Derivatives (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosures [Line Items]

The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at March 31, 2026 and December 31, 2025. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and have been reduced by cash collateral received or paid.



			March 31, 2026
			Gross Derivative Assets						Gross Derivative Liabilities
(Dollars in billions)	Contract/ Notional (1)		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total
Interest rate contracts
Swaps	$	28,897.5	$	75.2	$	4.4	$	79.6	$	67.6	$	7.1	$	74.7
Futures and forwards	5,111.5		6.6		—		6.6		5.4		—		5.4
Written options (2)	2,446.4		—		—		—		27.7		—		27.7
Purchased options (3)	2,359.2		29.6		—		29.6		—		—		—
Foreign exchange contracts
Swaps	3,094.9		49.2		0.4		49.6		42.4		—		42.4
Spot, futures and forwards	5,919.6		48.7		0.7		49.4		46.2		0.1		46.3
Written options (2)	861.0		—		—		—		9.6		—		9.6
Purchased options (3)	796.6		9.3		—		9.3		—		—		—
Equity contracts
Swaps	725.0		27.2		—		27.2		28.3		—		28.3
Futures and forwards	151.8		2.5		—		2.5		1.8		—		1.8
Written options (2)	981.3		—		—		—		68.5		—		68.5
Purchased options (3)	854.1		60.6		—		60.6		—		—		—
Commodity contracts
Swaps	78.7		4.8		—		4.8		9.1		—		9.1
Futures and forwards	167.2		4.5		0.7		5.2		4.1		—		4.1
Written options (2)	105.5		—		—		—		7.7		—		7.7
Purchased options (3)	105.8		8.7		—		8.7		—		—		—
Credit derivatives (4)
Purchased credit derivatives:
Credit default swaps	609.2		1.9		—		1.9		3.4		—		3.4
Total return swaps/options	150.1		0.6		—		0.6		0.3		—		0.3
Written credit derivatives:
Credit default swaps	582.2		2.3		—		2.3		1.7		—		1.7
Total return swaps/options	178.0		0.5		—		0.5		2.0		—		2.0
Gross derivative assets/liabilities			$	332.2	$	6.2	$	338.4	$	325.8	$	7.2	$	333.0
Less: Legally enforceable master netting agreements							(259.3)						(259.3)
Less: Cash collateral received/paid							(30.8)						(29.8)
Total derivative assets/liabilities							$	48.3					$	43.9

(1)Represents the total contract/notional amount of derivative assets and liabilities outstanding.

(2)Includes certain out-of-the-money purchased options that have a liability amount primarily due to the deferral of option premiums to the end of the contract.

(3)Includes certain out-of-the-money written options that have an asset amount primarily due to the deferral of option premiums to the end of the contract.

(4)The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $476 million and $549.7 billion, respectively, at March 31, 2026.



