What changed in this filing

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Item 1. Business

2021-02-25 compared with 2020-02-25 · 146 added, 64 removed, 176 unchanged (54% of the section changed)

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In 2020, our Investment Banking segment generated $2.237 billion, or 98% of our revenues, excluding Other Revenue, net, ($1.933 billion, or 97%, in 2019 and $2.015 billion, or 98%, in 2018) and earned 687 fees from Advisory clients.

At December 31, 2019 , our strategic corporate advisory and capital markets advisory businesses had 112 Senior Managing Directors with expertise and client relationships in a wide variety of industry sectors and broad geographic reach.

As we begin the year in 2021, our strategic corporate advisory and capital markets advisory businesses has 107 Senior Managing Directors with expertise and client relationships in a wide variety of industry sectors and broad geographic reach.

Strategic Corporate Advisory

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Evercore is a leading advisor to clients on many of the largest and most complex corporate balance sheets in the global capital markets.

Our flexible and integrated teams develop trust with clients by focusing on objectives and facts, not capital markets

Our flexible and integrated teams develop trust with clients by focusing on objectives and facts, not capital

markets products.

Functionally, Evercore can act as an independent advisor, capital placement agent, or underwriter based on each client's circumstances and preferences.

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Our ECM team has the flexibility to engage with our corporate clients as an underwriter or an independent advisor.

• Restructuring.

Evercore provides independent financial restructuring advice to companies, creditors, shareholders, and other stakeholders, both in-and out-of-court.

We specialize in providing critical and unbiased advice to clients on complex balance sheet issues and transformational situations.

• Debt Advisory .

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Evercore provides comprehensive global advisory services on capital raising for select private fund sponsors, including private equity, infrastructure and real estate, advising and executing on all aspects of the fundraising process, including competitive positioning and market assessment, preparation of marketing materials, investor development and documentation.

Restructuring.

Evercore provides independent financial restructuring advice to companies, creditors, shareholders, and other stakeholders, both in-and out-of-court.

We specialize in providing critical and unbiased advice to clients on complex balance sheet issues and transformational situations.

Institutional Equities

At Evercore ISI, our experienced research, sales and trading professionals deliver superior client service on a content-led platform, striving to be the best independent equity research resource to support our clients' overall money management needs.

At December 31, 2019 , Evercore ISI had 42 senior research and distribution professionals.

At December 31, 2020, Evercore ISI had 40 senior-most research and distribution professionals.

Evercore ISI was recognized as the top ranked independent firm by Institutional Investor in 2020.

We also ranked #2 on a weighted basis and #3 in overall positions.

Our sales team offers research-driven equity products to more than 1,300 institutional clients in the U.S.

Our dedicated specialists provide access to our macro and fundamental research products and provide tailored solutions through conferences, roadshows and one-on-one meetings.

Our sales team delivers research-centric service to more than 1,300 institutional clients in the U.S.

The team provides access to our macro and fundamental research products and our dedicated sales specialists provide unique sector insights.

Evercore ISI’s trading professionals engage primarily in agency-only transactions, free of the potential conflicts of interest created by proprietary trading.

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• Corporate Access .

Our corporate access team provides strategic and customized analyses to determine targeted investors and regional strengths.

We provide planning and execution of non-deal roadshows, field trips, sector and macro conferences.

Our corporate access team develops strategic connectivity between company managements and investors to maximize the impact of roadshows, field trips, sector and macros conferences.

Our Investment Banking segment also includes an interest in Luminis Partners ("Luminis"), which is accounted for under the equity method of accounting.

Luminis is an independent corporate advisory firm based in Australia.

In 2020, we completed the transition of our advisory presence in Mexico to a strategic alliance relationship with a newly-formed independent strategic advisory firm founded by certain former employees.

We also entered into a strategic alliance with an advisory firm in Brazil in 2020, and maintain strategic alliances in India and South Korea.

Investment Management

Our Investment Management segment includes wealth management and trust services through Evercore Wealth Management L.L.C.

("EWM") and investment management services in Mexico through Evercore Casa de Bolsa, S.A.

("ECB"), as well as private equity through investments in entities that manage private equity funds.

In 2019 , our Investment Management segment generated revenue of $50.6 million, or 3% of our revenues, excluding Other Revenue, net ($48.2 million, or 2%, in 2018 and $59.6 million, or 4%, in 2017 ).

