{"id":111296,"date":"2025-03-26T10:32:25","date_gmt":"2025-03-26T14:32:25","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/march-global-regulatory-brief-risk-capital-and-financial-stability\/"},"modified":"2025-03-26T10:47:21","modified_gmt":"2025-03-26T14:47:21","slug":"march-global-regulatory-brief-risk-capital-and-financial-stability","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/march-global-regulatory-brief-risk-capital-and-financial-stability\/","title":{"rendered":"March Global Regulatory Brief: Risk, capital and financial stability"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0c4fa5d3768]::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-6a0c4fa5d3768'>\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\">March 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-6a0c4fa5da1ec'>\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\">March 26, 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-6a0c4fa5dc590'>\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-6a0c4fa5de4d2'>\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; to find out more or contact your Bloomberg representative to learn more.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>USA: <\/b><span style=\"font-weight: 400;\">SEC expresses concern over new private credit ETF<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Dubai: <\/b><span style=\"font-weight: 400;\">DFSA proposes revised capital requirements for operational risk<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>UK:<\/b><span style=\"font-weight: 400;\"> FCA set out findings from its valuation review for private market assets<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Australia:<\/b> ASIC sets out preliminary regulatory agenda for private markets<\/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-6a0c4fa5e0441'>\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_8444015289972308449\"\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-6a0c4fa5e597d'>\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>US SEC expresses concern over new private credit ETF<\/h2>\n<p><span style=\"font-weight: 400;\">The US Securities and Exchange Commission has <\/span><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1516212\/000000000025002259\/filename1.pdf\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> a public filing expressing a number of concerns about the State Street-Apollo private credit exchange-traded fund (ETF).\u00a0<\/span><\/p>\n<p><b>In more detail:<\/b><span style=\"font-weight: 400;\"> Specifically, the SEC has expressed the following concerns:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Fund name:<\/b><span style=\"font-weight: 400;\"> The SEC is concerned that use of Apollo in the fund&#8217;s name is technically misleading given the limited nature of Apollo&#8217;s relationship with the Fund.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Liquidity:<\/b><span style=\"font-weight: 400;\"> The SEC is concerned about the Fund\u2019s liquidity risk management program under rule 22e 4 given the sole reliance on bids from Apollo.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Valuation: <\/b><span style=\"font-weight: 400;\">The SEC is concerned that the fund is unable to fulfil requirements to calculate their NAV per share at least once daily.<\/span><\/li>\n<\/ul>\n<p><b>In response:<\/b><span style=\"font-weight: 400;\"> Attorneys for the fund filed a <\/span><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1516212\/000092963825000903\/filename1.htm\"><span style=\"font-weight: 400;\">response<\/span><\/a><span style=\"font-weight: 400;\"> in response to the SEC&#8217;s concerns and confirmed that they will revise the fund name as soon as practicable.<\/span><\/p>\n<h2>Dubai proposes revised capital requirements for operational risk<\/h2>\n<p><span style=\"font-weight: 400;\">The Dubai Financial Services Authority (DFSA) <\/span><a href=\"https:\/\/dfsaen.thomsonreuters.com\/sites\/default\/files\/net_file_store\/CP164_Capital_Requirement_for_Operational_Risk.pdf\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> a consultation outlining proposed revisions to capital requirements for operational risk.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Important context: The DFSA aims to align the capital risk requirements for operational risk with Basel III.\u00a0<\/span><\/p>\n<p><b>Key Proposals: <\/b><span style=\"font-weight: 400;\">The DFSA intends to replace the current Basic Indicator and Alternative Standardised Approaches (used under Basel II) with the new Standardised Approach from Basel III, which is more risk-sensitive\u200b.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Refining the calculation methodology to better capture operational risk exposure and ensuring firms hold adequate capital buffers against potential losses.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Exclusion of Internal Loss Multiplier (ILM) to align with EU, UK, and Australian regulators\u200b.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Refined Definition of Operational Risk which includes legal risks such as fines, penalties and excludes strategic and reputational risks.<\/span><\/li>\n<\/ul>\n<p><b>Next Steps:<\/b><span style=\"font-weight: 400;\"> The DFSA proposes 1 July 2026 as the effective date, allowing firms time to update their systems and comply with the new requirements\u200b. The consultation period is open until 12 May 2025.<\/span><\/p>\n<h2>FCA set out findings from its valuation review for private market assets<\/h2>\n<p><span style=\"font-weight: 400;\">The UK Financial Conduct Authority has <\/span><a href=\"https:\/\/www.fca.org.uk\/publications\/multi-firm-reviews\/private-market-valuation-practices\"><span style=\"font-weight: 400;\">set out<\/span><\/a><span style=\"font-weight: 400;\"> the findings from its multi-firm review of valuation processes for private market assets.\u00a0<\/span><\/p>\n<p><b>Context:<\/b><span style=\"font-weight: 400;\"> With the UK representing the largest centre for private market asset management in Europe, the FCA considers robust valuation practices to be important for facilitating further growth and capability in the private markets space.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Fair and appropriate valuations are considered necessary to understanding investment performance and informed decision making, such as on asset allocation and manager selection.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There is also a heavy reliance on valuations for determining transaction price in the case of open-ended fund structures investing in private assets or firms transferring private assets between vehicles.