Blog: FINGERMOTION, INC. FILES (8-K) Disclosing Regulation FD Disclosure, Financial Statements and Exhibits – Insurance News Net

Item 7.01 Regulation FD Disclosure

On December 9, 2022, FingerMotion, Inc. (the “Company” or “FingerMotion”) issued
a news release to announce that its subsidiary, Shanghai JiuGe Information
Technology Co., Ltd. (“JiuGe Technology”) and Munich Re, a large global
reinsurer, have set the stage for extension of their ongoing behavioral research
and analytic studies into commercial implementation in the China market. Through
a proprietary behavior intelligence system developed by “Sapientus”, the
analytic innovation development arm of FingerMotion, the partner companies will
bring forward their jointly developed model algorithms and analytic insights for
productionized applications and wider market adoption.

Continuing from our initial collaboration, this subsequent step marks the
beginning of a journey towards commercial realization of our joint research and
data intelligence, leveraging Munich Re’s insurance expertise and industry
experience, coupled with Sapientus’ proprietary analytic approach and behavioral
indicators. Following months of research and calibration of our datasets and
models, we are ready to put into practice our behavioral rating services driven
by new insights derived from emerging sources of information and advanced
analytical techniques for enhancing the predictability of insured behaviors and
risk propensities.

The analytic system we have built together could catalyze numerous benefits for
the industry. We are guided by our commitment in pushing forward a more
efficient and intelligent insurance business model through finer delineation of
customer profiles and risk groupings, as well as smarter claims and fraud
management solutions. Our collaborative exploration to date and progressing
undertakings will commercially enable a wide array of value enhancing
initiatives and competitive advantages across the chain – improving underwriting
excellence, preferred risk selection and new product innovations, just to name a
few.

“We are launching a behavioral rating services platform with FingerMotion’s
Sapientus following our initial collaborative research study. Leveraging our
joint data resources and analytic expertise, we will continue to expand our data
inventories and finesse the model algorithms. We look to apply what we have
learned through our behavioral research and analysis to practical use for the
benefit of our clients and insurance consumers in the China market,” said Eric
Zhao, Munich Re China’s General Manager of Life & Health.

“We are excited to walk together with Munich Re in driving commercial
application of our work”, said Martin Shen, CEO of FingerMotion, Inc. “Today’s
news reinforces a longer-term strategic mission to reinvent the way our partners
provide insurance to customers in the future. We cannot stress more on
addressing consumer demands for a more convenient insurance experience through
analytic innovation. With this collaboration, we are well on our way towards
realizing this common goal with our insurer partners in the near future.”

A copy of the news release is attached as Exhibit 99.1 hereto.

                                     - 1 -

Item 9.01 Financial Statements and Exhibits



(d) Exhibits



Exhibit    Description

  99.1       News Release dated December 9, 2022

  104      Cover Page Interactive Data File (the cover page XBRL tags are
           embedded within the inline XBRL document)




                                     - 2 -

Blog: Proposed Changes to the Federal Acquisition Regulation Addressing Disclosure of Greenhouse Gas Emissions and Climate-Related Financial Risk – JD Supra

In November 2022, the U.S. government, acting through the Department of Defense, General Services Administration, and National Aeronautics & Space Administration, issued a proposed rule that would amend the Federal Acquisition Regulation (FAR) to require certain U.S. government contractors to disclose their greenhouse gas emissions (GHG) and climate-related financial risk, as well as set science-based targets to reduce their GHG emissions. The proposed rule implements section 5(b)(i) of Executive Order (EO) 14030 “Climate-Related Financial Risk” and is in furtherance of the EO’s recognition that the impacts of climate change present physical risk to assets and potential supply chain disruptions. In addition, the proposed rule would advance the Biden-Harris administration’s goal of achieving a net-zero emissions economy by no later than 2050.