("EWM"), as well as private equity through investments in entities that manage private equity funds.

2020, our Investment Management segment generated revenue of $54.4 million, or 2% of our revenues, excluding Other Revenue, net ($50.6 million, or 3%, in 2019 and $48.2 million, or 2%, in 2018).

• Evercore Wealth and Trust.

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As of December 31, 2020, EWM had $10.2 billion of assets under management ("AUM").

Evercore Casa de Bolsa.

Evercore Casa de Bolsa is a Mexico-based asset management firm that provides specialized advice and portfolio management services focused on international, peso-denominated money market, fixed income and equity securities for institutional investors and high-net-worth individuals.

ECB also focuses on raising capital in national and international markets for companies and entities with high growth potential.

As of December 31, 2019 , ECB had $1.6 billion of AUM.

• Investments in Affiliates.

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equity and balanced products.

P rivate Equity.

Private equity includes our interests in entities that manage private equity funds.

We also hold interests in entities that manage private equity funds and in the funds they manage.

We maintain a limited partner's interest in the value-oriented, middle-market private equity funds in Mexico, Glisco Partners II, L.P.

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We previously raised and managed Evercore-sponsored funds, but do not currently have specific plans to continue to do so.

The Investment Management segment also includes the results of the following business that was deconsolidated prior to December 31, 2019 :

On October 18, 2017, we sold the Institutional Trust and Independent Fiduciary business of ETC.

Following the sale, the remaining operations of ETC were combined within the EWM operating segment.

• The Investment Management segment also includes the results of Evercore Casa de Bolsa, S.A.

("ECB"), which was sold in 2020.

Our Strategies for Growth

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• Add and Promote Highly Qualified Investment Banking Professionals .

We hired seven new Senior Managing Directors in 2019, expanding our capabilities in the U.S.

and Europe and increasing our presence in Industrials and Consumer/Retail and expanding our equity research capabilities.

We hired three new Senior Managing Directors in 2020, expanding our capabilities in our Capital Markets Advisory practice by strengthening our coverage of the Technology sector, as well as enhancing our advisory capabilities on complex and large cap corporate realignments and expanding our capital raising and distribution capabilities with convertible debt.

Of equal importance, following our long-term strategy of developing internal talent, we also promoted seven internal candidates to Senior Managing Director in our Advisory business in 2020 and intend to continue to promote our most talented professionals in the future.

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We also continue to selectively evaluate opportunities to expand Wealth Management.

As of December 31, 2019 , we employed approximately 1,900 people worldwide.

None of our employees are subject to any collective bargaining agreements, and we believe we have good relations with our employees.

As a leading independent investment banking advisory firm, our core asset is our professional staff, including their intellectual capital and their dedication to providing the highest quality services to our clients.

Prior to joining Evercore, many of our Advisory Senior Managing Directors, Senior Research and Sales and Trading Professionals and Portfolio and Client Relationship Managers held senior level positions with other leading corporations, financial services firms or investment firms.

In the first quarter of 2020, we completed a review of our operations focused on markets, sectors and people which delivered lower levels of productivity in an effort to attain greater flexibility of operations and better position ourself for future growth.

This review, which began in the fourth quarter of 2019, will generate reductions of approximately 6% of our headcount.

We believe these actions will best position us to continue to grow and to capitalize on the significant opportunities in the future, to provide clients with the highest quality of independent advice and to deliver value to our shareholders.

Human Capital Management

We are a human capital intensive business and our long-term success is dependent on the number, quality and performance of our people.

Our key human capital management objectives are to attract, develop, mentor, promote and retain the most talented professionals in our industry.

To support these objectives, we invest substantial time and resources toward the

recruitment of people who will adhere to our Core Values and improve our business;

reward and support employees through competitive pay and benefits programs;

facilitate the professional development of our employees through our talent development programs;

and promote a strong culture of diversity, equity, and inclusion throughout our organization.

With these guiding principles, our Human Capital Management team leads our efforts on employment-related matters, including recruiting and hiring, onboarding and training, compensation planning, performance management and professional development.

Our Board of Directors and its Nominating and Corporate Governance Committee provide oversight on certain human capital matters as well, including our Diversity, Equity and Inclusion initiatives.