			December 31, 2025
			Gross Derivative Assets						Gross Derivative Liabilities
(Dollars in billions)	Contract/ Notional (1)		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total
Interest rate contracts
Swaps	$	21,163.5	$	75.5	$	5.1	$	80.6	$	70.5	$	7.4	$	77.9
Futures and forwards	4,279.5		3.9		—		3.9		3.2		—		3.2
Written options (2)	2,138.2		—		—		—		26.4		—		26.4
Purchased options (3)	2,008.5		28.3		—		28.3		—		—		—
Foreign exchange contracts
Swaps	2,852.1		41.4		0.1		41.5		35.4		0.2		35.6
Spot, futures and forwards	4,643.0		33.1		0.2		33.3		33.5		0.2		33.7
Written options (2)	623.7		—		—		—		8.2		—		8.2
Purchased options (3)	576.3		8.0		—		8.0		—		—		—
Equity contracts
Swaps	736.3		16.8		—		16.8		21.5		—		21.5
Futures and forwards	147.8		2.2		—		2.2		2.1		—		2.1
Written options (2)	903.2		—		—		—		67.1		—		67.1
Purchased options (3)	859.7		60.1		—		60.1		—		—		—
Commodity contracts
Swaps	70.3		2.9		—		2.9		5.6		—		5.6
Futures and forwards	156.5		6.3		0.1		6.4		5.2		0.7		5.9
Written options (2)	71.2		—		—		—		3.2		—		3.2
Purchased options (3)	69.8		3.2		—		3.2		—		—		—
Credit derivatives (4)
Purchased credit derivatives:
Credit default swaps	475.9		1.5		—		1.5		3.8		—		3.8
Total return swaps/options	100.5		0.4		—		0.4		0.4		—		0.4
Written credit derivatives:
Credit default swaps	442.9		2.6		—		2.6		1.5		—		1.5
Total return swaps/options	103.8		0.5		—		0.5		1.5		—		1.5
Gross derivative assets/liabilities			$	286.7	$	5.5	$	292.2	$	289.1	$	8.5	$	297.6
Less: Legally enforceable master netting agreements							(224.1)						(224.1)
Less: Cash collateral received/paid							(27.2)						(31.4)
Total derivative assets/liabilities							$	40.9					$	42.1

(1)Represents the total contract/notional amount of derivative assets and liabilities outstanding.

(2)Includes certain out-of-the-money purchased options that have a liability amount primarily due to the deferral of option premiums to the end of the contract.

(3)Includes certain out-of-the-money written options that have an asset amount primarily due to the deferral of option premiums to the end of the contract.

(4)The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $1.0 billion and $421.3 billion, respectively, at December 31, 2025.

Gains and Losses on Derivatives and Hedged Items Designated in Fair Value Hedges

The table below summarizes information related to fair value hedges for the three months ended March 31, 2026 and 2025.



Gains and Losses on Derivatives and Hedged Items Designated in Fair Value Hedges

	Three Months Ended March 31
	2026				2025
(Dollars in millions)	Derivative		Hedged Item		Derivative		Hedged Item

Interest rate risk on long-term debt (1)	$	(994)	$	1,008	$	2,476	$	(2,480)
Interest rate and foreign currency risk (2)	79		(82)		(202)		202
Interest rate risk on available-for-sale securities (3)	1,381		(1,419)		(3,227)		3,178
Price risk on commodity inventory (4)	113		(113)		(1,097)		1,097
Total	$	579	$	(606)	$	(2,050)	$	1,997

(1)Amounts are recorded in interest expense in the Consolidated Statement of Income.

(2)Represents cross-currency interest rate swaps related to available-for-sale debt securities and long-term debt. For the three months ended March 31, 2026 and 2025, the derivative amount includes gains (losses) of $2 million and $9 million in interest income, $81 million and $(210) million in market making and similar activities, and $(4) million and $(1) million in accumulated other comprehensive income (OCI). Line item totals are in the Consolidated Statement of Income and on the Consolidated Balance Sheet.

(3)Amounts are recorded in interest income in the Consolidated Statement of Income.

(4)Amounts are recorded in market making and similar activities in the Consolidated Statement of Income.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The table below summarizes the carrying value of hedged assets and liabilities that are designated in fair value hedging relationships, along with the cumulative amount of gains and losses on the hedged assets and liabilities that are included in their carrying value. There is no impact to earnings for the cumulative amount of these fair value hedging adjustments as long as the hedging relationships remain open through the

hedged period. Instead, the open hedges have the effect of synthetically converting the hedged assets and liabilities into variable-rate instruments. If an open hedge is de-designated prior to the derivative’s maturity, any cumulative fair value adjustments at the de-designation date are then amortized or accreted into earnings over the remaining life of the hedged assets or liabilities.



