To view the PDF file, sign up for a MySharenet subscription.
Back to ABSP SENS
ABSAG:  17,268   0 (0.00%)  01/01/1970 00:00

ABSA GROUP LIMITED - Basel III Pillar 3 disclosure as at 30 September 2023

Release Date: 30/11/2023 10:21
Wrap Text
Basel III Pillar 3 disclosure as at 30 September 2023

ABSA GROUP LIMITED                                                      ABSA BANK LIMITED
(Incorporated in the Republic of South Africa)                          (Incorporated in the Republic of South Africa)
(Registration number: 1986/003934/06)                                   (Registration number: 1986/004794/06)
ISIN: ZAE000255915                                                      ISIN: ZAE000079810
JSE share code: ABG                                                     JSE share code: ABSP
Bond code: ABGI                                                         Bond code: BIABS
(Absa Group or the Group)                                               (Absa Bank or the Bank)


ABSA GROUP – BASEL III PILLAR 3 DISCLOSURE AS AT 30 SEPTEMBER 2023

This Pillar 3 disclosure contains the quantitative Pillar 3 disclosure requirements in respect of Absa Group and Absa Bank. The quarterly report provides
a view of the Group's regulatory capital and risk exposures, and it complies with:

•     The Basel Committee on Banking Supervision (BCBS) revised Pillar 3 disclosure requirements (Pillar 3 standard).
•     Regulation 43 of the Regulations relating to Banks (Regulations), issued in terms of the Banks Act, 1990 (Act No. 94 of 1990), where not superseded
      by the revised Pillar 3 disclosure requirements.


1.      Key prudential metrics and RWA


In line with regulatory and accounting requirements, the capital and leverage positions of the Group and the Bank in this document are reflected on a
regulatory basis (which requires unappropriated profits to be excluded).
The Group liquidity coverage ratio (LCR) reflects an aggregation of the Bank LCR and the LCR of the Absa Regional Operations (ARO). For this purpose,
a simple average of the relevant three month-end data points is used for ARO, noting that ARO LCR is capped at 100% per the minimum regulatory
requirements. For the Bank, the LCR was calculated as a simple average of 90 calendar-day LCR observations.
The summary table below provides key capital adequacy and liquidity information on a regulatory basis as at 30 September 2023.

1.1     KM1: Key metrics


Absa Group (1, 2)


                                                                                  a                 b               c               d                e
                                                                       30 September           30 June        31 March     31 December     30 September
                                                                               2023              2023            2023            2022             2022

    Available capital (Rm)
      1    CET1                                                               123 582         125 138          119 299         120 390         115 240
      2    Tier 1                                                             141 373         142 705          136 206         136 635         130 587
      3    Total capital                                                      159 205         158 388          159 247         158 719         153 444
    RWA (Rm)
      4    Total RWA                                                        1 020 992       1 018 726        1 017 928       1 007 387       1 002 540
    Risk-based capital ratios as a percentage of RWA (%)
      5    CET1 ratio                                                            12.1             12.3            11.7            12.0             11.5
      6    Tier 1 ratio                                                          13.8             14.0            13.4            13.6             13.0
      7    Total capital ratio                                                   15.6             15.5            15.6            15.8             15.3
    Additional CET1 buffer requirements as a percentage of RWA
    (%)
      8    Capital conservation buffer requirement                                 2.5             2.5              2.5             2.5             2.5
      9    Countercyclical buffer requirement (3)                                    -               -                -               -               -
     10    Global systemically important banks (G-SIB) and/or                      1.0             1.0              1.0             1.0             1.0
           domestic systemically important banks (D-SIB) additional
           requirements
     11    Total of bank CET1 specific buffer requirements (Row 8 +                3.5             3.5              3.5             3.5             3.5
           row 9 + row 10)
     12    CET1 available after meeting the bank's minimum capital                 3.6             3.8              3.2             3.5             3.0
           requirements
    Basel III leverage ratio
     13    Total Basel III leverage ratio exposure measure (Rm)             1 964 177       1 947 965        1 902 576       1 848 607       1 883 283
     14    Basel III leverage ratio (%) (row 2 / row 13)                           7.2             7.3              7.2             7.4             6.9
    LCR
     15    Total high-quality liquid assets (HQLA) (Rm)                       265 705         259 337          245 024         240 876         241 373
     16    Total net cash outflow (Rm)                                        192 400         184 175          185 132         193 299         186 811
     17    LCR (%)                                                              138.1           140.8            132.4           124.6           129.2
    NSFR
     18    Total available stable funding (ASF) (Rm)                        1 181 066       1 156 346        1 116 892    1 081 769(4)       1 058 319
     19    Total required stable funding (RSF) (Rm)                           997 896         980 161          969 803      954 359(4)         947 805
     20    NSFR (%)                                                             118.4           118.0            115.2        113.4(4)           111.7


