developed a model that describes households’ housing choices. The model estimates the probability of households choosing different housing options if the conditions on the housing and mortgage market change; for example, if amortisation and mortgage rules would change. “FI’s analysis indicates that households experiencing greater buying power as a result of milder mortgage rules will prioritise more expensive homes with higher housing costs over amortisation payments or other saving. Such a development would lead to more households with high debt. This is an important basis in FI’s continued analysis of household debt and the mortgage market,” says FI’s Chief Economist Jon Thor Sturluson.  FI Analysis 51: A model for households’ housing choices ( < 1MB)

The Swedish Government has appointed Johan Almenberg the new director general of FI today. Johan Almenberg has a long and extensive background in matters relating to the financial markets and has held positions at Sveriges Riksbank, the National Institute of Economic Research, and Finansinspektionen. He is an associate professor in economics and has been a state secretary at the Ministry of Finance since 2022. Johan Almenberg will take over as the director general of FI on 1 December. Photo: Regeringskansliet/Kristian Pohl Swedish Government’s press release about the new director general of FI (in Swedish)

Finansinspektionen publishes the capital requirements of the largest Swedish banks and credit institutions that belong to supervisory categories 1 and 2 as of the end of Q3 2025. The capital requirements are published in order to illustrate the effect of Finansinspektionen's total capital requirement, including Pillar 2. Pillar 2 is a collective term for the rules that govern the firms' internal capital assessments and Finansinspektionen's supervisory review and evaluation process, of which Finansinspektionen's capital assessment forms an integral part. The capital requirements are published for Sweden's three major banks, Handelsbanken, SEB and Swedbank, as well as Länsförsäkringar, Klarna, Kommuninvest, Svensk Exportkredit (SEK), SBAB, Avanza and Nordnet. Capital requirements for Swedish banks, third quarter 2025 (The document was updated on 27 November at 11.48 am) ( < 1MB)

29 banks remain in the FSB’s annual list of global systemically important banks (G-SIBs). Compared with the list of G-SIBs published in 2024, three banks have moved between categories (i.e. buckets): Bank of America and Industrial and Commercial Bank of China have moved to a higher bucket, corresponding to a higher capital requirement, while Deutsche Bank has moved to lower bucket, corresponding to a lower capital requirement.  The changes in the allocation to buckets largely reflect the effects of changes in the complexity of banks’ underlying activities. The Financial Stability Board (FSB) today published the 2025 list of global systemically important banks (G-SIBs) using end-2024 data and applying the assessment methodology designed by the Basel Committee on Banking Supervision (BCBS). The number of banks identified as G-SIBs remains at 29. There were no additions or removals from the list. However, compared with the list of G-SIBs published in 2024, Bank of America and Industrial and Commercial Bank of China have moved from bucket 2 to bucket 3 (corresponding to a higher capital requirement), while Deutsche Bank has moved from bucket 2 to bucket 1 (corresponding to a lower capital requirement).  FSB member authorities apply the following requirements to G-SIBs: Higher capital buffer: The G-SIBs are allocated to buckets corresponding to higher capital buffers that they are required to hold by national authorities in accordance with international standards. The capital buffer requirements established by the 2025 list will be effective beginning 1 January 2027.    Total Loss-Absorbing Capacity (TLAC): G-SIBs are required to meet the TLAC standard, alongside the regulatory capital requirements set out in the Basel III framework. Resolvability: These requirements include group-wide resolution planning and regular resolvability assessments. The resolvability of each G-SIB is reviewed in the FSB Resolvability Assessment Process (RAP) by senior regulators within the firms’ Crisis Management Groups.  Higher supervisory expectations: These include supervisory expectations for risk management functions, risk data aggregation capabilities, risk governance and internal controls.  The BCBS today published material related to the identification of G-SIBs, including updated denominators used to calculate banks’ scores; the thresholds used to allocate the banks to buckets; and the values of the thirteen high-level indicators of all banks in the assessment sample used in the G-SIB scoring exercise. The BCBS also provides the links to the public disclosures of all banks in the full sample of banks assessed. The BCBS interactive G-SIB dashboard has also been updated to reflect the latest results. A new list of G-SIBs will be published in November 2026. Background The requirements for G-SIBs summarised above are “higher” in the sense that they are additional to the minimum standards that apply to all internationally active banks under the Basel Framework. G-SIBs are allocated into buckets based on their systemic importance. The higher the bucket, the greater the additional capital requirement. The bucket approach is defined in paragraphs SCO40.20 to SCO40.22 of the Basel Framework. The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups. The FSB is chaired by Andrew Bailey, Governor of the Bank of England. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.