Designated Fair Value Hedged Assets and Liabilities

	March 31, 2026				December 31, 2025
(Dollars in millions)	Carrying Value		Cumulative Fair Value Adjustments (1)		Carrying Value		Cumulative Fair Value Adjustments (1)

Long-term debt	$	178,723	$	(1,798)	$	175,694	$	(792)
Available-for-sale debt securities (2, 3)	203,231		(1,481)		236,303		146
Trading account assets (4)	8,139		37		12,170		294

(1)Increase (decrease) to carrying value.

(2)These amounts include the amortized cost of the financial assets in closed portfolios used to designate hedging relationships in which the hedged item is a stated layer that is expected to be remaining at the end of the hedging relationship (i.e. portfolio layer hedging relationship). At March 31, 2026 and December 31, 2025, the amortized cost of the closed portfolios used in these hedging relationships was $46.1 billion and $35.8 billion, of which $26.6 billion and $23.7 billion were designated in a portfolio layer hedging relationship. At March 31, 2026 and December 31, 2025, the cumulative adjustment associated with these hedging relationships was a decrease of $193 million and $46 million.

(3)Carrying value represents amortized cost.

(4)Represents hedging activities related to certain commodities inventory.

Cash Flow and Net Investment Hedges

The table below summarizes certain information related to cash flow hedges and net investment hedges for the three months ended March 31, 2026 and 2025. Of the $2.6 billion after-tax net loss ($3.5 billion pretax) on derivatives in accumulated OCI

at March 31, 2026, losses of $2.0 billion after-tax ($2.7 billion pretax) related to both open and closed cash flow hedges are expected to be reclassified into earnings in the next 12 months. These net losses reclassified into earnings are expected to primarily decrease net interest income related to the respective hedged items. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately three years. For terminated cash flow hedges, the time period over which the forecasted transactions will be recognized in interest income is approximately two years, with the aggregated amount beyond this time period being insignificant.



Gains and Losses on Derivatives Designated as Cash Flow and Net Investment Hedges

					Three Months Ended March 31
					2026				2025
	Gains (Losses) Recognized in Accumulated OCI on Derivatives	Gains (Losses) in Income Reclassified from Accumulated OCI	Gains (Losses) Recognized in Accumulated OCI on Derivatives	Gains (Losses) in Income Reclassified from Accumulated OCI
(Dollars in millions, amounts pretax)
Cash flow hedges
Interest rate risk on variable-rate portfolios (1)					$	(1,193)	$	(375)	$	1,361	$	(393)
Price risk on forecasted MBS purchases (1)					—		(2)		—		(2)
Price risk on certain compensation plans (2)					—		5		1		7
Total					$	(1,193)	$	(372)	$	1,362	$	(388)
Net investment hedges
Foreign exchange risk (3)					$	677	$	4	$	(952)	$	—

(1)Amounts reclassified from accumulated OCI are recorded in interest income and market making and similar activities in the Consolidated Statement of Income.

(2)Amounts reclassified from accumulated OCI are recorded in compensation and benefits expense in the Consolidated Statement of Income.

(3)Amounts reclassified from accumulated OCI are recorded in other income in the Consolidated Statement of Income. For the three months ended March 31, 2026 and 2025, amounts excluded from effectiveness testing and recognized in market making and similar activities were gains of $38 million and $2 million.

Other Risk Management Derivatives

The table below presents gains (losses) on these derivatives for the three months ended March 31, 2026 and 2025. These gains (losses) are largely offset by the income or expense recorded on the hedged item.



Gains and Losses on Other Risk Management Derivatives

	Three Months Ended March 31
(Dollars in millions)	2026		2025
Interest rate risk on mortgage activities (1, 2)	$	—	$	28
Credit risk on loans (2)	1		1
Interest rate and foreign currency risk on asset and liability management activities (3)	(12)		(782)
Price risk on certain compensation plans (4)	(174)		(196)

(1)Includes hedges of interest rate risk on mortgage servicing rights (MSRs) and interest rate lock commitments (IRLCs) to originate mortgage loans that will be held for sale.