Some examples of our programs, initiatives and efforts to attract, develop, mentor, promote and retain the most talented professionals in our industry include:

• Diversity, Equity and Inclusion:

DE&I is a major focus of our senior management and Board of Directors.

Promoting diversity, equity and inclusion throughout the organization is not only the right thing to do, but it improves our culture and performance, allowing us to better serve our clients and grow our business over the long term.

We believe in empowering our people to thrive by maintaining a culture of inclusion that embraces diversity and creates opportunity for all employees.

However, we recognize there is still important work to be done in realizing our DE&I objectives.

We are committed to working diligently and transparently with our key stakeholders, including our employees, as we continue to execute on our objectives.

We are focused on the following DE&I objectives:

◦ Promoting greater diversity within Evercore, with strong representation of various groups across all levels

◦ Building knowledge and understanding of key DE&I issues across the organization and accountability for driving progress

◦ Creating an environment where all diverse professionals feel supported and fully integrated into the firm

We execute on these objectives through a variety of initiatives, including:

◦ Recruiting and Representation

• We maintain an internal diversity recruiting team, which has augmented our campus recruiting strategy to increase diversity in our talent pipeline, through outreach at HBCUs/HSIs and diversity-specific recruiting events.

• We have partnerships with external diversity organizations.

• We offer scholarships to select diversity candidates.

• We have added four new independent directors to our Board since 2018 – three of whom are women, and one of whom is also a person of color.

Currently, 40% of our independent directors are women.

◦ Education and Training

• We provide formal training and mentorship programs for underrepresented employees and conduct trainings for our employees on DE&I issues.

• Our Diversity Networks have hosted events and programs for their members and allies, including several events with prominent leaders outside of and within our own organization.

◦ Building an Inclusive Culture

• We maintain a Global Diversity Council, whose membership includes the heads of each of the firm’s employee-led diversity networks, to help build connectivity, create community and advance the firm’s culture of inclusion:

◦ Women’s Network

◦ Traditionally Underrepresented Minorities Network

◦ Veterans Network

◦ Accountability

• Diversity recruiting efforts are regularly reviewed by senior management.

◦ We analyze pay equity information throughout the organization.

◦ We continue to regularly share progress on DE&I initiatives and results, including at firm-wide town-halls and with the Board of Directors.

• Talent Development:

We are committed to the professional development of our employees.

◦ Our training framework involves ongoing development at multiple stages of our employees’ career, including on-the-job training and mentorship.

◦ Our senior professionals play a central role in presenting our training and development programs, including our M&A Black Belt program (with over 2,500 attendees across all sessions), and other sector and business appropriate training programs.

◦ We also engage in a comprehensive evaluation process designed to provide our employees with the feedback necessary for their professional development.

◦ We conduct employee surveys and implement feedback into our policies and procedures.

• Health, Safety and Wellness:

The success of our business is fundamentally connected to the well-being of our people.

Accordingly, we are committed to the health, safety and wellness of our employees.

◦ We provide our employees and their families with access to a variety of innovative, flexible and convenient health and wellness programs, as described below.

These programs support our employees’ physical and mental health by providing tools and resources to help improve or maintain their health status and offer choice, where possible, so that our employees can customize their benefits to meet their needs.

◦ In response to the COVID-19 pandemic, we have implemented and continue to implement safety measures in all of our offices and made other significant changes that we determined were in the best interest of our employees, as well as the communities in which we operate, and which comply with government regulations.

This includes having nearly all of our people working remotely.

In formulating our return-to-office protocol, we continue to monitor the impact of the COVID-19 pandemic, as well as policies and guidance from governmental authorities and health agencies.

• Compensation Structure and Benefits:

Our compensation structure, including our comprehensive benefit packages, is designed to attract, motivate and retain highly talented employees.

◦ We have consistently sought to closely align pay with performance.

Through our broad-based equity program, we have used equity compensation to create a close alignment of interests between our shareholders and employees.

◦ To advance our diversity, equity and inclusion objectives, we have recently expanded our benefits package to include additional women’s and family support benefits.

