The District Court of Western Australia has sentenced former financial advisor, Anthony Paul Torre, to six years imprisonment, backdated to commence on 29 January 2025. Mr Torre will be eligible for parole after serving four years of his sentence. Mr Torre was sentenced in relation to three counts of stealing and two counts of fraud resulting in the misappropriation of a total of $1,030,000 of clients’ superannuation funds during the period March 2010 and January 2015, contrary to sections 378 and 409 of the Criminal Code (WA). Mr Torre pleaded guilty to these offences on 28 January 2025, the day his trial for these offences was due to commence. Mr Torre’s victims included a couple over the age of 60 who were defrauded $500,000 and another man over the age of 60 who had $150,000 stolen. ASIC Deputy Chair Sarah Court said, ‘Mr Torre betrayed the trust of his clients and left many of them financially devastated.  ‘The sentence imposed by the Court demonstrates the seriousness of the financial harm Mr Torre caused his clients and sends a clear message that misconduct predicated on trust will not be tolerated,’ the Deputy Chair said. When handing down the sentence, Judge Prior remarked, ‘This was a gross breach of trust…. The victims entrusted you with some of their life savings, their superannuation’s funds, which they’d worked hard for over the years and were hoping to utilise or enjoy in their retirement…. The victims in each case were vulnerable because you had easy access to their money and they trusted you as a professional financial advisor... I find your offending was due to a combination of greed, incompetence and arrogance…. I must impose a sentence that will deter other professionals such as financial advisors who might be minded to think that they can use their client’s money inconsistently and against their clients' instructions and authorities.’ As a result of Mr Torre’s conviction, he is automatically disqualified from managing companies for five years. The matter was prosecuted by the Office of the Director of Public Prosecutions (Cth) following an investigation and referral by ASIC. Background In June 2022, Anthony Paul Torre was charged with five counts of stealing and eight counts of fraud pursuant to sections 378 and 409 of the Criminal Code (WA) (22-151MR). It was alleged that between March 2010 and January 2015, Mr Torre stole, or with intent to defraud obtained, approximately $1.882 million from his clients. It was alleged that Mr Torre used funds from his clients’ accounts for his own benefit. On 28 January 2025, Mr Torre pleaded guilty to five charges (25-006MR). Under the Criminal Code (WA), the maximum penalty for each offence of stealing is seven years imprisonment, and for fraud seven years imprisonment or ten years if the person deceived is aged over 60 years.

SGX Stock Exchange today announced the successful listing of The Assembly Place Holdings Ltd. on Catalist under stock code “TAP”.   Incorporated in Singapore in 2023, The Assembly Place Holdings Ltd. (TAP) is Singapore’s largest community living operator, managing a diversified portfolio of accommodation under an asset-light model. The Group operates more than 3,400 keys across approximately 100 properties in Singapore, serving segments including residential co-living, hotels and serviced accommodation, student housing, foreign healthcare professionals’ accommodation and inter-generational living. In addition to operating living spaces, TAP also provides property and project management services to property owners. The Group plans to expand into Malaysia from 2026, with a planned development in Kuala Lumpur that will integrate hospitality and community living concepts.  Eugene Lim, Executive Director and Chief Executive Officer, The Assembly Place Holdings Ltd., said, “Our successful listing on SGX represents a pivotal milestone for TAP, providing us with a strong platform to execute our next phase of scalable growth. The IPO proceeds will be strategically deployed to accelerate our expansion roadmap, including our target to reach 10,000 keys by the end of 2030, advance vertical diversification into complementary living sectors such as workers’ dormitories, and support our entry into potential new markets across Southeast Asia. Anchored by our asset-light, community-driven operating model, TAP has delivered resilient operating performance, with portfolio occupancy consistently exceeding 90% since FY2022. We believe this differentiated model positions us well to deliver sustainable long-term value for shareholders.”  Koh Jin Hoe, Head of Capital Markets, Global Sales and Origination, SGX Group, said, “Investor interest in the living segment has accelerated in recent years, driven by evolving work-life preferences, urbanisation and travel behaviour. The Assembly Place’s listing underscores the sector’s rising potential, and SGX offers a robust and transparent venue for high-growth, innovative companies to access capital as they scale and strengthen engagement with investors and customers.”  With this listing, The Assembly Place Holdings Ltd. joins more than 200 enterprises listed on SGX Catalist. The Assembly Place Holdings Ltd. opened at S$0.31 today. 

Singapore Exchange Regulation (SGX RegCo) is consulting the public on proposed changes to reduce the standard board lot size of certain instruments traded on SGX’s stock market. This reduction was supported by the Equities Market Review Group as part of its recommendations to strengthen the development of Singapore’s stock market. The proposed changes are: reduction in the standard board lot size from 100 units to 10 units for instruments priced above $10 and up to $100; and reduction in the standard board lot size from 100 units to 1 unit for instruments priced above $100. A smaller standard board lot size will lower the minimum outlay required for investments. This makes higher-priced stocks more affordable and accessible to investors, which could in turn broaden investor participation and increase trading activity.  “Share prices of some of our largest stocks have risen significantly in recent years, and about 30% of trading activity now comes from stocks priced above $10. This is the segment where we want to enhance accessibility and broaden participation. By reducing the board lot size for these higher-priced stocks, we bring the minimum investment down from a few thousand dollars to just a few hundred – making such investments more within reach, especially for younger retail investors,” said Ng Yao Loong, Head of Equities, SGX Group. Separately, arising from a regular review of the stock market structure, SGX RegCo is also proposing to remove the requirement to align the minimum bid sizes of securities and futures contracts traded in Hong Kong Dollar, Renminbi or Japanese Yen to those in their home markets. The consultation is found here and SGX RegCo requests all comments by 13 February 2026. If the market supports the changes, they are expected to be implemented in mid-2026.

