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3181134 gc May 21, 2026 prandeo Serbia Serbia Gaming Authority - Regulations gamblingcompliance
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Serbia Gaming Authority Establishes Technical Requirements for Casino Information and Communication Systems

On May 21, 2026, Serbia's Gaming Authority published a regulation prescribing detailed technical and functional characteristics for information and communication systems (ICS) used to organize special games of chance in casinos. The regulation, published in the Official Gazette of the Republic of Serbia (No. 47/2026), establishes mandatory requirements for casino operators and sets out procedures for system testing, data storage, and real-time reporting to the Games of Chance Administration. The regulation requires casino operators to implement ICS software that enables secure electronic data exchange with the Administration's software solution for real-time supervision. Key technical requirements include: system capacity and availability standards; precise record-keeping on chip and money calculations per table; protection mechanisms against unauthorized access and data loss; and secure API protocols using unique secret keys for transaction authorization. The ICS must contain a module calculating and monitoring transactions for individual tables and aggregate casino totals, tracking opening balances, chip replenishment, returns, closures, and end-of-day results using a specified formula. Testing and compliance verification must be conducted by a laboratory authorized by the Minister of Finance, which issues compliance certificates before systems enter operation. Operators bear all testing costs and must submit supplementary certificates for any system modifications. Operators must retain all transaction data for at least ten years in accordance with anti-money laundering and counter-terrorism financing regulations, with archived data available for submission within five days upon Administration request. Data exchange occurs via broadband, cable, or optical technology using static IP addresses with minimum transmission speeds of 50 megabits per second. Operators must establish virtual private networks (VPN), designate two authorized reporting representatives, and ensure real-time transaction transmission with backup data storage systems. Monthly reports must be submitted electronically by the fifth day of each month. The regulation enters into force eight days after publication in the Official Gazette.

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Regulation on casino information and communication systems published in the Serbian official gazette

On May 21, 2026, the Regulation on the Information and Communication System (ICS) for the Organisation of Special Games of Chance in Casinos was published in the Serbian Official Gazette. The regulation establishes detailed technical and functional requirements for information and communication systems used by casino operators, together with rules on system testing, certification, data retention and electronic data exchange with the Games of Chance Administration for real-time supervision purposes. Casino operators are required to implement systems capable of securely storing, archiving and exchanging operational data electronically with the Administration. The regulation requires ICS systems to support secure communication channels, transaction monitoring and controls for cash and chip balances at gaming tables. Systems must include modules capable of recording table opening and closing transactions, chip replenishments and returns, and daily table and casino-wide financial results. Testing and certification of the systems must be carried out by laboratories authorised by the Minister of Finance. Operators are required to obtain certification before systems can be used and submit supplementary certificates where changes are made to system characteristics. Operators must retain all transaction records for at least ten years in accordance with anti-money laundering requirements and ensure the integrity of transaction data in cases of communication failures. Monthly electronic reports must also be submitted to the Games of Chance Administration by the fifth day of each month. The regulation enters into force on the eighth day following publication in the official gazette.
3172813 pc May 21, 2026 rghosh Abu Dhabi Abu Dhabi Global Market (ADGM) financial services
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Abu Dhabi Global Market Enacts Amendments to Financial Services and Markets Regulations

On May 21, 2026, the Abu Dhabi Global Market (ADGM) published amendments to its Financial Services and Markets Regulations following approval by the ADGM Board of Directors on May 19, 2026. The Financial Services and Markets (Amendment No. 1) Regulations 2026 represent enhancements to the anti-money laundering (AML) framework governing financial services operations within the ADGM. The amendments strengthen the AML compliance requirements applicable to financial services firms operating in the ADGM jurisdiction. These regulatory enhancements aim to reinforce the ADGM's commitment to combating financial crime and ensuring robust anti-money laundering controls across the financial services sector. The updated framework applies to all financial services and markets participants licensed or regulated by the ADGM's Financial Services Regulatory Authority (FSRA), including banks, investment firms, money services businesses, and other regulated entities operating within the jurisdiction. The amendments came into effect on publication on May 21, 2026. Financial services firms operating within the ADGM must ensure compliance with the updated AML requirements outlined in the Financial Services and Markets (Amendment No. 1) Regulations 2026. Firms should review the amended regulations in detail to understand the specific compliance obligations and implement any necessary changes to their AML policies, procedures, and control systems. The FSRA may provide further guidance or implementation timelines for specific provisions as needed. REFERENCES: Abu Dhabi Global Market Rulebook: 21 May – Amendments to FSRA Regulations (Enhancements to AML Framework)

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Abu Dhabi Global Market Enacts Amendments to Financial Services and Markets Regulations

On May 21, 2026, the Abu Dhabi Global Market (ADGM) published amendments to its Financial Services and Markets Regulations following approval by the ADGM Board of Directors on May 19, 2026. The Financial Services and Markets (Amendment No. 1) Regulations 2026 represent enhancements to the anti-money laundering (AML) framework governing financial services operations within the ADGM. The amendments strengthen the AML compliance requirements applicable to financial services firms operating in the ADGM jurisdiction. The updated framework applies to all financial services and markets participants licensed or regulated by the ADGM's Financial Services Regulatory Authority (FSRA), including banks, investment firms, money services businesses, and other regulated entities operating within the jurisdiction. Key provisions include: Regulatory Oversight : The Regulator is designated as the primary Supervisory Authority for anti-money laundering (AML) in the ADGM, overseeing all "Relevant Persons" except Legal Professionals. Federal Law Alignment : The amendments expand the definition of money laundering to include terrorist financing, proliferation financing, and sanctions non-compliance to align ADGM with updated UAE Federal AML laws from 2025. Strict DNFBP Restrictions : Designated Non-Financial Businesses or Professions (DNFBPs) are prohibited from operating without mandatory registration, which the Regulator can suspend or withdraw for non-compliance, insolvency, or inactivity. Power Delegation : The Regulator is empowered to delegate its supervisory, registration, and enforcement powers over DNFBPs directly to the ADGM Registrar of Companies. Cross-Border Cooperation : The Regulator can share confidential information and exercise its own investigative powers to assist non-ADGM financial regulators and law enforcement agencies in combatting financial crime The amendments came into effect on publication on May 21, 2026. Financial services firms operating within the ADGM must ensure compliance with the updated AML requirements outlined in the Financial Services and Markets (Amendment No. 1) Regulations 2026. Firms should review the amended regulations in detail to understand the specific compliance obligations and implement any necessary changes to their AML policies, procedures, and control systems. The FSRA may provide further guidance or implementation timelines for specific provisions as needed.
3160941 pc May 21, 2026 kgurnani Australia Federal Register of Legislation horizon scanning
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Australia's Treasury Department Authorises Banking Prudential Standard Determination No. 5 of 2026

On May 18, 2026, the Department of the Treasury authorised Banking (prudential standard) determination No. 5 of 2026 under the Banking Act 1959. The determination establishes prudential standards applicable to banking institutions operating in Australia. Prudential standard determinations form part of Australia's regulatory framework for maintaining the safety and soundness of the banking system. These determinations set out specific requirements that authorised deposit-taking institutions must comply with to ensure financial stability and protect depositors. The determination came into force on May 18, 2026, and is administered by the Department of the Treasury. The legislative instrument (F2026L00590) is available on the Federal Register of Legislation, where stakeholders can access the full text of the determination and any accompanying explanatory statement detailing the rationale and scope of the prudential standards established. REFERENCES: Federal Register of Legislation. Banking (prudential standard) determination No. 5 of 2026. Available at: https://www.legislation.gov.au/

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Australia's Treasury Department Authorises Banking Prudential Standard Determination No. 5 of 2026

On May 18, 2026, the Department of the Treasury authorised Banking (prudential standard) determination No. 5 of 2026 under the Banking Act 1959. The prudential standard is focused on managing contagion risk, conflicts of interest, and step-in risk arising from an Authorised Deposit-Taking Instrument's (ADI) relationships with related entities, subsidiaries, affiliates, funds management vehicles, and group operations. Key requirements include: ADIs must maintain Board-approved policies governing dealings with related entities, with annual reviews to ensure they remain appropriate for the institution’s risk profile and group structure. Institutions must identify, monitor, manage, and control contagion risks arising from: complex group structures; operational interdependence; reputational linkages; shared branding; and participation in group operations. Dealings with related entities must generally occur on an arm’s-length and market-terms basis. ADIs are prohibited from maintaining unlimited exposures or entering into cross-default arrangements with related entities. APRA may impose: higher capital requirements; additional controls; or risk reduction measures where it believes contagion risk is excessive or systems and controls are inadequate. The standard also introduces detailed requirements around “step-in risk”, situations where an ADI may feel compelled to support another entity beyond any legal obligation due to reputational or operational concerns. ADIs must assess factors such as sponsorship arrangements, shared branding, liquidity dependencies, and historical support practices.
3160935 pc May 21, 2026 kgurnani Australia Federal Register of Legislation horizon scanning
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Australia's Treasury Department Implements Banking Prudential Standard Determination No. 1 of 2026

On May 18, 2026, the Department of the Treasury administered Banking (prudential standard) determination No. 1 of 2026, which came into force on the same date. The determination represents an update to Australia's prudential regulatory framework governing banking institutions. The Banking (prudential standard) determination No. 1 of 2026 establishes requirements that banks must meet to maintain prudential soundness and stability. Prudential standards are regulatory requirements designed to ensure that authorised deposit-taking institutions operate with adequate capital, liquidity, and risk management systems. This determination applies to all banks and authorised deposit-taking institutions regulated under the Banking Act 1959, including major banks, regional banks, and other financial institutions holding banking authorisation in Australia. The determination sets out specific prudential obligations that institutions must comply with to maintain their authorisation and protect depositors and the financial system. These standards typically address capital adequacy, liquidity management, governance arrangements, and risk management frameworks. The determination is administered by the Department of the Treasury and represents part of Australia's broader prudential regulatory regime. The legislative instrument is available on the Federal Register of Legislation under reference F2026L00586. Banks and authorised deposit-taking institutions should review the determination and its explanatory statement to understand their specific obligations under this new prudential standard. Compliance with the determination is mandatory for all regulated institutions from the date it came into force. REFERENCES: Federal Register of Legislation: Banking (prudential standard) determination No. 1 of 2026 https://www.legislation.gov.au/

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Australia's Treasury Department Implements Banking Prudential Standard Determination No. 1 of 2026

On May 18, 2026, the Department of the Treasury administered Banking (prudential standard) determination No. 1 of 2026, which came into force on the same date. The determination represents an update to Australia's prudential regulatory framework governing banking institutions. The Banking (prudential standard) determination No. 1 of 2026 establishes requirements that banks must meet to maintain prudential soundness and stability. Prudential standards are regulatory requirements designed to ensure that authorised deposit-taking institutions operate with adequate capital, liquidity, and risk management systems. This determination applies to all banks and authorised deposit-taking institutions regulated under the Banking Act 1959, including major banks, regional banks, and other financial institutions holding banking authorisation in Australia. The determination sets out specific prudential obligations that institutions must comply with to maintain their authorisation and protect depositors and the financial system. These standards typically address capital adequacy, liquidity management, governance arrangements, and risk management frameworks. The determination is administered by the Department of the Treasury and represents part of Australia's broader prudential regulatory regime. The legislative instrument is available on the Federal Register of Legislation under reference F2026L00586. Banks and authorised deposit-taking institutions should review the determination and its explanatory statement to understand their specific obligations under this new prudential standard. Compliance with the determination is mandatory for all regulated institutions from the date it came into force. REFERENCES: Federal Register of Legislation: Banking (prudential standard) determination No. 1 of 2026 https://www.legislation.gov.au/
3168273 pc May 21, 2026 arahman Ukraine Regulatory Documents financial services
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Ukraine's National Bank Approves Changes to Payment Instrument Issuance and Acquiring Regulations

On May 14, 2026, the National Bank of Ukraine (NBU) Board approved amendments to the Regulations on the Procedure for Issuance and Acquiring of Payment Instruments through Resolution No. 51. The amendments follow two rounds of public consultation. The NBU initiated the first discussion on the changes to the procedure for payment instrument issuance and acquiring in March 2025. A second round of consultation commenced on December 10, 2025, to address additional modifications to the regulations. The updated regulations will govern how payment service providers issue and acquire payment instruments in Ukraine. These changes affect financial institutions and payment service providers operating in the Ukrainian market that issue or acquire payment instruments, including credit institutions, e-money institutions, and other authorised payment service providers. The amendments will enter into force on May 20, 2026. Payment service providers and other relevant market participants should review the updated regulations to ensure compliance with the new requirements. The full text of Resolution No. 51 and the amended regulations are available on the NBU website in PDF and DOCX formats for download and distribution. REFERENCES: National Bank of Ukraine. Resolution of the Board of the National Bank of Ukraine No. 51 of May 14, 2026, "On Approval of Amendments to the Regulations on the Procedure for Issuance and Acquiring of Payment Instruments." Available at: https://www.bank.gov.ua