◦ Our benefits for eligible employees include the following:

• Paid holidays, vacation days, personal days and sick days

• Paid parental leave

• Women’s and family healthcare services

• Flexible work arrangements

• Back-up child and elder care

• Paid marriage and bereavement leave

• Medical, dental, prescription drug and vision insurance

• Life and disability insurance

• Enhanced healthcare navigation and claims advocacy

• Retirement benefits

• Commuter benefits

• Health club membership discounts

• Identity theft protection

• Other corporate benefits

◦ We promote wellness education and encourage our employees to take a mindful and active approach to their overall well-being, including through our EverWELL program.

We offer various resources and seminars related to different aspects of healthy living, including a focus on employees’ health, welfare, nutrition, stress management and financial wellness.

We have also encouraged, supported and assisted our employees in having a positive impact on the communities in which we operate and serve.

◦ Through our Evercore Volunteers program, we have continued our firm-wide community service initiatives, which connect our employees with our community partners in order to address immediate needs, support education and improve public spaces.

◦ We facilitate employee fundraising, and in 2020 we conducted a social justice donation matching program, resulting in the largest charitable donation in Evercore history.

As of December 31, 2020, we employed approximately 1,800 people, working in 31 cities around the world.

Our global workforce is comprised of approximately 99% full time and 1% part time employees.

Nearly 1,400 of our employees were employed in the United States (of which approximately 1,100 were employed in our Investment Banking segment);

remainder were employed outside the United States, primarily in our investment banking segment.

We believe our efforts in managing our workforce have been effective, evidenced by our strong culture, talent development and employee retention.

The financial services industry is intensely competitive, and we expect it to remain so.

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We compete on the basis of a number of factors, including transaction execution skills, investment performance, quality of equity research, our range of products and services, innovation, reputation and price.

Evercore's investment banking competitors can be categorized into three main groups:

(1) large universal banks and bulge bracket firms such as Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and UBS, (2) independent advisory firms such as Lazard and Rothschild and (3) boutiques, such as Centerview, Greenhill, Houlihan Lokey, Moelis, Perella Weinberg and PJT Partners, among others.

Evercore's investment banking competitors can be categorized into two main groups:

(1) large universal banks and bulge bracket firms such as Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and UBS and (2) independent advisory firms such as Centerview, Greenhill, Houlihan Lokey, Lazard, Moelis, Perella Weinberg, PJT Partners and Rothschild, among others.

We believe, and our clients have informed us, that firms that also engage in acquisition financing, significant proprietary trading in clients' securities and the management of large private equity funds that often compete with clients can cause such firms to develop interests that may be in conflict with the interests of advisory clients.

Since Evercore is able to avoid potential conflicts associated with these types of activities, we believe that Evercore is better able to develop trusted and long-term relationships with its clients than those of its competitors, which provide such services.

In addition, we have a larger global presence and deeper sector expertise than many of the boutiques.

In addition, we have a larger global presence, deeper sector expertise and more diverse capabilities than many of the independent firms.

Evercore ISI's business is also subject to competition from investment banks and other large and small financial institutions who offer similar services.

We believe that we face a range of competitors in our Investment Management business, with numerous other firms providing competitive services in each of our sectors.

Evercore Wealth Management competes with domestic and global private banks, regional broker-dealers, independent broker-dealers, registered investment advisors, commercial banks, trust companies and other financial services firms offering wealth management services to clients, many of which have substantially greater resources and offer a broader range of services, and ECB faces substantial competition from a large number of asset management companies, many of which are larger, more established firms with greater brand name recognition and more extensive client networks and product offerings.

We believe that we face a range of competitors in our Investment Management business, with numerous other firms providing competitive services.

Competition is also intense for the attraction and retention of qualified employees.

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FINRA, a self-regulatory organization that is subject to oversight by the SEC, adopts and enforces rules governing the conduct, and examines the activities, of its member firms, including EGL.

The SEC, FINRA, and other regulators

in various jurisdictions impose both conduct-based and disclosure-based requirements with respect to our business.

The SEC, FINRA, and other regulators in various jurisdictions impose both conduct-based and disclosure-based requirements with respect to our business.

State securities regulators also have regulatory or oversight authority over EGL.

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Rule 15c3-1 specifies the minimum level of net capital a broker-dealer must maintain and also requires that a significant part of a broker-dealer's assets be kept in relatively liquid form.

The SEC and various self-regulatory organizations impose rules that require notification when net capital falls below certain predefined criteria, limit the ratio of subordinated debt to equity in the regulatory capital composition of a broker-dealer and constrain the ability of a broker-dealer to expand its business under certain circumstances.

certain circumstances.