Former investment manager Rodney Forrest has been sentenced to 6 years’ imprisonment for insider trading and procuring others to trade in more than $3 million of Platinum Asset Management Limited (Platinum) shares (ASX: PTM). In August 2024, Mr Forrest secretly accessed the computer of the Chairman of Regal Partners Limited (Regal) without permission and photographed confidential takeover documents (‘Pitch Deck’). He then traded and procured others to trade in Platinum shares before leaking details of the takeover to the media, making over $300,000 profit for himself.  The Federal Court in Sydney today sentenced Mr Forrest to five years imprisonment for insider trading and two years for procuring others to trade, with one year of the procuring offence to be served cumulatively with the insider trading offence. With a total sentence of six years and a non-parole period of three years, Mr Forrest will be eligible for parole on 22 January 2029. His Honour Justice Bromwich’s sentence also took into account a further offence that Mr Forrest provided unlicensed financial services as an investment funds manager to two entities over a 9-month period. This marks the first outcome for ASIC’s new specialist insider trading team which investigated and finalised the case within 16 months of the offending. The matter was prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP). ASIC’s market surveillance team detected Mr Forrest’s suspicious trading activity in September 2024. ASIC’s insider trading team quickly launched an investigation, which led to a search warrant being executed on Mr Forrest’s home in November 2024 and charges being laid in August 2025. Prior to being charged, Mr Forrest adopted an agreed statement of facts for sentence and agreed to plead guilty at the first mention of the matter in the Downing Centre Local Court. Mr Forrest also agreed to forfeit the total realised profit from his insider trading of $309,571.84. The matter was committed for sentence to the Federal Court. ASIC Chair Joe Longo said the prosecution of insider trading was an enduring priority for ASIC. ‘Mr Forrest’s actions were a brazen breach of trust and exploitation, and his imprisonment today reflects the seriousness of his crime. ‘While some insider trading cases can take several years, Mr Forrest went from crime to jail time in just over a year, underscoring ASIC’s determination to fast-track criminal cases of this type. ‘Insider trading is a zero-sum game. When somebody profits from inside information, everyone else loses, including every Australian with a superannuation or investment account. ‘ASIC will continue cracking down on insider trading and other misconduct that damages market integrity. ‘Australia is recognised globally for the integrity of its financial markets, and ASIC is determined to keep it that way.’ In delivering the sentence, His Honour Justice Robert Bromwich said, ‘This was serious and pernicious offending.’ ‘Mr Forrest ... obtained the Pitch Deck deliberately and dishonestly ... what then followed in relation to the use of that information was plainly premeditated, even if it cannot be known how far in advance. ‘Mr Forrest ... made a conscious choice to do something he knew was wrong, dishonest and illegal. ‘It was a profound breach of trust to obtain that information, and an even more profound breach of trust to use it for the purpose of illegal share trading. ‘The whole point of the insider trading prohibition is ... to maintain the integrity of the market by creating and maintaining a level information playing field,’ His Honour said. Since 2009, 46 people have been criminally convicted of insider trading following ASIC investigations, including senior executives and company chairs. The maximum penalty for the offence of insider trading is imprisonment for 15 years. Downloads Judgment Background In line with its 2025 enforcement priorities, ASIC established a dedicated insider trading team in late September 2024 to swiftly progress insider trading investigations and increase the number of criminal briefs referred to the CDPP. In July 2024, ASIC released Report 787 Review of Australian equity market cleanliness (REP 787), which found that Australia’s equity markets continue to operate with a high level of integrity and remain consistently among the cleanest in the world. While the report confirmed strong overall market cleanliness, it did identify a temporary deterioration towards the end of 2023. During this period, an increase in media reports of deal information ahead of takeover, merger and capital-raising announcements suggested potential leaks of inside information, indicating a heightened risk of insider trading at such times. Management of inside information does not only matter to public companies. Industry participants involved in corporate transactions, including market intermediaries, corporate and professional advisers, fund managers and entities operating in private markets play a crucial role in supporting market cleanliness. These parties often have access to inside information and are responsible for maintaining confidentiality, supervising their representatives and handling that information with appropriate care. Rodney Forrest pleaded guilty to charges in August 2025 at the first mention of the matter in the Downing Centre Local Court, following a six-month investigation by ASIC’s insider trading team (25-163MR). In the statement of agreed facts filed with the Court in August 2025, Mr Forrest admitted: that while in possession of the inside information he: Acquired around $2.69 million worth of Platinum shares between 29 August to 10 September 2024. Procured two individuals and an entity (for whom Forrest was the unlicensed investment manager) to also trade in Platinum shares between 6 September to 16 September 2024, in the case of the individuals by encouraging them to buy, and in the case of the entity, by operating its trading account to purchase Platinum shares totalling $457,000. Leaked the inside information to the media. Based on the statement of agreed facts filed with the Court, Mr Forrest admitted to the following chain of events: 4 January 2024 Mr Forrest began operating Sublime Asset Management (Sublime) without an Australian Financial Services (AFS) licence, and entered into an investment manager agreement with Jatam Investments Pty Ltd (Jatam). 18 July 2024 Mr Forrest applied for an AFS licence for Sublime. August 2024 Sublime entered into an investment management agreement with the McKeage Cole Family Office, controlled by Regal Chairman, Michael Cole and his wife. 20 August 2024 Mr Forrest’s ASF licence application was rejected by ASIC, yet he continued to collect fees from Jatam and McKeage Cole Family Office for investment management services. 23 August 2024   While left unattended in Mr Cole’s office, Mr Forrest accessed Mr Cole’s computer and email account, and photographed a confidential pitch deck of Regal’s proposal to acquire Platinum. Mr Forrest’s use of Mr Cole’s computer and access to his email account on this occasion and for this purpose was unauthorised and without Mr Cole’s permission. 29 August – 10 September 2024 Mr Forrest purchased $2.69 million worth of Platinum shares for himself over eight days. 2 September 2024 Mr Forrest contacted a journalist to tell them about a “very solid” story, and indicated the need to show, not just tell, the information. 9 -13 September 2024 Mr Forrest procured two individuals to also buy Platinum shares. 10 September 2024 Mr Forrest made his final personal purchase of Platinum shares. On this day he also cropped photos taken from Mr Cole’s computer and explicitly shared inside information about Regal’s takeover bid with the journalist. 16 September 2024 before market close Mr Forrest purchased shares on behalf of Jatam in the last 10 minutes of trading, operating the entity’s share trading account. 16 September 2024 Media story on the takeover proposal was published after market close at 4:33pm. 17 September 2024 Prior to market opening, Platinum issued an ASX announcement confirming the takeover proposal, Platinum’s shares jumped by 12.5%. 18-20 September Mr Forrest sold all his Platinum shares, profiting $309,572. 23-24 September 2024 Mr Forrest sold Jatam’s shares by operating the entity’s share trading account, resulting in a $45,846 profit. 8 October 2024 Mr Forrest executed the last trade for Jatam under Sublime’s agreement with Jatam. 7 November 2024 ASIC executed a search warrant at Mr Forrest’s home residence, seizing his computer and his phone. On his phone, ASIC identified Mr Forrest’s communication with the journalist and the photos he took of Mr Cole’s computer screen displaying the confidential takeover documents containing inside information. Note: The background of this media release was edited on 23 January 2026 to reflect Mr Forrest acquired $2.69 million of shares and address a transcription error.

Securities and Exchange Commission Chairman Paul S. Atkins and Commodity Futures Trading Commission Chairman Michael S. Selig will hold a joint event on Tuesday, Jan. 27, from 10 a.m. to 11 a.m. at CFTC headquarters to discuss harmonization between the two agencies and their efforts to deliver on President Trump’s promise to make the United States the crypto capital of the world. “For too long, market participants have been forced to navigate regulatory boundaries that are unclear in application and misaligned in design, based solely on legacy jurisdictional silos,” said SEC Chairman Paul S. Atkins and CFTC Chairman Michael S. Selig. “This event will build on our broader harmonization efforts to ensure that innovation takes root on American soil, under American law, and in service of American investors, consumers, and economic leadership.” Title: SEC – CFTC Harmonization: U.S. Financial Leadership in the Crypto Era Date: Tuesday, January 27, 2026 Time: 10:00am – 11:00am ET Host: CFTC Headquarters at Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20036 Agenda: 10:00 – 10:05 AM: Introduction from Chairman Paul Atkins 10:05 – 10:20 AM: Opening Remarks from Chairman Mike Selig 10:20 – 10:50 AM: Fireside Chat with Chairmen Atkins, Selig Moderator: Eleanor Terrett, Co-Founder and Host, Crypto in America The event, held at CFTC headquarters, will be open to the public and webcast live on the SEC’s website. Doors will open at 9:30 a.m. For online attendance, registration is not necessary. For in-person attendance, please register in advance.

The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee announced that it will hold a public meeting at the SEC Headquarters in Washington, D.C., on Tuesday, Feb. 24, 2026, at 10 a.m. ET. The meeting will also be webcast on the SEC website. The meeting will continue the committee’s discussion on potential regulatory improvements regarding “finders” who assist companies with raising capital in private markets from accredited investors. To learn more about how the current regulatory framework affects “finders,” the committee will hear from Steven Jafarzadeh, chief compliance officer and partner at Stonehaven. During the afternoon session of the meeting, the committee will hear from SEC Office of the Advocate for Small Business Capital Formation staff, who will provide an overview of the office’s 2025 Staff Report, which includes in-depth data on the state of capital raising activity from startup to small cap. The session will also explore the private secondary market and how it has grown to fill liquidity needs and meet investor demand for private securities and its impact on the venture landscape. Continuation funds, special purpose vehicles, and private tender offers have become more prevalent as ways to rebalance portfolios and provide liquidity to investors and employees. To better understand the private secondary market and related deal flow drivers, trends, opportunities, and challenges that stem from private secondary transactions, the committee will hear from Emily Zheng, senior research analyst at Pitchbook; Nigel Dawn, managing director at Evercore; and William Duval, special counsel at Cooley LLP. For more information about the committee and the full agenda for the meeting, visit the committee webpage. The Small Business Capital Formation Advisory Committee provides advice and recommendations to the SEC on rules, regulations, and policy matters relating to small businesses.

