FinTech Global FS Regulatory Round-up - W/e 18 July 2025

In this edition we round up FinTech-related financial services regulatory developments for the week ending 18 July 2025.

ICYMI

• Third party risk management: EBA proposals to expand its outsourcing guidelines to all non-DORA third party services (EU)
• The future of disclosure: AI and advanced technology in the criminal disclosure process (UK)
• Rewiring the financial regulatory system: the Leeds Reforms and Mansion House 2025 speech

UK

HM Treasury consultation outcome: Improving the effectiveness of the MLRs

HM Treasury has published the Government's response to its 2024 consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). The consultation was part of a wider programme of work aimed at wider programme of work aimed at reducing money laundering, which was set out in the Economic Crime Plan 2023-26. The government intends to make changes to the MLRs in a number of areas which include, among others, registration and change in control for cryptoasset service providers.

A draft Statutory Instrument (SI) is expected to be published in the coming months for technical feedback, before laying in Parliament later this year if parliamentary time allows. [18 Jul 2025] #Crypto #DigitalAssets

HM Treasury : BoE responds to Chancellor's recommendations for FMI Commitee

HM Treasury has published the response received to the Chancellor's letter setting out recommendations to the Financial Market Infrastructure (FMI) Committee. The letter sets out how the BoE's supervision aims to ensure that FMIs are financially and operationally resilient, and refers to the recently finalised 'Fundamental Rules for FMIs', the first use of the BoE's general rule-making powers for central counterparties (CCPs) and central securities depositories (CSDs). It also highlights the BoE's pursuit of its secondary innovation and commitment to facilitating innovation, including through initiatives like the Digital Securities Sandbox (DSS). Additionally, the letter explains the BoE's continued work on the systemic stablecoins regime, and advises of the intention to release a consultation paper on its final proposals for a regime for systemic payment stablecoins later in 2025.

An annex provides the BoE's responses to each of the Chancellor's five recommendations. [18 Jul 2025] #Sandbox #Stablecoins #Payments

FCA/ICO: Insights on the future of Open Finance and Smart Data

Working together as part of the Digital Regulation Cooperation Forum's (DRCF's) Horizon Scanning and Emerging Technology (HSET) project, the FCA and the Information Commissioner's Office (ICO) have published an article which focuses on the technologies shaping the future of Open Finance and emerging regulatory questions, including how to deliver good outcomes for consumers, foster trust in new products and services and ensure that only necessary data is used for clear and defined purposes. [17 Jul 2025] #OpenFinance #SmartData

FCA: Two arrested over suspected illegal cryptoasset exchange, ATMs seized

The FCA has reported that two individuals have been arrested on suspicion of money laundering and running an illegal cryptoasset exchange. As part of an operation led by the FCA and the Metropolitan Police Service, four premises across southwest London were searched. During the search, seven crypto ATMs were also found and seized by the FCA. [17 Jul 2025] #Cypto #DigitalAssets #AML

Chancellor delivers second Mansion House address, introduces 'Leeds Reforms'

The Chancellor's second Mansion House speech has been published. She commenced her address with an outline of the progress made over the past year and underscored how the financial services sector is critical to the Government's ambitions for the UK, as it is 'one of the largest and most successful sectors...worth around 10% of total economic output, and supporting 1.2 million jobs'.

Discussing the launch of the Financial Services Growth and Competitiveness Strategy, the Chancellor identified the latest package of measures as the 'Leeds Reforms', and explained that this was the most wide-ranging package of reforms to financial services regulation in more than a decade. She set out the details of that package as being in four parts:

• rolling back regulation that has gone too far in seeking to eliminate risk;
• delivering targeted changes in the areas where the UK already has particular strengths;
• making changes to capital requirements to unlock more productive capital; and
• introducing measures to boost retail investment.

She listed developments which were among the 'biggest reforms'; from a fintech perspective, these included: the PRA and FCA are launching a scale-up unit to support innovative firms to grow in the UK, including payments system; and driving forward developments in blockchain technology, including tokenised securities and stablecoins along with an ambitious design for a new digital gilt instrument (DIGIT). [16 Jul 2025] #Payments #Blockchain #Stablecoins #DIGIT

BoE Governor speaks about the future of the multilateral economic system and the UK payments infrastructure

The Bank of England (BoE) has published a speech by Governor Andrew Bailey on the future of the multilateral economic system at the Mansion House dinner. The Governor opened with some reflections on developments in the global economy and emphasised the important role that a reformed multilateral economic system can play.