Additionally, the SEC's uniform net capital rule imposes certain requirements that may have the effect of prohibiting a broker-dealer from distributing or withdrawing capital and requiring prior notice to the SEC for certain withdrawals of capital.

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government official in order to influence official action or otherwise gain an unfair business advantage, such as to obtain or retain business.

Three of our investment management businesses, EWM, ABS and Atalanta Sosnoff, are registered as investment advisors with the SEC.

Our Investment Management business at EWM, as well as our equity method investments, ABS and Atalanta Sosnoff, are registered as investment advisors with the SEC.

Registered investment advisors are subject to the requirements and regulations of the Investment Advisers Act of 1940.

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EWM is also an investment advisor to a mutual fund, which subjects EWM to additional regulations under the Investment Company Act of 1940 (the "1940 Act").

ETC, which is limited to fiduciary activities, is regulated by the Office of the Comptroller of the Currency ("OCC"), is a member bank of the Federal Reserve System and is subject to, among other things, the Patriot Act, the Bank Secrecy Act of 1970, as amended, the Gramm-Leach-Bliley Act of 1999, as amended, other federal banking laws and the state laws in the jurisdictions in which it operates.

ECB is authorized by the Mexican Ministry of Finance to act as a broker-dealer and financial advisor in accordance with the Mexican Securities Market Law.

ECB is subject to regulation and oversight by the Mexican Ministry of Finance and the Mexican National Banking and Securities Commission, including the maintenance of minimum capital requirements.

In addition, the Mexican Broker Dealer Association, a self-regulatory organization that is subject to oversight by the Mexican National Banking and Securities Commission, adopts and enforces rules governing the conduct, and examines the activities of, its member broker-dealers, including ECB.

ECB has been authorized by the Mexican National Banking and Securities Commission to act as a trustee and to operate in the equity markets.

ETC, which is a national trust bank limited to fiduciary activities, is regulated by the Office of the Comptroller of the Currency ("OCC"), is a member bank of the Federal Reserve System and is subject to, among other things, the Patriot Act, the Bank Secrecy Act of 1970, as amended, the Gramm-Leach-Bliley Act of 1999, as amended, other federal banking laws and the state laws in the jurisdictions in which it operates.

United Kingdom

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is authorized to carry out regulated activities including:

advising on investments, arranging (bringing about) deals in investments and making arrangements with a view to

transactions in investments.

advising on investments, arranging (bringing about) deals in investments and making arrangements with a view to transactions in investments.

Evercore ISI U.K.

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The Fifth EU Money Laundering Directive ("MLD 5") came into force on July 9, 2018.

It amends MLD 4, and must be transposed by member states by January 10, 2020.

It amends MLD 4, which was transposed into U.K.

law by amending the Money Laundering Regulations.

In the U.K., it has been implemented through the Money Laundering and Terrorist Financing (Amendment) Regulations 2019.

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Regulatory Framework in the European Union .

Both Evercore U.K.

left the EU on January 31, 2020 and on December 31, 2020, at 11p.m., the Brexit transitional period came to an end.

The U.K and the EU entered into the U.K.

- EU Trade and Co-operation Agreement ("TCA") on December 24, 2020.

The TCA was accompanied by a non-binding Joint Declaration committing the U.K.

and the EU to cooperate on matters of financial regulation, which is intended to be facilitated by a Memorandum of Understanding due to be agreed by March 2021.

However, the TCA does not presently make provision for financial services firms in the U.K.

to access the EU single market.

As a result, from January 1, 2021, U.K.

firms, including Evercore U.K.

and Evercore ISI U.K., do not have passporting rights to provide cross-border services into the EU and into a number of other members of the European Economic Area ("EEA"), to the extent such services are regulated activities.

Evercore has a German subsidiary, Evercore GmbH ("Evercore Germany"), through which regulated activities can be conducted in Germany and in other EU and EEA jurisdictions on a cross-border basis, subject to certain exceptions and in compliance with applicable legal requirements.

Following the U.K.’s exit from the EU, the provisions of the Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation (together "MiFID") have been on-shored and brought into U.K.

law through the European Union (Withdrawal) Act 2018.

