Volatile Figures — Annual Refresh List
| Figure | Where it appears | Next review |
|---|---|---|
| SSA 2023 period life table: US male q = 0.003115 at 40, 0.016455 at 65; life expectancy 18.12 at 65 | Part 1.2 | October 2027 |
| US P&C combined ratio 101.6% (2023), 96.6% (2024), 92.9% (2025) | Part 1.3 | April 2027 |
| Berkshire Hathaway float $171 billion and $32 billion two-decade underwriting profit (2024 letter) | Part 1.6 | March 2027 |
| BLS: 14% of private-industry workers with DB access, 70% with DC access, 86% DB access in state and local government (March 2026) | Part 1.6 | October 2027 |
| NAIC credit-for-reinsurance collateral categories (unauthorized 100%; certified reduced; reciprocal jurisdiction none) | Part 1.7 | October 2027 |
| Cat bonds outstanding $63.4 billion and alternative capital $144.5 billion (June 30, 2026); global reinsurance capital $790 billion (March 31, 2026) | Part 1.7 | September 2027 |
| Solvency II review: Directive (EU) 2025/2 applies from January 30, 2027 | Part 1.8 | February 2027 |
| NAIC RBC action levels 200%, 150%, 100%, 70% of ACL RBC | Part 1.8 | October 2027 |
| IRDAI control level of solvency 150%; RSM-1 20% of premiums, RSM-2 30% of claims; risk-based capital not yet in force (August 2026) | Part 1 India Lens | April 2027 |
| IRDAI Ind AS from April 1, 2026, with two-year parallel reporting and one-year forbearance option | Part 1 India Lens | April 2027 |
| IRDAI ULIP five-year lock-in and discontinuance charge caps | Part 1 India Lens | October 2027 |
| US 10-year Treasury yield 5.24% (Oct 1, 2026); 1.52% Dec 31, 2021; 4.98% Oct 19, 2023 | Part 2.2 | January 2027 |
| Fed FSR May 2026: CRE cap rates just below historical average; large CRE maturities; extension limits in non-agency CMBS | Part 2.2, 2.4 | November 2026 |
| REIT TRS asset limit 25% (tax years after 2025); §199A 20% deduction permanent; top rate on ordinary REIT dividends 29.6% | Part 2.3 | October 2027 |
| Fannie Mae multifamily term sheet: 80% max LTV, 1.25× min DSCR | Part 2.4 | October 2027 |
| KBRA CMBS delinquency 7.6% ($25.4bn), office distress 17.8% (August 2026) | Part 2.4 | January 2027 |
| Moody’s project finance study 1983–2017: 5.6% ten-year default, 77.5% recovery | Part 2.6 | October 2027 |
| SEBI REIT/InvIT rules: 90% NDCF half-yearly, REIT 49% borrowing cap, InvIT 70% net borrowing cap with May 2026 uses; REITs equity for MFs from Jan 1, 2026 | Part 2 India Lens | April 2027 |
| India VGF shares (20/30/40% each) under Dec 7, 2020 guidelines; HAM 40/60 split | Part 2 India Lens | October 2027 |
| NMP 2.0 target ₹16.72 lakh crore FY2025-26 to FY2029-30 | Part 2 India Lens | April 2027 |
| US FY2025 deficit $1,775.4B; debt held by the public $32.43T (Oct 1, 2026) | Part 3.1 | October 2027 |
| 26 primary dealers; bills 22.8% of marketable Treasury debt (Aug 2026) | Part 3.2 | October 2027 |
| Treasury auction limits: $10M noncompetitive, 35% competitive | Part 3.2 | October 2027 |
| Japan gross debt 206.5% and net 136.5% of GDP; US 123.9% and 96.7% (IMF, 2025 estimates) | Part 3.3 | April 2027 |
| BoJ 47.9% and foreigners 8.1% of JGBs (March 2026, preliminary) | Part 3.3 | October 2027 |
| US interest-to-revenue 18.5% (FY2025) | Part 3.3 | October 2027 |
| CBO automatic stabilizer and structural deficit estimates (Aug 2026) | Part 3.4 | October 2027 |
| Foreign holdings $9.25T (28.9%), Fed ~$4.52T, savings bonds $146.9B | Part 3.5 | October 2027 |
| US ratings: S&P AA+, Fitch AA+, Moody’s Aa1 | Part 3.6 | October 2027 |