Good afternoon, and welcome to the second day of the Joint Compliance Outreach Program. My views are my own as a Commissioner and not necessarily those of the SEC or my fellow commissioners. About 100 years ago, my hometown of Cleveland, Ohio, which sits on Lake Erie and is bisected by the Cuyahoga River, was grappling with the growing pains of a new century. The city had grown mightily on both sides of the river, and traffic snarled the existing thoroughfares, which only connected certain parts of the city. Rapid industrial growth had led to massive pollution in Lake Erie, which threatened Cleveland’s clean water supply. Faced with these challenges, Cleveland did what municipalities do when encountering an infrastructure challenge: it issued municipal bonds and built. To handle the traffic, Cleveland built the Hope Memorial Bridge, famous for the Art Deco statutes called the Guardians of Traffic, from which Cleveland’s baseball team now draws its name.[1] To handle the water pollution, it built the Baldwin Water Treatment Plant, a groundbreaking technological achievement at the time.[2] Both structures are still standing and operating today, a testament to the importance of what is accomplished by your industry. Over the past century, the physical structures of the Hope Bridge and Baldwin plant have been updated repeatedly in response to new technologies and innovations. While the municipal securities industry has also adopted new technologies and innovations, we must be honest: the pace of change here has often been slower than in other corners of our capital markets. Today I want to briefly touch on a potentially transformative innovation—tokenization—which is drawing a lot of interest in those other corners of our capital markets and may soon come to yours. Tokenization offers potential benefits, including atomic settlement, facilitation of extended hours trading, and easier pledging of assets as collateral. Some of those benefits may not be relevant to municipal securities, but others, such as the ability to offer smaller minimum purchase amounts or the potential to enhance secondary market liquidity, may be highly appealing to municipal issuers or investors. As many of you likely know, the first tokenized offering of municipal securities in the United States occurred in 2024 in Quincy, Massachusetts.[3]  Wide-scale tokenization of municipal securities is not inevitable. Unique features of the municipal securities market—including its retail nature, the sheer number of issuers, and the complex interplay between state law, securities law, and tax law—may nullify some of the benefits of tokenization. Regulators are not good predictors of—let alone good drivers of— innovation. But we ought to work hard to accommodate technological change. So I want to extend an invitation: please come speak to us as the efforts involving tokenization—or any new technology—develop. Tell us when you encounter issues or rules that may be obstacles to change because they were written in an era of ink and paper, without these new technologies in mind. Ask us for clarity when needed. Do not wait until that new technology is knocking on your door. Come talk to us when you see it walking down the street toward you. To highlight an example of what happens when our rules languish unaffected by the changing world they govern, we need only look at the recent off-channel communications cases. During the previous administration, the Commission brought a series of enforcement actions against broker-dealers, municipal advisors, investment advisers, and nationally registered securities rating organizations, which netted billions of dollars in penalties. The SEC claimed that virtually everyone had violated our recordkeeping rules by failing to capture electronic communications like text messages or WhatsApp chats. I had a lot of issues with these cases, and they are, in my view, a prime example of what happens when regulators fail to accommodate technological and societal changes in how humans actually interact. One of today’s discussion panels concerns enforcement, and compliance with these recordkeeping obligations may be a discussion topic. Rather than forcing our registrants to try to figure out how to comply with rules written for a different world, the SEC should work with industry to modernize these rules for all affected entities with a sensible pragmatism. The Commission, firms, investors, and other market participants are all better off when our rule books reflect the realities of the world in which we live. Thank you again. I hope you have a fascinating and productive discussion today.  [1] See Bridging a Connection, https://www.mlb.com/guardians/fans/cleteamname/hope-memorial-bridge; Michael Rotman, Lorain-Carnegie Bridge: Home of the Guardians, https://clevelandhistorical.org/items/show/73 (last visited Jan. 16, 2026); Hope Memorial Bridge, Encyclopedia of Cleveland History, https://case.edu/ech/articles/h/hope-memorial-bridge (last visited Jan. 17, 2026) (mentioning the 1927 approval of an $8 million bond issuance to fund the bridge). [2] Though decidedly less glamorous, the Baldwin Water Treatment Plant is arguably more significant. Last year, the American Society of Civil Engineers dedicated it as a National Historic Civil Engineering Landmark. See Baldwin Water Treatment Plant dedicated as National Historic Civil Engineering Landmark (Sept. 15, 2025), https://www.asce.org/publications-and-news/civil-engineering-source/society-news/article/2025/09/15/baldwin-water-treatment-plant-dedicated-as-national-historic-civil-engineering-landmark. See also Water System, Encyclopedia of Cleveland History, https://case.edu/ech/articles/w/water-system (last visited on Jan. 17, 2026) (discussing the financing of Cleveland’s early water system); History of the Baldwin Water Treatment Plant, https://www.clevelandwater.com/news/history-baldwin-water-treatment-plant (May 9, 2019); Madison Matuszak, Baldwin Reservoir, Cleveland Historical, https://clevelandhistorical.org/items/show/890 (last visited Jan. 17, 2026); Karin Connelly Rice, Baldwin Water Treatment Plant: A Wonder and a Workhorse (June 15, 2023), https://www.freshwatercleveland.com/breaking-ground/Baldwin_Water_Treatment_Plant_Masterworks_061523.aspx. [3] See Ian Hall, Massachusetts Municipality Issues Bond via Blockchain in US Public Sector Fintech First, https://www.globalgovernmentfinance.com/quincy-massachusetts-blockchain-bond-issuance/ (May 3, 2024). 