Key Takeaways for the Government Contracts Community

  • The proposed rule establishes two new categories of government contractors: “significant contractors” and “major contractors.”
  • Absent falling within one of the available exceptions, both significant and major contractors would be required to undertake annual GHG emissions inventories. Major contractors would, in addition, be subject to an annual climate disclosure requirement that would include development of science-based emissions reduction targets.
  • From a government contracts perspective, existing commercial and non-commercial FAR provisions would be amended to require new representations from contractors; the System of Award Management (SAM) would be revised to collect new climate-related information.
  • Significantly, under the proposed rule, U.S. government contracting officers would be directed to make “responsibility” determinations based on a contractor’s compliance with the new climate-focused elements of the FAR.

“Significant” and “Major” Contractors

EO 14030 Sec. 5(b)(i) directs the FAR Council and the Council on Environmental Quality to “require major Federal suppliers to publicly disclose greenhouse gas emissions and climate-related financial risk and to set science-based reduction targets.” The proposed rule implements that directive by separating “major federal suppliers” into “major contractors” and “significant contractors.” A “significant contractor” is one that has received $7.5 million or more, but less than $50 million, in federal contract obligations in the prior fiscal year. In contrast, a “major contractor” is one that has received more than $50 million in federal contract obligations in the prior fiscal year.

According to the proposed rule, the “major” and “significant” thresholds would cover 86 percent of the government’s annual spend and about 86 percent of the supply chain GHG impacts. In terms of the number of contractors affected, the proposed rule notes, using fiscal year (FY) 2021 data, that there would be 4,413 entities within the definition of a “significant contractor” and 1,353 entities within the definition of a “major contractor.”

Notably, the proposed rule does include several exceptions from the inventory and disclosure requirements.  Significant and major contractors would not be required to conduct Scope 1 or Scope 2 emissions inventories (discussed in more detail below) and a major contractor would not be required to make an annual climate disclosure or set science-based emissions reduction targets if it the contractor is:

  • An Alaska Native Corporation;
  • An institution of higher education;
  • A non-profit research entity;
  • A state or local government; or
  • An entity deriving 80 percent or more of its annual revenue from federal management and operation contracts.1

There are also additional exceptions for major contractors.  If such a contractor is a small business – based on its primary North American Industry Classification System (NAICS) code –  or is a non-profit organization, it need not make an annual climate disclosure or set science-based emissions targets but would still be required to conduct Scope 1 and Scope 2 emissions inventories and report the results of those inventories. 

Those contractors required to register in SAM would have to represent annually whether they are a significant or major contractor and whether an exception applies. Additional representations would address compliance with required GHG inventories, climate disclosures and/or science-based emissions targets.

Compliance Obligations

A. GHG Inventories

The proposed rule calls for both significant and major contractors to complete a GHG inventory of Scope 1 and Scope 2 emissions. The rule cites to Office of Management and Budget (OMB) Memorandum M-22-062 as defining GHGs to include carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons, nitrogen trifluoride and sulfur hexafluoride. Scope 1 emissions are considered those direct GHG emissions emanating from sources that are owned or controlled by the contractor. Scope 2 emissions include those associated with generating electricity, heating, cooling or steam when purchased or acquired by the reporting company for its own consumption but that occur at sources owned or controlled by another entity. Inventories must comply with the GHG Protocol Corporate Accounting and Reporting Standard.3 According to the proposed rule, the inventory must capture emissions during a continuous 12-month period that ends no more than 12 months before the inventory is completed. In addition, the inventory must be completed within one year after the publication of a final rule. Contractors would be required to disclose in SAM the total annual Scope 1 and Scope 2 emissions identified by the inventory.

Unlike significant contractors, major contractors are required to inventory their relevant Scope 3 GHG emissions, which are considered a consequence of the operations of the contractor but that occur at sources other than those the contractor owns or controls. When necessary, the Scope 3 inventory would also have to be completed within two years after the promulgation of a final rule.