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Ukraine's National Bank Approves Changes to Payment Instrument Issuance and Acquiring Regulations

On May 14, 2026, the National Bank of Ukraine (NBU) Board approved amendments to the Regulations on the Procedure for Issuance and Acquiring of Payment Instruments through Resolution No. 51. The amendments follow two rounds of public consultation. The NBU initiated the first discussion on the changes to the procedure for payment instrument issuance and acquiring in March 2025. A second round of consultation commenced on December 10, 2025, to address additional modifications to the regulations. The updated regulations will govern how payment service providers issue and acquire payment instruments in Ukraine. These changes affect financial institutions and payment service providers operating in the Ukrainian market that issue or acquire payment instruments, including credit institutions, e-money institutions, and other authorised payment service providers. The amendments will enter into force on May 20, 2026. Payment service providers and other relevant market participants should review the updated regulations to ensure compliance with the new requirements. The full text of Resolution No. 51 and the amended regulations are available on the NBU website in PDF and DOCX formats for download and distribution. REFERENCES: National Bank of Ukraine. Resolution of the Board of the National Bank of Ukraine No. 51 of May 14, 2026, "On Approval of Amendments to the Regulations on the Procedure for Issuance and Acquiring of Payment Instruments." Available at: https://www.bank.gov.ua
3174757 gc May 21, 2026 zbirnbaum Missouri Missouri Gaming Commission gamblingcompliance
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Missouri Gaming Commission Issues Preliminary Disciplinary Order Against United States Playing Card Company

On May 21, 2026, the Missouri Gaming Commission (MGC) issued a preliminary order for disciplinary action against The United States Playing Card Company, a supplier of gaming equipment licensed to provide playing cards to Class B licensees in Missouri. The MGC found that the Company violated Title 11 CSR 45-5.183 by shipping defective playing cards to Century Casino Cape Girardeau. Between October 28, 2025, and January 31, 2026, Missouri State Highway Patrol Sergeant Terry James investigated 72 Card and Dice Discrepancy Reports documenting cards that failed to meet specifications for play. The reports detailed entire decks that were miscut and patterns of certain cards or suits found outside required specifications. On January 3, 2026, Pit Manager Billy Joe Watson contacted the Company regarding miscut cards that prevented the casino from introducing them into play. The Company subsequently issued a credit memo for $443.62 for two cases of cards. Regulation 11 CSR 45-5.183 requires all cards used for gambling games to meet specific standards, including identical size and shape within each deck and identical backs with no markings that would enable identification of card faces. The Company's failure to ensure manufacturing accuracy violated these requirements and sections 313.812 and 313.805 of the Missouri gaming statutes, which empower the MGC to investigate violations and assess administrative penalties against licensees for acts injurious to public health, safety, and the integrity of Missouri's gaming industry. The MGC proposes a fine of $10,000 against The United States Playing Card Company for these violations. The Company may respond to this preliminary order, and the MGC will determine whether to proceed with the proposed penalty following any submissions.

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Missouri regulator proposes $10,000 fine on United States Playing Card Company for supplier violations

On May 21, 2026, the Missouri Gaming Commission (MGC) issued a preliminary order against The United States Playing Card Company (USPCC) for alleged violations pertaining to the supply of gaming equipment. According to the preliminary order, it is alleged that from October 28, 2025 through January 31, 2026 72 Card and Dice Discrepancy Reports (C&D reports) were issued for cards that did not meet requirements for play and were subsequently rejected. The reports documented entire card decks as miscut, whereas other times it appeared that a pattern of certain cards/suits were the only items found to be outside required specifications. As a result of USPCC's alleged failure to ensure accuracy in its manufacturing, the MGC proposed a fine of $10,000.
3166116 pc May 21, 2026 kgurnani Australia Reserve Bank of Australia horizon scanning
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Reserve Bank of Australia Supports Regional ATM Trial Application to Australian Competition Authority

On May 18, 2026, the Reserve Bank of Australia (RBA) submitted its perspective to the Australian Competition and Consumer Commission (ACCC) regarding the Australian Banking Association's (ABA) application for authorisation to conduct a Regional ATM Trial. The RBA, as the sole issuer of banknotes in Australia, supports the trial in principle, which proposes installing or converting 20 ATMs in regional and remote areas over five years with fee-free withdrawal services for all Australian-issued card holders. The RBA emphasises that cash remains a critical component of an inclusive and resilient payment system. According to the 2025 Consumer Payments Survey, approximately 15 percent of consumer payments involve cash, and around one-third of Australians would face hardship if unable to withdraw cash. Access to cash is particularly vulnerable in regional areas, where the average distance to bank-owned ATMs has increased from 9 kilometres in 2019 to 12 kilometres by 2025. In outer regional areas, residents must travel up to 38 kilometres, while those in remote and very remote areas face distances of 94 and 349 kilometres respectively. The number of bank branches has declined by approximately half since 2011, with over one-third of closures occurring in regional and remote Australia since 2017. The RBA identifies several considerations for the trial's success. The availability of deposit functionality is crucial, particularly for businesses requiring cash deposit and withdrawal services. The RBA encourages trial participants to expand multi-bank deposit capabilities at as many locations as practicable. Additionally, the RBA notes that evaluation methods and reporting requirements will be essential to understanding the trial's feasibility and public benefit. The RBA has agreed to serve as an observer on the Regional ATM Trial Coordination Committee and is prepared to support assessment of banknote quality implications throughout the trial period.

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Submission to the ACCC – Australian Banking Association – Application for Authorisation AA1000722-1 – May 2026 | Submissions Payments System

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3173660 pc May 21, 2026 arahman Finland Ministry of Economic Affairs and Employment of Finland horizon scanning
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Finland's Ministry of Economic Affairs and Employment Proposes Digitalization of Financial Statement Reporting

On May 21, 2026, the Ministry of Economic Affairs and Employment of Finland submitted a government proposal to parliament for amendments to the Accounting Act, Commercial Register Act, and Auditing Act to digitalize financial statement reporting. Under the proposed changes, companies would prepare and submit financial statements in digital format to the Patent and Register Office (PRH). Digital financial statements, audit reports, and audit memoranda would become mandatory. The PRH would provide small enterprises with a free conversion tool to transform financial statements into the required digital format. The digitalization initiative aims to enhance transparency of company information, improve data accessibility, and facilitate integration of commercial registers at the European Union level. The changes would significantly expand opportunities for authorities and businesses to utilize financial statement information. The proposal applies to public limited companies and general partnerships and limited partnerships where all liable partners are public limited companies. The initiative implements European Union directives on digital tools and procedures, adhering to minimum standards while avoiding unnecessary regulation. Implementation would occur in phases. Changes would generally apply to financial periods beginning on or after July 1, 2027. However, companies without an obligation to appoint an auditor would not be required to comply until financial periods beginning on or after July 1, 2028. Parliament will now consider the proposal for adoption.

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Finland's Government Proposes Digitalisation of Financial Statement Reporting

On May 21, 2026, the Finnish government submitted a proposal to the parliament on the amendments to the Accounting Act, Commercial Register Act and Auditing Act to digitalise financial statement reporting. Under the proposed changes, companies would prepare and submit financial statements in digital format to the Patent and Register Office (PRH). Digital financial statements, audit reports and audit memoranda would become mandatory. The PRH would provide small enterprises with a free conversion tool to transform financial statements into the required digital format. The digitalisation initiative aims to enhance transparency of company information, improve data accessibility and facilitate integration of commercial registers at the European Union level. The changes would significantly expand opportunities for authorities and businesses to utilise financial statement information. The initiative implements European Union directives on digital tools and procedures, adhering to minimum standards while avoiding unnecessary regulation. Changes would generally apply to financial periods beginning on or after July 1, 2027. However, companies without an obligation to appoint an auditor would not be required to comply until financial periods beginning on or after July 1, 2028. The proposal is still undergoing the legislative process, and Vixio will update this information accordingly.
3174666 pc May 21, 2026 arahman Sweden Swedish Bankers Association horizon scanning
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Swedish Bankers Association Proposes Central Registry to Combat SMS Spoofing Fraud

On May 21, 2026, the Swedish Bankers Association submitted a proposal to the Swedish parliament outlining measures to prevent SMS spoofing fraud. SMS spoofing occurs when fraudsters manipulate sender information to make messages appear to originate from legitimate sources such as banks or government agencies. The association identified organised crime's use of spoofing via telephone and SMS as a persistent and significant societal problem affecting both individuals and businesses. The Swedish Bankers Association proposes establishing a mandatory central registry for SMS senders, requiring companies and organisations to register their sender information. Under this system, telecommunications operators would verify the accuracy of registered information and block SMS messages that fail to meet requirements or are identified as fraudulent. The proposal aims to strengthen consumer protection and increase confidence in SMS as a reliable and secure communication channel in Sweden. The association cited Finland as a leading example in combating SMS spoofing. Finnish authorities have implemented technical solutions and stricter regulations, including the blocking of fraudulent websites, which have resulted in a significant reduction in fraud cases. The Swedish Bankers Association believes a similar approach in Sweden would effectively reduce SMS-based fraud incidents and enhance overall consumer trust in digital communications. The Swedish Bankers Association's formal submission to parliament is available for review. The proposal represents a coordinated effort to address organised criminal activity targeting Swedish citizens and businesses through telecommunications fraud.

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Swedish Bankers Association Proposes Central Registry to Combat SMS Spoofing Fraud

On May 21, 2026, the Swedish Bankers Association submitted a proposal to the Swedish parliament outlining measures to prevent SMS spoofing fraud. The association identified organised crime's use of spoofing via telephone and SMS as a persistent and significant societal problem affecting both individuals and businesses. The Swedish Bankers Association proposes establishing a mandatory central registry for SMS senders, requiring companies and organisations to register their sender information. Under this system, telecommunications operators would verify the accuracy of registered information and block SMS messages that fail to meet requirements or are identified as fraudulent. The proposal aims to strengthen consumer protection and increase confidence in SMS as a reliable and secure communication channel in Sweden. The association cited Finland as a leading example in combating SMS spoofing. Finnish authorities have implemented technical solutions and stricter regulations, including the blocking of fraudulent websites, which have resulted in a significant reduction in fraud cases. The Swedish Bankers Association believes a similar approach in Sweden would effectively reduce SMS-based fraud incidents and enhance overall consumer trust in digital communications. The proposal represents a coordinated effort to address organised criminal activity targeting Swedish citizens and businesses through telecommunications fraud.
3175525 pc May 21, 2026 arahman Slovakia Gazette - National Bank of Slovakia horizon scanning
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Slovakia's National Bank of Slovakia Publishes Methodological Guidance on Suitability Assessment for Bank Officials

On May 21, 2026, the National Bank of Slovakia (NBS) published methodological guidance establishing procedures for assessing and demonstrating the suitability of individuals proposed for or holding key positions in banks, foreign bank branches, financial holding companies, and mixed financial holding companies operating in Slovakia. The guidance specifies requirements for board members, supervisory council members, and individuals in key functions, including chief executives, compliance officers, risk managers, internal auditors, and financial directors. Suitability encompasses trustworthiness (good reputation, honesty, and integrity), professional competence (appropriate knowledge, skills, and experience), independent thinking, adequate time commitment, formal independence for supervisory board members, and collective suitability of governing bodies as a whole. The NBS requires candidates to demonstrate trustworthiness through criminal records checks from Slovakia and relevant foreign jurisdictions, with documents no older than three months. Professional competence requires candidates to hold higher education qualifications, typically in economics, law, or finance, with minimum three years of professional practice and three years of management experience in banking or finance, though candidates with secondary education may substitute seven years of professional experience. The guidance incorporates European Banking Authority (EBA) and European Securities and Markets Authority (ESMA) guidelines on suitability assessments. Supervised entities must conduct internal suitability assessments at least annually and maintain written records documenting evaluations. All new board members and key function holders must receive induction information within one month of appointment, with training completed within six months. The guidance applies to proceedings beginning on or after June 1, 2026, when it enters into force, superseding previous guidance issued October 7, 2024. REFERENCES: National Bank of Slovakia Gazette, Issue 17/2026, May 21, 2026 Methodological Guidance of the Financial Market Supervision Departments of the National Bank of Slovakia No. 3/2026 (April 20, 2026)