The average daily trading volume for the period 23/11 – 27/11 reached JD (9.1) million compared to JD (9.4) million for the last week, a decrease of (2.7%). The total trading volume during the week reached JD(45.6) million compared to JD (46.9) million during the last week. Trading a total of (19.0) million shares through (15658) transactions. Financial led the trading with JD(21.94) million or (48.13%) of the total trading volume. The Services followed with a JD(13.63) million or (29.90%). Finally, the Industrial with a JD(10.01) million representing(21.96%) of the total trading volume. The shares price index closed at (3422.9) points, compared to (3421.9) points for the last week, an increase of (0.03%). The Financial index decreased by (0.34%), the Services index increased by (0.35%), and the Industrial index increased by (0.76%). The shares of (132) companies were traded, the shares prices of (40) companies rose, and the shares prices of (64) declined. The top five gainers during the week were, the Jordanian Mutual Funds Management Company by (25.00%), Specialized Jordanian Investment by (22.55%), Middle East Insurance by (14.75%), Jerusalem Insurance by (12.90%), and Sabaek Invest Company P.l.c by (12.12%). The top five losers were, the United Financial Investments by (15.17%), Union Tobacco & Cigarette Industries by (15.00%), Jordan Decapolis Properties by (9.68%), Union Investment Corporation by (7.69%), and Al-nisr Al-arabi Insurance by (7.43%). Note: The list of the top five gainers or losers may include companies whose reference prices have been adjusted due to actions executed during the summary period. Therefore, the appearance of such companies does not necessarily reflect an actual change in their stock prices.

TASE continues to spearhead the development of the Israeli capital market by expanding its product range and enhancing public accessibility. In line with its commitment to innovation and the continuous improvement of investment opportunities, TASE is launching three new exclusive bond indices in collaboration with Analyst Mutual Funds. This strategic initiative is designed to empower the investors, offer diverse and high-quality investment solutions, and enhance competition and stability within the Israeli capital market. It is noteworthy that the timing of this launch is supported by the expectation of interest rate cuts commencing as early as this month, which significantly increases the relevance of exposure to the bond market during this period. The collaboration between TASE and Analyst Mutual Funds commenced in September 2024 with the launch of three exclusive equity indices (the TA-200 Index, the TA-50 Real Index, and the TA-20 Index), and now extends to the launch of three exclusive Tel bond indices. This partnership with Analyst for the launch of the exclusive bond indices will enable investors to benefit from high-quality, diversified, and innovative indices that will open up new investment channels and enhance competition in the capital market. The launch of the new exclusive indices will enable Analyst to offer a wider variety of passive products tracking Israeli indices, in general, and TASE’s indices, in particular. Over the past three years, TASE has launched 30 exclusive indices in collaboration with leading capital market fund managers. The three new bond indices are: Tel-Bond 60 Shekel, Tel-Bond A Issuer Diversification, and Tel-Bond AA Issuer Diversification. Tel-Bond 60 Shekel will enable exceptionally broad diversification for investment in shekel bonds, covering 60 series with a weight cap of 2% per series and limited to one series per issuer. This index serves as a direct continuation of the success of the 'Tel-Bond 60 CPI-Linked Index,' which is among TASE's most popular bond indices, boasting total AUM of nearly NIS 9 billion across 16 ETFs and tracking funds. Tel-Bond A Issuer Diversification will incorporate a limit on issuer exposure, differentiating it from indices that restrict exposure solely at the series level. The issuer exposure ceiling will stand at 1.5%, enabling smart and controlled exposure to all industry bonds within the 'A' rating group. The index will exclusively feature bond series with a connection to Israel, comprising 201 series, 81 issuers, and exceptionally high diversification. Tel-Bond AA Issuer Diversification serves as a complementary solution to the Tel-Bond A Issuer Diversification Index, operating on the same principle of issuer diversification but within the more secure risk category of the 'AA' rating group. This provides investors with a solid and stable solution. The issuer ceiling will be set at 2.5%, encompassing 191 series and 54 issuers, and offering a high premium for this rating group. These new indices will facilitate smart and controlled exposure to high-rated bonds with broad diversification across issuers, thereby helping investors manage portfolio risk. The 3 new indices will be launched on November 27, 2025.