B. Annual Climate Disclosures

Within two years after the final rule, major contractors must complete an annual climate disclosure that is consistent with a series of recommendations put forward by the Task Force on Climate-Related Financial Disclosures (TCFD).4 Among other areas, the TCFD recommendations address governance, strategy, risk management and metrics, and targets. The proposed rule explains that the annual disclosure for a major contractor  “includes not only the Scope 1 and Scope 2 emissions, but also relevant Scope 3 emissions.”  The disclosure would also include the contractor’s climate risk assessment process and any identified risks.  Disclosures are made by completing the sections of the CDP Climate Change Questionnaire that align with the TCFD.  The disclosure must be made available on a publically available website, either the contractor’s own or the CDP website.

C. Science-Based Targets

Under the proposed rule, major contractors would be required to develop science-based targets to reduce GHG emissions. The proposed rule describes a science-based target as one that is consistent with what the “latest” client change science considers necessary to meet the Paris Agreement’s goals for limiting global warming. Once developed, the target must be validated by the Science-Based Targets Initiative (SBTi).5 As is the case with the disclosure, the science-based targets must also be made publically available. This requirement would go in effect two years after the final rule.

D. Responsibility Determinations

In advance of receiving a government contract, an offeror must be deemed “responsible.”6 The proposed rule would create a new responsibility standard that would come into play when a potential offeror represents that it is not in compliance with the climate-related requirements or if there is a basis to question a representation of compliance. Under the proposed new standard, the Contractor Officer is directed to assume that the offeror is nonresponsible and therefore ineligible for award absent a determination that:

  • The noncompliance was the result of “circumstances beyond the prospective contractor’s control”;
  • The prospective contractor is able to provide enough documentation showing “substantial efforts” to comply; and
  • The prospective contractor publically commits to achieve compliance “as soon as possible.”

E. Next Steps

Government contractors should consider the feasibility of and costs associated with compliance with the proposed rule, the risks of being found nonresponsible in the event of noncompliance, and consider comments raising any areas of concern or uncertainty.  Comments may be submitted through January 13, 2023.

________

1 A management and operation contract is “an agreement under which the Government contracts for the operation, maintenance, or support, on its behalf, of a Government-owned or -controlled research, development, special production, or testing establishment wholly or principally devoted to one or more major programs of the contracting Federal agency.” FAR 17.601

2 Available here https://www.whitehouse.gov/wp-content/uploads/2021/12/M-22-06.pdf.

3 The GHG Protocol Corporate Accounting and Reporting Standard can be found at https://ghgprotocol.org/sites/default/files/standards/ghg-protocol-revised.pdf.

4 The TCFD is recommendations can be found at https://assets.bbhub.io/company/sites/60/2021/10/FINAL-2017-TCFD-Report.pdf.

5 SBTi is a partnership comprised of CDP, the United Nations Global Compact, the World Resources Institute and the World Wide Fund for nature.

6 See FAR 9.103 (“No purchase or award shall be made unless the contracting officer makes an affirmative determination of responsibility”).

Blog: World Bank launch Electricity Regulatory Index reports for Africa and the world – African Development Bank

The African Development Bank and the World Bank have launched reports capturing the state of the power sector regulation in Africa and across the developing world.

The institutions held a virtual launch event on Thursday 8 December, attended by 240 government officials, regulatory entities, development finance institutions and African and international private sector stakeholders.

The African Development Bank’s Electricity Regulation Index (ERI), published since 2018, has been widely adopted by regulators and other stakeholders across the African continent to benchmark electricity regulatory environments and to guide reforms in the sector. This new fifth edition covers 43 of the 45 African countries that host independent regulatory authorities.

This year also marks the inaugural edition of Global Electricity Regulatory Index (GERI) 2022, sponsored by the World Bank’s Energy Sector Management Assistance Program (ESMAP) and undertaken in partnership with the African Development Bank. GERI surveys 82 non-OECD countries from across the globe – about half in Sub-Saharan Africa and the rest across Asia, Europe, the Middle East, and Latin America – and forms part of the World Bank’s global effort to promote a robust electricity sector regulatory environment.