| US average marketable interest rate 3.475% (Aug 2026) | Part 3.7 | October 2027 |
| Sri Lanka, Ghana and Zambia restructuring status | Part 3.8 | October 2027 |
| India fiscal deficit 4.4% (RE 2025-26) and 4.3% (BE 2026-27); debt 55.6% of GDP; target 50±1% by 2030-31 | Part 3 India Lens | February 2027 |
| India GST slabs 5%/18%/40% (from Sept 22, 2025) | Part 3 India Lens | October 2027 |
| India S&P rating BBB (Aug 2025); GBI-EM 10% weight | Part 3 India Lens | October 2027 |
| US net CFC tested income: 40% deduction (12.6% effective rate), 90% foreign tax credit | Part 4.1, 4.5 | October 2027 |
| US §6662(e)/(h) transfer pricing penalty thresholds ($5m/10%, $20m/20%) | Part 4.2 | October 2027 |
| CPM/TNMM share of transactions in IRS APAs (86%, calendar 2025) | Part 4.3 | April 2027 |
| IRS APA statistics for 2025: 110 executed, 41.6-month median, 622 pending, India 35% and Japan 25% of bilateral | Part 4.4 | April 2027 |
| OECD MAP statistics for 2024: 30.9 months average for transfer pricing cases; about three-quarters fully resolved | Part 4.4 | November 2026 |
| MLI signatories (more than 100); US not a party | Part 4.4 | October 2027 |
| Inclusive Framework membership (148 as of January 2026) | Part 4.5 | October 2027 |
| CbCR thresholds: €750 million (OECD), $850 million (US Form 8975) | Part 4.5 | October 2027 |
| US §163(j) interest cap at 30% of adjusted taxable income with depreciation added back | Part 4.5 | October 2027 |
| Pillar One status (Amount A stalled; Treasury called it dead February 2026) and Amount B matrix 1.5%–5.5% | Part 4.5 | April 2027 |
| Pillar Two status line as of Oct 4, 2026: side-by-side safe harbor, US on Central Record, QDMTTs apply, 2029 stocktake | Part 4.6 | January 2027 |
| Pillar Two transitional carve-out rates for 2026 (9.4% payroll, 7.4% tangible assets) | Part 4.6 | January 2027 |
| Transitional CbCR safe harbor (fiscal years beginning on or before Dec 31, 2027); simplified ETR safe harbor from fiscal years beginning on or after Dec 31, 2026 | Part 4.6 | January 2027 |
| Coca-Cola v. Commissioner appeal pending in the Eleventh Circuit (argued June 25, 2026) | Part 4.7 | January 2027 |
| India arm’s length range (35th–65th percentile, 3%/1% tolerance) under Income-tax Rules, 2026 | Part 4 India Lens | October 2027 |
| India APA counts (219 in FY 2025–26; 1,034 since inception) | Part 4 India Lens | April 2027 |
| India GAAR ₹3 crore threshold and grandfathering; Tiger Global (January 2026) aftermath | Part 4 India Lens | April 2027 |
| US market-wide circuit breakers at 7%, 13% and 20% of the S&P 500; 15-minute halts before 3:25 p.m. | Part 5.4 | October 2027 |
| LULD bands (5% for most Tier 1 stocks) and five-minute pauses | Part 5.4 | October 2027 |
| US closing auctions about 9% of daily volume (2024) | Part 5.4 | October 2027 |
| EU T+1 settlement planned for October 11, 2027 | Part 5.4 | October 2027 |
| Rule 610 access-fee cap $0.003; $0.001 cap and half-cent tick deferred to November 2027 | Part 5.7 | November 2027 |
| SEC proposal of June 11, 2026, to rescind Rule 611 and Rule 610(e) | Part 5.7 | April 2027 |
| US off-exchange share of consolidated volume 50.6% (2025) | Part 5.7 | October 2027 |
| EU PFOF ban fully in force after June 30, 2026; EU single volume cap 7% | Part 5.7 | October 2027 |
| NSE price bands 2%/5%/10%/20%; 10% operating range for derivative stocks | Part 5 India Lens | October 2027 |