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Slovakia Publishes Methodological Guidance on Suitability Assessment for Bank Officials in the Official Gazette

On May 21, 2026, the methodological guidance establishing procedures for assessing and demonstrating the suitability of individuals proposed for or holding key positions in banks was published in the Slovakian official gazette. The guidance specifies requirements for board members, supervisory council members and individuals in key functions, including chief executives, compliance officers, risk managers, internal auditors and financial directors. Suitability encompasses trustworthiness (good reputation, honesty and integrity), professional competence (appropriate knowledge, skills and experience), independent thinking, adequate time commitment, formal independence for supervisory board members and collective suitability of governing bodies as a whole. The National Bank of Slovakia requires candidates to demonstrate trustworthiness through criminal records checks from Slovakia and relevant foreign jurisdictions, with documents no older than three months. Professional competence requires candidates to hold higher education qualifications, typically in economics, law or finance, with a minimum of three years of professional practice and three years of management experience in banking or finance, although candidates with secondary education may substitute seven years of professional experience. Supervised entities must conduct internal suitability assessments at least annually and maintain written records documenting evaluations. This guidance enters into force on June 1, 2026.
3176171 pc May 21, 2026 arahman Ukraine All News - NBU financial services
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Ukraine's National Bank Opposes Proposed Bank Profit Tax Legislation

On May 21, 2026, the National Bank of Ukraine (NBU) published its position opposing a proposed bill that would extend a 50 percent profit tax on banks beyond its original one-time application in 2023. The NBU argues that continuing the elevated tax rate poses significant risks to credit expansion and the banking sector's capacity to support Ukraine's economy during wartime and post-war reconstruction. The central bank contends that the extra tax substantially constrains banks' credit potential, as their ability to expand lending depends on capital reserves, which are currently sustained by profits generated through lending and investments in government bonds. The NBU notes that bank profitability has declined, with return on equity falling to 50 percent in 2025 from 52 percent in 2024 and 59 percent in 2023. The regulator estimates that pursuing 20 billion hryvnia in immediate fiscal revenue would forfeit 200 to 300 billion hryvnia in future lending capacity for the economy. The NBU further contends that the tax's budgetary effectiveness is questionable, as state-owned banks generate half of sector profits and already remit most earnings to the budget as dividends. The central bank argues the elevated tax disproportionately burdens the banking sector, which already faces a 25 percent profit tax rate compared to 18 percent for other sectors, and contributes 68 kopiykas per hryvnia of value added to the state budget—the highest among all economic sectors. The NBU emphasises that extending the tax undermines investor confidence and threatens the privatisation of state-owned banks, which requires reputable long-term investors. The regulator warns that the National Bank's toolkit for mitigating negative capital effects is nearly exhausted, and further measures could jeopardise Ukraine's European Union integration plans.

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National Bank of Ukraine Opposes Proposed Bank Profit Tax Legislation

On May 21, 2026, the National Bank of Ukraine (NBU) published its position opposing a proposed bill that would extend a 50 percent profit tax on banks beyond its original one-time application in 2023. The NBU argues that continuing the elevated tax rate poses significant risks to credit expansion and the banking sector's capacity to support Ukraine's economy during wartime and post-war reconstruction. The central bank contends that the extra tax substantially constrains banks' credit potential, as their ability to expand lending depends on capital reserves, which are currently sustained by profits generated through lending and investments in government bonds. The NBU notes that bank profitability has declined, with return on equity falling to 50 percent in 2025 from 52 percent in 2024 and 59 percent in 2023. The NBU further contends that the tax's budgetary effectiveness is questionable, as state-owned banks generate half of sector profits and already remit most earnings to the budget as dividends. The central bank argues the elevated tax disproportionately burdens the banking sector, which already faces a 25 percent profit tax rate compared to 18 percent for other sectors, and contributes 68 kopiykas per hryvnia of value added to the state budget, the highest among all economic sectors. The regulator warns that the National Bank's toolkit for mitigating negative capital effects is nearly exhausted, and further measures could jeopardise Ukraine's European Union integration plans.
3176172 pc May 21, 2026 arahman Ukraine All News - NBU financial services
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National Bank of Ukraine Consults on Financial Inclusion Regulations

On May 21, 2026, the National Bank of Ukraine launched a consultation on amendments to certain regulatory acts, in regard to the implementation of financial inclusion. The consultation provides for: The introduction of procedures for obtaining a limited banking licence and reissuing an existing banking licence as a limited licence of a financial inclusion bank. Additional requirements for the strategic business plan and internal regulations of a financial inclusion bank. Non-application of the financial inclusion bank requirements for newly established banks regarding increased capital adequacy ratios during the first two years of operation. Integration into the internal control and risk management systems of the bank's financial inclusion activities. Comments and feedback are welcome up until June 1, 2026.
3170710 pc May 21, 2026 tojuri Netherlands Dutch Authority for the Financial Markets financial services
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Dutch Authority for the Financial Markets Calls for T+1 Settlement Readiness Survey Completion

On May 20, 2026, the Dutch Authority for the Financial Markets (AFM) called on market participants to complete two readiness surveys regarding the transition to T+1 settlement cycles. Beginning October 11, 2027, the settlement cycle for securities transactions will shorten from T+2 to T+1, requiring systemic and procedural adjustments across the capital markets chain. The AFM is requesting participation from investment firms, investment institutions, insurers, and pension funds. Two parallel surveys will assess readiness: a national survey conducted by the AFM, with results accessible only to the AFM and the European Securities and Markets Authority (ESMA); and a European survey administered by the EU T+1 Industry Committee (EUIC), with results shared anonymously at an aggregated level. The surveys aim to monitor sector preparation progress and identify areas requiring additional attention before the October 2027 implementation date. The AFM emphasised that broad participation is essential to obtain a comprehensive understanding of T+1 preparation and remaining focus areas. Responses to both surveys must be submitted by June 9, 2026. The AFM has directed market participants to additional resources, including ESMA's dedicated T+1 transition webpage and the EUIC website. The AFM also highlighted the EU T+1 Roadshow event, scheduled for May 26, 2026, in Prague in hybrid format. Registration deadlines for physical attendance and online participation are May 19, 2026, and May 22, 2026, respectively. REFERENCES: Dutch Authority for the Financial Markets (AFM) — https://www.afm.nl/nl-nl/nieuws/2026/mei/oproep-twee-t1-gereedheidsenquetes

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Dutch Authority for the Financial Markets Calls for T+1 Settlement Readiness Survey Completion

On May 20, 2026, the Dutch Authority for the Financial Markets (AFM) called on market participants to complete two readiness surveys regarding the transition to T+1 settlement cycles. Beginning October 11, 2027, the settlement cycle for securities transactions will shorten from T+2 to T+1, requiring systemic and procedural adjustments across the capital markets chain. The AFM is requesting participation from investment firms, investment institutions, insurers and pension funds. Two parallel surveys will assess readiness: a national survey conducted by the AFM, with results accessible only to the AFM and the European Securities and Markets Authority (ESMA); and a European survey administered by the EU T+1 Industry Committee (EUIC), with results shared anonymously at an aggregated level. The surveys aim to monitor progress in sector preparation and identify areas requiring additional attention before the October 2027 implementation date. The AFM emphasised that broad participation is essential to obtain a comprehensive understanding of T+1 preparation and remaining focus areas. Responses to both surveys must be submitted by June 9, 2026.
3171036 pc May 21, 2026 tojuri Cyprus Overview - CySec horizon scanning
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Cyprus Securities and Exchange Commission Reminds Regulated Entities of Updated ESMA Stress Test Guidelines

On May 20, 2026, the Cyprus Securities and Exchange Commission (CySEC) issued Circular No. C779 reminding regulated entities of the European Securities and Markets Authority's (ESMA) updated Guidelines on stress test scenarios under the Money Market Fund (MMF) Regulation. ESMA published the updated Guidelines on March 23, 2026, with reference number ESMA50-481369926-30848, in all official EU languages. This circular replaces CySEC's previous Circular C760, issued on March 13, 2026. The Guidelines establish common reference parameters for stress test scenarios that money market funds and their managers must conduct in accordance with Article 28 of the MMF Regulation. The Guidelines apply to national competent authorities, money market funds, and managers of money market funds. The updated Guidelines apply to Alternative Investment Fund Managers (AIFMs) and UCITS Management Companies registered in Cyprus, including internally managed AIFs and UCITS that meet specified asset-under-management thresholds or have exercised opt-in provisions under relevant Cypriot legislation. Most provisions of the Guidelines apply from dates specified in Articles 44 and 47 of the MMF Regulation. However, provisions highlighted in red within the Guidelines become applicable two months after their publication on ESMA's website in all EU official languages. CySEC urges all regulated entities to which these Guidelines apply to make every effort to comply with the updated requirements. Panikkos Vakkou, Vice-Chairman of CySEC, signed the circular. REFERENCES: Cyprus Securities and Exchange Commission Circular No. C779 (May 20, 2026): https://www.cysec.gov.cy/

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Cyprus Securities and Exchange Commission Reminds Regulated Entities of Updated ESMA Stress Test Guidelines

On May 20, 2026, the Cyprus Securities and Exchange Commission (CySEC) issued Circular No. C779 to remind regulated entities of the European Securities and Markets Authority's (ESMA) updated Guidelines on stress test scenarios under the Money Market Fund (MMF) Regulation ( ESMA50-481369926-30848 ). The guidelines establish common reference parameters for stress test scenarios that money market funds and their managers must conduct in accordance with Article 28 of the MMF Regulation. The guidelines apply to national competent authorities, money market funds and managers of money market funds. CySEC urges all regulated entities to which these guidelines apply to make every effort to comply with the updated requirements. This circular replaces CySEC's previous Circular C760 , issued on March 13, 2026. The guidelines apply from May 26, 2026, two months after their official publication by ESMA.
3169182 pc May 21, 2026 tojuri Switzerland Swiss Financial Market Supervisory Authority FINMA financial services
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Switzerland's Financial Market Supervisory Authority Publishes Risk Distribution Regulation for Banks and Securities Firms

On May 20, 2026, the Swiss Financial Market Supervisory Authority (FINMA) published a new regulation consolidating existing requirements on risk distribution for banks and securities firms. The Regulation of FINMA on Risk Distribution of Banks and Securities Firms (RVV-FINMA) replaces two previous FINMA circulars: Circular 2013/7 on "Limitation of Group-Internal Positions – Banks" and Circular 2019/1 on "Risk Distribution – Banks". This consolidation fulfils the requirement for proportionate regulation under Article 7, Paragraph 1 of the Financial Market Supervision Act (Finanzmarktaufsichtsgesetz). The regulation incorporates minor substantive amendments related to provisions under Basel III final, which entered into force at the level of the Federal Capital Adequacy Regulation on January 1, 2025. FINMA conducted a public consultation on the proposed regulation from July 3, 2025 to September 29, 2025. The consultation process received majority support for the consolidation, with few substantive objections raised. The regulation applies to Swiss banks and securities firms, establishing requirements for managing and distributing risk within their operations and across group entities. The RVV-FINMA enters into force on January 1, 2027. FINMA Circulars 2013/7 and 2019/1 will be repealed simultaneously on the same date. Banks and securities firms should review the regulation and ensure compliance with its requirements ahead of the effective date.