                                                                                                                                             
Absa Bank (1)
                                                                              a            b           c               d            e
                                                                   30 September      30 June    31 March     31 December 30 September
                                                                           2023         2023        2023            2022         2022

 Available capital (Rm)
   1    CET1                                                             76 011      78 350       79 704          79 249       75 009
   2    Tier 1                                                           92 147      94 324       95 402          94 334       88 666
   3    Total capital                                                   106 192     106 235      114 701         112 835      108 002
 RWA (Rm)
   4    Total RWA                                                       643 430     637 677      660 250         662 093      654 895
 Risk-based capital ratios as a percentage of RWA (%)
   5    CET1 ratio                                                         11.8         12.3         12.1           12.0         11.5
   6    Tier 1 ratio                                                       14.3         14.8         14.4           14.2         13.5
   7    Total capital ratio                                                16.5         16.7         17.4           17.0         16.5
 Additional CET1 buffer requirements as a percentage of RWA
 (%)
   8    Capital conservation buffer requirement                             2.5          2.5          2.5             2.5         2.5
   9    Countercyclical buffer requirement (3)                                             -            -
  10    Global systemically important banks (G-SIB) and/or                  1.0          1.0          1.0             1.0         1.0
        domestic systemically important banks (D-SIB) additional
        requirements
  11    Total of bank CET1 specific buffer requirements (Row 8 +            3.5          3.5          3.5             3.5         3.5
        row 9 + row 10)
  12    CET1 available after meeting the bank's minimum capital             3.3          3.8          3.6             3.5         3.0
        requirements
 Basel III leverage ratio
  13    Total Basel III leverage ratio exposure measure (Rm)          1 618 848    1 599 001    1 578 254      1 543 179    1 558 417
  14    Basel III leverage ratio (%) (row 2 / row 13)                        5.7          5.9          6.0           6.1          5.7
 LCR
  15    Total high-quality liquid assets (HQLA) (Rm)                    234 755     227 997      215 111         208 117      212 724
  16    Total net cash outflow (Rm)                                     161 451     154 992      157 519         161 347      160 215
  17    LCR (%)                                                           145.4       147.1        136.6           129.0        132.8
 NSFR
  18    Total available stable funding (ASF) (Rm)                       959 933     936 587      917 129       895 875(4)     871 027
  19    Total required stable funding (RSF) (Rm)                        854 405     838 695      837 645       826 055(4)     814 313
  20    NSFR (%)                                                          112.4       111.7        109.5            108.5       107.0




                                                                                                                            
1.2       OV1: Overview of RWA


                                                                                 Group                                    Bank (5)
                                                                            a           b            c           a               b               c
                                                                           30          30           30          30              30              30
                                                                    September        June    September   September            June       September
                                                                         2023        2023         2023        2023            2023            2023
                                                                         RWA         RWA       MRC (6)        RWA             RWA           MRC(6)
                                                                          Rm          Rm           Rm          Rm              Rm              Rm