Deutsche Börse Group notes recent market speculation and confirms that it is in exclusive discussions with Allfunds Group PLC regarding a possible acquisition of the entire issued and to be issued share capital of Allfunds (the “Non-binding proposal”). The board of directors of Allfunds has unanimously agreed to Allfunds entering into exclusivity on the basis of the Non-binding proposal put forward by Deutsche Börse Group.  The announcement of any binding offer relating to a possible acquisition is subject to the satisfaction or waiver of a number of customary pre-conditions, including, amongst other things, the satisfactory completion of customary due diligence in respect of Allfunds, the finalization of definitive transaction documentation and final approval of the Deutsche Börse and Allfunds Boards. Deutsche Börse Group believes in the strong strategic, commercial and financial rationale of combining Allfunds with Deutsche Börse Group’s fund services business segment. This potential business combination would represent a further successful consolidation, establishing a truly pan-European ecosystem. It would reduce fragmentation in the European investment fund industry and create a harmonized business with global reach, playing a key role in further facilitating the investment of retail savings into productive capital allocations such as investment funds. The combination is expected to deliver substantial operational efficiencies and cost synergies across platforms and services, enable the rationalization of investment capacity, and drive further innovation for clients with even faster time-to-market. Overall, it is expected that clients and the EU equity markets would significantly benefit from the strengthened set-up of such a combined platform. Deutsche Börse Group is a strong advocate of a prospering funds industry being essential to the EU's status as a globally relevant financial center. The proposed transaction would be in line with Deutsche Börse’s strategy and further emphasizes its ongoing commitment and efforts to strengthen European capital markets and its global competitiveness as envisioned by the Savings and Investments Union (SIU). The Non-binding proposal currently under discussion implies a total consideration of €8.80 per Allfunds share, comprising €4.30 in cash and €4.30 in new Deutsche Börse Group shares based on Deutsche Börse Group’s undisturbed 10-day VWAP, plus a permitted dividend in respect of financial year 2025 of €0.20 per Allfunds share.  In addition, under the terms of that Non-binding proposal, it is expected that Allfunds shareholders would also be entitled to receive cash dividends, pro-rated as at the date of Closing, of up to €0.20 per Allfunds share for the financial year 2026 and €0.10 per Allfunds share per quarter during the financial year 2027.It is expected that the combination of Deutsche Börse Group and Allfunds would be effected through a scheme of arrangement under Part 26 of the UK Companies Act 2006.There can be no certainty that any transaction will proceed, nor as to the terms or timing of any such transaction. Any transaction would be subject to regulatory approvals. A further announcement will be made as and when appropriate.

The World Federation of Exchanges (WFE), the global industry association for exchange groups and clearing houses, has asked the Securities and Exchanges Commission (SEC) to ensure that crypto firms don’t use the regulator’s broad exemptive relief to circumvent statutory obligations.While the WFE is supportive of the principle of exemptive relief, we are concerned that the broad use of such relief presents great risks to investors, market integrity, and competition, all of which have negative consequences for US markets.Exemptive relief from a specific rule or requirement is appropriate where relief is reasonably necessary for a firm to provide a product or service on a level playing field, and where exemptive relief is found to be consistent with the interests of the public and the protection of investors.If the Commission decides to offer exemptive relief, four standards must be considered:1. Relief should be in line with four key principles: investor protection, market integrity, fair competition and consistency with international standards.2. Exemptive orders should be narrow even while we support the Commission’s authority to grant relief where it is appropriate and justified.3. The Commission should consider time-limiting exemptive relief or, alternatively, introduce stage gates for the deployment and scaling of new products and services, allowing the SEC to assess risks, gather data, and make adjustments before establishing a more permanent framework.4. Any exemptive relief should be conditional. Among other measures, the Commission could consider the following conditions: Recipients remain subject to SEC oversight Robust AML requirements are applied Clear governance structures are established Safeguards, such as asset segregation, are maintained A demonstrable commitment to operating fair and orderly markets is upheld. Nandini Sukumar, CEO of the WFE, said, “Tokenisation is a natural evolution in capital markets. We support innovation where it is pursued responsibly so that neither investors nor market integrity are put at risk. The SEC should avoid granting exemptions to firms attempting to bypass regulatory principles that have safeguarded markets for decades.”Read the full Letter here.