Wale Shonibare, Director for Energy Financial Solutions, Policy and Regulation at the African Development Bank noted that the Bank has pioneered efforts to mainstream electricity sector regulation issues in Africa since 2018, supporting the establishment of robust legal and regulatory frameworks and create enabling environments for private sector investment.

“This year heralds a crucial new stage for our research thanks to our collaboration with the World Bank This allows us to compare African regulation with that of other developing regions and shows that the ERI has been influential not only in Africa but also the rest of the world”, Shonibare said.

“While a lot of progress has been made with the establishment of regulatory frameworks, the Global Electricity Regulatory Index (GERI) report highlights some systematic gaps, particularly with regard to regulatory independence and the practice of tariff regulation,” said Vivien Foster, World Bank Chief Economist for Infrastructure.

Key highlights of the ERI:

  • Although still at a low level of development, the average score for the ERI 2022 has improved slightly to 0.495 compared to 0.456 in 2021.
  • This year’s ERI shows that most countries have continued to strengthen their regulatory governance structures and have recorded improvements in technical regulation to enhance regulatory capacity.
  • Among other findings, the ERI highlights that, thirty of the forty-three African countries surveyed have either amended their regulatory laws and instruments or have enacted new ones, addressing weaknesses that were identified through the ERI.
  • Countries have made strides to implement the recommendations, and many have enacted various reforms and developed codes and regulatory tools to strengthen the level of regulation in their countries.

Key highlights of GERI:

  • The average GERI score was 59 percent in 2021, representing an intermediate stage of development of power sector regulations in developing countries, with considerable room for improvement and the need for further action to strengthen regulatory frameworks.
  • The average scores for the two pillars of GERI stood at 65 percent for Regulatory Governance Index (RGI) and 54 percent for Regulatory Substance Index (RSI).
  • When it comes to regulatory governance, the most prevalent shortcomings are related to regulatory autonomy, with a global average score of 29 percent on regulatory independence from stakeholders. As for regulatory substance, the lower score results from the weak performance of countries globally on economic regulation of tariffs with a global average score of 37 percent. This does not indicate an absence of tariff methodologies, but rather the fact that tariff methodologies are often poorly specified.

 

For more information on the 2022 ERI report, Click Here

To download 2022 GERI report, Click Here

 

Blog: Post-Brexit transfer system in England means less experienced loanees are available to Ross County – Malky Mackay – The Press & Journal

Ross County manager Malky Mackay says changes in the English market have made it more difficult for him to bring loan signings to Scotland.

Mackay has made big use of the loan system since arriving at Victoria Park in summer 2021.

Of the 25 signings he has made in that time, 11 have arrived on temporary deals – including Owura Edwards, Kazeem Olaigbe and Jake Eastwood this season.

Since January 2021, the impact of Brexit has made it more complicated for English Premier League clubs to recruit foreign players, who must now pass a points-based system before moving to the UK.

Mackay says the changes in transfer activity south of the border have meant the Staggies are now only likely to be able to attract English Premier League players who have never previously been loaned out.

He said: “The whole Brexit situation has changed the ability for English teams to take foreign players.

“The supply and demand has changed.

Owura Edwards is among Ross County’s loanees this season. Image: SNS

“You are now getting 10 Championship teams fighting over a Premier League reserve player. That didn’t happen.

“Those players would find their way up here, so it’s even harder now for us to pick out a loan player from a Premier League club who has already had a couple of loans and we are the next one.

“We are having to find ones we are taking a bit younger, and if you do that you know to your cost that sometimes they are not quite ready for this. They might help us out a little bit, but they are not quite ready for it.

“We had it last year with Alex Robertson, who was a fine young talent, but wasn’t ready to handle the division yet.