Governor Bailey then moved on to discuss opportunities for innovation in the UK's payments infrastructure, noting that there are 'real opportunities to harness the potential of digital technology for retail payments both domestic and cross-border'. He confirmed that, having delivered the new Real Time Gross Settlement (RTGS) platform, the BoE will now take forward work to design and deliver the next generation of UK retail payments infrastructure. With regard to stablecoins and central bank digital currencies (CBDCs), the Governor said there 'may well be a role' for such instruments, but he did not see stablecoins as a substitute for commercial bank money and remained unconvinced that a retail CBDC was 'the next natural step' instead of introducing digital technology into retail payments and bank accounts. [16 Jul 2025] #Payments #RTGS #CBDC #Stablecoins

BoE: Design notes on the digital pound – Interoperability models and product strategy

The BoE has published a design note which sets out its emerging thinking on interoperability models for a digital pound, where both payer and payee are based in the UK. The note does not consider cross-border interoperability models, which is a separate topic. It explores how interoperability can support innovation, inclusion, and the singleness of money by enabling seamless exchange between digital pounds, commercial bank deposits, cash, and new forms of digital money. The note outlines three potential models for delivering interoperability, evaluates their trade-offs, and presents a preferred approach. It also shares findings from a technical proof of concept using existing UK payment infrastructure.

Alongside the design note on interoperability models, the BoE has published a design note on product strategy, to contribute to the development of a blueprint that will inform a future decision on whether to proceed with a digital pound. The note sets out the BoE's current thinking on how a digital pound could deliver value and support its policy motivations. [16 Jul 2025] #CBDC #DigitalPound

Mansion House: Government publishes Financial Services Growth and Competitiveness Strategy

Following a call for evidence, HM Treasury has published the Financial Services Growth and Competitiveness Strategy. The Strategy sets out the Government's ambition that, 'By 2035, the UK will once again be the global location of choice for financial services firms to invest, innovate, grow, and sell their services throughout the UK and to the world.'

It presents five areas of focus, one of which is 'embracing innovation and leveraging the UK's Fintech leadership'. For each focus area, the Strategy lists interventions which the Government and/or the regulators have progressed or will undertake. Many of these interventions are covered in greater detail in other policy documents issued as part of the Mansion House package. However, notable items within the Strategy from a fintech perspective include:

• the FCA will launch a Smart Data Accelerator to help shape the environment for Open Finance; a roadmap for Open Finance will be published by March 2026; and
• the Government will appoint an AI Champion in Financial Services to 'be a catalyst for the adoption and innovation of AI' in the sector.

A press release has been published alongside the Strategy, and, in advance of the Chancellor's Mansion House speech, summarises some of the developments that the Chancellor will announce; it employs the name 'The Leeds Reforms' to the package of changes.[15 Jul 2025] #AI #SmartData #OpenFinance

Mansion House: National Payments Vision – Delivery Committee update

The Government has published an update from the Payments Vision Delivery Committee on the National Payments Vision. The Committee has agreed a new model to deliver the next generation of UK retail payments infrastructure, which embeds public and private sector collaboration and supports short-term activity to enhance the resilience and functionality of the existing Faster Payments System (FPS). Under the new model:

• the Payments Vision Delivery Committee will set strategy for retail payments infrastructure;
• the Bank will set up and chair the Retail Payments Infrastructure Board – with broad representation across the ecosystem – to translate strategy into design, and has requested further written engagement on its planned steps;
• industry experts will lead the procurement and delivery of new infrastructure; and
• UK will retain its fundamental role as operator of existing interbank payment systems.