(2)Gains (losses) on these derivatives are recorded in other income.

(3)Gains (losses) on these derivatives are recorded in market making and similar activities.

(4)Gains (losses) on these derivatives are recorded in compensation and benefits expense.

Schedule of Derivative Instruments Included in Trading Activities

The table below, which includes both derivatives and non-derivative cash instruments, identifies the amounts in the respective income statement line items attributable to the Corporation’s sales and trading revenue in Global Markets, categorized by primary risk, for the three months ended March 31, 2026 and 2025. This table includes debit valuation adjustment (DVA) and funding valuation adjustment (FVA) gains (losses). Global Markets results in Note 17 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The table below is not presented on an FTE basis.



Sales and Trading Revenue

	Market making and similar activities		Net Interest Income		Other (1)		Total
(Dollars in millions)	Three Months Ended March 31, 2026
Interest rate risk	$	243	$	978	$	151	$	1,372
Foreign exchange risk	533		4		(4)		533
Equity risk	2,265		(83)		666		2,848
Credit risk	428		753		65		1,246
Other risk (2)	244		(12)		(18)		214
Total sales and trading revenue	$	3,713	$	1,640	$	860	$	6,213

	Three Months Ended March 31, 2025
Interest rate risk	$	500	$	655	$	120	$	1,275
Foreign exchange risk	540		17		11		568
Equity risk	1,977		(342)		549		2,184
Credit risk	431		689		281		1,401
Other risk (2)	174		(23)		8		159
Total sales and trading revenue	$	3,622	$	996	$	969	$	5,587

(1)Represents amounts in investment and brokerage services and other income that are recorded in Global Markets and included in the definition of sales and trading revenue. Includes investment and brokerage services revenue of $760 million and $626 million for the three months ended March 31, 2026 and 2025.

(2)Includes commodity risk.

Disclosure of Credit Derivatives



Credit Derivative Instruments

	Less than One Year		One to Three Years		Three to Five Years		Over Five Years		Total
	March 31, 2026
(Dollars in millions)	Carrying Value
Credit default swaps:
Investment grade	$	—	$	—	$	21	$	48	$	69
Non-investment grade	33		572		597		429		1,631
Total	33		572		618		477		1,700
Total return swaps/options:
Investment grade	195		1		—		—		196
Non-investment grade	1,096		659		65		1		1,821
Total	1,291		660		65		1		2,017
Total credit derivatives	$	1,324	$	1,232	$	683	$	478	$	3,717
Credit-related notes:
Investment grade	$	—	$	—	$	—	$	675	$	675
Non-investment grade	1		9		32		1,277		1,319
Total credit-related notes	$	1	$	9	$	32	$	1,952	$	1,994
	Maximum Payout/Notional
Credit default swaps:
Investment grade	$	49,109	$	100,702	$	230,590	$	59,367	$	439,768
Non-investment grade	16,456		36,199		72,879		16,914		142,448
Total	65,565		136,901		303,469		76,281		582,216
Total return swaps/options:
Investment grade	128,850		1,432		1,386		622		132,290
Non-investment grade	41,344		3,488		378		534		45,744
Total	170,194		4,920		1,764		1,156		178,034
Total credit derivatives	$	235,759	$	141,821	$	305,233	$	77,437	$	760,250

	December 31, 2025
	Carrying Value
Credit default swaps:
Investment grade	$	—	$	—	$	7	$	34	$	41
Non-investment grade	60		532		418		403		1,413
Total	60		532		425		437		1,454
Total return swaps/options:
Investment grade	88		2		—		—		90
Non-investment grade	1,258		89		74		1		1,422
Total	1,346		91		74		1		1,512
Total credit derivatives	$	1,406	$	623	$	499	$	438	$	2,966
Credit-related notes:
Investment grade	$	—	$	—	$	3	$	970	$	973
Non-investment grade	—		4		26		1,136		1,166
Total credit-related notes	$	—	$	4	$	29	$	2,106	$	2,139
	Maximum Payout/Notional
Credit default swaps:
Investment grade	$	48,636	$	100,059	$	168,131	$	22,048	$	338,874
Non-investment grade	15,434		35,286		49,913		3,372		104,005
Total	64,070		135,345		218,044		25,420		442,879
Total return swaps/options:
Investment grade	61,269		1,507		1,419		352		64,547
Non-investment grade	35,318		2,877		516		520		39,231
Total	96,587		4,384		1,935		872		103,778
Total credit derivatives	$	160,657	$	139,729	$	219,979	$	26,292	$	546,657