      1    Credit risk (excluding counterparty credit risk (CCR))     750 133     742 612       93 766      465 944         458 138          58 243
      2       Of which: standardised approach (SA)                    270 058     269 402       33 757        1 349             281             169
      3       Of which: foundation internal ratings-based                   -           -            -            -               -               -
              (FIRB) approach
      4       Of which: supervisory slotting approach                       -           -            -            -               -               -
      5       Of which: advanced internal ratings-based (AIRB)        480 075     473 210       60 009      464 595         457 857          58 074
              approach
      6    CCR                                                         16 899      17 878        2 112       15 652          16 051           1 957
      7       Of which: standardised approach for CCR (SA-             16 899      17 878        2 112       15 652          16 051           1 957
              CCR)
   8          Of which: internal model method (IMM)                         -           -            -            -               -               -
   9          Of which: other CCR                                           -           -            -            -               -               -
  10       Credit valuation adjustment (CVA)                            6 682       7 605          835        5 910           6 134             739
  11       Equity positions under the simple risk weight                3 320       3 386          415        1 657           1 716             207
           approach
  12       Equity investments in funds – look-through approach          5 772       8 122          722         356            2 555              45
           (7)
  13       Equity investments in funds – mandate-based                  1 176            -         147        1 176                  -          147
           approach (7)
  14       Equity investments in funds – fall-back approach (7)           735           -           92          679               -              85
  15       Settlement risk                                              1 456       1 478          182        1 389           1 397             174
  16       Securitisation exposures in banking book                       111         118           14          111             118              14
  17          Of which: IRB ratings-based approach (SEC-                    -           -            -            -               -               -
              IRBA)
  18          Of which: securitisation external ratings-based                -           -           -            -                  -             -
              approach (RBA) (SEC-ERBA), including internal
              assessment approach (IAA)
  19          Of which: securitisation SA (SEC-SA)                        111         118           14          111             118              14
  20       Traded market risk                                          37 234      44 209        4 654       27 440          31 067           3 430
  21          Of which: SA                                             18 928      22 604        2 366        9 134           9 462           1 142
  22          Of which: internal model approach (IMA)                  18 306      21 605        2 288       18 306          21 605           2 288
  23       Capital charge for switch between trading book and               -           -            -            -               -               -
           banking book
  24       Operational risk                                           119 424     119 424       14 928       68 751          68 751           8 594
           Non-customer assets                                         27 426      25 650        3 428       17 075          15 891           2 134
  25       Amounts below the thresholds for deduction (subject         28 834      26 454        3 604       16 053          14 622           2 007
           to 250% risk weight)
  26       Floor adjustment (after application of transitional         21 790      21 790        2 724       21 237          21 237           2 655
           cap) (8)
  27       Total (1+6+10+11+12+13+14+15+16+20+23+24+                 1 020 992   1 018 726     127 623      643 430         637 677          80 431
           25+26+non-customer assets)




1.3       CR8: RWA flow statements of credit risk exposures under IRB


                                                                                                                     a                           a
                                                                                                     30 September 2023                30 June 2023
                                                                                                         RWA amounts                 RWA amounts
                                                                                                                   Rm                          Rm

      1     RWA as at end of previous quarter                                                                  473 210                     502 252
      2     Asset size                                                                                           2 423                       11 589
      3     Asset quality                                                                                        2 572                     (25 304)
      4     Model updates                                                                                                                  (19 800)
      5     Methodology and policy                                                                                    -                            -
      6     Acquisitions and disposals                                                                                -                            -
      7     Foreign exchange movements                                                                             (61)                       4 552
      8     Other (9)                                                                                            1 931                          (79)
      9     RWA as at end of reporting period                                                                  480 075                     473 210



                                                                                                                                          
1.4           MR2: RWA flow statements of market risk exposures under IMA


                                                                                   a              b              c           d                 e             f
                                                                                                         30 September 2023
                                                                                          Stressed     Increment
                                                                                           value at        al risk Credit risk
                                                                            Value at           risk       charge   mitigation
                                                                          risk (VaR)        (sVaR)          (IRC)      (CRM)              Other    Total RWA
                                                                                 Rm            Rm             Rm          Rm                Rm            Rm

          1     RWA at previous quarter end                                    9 537        12 068               -            -                -      21 605
          2     Movements in risk levels                                       (811)        (2 488)              -            -                -      (3 299)
          3     Model updates/changes                                              -              -              -            -                -            -
          4     Methodology and policy                                             -              -              -            -                -            -
          5     Acquisitions and disposals                                         -              -              -            -                -            -
          6     Other                                                              -              -              -            -                -            -
          7     RWA at end of reporting period                                 8 726          9 580              -            -                -      18 306


                                                                                   a              b              c          d                  e             f
                                                                                                             30 June 2023
                                                                                VaR           sVaR            IRC         CRM             Other    Total RWA
                                                                                 Rm             Rm             Rm          Rm               Rm            Rm