Good afternoon. Patty [Schuler], thank you for that kind introduction. Congratulations to STAC on your centennial and a hundred years of meaningful contributions to our industry. Your organization holds a special memory for me. Two days and twenty years ago, I joined a STAC panel for the first time—because who can resist the attraction of Chicago in January? After our panel ended, a friend encouraged me to head to O’Hare, as Chicago-style winter weather was on the way. Luckily for me, I listened, and our flight took off just ahead of a slate of cancellations. I made it home late that Friday night. And on Sunday morning, my wife and I welcomed our first child to the world—four weeks ahead of schedule. Today, I wish Jack Selway a happy 20th birthday. Before I say more, please understand that I speak today in my official capacity as the Commission’s Director of the Division of Trading and Markets. My remarks do not necessarily reflect the views of the Commission, the Commissioners, or members of the Division’s staff. In 1914, Carl Sandburg published “Chicago,” the poem that gave your great city its well-known nickname. Sandburg wrote: “Come and show me another city with lifted head singing so proud to be alive and coarse and strong and cunning.Flinging magnetic curses amid the toil of piling job on job, here is a tall bold slugger set vivid against the little soft cities;Fierce as a dog with tongue lapping for action, cunning as a savage pitted against the wilderness,Bareheaded,Shoveling,Wrecking,Planning,Building, breaking, rebuilding . . .!”[1] More than a hundred years later, progress has replaced Chicago’s hog butchers and tool makers with derivatives exchanges and proprietary traders. Your importance as a center for price discovery and risk management is unquestioned. Your deep global markets and expert trading community are strategic assets that ensure our Nation’s continued economic pre-eminence. I am therefore pleased to discuss with this audience certain Division priorities for the next three years under the leadership of Chairman Atkins. Returning to Sandburg, three of our projects involve “planning and building.” We will endeavor to create a framework for investors to access tokenized securities. We will work to further harmonize SEC rules with those of the CFTC. And we will guide our equity markets to a successful transition to 24-by-7 operation. “Breaking and rebuilding” describes our fourth project. Here, the Division proposes to modernize legacy rules to drive efficiency, stoke competitive forces, and reduce costs borne by the investing public. Building on the work of our Crypto Task Force, the Division has engaged with market participants – both “TradFi” incumbents and “DeFi” new entrants – across the waterfront of tokenized securities operations, such as primary issuance, secondary trading, and custody. Our touchstone is “innovation without arbitrage.” This means that as we advise the Commission on modernizing policies to facilitate a healthy ecology for tokenized securities, we aim to do no harm to our existing, well-functioning marketplace. Before the holidays, we granted a “no action” letter to the DTC for its tokenized security services, and we issued staff statements on custody and trading. The Division will continue to consider staff action where appropriate and will soon take up the pen on rulemaking proposals, starting with financial responsibility, record keeping, and market structure. Importantly, we will work with self-regulatory organizations on initiatives to extend their operations to tokenized securities. A second “build” is the SEC’s effort to further harmonize its rules with our sister regulator, the CFTC. Here, the Division will work shoulder-to-shoulder with CFTC colleagues to ensure our Nation’s continued leadership in financial markets, as Chairman Atkins directed us at our roundtable on September 29: “To achieve this ambitious vision, our two agencies must work in lockstep to transform dual regulation from a source of confusion into a source of strength. Together, we can offer the best of both worlds: the investor protections that have defined U.S. markets, combined with the innovation-friendly approach that will keep us at the frontier of financial technology throughout the 21stcentury.”[2] Digital assets and event contracts squarely present opportunities for partnership. But streamlining rules for traditional markets is equally critical. Operational, capital, and compliance efficiencies await—as well as potential product and protocol innovations. Our work will be vastly improved by your ideas, and I ask that you engage the Division early and often. Interest in 24-by-7 equity trading continues to grow, in terms of both retail investors and non-U.S. corporate clients attracted to the unmatched breadth and depth of our capital markets. The marketplace for global capital is already 24-by-7, as are many digital asset platforms, and our third project is to support industry initiatives to move our equity markets in this direction. Much work is required to ensure that investors understand, and benefit from, these profound changes to our collective workflow. As with any far-reaching industry effort, collaboration across the wide spectrum of market constituents is the key to success. Our fourth project is focused not on the promising future, but rather on present challenges, caused by regulations of yesteryear. As we take stock of our rulebook, we find a number of walls to spackle and many weeds to pull. Regular, reasoned review of private sector obligations engendered by our rules is core to responsible regulation. Current examples of the Division’s work here include efforts to reduce costs and improve governance of the Consolidated Audit Trail and to streamline the National Market System via modernization of Rule 611, commonly known as the “Trade-Through Rule.” The list of possibilities here is long. Once again, your feedback will help us prioritize and remain practical. Best laid plans and multi-year projects require a healthy dose of humility. It is said that philosopher and boxing legend Mike Tyson observed that “everyone has a plan until they get punched in the face.” And there is no tougher sparring partner than the market, as this community well knows. Quite possibly, surprises and challenges will confront the Division in coming years. Should these occur, trust that immediate demands from market exigencies will always be our priority. Sandburg spoke of Chicago’s “lifted head singing so proud to be alive.” Happy 100th birthday to STAC. This year, we mark our Nation’s 250th birthday as well. So let’s cut the cake – and celebrate. And dedicate ourselves anew to turning birthday wishes and plans and projects into an improved future circumstance that benefits the investing public that we together serve. Thank you for your time and attention. I look forward to your questions and your engagement on our priorities in the future. [1]Chicago | The Poetry Foundation [2]SEC.gov | Harmonization: A New Era of Collaboration between the SEC and CFTC

The Securities and Exchange Commission today approved the 2026 budget for the Public Company Accounting Oversight Board (PCAOB) and the related accounting support fee. The 2026 PCAOB budget totals $362.1 million. The 2026 budget reflects a 9.4% ($37.6 million) decrease from the prior year and includes a 52% and 42% reduction in the chairperson and other Board members’ compensation, respectively. The accounting support fee (ASF) totals $306.0 million, an 18.4% ($68.9 million) decrease from the prior year, of which $280.3 million will be assessed on public company issuers and $25.7 million will be assessed on brokers and dealers. “Both during my time as a Commissioner and now as Chairman, I have recognized–and continue to recognize–the importance of driving improvements in audit quality. Nevertheless, all regulators, including the Commission and the PCAOB, must continually assess how and whether current approaches to fulfilling the Board’s responsibilities provide benefits to investors without imposing excessive burdens on businesses. For the Commission, its diligent oversight of the PCAOB is a crucial check on the considerable authority that the Board holds over audit firms and the risks of potentially excessive burdens,” said SEC Chairman Paul S. Atkins in a statement. “A significant aspect of this oversight is the Board’s budget. The PCAOB must exhibit a strong commitment to responsible stewardship of the accounting support fee, which is its primary source of funding and functions as a tax on public companies and broker-dealers. This includes being mindful of and transparent about material investments so that the Commission can appropriately exercise our budget oversight responsibilities. The decrease in this year’s budget does not detract from the significance of the PCAOB’s mission, which remains crucial; rather, it underscores that fiscal discipline and regulatory effectiveness complement each other.” “This year’s budget decrease represents progress. However, the ongoing initiatives by the Commission and PCAOB to re-assess the PCAOB’s strategic plan, operations, and budget remain key priorities for the future,” said SEC Chief Accountant Kurt Hohl. “The SEC remains committed to robust oversight of the PCAOB and ensuring that its operations are transparent, justified, and worthy of the trust placed in it by investors and the public.” The Sarbanes-Oxley Act of 2002, which established the PCAOB, provides the Commission with oversight responsibility over the PCAOB. This includes reviewing and approving the PCAOB’s budget and accounting support fee annually. Resources SEC Order

The Canadian Securities Administrators (CSA) today announced final amendments to modernize the continuous disclosure regime for investment funds. These amendments are designed to reduce the regulatory burden on investment fund managers while maintaining the quality and timeliness of disclosure for investors. The final rules include the following key amendments: Exemptions from certain conflict of interest reporting requirements in securities legislation where similar requirements are already satisfied. Elimination of certain class- or series-level disclosures from investment fund financial statements that are not required under International Financial Reporting Standards. Minor editorial and other revisions to the simplified prospectus form. “These changes reflect our commitment to making regulation more efficient and responsive,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “We are reducing unnecessary burden on fund managers while preserving the integrity of investor disclosure.” The final rules will take effect on April 22, 2026, and are available on CSA members’ websites. The original consultation published on September 19, 2024, related to these final rules also included a proposal to replace the existing annual and interim Management Report of Fund Performance (MRFP) with a new annual and interim Fund Report.  The aim of the Fund Report is to create a document that is more streamlined and significantly less burdensome for fund managers to prepare, and more likely to be read and understood by investors compared to the MRFP. Based on stakeholder feedback, the CSA will develop and test a revised Fund Report that will be published at a later date for a subsequent comment period. The CSA, the council of securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

