BlackRock, Inc.

, Business - Regulation . 28 New regulations informed by global standard setters and/or developed by various national authorities may expose BlackRock to increasing regulatory scrutiny and compliance costs in the jurisdictions in which it operates. Policymaking workstreams focused on the financial services sector led by global standard setters, such as the Financial Stability Board ( FSB ) and International Organization of Securities Commissions ( IOSCO ), may lead to or inform new regulations in multiple jurisdictions in which BlackRock operates. Such workstreams have focused on areas such as money market funds ( MMFs ), open-ended funds ( OEFs ) and sustainability regulations. BlackRock is, and may become, subject to increasing regulation in these areas, see Item 1, Business - Regulation , including: Macroprudential Policies for Asset Managers: Concerns about liquidity and leverage risks in the asset management industry and wider market-based finance sector have prompted a broad review of existing regulations globally, including an assessment of the adequacy of certain structural market components in mitigating risks, by the FSB, IOSCO, the US Securities and Exchange Commission ( SEC ) and the Financial Stability Oversight Council ( FSOC ). The EU launched a consultation on macroprudential policies in 2024, including enhanced requirements for liquidity management tools, which may lead to increased oversight or new requirements for the management of OEFs.