          1     RWA at previous quarter end                                  11 080          9 622               -            -                -       20 702
          2     Movements in risk levels                                     (1 543)         2 446               -            -                -          903
          3     Model updates/changes                                              -             -               -            -                -            -
          4     Methodology and policy                                             -             -               -            -                -            -
          5     Acquisitions and disposals                                         -             -               -            -                -            -
          6     Other                                                              -             -               -            -                -            -
          7     RWA at end of reporting period                                 9 537        12 068               -            -                -       21 605




2. Leverage


Consistent with the treatment in table KM1, the leverage position below is shown on a regulatory basis.

2.1 LR1: Summary comparison of accounting assets versus leverage ratio exposure measure


Absa Group
                                                                                                                                       Group
                                                                                                                            30 September             30 June
                                                                                                                                    2023                2023
                                                                                                                                     Rm                  Rm

      1        Total consolidated assets                                                                                          1 908 819         1 898 340
      2        Adjustment for investments in banking, financial, insurance or commercial entities that are consolidated             (46 138)          (46 698)
               for accounting purposes but outside the scope of regulatory consolidation
      3        Adjustment for fiduciary assets recognised on the balance sheet pursuant to the operative accounting                        -                 -
               framework but excluded from the leverage ratio exposure measure
      4        Adjustments for derivative financial instruments                                                                      (391)            (5 393)
      5        Adjustments for securities financing transactions (i.e. repos and similar secured lending)                                -                  -
      6        Adjustments for off-balance sheet items (i.e. conversion to credit equivalent amounts of off-balance sheet          118 846           118 296
               exposures)
      7        Other adjustments                                                                                                    (16 959)          (16 580)
      8        Leverage ratio exposure measure                                                                                    1 964 177         1 947 965




                                                                                                                                                   
Absa Bank
                                                                                                                                 Bank
                                                                                                                      30 September               30 June
                                                                                                                              2023                  2023
                                                                                                                               Rm                    Rm

  1   Total consolidated assets                                                                                              1 548 282          1 532 383
  2   Adjustment for investments in banking, financial, insurance or commercial entities that are consolidated                       -                  -
      for accounting purposes but outside the scope of regulatory consolidation
  3   Adjustment for fiduciary assets recognised on the balance sheet pursuant to the operative accounting                            -                  -
      framework but excluded from the leverage ratio exposure measure
  4   Adjustments for derivative financial instruments                                                                         (1 999)            (6 480)
  5   Adjustments for securities financing transactions (i.e. repos and similar secured lending)                                     -                  -
  6   Adjustments for off-balance sheet items (i.e. conversion to credit equivalent amounts of off-balance sheet               88 539             88 689
      exposures)
  7   Other adjustments                                                                                                        (15 974)           (15 591)
  8   Leverage ratio exposure measure                                                                                        1 618 848          1 599 001




2.2 LR2: Leverage ratio common disclosure template

                                                                                                    Group                            Bank
                                                                                                      a                  b            a                 b
                                                                                           30 September            30 June 30 September           30 June
                                                                                                   2023               2023         2023              2023
                                                                                                    Rm                 Rm           Rm                Rm