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Switzerland's Financial Market Supervisory Authority Publishes Risk Diversification Ordinance for Banks and Securities Firms

On May 20, 2026, the Swiss Financial Market Supervisory Authority (FINMA) published FINMA Ordinance on risk diversification by banks and investment firms (RVV-FINMA) consolidating existing requirements on risk distribution for banks and securities firms. RVV-FINMA consolidates existing requirements on risk distribution for banks and securities firms and replaces two previous FINMA circulars: Circular 2013/7 on "Limitation of Group-Internal Positions – Banks"; and Circular 2019/1 on "Risk Distribution – Banks". The regulation incorporates minor substantive amendments related to provisions under Basel III, implemented in the Capital Adequacy Ordinance . The new RVV-FINMA regulates the requirements for risk diversification in accordance with the implementing provisions delegated to FINMA in Title IV of the Capital Adequacy Ordinance, specifically concerning the affiliation of counterparties, the upper limit for positions in relation to foreign group companies, the calculation of certain positions in the trading book, risk mitigation and the relief measures for banks in categories 3, 4 and 5 as set out in Annex 3 to the Banking Ordinance . The regulation applies to Swiss banks and securities firms and establishes requirements for managing and distributing risk within their operations and across group entities. The RVV-FINMA enters into force on January 1, 2027. FINMA Circulars 2013/7 and 2019/1 will be repealed simultaneously on the same date. Banks and securities firms should review the regulation and ensure compliance with its requirements ahead of the effective date.
3169176 pc May 21, 2026 tojuri Luxembourg Regulatory Framework - Commission de Surveillance du Secteur Financier financial services
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Luxembourg Financial Services Authority Integrates Updated Money Market Fund Stress Test Guidelines

On May 19, 2026, the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg's financial services regulator, published Circular CSSF 26/911 integrating the 2025 update of the European Securities and Markets Authority (ESMA) Guidelines on stress test scenarios under Article 28 of the Money Market Fund Regulation (MMF Regulation). The circular applies to all money market funds (MMFs) under CSSF supervision and Luxembourg-based MMF managers. The 2025 Guidelines update the calibration of common reference stress test parameters that MMF managers must use when conducting mandatory stress tests. The updated parameters reflect systemic risks identified by ESMA, the European Systemic Risk Board (ESRB), and the European Central Bank (ECB) as of November 2025. The calibration reflects severe adverse scenarios incorporating elevated geopolitical uncertainty, global trade tensions, and multiple conflicts. These conditions drive commodity price increases, supply-chain disruptions, and inflationary pressures, resulting in higher risk-free rates and increased asset price volatility. Key parameter changes include slightly lower shocks to EUR swap rates, higher shocks to USD swap rates reflecting greater US economic uncertainty, slightly higher shocks to government bond spreads, and smaller shocks to bid-ask spreads compared to the 2024 version. The Guidelines specify common reference stress test scenarios across six risk categories: liquidity changes, credit risk changes, interest rate and exchange rate movements, redemption levels, spreads among indexes, and macro-systemic shocks. MMF managers must include stress test results in quarterly reporting to the CSSF using the template specified in Commission Implementing Regulation (EU) 2018/708. Circular CSSF 26/911 enters into force on May 26, 2026, replacing Circular CSSF 25/877. The CSSF expects all entities to apply the 2025 Guidelines for MMF reporting from the reporting date of June 30, 2026 onwards.

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Luxembourg's Commission de Surveillance du Secteur Financier Adopts ESMA’s Guidelines on Money Market Fund Stress Test

On May 19, 2026, the Commission de Surveillance du Secteur Financier (CSSF) published Circular CSSF 26/911 adopting the European Securities and Markets Authority's (ESMA) guidelines on stress scenarios under the Money Market Funds Regulation ( ESMA50-481369926-30848 ). The circular applies to all money market funds (MMFs) under CSSF supervision and Luxembourg-based MMF managers. The ESMA guidelines establish standardised stress test scenarios that money market fund managers must apply to assess the resilience of their funds under adverse market conditions. The guidelines specify common reference stress test scenarios across six risk categories: liquidity changes; credit risk changes; interest rate and exchange rate movements; redemption levels; index spread changes; and macro-systemic shocks. MMF managers must include stress test results in quarterly reporting to the CSSF using the template specified in Commission Implementing Regulation (EU) 2018/708. Circular CSSF 26/911 enters into force on May 26, 2026, replacing Circular CSSF 25/877. The CSSF expects all entities to apply the 2025 guidelines for MMF reporting from the reporting date of June 30, 2026 onwards.
3170085 pc May 21, 2026 adavies Iceland All regulations, laws, and circulars financial services
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Iceland's Central Bank Issues Rules on Insurance Solvency Capital Requirements Through March 2026

On May 20, 2026, the Central Bank of Iceland (Seðlabanki Íslands) issued Regulation 509/2026 establishing rules for calculating insurance debt and core capital adequacy with reference dates from December 31, 2025 to March 30, 2026. The regulation sets out the methodology for calculating solvency capital requirements and core capital (kjarnagjaldþoli) for insurance undertakings operating in Iceland. These calculations determine the minimum capital that insurers must maintain to ensure financial stability and protect policyholders. The regulation applies to all insurance entities subject to the Insurance Business Act (100/2016), establishing uniform standards for solvency assessments during the specified reference period. The regulation provides a standardised framework for insurers to compute their capital requirements, ensuring consistency across the sector and enabling the Central Bank of Iceland to monitor systemic risks within the insurance market. This aligns with international prudential standards for insurance supervision and supports the regulator's oversight function. Insurers must apply these calculation rules for all solvency assessments conducted with reference dates between December 31, 2025 and March 30, 2026. The regulation is effective immediately upon publication and remains in force through the specified reference period. **Reference:** Central Bank of Iceland Regulation 509/2026 on Insurance Solvency Capital and Core Capital Adequacy Calculations

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Iceland's Central Bank Issues Rules on Insurance Solvency Capital Requirements Through March 2026

On May 20, 2026, the Central Bank of Iceland (Seðlabanki Íslands) issued Regulation 509/2026 establishing rules for calculating insurance debt and core capital adequacy with reference dates from December 31, 2025 to March 30, 2026. The regulation sets out the methodology for calculating solvency capital requirements and core capital (kjarnagjaldþoli) for insurance undertakings operating in Iceland. These calculations determine the minimum capital that insurers must maintain to ensure financial stability and protect policyholders. The regulation applies to all insurance entities subject to the Insurance Business Act (100/2016), establishing uniform standards for solvency assessments during the specified reference period. The regulation provides a standardised framework for insurers to compute their capital requirements, ensuring consistency across the sector and enabling the Central Bank of Iceland to monitor systemic risks within the insurance market. This aligns with international prudential standards for insurance supervision and supports the regulator's oversight function. Insurers must apply these calculation rules for all solvency assessments conducted with reference dates between December 31, 2025 and March 30, 2026. The regulation is effective immediately upon publication and remains in force through the specified reference period. **Reference:** Central Bank of Iceland Regulation 509/2026 on Insurance Solvency Capital and Core Capital Adequacy Calculations
3169600 pc May 21, 2026 adavies European Union Finance News - EU Commission financial services
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European Commission Launches Consultation on Markets in Crypto-Assets Regulation Functioning

On May 20, 2026, the European Commission launched a consultation to assess the functioning of the Markets in Crypto-Assets Regulation (MiCA), the EU's harmonised regulatory framework for crypto-assets and related services. MiCA, implemented in 2024, established comprehensive rules covering crypto-assets, asset-referenced tokens, e-money tokens (stablecoins), their issuers, and crypto-asset service providers. The Commission is reviewing whether the current framework remains fit for purpose as digital asset markets and the global regulatory landscape continue to evolve significantly. The consultation seeks stakeholder feedback on MiCA's main building blocks to determine whether updates are necessary in light of market developments and international policy changes. The Commission is conducting two parallel consultations. A public consultation invites feedback from individuals and the general public. A targeted consultation addresses more technical and legal questions for stakeholders including digital asset issuers and service providers, financial institutions, technology providers, academia, think tanks, industry bodies, consumer and public interest organisations, and EU public authorities. The feedback gathered will inform the Commission's future policy work on digital assets and potential regulatory amendments. The consultation period runs until August 31, 2026. Stakeholders can respond to the public consultation and targeted consultation through dedicated online portals on the Commission's website. The Commission will analyse all responses received to assess whether MiCA requires modifications to address emerging market challenges, technological developments, and alignment with evolving international regulatory standards.

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European Commission Launches Consultation on Markets in Crypto-Assets (MiCA) Functioning

On May 20, 2026, the European Commission launched a consultation to assess the functioning of Regulation (EU) 2023/1114 (Markets in Crypto-Assets – MiCA), the EU's harmonised regulatory framework for crypto-assets and related services. MiCA, implemented in 2024, established comprehensive rules covering crypto-assets, asset-referenced tokens, e-money tokens (stablecoins), their issuers and crypto-asset service providers. The commission is reviewing whether the current framework remains fit for purpose as digital asset markets and the global regulatory landscape continue to evolve significantly. The consultation seeks stakeholder feedback on MiCA's main building blocks to determine whether updates are necessary in light of market developments and international policy changes. The commission is conducting two parallel consultations: A public consultation invites feedback from individuals and the general public. A targeted consultation addresses more technical and legal questions for stakeholders including digital asset issuers and service providers, financial institutions, technology providers, academia, think tanks, industry bodies, consumer and public interest organisations and EU public authorities. The feedback gathered will inform the commission's future policy work on digital assets and potential regulatory amendments. The European Commission is seeking feedback on its consultation by August 31, 2026. Feedback on the public consultation may be submitted via this link , whereas feedback on the targeted consultation may be submitted via this link .
3169348 pc May 20, 2026 csoo United Kingdom Financial Conduct Authority financial services
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United Kingdom Financial Conduct Authority Opens Scale-up Unit to Solo-Regulated Firms

On May 20, 2026, the Financial Conduct Authority (FCA) opened applications for its Scale-up Unit to solo-regulated financial services firms. The Scale-up Unit provides tailored regulatory support to fast-growing and innovative financial services businesses seeking to expand sustainably. The unit offers solo-regulated firms a dedicated point of contact and practical assistance to navigate regulatory processes, develop innovative products, and understand the impact of policy changes. Jessica Rusu, FCA chief data, information and intelligence officer, said the initiative will help firms "grow with confidence" and "navigate regulation, scale sustainably and contribute to making the UK the best place to start and grow a financial services business." The FCA and Prudential Regulation Authority (PRA) have already supported six dual-regulated firms through a Scale-up Unit pilot programme. The pilot has provided the FCA with insights into how it can best support growing firms, and the FCA intends to continue this dialogue with solo-regulated applicants. The FCA will use insights from participating firms to inform wider policy and process improvements, ensuring regulation keeps pace with innovation. The Scale-up Unit sits alongside existing FCA programmes including Innovation Pathways, Pre-Application Support Service (PASS), and the Early and High Growth Oversight function, creating a pathway from start-up to scale-up. Applications from solo-regulated firms to join the Scale-up Unit opened on May 20, 2026 and close on June 22, 2026. Eligible firms can apply through the FCA website, which provides detailed eligibility criteria and application guidance.

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UK's Financial Conduct Authority Opens Applications for Its Scale-Up Unit

On May 20, 2026, the UK's  Financial Conduct Authority (FCA) announced that it would open applications for its Scale-up Uni t, which provides tailored support to firms, helping them navigate regulation so they can scale sustainably. The unit offers a dedicated point of contact and practical support to help navigate regulatory processes, develop innovative products and understand the impact of policy changes. The FCA and Prudential Regulation Authority (PRA) are already supporting six dual-regulated firms through the Scale-up Unit as part of a pilot. This has provided the FCA with insight into how it can best support growing firms and the FCA plans to continue this dialogue with solo-regulated firms. The FCA will use insights from participating firms to inform wider policy and process improvements, ensuring regulation keeps pace with innovation. The unit is now open to solo-regulated firms to apply, and applications for FCA solo-regulated firms to join the Scale-up Unit are open from  May 20 to June 22, 2026. The eligibility criteria for solo-regulated firms that wish to apply can be found here .
3166030 pc May 20, 2026 pthandapani India Reserve Bank of India horizon scanning
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India's Reserve Bank Invites Comments on Capital Adequacy Amendment Directions

On May 19, 2026, the Reserve Bank of India (RBI) released draft amendment directions to enhance consistency with Basel Pillar 3 disclosure requirements. The RBI published two separate amendment directions: the Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Seventh Amendment Directions, 2026, and the Reserve Bank of India (Small Finance Banks – Prudential Norms on Capital Adequacy) Fifth Amendment Directions, 2026. The amendments focus on Pillar 3 disclosure requirements, which form part of the Basel III framework governing bank capital adequacy and disclosure standards. These revisions aim to align the RBI's prudential norms with international Basel standards, ensuring greater consistency in how commercial banks and small finance banks disclose capital adequacy information to market participants and regulators. The amendments apply to all commercial banks and small finance banks operating under RBI regulation. Enhanced Pillar 3 disclosures improve market discipline and transparency, allowing stakeholders to better assess banks' capital positions, risk management practices, and financial health. This development is significant as it strengthens the regulatory framework governing banking sector stability and investor confidence in India's financial system. The RBI invites stakeholders, including banks, industry associations, and other interested parties, to submit comments and feedback on the draft amendment directions. The comment period closes on June 2, 2026. Submissions can be made through the Connect2Regulate section on the RBI's website or forwarded to the Chief General Manager, Balance Sheet Group, Department of Regulation, Central Office, Reserve Bank of India, 12th Floor, Central Office Building, Shahid Bhagat Singh Marg, Fort, Mumbai – 400001, or by email with the subject line "Feedback on [full name of the draft Amendment Directions]".