| Indian market-wide circuit breakers 10%/15%/20% and halt durations | Part 5 India Lens | October 2027 |
| NSE Closing Auction Session for F&O stocks (live August 3, 2026, ±3% band) | Part 5 India Lens | April 2027 |
| Optional T+0 settlement for top 500 stocks; thin take-up | Part 5 India Lens | October 2027 |
| US credit-card rate for accounts assessed interest 22.15% (Q2 2026, Fed G.19) | Part 6.6 | January 2027 |
| Section 414A final regulations pending (sent to OIRA June 2026; on 2026–2027 Priority Guidance Plan) | Part 6.6 | January 2027 |
| US long-term capital gains rates 0/15/20%, $3,000 capital-loss limit, 30-day wash-sale window | Part 6.7 | October 2027 |
| SEBI F&O studies: 87.7% of individual traders lost money in FY26 (Aug 2026 study); next update expected | Part 6.8 and India Lens | August 2027 |
| SEBI index-derivatives measures (one weekly expiry per exchange, ₹15–20 lakh contract value, 2% expiry-day ELM) | Part 6 India Lens | April 2027 |
| Loss-aversion meta-analytic mean 1.955 (Brown et al., 2024) | Part 6.2 | October 2028 |
| GHG Protocol Scope 2 revision: final standard expected 2027 | Part 7.1 | 2027 |
| EPA emission factors (natural gas 53.06 kg/MMBtu, diesel 10.21 kg/gal, grid 771.5 lb/MWh, 2025 hub) | Part 7.1 | January 2027 |
| ISSB adoption: more than 40 jurisdictions (April 2026); IFRS S2 GHG amendments effective January 1, 2027 | Part 7.2 | April 2027 |
| CSRD scope after Omnibus I (1,000 employees, €450 million); simplified ESRS pending; transposition March 19, 2027 | Part 7.2 | March 2027 |
| SEC climate rule: rescission proposed May 29, 2026, not final | Part 7.2 | January 2027 |
| California SB 253 first Scope 1 and 2 reports due November 10, 2026; SB 261 on hold | Part 7.2 | December 2026 |
| EU ESG Ratings Regulation transitional deadlines (August 2 and November 2, 2026) | Part 7.3 | December 2026 |
| SFDR 2.0 negotiation status (Council June 24, 2026; Parliament September 2026; application late 2028 or 2029) | Part 7.6 | January 2027 |
| Names Rule compliance dates (June 11 and December 11, 2026; N-PORT November 17, 2027, and May 18, 2028) | Part 7.6 | December 2026 |
| Texas v. BlackRock litigation against BlackRock and State Street ongoing; Vanguard settled $29.5 million | Part 7.7 | April 2027 |
| NZAM 253 signatories after February 2026 relaunch | Part 7.7 | October 2027 |
| Morningstar 2025 sustainable fund flows (−$84 billion global, −$21 billion US; $3.9 trillion assets) | Part 7.7 | March 2027 |
| BRSR Core glide path (top 1,000 from FY 2026-27) and assessment-or-assurance option | Part 7 India Lens | October 2027 |
| India climate finance taxonomy: draft May 7, 2025; sector annexures pending | Part 7 India Lens | April 2027 |
| CASS 7 internal client money reconciliation each business day; external at least monthly; shortfall funded by close of business | Part 8.1 | October 2027 |
| CASS 6 internal and external custody checks at least monthly, with the 6.6.40AR exception as clarified by Handbook Notice 142 | Part 8.1, 8.4 | October 2027 |
| CASS firm classes: large above £1 billion client money or £100 billion custody assets; small below £1 million and £10 million | Part 8.1, 8.4 | October 2027 |
| CMAR monthly within 15 business days for CASS large and medium firms | Part 8.1 | October 2027 |
| CASS audit report within four months of period end; resolution pack retrievable within 48 hours | Part 8.1 | October 2027 |
| CASS oversight allocation and SMF18/SMF22 treatment under SM&CR (CASS 1A.3.1BG) | Part 8.1 | October 2027 |