Geoeconomic fragmentation and geopolitical risk have become key sources of macro-financial uncertainty, which can affect financial stability Geopolitical shocks can amplify financial stress and dampen economic growth Report sets out new monitoring framework integrating geopolitical indicators into financial stability analysis The European Central Bank (ECB) and the European Systemic Risk Board (ESRB) today published a joint report entitled “Financial stability risks from geoeconomic fragmentation” with technical annex, which examines how rising geopolitical risks and heightened uncertainty can affect financial stability in the euro area and across the European Union. The report identifies the key transmission channels through which geopolitical shocks can propagate to the financial system. The following findings indicate that geopolitical shocks and policy uncertainty tend to lead to tighter financial conditions, financial market stress, increased risk premia and reduced loan growth. Geopolitical risks and policy uncertainty have risen markedly since the mid‑2010s, with notable increases in 2024 and 2025. At the same time, financial market volatility has remained contained or short-lived. Estimates suggest that geopolitical risks lower expected growth outcomes, with significant downside tail risks for the real economy, accompanied by heightened financial stress. Geopolitical events can significantly alter the interconnectedness between bonds, commodities, equities and exchange rates. The impact of geopolitical shocks is heterogeneous across EU Member States, whereby more open economies and those with higher public debt ratios tend to be more vulnerable to amplification effects. In response to geopolitical shocks, banks and non-banks adjust their balance sheets by reducing lending, especially cross-border exposures. While this reduces the financial system’s exposure to external shocks, it also limits international diversification. At a time of accelerating geoeconomic fragmentation and persistent geopolitical uncertainty, the ECB and the ESRB stress the importance of enhanced, more harmonised datasets, as well as complementary scenario analyses, for preserving financial stability and increasing economic resilience.1 The report’s insights can help policymakers and financial institutions to better detect and evaluate geopolitical risks for the financial sector and calibrate macroprudential policy responses. Notes The report was prepared by financial stability experts under a joint workstream of the ECB’s Macroprudential Analysis Group and the ESRB’s Analysis Working Group. Geopolitical risk is an important consideration for European banks and supervisors as they navigate global risks. In view of this, ECB Banking Supervision made geopolitical risk the focus of the adverse scenario in the 2025 stress test of euro area banks (see Box 6) and will assess banks on their geopolitical risk management in the context of the 2026 reverse stress test.

Speaker: Sheree Howard, executive director of AuthorisationsEvent: FCA Gateway to growth, LondonDelivered: 22 January 2026Note: This is the speech as drafted which may differ from the delivered versionReading time: 5 minutes Key points We are open for business and actively welcoming applications from firms looking to take part in the UK market. We are moving quickly while maintaining high standards – and are exploring ways to speed up the process even further. We encourage you to use our services so we can support you in creating a stronger application and moving through the authorisations process more quickly and confidently. Introduction The first time I flew was in my teenage years, and like many of my generation, that was a flight to Europe for a family holiday. I didn’t make it further afield until I was in my mid to late twenties.  Today, most, if not all of us, would think of international travel as the norm – especially given the global nature of our business. It is amazing, therefore, to think that right around this time in 1970, the first jumbo jet with fare-paying passengers landed at Heathrow. That flight unlocked global travel to and from the UK on a new scale – and turned Heathrow into a gateway to the world for the majority.  But with this expansion came a new issue. Airport security – the gateway into the country itself – had to be reimagined. It needed to keep pace and process passengers on a larger scale and at speed without sacrificing safety.  At the FCA, we are in the same business, in a way. We protect consumers and ensure the integrity of the UK’s financial market. And our gateway is the airport security and passport control of financial services.  High standards are non-negotiable.  Market participants demand them, just like we do as passengers, and they will stay away if it is not there. But our gateway must not be a barrier to growth. We know that a thriving, competitive financial services market is the bedrock of a growing economy. Especially ours here in the UK.  So, I wanted to start by emphasising that we are open for business, and welcome new applications - including those from overseas. We are here to support firms – and those who advise them – as they embark on their journey to authorisation.  Much like airport security, the FCA gateway is evolving to meet today’s challenges: innovative business models, international competitiveness and new technology.  We are working hard to handle the scale and complexity of the authorisations journey while maintaining high standards – without adding time and frustration. And, while I know that some in the room may have experienced lengthy assessments in the past, we are moving more quickly. Misconceptions So, I’d like to cover some common misconceptions. Although we’ve all seen – or heard about – lengthy queues and wait times, it may surprise many in this room that the average time to clear security at Heathrow was ten minutesLink is external  last year.  Quite impressive, since 84 million passengersLink is external passed through! The same mismatch between real time stats and perceived reality is true with our wait times. Many applicants believe it will be ages before we even consider looking at their application. That’s a myth I love to bust. Over 99% of authorisation applications were determined within statutory deadlines in the second quarter of 2025/26. And half of all new firm authorisation applications were determined in less than four months. Since making a substantial ongoing investment in digitising Authorisations, we’ve seen good progress – and saved time.  For example, digitised Forms have streamlined Senior Manager Regime application assessments.   Our most recent quarterly metrics show our median determination time for these applications was 28 calendar days, down from 39 days a year prior. I’m sure such a drop in wait times would be envied in many regulatory and statutory bodies! But we are not stopping there. We want to move even faster, and are accelerating our timelines to meet new statutory and voluntary targets. These will shave months off the authorisation journey, and we’ll report against them from February.  Now, some applicants think we stop the clock whenever we have a question – or just feel like it – to make our numbers look better. So, let’s bust another myth – it’s not true.  We can only stop the clock for two application types - senior manager or approved persons and Change in Control.  Our published lower, median and upper quartile determination times show the total elapsed calendar days for each application, ignoring stop-clock periods.  These give applicants a more accurate picture of end-to-end assessment times. We engage with applicants early and throughout the process by:  keeping communication open answering questions, and providing regular feedback But we know this isn’t enough. Applicants want to know where they are in the process, and we’re committed to strengthening our engagement to tell them. Like Heathrow’s plans for new baggage handling and security screening systems, we’re streamlining how we work. I can’t promise it will all be seamless, but we’re testing new ways to improve our approach, including with new technology.  For example, we’ve tested using generative AI to sift through large volumes of unstructured application text. I’m happy to share that our proof of concept shows it accurately extracts key facts from senior management function documents, which helps case officers evaluate applications faster. We’re seeking to integrate this technology into Authorisations alongside broader work to speed up application decisions where appropriate.    We want to lead by example in deploying responsible AI, so we’re starting as we mean to go on: with high standards, rigorous testing and an openness to new technology.  It is critical we get this right – so it will take time. And so as not to create a new myth, I can assure you that our staff will remain at the heart of all decisions. Our aim is to use technology simply to present the evidence for review, faster.  So, we’re moving more quickly, but we refuse to lower our standards or blindly wave people through.  You wouldn’t want airport security doing it, and you don’t want us to, either. For instance, an energy firm recently sought approval for long-term payment plans in relation to upgrades such as heat pumps. The plan would be tied to the customer rather than the property.  Even after moving house, the consumer could remain liable for payments – a crucial detail not made clear in financial promotions. We paused the application until their website was updated. Only then was approval granted. So, I implore you to remember: even when things seem to be slow, it’s all about safety.  A spot check at the airport might annoy you in the moment, but it can be the difference between a turbulent flight and a safe landing. We're human too There’s one more myth I’d like to bust: that the FCA is a ‘scary’ regulator that doesn’t like to talk to people.  This isn’t something we’re blind to.  Passport control and customs officers face the same perception issue.  Officials can fluster people, lead to things getting lost in translation, and waste valuable time.  But believe it or not, the truth is that we’re human, too. Behind every authorisation decision is a real person – many of whom have worked in the industry themselves!  Me included. Our job is to assess applications fairly, and to support and work with you to get to the right decision. We want you to take off safely, successfully and on time. So don’t be afraid to talk to us! It’s what helps us ensure that we fully understand the facts of an application.  There are many colleagues here today who are eager to speak with you, and I encourage you to do so. Conversations are a key part of our pre-application support service (PASS), which we launched in 2023 and extended to all wholesale, payments and crypto applications in April 2025.  We recently expanded it even further, including applications for targeted support. In these free meetings, you can ask an FCA expert – often the one assessing your application – any question you have. I promise you, no question is too big or small, so be as open as you wish.  Because of PASS, we now receive higher quality applications – resulting in faster, easier assessments.  During these sessions, we have discussed everything from the application process itself to strategic launch options.  We even helped firms identify and proactively resolve legal and technical policy issues that could have otherwise impacted their applications and slowed the assessment down. We’re committed to engaging with applicants early – but don’t think you have to be at the point of applying to talk to us. We can adjust our level of detail as needed.  For example, one individual came to us for clarity on the authorisation process for their proposed small business. They weren’t ready for authorisation, but they were grateful for the realistic view of what’s involved. These conversations are just one part of our efforts to create a new relationship between regulator and regulated – one of genuine collaboration. How to engage In our January 2025 letter to the Prime Minister, we set out a number of pro‑growth measures, including several related to authorisations.  First, our ‘Minded to Approve’ initiative. We now give more firms ‘in principle’ decisions earlier so they can take key next steps – like finalising capital raising or hiring key staff. In 2025, we gave ‘minded to approve’ communications in over 250 cases. The vast majority of applications were approved shortly thereafter. Second, every firm in our Regulatory Sandbox now has a dedicated authorisation officer to guide them through testing and authorisation.  Third, we’ve increased dedicated supervisors in Early and High Growth Oversight by 50% to help new and expanding firms navigate the regulatory landscape.  Fourth, we’re building a global network to give major international investors and firms easier access to the FCA. Last year, we established a presence in the US and Asia-Pacific, which is already delivering a positive impact. This year, we’ll expand into Singapore and beyond.  You’ll hear more about these initiatives from Laura and Dominic, and others here today.  But I wanted to stress that each one of these initiatives is in place and working together to support new firms to start up, scale up and grow. But we’re not stopping there. In October, we announced the launch of our Scale-up Unit with the Prudential Regulation Authority (PRA) to support dual-regulated firms during rapid growth. We’ll share details for solo regulated firms shortly. As a key stakeholder in The Office for Investment: Financial ServicesLink is external, we’re providing tailored support to international firms looking to set up and grow their financial services operations here in the UK.  And finally, we’re working with HMT to develop a provisional licence regime. It will give firms time-limited permissions to operate in a controlled environment and under strong regulatory oversight as they work to meet the full Threshold Conditions within 18 months.  However, you choose to do so, we encourage you to engage and collaborate with us sooner rather than later. We’re here to help you:  get a big picture view, spot any issues you might have missed, and help fix them before they turn into problems or delays It’s like identifying that rogue item in your hand luggage that just won’t pass security. A simple adjustment, in a timely way, can make for a smoother security screening and better travel experience.  Conclusion To conclude, the gateway to growth should be an open door, but also a safeguard – and that’s exactly what we’re building. We’re here to support you and your clients and make your journey easier.  And we want to hear your thoughts on what we do well and not so well.  Our aim is to be a regulator that champions sustainable growth for the UK’s consumers and economy – and we’re always listening, learning and adapting.   Now is the time to apply for authorisation – or at least to start planning and talking to us about how best to pack your bags, manage weight limits and arrange your security tray. I encourage everyone to take advantage of all our services.  We’re here to help, so don’t be afraid to engage with us – both today and beyond.  And have a safe flight.