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Reserve Bank of India Invites Comments on Capital Adequacy Amendment Directions for Commercial Banks

The Reserve Bank of India (RBI) is seeking feedback on its draft capital adequacy amendment directions for commercial banks. The draft amendment directions prescribe: Pillar 3 disclosure framework mandating that Pillar 3 disclosures apply at the top consolidated level of the banking group (or on a standalone basis if not the top entity) for all banks, requiring the data to undergo the same level of internal review as financial reporting, and stipulating that a Board-approved formal disclosure policy be established and attested by one or more Whole-Time Directors. Guiding principles and exemptions establishing five guiding principles for Pillar 3 disclosures—that they must be clear, comprehensive, meaningful, consistent over time, and comparable across banks while allowing banks to withhold specific proprietary or confidential information in exceptional cases, provided they disclose general information and an explanatory narrative instead. Timing, format, and accessibility requiring banks to publish these disclosures concurrently with their financial reports in a standalone document, maintain a prominently linked "Regulatory Disclosure Section" on their website with a ten-year archive, and present data using specified fixed or flexible templates and tables with amounts generally expressed in INR crore (10m). Leverage ratio reporting modifying the norms for leverage ratio reporting to require banks to publicly disclose their quarterly Basel III leverage ratio on both a standalone and consolidated basis, report it quarterly to the RBI's Department of Supervision alongside detailed calculations, and complete specific new disclosure templates. Feedback may be submitted via the RBI's Connect2Regulate platform by June 2, 2026.
3169451 pc May 20, 2026 pthandapani India Securities and Exchange Board of India financial services
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India's Securities and Exchange Board of India Launches Consultation on Third Party Payments in Mutual Funds

On May 20, 2026, the Securities and Exchange Board of India (SEBI) launched a consultation on a draft circular enabling third party payments in mutual funds in certain scenarios. The consultation seeks feedback on SEBI's proposed framework to permit third party payment arrangements within the mutual fund sector. This development aims to expand payment flexibility and accessibility for mutual fund investors by allowing payments to be made through intermediaries or alternative payment channels in defined circumstances. The initiative reflects SEBI's broader effort to modernise India's mutual fund infrastructure and streamline transaction processes for market participants. The draft circular outlines the conditions and safeguards under which third party payments would be permitted, addressing investor protection, operational efficiency, and regulatory compliance. The framework is designed to balance innovation in payment mechanisms with the need to maintain robust controls and prevent misuse. This consultation is relevant to mutual fund houses, asset management companies, custodians, and other market infrastructure providers involved in mutual fund distribution and settlement. SEBI invites stakeholders to submit comments on the draft circular through its public comments portal. The consultation period and response deadline are available on SEBI's website. Following the consultation period, SEBI will review submissions and publish its response to comments, after which it will issue the final circular implementing the third party payment framework. **Reference:** Securities and Exchange Board of India. Consultation Paper on Draft Circular for Enabling Third Party Payments in Mutual Funds in Certain Scenarios. May 20, 2026. Available at: https://www.sebi.gov.in/sebiweb/publiccommentv2/PublicCommentAction.do?doPublicComments=yes

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Securities and Exchange Board of India of India Launches Consultation on Third Party Payments in Mutual Funds

The Securities and Exchange Board of India (SEBI) has released a consultation paper and draft circular proposing to enable third-party payments in mutual funds under certain scenarios. The consultation paper proposes: Payroll deductions for investments allowing listed and EPFO-registered companies (including Asset Management Companies themselves) to make consolidated third-party payments for mutual fund investments on behalf of their employees via salary deductions, provided the employee consents. Commission payments to distributors enabling AMCs to pay trail commissions (or parts thereof) to AMFI-registered mutual fund distributors (MFDs) in the form of mutual fund units rather than cash, encouraging long-term investment by the MFDs. Donations through mutual funds seeking feedback on permitting investors to mandate a portion of their subscription, dividend, or redemption payout as a contribution to a social cause, either through Zero Coupon Zero Principal (ZCZP) instruments issued by SSE-registered Not for Profit Organisations (NPOs) or directly to specified Non-Governmental Organisations (NGOs). Safeguards and PMLA compliance mandating that AMCs implement stringent precautions to manage Prevention of Money Laundering Act (PMLA) risks, including robust KYC for both the payee and beneficiary, validating the relationship between them, securing clear written mandates, ensuring an auditable non-cash electronic fund trail, and guaranteeing that all eligible payment proceeds (like dividends) are credited strictly to the beneficiary's account. Public comments on these proposals may be submitted via this link by June 10, 2026.
3169457 pc May 20, 2026 pthandapani India Securities and Exchange Board of India financial services
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India's Securities and Exchange Board Revises Monthly Cumulative Report Format

On May 19, 2026, the Securities and Exchange Board of India (SEBI) issued Circular No. HO/24/11/24(62)2026-IMD-RAC4/I/11872/2026 revising the Monthly Cumulative Report (MCR) format. The MCR is a key reporting mechanism used by market participants to submit aggregated data on their trading and operational activities to SEBI. The revision updates the structure, fields, and submission requirements for this report to align with evolving regulatory needs and market practices. The changes ensure that SEBI receives more accurate and comprehensive data from market participants, enhancing its ability to monitor market integrity, detect anomalies, and enforce compliance across India's securities markets. The revised MCR format applies to all entities required to file this report, including brokers, dealers, investment advisors, and other regulated entities operating in Indian securities markets. The revision reflects SEBI's ongoing commitment to modernising its regulatory framework and improving data collection mechanisms to support effective market supervision. Market participants should review the circular carefully to understand the updated reporting requirements and ensure their systems are configured to comply with the new format. Entities must implement the revised MCR format in accordance with the timeline specified in the circular to avoid compliance issues. For further details on the specific changes to the MCR format and implementation guidance, market participants should consult the full circular issued by SEBI.

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Securities and Exchange Board of India Revises Monthly Cumulative Report Format

The Securities and Exchange Board of India (SEBI) has released a circular detailing the revision of the monthly cumulative report (MCR) format. The circular prescribes: MCR format revision modifying the monthly cumulative report (MCR) and MCR SIF formats to align with the new mutual fund scheme categories introduced in the earlier circular on the categorisation and rationalisation of mutual fund schemes. Reporting metrics and scheme categories requiring mutual funds and asset management companies to report on detailed metrics—such as net inflows, average assets under management, segregated portfolios, and systematic investment plan (SIP) account statuses (registered, matured, and prematurely terminated)—across specific equity, debt, and hybrid investment strategies. Retention of existing conditions stipulating that all other conditions specified in clause 6.20 of the SEBI master circular for mutual funds shall remain unchanged. The revised formats will come into force from the June 2026 reporting period onwards.
2888877 pc May 20, 2026 tojuri Netherlands Bills - House of Representatives horizon scanning
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Netherlands House of Representatives Introduces International Sanctions Measures Implementation Bill

On February 19, 2026, the Netherlands House of Representatives received a bill proposing rules for the implementation of international sanctions measures (Wet internationale sanctiemaatregelen). Minister of Foreign Affairs D.M. van Weel submitted the legislation to the Standing Committee on Foreign Affairs. The bill establishes a legal framework governing how the Netherlands executes international sanctions imposed through multilateral mechanisms. The legislation aims to create clear procedures and requirements for government bodies responsible for implementing sanctions regimes, including asset freezes, trade restrictions, and travel bans. The framework addresses coordination between Dutch authorities and international partners, particularly the European Union and the United Nations, ensuring compliance with international obligations while maintaining consistency with existing Dutch legal structures. The bill applies to all relevant government ministries and agencies involved in sanctions administration, including the Ministry of Foreign Affairs, the Ministry of Finance, and customs authorities. The legislation is significant as it consolidates and clarifies the legal basis for sanctions implementation, which previously operated under fragmented regulatory arrangements. This consolidation enhances the Netherlands' capacity to respond rapidly to international sanctions decisions and strengthens enforcement mechanisms against designated individuals, entities, and sectors. The bill has completed the preparation phase. The Council of State's Advisory Division provided its advice on February 17, 2026. The legislation now proceeds to debate and voting stages within the House of Representatives. The Standing Committee on Foreign Affairs will conduct parliamentary deliberation before the full chamber votes on the proposal. Further procedural steps and voting dates will be determined according to the House's legislative calendar.

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Dutch Minister Submits Bill on International Sanctions Measures

The Dutch Minister of Foreign Affairs has submitted the International Sanctions Act bill to the Dutch House of Representatives. The bill establishes a legal framework for the Netherlands to implement international sanctions imposed through multilateral mechanisms. The bill aims to create clear procedures and requirements for government bodies responsible for implementing sanctions regimes, including asset freezes, trade restrictions, and travel bans. The framework addresses coordination between Dutch authorities and international partners, particularly the European Union and the United Nations, ensuring compliance with international obligations while maintaining consistency with existing Dutch legal structures. The bill largely repeals the Sanctions Act 1977 and replaces it with an entirely new International Sanctions Measures Act and modernises the Dutch sanctions regime in various respects, including: The modernisation of the legal basis for establishing rules to implement international sanctions. The introduction of administrative enforcement of breaches of sanctions measures in addition to criminal law. The introduction of a special enforcement power in cases of serious non-compliance with or circumvention of sanctions. Enabling the management and administration of (long-term) frozen funds and economic resources. Improving the ability of competent authorities, such as supervisory and enforcement bodies, to exchange data. The bill is still in the legislative process.
3166204 pc May 20, 2026 csoo United Kingdom Office of Financial Sanctions Implementation (OFSI) horizon scanning
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United Kingdom Financial Sanctions Implementation Office Imposes Monetary Penalty on Deutsche Bank London Branch

On May 19, 2026, the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, imposed a monetary penalty of £165,000 on Deutsche Bank AG London Branch (DBLB) in accordance with section 146 of the Policing and Crime Act 2017 (PACA). DBLB is a branch of Deutsche Bank AG. The penalty was imposed following OFSI's investigation into the entity's compliance with financial sanctions obligations. OFSI enforces financial sanctions regulations in the United Kingdom and has the authority to impose penalties on persons or entities that breach sanctions legislation. The penalty notice, published on May 19, 2026, sets out the details of OFSI's findings and the basis for the enforcement action. The imposition of this penalty reflects OFSI's continued enforcement activity against financial institutions that fail to meet their sanctions compliance obligations. Financial institutions operating in the United Kingdom are required to maintain robust compliance frameworks to ensure they do not facilitate transactions involving designated persons or entities subject to financial sanctions. Breaches of these obligations can result in significant financial penalties and reputational consequences. The penalty notice is available on the GOV.UK website and provides full details of the enforcement action taken against DBLB. REFERENCES: Office of Financial Sanctions Implementation. "Imposition of Monetary Penalty – Deutsche Bank AG London Branch ("DBLB")." GOV.UK, May 19, 2026. https://www.gov.uk/government/publications/imposition-of-monetary-penalty-deutsche-bank-ag-london-branch-dblb

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UK Financial Sanctions Implementation Office Imposes £165,000 Financial Penalty on Deutsche Bank London Branch for Russian Sanction Breaches

On May 19, 2026, the Office of Financial Sanctions Implementation (OFSI) imposed a monetary penalty of £165,000 on Deutsche Bank AG London Branch (DBLB) in accordance with section 146 of the Policing and Crime Act 2017 (PACA). OFSI enforces financial sanctions regulations in the United Kingdom and has the authority to impose penalties on persons or entities that breach sanctions legislation. The penalty was imposed for breaches of the Russia (Sanctions) (EU Exit) Regulations 2019 , namely regulation 12, which prohibits (among other conduct) making funds available to a person owned or controlled by a designated person. DBLB processed two payments (one in June 2022 and another in July 2022) totalling £635,618.75 on behalf of a customer to a beneficiary, Okko LLC, a company wholly owned by the designated person on the UK sanctions list (reference number: RUS1489).
3166206 pc May 20, 2026 csoo United Kingdom Parliament horizon scanning
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United Kingdom Parliament Advances Financial Services and Markets Bill Through House of Lords

