Yahoo Finance Senior Business Reporter Ines Ferre and Zacks Investment Management chief market strategist Brian Mulberry analyze the moves in semiconductor and software stocks after recent warnings about AI’s rapid development shook markets on Monday.

SINGAPORE, SEPTEMBER 15, 2026 – The 10^th Joint Regional Financing Arrangements (RFAs) Research Seminar concluded today in Singapore, bringing together more than 150 participants from across the globe, including heads of institutions, policymakers, academics, and experts. The seminar examined how rapid financial digitalization is reshaping money, payments, and global financial system; the implications for financial stability and policy formulation; and the evolving role of regional and global financial safety nets.

Held on September 14–15 in a hybrid format, the seminar was jointly organized by AMRO, the Arab Monetary Fund (AMF), the European Stability Mechanism (ESM), and the Latin American Reserve Fund (FLAR). Discussions focused on the opportunities and risks arising from stablecoins, tokenized deposits, central bank digital currencies (CBDCs), and emerging cross-border payment systems against a backdrop of growing geoeconomic fragmentation.

AMRO Director/CEO Yasuto Watanabe opened the seminar, emphasizing a shared commitment to exchanging experiences and enriching dialogue to strengthen cooperation among RFA institutions,  as well as deepen understanding of the opportunities and challenges arising from financial digitalization. Will Cong, President’s Chair Professor of Finance, Computing and Data Science and Associate Dean of Nanyang Business School, delivered the keynote address on innovation, competition, and stability in an increasingly tokenized financial system.

The first session, chaired by AMRO Chief Economist Dong He, examined the transformation of money and payments, including fast payment systems in Latin America, cross-border payment connectivity in ASEAN+3, the tokenization of real-world assets in the Arab region, and the evolution of digital finance in Europe. Participants noted that greater interoperability could make cross-border transactions faster, more affordable, and more accessible, while fragmented technical and regulatory standards could introduce new operational and financial integrity risks.

The second session, chaired by FLAR Chief Economist Carlos Giraldo, explored the implications of CBDCs and stablecoins for monetary policy and central bank balance sheets. Participants discussed how different forms of digital money could coexist while preserving central bank money as an anchor of trust. They also considered how CBDC design and stablecoin regulation could affect competition, privacy, monetary sovereignty, and the transmission of monetary policy.

The third session, chaired by AMF Executive Director for Capacity Development and Innovation Department, Dr. Sofiene Gaaloul, focused on financial stability in a digital monetary system. Participants examined how the speed and ease of digital transactions could intensify runs during periods of stress and create new channels of contagion between the traditional financial system and the digital asset ecosystem. Authorities will therefore need to strengthen monitoring, clarify regulatory responsibilities, and ensure that crisis-management and liquidity frameworks keep pace with innovation.

The seminar concluded with a policy roundtable on digital finance, trade, and growth in a geoeconomically fragmented world, chaired by ESM Secretary General Nicola Giammarioli. The discussion highlighted digital finance as a key driver of growth, trade integration, and financial inclusion, particularly through more efficient cross-border payments. Panelists also stressed that geopolitical fragmentation could lead to competing payment systems and standards, which could undermine global financial connectivity. They underlined that interoperability, resilience, and international cooperation will be essential to harness innovation while safeguarding an open and integrated financial system.

For RFAs, these developments have direct implications for economic surveillance, crisis prevention, and financial assistance. A deeper understanding of emerging digital channels and vulnerabilities will enable RFAs to better assess risks and contribute to a more responsive and well-coordinated Global Financial Safety Net.

Held annually since 2017, the Joint RFA Research Seminar provides a platform for RFAs, central banks, finance ministries, international financial institutions, and academics to exchange research and policy perspectives on global and regional financial stability.

The RFAs will next convene at the 11^th High-Level RFA Dialogue, to be held alongside the IMF–World Bank Annual Meetings in Bangkok, Thailand in October 2026.

About AMRO

AMRO is an international organization established to support macroeconomic resilience and financial stability of the ASEAN+3 region, comprising members of the Association of Southeast Asia Nations (ASEAN) and China; Hong Kong, China; Japan; and Korea. AMRO’s mandate is to conduct macroeconomic surveillance, support regional financial arrangements, and provide technical assistance to the members. AMRO also serves as a regional knowledge hub and provides support to ASEAN+3 financial cooperation.

By Avi D. Kellin and Julia Pudimott

Under the Elections Transparency Act, which was enacted in April 2023, contribution limits for all candidates and committees are subject to inflation adjustments in odd-numbered years. The 2027 inflation adjustment is set to go into effect on January 1, 2027.

What this means is that, starting January 1, contribution limits for essentially all New Jersey state and local candidates and committees will go up. The following chart summarizes the new limits that apply to contributions made from individuals, corporations, unions, associations, candidate committees, and political committees:

Political party committees, PACs (CPCs), and legislative leadership committees that follow the calendar year as the reporting period will simply have a higher limit on January 1, 2027, when each contributor’s limits re-set to $0 for the new calendar year. For political party committees with housekeeping accounts, those housekeeping accounts may in 2027 accept additional contributions of $42,000 per calendar year, an increase from the current level of $39,500 (by law, the limit for a housekeeping account is half of the limit for the general account).

For candidates, whose limits apply on a per-election basis, the increase will apply to the next election. For example, an Assembly candidate who is running in the 2027 primary will be able to accept an additional $300 from a contributor who had maxed out in 2026 once the increase goes into effect on January 1. (This means that candidates running in the 2027 primary election will be able to again solicit from all contributors to reach the new maximum.) Then the new $5,800 limit will be in place from the start of the 2027 general election.

In addition, ELEC is applying inflation adjustments to 24/72-hour reporting and independent-expenditure reporting for spenders using their own funds (in 2027, the threshold will increase from $300 to $400 for both categories).

The new limits that will be in place in a few months highlight the importance for each individual, business, union, and political organization to keep accurate and complete records of their political contributions. Understanding election cycles, contribution dates, and now biennial shifts in contribution limits will make the difference between a legally permissible political contribution and one that exceeds legal limits.

Compliance Tip: Even though the general campaign-finance limits are increasing in January, these adjustments do NOT apply to the contribution reporting threshold of $200 per reporting period. This means that contributors who wish to stay under the reportable threshold—which necessitates reporting of detailed contributor information on a recipient’s campaign-finance reports—must stay at $200 or less per election for a candidate and $200 or less per calendar year for a political party committee, PAC (CPC), or legislative leadership committee.

Avi D. Kelin is a partner of PEM Law LLP, and chairs the firm’s Political Law and Non-Profit Law practices. He helps businesses, organizations, individuals, and political organizations to influence policy while complying with the law.

Julia Pudimott is an associate at PEM Law LLP. She focuses her practice on commercial litigation, election law, and political law.

This column is for educational and informational purposes only and is not intended and should not be construed as legal advice. It is recommended that readers not rely on this column, but that professional advice be sought for individual matters.