Additional Collateral Required to be Posted Upon Downgrade

The following table presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at March 31, 2026 if the rating agencies had downgraded their long-term senior debt ratings for the Corporation or certain subsidiaries by one incremental notch and by an additional second incremental notch. The table also presents derivative liabilities that would be subject to unilateral termination by counterparties upon downgrade of the Corporation's or certain subsidiaries’ long-term senior debt ratings.



Additional Collateral Required to be Posted and Derivative Liabilities Subject to Unilateral Termination Upon Downgrade at March 31, 2026

(Dollars in millions)	One Incremental Notch		Second Incremental Notch
Additional collateral required to be posted upon downgrade
Bank of America Corporation	$	110	$	1,502
Bank of America, N.A. and subsidiaries (1)	50		1,360

Derivative liabilities subject to unilateral termination upon downgrade
Derivative liabilities	$	21	$	161
Collateral posted	13		147

(1)Included in Bank of America Corporation collateral requirements in this table.

Derivative Liability Subject to Unilateral Termination Upon Downgrade



Additional Collateral Required to be Posted and Derivative Liabilities Subject to Unilateral Termination Upon Downgrade at March 31, 2026

(Dollars in millions)	One Incremental Notch		Second Incremental Notch
Additional collateral required to be posted upon downgrade
Bank of America Corporation	$	110	$	1,502
Bank of America, N.A. and subsidiaries (1)	50		1,360

Derivative liabilities subject to unilateral termination upon downgrade
Derivative liabilities	$	21	$	161
Collateral posted	13		147

(1)Included in Bank of America Corporation collateral requirements in this table.

Valuation Adjustments on Derivatives

The table below presents credit valuation adjustment (CVA), DVA and FVA gains (losses) on derivatives (excluding the effect of any related hedge activities), which are recorded in market making and similar activities, for the three months ended March 31, 2026 and 2025. For more information on the valuation adjustments on derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2025 Annual Report on Form 10-K.



Valuation Adjustments Gains (Losses) on Derivatives (1)

	Three Months Ended March 31
(Dollars in millions)	2026		2025
Derivative assets (CVA)	$	(76)	$	(25)
Derivative assets/liabilities (FVA)	12		(15)
Derivative liabilities (DVA)	93		27

(1)At March 31, 2026 and December 31, 2025, cumulative CVA reduced the derivative assets balance by $412 million and $336 million, cumulative FVA reduced the net derivative balance by $104 million and $116 million and cumulative DVA reduced the derivative liabilities balance by $363 million and $270 million.

Derivative

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Offsetting Assets

The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at March 31, 2026 and December 31, 2025 by primary risk (e.g., interest rate risk) and the platform, where applicable,

on which these derivatives are transacted. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total gross derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements, which include reducing the balance for counterparty netting and cash collateral received or paid.

For more information on offsetting of securities financing agreements, see Note 9 – Securities Financing Agreements, Collateral and Restricted Cash.



