{"id":105492,"date":"2025-01-27T10:57:26","date_gmt":"2025-01-27T15:57:26","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/january-global-regulatory-brief-risk-capital-and-financial-stability\/"},"modified":"2025-01-27T11:04:17","modified_gmt":"2025-01-27T16:04:17","slug":"january-global-regulatory-brief-risk-capital-and-financial-stability","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/january-global-regulatory-brief-risk-capital-and-financial-stability\/","title":{"rendered":"January Global Regulatory Brief: Risk, capital and financial stability"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0c4733635ae]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0c4733635ae'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/risk\/\" rel=\"category tag\">\n                    Risk\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">January Global Regulatory Brief: Risk, capital and financial stability<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c473369af1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">January 27, 2025<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c47336c8e8'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i>The Global Regulatory Brief provides monthly insights on the latest risk and regulatory developments. This brief was written by Bloomberg&#8217;s Regulatory Affairs Specialists.<\/i><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c47336fc5a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Risk, capital and financial stability regulatory developments<\/h2>\n<p><span style=\"font-weight: 400;\">Recent periods of financial stress and the proliferation of risks across the financial system are fueling the development of regulatory initiatives to strengthen requirements and promote international best practice. The following policy developments represent a sample of wider regulatory and policy coverage available to Bloomberg Terminal customers. Run REGS &lt;GO&gt; for more.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>France: <\/b><span style=\"font-weight: 400;\">AMF provides update on French fund sector\u2019s use of liquidity management tools<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>USA:<\/b><span style=\"font-weight: 400;\"> CFTC approves final rule on margin adequacy, treatment of separate accounts by FCMs<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Dubai:<\/b><span style=\"font-weight: 400;\"> DFSA confirms amendments to its prudential rulebook<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>EU: <\/b><span style=\"font-weight: 400;\">ESMA completes annual update of MMF stress testing guidelines<\/span><\/li>\n<\/ul>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c473371e4b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore the latest regulatory insights with our outlooks, webinars, research and analysis.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_135686540979351606\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/regulatory-insights\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c473376d05'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>AMF provides update on French fund sector use of liquidity management tools<\/h2>\n<p><span style=\"font-weight: 400;\">The French market regulator &#8211; the AMF &#8211; has <\/span><a href=\"https:\/\/www.amf-france.org\/en\/news-publications\/news\/amf-releases-updated-stocktake-french-funds-equipped-liquidity-management-tools\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> an update on the use of liquidity management tools by the French fund sector.\u00a0<\/span><\/p>\n<p><b>Context:<\/b><span style=\"font-weight: 400;\"> Liquidity management tools aim at ensuring fair treatment of unit-holders in times of stress to help protect investors and they also make it possible to limit the destabilizing consequences of liquidity shocks on the financial markets.\u00a0<\/span><\/p>\n<p><b>French fund liquidity practices:<\/b><span style=\"font-weight: 400;\"> Historically, the AFM notes that French funds were poorly equipped with mechanisms to cap redemptions (gates) and with anti-dilution tools (swing-pricing or anti-dilution levies).<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">To facilitate the adoption of these tools by French funds, the AMF introduced a transitional period during which gates could be introduced by simply informing unitholders by any means, subject to compliance with certain terms and conditions.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This transitional period ended on 31 December 2023 for most types of fund.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The standard prospectus templates have also been revised to include specific information on the risks associated with the absence of gates.<\/span><\/li>\n<\/ul>\n<p><b>Anti-dilution tools: <\/b><span style=\"font-weight: 400;\">In the case of management companies that have not introduced anti-dilution tools for some of their funds, they have to declare the reasons to the AMF, provide a statement acknowledging the risks involved, and are required to reassess regularly the need to introduce these tools.<\/span><\/p>\n<p><b>Growing adoption in open-ended funds:<\/b><span style=\"font-weight: 400;\"> Analysis of the prospectuses of funds domiciled in France shows that there is widespread adoption of gates and swing-pricing in open-ended funds.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A large proportion of funds accessible to retail investors have taken advantage of the transitional period, which has simplified the introduction process for gates and anti-dilution tools in fund prospectuses.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">When considering the population of undertakings for collective investment in transferable securities (UCITS) and general-purpose investment funds (FIVGs), the AMF found that gates accounted for 66% of net assets at end-2023 (compared with 17% at end-2022) and anti-dilution tools accounted for 45% of net assets (compared with 23% one year earlier).<\/span><\/li>\n<\/ul>\n<p><b>Illiquid assets:<\/b><span style=\"font-weight: 400;\"> Regarding open-ended funds specializing in less liquid asset classes such as real estate and private equity, the AMF finds that gates are now present in all retail real estate collective investment schemes (OPCIs) and all open-ended venture capital mutual funds (evergreen FCPRs).<\/span><\/p>\n<p><b>Wider EU regulatory context: <\/b><span style=\"font-weight: 400;\">As part of the EU review of the UCITS and AIFM Directives published in March 2024, which will have to be transposed into national law by April 2026, all European open-ended UCITS and AIFs will have to have at least two liquidity management tools by 2026.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For money market funds, the requirement will be for a single liquidity management mechanism.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The recent development in the availability of liquidity management tools by French funds is considered a head start for the future requirements on funds in the EU.\u00a0<\/span><\/li>\n<\/ul>\n<h2>CFTC approves final rule on margin adequacy, treatment of separate accounts by FCMs<\/h2>\n<p><span style=\"font-weight: 400;\">The U.S. Commodities Futures Trading Commission (\u201cCFTC\u201d)<\/span><a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/9027-24\"><span style=\"font-weight: 400;\"> approved<\/span><\/a><span style=\"font-weight: 400;\"> a final rule to implement requirements for futures commission merchants (\u201cFCMs\u201d) related to margin adequacy and the treatment of separate accounts of a customer.