 On-balance sheet exposures
   1 On-balance sheet exposures (excluding derivatives and securities financing                 1 723 503     1 696 572           1 409 181     1 381 424
      transactions (SFTs), but including collateral)
   2 (Asset amounts deducted in determining Basel III Tier 1 capital)                             (16 959)      (16 580)            (15 974)      (15 591)
   3 Total on-balance sheet exposures (excluding derivatives and SFTs) (sum of                  1 706 544     1 679 992           1 393 207     1 365 833
      rows 1 and 2)
 Derivative exposures
   4 Replacement cost associated with all derivative transactions (where applicable                21 502          26 155            20 675        25 209
      net of eligible cash variation margin and/ or with bilateral netting)
   5 Add-on amounts for potential future exposure (PFE) associated with all derivative             28 976          27 571            28 243        26 630
      transactions
   6 Gross-up for derivatives collateral provided where deducted from the balance                        -               -                  -            -
      sheet assets pursuant to the operative accounting framework
   7 (Deductions of receivable assets for cash variation margin provided in derivatives            (2 113)         (4 005)           (2 113)       (4 005)
      transactions)
   8 (Exempted central counterparty (CCP) leg of client-cleared trade exposures)                        -               -                 -             -
   9 Adjusted effective notional amount of written credit derivative                               13 904          11 973            13 904        11 973
  10 (Adjusted effective notional offsets and add-on deductions for written credit                      -               -                 -             -
      derivatives)
  11 Total derivative exposures (sum of rows 4 to 10)                                              62 269          61 694            60 709        59 807
 Security financing transaction exposures
  12 Gross SFT assets (with no recognition of netting), after adjusting for sale                   76 518          87 983            76 394        84 672
      accounting transactions
  13 (Netted amounts of cash payables and cash receivables of gross SFT assets)                         -               -                 -             -
  14 CCR exposure for SFT assets                                                                        -               -                 -             -
  15 Agent transaction exposures                                                                        -               -                 -             -
  16 Total securities financing transaction exposures (sum of rows 12 to 15)                       76 518          87 983            76 394        84 672
 Other off-balance sheet exposures
  17 Off-balance sheet exposures at gross notional amount                                         434 160       433 135              364 783      363 870
  18 (Adjustments for conversion to credit equivalent amounts)                                  (315 314)     (314 839)            (276 244)    (275 181)
  19 Off-balance sheet items (sum of rows 17 and 18)                                              118 846       118 296               88 539       88 689
 Capital and total exposures
  20 Tier 1 capital (excluding unappropriated profits)                                            141 373       142 705              92 147        94 324
  21 Total exposures (sum of lines 3, 11, 16 and 19)                                            1 964 177     1 947 965           1 618 848     1 599 001
 Leverage ratio
  22 Basel III leverage ratio                                                                          7.2            7.3                 5.7          5.9




                                                                                                                                                
3. Liquidity

3.1 LIQ1: Liquidity coverage ratio (LCR)

                                                                                           a            b            a             b
                                                                                   30 September 2023            30 June 2023
                                                                                       Total        Total         Total         Total
                                                                                unweighted      weighted    unweighted      weighted
                                                                                      value         value        value         value
                                                                                  (average)     (average)    (average)     (average)
 Group (10)                                                                             Rm            Rm           Rm            Rm

 High-quality liquid assets (HQLA)
   1 Total HQLA                                                                                  265 705                      259 337
 Cash outflows
   2 Retail deposits and deposits from small business customers of which:          477 147        40 189       468 217         39 873
   3    Stable deposits                                                                  -             -             -              -
   4    Less stable deposits                                                       477 147        40 189       468 217         39 873
   5 Unsecured wholesale funding of which:                                         533 405       263 171       542 004        269 902
   6    Operational deposits (all counterparties) and deposits in networks of      147 736        36 934       154 005         38 501
        cooperative banks
   7    Non-operational deposits (all counterparties)                              378 717       219 285       377 570        220 972
   8    Unsecured debt                                                               6 952         6 952        10 429         10 429
   9 Secured wholesale funding                                                                       857                          998
 10 Additional requirements of which:                                              354 132        44 740       333 250         42 620
 11     Outflows related to derivative exposures and other collateral               17 922        17 922        17 831         17 831
        requirements
 12     Outflows related to loss of funding on debt products                             -             -             -              -
 13     Credit and liquidity facilities                                            336 210        26 818       315 419         24 789
 14 Other contractual funding obligations                                              700           700           776            776
 15 Other contingent funding obligations                                           239 160        10 266       248 214         10 576
 16 Total cash outflows (Sum of lines 2+5+9+10+14+15)                                            359 923                      364 745
 Cash inflows
 17 Secured lending (e.g., reverse repos)                                           42 146        11 855        48 847         19 146
 18 Inflows from fully performing exposures                                        173 769       143 988       184 124        151 761
 19 Other cash inflows                                                              12 567        11 680        10 386          9 663
 20 Total cash inflows (Sum of lines 17-19)                                        228 482       167 523       243 357        180 570

                                                                                     Total weighted value         Total weighted value

 High-quality liquid assets (HQLA)
  21 Total HQLA (Rm)                                                                             265 705                      259 337
  22 Total net cash outflows (Rm)                                                                192 400                      184 175
  23 LCR (%)                                                                                       138.1                        140.8