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Scope: <\/b><span style=\"font-weight: 400;\">The scope of this review included firms managing funds or providing portfolio management and\/or advisory services in the UK for private equity, venture capital, private debt and infrastructure assets.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The sample covered around \u00a33 trillion of global private assets under management (AUM). Of that, UK private AUM was around \u00a31 trillion.<\/span><\/li>\n<\/ul>\n<p><b>In summary: <\/b><span style=\"font-weight: 400;\">The review assessed the robustness of firms\u2019 valuation processes and governance, including the checks and balances that help address the risk of poor conduct and harm to investors. It did not seek to independently validate firms\u2019 fair value assessments for specific assets.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The FCA found many examples of good practice in firms&#8217; valuation processes, including the quality of reporting to investors, documenting valuations, using third-party valuation advisers to introduce additional independence and expertise, and consistent application of established valuation methodologies.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Conflicts of interest:<\/b><span style=\"font-weight: 400;\"> While many firms had limited the conflicts in their valuation process around fees and remuneration through specific policies, other potential conflicts were only partly identified and documented.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">These include potential valuation-related conflicts related to investor marketing, secured borrowing, asset transfers, redemptions and subscriptions and uplifts and volatility.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Moreover, firms had different levels of independence within their valuation processes and many firms did not have defined processes or a consistent approach for ad hoc valuations to revalue assets during market or asset-specific events.<\/span><\/li>\n<\/ul>\n<p><b>Best practice:<\/b><span style=\"font-weight: 400;\"> Given the importance of managing stale valuation risk, the FCA encourages firms to consider the types of events and quantitative thresholds that could trigger ad hoc valuations.\u00a0<\/span><\/p>\n<p><b>Firm expectations:<\/b><span style=\"font-weight: 400;\"> The FCA expect firms to consider the findings from this review and identify any gaps in their approach. In particular, firms should consider whether they should make improvements in (i) the governance of their valuation process (ii) identifying, documenting, and addressing potential conflicts in their valuation process (iii) ensuring functional independence for their valuation process (iv) incorporating defined processes for ad hoc valuations.<\/span><\/p>\n<p><b>Next steps:<\/b><span style=\"font-weight: 400;\"> The FCA will share its findings to inform the work of other bodies, such as the Bank of England\u2019s work on Non-Bank Financial Institutions and IOSCO&#8217;s work to promote the use of proportionate and consistent global valuation standards in private markets.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The FCA is expected to conduct further work on managing conflicts of interest in private markets and streamlining the UK&#8217;s fund management regulatory framework.<\/span><\/li>\n<\/ul>\n<h2>Australia sets out preliminary regulatory agenda for private markets<\/h2>\n<p><span style=\"font-weight: 400;\">The Australian Securities and Investments Commission (ASIC) has <\/span><a href=\"https:\/\/asic.gov.au\/about-asic\/news-centre\/find-a-media-release\/2025-releases\/25-021mr-advancing-australia-s-regulatory-roadmap-for-public-and-private-capital-markets\/\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> a paper intended to open up a discussion on Australia&#8217;s future regulatory approach to private markets.\u00a0<\/span><\/p>\n<p><b>In summary:<\/b><span style=\"font-weight: 400;\"> The paper outlines a number of preliminary views and conclusions across the following themes.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Public market concerns:<\/span><\/i><span style=\"font-weight: 400;\"> ASIC is concerned about future of Australia&#8217;s public markets and there are regulatory levers that can be pulled to help address this.<\/span><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Private market risks: <\/span><\/i><span style=\"font-weight: 400;\">Opacity, conflicts, valuation uncertainty, illiquidity and leverage in private markets are the key risks that ASIC will focus on.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Superannuation: <\/span><\/i><span style=\"font-weight: 400;\">The size of Australian superannuation funds is expected to drive further growth of private markets and coincides with the discussion around retail participation in private markets.<\/span><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Data needed for risk assessment: <\/span><\/i><span style=\"font-weight: 400;\">A number of international regulators are increasing their access to reliable data on private markets and ASIC considers it necessary to have better recurrent data to more accurately assess risk.<\/span><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Private credit:<\/span><\/i><span style=\"font-weight: 400;\"> While the private credit market does not appear to be systemically important in Australia, potential failures on the horizon means that ASIC is increasing its focus to ensure that investment offers comply with existing frameworks.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Looking ahead: <\/b><span style=\"font-weight: 400;\">ASIC will provide an update later in the year outlining key feedback to this paper. The deadline to provide feedback is April 28.<\/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-6a0c4fa5e876a'>\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\/march-global-regulatory-brief-trading-and-markets\/\">Trading and markets<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/march-global-regulatory-brief-green-finance\/\">Green finance<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/march-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-6a0c4fa5ea833'>\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-6a0c4fa5ec76f]::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-6a0c4fa5ec76f'>\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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