ACER and CEER’s 2025 Retail Monitoring Report analyses how retail electricity markets can contribute to unlocking consumer flexibility in the context of the energy transition. Consumers’ active participation in retail electricity markets can help Europe accelerate the transition to clean energy. However, the potential of this consumer (also called demand-side) flexibility remains largely untapped due to the uptake of inflexible contracts, uneven smart meter rollout and limited competition in some retail markets. What are the key findings? While retail electricity prices have stabilised, lower wholesale prices were not fully passed onto consumers mainly due to inflexible contracts. Inflexible contracts that protected consumers during the crisis are now leaving many households tied to contracts above prevailing wholesale market prices. The uptake of dynamic and time-of-use contracts is limited in most Member States; inflexible contracts remain dominant. Smart meter rollout and data accessibility progress unevenly across the EU. Households with higher electrification potential (e.g. owners of electric vehicles or with solar PVs) can provide greater flexibility and achieve larger savings, provided that appropriate contract structures and tools are in place. What are the main recommendations? Complete the rollout of smart meters and ensure consumers and authorised third parties have standardised and secure access to consumption data. Facilitate dynamic and time-differentiated offers. Phase out general price interventions while maintaining targeted support for vulnerable consumers. Encourage competition and innovation in retail markets to expand consumer choice and engagement. A retail market that reflects market conditions and provides clear, timely price signals can help consumers contribute to a more efficient, affordable and decarbonised electricity system. This report is complemented by ACER’s other retail monitoring products, including country sheets (electricity and gas) and a retail pricing dashboard. Read the full report.

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: 26 November 2025 Aggregate number of ordinary shares purchased: 127,379 Lowest price paid per share: 8,820.00p Highest price paid per share: 8,926.00p Average price paid per share: 8,882.89p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 513,870,676 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 513,870,676. 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/1738J_1-2025-11-26.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:       127,379 (ISIN: GB00B0SWJX34) Date of purchases:      26 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 8,882.89 127,379 8,820.00 8,926.00 Turquoise        

Today Moscow Exchange announced the results of the quarterly review for MOEX indices. All changes were made upon recommendations from the Index Committee and will be implemented from 19 December 2025. The Exchange has also set free floats and additional weighting factor for several companies. The MOEX Russia Index and the RTS Index will be modified by ordinary shares of IPJSC OZON, ordinary shares of PJSC DOM.RF and ordinary shares of IPJSC Cian being added to the constituent list of the Index, while ordinary shares of PJSC "Unipro" will leave the Index. The constituent list of the Blue Chip Index will be modified by ordinary shares of IPJSC OZON and ordinary shares of PJSC VTB Bank being added to the constituent list of the Index, while ordinary shares of PJSC Severstal and ordinary shares of PJSC NLMK will leave the Index. Ordinary shares of PJSC "Fix Price" and ordinary shares of IPJSC Etalon Group will be included in the constituent list of the SMID Index, while ordinary shares of PJSC "M.video" will be excluded from the Index. The constituent lists of the Broad Market Index will be modified by ordinary shares of IPJSC OZON, ordinary shares of PJSC DOM.RF, ordinary shares of PJSC "Fix Price" and ordinary shares of IPJSC Etalon Group being added to the constituent list of the Index, while ordinary shares of PJSC Kazanorgsintez, ordinary shares of PJSC Carsharing Russia, ordinary shares of PJSC "M.video" and ordinary shares of PJSC "Diasoft" will leave the Index. The constituent lists of the IT Index will be modified by ordinary shares of IPJSC OZON being added to the constituent list of the Index, while ordinary shares of PJSC "Diasoft" will leave the Index. Ordinary shares of PJSC DOM.RF will be added to the constituent lists of the Finance Index. Real Estate Index will be modified by ordinary shares IPJSC Etalon Group being added to the constituent list of the Index. The constituent lists of the Consumer Index will be modified by ordinary shares of PJSC "Fix Price" being added to the constituent list of the Index, while ordinary shares of PJSC Carsharing Russia and ordinary shares of PJSC "M.video" will leave the Index. Ordinary shares of PJSC Kazanorgsintez will be excluded from the constituent lists of the Chemicals Index. Ordinary shares of IPJSC Lenta and ordinary shares of PJSC "Rusagro Group" will be under consideration to be added to the MOEX Russia Index and the RTS Index Ordinary shares of PJSC "UGC" will be under consideration to be excluded from the MOEX Russia Index and the RTS Index. The Exchange has set the following free floats coefficients: Code Name New free-float CNRU IPJSC Cian, ordinary shares 37% DOMRF PJSC DOM.RF, ordinary shares 10% ELMT PJSC "Element", ordinary shares 11% FIXR PJSC "Fix Price", ordinary shares 15% GLRX PJSC "GLORAX", ordinary shares 12% MAGE PJSC "Magadanenergo", ordinary shares 36% MSRS PJSC "Rosseti MR", ordinary shares 11% OZPH PJSC "Ozon Pharmaceuticals", ordinary shares 13% PMSBP PJSC "PESC", preferred shares 36% SGZH PJSC Segezha Group, ordinary shares 5% VKCO IPJSC VK, ordinary shares 20% WUSH PJSC "WHOOSH Holding", ordinary shares 32% YDEX IPJSC YANDEX, ordinary shares 30% New values of additional weighting factor LW for several companies are available here  