<\/span><\/p>\n<p><b>In more detail:<\/b><span style=\"font-weight: 400;\"> The final rule applies to all FCMs with respect to their customers, a margin adequacy requirement like the one applicable to derivatives clearing organizations in Regulation 39.13(g)(8)(iii). It also permits clearing and non-clearing FCMs to treat the separate accounts of a single customer as accounts of separate entities for purposes of the new margin adequacy requirement, and sets forth risk-mitigating requirements based on the no-action conditions in<\/span><a href=\"https:\/\/www.cftc.gov\/node\/217076\"><span style=\"font-weight: 400;\"> CFTC staff letter 19-17<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><b>Timeline:<\/b><span style=\"font-weight: 400;\"> The compliance date for FCMs that are members of a DCO as of the date of publication of the final rule in the Federal Register is 180 days after such date of publication, while the compliance date for all other FCMs is 365 days after such date of publication.<\/span><\/p>\n<h2>Dubai confirms amendments to its prudential rulebook<\/h2>\n<p><span style=\"font-weight: 400;\">Following the ending of the consultation period on a number of proposed legislative changes, the Dubai Financial Services Authority (DFSA) has announced that two new prudential rulemaking instruments were confirmed by its Board.\u00a0<\/span><\/p>\n<p><b>Accurate risk appetite statement:<\/b><span style=\"font-weight: 400;\"> The first instrument (No. 390) introduces a new requirement for firms to produce and maintain an accurate risk appetite statement and comes into force on 1 April 2025. Guidance includes:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Authorized Firm should ensure that the level of aggregate risk that it is willing to assume allows it to manage its risks prudently in normal times and in a way that allows it to withstand periods of stress. The level of aggregate risk should include both quantitative and qualitative elements, as appropriate, and encompass a range of measures. These should be expressed in terms that are clear enough for all levels of management to be able to understand the trade-off between risks and profits.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The DFSA expects that the risk appetite statement also outlines actions to be taken when risk limits are breached, including disciplinary actions for excessive risk-taking, escalation procedures and Governing Body notification.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Interest rate risks in the Non-Trading Book: <\/b><span style=\"font-weight: 400;\">The second instrument (No. 391) introduces more wide-ranging amendments regarding the management of interest rate risks in the non-trading book. This instrument comes into force on 1 January 2026. Enhancements include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">An Authorised Firm must immediately notify the DFSA if any evaluation suggests that, as a result of the change in interest rates, the economic value of the firm would decline by more than 15%, rather than 20%, of its Capital Resources.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Measuring Non-Trading Book interest rate risk: An Authorized Firm with balance sheet positions in different currencies must measure its risk Exposures in each currency that accounts for more than 5% of its total Non-Trading Book assets or liabilities.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Frequency of measuring Non-Trading Book interest rate risk must carry out those evaluations no less frequently than quarterly.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The DFSA may also take other supervisory action, including requiring the Authorized Firm to reduce its IRRBB Exposures (for example, by hedging), raise additional capital, set constraints on the internal risk parameters used by the Authorized Firm or improve its risk management framework.<\/span><\/li>\n<\/ul>\n<h2>ESMA completes annual update of MMF stress testing guidelines<\/h2>\n<p><span style=\"font-weight: 400;\">The European Securities and Markets Authority (ESMA) has <\/span><a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/2025-01\/ESMA50-43599798-10651_Final_Report_on_the_Guidelines_on_stress_test_scenarios_under_the_MMF_Regulation_0.pdf\"><span style=\"font-weight: 400;\">issued<\/span><\/a><span style=\"font-weight: 400;\"> final updated guidelines on stress test scenarios for Money Market Funds (MMFs). The guidelines are required to be updated annually to take account of recent market developments and in particular the current risk assessment of both ESMA and the European Systemic Risk Board (ESRB).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Stress testing is a key element of the EU Money Market Funds Regulation (MMFR), with fund managers required to test:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">liquidity levels,<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">credit and interest rate risks,<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">redemption levels,<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">widening\/narrowing spreads among indices to which interest rates of portfolio securities are ties, and<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">macroeconomic shocks.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The 2024 update focuses particularly on stress emanating from geopolitical risk and its macroeconomic consequences. Fund managers are expected to consider significant volatility and related widening spreads as part of their scenarios.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The majority of the guidelines, however, remain unchanged. This notably contains redemption scenarios modelled on those seen in early 2020, which ESMA deems to be &#8216;still appropriate&#8217; as a stress test.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The final guidelines will now be translated, after which national supervisors within the EU will have two months to comply.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c4733797da'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>View the additional regulatory briefs from this month:<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/january-global-regulatory-brief-trading-and-markets\/\">Trading and markets<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/january-global-regulatory-brief-green-finance\/\">Green finance<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/january-global-regulatory-brief-digital-finance\/\">Digital finance<\/a><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.bloomberg.com\/professional\/global-regulatory-brief\/\">Sign up<\/a> to receive these updates in your inbox first.<\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c47337b8c0'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>How we can help<\/h2>\n<p>Bloomberg\u2019s Public Policy and Regulatory team brings you insight and analysis on policy developments to help navigate the complex and fast changing global regulatory landscape. To discuss regulatory solutions, <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/#contactus\">please get in touch with our specialists<\/a> or <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/\">read more insights<\/a> from our Regulatory team.<\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0c47337db01]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0c47337db01'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for 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