Alex Robertson was on loan at Ross County from Manchester City last season. Image: SNS

“I’m sure he will go on to be a good player (but) first loans are always difficult, but somebody needs to be a first loan somewhere.

“It’s not an exact science with loans, and it doesn’t matter if they are coming from Liverpool – they still might not be able to handle the Premiership in Scotland at that point.”

First-time loans will not always succeed

Although Mackay acknowledges first-time loanees often do not succeed, he insists the experiences gained can stand players in good stead for the future.

Mackay previously worked as performance director at the Scottish FA, where he was tasked with implementing a strategy for young players to develop.

He has pinpointed the example of former Aberdeen defender Scott McKenna, who is now playing in the Premier League with Nottingham Forest.

Mackay added: “When I was with Scotland we were very conscious of our younger international footballers, underneath the A squad, getting out from the Premiership on loan.

“Scott McKenna was one who went to Alloa and Ayr United.

“If we are being honest, he didn’t do very well at either.

Scott McKenna in action for Scotland. Image: SNS

“By the time he had those experiences, he went into the Aberdeen team and never came out of it – and then got his move to Nottingham Forest.

“It’s a balance between what’s good for the parent club, what’s good for the club they go to, and for the boy himself.”

County’s own players making most of loan spells

Mackay’s use of the loan market also applies to young players within his own squad.

The Staggies boss is therefore thrilled with the progress of Adam Mackinnon and Matthew Wright, who are enjoying regular game time at League One side Montrose.

Mackay added: “We have two at the moment in Adam and Matthew, who I wasn’t sure where we were going to pitch them.

Matthew Wright celebrates scoring for Montrose against Dunfermline.

“They have both pulled on a first team jersey and we put them into the Highland League. Their next step was probably going to be League Two, and when Montrose came in from League One, I really wasn’t sure.

“They had to play.

“I had a good chat with Stewart Petrie who I like, and who I think is a good manager in a good setup.

“We decided to chance it, and all parties felt comfortable including the boys.

“Thankfully they have gone into that division and they have absolutely flown.”

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Blog: NEWS: Breeders closing in on Brexit funds – The Irish Field

THE Irish Thoroughbred Breeders’ Association has received some Government support in its bid to secure additional funding for the breeding industry from the Brexit Adjustment Reserve (BAR).

The BAR is a European Union fund which aims to provide financial support to regions most affected by Britain’s departure from the EU. Ireland, as the member state most affected, has received a significant allocation of over €1 billion, or just over 20% of the entire Reserve.

Senator Fiona O’Loughlin (Fianna Fáil) raised the matter in the Seanad this week, quoting figures supplied by ITBA chairperson Cathy Grassick that the Irish breeding industry had lost out on €11 million through a decrease in broodmare traffic between Ireland and Britain over the past two years.

“That is a colossal income deficit that the industry cannot afford,” the Senator said. “There are other ancillary industries that would also gain if we were to return to the previous level. They are also losing out.”

Minister for State Martin Heydon (Fine Gael) was in the Seanad to make a reply. He said: “The ITBA has submitted a proposal for a significant funding allocation from the Brexit Adjustment Reserve to the Department of Agriculture. The proposal is centred on three key supports.

“First is the development of new and existing markets. As Minister of State with responsibility for new market development, I am keen to see help being given to support that; second, reducing costs and enhancing ease of trade between Britain and Ireland; and third, supporting thoroughbred breeders on-farm efficiencies to reduce costs.

“The ITBA has indicated that the premise of the application is to support Irish thoroughbred breeders as a direct result of the impacts arising from Brexit.

“There are significant state aid considerations. The submission made by the ITBA is currently being considered in this context by my Department. We must make sure we navigate those state aid requirements, which are complex and rigorous.

“I know many people in the industry and have met so many breeders and this has been raised with me by the ITBA and others. The fact is they have a very strong case about the impact of Brexit. We need to make sure we can navigate those state aid requirements to try to get support to the industry that is very much a bedrock of economic activity in rural Ireland.”