The Committee is expected to publish its strategy for retail payments infrastructure in Autumn 2025. [15 Jul 2025] #Payments #FPS

Mansion House: Digitisation Taskforce Final Report

The Digitisation Taskforce, Chaired by Sir Douglas Flint, has published its final report, recommending a staged approach to removing paper share certificates and ultimately moving to a fully intermediated system of shareholding. The Government has accepted the recommendations made in the report and set out in its response how it intends to take these forward. In the first stage of the digitisation process, current paper share registers will be replaced by digitised versions – maintaining the service that paper shareholders receive today but in digital form. The report recommends this should happen before the end of 2027, with an industry Technical Group finalising the details of how this would be implemented. [15 Jul 2025] #Digitisation

Mansion House: Wholesale Financial Markets Digital Strategy

The Government has published its Wholesale Financial Markets Digital Strategy. The paper outlines the broad steps that need to be taken to digitalise the UK's wholesale financial markets. It identifies three broad areas of focus:

• Market optimisation: optimising wholesale financial markets by making the necessary progressive improvements to drive efficiency and remove frictions. This includes moving to paperless process, introducing more automation, and utilising Smart Data.
• Market transformation: applying technologies to fundamentally reimagine and transform wholesale financial markets, in particular by adopting DLT and other key technologies such as AI. The Government highlights the use of the Digital Securities Sandbox and the Private Intermittent Securities and Capital Exchange System (PISCES).
• Market leadership: working with the sector to deliver digitalisation and with other jurisdictions and international bodies to develop a global approach. This includes appointing a Digital Markets Champion to lead and coordinate work. [15 Jul 2025] #DigitalStrategy #SmartData #DLT #AI #Sandbox #PISCES

Mansion House: Recommendations for the FMI Committee

The Government has published the letter from the Chancellor to the Governor of the BoE setting out recommendations to the FMI Committee (dated 1 July 2025).

The Chancellor emphasises the importance of ensuring that the BoE, via its approach to FMIs, continues to play an important role in the Government's growth mission. While systemic payment systems oversight is not covered by the BoE's FMI accountability, the Chancellor comments that, '... supporting innovation in both wholesale and retail payments is a key focus for the Government, including through the Payments Vision Delivery Committee'. She adds that innovation in wholesale payments will be essential for the adoption of digital processes in FMIs.

The FMI Committee is required to respond to the recommendations from the Treasury within a year of receiving the recommendations, and each subsequent year after that. [15 Jul 2025] #Payments #Digitisation #FMI

Mansion House: DIGIT Pilot update

The Government has issued an update on the Digital Gilt Instrument (DIGIT) Pilot which articulates out a further set of features to be tested as part of the pilot:

• Delivering on-chain settlement. In line with the objective to test the full lifecycle of the UK sovereign debt issuance process, the Government will prioritise solutions that allow DIGIT to be settled on DLT. This includes the cash leg of DIGIT transactions.
• Enabling settlement of OTC trades. The ability to trade DIGIT between counterparties on a DLT platform is important for establishing an active market. This includes testing functionality of DLT compared to standard fixed income markets, such as the role smart contracts can play in OTC trades.
• Supporting interoperability. A key barrier to adoption of DLT is that it could lead to a fragmented market. The Government will look to work with industry, platform providers and existing market infrastructure providers to foster interoperability in supporting access to DIGIT from investors operating in both traditional and DLT markets.
• Deliver greater transparency. DLT platforms have the capability to provide greater visibility of securities ownership and other potential benefits. This is an important area where DLT can go beyond what is possible on existing infrastructure making it important to test how these benefits can be realised.

The Government intends to set out further details on the pilot as a part of the next phase of the procurement process which will be published over the summer with a view to appointing suppliers later this year. [15 Jul 2025] #DIGIT #DLT

HM Treasury: Summary of third meeting of the Financial Inclusion Committee

HM Treasury has published a summary of the third meeting of the Financial Inclusion Committee, which took place on 24 June 2025. The Committee is chaired by the Economic Secretary, Emma Reynolds MP, and is charged with advising the Government on the development of its financial inclusion strategy. The Committee considered recommendations and proposed interventions related to the six areas of focus set out in the Committee's Terms of Reference, which include, among others, digital inclusion and access to banking services.