                                                                                                                           
                                                                                           a            b            a             b
                                                                                   30 September 2023            30 June 2023
                                                                                       Total        Total         Total         Total
                                                                                unweighted      weighted    unweighted      weighted
                                                                                      value         value        value         value
                                                                                  (average)     (average)    (average)     (average)
 Bank (11)                                                                              Rm            Rm           Rm            Rm

 High-quality liquid assets (HQLA)
   1 Total HQLA                                                                                  234 755                     227 997
 Cash outflows
   2 Retail deposits and deposits from small business customers of which:          374 893        31 655       366 172        31 229
   3    Stable deposits                                                                  -             -             -             -
   4    Less stable deposits                                                       374 893        31 655       366 172        31 229
   5 Unsecured wholesale funding of which:                                         419 974       212 719       424 289       217 419
   6    Operational deposits (all counterparties) and deposits in networks of      147 736        36 935       154 005        38 501
        cooperative banks
   7    Non-operational deposits (all counterparties)                              265 393       168 939       260 705       169 339
   8    Unsecured debt                                                               6 845         6 845         9 579         9 579
   9 Secured wholesale funding                                                                       857                         998
 10 Additional requirements of which:                                              322 741        39 358       299 282        37 090
 11     Outflows related to derivative exposures and other collateral               15 122        15 122        15 079        15 079
        requirements
 12     Outflows related to loss of funding on debt products                             -             -             -             -
 13     Credit and liquidity facilities                                            307 619        24 236       284 203        22 011
 14 Other contractual funding obligations                                              700           700           776           776
 15 Other contingent funding obligations                                           205 856         8 881       215 005         9 166
 16 Total cash outflows (Sum of lines 2+5+9+10+14+15)                                            294 170                     296 678
 Cash inflows
 17 Secured lending (e.g. reverse repos)                                            42 147        11 854        48 847        19 146
 18 Inflows from fully performing exposures                                        135 304       112 981       139 809       114 927
 19 Other cash inflows                                                               8 770         7 884         8 335         7 613
 20 Total cash inflows (Sum of lines 17-19)                                        186 221       132 719       196 991       141 686

                                                                                     Total weighted value        Total weighted value

 High-quality liquid assets (HQLA)
 21 Total HQLA (Rm)                                                                              234 755                     227 997
 22 Total net cash outflows (Rm)                                                                 161 451                     154 992
 23 LCR (%)                                                                                        145.4                       147.1




Johannesburg
30 November 2023

Enquiries:
Alan Hartdegen

E-mail: Alan.Hartdegen@absa.africa

Lead Independent Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited

Joint Sponsor:
Corporate and Investment Bank – a division of Absa Bank Limited




                                                                                                                          
Notes:
(1) The fully loaded accounted ECL basis has been fully transitioned in.
(2) The numbers are excluding unappropriated profits.
(3) The countercyclical buffer in South Africa is currently zero.
(4) The December 2022 figures were revised to align with final regulatory submissions.
(5) Absa Bank Limited includes subsidiary undertakings, special-purpose entities, joint ventures, associates and offshore holdings.
(6) The 2023 minimum total regulatory capital adequacy requirement of 12.5% includes the capital conservation buffer, Pillar 2A which was reinstated at
    1% and the D-SIB add-on but excludes the bank specific individual capital requirement (Pillar 2B add-on) as required by regulatory guidance.
(7) The approach used to calculate RWA for existing exposures was refined.
(8) Includes the operational risk floor.
(9) Other reflects RWA movements on non-performing loans due to differences in the definition of default between IFRS 9 impairment and regulatory
    capital models.
(10) The Group LCR reflects an aggregation of the Bank LCR and the LCR of the Absa Regional Operations (ARO). For this purpose, a simple average
    of the relevant three month-end data points is used for ARO, noting that ARO LCR is capped at 100% per the minimum regulatory requirements. For
    the Bank, the LCR was calculated as a simple average of 90 calendar-day LCR observations.
(11) The Bank LCR was calculated as a simple average of 90 calendar-day LCR observations.




                                                                                                                                            

Date: 30-11-2023 10:21:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story