We thank Mr Zhang Baoguang for his feedback and understand the concerns about delays in banks processing local fund transfers (“Banks’ anti-fraud departments should do better and not hold up genuine transfers”, Nov 4). We also thank Mr Tan Peng Boon for his suggestion for banks to exclude local transfers to customers’ own accounts from the new anti-scam safeguard (“Exclude bank customers’ local transfers to own accounts elsewhere from anti-scam action”, Oct 13).Scams are increasingly sophisticated and the depth of deception by scammers has led to many victims losing large amounts of savings. The enhanced fraud surveillance measure to delay payments from accounts which experienced a rapid draining of half the account balance was introduced as an additional safeguard against large value losses arising from scams. The 24-hour cooling period provides an opportunity for customers to reconsider large transactions and cancel them should they have doubts about whether they have been scammed.Banks will continue to refine the measure over time, to achieve balance between convenience and security. Banks have whitelisted some categories of transactions that are not subject to the measure, such as recurrent GIRO payments and payments to billing organisations. Expanding the whitelist requires careful consideration on the risk of exploitation by scammers. Banks have seen scams where sums are moved between customer’s own accounts before being dissipated. Additionally, banks do not have information to validate that an account in another financial institution is owned by the same customer. We seek customers’ understanding when some convenience needs to be forgone for security when undertaking large value funds transfers. We also encourage consumers to plan ahead for such transfers.Banks, together with the Monetary Authority of Singapore (MAS), will continue to work together to safeguard customers’ hard-earned savings, and reduce the incidence of painful financial losses arising from scams.Mrs Ong-Ang Ai BoonDirectorThe Association of Banks in SingaporeMs Charlene ChewHead (Corporate Communications)Monetary Authority of Singapore

ASIC is seeking stakeholder feedback on updates to Regulatory Guide 234 Advertising financial products and services (including credit): Good practice guidance (RG 234).The proposed updates are intended to ensure the currency and clarity on ASIC’s regulatory approach to advertising financial products and services by: providing guidance reflecting ASIC enforcement and regulatory action relevant to advertising conduct undertaken since the publication of RG 234 in 2012 incorporating guidance from Regulatory Guide 53 The use of past performance in promotional material (RG 53) to ensure all of ASIC’s advertising guidance is in one location, and  simplifying and streamlining the existing guidance.  We propose to withdraw RG 53 after the updated RG 234 is published.  A copy of the proposed updated RG 234 and a summary of the changes are available below. Download CS 37 Proposed update to ASIC’s guidance on advertising financial products and services  Providing feedback Please send your feedback to rri.consultation@asic.gov.au by 5pm AEDT on 22 January 2026. Background RG 234 provides guidance to help relevant entities comply with their legal obligations not to make false or misleading statements or engage in misleading or deceptive conduct. These include promoters of financial products, financial advice services, credit products and credit services, and publishers of advertising for these products and services. 