At the conclusion of the meeting, the Economic Secretary advised that HMT officials would begin drafting the financial inclusion strategy which would be published in 2025. [14 Jul 2025] #DigitalInclusion

Commons: Briefing paper – Property (Digital Assets etc) Bill

The House of Commons Library has published a briefing paper on the Property (Digital Assets etc.) Bill [HL]. The bill aims to modernise UK property law by formally recognising a third category of personal property, which might be applied to digital assets. The bill has its second reading in the Commons on 16 July 2025

The briefing provides a background on digital assets, what the bill would do, and reactions to the bill from law practitioners, associations and industry bodies, and digital asset sector participants. [14 Jul 2025] #DigitalAssets

Europe

ESMA: New Q&As available – MiCAR

The European Securities and Markets Authority (ESMA) has published the following questions and answers (Q&As) in respect of the Markets in Cryptoassets Regulation (MiCAR):

• staking on own account; and
• pre-funding clients' orders with clients' cryptoassets. [18 Jul 2025] #Crypto #MiCAR #DigitalAssets

ECB: Guide on outsourcing cloud services

The European Central Bank (ECB) has published a finalised guide on outsourcing cloud services. The guide clarifies the expectations the ECB has for banks to comply with the Digital Operational Resilience Act (DORA) requirements. It also provides good practices on effective outsourcing risk management for banks under ECB supervision that use third-party cloud services, based on observed industry practices. However, the guide does not lay down legally binding requirements, practices, or rules, nor does it introduce new rules or requirements over and above those currently imposed by DORA. [16 Jul 2025] #Cloud #DORA #OpRes

ESAs: DORA Guide on the oversight of critical third-party providers

The European Supervisory Authorities (EBA, EIOPA, ESMA – the ESAs) have published a guide on oversight of critical third-party providers (CTPPs) under DORA. The guide is not a legally binding document and does not replace the legal requirements laid down in the relevant applicable EU law. The aim of this guide is to provide an overview of the processes used by the ESAs through the Joint Examination Teams (JET) to oversee CTPPs. It provides high-level explanations regarding the CTPP Oversight framework governance structure, the oversight processes, the founding principles and the tools available to the overseers. [15 Jul 2025] #DORA #CTPPs

OJ: ECB Recast SIPS Regulation – payment systems

Regulation (EU) 2025/1355 of the ECB on oversight requirements for systemically important payment systems (SIPS) (recast) has been added to the Official Journal of the EU (OJ). The Regulation sets out the process and criteria for the identification of a payment systems as a SIPS and imposes oversight requirements on SIPS operators.

The Regulation enters into force on the twentieth day following that of its publication in the OJ. [14 Jul 2025] #Payments

Australia

AUSTRAC releases 2025–26 regulatory priorities on financial crime

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has released its regulatory priorities for the 2025–26 financial year. Among those priorities is reducing the risks of money laundering associated with transfers of both physical cash and digital currencies. [17 Jul 2025] #Payments #DigitalAssets #Crypto

Hong Kong

HKMA publishes key observations from tech maturity stock-take exercise and plans to formulate detailed blueprint of initiatives to further support industry's fintech adoption

The HKMA has published a report detailing the key observations from its recently concluded tech maturity stock-take exercise.

As part of its Fintech 2025 strategy, the HKMA has been working closely with other financial regulators to promote cross-sectoral adoption of fintech. The stock-take exercise provides an update of Hong Kong banks' current state and planned adoption of fintech in the coming three years, as well as a holistic assessment of the level of sophistication and maturity of fintech in use.

The observations from the stock-take will help inform the next steps to further enhance the fintech maturity of the banking industry. The HKMA plans to formulate a detailed blueprint of initiatives to further support the industry's responsible adoption of novel and sophisticated technologies over the next few months.

Key observations from the stock-take include (among others):

• Remarkable growth in fintech adoption across front to back-end operations – The adoption rate for regtech has increased to 97% from 83% at the last stock-take in 2022. Insurtech has recorded the most substantial growth (+29%), followed by greentech (+19%) and wealthtech (+9%).
• Significant advancements in artificial intelligence (AI) and distributed ledger technology (DLT) – 75% and 45% of respondents have adopted AI and DLT respectively, up from 59% and 30% in 2022. Many institutions have transitioned from exploratory phases to operational implementation, successfully integrating these technologies into their service offerings.

• Investment in fintech – In the next three years, 95% of surveyed banks intend to maintain or increase their investments in fintech, with half of these institutions anticipating budget growth in the range of 10-20%.

