38 unchanged sentences
The Company is subject to extensive regulation in the different jurisdictions in which it conducts its activities.
−Removed: Regulatory oversight of the securities industry has become increasingly intense over the past several years and the Company, as well as others in the industry, has been directly affected by this increased regulatory scrutiny.
+Added: Regulatory oversight of the securities industry has become increasingly intense over the past several years and the Company, as well as others in the industry, have been directly affected by this increased regulatory scrutiny.
Timely and accurate compliance with the increased volume of regulatory requests has become increasingly problematic within the industry, and regulators have tended to bring enforcement proceedings in relation to such matters.
2 unchanged sentences
The Company has designated Anti-Money Laundering Compliance Officers who monitor compliance with regulations under the U.S.
−Removed: See further discussion of the Company's reserve policy in "Management's Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies" in Item 7, "Legal Proceedings" in Item 3 and "Business — Regulation" in Item 1.
−Removed: Off-Balance Sheet Arrangements .
−Removed: In certain limited instances, the Company utilizes off-balance sheet arrangements to manage risk.
−Removed: See further discussion in note 8 to the consolidated financial statements appearing in Item 8.
+Added: See further discussion of the Company's reserve policy in "Management's Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Estimates" in Item 7, "Legal Proceedings" in Item 3 and "Business — Regulation" in Item 1.
Value-at-Risk .
24 unchanged sentences
The changes in the value-at-risk amounts reported in 2021 from those reported in 2020 reflect changes in the size and composition of the Company's trading portfolio at December 31, 2021 compared to December 31, 2020.
−Removed: The Company's portfolio as of December 31, 2020 includes approximately $32.9 million ($18.0 million in 2019) in corporate equities, which are related to deferred compensation liabilities and which do not bear any value-at-risk to the Company.
+Added: The Company's portfolio as of December 31, 2021 includes approximately $24.3 million in corporate equities, which are related to deferred compensation liabilities and which do not bear any value-at-risk to the Company.
Further discussion of risk management appears in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 1A, "Risk Factors."
5 unchanged sentences
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.