The Commission voted today to approve the 2026 budget for the Public Company Accounting Oversight Board (the “PCAOB” or “Board”) and the related accounting support fee. The 2026 PCAOB budget totals $362.1 million, reflecting a 9.4 percent ($37.6 million) decrease from the prior year.[1] I support this budget and recognize its importance as an initial step in refocusing the PCAOB on its core mission. Both during my time as a Commissioner and now as Chairman, I have recognized–and continue to recognize–the importance of driving improvements in audit quality. Nevertheless, all regulators, including the Commission and the PCAOB, must continually assess how and whether current approaches to fulfilling the Board’s responsibilities provide benefits to investors without imposing excessive burdens on businesses. For the Commission, its diligent oversight of the PCAOB is a crucial check on the considerable authority that the Board holds over audit firms and the risks of potentially excessive burdens. A significant aspect of this oversight is the Board’s budget. The PCAOB must exhibit a strong commitment to responsible stewardship of the accounting support fee, which is its primary source of funding and functions as a tax on public companies and broker-dealers. This includes being mindful of and transparent about material investments so that the Commission can appropriately exercise our budget oversight responsibilities. The decrease in this year’s budget does not detract from the significance of the PCAOB’s mission, which remains crucial; rather, it underscores that fiscal discipline and regulatory effectiveness complement each other. In 2007, during my final vote on a PCAOB budget before leaving the Commission, I highlighted two main concerns, which I will briefly revisit now. The first concern was the high salaries of the PCAOB Board members, prompting me to reject the budget that year. I highlighted then that “[t]he SEC can and must provide objective oversight with respect to the Board’s salaries. If we do not oversee those, nobody else can.”[2]This budget, I believe, addresses this first concern, reducing the chairman’s and other Board members’ compensation by 52 percent and 42 percent, respectively. This action demonstrates a clear commitment to aligning PCAOB Board pay more closely with the ethos of public service that reinforces trust, demonstrates fiscal responsibility, and affirms the honor of stewardship over the capital markets. My second concern stemmed from the PCAOB’s lack of a long-term strategic plan, which I firmly advocated for, and that the Commission required the PCAOB to develop starting in 2007.[3]I believed then and still believe today that a robust strategic plan is necessary to ensure that the PCAOB’s growth and budget aligns with its statutory role. Effective budgeting requires a strategic plan that considers the broader context, sets clear objectives, identifies gaps between goals and the current status, and provides an action plan with clear, transparent, and measurable benchmarks. The development of an updated strategic plan is a key priority for 2026. I look forward to working with the PCAOB Board and the Commission’s Chief Accountant to create a comprehensive strategic plan that will get the PCAOB back to basics: focusing on integrity and objectivity of the profession, reducing unnecessarily complex regulations, and re-centering this important institution on its core statutory responsibilities. The Commission remains committed to robust oversight of the PCAOB and to ensuring that its operations are transparent, justified, and worthy of the trust placed in it by investors and the public. I would like to thank PCAOB Acting Chairman George Botic, as well as PCAOB Board Members Kara Stein, Anthony Thompson, and Christina Ho, for their hard work in preparing this budget given the time constraints and delays caused by the government shutdown and for their responsiveness to the Commission’s feedback. I would also like to thank my colleagues at the SEC for their dedicated efforts on this matter, including: Kurt Hohl, Duc Dang, Anita Doutt, Shaz Niazi, Fariba Nasary, Taylor Pross, Greg Hillson, and Mark Jacoby from the Office of the Chief Accountant; Caryn Kauffman, Crystal Willis, and Adam Salazar from the Office of Financial Management; Bryant Morris, Dorothy McCuaig, and Eduardo Aleman from the Office of the General Counsel; and Greg Schulze and Bobby Sharma from the Office of Information Technology. [1] Order Approving Public Company Accounting Oversight Board Budget and Annual Accounting Support Fee for Fiscal Year 2026, Exch. Act Rel. 104653 (Jan. 22, 2026). [2] Paul S. Atkins, Commissioner, U.S. Securities and Exchange Commission, Statement at Open Meeting to Consider PCAOB’s Proposed 2008 Budget (Dec. 18, 2007), https://www.sec.gov/news/speech/2007/spch121807psa.htm. [3] Order Approving Public Company Accounting Oversight Board Budget and Annual Accounting Support Fee for Calendar Year 2008, Exch. Act Rel. No. 56986 (Dec. 18, 2007), https://www.sec.gov/files/rules/other/2007/33-8873.pdf.