• Key challenges – As adoption widens, key challenges include implementation costs (75% of respondents), risks associated with novel technologies (73%), integration with existing systems (71%), data privacy and cybersecurity (61%), talent shortages (59%), and evolving regulatory landscape (59%).
• While AI and DLT are expected to drive the growth, the adoption of sophisticated, infrastructure-level technology such as high-performance computing will be an essential component to enable sustainable advances in fintech innovations. [16 July 2025] #RegTech #GreenTech #WealthTech #Insurtech #AI #DLT #Cyber

HKMA Executive Director gives opening remarks at FiNETech6: 'Data Excellence, Cyber Resilience: The Dual Imperatives Driving Fintech Maturity'

Ms Carmen Chu, the HKMA's Executive Director (Banking Supervision), gave opening remarks at FiNETech6 entitled 'Data Excellence, Cyber Resilience: The Dual Imperatives Driving Fintech Maturity'.

Among other things, Ms Chu discussed three key elements that support fintech maturity: data excellence, cyber resilience, and strategic collaboration.

• Data excellence – Ms Chu considers that data excellence is not merely an aspiration but a necessity for maintaining the integrity and reliability of fintech systems. To further promote the culture of data-driven innovation across the industry, the HKMA is working on a data strategy to expand the use of granular risk data, in terms of the level of detail as well as the frequency of updates. It will provide both banks and the HKMA with deeper insights into the rapidly evolving risk landscape. The HKMA will soon reach out to the industry to collaboratively devise this new data strategy.
• Cyber resilience – Ms Chu states that a comprehensive cybersecurity strategy, augmented by advanced techniques such as artificial intelligence-powered threat detection is essential. These tools allow for timely detection, efficient incident response, and effective disaster recovery planning. The cyber mapping exercise conducted by the HKMA with other local financial authorities maps out the network interdependencies between key financial institutions, financial market infrastructures, and technology service providers. It enables financial institutions to identify potential concentration risks, shedding light on better managing the potential systemic impact.
• Strategic collaboration – Ms Chu stresses that innovation thrives through collaboration across different sectors, including financial institutions, fintech firms, academia, Government agencies and cross-border organisations. The HKMA has published a report on the results of its fintech maturity stock-take exercise, which offers a comprehensive overview of the latest fintech adoption landscape, emerging trends, and key challenges as adoption widens. A detailed blueprint for further enhancing the sophistication and maturity of fintech adoption across the Hong Kong financial sector in the upcoming years, will be developed based on these insights (see 'HKMA publishes key observations from tech maturity stock-take exercise and plans to formulate detailed blueprint of initiatives to further support industry's fintech adoption' above). [16 Jul 2025] #Cyber #Data

SFC enhances arrangements for visiting professionals by extending time period for conducting regulated activities and providing VA services in Hong Kong to 45 days per calendar year

The SFC has issued a circular on its enhanced measure to facilitate visiting professionals to conduct regulated activities or provide virtual asset (VA) services in Hong Kong.

Visiting professionals from an overseas group company of a licensed corporation or licensed VA service provider can choose to apply for a representative licence to be an itinerant professional (ITP) for conducting regulated activities or providing VA services in Hong Kong for a short period of time (up to 30 days per calendar year). ITPs are required to be chaperoned by a licensed person at all times, unless they only provide services to professional investors.

To facilitate and provide more flexibility to visiting professionals to conduct these activities in Hong Kong, the SFC is now extending the period to 45 days per calendar year. The extended period is also applicable to existing licensed ITPs. The SFC will arrange for these licensed ITPs to replace their existing ITP licence condition with one that has a 45-day period. Further details will be provided to them separately.

Except for the above, the application process, other requirements, features and exemptions for ITPs remain unchanged. Details of the ITP arrangements are set out in the Licensing Handbook and the Licensing Handbook for Virtual Asset Trading Platform Operators. [15 Jul 2025] #DigitalAssets #Crypto

Singapore

MAS: Annual Report 2024/2025 and remarks by Managing Director

The Monetary Authority of Singapore (MAS) has published its Annual Report 2024/25. The report outlines MAS' activities and achievements in FY 2024/2025 and includes MAS' financial statements.

Alongside the report, MAS has published remarks by its Managing Director, Mr Chia Der Jiun, delivered at the MAS Annual Report 2024/2025 Media Conference. Mr Chia spoke about current economic conditions and developments before moving on to outline MAS' initiatives to: foster responsible AI adoption; support Asia's transition to a low-carbon economy; and enhance the digital resilience and security of digital financial services.