On May 19, 2026, the UK Parliament progressed the Financial Services and Markets Bill (HL) through the House of Lords. Sponsored by HM Treasury, the bill originated in the House of Lords during the 2026-27 parliamentary session and aims to make provision about the regulation of financial services and markets, along with connected purposes. The bill has completed its passage through the House of Lords, progressing through all stages including first reading, second reading, committee stage, report stage, and third reading. The legislation now moves to the House of Commons for consideration, where it will undergo the same parliamentary stages: first reading, second reading, committee stage, report stage, and third reading. The bill represents a significant legislative development for the UK's financial services regulatory framework. Once passed by both houses of parliament, the legislation will proceed to consideration of amendments before moving to Royal Assent, the final stage required for the bill to become law. The specific provisions and regulatory changes contained within the bill will apply to financial services firms and market participants operating within the UK jurisdiction. The progression of this bill through parliament indicates the government's commitment to updating and modernising financial services regulation. Further updates on the bill's passage through the House of Commons and any amendments proposed during parliamentary consideration will determine the final scope and implementation timeline of the regulatory changes. REFERENCE: UK Parliament. "Financial Services and Markets Bill [HL]." Accessed May 19, 2026. https://bills.parliament.uk/

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UK Parliament Publishes Draft Financial Services and Markets Bill

On May 19, 2026, the UK Parliament published the draft Financial Services and Markets Bill , which started in the House of Lords. The draft bill is a wide-ranging and includes provisions on the following areas: Consumer credit and access to banking services. Reforms to the ombudsman scheme Consolidation and coordination of regulators; consolidation of the Payment Systems Regulator (PSR) into the Financial Conduct Authority (FCA). Reforms to the appointed representative regime. Reforms to the senior manager and certification regime. Overseas recognition regime and Gibraltar authorisation regime. Commercial credit data sharing regime. Power to amend provisions about cryptoassets.
3170616 pc May 20, 2026 pdonofrio US Track 2 Federal Reserve Board horizon scanning
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Federal Reserve Board Requests Public Comment on Payment Account Proposal for Clearing and Settlement

The Federal Reserve Board (Fed) is requesting public comment on a proposal to establish a "payment account" that legally eligible financial institutions could use for the specific purpose of clearing and settling their payments. The proposal aims to create a new framework that would allow eligible financial institutions to maintain accounts at the Federal Reserve specifically designated for payment-related activities. This initiative represents a potential expansion of the Fed's role in facilitating interbank payment infrastructure and settlement processes. The payment account would be distinct from existing Federal Reserve account structures and would be tailored to support the clearing and settlement functions that financial institutions require to process transactions efficiently. The proposal is intended to enhance the operational efficiency of the payments system by providing a dedicated mechanism for institutions to manage their clearing and settlement obligations. By establishing this specialized account type, the Fed seeks to streamline payment flows and potentially reduce operational complexity for participating institutions. The framework would define which financial institutions qualify as "legally eligible" to access these accounts, establishing eligibility criteria that would determine participation in the program. Financial institutions, payment system operators, and other stakeholders are invited to submit comments on the proposal. The Fed will use feedback from the public comment period to refine the proposal before any final implementation. Interested parties should monitor the Federal Reserve Board's official website for specific details regarding the comment submission deadline and process, as well as any additional technical specifications or eligibility requirements that may be published as part of the formal notice.

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US Federal Reserve Board Requests Public Comment on Payment Account Proposal for Clearing and Settlement

On May 20, 2026, the US Federal Reserve Board (Federal Reserve) requested public comment on a proposal to establish a new payment account that legally eligible financial institutions could use for the specific purpose of clearing and settling their payments. The proposal aims to create a framework that would allow eligible financial institutions to maintain accounts at the Federal Reserve specifically designated for payment-related activities. According to the Federal Reserve, the proposal represents a potential expansion of its role in facilitating interbank payment infrastructure and settlement processes. The new payment account would be distinct from existing Federal Reserve account structures, and would be tailored to support and enhance the clearing and settlement functions that financial institutions require to process transactions. Additionally, the framework would define which financial institutions qualify as "legally eligible" to access these accounts, establishing eligibility criteria that would determine participation in the program. Interested parties may submit comments on the proposal until July 19, 2026 at this link .
3169991 pc May 20, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Department of the Treasury Sanctions Sinaloa Cartel Networks Involved in Fentanyl Trafficking

On May 20, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned more than a dozen individuals and entities linked to the Sinaloa Cartel and its fentanyl trafficking operations. The action targeted two distinct networks: one led by Armando de Jesus Ojeda Aviles, involved in laundering proceeds from fentanyl and narcotics trafficking, and another headed by Jesus Gonzalez Penuelas, a fugitive responsible for trafficking illicit drugs into the United States and laundering funds for the cartel. The Sinaloa Cartel, designated as a Foreign Terrorist Organization (FTO) by the U.S. Department of State on February 20, 2025, is responsible for a significant portion of illicit fentanyl trafficked into the United States. Treasury Secretary Scott Bessent said the administration will not allow narco-terrorists to flood U.S. borders with fentanyl. OFAC designated the individuals and entities pursuant to Executive Order 14059, which targets the proliferation of illicit drugs, and Executive Order 13224, as amended, which targets terrorists and their supporters. The action reflects coordination between OFAC, the Homeland Security Task Force, the Drug Enforcement Administration, and Mexico's financial intelligence unit, Unidad de Inteligencia Financiera. Ojeda Aviles's network coordinates bulk cash collection in the United States from fentanyl sales and converts it into cryptocurrency for transfer to the Sinaloa Cartel in Mexico. The Gonzalez Penuelas network operates primarily in Sinaloa with distribution cells across California, Texas, Colorado, Washington, Utah, and Nevada. As a result of the designations, all property and interests in property of the blocked persons in the United States are frozen. U.S. persons are prohibited from engaging in transactions involving designated individuals or entities unless authorized by OFAC license. Violations may result in civil or criminal penalties.

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US Office of Foreign Assets Control Sanctions Sinaloa Cartel Networks Involved in Fentanyl Trafficking

On May 20, 2026, the US Office of Foreign Assets Control (OFAC) sanctioned more than a dozen individuals and entities linked to the Sinaloa Cartel and its fentanyl trafficking operations. The action targeted two distinct networks: one led by Armando de Jesus Ojeda Aviles, involved in laundering proceeds from fentanyl and narcotics trafficking, and another headed by Jesus Gonzalez Penuelas, responsible for trafficking illicit drugs into the United States and laundering funds for the cartel. The Sinaloa Cartel is designated as a Foreign Terrorist Organization (FTO) by the US Department of State, with OFAC sanctioning the individuals and entities pursuant to Executive Order 14059 , which targets the proliferation of illicit drugs, and Executive Order 13224 , which targets terrorists and their supporters. The new sanctions desginations block all US-based property of these targets and generally prohibit US individuals and entities from engaging in transactions with them, unless expressly authorized by OFAC.
3168794 pc May 20, 2026 rghosh Seychelles Seychelles Financial Services Authority - Regulatory Updates horizon scanning
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Seychelles Financial Services Authority Clarifies Regulatory Treatment of Stablecoins Under VASP Act

On May 20, 2026, the Seychelles Financial Services Authority (FSA) issued a public statement clarifying the regulatory status of stablecoins under the Virtual Asset Service Providers (VASP) Act. The FSA confirmed that stablecoins, in their current form and usage within the domestic market, are not classified as "virtual assets" under the VASP Act and therefore do not fall within the scope of VASP licensing or regulatory requirements. The FSA's position is based on the functional characteristics of stablecoins. The VASP Act defines virtual assets as digital representations of value that can be digitally traded or transferred for payment or investment purposes, excluding digital representations of fiat currencies, securities, and other financial assets. Stablecoins are typically pegged to reference assets such as fiat currencies or commodities and function primarily for value preservation rather than as speculative digital assets. Most stablecoins operate as digital representations of fiat value, are redeemable for equivalent underlying assets, and lack the characteristics of open-market virtual assets such as price volatility or speculative trading value. Consequently, they fall outside the Act's scope. However, VASP-related services provided in respect to stablecoins—including exchanges, brokering, custody, and investment advice—would require VASP licensing depending on the scope of activities undertaken. The FSA emphasizes caution regarding stablecoin risks to consumers and investors, including counterparty risk associated with issuers, lack of transparency on backing reserves, redemption delays or failures, exposure to foreign regulatory decisions, and cybersecurity and operational risks. The FSA encourages members of the public and businesses uncertain about whether their activities fall under the VASP Act or other regulatory frameworks to seek guidance from the Authority and request formal classification or regulatory interpretation where necessary.

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Seychelles Financial Services Authority Clarifies Regulatory Treatment of Stablecoins Under VASP Act

On May 20, 2026, the Seychelles Financial Services Authority (FSA) issued a public statement clarifying the regulatory status of stablecoins under the Virtual Asset Service Providers (VASP) Act. The FSA confirmed that stablecoins, in their current form and usage within the domestic market, are not classified as "virtual assets" under the VASP Act and therefore do not fall within the scope of VASP licensing or regulatory requirements. The FSA's position is based on the functional characteristics of stablecoins. The VASP Act defines virtual assets as digital representations of value that can be digitally traded or transferred for payment or investment purposes, excluding digital representations of fiat currencies, securities, and other financial assets. Stablecoins are typically pegged to reference assets such as fiat currencies or commodities and function primarily for value preservation rather than as speculative digital assets. Most stablecoins operate as digital representations of fiat value, are redeemable for equivalent underlying assets, and lack the characteristics of open-market virtual assets such as price volatility or speculative trading value. Consequently, they fall outside the Act's scope. However, VASP-related services provided in respect to stablecoins—including exchanges, brokering, custody, and investment advice—would require VASP licensing depending on the scope of activities undertaken. The FSA emphasizes caution regarding stablecoin risks to consumers and investors, including counterparty risk associated with issuers, lack of transparency on backing reserves, redemption delays or failures, exposure to foreign regulatory decisions, and cybersecurity and operational risks. The FSA encourages members of the public and businesses uncertain about whether their activities fall under the VASP Act or other regulatory frameworks to seek guidance from the Authority and request formal classification or regulatory interpretation where necessary.
3174756 gc May 20, 2026 zbirnbaum Missouri Missouri Gaming Commission gamblingcompliance
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Missouri Gaming Commission Settles Sports Wagering Discipline Against Penn Sports Interactive

On May 20, 2026, the Missouri Gaming Commission (MGC) approved a settlement agreement with Penn Sports Interactive, LLC, resolving disciplinary action against the mobile sports wagering licensee. The settlement requires Penn to pay a $2,500 fine within 30 days of the MGC's approval. The violation occurred when Penn accepted wagers on National Football League (NFL) season award markets after the regulatory deadline. Missouri's catalog of approved events permits NFL regular season award market wagers only prior to the start of the first game on the last day of the regular season. Based on the NFL schedule, the deadline was January 4, 2026, at 1:00 p.m. eastern time. Penn's compliance officer notified the MGC on January 6, 2026, that the operator had allowed wagering until 9:42 a.m. that day. During this period, Penn accepted 14 wagers totalling $13,102.02, which it voided on January 9, 2026. The settlement also addresses a secondary violation: Penn initially reported that trading team members had inadvertently reactivated the markets after they were turned off. However, Penn's subsequent Compliance Incident Report on January 7, 2026, indicated the markets had never been turned off, contradicting the initial explanation to the MGC. This misrepresentation violated MGC regulations concerning accuracy of information provided to the Commission. Penn acknowledged the violations, accepted responsibility, and outlined additional safeguards to prevent future occurrences. Both Penn and the MGC waived their rights to a hearing before the Administrative Hearing Commission and any judicial review. The settlement became effective upon the date of the resolution and constitutes a final decision of the Missouri Gaming Commission.