The Securities and Exchange Commission is seeking candidates for appointment as members of the SEC’s Investor Advisory Committee, established pursuant to Section 39 of the Securities Exchange Act of 1934 to help protect investors and improve securities regulation. Candidates will be considered for open at-large membership positions on the committee, as well as for a position as the member who is representative of the interests of senior citizens, as provided in the statute. The purpose of the Investor Advisory Committee is to advise and consult with the Commission on: Regulatory priorities of the Commission; Issues relating to the regulation of securities products, trading strategies, and fee structures, and the effectiveness of disclosure; Initiatives to protect investor interests; and Initiatives to promote investor confidence and the integrity of the securities marketplace. Committee members represent the interests of investors, are knowledgeable about investment issues, and have reputations for integrity. “The Investor Advisory Committee is an indispensable partner in safeguarding investors and strengthening our markets,” said SEC Chairman Paul S. Atkins. “Qualified candidates who are interested in lending their time and expertise to further the agency’s efforts are encouraged to apply for the committee’s open roles. Working together, we can enact reforms to reinvigorate our capital markets and allow market participants to innovate, while adhering to the SEC’s mission of protecting investors.” Members of the public interested in serving on the committee as either an at-large committee member or as a member representative of the interests of senior citizens should promptly email a letter of interest to iac-candidates@sec.gov with applicable information about their relevant experience. The letter of interest should indicate whether the person submitting the letter seeks to serve as an at-large committee member or as the committee member representing the interests of senior citizens. The deadline for submission of a letter of interest is Feb. 23, 2026. Applicants who previously applied in 2025 for membership on the committee and who are interested in being reconsidered may submit an e-mail by the deadline requesting their prior application be reconsidered provided that the information furnished in the 2025 application remains accurate.

SIX welcomes Inyova SICAV as a new issuer of Exchange Traded Funds (ETFs). The impact-focused investment platform is expanding investors’ access to actively managed sustainability-oriented strategies at SIX Swiss Exchange with the listing of its first ETF, which is tradable in Swiss francs. The Inyova Impact Investing Active Equity Fund EUR UCITS ETF follows an actively managed strategy that invests globally in companies whose products and services contribute positively to sustainable development and generate measurable environmental and social impact alongside financial returns. While the fund is built on businesses advancing themes such as renewable energy, electromobility, medical technology, gender equality, and human rights, it goes beyond thematic exposure by focusing on active ownership and measurable impact. This leads to long-term value creation potential with clear impact objectives. With this launch, SIX further broadens its offering of actively managed and impact-oriented ETFs for Swiss and international investors. Inyova SICAV is the first new ETF issuer to join SIX Swiss Exchange in 2026, following a record-breaking 2025 with over 300 new products listed and seven new issuers onboarded. SIX Swiss Exchange now hosts 36 ETF issuers offering more than 2,100 ETFs, underscoring its position as one of Europe’s most dynamic and diverse ETF marketplaces. Ultumus, a SIX company, provides critical infrastructure services supporting the Inyova ETF's operational workflow for this launch. Dr. Tillmann Lang, chairman and co-founder of Inyova, elaborates: “With this ETF, we enable investors to pursue their financial goals while achieving sustainability impact and staying fully aligned with their values. By listing our ETF at SIX, we are making our active impact approach more accessible, giving private and professional investors a diversified, research-driven portfolio of companies that drive positive environmental and social outcomes with the potential for long-term value creation.” Danielle Reischuk, Senior ETFs & ETPs Sales Manager, SIX Swiss Exchange, adds: “We are delighted to welcome Inyova SICAV as a new ETF issuer at SIX Swiss Exchange. Their impact-driven, actively managed approach enriches the spectrum of sustainability-oriented investment solutions available on our marketplace. This listing underscores our commitment to offering a robust, efficient venue for innovative issuers and providing investors with access to differentiated strategies.” Inyova is a leading provider of sustainability-oriented impact investments. Founded in Zurich, the company enables private investors to build wealth with positive sustainable outcomes and real impact since 2019. Inyova offers diversified, easily accessible impact investment solutions in equities and fixed income.  Product NameTrading CurrencyISINMarket Maker Inyova Impact Investing Active Equity Fund EUR UCITS ETF CHF LU3075459852 Virtu Financial Ireland Ltd ETFs at SIX: A continued success story. For 25 years, SIX has been the one-stop shop for international ETFs, delivering an end-to-end value chain – from creation and redemption to listing, trading, custody, and high-quality data. Our integrated infrastructure enables efficient access, transparency, and growth for issuers and investors, while Switzerland’s ETF market continues to thrive. With over 7,000 tradable ETFs spanning asset classes, regions, sectors, themes, and strategies, investors gain flexible, cost‑efficient exposure to virtually any market.

GlobalData has announced the latest updates to its Financial and Legal Adviser League Tables, which rank advisers by the total value and volume of merger and acquisition (M&A) deals they advised on in the North American region during 2025. See the rankings and findings below. Financial Advisers JPMorgan and Houlihan Lokey top M&A financial advisers in North America by value and volume in 2025 JPMorgan and Houlihan Lokey were the top mergers and acquisitions (M&A) financial advisers in the North American region in 2025 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading intelligence and productivity platform. GlobalData’s Financial Deals Database revealed that JPMorgan achieved its leading position in terms of value by advising on $763.9 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume, advising on a total of 210 deals. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Houlihan Lokey and JPMorgan were the clear winners, having outpaced their peers by a significant margin in terms of volume and value in 2025. Houlihan Lokey was also the top adviser by volume in 2024. “Meanwhile, JPMorgan improved its ranking by value from the second position in 2024, at there was more than a double-fold jump in the total value of deals advised by it due to involvement in big-ticket deals. During 2025, JPMorgan advised on 90 billion-dollar deals* that also included 17 mega deals valued more than $10 billion. It also held the second position by volume in 2025 with 168 deals.” An analysis of GlobalData’s Deals Database reveals that Goldman Sachs occupied the third position in terms of volume with 166 deals, followed by Morgan Stanley with 155 deals, and Jefferies with 115 deals. Meanwhile, Morgan Stanley occupied the second position in terms of value, by advising on $686.4 billion worth of deals, followed by Goldman Sachs with $581.5 billion, Evercore with $459.2 billion, and Bank of America with $432.4 billion. *Deals valued more than or equal to $1 billion   Legal Advisers Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis top M&A legal advisers in North America in 2025 Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in North America in 2025 by value and volume, respectively, according to the latest legal advisers league table by GlobalData, a leading intelligence and productivity platform. GlobalData’s Financial Deals Database revealed that Wachtell, Lipton, Rosen & Katz achieved its leading position in terms of value by advising on $669.6 billion worth of deals. Meanwhile, Kirkland & Ellis led in terms of volume by advising on a total of 474 deals. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Kirkland & Ellis, which was the top adviser by both value and volume in 2024, managed to retain its leadership position by volume in 2025 but lost the top spot by value to Wachtell, Lipton, Rosen & Katz. Kirkland & Ellis held the third position in 2025 deal value rankings. “Despite advising on relatively much lesser number of deals, Wachtell, Lipton, Rosen & Katz managed to lead the chart by value due to its involvement in big-ticket deals. During 2025, the company advised on 45 billion-dollar deals* that also included 15 mega deals valued more than $10 billion.” An analysis of GlobalData’s Deals Database reveals that Latham & Watkins occupied the second position in terms of value, by advising on $605.2 billion worth of deals, followed by Kirkland & Ellis with $585.1 billion, Skadden, Arps, Slate, Meagher & Flom with $475.1 billion, and Sullivan & Cromwell with $438.4 billion. Meanwhile, Latham & Watkins occupied the second position in terms of volume with 337 deals, followed by Gibson, Dunn & Crutcher with 170 deals, Paul, Weiss, Rifkind, Wharton & Garrison with 169 deals, and Skadden, Arps, Slate, Meagher & Flom with 140 deals. *Deals valued more than or equal to $1 billion