Offsetting of Derivatives (1)

	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
(Dollars in billions)	March 31, 2026				December 31, 2025
Interest rate contracts
Over-the-counter	$	106.1	$	97.5	$	106.2	$	100.0
Exchange-traded	0.1		0.1		—		—
Over-the-counter cleared	9.0		8.7		6.3		5.9
Foreign exchange contracts
Over-the-counter	103.4		93.5		80.4		75.3
Over-the-counter cleared	3.6		3.8		1.2		1.3
Equity contracts
Over-the-counter	40.6		47.9		31.3		43.8
Exchange-traded	47.6		48.4		46.8		45.1
Commodity contracts
Over-the-counter	12.9		16.0		9.9		11.8
Exchange-traded	5.4		4.3		1.6		1.7
Over-the-counter cleared	0.2		0.2		0.3		0.4
Credit derivatives
Over-the-counter	5.1		7.4		4.9		7.1

Total gross derivative assets/liabilities, before netting
Over-the-counter	268.1		262.3		232.7		238.0
Exchange-traded	53.1		52.8		48.4		46.8
Over-the-counter cleared	12.8		12.7		7.8		7.6
Less: Legally enforceable master netting agreements and cash collateral received/paid
Over-the-counter	(228.8)		(228.4)		(199.2)		(203.9)
Exchange-traded	(48.9)		(48.9)		(44.5)		(44.5)
Over-the-counter cleared	(12.4)		(11.8)		(7.6)		(7.1)
Derivative assets/liabilities, after netting	43.9		38.7		37.6		36.9
Other gross derivative assets/liabilities (2)	4.4		5.2		3.3		5.2
Total derivative assets/liabilities	48.3		43.9		40.9		42.1
Less: Financial instruments collateral (3)	(22.3)		(15.3)		(20.5)		(16.7)
Total net derivative assets/liabilities	$	26.0	$	28.6	$	20.4	$	25.4

(1)Over-the-counter (OTC) derivatives include bilateral transactions between the Corporation and a particular counterparty. Over-the-counter cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Exchange-traded derivatives include listed options transacted on an exchange.

(2)Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries.

(3)Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities.

Offsetting Liabilities

For more information on offsetting of securities financing agreements, see Note 9 – Securities Financing Agreements, Collateral and Restricted Cash.



Offsetting of Derivatives (1)

	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
(Dollars in billions)	March 31, 2026				December 31, 2025
Interest rate contracts
Over-the-counter	$	106.1	$	97.5	$	106.2	$	100.0
Exchange-traded	0.1		0.1		—		—
Over-the-counter cleared	9.0		8.7		6.3		5.9
Foreign exchange contracts
Over-the-counter	103.4		93.5		80.4		75.3
Over-the-counter cleared	3.6		3.8		1.2		1.3
Equity contracts
Over-the-counter	40.6		47.9		31.3		43.8
Exchange-traded	47.6		48.4		46.8		45.1
Commodity contracts
Over-the-counter	12.9		16.0		9.9		11.8
Exchange-traded	5.4		4.3		1.6		1.7
Over-the-counter cleared	0.2		0.2		0.3		0.4
Credit derivatives
Over-the-counter	5.1		7.4		4.9		7.1

Total gross derivative assets/liabilities, before netting
Over-the-counter	268.1		262.3		232.7		238.0
Exchange-traded	53.1		52.8		48.4		46.8
Over-the-counter cleared	12.8		12.7		7.8		7.6
Less: Legally enforceable master netting agreements and cash collateral received/paid
Over-the-counter	(228.8)		(228.4)		(199.2)		(203.9)
Exchange-traded	(48.9)		(48.9)		(44.5)		(44.5)
Over-the-counter cleared	(12.4)		(11.8)		(7.6)		(7.1)
Derivative assets/liabilities, after netting	43.9		38.7		37.6		36.9
Other gross derivative assets/liabilities (2)	4.4		5.2		3.3		5.2
Total derivative assets/liabilities	48.3		43.9		40.9		42.1
Less: Financial instruments collateral (3)	(22.3)		(15.3)		(20.5)		(16.7)
Total net derivative assets/liabilities	$	26.0	$	28.6	$	20.4	$	25.4

(2)Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries.