Good morning. The top federal prosecutor in New York announced a new voluntary self-disclosure program for financial crimes, offering a “fast track” to avoid prosecution for companies that report their own misconduct before the government catches up to them.

The U.S. Attorney’s Office for the Southern District of New York, an office that often prosecutes some of the country’s biggest white-collar cases, announced the new policy Tuesday and said the program aims to provide companies with more certainty and speed in exchange for their cooperation in rooting out financial fraud and market manipulation.

• Program details: Under the new rules, eligible companies that self-report qualifying crimes, fully cooperate, commit to ongoing reporting of criminal conduct for three years and remediate the harm can receive a conditional declination letter within weeks of their disclosure. The letter will serve as a preliminary response that the government won’t bring criminal charges.
   
• Qualifications: To qualify for a declination, companies must meet several requirements, the SDNY said. The disclosure must be voluntary, meaning it can’t be in response to a government inquiry or a pre-existing reporting obligation. Companies must also provide restitution to victims, disgorge any ill-gotten gains and commit to ongoing reporting of any further criminal conduct for three years.
   
• Alignment of corporate fiduciary duties with law enforcement goals: “When companies do the right thing—report quickly, cooperate fully and remediate harm—they should know where they stand,” Jay Clayton, U.S. attorney for the Southern District, said in a statement. 

Kalshi fines former gubernatorial candidate, MrBeast employee on prediction wagers.

A former California gubernatorial candidate and a video editor for YouTube streamer MrBeast were fined by Kalshi for violating its rules for making prediction-market wagers on its platform.

Their fines were the first disciplinary actions to be disclosed publicly by Kalshi, the company said. Kalshi prohibits candidates in a political race from making bets in markets related to their own elections, as well as those employed by political-action committees.

U.S. export controls enforcer seeks increased penalties.

The U.S. Commerce Department’s head of export controls enforcement asked Congress to pass laws increasing financial penalties for export control violations and to double the statute of limitations to give his staff more time to investigate such matters, Risk Journal’s Max Fillion reports.

Congress should pass laws extending the statute of limitations for violating U.S. controls on shipments of sensitive technology to foreign adversaries from five years to 10, and raise the maximum penalty for the offenses to up to four times the value of a violating transaction, Bureau of Industry and Security Assistant Secretary for Export Enforcement David Peters told a House Foreign Affairs subcommittee on Tuesday.

• Pharmaceutical company Dr. Reddy’s Laboratories said it is no longer the target of a Foreign Corrupt Practices Act probe by the U.S. Securities and Exchange Commission.
   
• Recent reports to investors show companies are monitoring a new host of climate risks this year, including weather trends and lawsuits.
   
• The European Council has given approval to a package of measures aimed at scaling back its flagship corporate sustainability regulations to keep European companies competitive, Risk Journal reports.
   
• Spanish antitrust officials said Apple and Amazon.com had failed to quickly comply with an order to change contract clauses linked with Amazon’s role as a reseller of Apple products, ramping up pressure on the tech giants in a yearslong case.
   
• Former Venezuelan Maj. Gen. Cliver Alcalá and another former top official accused of conspiring with Nicolás Maduro to traffic vast amounts of cocaine into the U.S. view the capture and potential criminal trial of Maduro as a golden opportunity to assist the U.S. government in its prosecution of the ousted president—and, in turn, help themselves.

U.K. delays controversial deal linked to U.S. military base after Trump criticism.

The U.K. is holding up a controversial deal to give up sovereignty over a handful of islands in the Indian Ocean that host a key U.S. military base after President Trump criticized the plan.

The deal to hand over the Chagos Islands, which host the Diego Garcia military base, to Mauritius won’t continue to go through Parliament until the government consults with the Trump administration, U.K. officials said on Wednesday.

• It was a lateral move for Kim Jong Un, merely retaining his spot atop North Korea’s ruling Workers’ Party. But the appointment won lavish praise in the regime’s largest newspaper on Wednesday. 
   
• Four people on a U.S.-registered speedboat were shot and killed, and six others were injured, after being intercepted in Cuban waters on Wednesday morning by the country’s border guard, Cuba’s Interior Ministry said.
   
• Kansas City Fed President Jeff Schmid continued to express his concerns about inflation on Wednesday.

Join us in New York on March 4 for the Dow Jones Risk Journal Summit. Speakers include Kaitlin Asrow, acting superintendent of the New York Department of Financial Services; Erika Brown Lee, head of global data privacy legal, Citi; Beth Collins, chief compliance officer, Walmart; Indrani Franchini, chief compliance officer, IBM; and Kevin O’Connor, general counsel, Lockheed Martin.

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• President Trump told a national audience on Tuesday that he had unleashed a new age of economic prosperity. One thing he didn’t say: I feel your pain.
   
• The Trump administration told Congress it won’t share with lawmakers the classified intelligence that led to a whistleblower complaint against U.S. spy chief Tulsi Gabbard, citing presidential claims of executive privilege.
   
• Former Harvard University President Larry Summers is resigning from his teaching and leadership positions at the university, in the latest fallout from his association with convicted sex offender Jeffrey Epstein.
   
• Blue Owl, a private-credit juggernaut, said last week it was selling $1.4 billion in loans to give money back to investors in certain older funds and ending quarterly redemptions for one of them. The firm thought the announcement would be viewed positively. Instead, its shares and those of other private-credit lenders slid.

Follow us on X at @WSJRisk. Send tips to our reporters Max Fillion at max.fillion@dowjones.com, Mengqi Sun at mengqi.sun@wsj.com and Richard Vanderford at richard.vanderford@wsj.com.

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