| Interest on client money retained only with client notice and Consumer Duty compatibility (Handbook Notice 142) | Part 8.1 | October 2027 |
| CASS 15 safeguarding regime in force since May 7, 2026 (PS25/12) | Part 8.1 | October 2027 |
| SEC Rule 15c3-3 daily reserve computation for $500 million+ average total credits since June 30, 2026 | Part 8.1 | October 2027 |
| US T+1 settlement and Rule 15c6-2 same-day affirmation | Part 8.2, 8.4 | October 2027 |
| FX settlement: 36% PvP ($5.2 trillion a day), 10% gross bilateral ($1.4 trillion), April 2025 | Part 8.4 | December 2028 (next BIS Triennial) |
| CLS settles 18 currencies | Part 8.4 | October 2027 |
| US Basel III re-proposal (March 2026) still a proposal; drops the ILM | Part 8.5, 8.8 | January 2027 |
| EU ILM set to 1 (CRR3, from January 1, 2025); UK ILM set to 1 with Basel 3.1 from January 1, 2027 | Part 8.5, 8.8 | January 2027 |
| UK critical third parties: four designated July 2026 | Part 8.6 | July 2027 |
| DORA critical ICT third-party providers: 19 designated November 18, 2025 | Part 8.6 | November 2026 |
| DORA major-incident deadlines 4h/24h/72h/one month | Part 8.6 | October 2027 |
| US bank 36-hour incident notification; SEC 8-K four business days | Part 8.6 | October 2027 |
| SEC May 2026 filer-status proposal ($2 billion threshold, 404(b) exemption) still a proposal | Part 8.8 | April 2027 |
| SOX 404(b) exemption for smaller reporting companies with revenue under $100 million | Part 8.8 | April 2027 |
| SEBI client-fund upstreaming framework (in force July 1, 2023; revised December 12, 2023) | Part 8 India Lens | October 2027 |
| RBI operational resilience guidance note (April 30, 2024) | Part 8 India Lens | October 2027 |
| UK operational resilience rules (SYSC 15A, SS1/21) unchanged since 2022 | Part 8.6, 8.7 | October 2027 |
| RBI inflation target 4% CPI (2%–6% band), retained for Apr 1, 2026 to Mar 31, 2031; six-member MPC | Part 9 India Lens | October 2027 |
| Fed 2% inflation goal; Statement on Longer-Run Goals revised Aug 22, 2025 | Part 9.6 | October 2027 |
| US M2 velocity 1.42 (Q2 2026); M2 +26.8% year to Feb 2021; CPI 9.1% (Jun 2022) | Part 9.6 | October 2027 |
| Nobel economics laureates cited through 2025 (2026 prize to be announced Oct 12, 2026) | Part 9.4, 9.7, 9.8 | October 2026 |
| Spending multipliers mostly 0.6 to 1 (Ramey 2019 survey) | Part 9.5 | October 2028 |
| §45Y production credit 2026: inflation factor 2.0570; 3.1 cents per kWh (0.6 cents base) | Part 10.3 | September 2027 |
| §48E/§45Y wind and solar: no credit if construction begins after July 4, 2026, and placed in service after December 31, 2027; physical work test from September 2, 2025 | Part 0.3, 10.3 | October 2027 |
| 100% bonus depreciation for property acquired after January 19, 2025 (OBBBA, Notice 2026-11) | Part 10.3 | October 2027 |
| Transferred credit prices, H2 2025: ITC $0.931, PTC $0.940 per dollar | Part 0.3, 10.3 | March 2027 |
| NBER: no US business-cycle peak after February 2020 | Part 10.2 | October 2027 |
| CLS settles 18 currencies; rupee not included | Part 10.4, Part 10 India Lens | October 2027 |
| India GST on renewable energy devices 5% (from September 22, 2025) | Part 10 India Lens | October 2027 |
| India customs: solar modules 20% BCD + 20% AIDC; cells 20% BCD + 7.5% AIDC (from February 2, 2025) | Part 10 India Lens | February 2027 |
| Federal funds target range (cited for 2022–23 history only) | Part 10.2 | October 2027 |