The findings from the annual survey of U.S. portfolio holdings of foreign securities at year-end 2024 were released today and posted on the Treasury web site at https://home.treasury.gov/data/treasury-international-capital-tic-system/tic-forms-instructions/us-claims-on-foreigners-from-holdings-of-foreign-securities The survey was undertaken jointly by the U.S. Department of the Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System.  A complementary survey measuring foreign portfolio holdings of U.S. securities also occurs annually. Data from the most recent such survey, which reports on securities held at end-June 2025, are being processed. Preliminary results are expected to be reported on February 27, 2026. Overall Results This survey measured the value of U.S. portfolio holdings of foreign securities at year-end 2024 as approximately $15.8 trillion, with $12.1 trillion held in foreign equity, $3.3 trillion held in foreign long-term debt securities (original term-to-maturity in excess of one year), and $0.4 trillion held in foreign short-term debt securities. The previous such survey, conducted as of year-end 2023, measured U.S. holdings of approximately $15.3 trillion, with $11.5 trillion held in foreign equity, $3.4 trillion held in foreign long-term debt securities, and $0.4 trillion held in foreign short-term debt securities.  The increase in U.S. holdings in 2024 was entirely in equity (see Table 1). U.S. portfolio holdings of foreign securities by country at the end of 2024 were the largest for the Cayman Islands ($2.8 trillion), followed by the United Kingdom ($1.6 trillion), Canada ($1.5 trillion), and Japan ($1.2 trillion) (see Table 2).  These four countries attracted 45 percent of total U.S. portfolio investment, versus 44 percent the previous year.This survey is part of the International Monetary Fund’s Coordinated Portfolio Investment Survey, an effort to improve the measurement of portfolio asset holdings. Table 1. U.S. holdings of foreign securities, by type of security, as of survey dates [1] (Billions of dollars) Type of Security December 31, 2023 December 31, 2024       Long-term Securities 14,921 15,443             Equity 11,492 12,095             Long-term debt 3,429 3,348 Short-term debt securities 422 380 Total 15,343 15,823   Table 2. Market value of U.S. portfolio holdings of foreign securities, by country and type of security, for countries attracting the most U.S. investment, as of December 31, 2024 [1] (Billions of dollars) Country or category Total Equity Debt Total Long-term Short-term Cayman Islands 2,765 2,147 619 608 11 United Kingdom 1,630 1,196 434 397 37 Canada 1,467 916 551 444 107 Japan 1,194 1,004 190 171 19 Ireland 1,057 952 106 80 26 France 754 538 216 180 36 Netherlands 622 484 137 132 5 Switzerland 603 557 45 44 2 Germany 536 446 90 78 12 Taiwan 461 461 0 0 0 Australia 421 245 176 134 42 India 383 373 10 10 0 Luxembourg 293 228 66 62 4 Bermuda 281 227 54 54 0 China, mainland [2] 240 225 16 15 0 Denmark 225 212 13 12 1 Korea, South 195 172 22 22 1 Jersey 189 123 66 65 1 Spain 183 130 53 52 1 Sweden 178 138 40 21 19 Rest of the world 2,146 1,322 823 767 57 Total 15,823 12,095 3,728 3,348 380 * Greater than zero but less than $500 million. Items may not sum to totals due to rounding. [1] The stock of foreign securities for December 31, 2024, reported in this survey may not, for a number of reasons, correspond to the stock of foreign securities on December 31, 2023, plus cumulative flows reported in Treasury’s transactions reporting system.  An analysis of the relationship between the stock and flow data is available in “U.S. Portfolio Holdings of Foreign Securities as of End-December 2024,” Table 2. [2] China, Hong Kong, and Macau are all reported separately.