ITBA chairman Cathy Grassick said: “There is no doubt that Brexit and the new requirements imposed upon Irish breeders has had a detrimental financial effect on the industry. With this in mind, the ITBA put together a comprehensive proposal to the Brexit Adjustment Reserve in order to support Irish breeders and an industry that is of vital importance to the rural economy.

“We have worked closely with Minister McConalogue, Minister Heydon and Minister Hackett on this matter and thank them for their help to date. We welcome Senator McLoughlin’s support in the Seanad this week in highlighting the importance of this issue and the timely nature of its resolution, given that the breeding season is only around the corner.”

Blog: Daily Financial Regulation Update — Friday, December 9, 2022 | Paul Hastings LLP – JDSupra – JD Supra

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Brown, Toomey Statement on Sam Bankman-Fried Testimony

December 8, 2022

U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and U.S. Sen. Pat Toomey (R-PA), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, released a statement regarding the Committee’s request that Sam Bankman-Fried testify on FTX’s collapse.

U.S. House of Representatives

Committee on Financial Services

Hearing: E, S, G and W: Examining Private Sector Disclosure of Workforce Management, Investment, and Diversity Data

December 8, 2022

The U.S. House Committee on Financial Services held a hearing entitled, “E, S, G and W: Examining Private Sector Disclosure of Workforce Management, Investment, and Diversity Data.”

Committee on Small Business

Statements on SBA Actions in Response to House Report on Fraud in the Paycheck Protection Program

December 8, 2022

The U.S. Small Business Administration and U.S. House Small Business Committee Chairwoman Nydia M. Velázquez released statements on the suspension of certain non-lenders from agency programs and investigation of banks involved in alleged fraud outlined in a recent report issued by the House Select Subcommittee on the Coronavirus Crisis.

Federal Agencies

U.S. Department of the Treasury

G7 Cyber Expert Group Releases New Reports on Ransomware and Third-Party Risk

December 8, 2022

The G7 Cyber Expert Group – which U.S. Department of the Treasury’s Office of Cybersecurity and Critical Infrastructure co-chairs alongside the Bank of England – recently released two reports addressing ransomware and third-party risk within the financial sector.

Remarks by Secretary of the Treasury Janet L. Yellen at the Bureau of Engraving and Printing Facility in Fort Worth, Texas

December 8, 2022

U.S. Secretary of the Treasury Janet L. Yellen gave remarks at the Bureau of Engraving and Printing Facility in Fort Worth, Texas.

Secretary of the Treasury Janet L. Yellen Meets with the Global Business Alliance

December 8, 2022

U.S. Secretary of the Treasury Janet L. Yellen met with members of the Global Business Alliance to discuss the economic recovery, both domestically and across the world.

Federal Reserve Bank of New York

Article: Seeking Solutions for the Costs and Challenges of Food Insecurity

December 8, 2022

The Federal Reserve Bank of New York published a Teller Window article entitled, “Seeking Solutions for the Costs and Challenges of Food Insecurity.”

Federal Deposit Insurance Corporation

FDIC State Profiles – Third Quarter 2022

December 8, 2022

The Federal Deposit Insurance Corporation released the FDIC State Profiles for the third quarter 2022.

Office of the Comptroller of the Currency

OCC Reports on Key Risks Facing Federal Banking System

December 8, 2022

The Office of the Comptroller of the Currency reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Fall 2022.

Securities and Exchange Commission

Sample Letter to Companies Regarding Disclosure Obligations Concerning Recent Developments in Crypto Asset Markets

December 8, 2022

The Securities and Exchange Commission Division of Corporation Finance has posted a sample letter to companies regarding recent developments in crypto asset markets.

Meeting: Investor Advisory Committee

December 8, 2022

The Securities and Exchange Commission held a meeting of the Investor Advisory Committee.