This provided that EU law directly applicable in the U.K.

would form part of U.K.

law at the end of the Brexit transitional period and gave powers to the U.K.

government to amend this legislation so that it would operate effectively after Brexit.

For most practical purposes Evercore U.K.

and Evercore ISI U.K.

have obtained the appropriate European investment services passport rights to provide cross-border services into a number of other members of the European Economic Area ("EEA").

Evercore U.K.

has also obtained a passport to provide specific investment services from a Spanish branch.

These "passports" derive from the pan-European regime established by the recast EU Markets in Financial Instruments Directive ("MiFID II"), which along with the Markets in Financial Instruments Regulation ("MiFIR"), regulates the provision of investment services and activities throughout the EEA.

MiFID II provides investment firms which are authorized in any one EEA member state the right to provide investment services on a cross-border basis, or through the establishment of a branch to clients located in other EEA member states (known as "host member states") on the basis of their home member state authorization without the need for separate authorization by the competent authorities in the relevant host member state.

This practice is known as "passporting." See " Germany " for more information.

MiFID II and MiFIR set out a number of investor protection and conduct of business rules, including strict restrictions on investment firms making or receiving so-called "inducements" including research published by broker-dealers, such as EGL and Evercore ISI U.K.

MiFID II and MiFIR also set out a harmonized regime for access by non-European firms to the EU investment services market.

These place some limits on the ability of Evercore entities outside of Europe to provide investment services within Europe.

In Germany, our subsidiary, Evercore GmbH ("Evercore Germany"), is licensed by the German Federal Financial Supervisory Authority ("BaFin") to conduct certain corporate finance and related activities in Germany and pursuant to cross-border/branch "passports" granted under applicable financial services laws, across the EU on a cross-border basis.

Among other requirements, BaFin requires that Evercore Germany comply with capital, liquidity, governance and business conduct requirements, and has a range of supervisory and disciplinary powers which it is able to use in overseeing the activities of the firm.

will be subject to broadly the same requirements under the on-shored U.K.

MiFID regime, subject to changes put forward in the U.K.'s legislative program.

In Germany, our subsidiary, Evercore Germany, is licensed by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht "BaFin") to conduct investment advice and investment brokerage activities in Germany.

Evercore Germany has passporting rights to provide cross-border services into the EU which are equivalent to those enjoyed by Evercore U.K.

until January 1, 2021.

Accordingly, Evercore Germany is authorized to provide the aforementioned services across the EU on a cross-border basis.

Among other requirements, BaFin requires Evercore Germany, as a regulated entity, to comply with capital, liquidity, governance and business conduct requirements, and has a range of supervisory and disciplinary powers which it is able to use in overseeing the activities of the firm.

In Hong Kong, our subsidiary, Evercore Asia Limited ("Evercore Asia"), is licensed by the Securities and Futures Commission ("SFC") to conduct certain corporate finance activities and securities dealing and advising activities that are related to corporate finance.

The compliance requirements of the SFC include, among other things, paid-up share capital, liquid capital and conduct of business requirements.

The compliance requirements of the SFC include, among other things, paid-up share capital, liquid

capital and conduct of business requirements.

The directors and certain officers, employees and other persons affiliated with Evercore Asia are also subject to SFC licensing and/or compliance requirements.

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The compliance requirements of MAS include conduct of business requirements and rules relating to client assets, among other things.

Financial services activities in or from the Dubai International Financial Authority, a free-zone located in the United Arab Emirates, Emirate of Dubai, are regulated by the Dubai Financial Services Authority ("DFSA") and are subject to licensing requirements.

Dubai International Financial Centre

Financial services activities in, or from, the Dubai International Financial Centre, a free-zone located in the United Arab Emirates, Emirate of Dubai, are regulated by the Dubai Financial Services Authority ("DFSA") and are subject to licensing requirements.

Evercore Advisory (Middle East) Limited maintains licenses issued by the DFSA for (i) advising on financial products, (ii) arranging credit and advising on credit and (iii) arranging deals in investments.

The compliance requirements of the DFSA include, among other things, conduct of business requirements and anti-money laundering, counter-terrorist financing and sanctions requirements.

The compliance requirements of the DFSA include, among other things, capital, liquidity, governance, conduct of business requirements and anti-money laundering, counter-terrorist financing and sanctions requirements.

Certain of our businesses are subject to compliance with laws and regulations of U.S.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business