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Missouri regulator settles sports wagering discipline case against Penn Sports Interactive for $2,500

On May 20, 2026, the Missouri Gaming Commission (MGC) approved a settlement agreement with Penn Sports Interactive, LLC, resolving disciplinary action due to alleged impermissible wagers. According to the settlement agreement, on January 6, 2026, Penn's compliance officer notified the MGC that Penn had accepted impermissible wagers on NFL season award markets past closing time, which was 1:00pm EST on January 4, 2026. The notification indicated that the markets had initially been turned off; however, a trade team member had inadvertently reactivated the markets, which allowed continued wagering. On January 7, 2026, Penn submitted a Compliance Incident Report which indicated that the markets had never been turned off, and that the trading team had not followed established guidance from the compliance team regarding the deadlines for wagering on the award markets, which provided a different explanation than that initially furnished to the MGC. On January 9, 2026, all affected wagers were voided by Penn. On January 22, 2026, the MGC sent a Notice of Investigation to Penn outlining the violations, which were acknowledged on February 5, 2026, with Penn accepting responsibility for its errors and outlining additional safeguards to prevent re-occurrences. As a result of this settlement, the MGC imposed a fine of $2,500.
3160908 pc May 20, 2026 kgurnani Australia Reserve Bank of Australia horizon scanning
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Reserve Bank of Australia and Digital Finance Cooperative Research Centre Release Project Acacia Findings

On May 18, 2026, the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC) released findings from Project Acacia, a joint initiative examining how innovations in digital money and settlement infrastructure could support wholesale tokenised asset markets in Australia. The project involved collaboration with industry participants and support from the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulation Authority (APRA), and the Australian Treasury. Project Acacia identified potential for asset tokenisation to enhance efficiency, functionality and resilience of Australia's wholesale financial markets. Industry participants developed and tested 20 wholesale tokenised asset market use cases spanning multiple asset classes, demonstrating benefits across the asset lifecycle from issuance and servicing to trading and settlement. Testing explored settlement methods using different forms of digital money, including RBA exchange settlement account (ESA) balances, a pilot wholesale central bank digital currency (wCBDC), tokenised commercial bank deposits and stablecoins. The project also identified challenges to scaling tokenised markets requiring deeper analysis by regulators and industry. Building on Project Acacia's momentum, the RBA and DFCRC outlined a multi-stream program advancing responsible innovation in Australia's wholesale financial markets. Key program elements include strengthened industry-regulator cooperation; exploration of a regulatory sandbox for digital financial market infrastructure providing a structured pathway from experimentation to commercialisation; consideration of government-issued tokenised bonds; continued industry-led work on interoperable commercial bank deposit tokens; and RBA consultation on adapting settlement infrastructure and ESA access arrangements alongside continued wCBDC exploration. The DFCRC estimates digital finance innovation could deliver AUD 24 billion in annual economic gains for Australia. REFERENCES: Reserve Bank of Australia Media Release 2026-13 (May 18, 2026): RBA and DFCRC Release Findings From Project Acacia https://www.rba.gov.au/media-releases/2026-05-18-rba-and-dfcrc-release-findings-from-project-acacia.html

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Reserve Bank of Australia and Digital Finance Cooperative Research Centre Release Project Acacia Findings

On May 18, 2026, the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC) released findings from Project Acacia, a joint initiative examining how innovations in digital money and settlement infrastructure could support wholesale tokenised asset markets in Australia. Project Acacia identified potential for asset tokenisation to enhance efficiency, functionality and resilience of Australia's wholesale financial markets. Industry participants developed and tested 20 wholesale tokenised asset market use cases spanning multiple asset classes, demonstrating benefits across the asset lifecycle from issuance and servicing to trading and settlement. Testing explored settlement methods using different forms of digital money, including RBA exchange settlement account (ESA) balances, a pilot wholesale central bank digital currency (wCBDC), tokenised commercial bank deposits and stablecoins. The project also identified challenges to scaling tokenised markets requiring deeper analysis by regulators and industry. Building on Project Acacia's momentum, the RBA and DFCRC outlined a multi-stream program advancing responsible innovation in Australia's wholesale financial markets. Key program elements include strengthened industry-regulator cooperation; exploration of a regulatory sandbox for digital financial market infrastructure providing a structured pathway from experimentation to commercialisation; consideration of government-issued tokenised bonds; continued industry-led work on interoperable commercial bank deposit tokens; and RBA consultation on adapting settlement infrastructure and ESA access arrangements alongside continued wCBDC exploration. This project is significant because it signals that Australian regulators are moving beyond theoretical CBDC and tokenisation discussions toward practical market infrastructure experimentation. Australia’s regulators are increasingly preparing for a future where tokenised assets and digital settlement mechanisms become part of mainstream wholesale financial market infrastructure. Companies should treat this as an early signal to assess how tokenisation, programmable money, and digital settlement models could affect their long-term operating, liquidity, custody, and market participation strategies.
3193846 pc May 20, 2026 arahman Finland Official Gazette horizon scanning
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Finland's Ministry of Finance Proposes Amendments to Investment Services Act and Related Legislation

On May 20, 2026, Finland's Ministry of Finance initiated preparation of a government proposal to amend the Investment Services Act (Sijoituspalvelulaki) and certain other laws. The proposal aims to reduce administrative and financial burdens on investment service providers by repealing national regulations requiring these entities to maintain public insider registers and imposing insider notification obligations on their personnel. The proposal will also complete the implementation of the Markets in Financial Instruments Directive II (MiFID II) (2014/65/EU) and the Shareholder Rights Directive II (SRD II) ((EU) 2017/828) into Finnish law. The government recognises that the national insider register maintenance requirement duplicates aspects of existing European Union regulations governing personal transactions, creating unnecessary compliance costs for domestic investment service providers. The amendment will particularly benefit Finnish investment service firms by eliminating the administrative and financial burden associated with maintaining and updating public insider registers. By removing this overlapping national requirement, the proposal seeks to streamline regulatory compliance while maintaining alignment with EU regulatory frameworks. A draft government proposal is scheduled for public consultation in early June 2026. The proposal will be submitted to the Finnish Parliament (Eduskunta) for consideration no later than October 2026. Eevi Jonkka, Government Secretary at the Ministry of Finance, serves as the project contact and responsible official. Further information regarding the legislative process and consultation procedures is available through the Finnish Government website.

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Finland's Ministry of Finance Proposes Amendments to Investment Services Act and Related Legislation

On May 20, 2026, Finland's Ministry of Finance initiated preparation of a government proposal to amend the Investment Services Act and certain other laws. The proposal aims to reduce administrative and financial burdens on investment service providers by repealing national regulations requiring these entities to maintain public insider registers and imposing insider notification obligations on their personnel. The proposal will also complete the implementation of the Markets in Financial Instruments Directive II (MiFID II) (2014/65/EU) and the Shareholder Rights Directive II (SRD II) (EU) 2017/828 into Finnish law. The government recognises that the national insider register maintenance requirement duplicates aspects of existing European Union regulations governing personal transactions, creating unnecessary compliance costs for domestic investment service providers. The amendment will eliminate the administrative and financial burden associated with maintaining and updating public insider registers. By removing this overlapping national requirement, the proposal seeks to streamline regulatory compliance while maintaining alignment with EU regulatory frameworks. A draft government proposal is scheduled for public consultation in early June 2026. The proposal will be submitted to the Finnish parliament for consideration no later than October 2026.
3160936 pc May 20, 2026 kgurnani Australia Federal Register of Legislation horizon scanning
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Australia's Department of the Treasury Issues Banking Prudential Standard Determination Number One

On May 18, 2026, Australia's Department of the Treasury issued Banking (prudential standard) determination No. 1 of 2026, a legislative instrument establishing prudential standards for the banking sector. The determination came into force on the same date and is administered by the Department of the Treasury. The determination sets out regulatory requirements designed to ensure the prudential soundness and stability of Australian banks. Prudential standards typically address capital adequacy, liquidity management, risk management frameworks, and governance arrangements that authorised deposit-taking institutions must maintain. The instrument applies to all banks operating under the Banking Act 1959 and establishes baseline requirements for prudential risk management and financial resilience. The determination is available in both Word and PDF formats, with the legislative instrument comprising 31 pages and an accompanying 11-page explanatory statement that outlines the rationale, key provisions, and implementation details. The explanatory statement provides context for the regulatory changes and guidance on compliance obligations for affected institutions. Banks and other authorised deposit-taking institutions subject to the determination must ensure compliance with its provisions. The instrument represents an update to the prudential regulatory framework and may require institutions to review their existing policies, procedures, and systems to align with any new or modified requirements. Institutions should consult the full text of the determination and explanatory statement to identify specific compliance obligations applicable to their operations. REFERENCES: Federal Register of Legislation. Banking (prudential standard) determination No. 1 of 2026. Available at: https://www.legislation.gov.au/

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Australia's Department of the Treasury Issues Banking Prudential Standard Determination No.1

On May 18, 2026, Australia's Department of the Treasury issued the Banking (prudential standard) determination No. 1 of 2026, a legislative instrument establishing prudential standards for the banking sector. The instrument revokes the previous 2024 version of the standard. It applies to authorised deposit-taking institutions (ADIs) and authorised non-operating holding companies (NOHCs), excluding foreign ADIs and purchased payment facility providers. The prudential standard sets out APRA’s requirements for capital adequacy, including minimum capital ratios, internal capital assessment obligations, leverage ratio requirements, capital buffers, and notification obligations. The overarching objective is to ensure ADIs maintain sufficient capital to absorb losses and manage risks arising from their activities. Key requirements include: ADIs must: maintain an Internal Capital Adequacy Assessment Process (ICAAP), maintain minimum levels of regulatory capital, operate capital conservation and countercyclical capital buffers, notify APRA of material capital concerns or breaches, and obtain APRA approval before planned capital reductions. Boards are made explicitly responsible for ensuring capital levels remain appropriate relative to the institution’s risk profile, including group contagion, funding, cross-border, and operational risks. The ICAAP requirements are extensive and include: stress testing, capital planning, risk monitoring frameworks, capital triggers, governance and reporting arrangements, and a mandatory ICAAP summary statement. ADIs must conduct regular independent reviews of the ICAAP at least every three years and submit annual ICAAP reports to APRA detailing capital projections, stress testing outcomes, business risk changes, and capital management actions. The standard also establishes minimum prudential capital requirements (PCRs): Standardised ADIs must maintain: Common Equity Tier 1 (CET1) Ratio: 4.5%; Total Capital Ratio: 8.0% IRB (internal ratings-based) ADIs must maintain: CET1 Ratio: 6.0% and Total Capital Ratio: 9.25% The prudential standard introduces or maintains restrictions on capital distributions when capital ratios fall within specified buffer ranges. Restrictions may affect dividends, share buybacks, discretionary AT1 payments, and staff bonus payments. The standard also requires APRA approval for planned reductions in capital, including: share buybacks, redemptions of capital instruments, and dividend payments exceeding statutory earnings. ADIs are additionally required to notify APRA of: actual or anticipated breaches of capital requirements, significant ICAAP departures, concerns regarding capital adequacy, or adverse market developments affecting capital instruments. The new prudential standard is effective from January 1, 2027.
3173647 pc May 20, 2026 arahman Russia The central Bank of Russian Federation horizon scanning
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Russia's Central Bank of Russian Federation Publishes Multiple Public Consultation Reports on Financial Market Regulation

The Central Bank of Russian Federation (Bank of Russia) has published multiple reports for public consultation covering a broad range of financial market regulatory topics. The most recent consultations, published between May 2026 and February 2026, address credit concentration risk regulation, financial instrument market access optimization, financial influencer regulation, group regulatory standards, and artificial intelligence (AI) application in financial markets. On May 20, 2026, the Bank of Russia released a consultation report on "Changes in Credit Concentration Risk Regulation," with comments due by June 5, 2026. On February 17, 2026, it published two consultation reports: "Financial Instrument Market Access: Optimization Directions" (responses due March 31, 2026) and "Approaches to Regulating Financial Influencers" (responses due April 30, 2026). On February 5, 2026, the Bank of Russia released a report on "Changes in Group Regulatory Standards" (responses due March 4, 2026). Earlier consultations from 2025 addressed AI application in financial markets (published November 20, 2025; responses due December 30, 2025), credit organization reporting improvements (published October 3, 2025; responses due October 31, 2025), supervisory stress-testing concepts (published September 17, 2025; responses due October 17, 2025), and changes to bank economic position assessment approaches (published June 25, 2025; responses due August 1, 2025). The Bank of Russia's consultation process enables market participants, including credit institutions, investment firms, and other financial market participants, to provide feedback on proposed regulatory changes. Stakeholders should submit responses to the designated email addresses provided for each consultation report to ensure their input is considered during the regulatory development process.