National Credit Union Administration

NCUA Releases Credit Union System Performance Data for the Third Quarter of 2022

December 8, 2022

The National Credit Union Administration released the system performance data for the third quarter 2022, showing that total loans outstanding in federally insured credit unions increased $235 billion, or 19.2%, over the year ending in the third quarter of 2022, to $1.46 trillion.

Bank Policy Institute

BPI Welcomes House Passage of Second-Chance Hiring Legislation

December 8, 2022

The Bank Policy Institute expressed support for legislation enabling banks to hire more rehabilitated people with prior minor criminal records.

International

European Commission

Taxation: New transparency rules require service providers to report crypto-asset transactions

December 8, 2022

The European Commission proposed new tax transparency rules for all service providers facilitating transactions in crypto-assets for customers resident in the European Union.

Taxation: Embracing the digital transition to help fight VAT fraud and support EU businesses

December 8, 2022

The European Commission proposed a series of measures to modernize and make the EU’s Value-Added Tax (VAT) system work better for businesses and more resilient to fraud by embracing and promoting digitalization.

European Banking Authority

EBA launches consultation to amend the data collection for the benchmarking exercise in 2024

December 8, 2022

The European Banking Authority published a consultation paper to amend the Implementing Regulation on the benchmarking of credit risk, market risk and IFRS9 models for the 2024 exercise.

UK Financial Conduct Authority

Report: Insights from the 2021 Cyber Coordination Groups

December 8, 2022

The UK Financial Conduct Authority published a report entitled, “Insights from the 2021 Cyber Coordination Groups.”

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair and was nominated to serve as Chair November 14, 2022).
  • Vice Chairman – Travis Hill (nominated September 20, 2022)
  • Member – Jonathan McKernan (nominated September 20, 2022)

Office of the Comptroller of the Currency

  • Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)

Appointments/Confirmation Hearings

U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)

Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)

Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)

Financial Crimes Enforcement Network

National Credit Union Administration – Todd M. Harper

U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)

Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)

U.S. Department of Education – Dr. Miguel Cardona (effective March 2, 2021)

PH Client Alerts

Click here to read more from our Coronavirus series.

Legislation/Legislative Updates

Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Enacted March 27, 2020.

Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.

Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.

Click here to view the full text of the Consolidated Appropriations Act, 2021, Enacted December 27, 2020.

Click here to view the full text of the American Rescue Plan of 2021, Enacted March 11, 2021.

Click here to view the full text of the PPP Extension Act of 2021, Enacted March 30, 2021.

Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing, and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services, and House Committee on Small Business.

Blog: LEE ENTERPRISES, INC : Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K) – Marketscreener.com

Item 2.02. Results of Operations and Financial Condition.

On December 8, 2022, Lee Enterprises, Incorporated (the “Company”) reported its
preliminary results for the fiscal year ended September 25, 2022. A copy of the
news release is furnished as Exhibit 99.1 to this Form 8-K and information from
the news release is hereby incorporated by reference. The information in this
report shall not be treated as filed for purposes of the Securities Exchange Act
of 1934, as amended.

Item 7.01. Regulation FD Disclosure

We expect to be unable to file our Annual Report on Form 10-K for the fiscal
year ended September 25, 2022 (the “2022 Form 10-K”) within the prescribed time
period without unreasonable effort or expense primarily because we require
additional time to complete our assessment of the effectiveness of our internal
control over financial reporting.

As a result of the foregoing, we need additional time to finalize our financial
statements and related disclosures to be filed as part of the 2022 Form10-K. We
expect to file our 2022 Form 10-K within the extension period of 15 calendar
days as provided by Rule 12b-25 under the Securities Exchange Act of 1934, as
amended. Management does not anticipate this continued evaluation to have any
material impact on the preliminary financial results included in this earnings
release.

Item 9.01. Financial Statements and Exhibits.

           (d)Exhibits
              99.1           Earnings Release - September 25, 2022
                           Cover Page Interactive Data File (embedded within the Inline XBRL
               104         document)


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