Throughout ISDA’s 40th anniversary year, we’ve been reflecting on the quest for greater consistency and efficiency that underpins everything we’ve achieved since 1985. It was at the heart of the original efforts to bring greater standardization to the nascent derivatives market. It’s the focus of our more recent digital transformation work. And it’s the reason why we continue to bang the drum for appropriate, risk-sensitive capital requirements. If the capital framework is disproportionate and inconsistently implemented, economies and companies will suffer from reduced access to funding, lack of hedging and increased vulnerability to external shocks. So, as we look ahead to 2026, the effective completion of the Basel III reforms is at the top of our agenda. There is no doubt that divergence has emerged between major jurisdictions on the final components of the Basel III framework, including the Fundamental Review of the Trading Book (FRTB), which sets challenging new requirements for market risk capital. In the US, regulators are revising the Basel III endgame proposal following industry feedback, and we expect to see a new proposal in the coming months. In the EU and the UK, the FRTB is now due to be implemented in just over a year’s time at the start of 2027, but the UK Prudential Regulation Authority has proposed delaying the rollout of internal models until the following year. Meanwhile, the European Commission (EC) launched a targeted consultation earlier this month on changes to the FRTB that would bring some short-term relief in key areas. These would include a set of temporary, targeted amendments to the standardized and internal models approaches, similar to those proposed in an earlier consultation, and the application of a multiplier, which could be used by banks that are negatively affected by the rules to limit the increase in their market risk capital requirements for three years. We’re working with our members to respond to the EC consultation, but, as a general principle, we believe long-term solutions are needed to ensure lasting risk sensitivity, rather than relying on temporary measures. One of the things the EU, UK and US have in common is a more stringent testing and approval process for banks that want to use internal models under the FRTB – something we think will drive a significant drop in internal modelling. An ISDA survey last year found that only 10 out of 26 banks plan to use internal models for a much-reduced scope of trading desks under the FRTB. That’s a big change that would mean less alignment between risk and capital and less diversity in models. It could also lead to herd behavior and drive concentrations in particular assets. While the FRTB standardized approach is designed to be more risk-sensitive than previous versions, its calibration will inflict the highest capital increases on those banks with large, diversified portfolios. ISDA has recommended changes to improve the incentives to use internal models, which would require the recalibration of certain elements of the FRTB, including the profit-and-loss attribution test, the risk factor eligibility test and non-modellable risk factors. I’m pleased to say we’ve had very productive engagement with policymakers in recent months, particularly in the US. We’re hopeful that revisions to the US Basel III endgame will make internal models a more viable option than in the original proposal. The completion of the Basel III capital framework has been a long time coming and fraught with complex challenges, but we can’t afford to lose focus. The preservation of deep and liquid capital markets depends on our continued commitment to risk-appropriate capital requirements. As the EU, UK and US move to finalize their rules, ISDA will continue to engage closely with policymakers to ensure we achieve a robust capital framework that is truly fit for purpose.

The Canadian Investment Regulatory Organization’s (CIRO) Investor Advisory Panel (IAP) has published research confirming that women invest less and feel less confident when it comes to investing, when compared with men. The report found that women save and invest much less, feel less confident about investing and are more risk averse in their approach to investing, than men. This difference is especially pronounced among younger women, age 18 to 34, who are more likely to report being unsure where to start if they wanted to invest. The report also found when working with an advisor, both men and women value returns and investment performance. However, women who work with an advisor place greater value on their advisor speaking without jargon and treating them with respect. “This research underscores the importance of recognizing women investors and their unique needs—and provides insights into how the investment industry can meet those needs,” said Dorothy Sanford, Chair of the IAP. “By better understanding their experiences, motivations and barriers, we can help shape a more inclusive investment environment—one that supports confidence, access and long-term financial well-being for all Canadian investors.” CIRO’s Investor Advisory Panel (IAP) has a mandate to perform independent research, advise on regulatory issues and to convey issues of concern to investors for consideration by CIRO. Produced with Innovative Research Group, the study investigated women’s experiences and behaviors as investors, and their experience working with advisors. Highlights Women invest and save less often than men 43% of women identify as investors, compared with 56% of men. 41% of women say they save at least $5,000 per year, compared with 52% of men. However, differences in saving and investing are largest for people making less than $60,000 annually. The gap between men and women closes entirely beyond $100,000 of personal income. Women report feeling less confident investing and being more risk averse 47% of women report feeling confident about investing, compared with 66% of men. 22% of women are more likely to say that they don’t know where to start, compared with 12% of men who reported the same. If they do invest, women have a lower risk tolerance when compared to men. 27% of women have a very low risk tolerance and 34% report a low risk tolerance. Whereas 16% of men reported having a very low risk tolerance and 29% had a low risk tolerance. Of women, 61% identify with a lower investing risk tolerance compared with 45% of men. The report also showed that among non-investors, the most common reason for not-investing is feeling they don't have enough money to invest. However, among younger non-investors, women are more likely to say they don't know where to get started or that they must focus on paying down debt first. Takeaways for Advisors Among investors who work with an advisor, good performance and returns are the most important priorities for both men and women (60% vs. 54%). However, women are more likely to place importance on the advisor speaking without jargon (57% vs. 40%), showing respect (56% vs. 47%), and showing an understanding of life goals (52% vs. 40% of men). Although a large majority of both men and women (79%) say they have no preference on their advisor’s gender, women are twice as likely to work with a female financial advisor as male respondents (41% vs. 21%). Overall, women do not report negative experiences with advisors any more often than men. However, the report found that women are not a uniform group and experiences differ for certain demographics. First-generation Canadian women report being treated differently by financial advisors than their spouse or partner more often than first-generation Canadian men. Additional findings show that women who take responsibility for the finances in a couple are more likely to report that they have experienced their advisor not listening to them or treating them differently than their spouse or partner. About the Investor Advisory Panel. The Investor Advisor Panel (IAP) is a unique and diverse panel of experts in investor issues from across Canada that advises CIRO in the development of regulatory policy, annual priorities, strategic plans, and other regulatory initiatives. The mandate of the IAP is to assist CIRO in the effective fulfillment of its public interest mandate and to convey issues of concern to investors for consideration by CIRO. This includes providing input and advice on investor protection and access to advice initiatives with a view to addressing gaps relating to underserved investors and promoting diversity, inclusiveness and equity.