Noting that the financial sector needs to 'start taking steps to build resilience against future threats', Mr Chia highlighted that MAS has conducted trials to study the viability of quantum-safe solutions for adoption in financial services. He announced the successful completion of its Quantum Key Distribution (or QKD) sandbox, and said that MAS would soon be publishing a report on the exercise.

MAS has also published the Financial Sector Development Fund (FSDF) Annual Report. The fund offers grants to support financial sector players in enhancing talent development, promote technology and innovation, and deepen asset class capabilities. [15 Jul 2025] #AI #DigitalResilience #Quantum #Sandbox

Thailand

SECT consults on digital asset regulatory sandbox to promote tourism industry

The Securities and Exchange Commission Thailand (SECT) has launched a consultation on a regulatory sandbox to allow conversion of digital assets into Thai Baht for foreign tourists' spending purposes. The initiative aims to promote the use of innovation and digital assets to boost the economy and the tourism industry in Thailand.

Under the sandbox pilot program, foreign tourists who wish to convert digital assets into Thai Baht and use the converted Thai Baht to pay for goods and services at merchants would be required to open an account and make transactions through digital asset business operators under the SECT's supervision and e-money business operators under the Bank of Thailand's (BOT's) supervision.

Eligible participants in the sandbox include digital asset exchanges, digital asset brokers and digital asset dealers. Participants would have to apply for approval and be ready to operate under the sandbox framework, scope, and criteria. Once approved, the service period under the sandbox would not exceed 18 months, although the SECT may consider an extension to allow greater flexibility for conducting the testing operations.

Responses are requested by 13 August 2025. [15 Jul 2025] #DigitalAssets #Sandbox

Thailand

SBV: Deputy Governor meets delegation from Pakistan, discusses banking cooperation and digitalisation of the banking sector

The State Bank of Vietnam (SBV) has published a summary of the meeting between Deputy Governor Pham Tien Dzung and a delegation from the Ministry of Commerce of Pakistan, led by Mr. Jam Kamal Khan, Federal Minister for Commerce.

The Deputy Governor spoke positively of the friendly relationship between Vietnam and Pakistan, highlighting that the banking cooperation between the two countries has affirmed its important role, providing a smooth and effective channel for payments and money transfer transactions, actively supporting bilateral trade and investment.

The Deputy Governor also shared information about the digitalisation of Vietnam's banking sector in the recent years, noting that: payments through digital channels have grown steadily, both in the numbers of transactions and in the transaction value; basic banking operations have been fully digitized (including savings deposits, term deposits, opening and using payment accounts, opening bank cards, e-wallets, money transfers, and approving loans); and as much as 95% of the transactions can now performed online. [14 Jul 2025] #Digitalisation

US

CSBS asks Congress to improve stablecoin framework

The Conference of State Bank Supervisors (CSBS) has written to House and Senate leaders requesting additional amendments to the GENIUS Act to improve the national stablecoin framework. The letter was sent in advance of the CLARITY Act coming before the House of Representatives for consideration. [17 Jul 2025] #Stablecoins #GENIUSAct

FEDS report on the impact of genAI on productivity

The Federal Reserve (Fed) has published a new research report in the Finance and Economics Discussion Series: Generative AI at the Crossroads: Light Bulb, Dynamo, or Microscope? The report considers the potential impact of the future effect of generative AI on productivity.

This research represents the views of the authors and does not indicate concurrence either by other members of the Fed's staff or by the Fed Board of Governors. The economic research and their conclusions are often preliminary and are circulated to stimulate discussion and critical comment. [17 Jul 2025] #GenAI

Fed, OCC and FDIC issue statement on risk management considerations for crypto safekeeping

The federal bank regulatory agencies have issued a joint statement which highlights for banks potential risk management considerations related to holding cryptoassets on their customers' behalf.

The joint statement discusses existing risk management principles that apply to crypto safekeeping and reminds banks that provide or are considering providing safekeeping of such assets that they must do so in a safe and sound manner and in compliance with applicable laws and regulations. It covers: general risk management considerations; cryptographic key management; legal and compliance risk; third party risk management; and audit.

The statement does not create any new supervisory expectations. [14 Jul 2025] #Crypto #DigitalAssets

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