The Global PSSL CIC has prepared this report in consultation with key stakeholders. Global PSSL was established to advance impartial, public-interest-driven standards for transparency and sustainable practice in securities lending. Building on this mandate, the organisation is now developing complementary work across the wider post-issuance phase of capital markets to support more effective governance in securities lending and related market activities. This evolution follows issues previously raised with the CIC Regulator regarding independence, competition, and governance risks in the sector. During the 2023–2024 financial year, the CIC carried out a range of activities in support of its public-interest purpose. These included developing practical transparency mechanisms, engaging with core market stakeholders, and advancing research to improve market integrity. Key achievements are set out below: - Stakeholders benefited from Global PSSL expanding its practical knowledge across wider securities-finance markets. This followed collaborative transparency work with the Liquidity and Sustainability Facility (LSF) on a draft 3P Transparency exercise for a proposed Bonds Council. The insights gained helped shape Global PSSL’s later analysis and recommendations in 2025. - Stakeholders benefited from the establishment of the Global PSSL Asset Owners Council, created to promote transparency, enhanced governance, and responsible securities lending practices. Asset owners have played a leading role in shaping this council as a constructive, independent voice across the market value chain. - Stakeholders benefited from the significant completion efforts to appoint Michael Riggs (United Nations official) as a Global PSSL Non-Executive Director, bringing programme oversight experience and supporting good governance practices within the CIC. - Stakeholders benefited from preparatory work on the ABC Score(TM) (Assess – Balance – Calibrate), which is being developed as a practical fintech tool to support greater transparency in post-issuance markets, including securities lending and bonds. Further technical design and methodological work continued throughout the 2024–25 financial year. - Stakeholders benefited from significant efforts resulting in bringing Michael Stanley-Jones as Senior Advisor for Communications and Networking to the Secretariat, including his initial steps to engage the United Nations University network to support research and governance activities. - Stakeholders benefited from Global PSSL CIC’s partnership with the Confide Platform, providing an anonymous and encrypted mechanism for stakeholders to raise concerns relating to market integrity and conduct.

Global PSSL CIC approaches the securities-lending and wider post-issuance market from a whole-value-chain perspective. Our stakeholders were first identified in our draft publication “Recommendations for a Stronger, More Engaging and More Transparent Value Chain.” These include asset owners, asset managers, custodian banks, agent lenders, prime brokers, hedge funds, policymakers, central banks, NGOs and regulators. During the financial year 2023–2024, Global PSSL CIC continued to engage across this community, with emphasis on key active stakeholders, through: - The College of Advisors, enabling diverse stakeholders (acting in a personal capacity) to advise the Secretariat. - An expanded observer scheme, allowing regulators, international organisations and media representatives to follow developments. - Bilateral engagement with asset owners, commercial banks, central banks, international organisations, regulators, hedge funds and other actors in the value chain. We are particularly proud of the focused consultations that supported the formation of the Global PSSL Asset Owners Council, and the constructive dialogue held with a senior official at the Banca d'Italia regarding our mandate. These consultations reinforced the importance of developing governance standards for post-issuance markets independently and impartially. Many stakeholders stressed that strong governance and transparency are essential in ensuring that securities lending practices remain aligned with broader sustainable finance expectations and public-interest outcomes. They al-so highlighted risks associated with opacity, concentration, and potential market capture dynamics. Global PSSL CIC has begun extending consultations beyond securities finance, placing greater emphasis on transparency, growth, and stability across capital markets as foundations for sustainable development. In an earlier CIC report, Global PSSL identified risks of cartel-like coordination and tendencies toward market capture in certain areas of market practice. We respectfully request clarification on whether the Office of the Regulator of Community Interest Companies considers such dis-closures for review with relevant UK government departments or agencies. We appreciate that some procedures may be confidential; however, general guidance on how systemic risk information raised by CICs is handled would strengthen trust in the regulatory process and support public interest organisations working to enhance transparency in financial markets.

No remuneration was received

No transfer of assets other than for full consideration