November 2025 Chicago Report™ The Chicago Business Barometer™, produced with MNI, fell 7.5 points to 36.3 in November. The index is below 40 for the first time since January, and has remained below 50 for twenty-four consecutive months. The decrease was driven by declines in Order Backlogs, New Orders, Production and Employment. An increase in Supplier Deliveries provided a small offset.  Order Backlogs slipped 21.5 points, now at its lowest level since March 2009 and below 30 for the first time since June this year.  New Orders dropped 12.0 points, the largest one month fall since September 2023. The index is now at its lowest level since December 2024.  Production slowed 4.7 points, more than reversing October’s rise. The index has remained below 50 for 21 of the last 23 months.  Supplier Deliveries grew 7.4 points to the highest level since last December. No respondents reported faster Supplier Deliveries in November. Employment softened 4.5 points to the lowest level since May 2009. No respondents reported larger employment levels in November.  Inventories declined 9.8 points, almost fully unwinding October’s increase.  Prices Paid rose 5.8 points to the highest level in four months. The survey ran from November 1 to November 18.

The European Banking Authority (EBA) today published its semi-annual dashboard on the minimum requirement for own funds and eligible liabilities (MREL), which updates the information on the state of resolution planning and on the resources that banks are using to meet the requirements. The dashboard presents aggregated statistical information for 304 banks earmarked for resolution across the European Union (EU), based on data reported by resolution authorities and banks, covering both decisions and resources. As of 30 June 2025, the average external MREL binding requirement including the combined buffer requirement (CBR) stood at 28.9% of risk weighted assets (RWA) for global systemically important institutions (GSIIs), 28.5% for Top-Tier/fished banks and 24.3% for other banks. The average subordination requirement stood at 21.5% of RWAs for GSIIs and 22% for Top-Tier/fished banks. Banks meet the requirements mainly through own funds instruments (19.8% of RWA for GSIIs, 21.6% for Top-Tier/fished banks and 20.8% for other banks). In terms of eligible liabilities, GSIIs and Top-Tier/fished banks mostly rely on senior non-preferred debt (8.2% of RWAs for GSIIs and 7.7% for Top-Tier/fished banks), while for other banks senior unsecured debt assumes higher relevance (5.8% of RWAs). MREL instruments set to become ineligible by June 2026 due to their residual maturity falling below one year amounted to EUR 221 billion, representing 16% of total eligible instruments other than own funds for GSIIs, 20% for Top-Tier/fished banks and 21% for other banks (more details on MREL roll over needs are covered in the EBA Risk Assessment Report). Bail-in remains the preferred resolution strategy in terms of RWAs (94%), whereas in terms of the number of decisions, bail-in (52%) and transfer (48%) strategies remain broadly balanced. This reflects the tendency to favour transfer strategies for smaller banks, while bail-in remains the preferred option for larger institutions. Background The EBA is mandated by the Bank Recovery and Resolution Directive (BRRD) to monitor the setting of MREL by authorities and the build-up of related resources by institutions. MREL is the requirement that ensures that relevant EU institutions have sufficient loss absorbing capacity to support the execution of the preferred resolution strategy in case of failure. The BRRD set 1 January 2024 as a deadline to meet MREL requirements except for those banks that recently changed resolution strategy, or those eligible for an extension in accordance with Article 45m of the BRRD. Top-Tier banks are resolution entities that are part of a resolution group the total assets of which exceed EUR 100 billion at resolution group level (Article 45c(5) of the BRRD). Fished banks are resolution entities that are part of a resolution group the total assets of which are lower than EUR 100 billion and which the resolution authority has assessed as reasonably likely to pose a systemic risk in the event of its failure (Article 45c(6) of the BRRD). Further details are provided in the EBA report on supervisory convergence. Documents MREL Dashboard - Q2 2025 (1.1 MB - PDF) Related content Page MREL dashboard