ETFGI reports Actively Managed ETFs Hit Record US$1.92Tr as 2025 Marks Highest‑Ever Inflows and 69th Consecutive Month of Growth. During December the actively managed ETFs industry globally gathered net inflows of US$56.23 billion, bringing 2025 net inflows to a record US$637.47 billion, according to ETFGI's December 2025 Active ETF industry landscape insights report, an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.) ETFGI is a leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, events, and ETF TV on global ETF industry trends. Highlights Global assets in actively managed ETFs reached a new all‑time high of $1.92 trillion at the end of December, surpassing the previous record of $1.86 trillion set in November 2025. Assets rose 64.5% year‑to‑date in 2025, increasing from $1.17 trillion at the end of 2024 to $1.92 trillion. December 2025 saw net inflows of $56.23 billion. Year‑to‑date net inflows of $637.47 billion set a new record, exceeding the prior highs of $373.54 billion in 2024 and $183.40 billion in 2023. December marked the 69th consecutive month of net inflows. Actively managed equity ETFs and ETPs attracted $33.31 billion in net inflows in December. “The S&P 500 rose 0.06% in December, finishing 2025 up 17.88%. Developed markets outside the United States gained 3.30% in December and increased 35.10% over the full year, with Korea (+10.98%) and Austria (+7.89%) posting the strongest monthly gains among developed countries.  Emerging markets advanced 1.63% in December and were up 24.39% in 2025, led by Peru (+9.87%) and South Africa (+9.49%), which recorded the largest increases among emerging markets during the month.” According to Deborah Fuhr, managing partner, founder, and owner of ETFGI. Growth in assets in the actively managed ETFs industry as of end of December The actively managed ETFs industry globally had 4,636 ETFs, with 6,152 listings, assets of $1.92 Tn, from 665 providers listed on 46 exchanges in 36 countries at the end of 2025. In December, globally listed, actively managed equity ETFs recorded $33.31 billion in net inflows, lifting total inflows for the year to $361.33 billion, significantly higher than the $211.34 billion accumulated in 2024. Actively managed fixed income ETFs also saw strong demand, bringing in $18.56 billion during December and reaching $237.93 billion in year‑to‑date inflows—well above the $139.69 billion recorded in 2024. Substantial inflows can be attributed to the top 20 active ETFs by net new assets, which collectively gathered $15.89 Bn during December. JPMorgan Active Bond ETF (JBND US) gathered $1.19 Bn, the largest individual net inflow. Top 20 actively managed ETFs/ETPs by net new assets December 2025 Name Ticker Assets ($ Mn)  Dec-25 NNA ($ Mn)  YTD-25 NNA ($ Mn) Dec-25 JPMorgan Active Bond ETF JBND US         5,442.01              4,236.20           1,187.48 Capital Group Dividend Value ETF CGDV US       26,596.71             10,364.07           1,128.24 ERShares Private-Public Crossover ETF XOVR US         1,487.21              1,240.03           1,098.34 iShares U.S. Equity Factor Rotation Active ETF DYNF US       31,041.99             13,640.67           1,063.15 JPMorgan Nasdaq Equity Premium Income ETF JEPQ US       32,616.08             10,448.94           1,054.63 MIRAE ASSET TIGER DECEMBER MATURITY ROLLOVER FINANCIAL BOND ACTIVE ETF 0139F0 KS            900.81                 887.40              887.40 JPMorgan Ultra-Short Municipal Income ETF JMST US         6,381.28              3,281.73              825.11 Neos Nasdaq-100 High Income ETF QQQI US         7,417.83              6,524.23              821.68 Avantis Emerging Markets Equity ETF AVEM US       16,042.25              6,096.54              815.46 Blackrock Flexible Income ETF BINC US       15,149.55              8,169.41              786.42 PGIM AAA CLO ETF PAAA US         6,197.21              4,503.75              683.13 Fidelity Total Bond ETF FBND US       23,443.69              6,073.07              681.65 AB US Equity ETF XCHG US            660.10                 658.82              658.82 Yuanta Global AI New Economy Active ETF 00990A TT            646.66                 646.66              646.66 PIMCO Multi Sector Bond Active ETF PYLD US       10,218.69              7,357.37              641.57 Goldman Sachs Technology Opportunities ETF GTOP US            622.42                 630.53              630.53 NEOS S&P 500 High Income ETF SPYI US         6,878.96              4,058.58              605.50 Fuh Hwa Taiwan Future 50 Active ETF 00991A TT            567.21                 567.21              567.21 Capital Group Growth ETF CGGR US       19,052.86              7,274.85              557.49 JPMorgan Core Plus Bond ETF JCPB US         9,322.25              4,228.57              549.41   Investors have tended to invest in Equity actively managed ETFs/ETPs during December.

To increase the effectiveness of equity market microstructure, MOEX establishes the new tick size and Decimals parameter for the following stocks starting 3rd February 2026 in the following trading modes: Main trading mode Т+ ("Т+1" order book) Odd lots trading mode Negotiated trades mode (NTM) NTM with CCP trading mode The new approach to setting the tick size was approved by the MOEX Securities Market committee. The methodology includes: The tick size equals (1,2,5)*10N, where N – integer; Increasing the number of price ranges to 25, and the ranges of liquidity - up to 7; For each liquidity range a recommended range price tick sizes in the spread is established; The maximum allowed relative tick size – 1%

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: 21 January 2026 Aggregate number of ordinary shares purchased: 113,529 Lowest price paid per share: 8,748.00p Highest price paid per share: 8,952.00p Average price paid per share: 8,809.20p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 508,832,760 ordinary shares of 679/86 pence each in issue (excluding treasury shares) and holds 21,451,599 of its ordinary shares of 679/86 pence each in treasury. Therefore, the total voting rights in the Company will be 508,832,760. 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/8593P_1-2026-1-21.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:       113,529 (ISIN: GB00B0SWJX34) Date of purchases:      21 January 2026 Investment firm:         Citi Aggregate information: Venue Volume-weighted average price Aggregated volume Lowest price per share Highest price per share London Stock Exchange 8,809.20 113,529 8,748.00 8,952.00 Turquoise        

Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) today announced that the independently assessed Corporate Governance (CG) Ratings for Public Listed Companies (PLCs) on the MAIN Market and ACE Market are now published on the MyBURSA platform. This enhancement enables investors and market participants to access each PLC’s CG Rating, further advancing market transparency and strengthening the appeal of Malaysian companies.  The ratings are derived from assessments conducted by the Minority Shareholders Watch Group (MSWG), in its capacity as the Domestic Ranking Body, using the ASEAN Corporate Governance Scorecard (ACGS) methodology which is aligned with the G20/OECD Principles of Corporate Governance, and endorsed by the ASEAN Capital Markets Forum (ACMF). This will enable investors to compare governance standards across markets in line with international standards and best practices. Julian M Hashim, Chief Regulatory Officer of Bursa Malaysia said: “With the CG Ratings now accessible on MyBURSA, investors can evaluate the governance standards of PLCs alongside other key data points, enabling more holistic risk assessments and long‑term value analysis. For PLCs, the visibility of CG Ratings serves as a benchmark for continuous improvement and enhances their competitiveness in attracting domestic and global capital.” “By integrating the CG Ratings into MyBURSA, complementing the ESG Ratings already available on the platform, Bursa Malaysia aims to elevate governance standards, encourage continuous improvement among PLCs, and enhance the attractiveness of Malaysia’s capital market to investors through the provision of comprehensive, decision‑useful and comparable information,” he added. MSWG’s assessment is based on publicly disclosed information, including Annual Reports, Corporate Governance Reports, Sustainability Reports, and other relevant information available in the public domain. More information on the ACGS methodology and scorecard is available on MSWG’s website: https://mswg.org.my/analytics/.