S&P Global Inc. (SPGI) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that S&P Global Inc. surfaced in its latest filing.

• Planned separation of the Mobility business via spin-off announced on April 29, 2025April 29, 2025
• We rely on Amazon Web Services (AWS) to support key product and service offerings and run a significant amount of our computing on AWS
• Ratings is regulated under the U.S. Securities Exchange Act of 1934
• Ratings is regulated under the U.S. Credit Rating Agency Reform Act of 2006
• Ratings is regulated under the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act
• Ratings is regulated under the EU’s credit rating agency regulation
• Ratings is regulated under the U.K.’s credit rating agency regulation
• Regulators such as IOSCO, SEC, ESMA, and FCA have reviewed rating agency processes and may conduct such reviews in the future
• The EU regulation on the transparency and integrity of ESG rating activities adopted by the European Parliament and Council in November 2024November 2024
• FCA legislation and draft rules published in 2025 to supervise ESG ratings providers from June 2028, and The Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 will subject certain Energy S1 business products and services to FCA supervision from June 20282025
• Energy and Indices are subject to the EU Benchmark Regulation and the U.K. Benchmark Regulation
• Energy has aligned its operations with the IOSCO PRA Principles and Indices has aligned its governance regime, control framework and operations with the IOSCO Financial Benchmark Principles
• Indices transitioned from supervision by the Dutch Authority for the Financial Markets to supervision by ESMA for the EU Benchmark Regulation
• Indices is supervised by the FCA for the U.K. Benchmark Regulation
• Indices is subject to benchmark regulation in Australia, requires and has obtained a license from and is supervised by the Australian Securities and Investment Commission for its administration of the S&P ASX 200 index
• MiFID II and the Market Abuse Regulation may impose additional regulatory burdens on Indices and Energy in the EU
• Ongoing military conflicts between Russia and Ukraine and in the Middle East, U.S. intervention in Venezuela, and tensions across the Taiwan Strait introduce volatility and uncertainty into global capital and energy and commodity markets
• We do business in a number of countries included on the Priority Watch List and/or Watch Lists maintained by the Office of the United States Trade Representative which are currently thought to afford less protection to intellectual property rights
• International business must comply with U.S. economic sanctions administered by OFAC
• Many proceedings regularly relate to the activity of our Ratings, Indices, and Energy businesses; we sometimes face proceedings related to tax matters; and government and self-regulatory agencies frequently make inquiries into compliance with laws related to regulated products and services, antitrust matters, and ESG matters
• Company has established a Company-wide AI strategy to drive its approach to data protection, licensing and AI integration
• The European Commission has adopted or proposed options for regulatory intervention on high energy prices, including price limiting mechanisms on exchange traded gas products, circuit breakers, and development of LNG import benchmarks