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Central Bank of Russia Consults on Changes in the Regulation of Credit Concentration Risks

On May 20, 2026, the Central Bank of Russia (CBR) launched a consultation on the changes in the regulation of credit concentration risks applicable to banks and lending providers. Key proposals include: The CBR will eliminate the practice whereby credit organisations, when entering into lending transactions through intermediaries (reverse repos), provide funds to the ultimate borrower against the security of the borrower’s own bonds. The CBR will allow banks that are unable to meet the regulatory requirement by 2028 to agree on plans to reduce concentration with the central bank. The CBR will not impose supervisory measures or downgrade a bank’s economic standing assessment (ESA) for breaching concentration limits, provided that the plan to reduce such concentration is being followed. Comments and feedback are welcome up until June 5, 2026 and can be sent via email to surveys_DBRA@cbr.ru .
3172960 pc May 20, 2026 arahman Sweden Finansinspektionen horizon scanning
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Sweden's Financial Supervisory Authority and Consumer Agency Assume Oversight of Subsidiary Credit Providers and Intermediaries

On May 20, 2026, Finansinspektionen (the Swedish Financial Supervisory Authority) announced that subsidiary credit providers and credit intermediaries will fall under the supervision of either Finansinspektionen or the Swedish Consumer Agency (Konsumentverket) effective November 20, 2026. These entities—companies that provide or broker credit as a secondary activity rather than their primary business, such as retail stores—were previously outside regulatory oversight. The new rules stem from amendments to the Act on Housing Credit Activities and Certain Other Consumer Credit Activities (LVBK), which implements the European Union's revised Consumer Credit Directive that entered into force on November 20, 2025. Supervision allocation depends on company size and activity type. Subsidiary credit intermediaries with more than 250 employees and annual turnover exceeding €50 million, or balance sheet totals exceeding €43 million annually, fall under Finansinspektionen's jurisdiction and require authorisation. Smaller intermediaries are supervised by Konsumentverket. For subsidiary credit providers, multiple factors determine jurisdiction, including whether credit carries interest or specific fees, company size, invoice periods, and whether sales occur online or in physical locations. The new framework also imposes stricter requirements on personnel providing or brokering credit, mandating adequate knowledge and competence regarding consumer rights and credit agreements. Existing subsidiary credit providers and intermediaries requiring Finansinspektionen authorisation must apply by November 20, 2027, and may continue operations pending final application review. New entities established after November 20, 2026 must obtain authorisation before commencing business. Finansinspektionen issued consultation proposals for new general guidance and regulations on May 20, 2026, with Konsumentverket expected to issue its proposals in June 2026.

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Sweden's Financial Supervisory Authority Provides Clarification for BNPL Providers

On May 20, 2026, the Financial Supervisory Authority (FSA) provided clarification for buy-now-pay-later providers (BNPL) in preparation for the Consumer Credit Directive (CCD2) implementation, effective from November 20, 2026. Key points include: Companies under the supervision of the FSA need to apply for a permit, following the conditions that the company is made up of more than 250 employees and has an annual turnover exceeding €50m or whose balance sheet exceeds €43m per year. By November 20, 2027, existing credit providers will need to apply for a permit from the FSA. These companies may continue their operations until their application has been finally reviewed. Companies that will be supervised by the Swedish Consumer Agency will not need to apply for a permit. Key personnel must meet fitness and propriety requirements. Staff need to have certain knowledge and skills to be able to offer credit agreements and sufficient knowledge of consumer rights. The Swedish Consumer Agency is expected to send out draft regulations for consultation in June.
3162136 pc May 20, 2026 tojuri
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Malta Financial Services Authority Launches Consultation on the Tokenisation of Financial Instruments

The Malta Financial Services Authority (MFSA) has launched a public consultation on the tokenisation of financial instruments and real-world assets. The consultation document explores topics including: Market appetite and strategic positioning, including the identification of asset classes most valuable to tokenisation in Malta. Legal and regulatory considerations such as ownership rights, settlement finality, and the enforceability of smart contracts. Market infrastructure requirements, including token registries, interoperability between DLT systems and custody arrangements. Investor protection and risk management, covering emerging technological, operational and financial risks. Domestic market development, including the role of investment firms, crypto-asset service providers (CASPs) and other market participants. The MFSA is seeking feedback from industry stakeholders and the public to better understand market readiness, identify priority asset classes and evaluate the infrastructure, legal, and regulatory considerations required to support tokenised markets in Malta. The outcomes of the consultation will inform the MFSA’s future policy direction, supervisory priorities, and any necessary regulatory amendments required to support the safe and orderly development of tokenised markets in Malta. Interested parties can submit their comments by June 30, 2026 via email to fintech@mfsa.mt .
3168563 pc May 20, 2026 tojuri France Autorité des Marchés Financiers financial services
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France's Financial Markets Authority Intends to Comply with European Securities Guidelines on Liquidity Management

On May 19, 2026, the Autorité des Marchés Financiers (AMF) announced its intention to apply the European Securities and Markets Authority's (ESMA) guidelines on liquidity management tools for undertakings for collective investment in transferable securities (UCITS) and open-ended alternative investment funds (AIFs) following completion of work to transpose the Alternative Investment Fund Managers Directive 2 (AIFM 2). ESMA published the guidelines on March 12, 2026, with an entry into force date of April 16, 2026, coinciding with the application of Commission Delegated Regulations (EU) 2026/465 and 2026/466. For existing funds, the guidelines apply following a twelve-month transitional period, effective April 16, 2027. The guidelines establish procedures for selecting and calibrating liquidity management tools, managing liquidity risk, and mitigating risks to financial stability. The AIFM 2 Directive requires management companies to select at least two liquidity management tools (or at least one for money market funds) from: gates, extension of notice periods, redemption fees, swing pricing, dual pricing, anti-dilution levies, and redemptions in kind for professional investors. Two additional tools—suspension of subscriptions, redemptions and repayments, and asset ring-fencing mechanisms—may be activated on an exceptional basis without prior documentation when circumstances require protection of investor interests. The ESMA guidelines structure liquidity management around four sections: general principles; quantitative data-based tools including suspension mechanisms and repayment in kind; anti-dilution tools including redemption fees and swing pricing; and asset ring-fencing mechanisms. The AMF will update France's national regulatory framework to incorporate these guidelines once transposition of Directive (EU) 2024/927 concludes.

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France's Financial Markets Authority Intends to Comply with European Securities Guidelines on Liquidity Management

On May 19, 2026, the French Financial Markets Authority (AMF) announced its intention to apply the European Securities and Markets Authority's (ESMA) guidelines on liquidity management tools for undertakings for collective investment in transferable securities (UCITS) and open-ended alternative investment funds (AIFs). The guidelines implement mandates established under Directive (EU) 2024/927 , which amends the UCITS Directive and Alternative Investment Fund Managers Directive (AIFMD). The guidelines establish procedures for selecting and calibrating liquidity management tools, managing liquidity risk, and mitigating risks to financial stability. The guidelines structure liquidity management around four sections: general principles; quantitative data-based tools, including suspension mechanisms and repayment in kind; anti-dilution tools, including redemption fees and swing pricing; and asset ring-fencing mechanisms. The AMF will update France's national regulatory framework to incorporate these guidelines once national transposition of Directive (EU) 2024/927 concludes. The guidelines apply from April 16, 2026, with a 12-month transition period for existing funds, ending on April 16, 2027.
3166421 pc May 20, 2026 tojuri Belgium Financial Services and Markets Authority financial services
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Belgium's Financial Services and Markets Authority Incorporates Stress Test Guidelines Under Money Market Funds Regulation

On May 19, 2026, the Financial Services and Markets Authority (FSMA) announced that it has incorporated the European Securities and Markets Authority (ESMA) guidelines on stress scenarios under the Money Market Funds Regulation into its supervisory practice. The ESMA guidelines establish standardised stress test scenarios that money market fund managers must apply to assess the resilience of their funds under adverse market conditions. These guidelines form part of the regulatory framework governing money market funds across the European Union and are designed to ensure consistent stress testing methodologies across member states. By incorporating these guidelines into its supervisory practice, the FSMA will apply the ESMA stress test scenarios when supervising Belgian money market fund managers and assessing their compliance with the Money Market Funds Regulation. This alignment ensures that Belgian market participants operate under the same stress testing requirements as their counterparts across the EU, promoting regulatory consistency and investor protection. The incorporation of these guidelines affects all money market fund managers operating in Belgium or managing Belgian-domiciled money market funds. The FSMA's decision to formally adopt the ESMA guidelines into its supervisory framework means that fund managers must ensure their stress testing procedures align with the specified scenarios and methodologies outlined in the ESMA guidelines. The FSMA has published its guidance document (FSMA_2026_14) in Dutch and French, providing clarification on how the guidelines will be applied in the Belgian context. Fund managers should review the ESMA guidelines and the FSMA's accompanying documentation to ensure full compliance with the updated supervisory expectations.

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Belgium's Financial Services and Markets Authority Adopts ESMA's Guidelines on Money Market Fund Stress Tests

On May 19, 2026, the Financial Services and Markets Authority (FSMA) announced that it is incorporating the European Securities and Markets Authority's (ESMA) guidelines on stress scenarios under the Money Market Funds Regulation ( ESMA50-481369926-30848 ) into its supervisory practice. The ESMA guidelines establish standardised stress test scenarios that money market fund managers must apply to assess the resilience of their funds under adverse market conditions. By incorporating these guidelines into its supervisory practice, the FSMA will apply the ESMA stress test scenarios when supervising Belgian money market fund managers and assessing their compliance with the Money Market Funds Regulation. The incorporation of these guidelines affects all money market fund managers operating in Belgium or managing Belgian-domiciled money market funds. The FSMA's decision to formally adopt the ESMA guidelines into its supervisory framework means that fund managers must ensure their stress testing procedures align with the specified scenarios and methodologies outlined in the ESMA guidelines. Fund managers should review the ESMA guidelines and the FSMA's accompanying documentation to ensure full compliance with the updated supervisory expectations. The guidelines apply from May 26, 2026, two months after their official publication by ESMA.
3168373 pc May 20, 2026 arahman Russia The central Bank of Russian Federation horizon scanning
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Russia's Central Bank of Russian Federation Publishes Regulatory Projects for Public Consultation

The Central Bank of Russian Federation (CBR) has published multiple draft regulatory acts for public consultation as part of its 2026 regulatory agenda. The CBR invites stakeholders to submit comments and recommendations on proposed normative documents through designated email addresses and by specified deadlines. The consultation projects include amendments to existing CBR regulations across several key areas. One draft addresses requirements for qualified investor recognition, including procedures for maintaining a registry of qualified investors. Another proposes changes to regulations governing the digital ruble platform, specifically establishing procedures for tax authorities and the digital ruble platform operator to exchange documents and information electronically regarding suspended accounts and debt collection. Additional drafts concern amendments to regulations on bank account management for territorial treasury bodies, payment service fees within the CBR payment system, and trustee management rules for investment funds designated exclusively for qualified investors. The CBR has established staggered comment periods for each proposal. The earliest deadline is May 21, 2026, for comments on amendments to CBR Position No. 748-П. Subsequent deadlines include May 26, 2026; May 28, 2026; May 31, 2026; June 9, 2026; and June 20, 2026. Stakeholders must submit comments via designated email addresses corresponding to each regulatory project. The CBR has published explanatory notes and summary tables of previously received comments for certain proposals to facilitate informed public participation. All draft regulations are available on the CBR website and the Federal Portal of Regulatory Legal Acts (regulation.gov.ru).

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Central Bank of Russia Consults on Amendments to Regulation No.850-P

On May 20, 2026, the Central Bank of Russia launched a consultation on the Draft Bank of Russia Instruction "On Amendments to Bank of Russia Regulation No. 850-P of January 13, 2025". According to the instruction, when organising the recording of the composition of information infrastructure objects involved in the execution of each technological process, banks shall determine, record and update the following information upon each change: Details of the name and lifecycle stages. Technical measures, an automated system, a component of an automated system constituting software, or a computer device used in the performance of technological processes. Information on the unique identification number and functional purpose of the automated system, contained in the bank's action plan. Details of the taxpayer identification number of the individual who is the developer of the automated system. Information on the class of software used in the performance of technological processes. Information on the classes of computing equipment and telecommunications equipment used. Comments and feedback are welcome up until June 20, 2026 and can be sent via email to erokhingi@cbr.ru or afanasevael@cbr.ru .
3167774 pc May 20, 2026 msolomon Poland Financial Supervision Authority horizon scanning
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Poland's Financial Supervision Authority Imposes Monetary Penalties on Deutsche Bank Polska for Investment Fund Violations

On May 8, 2026, Poland's Financial Supervision Authority (Komisja Nadzoru Finansowego) issued a decision imposing monetary penalties on Deutsche Bank Polska SA, based in Warsaw, for violations committed while acting as depositary for two Generali investment funds. The authority fined Deutsche Bank Polska 130,000 Polish zloty for breaches as depositary of Generali Fundusze Funduszu Inwestycyjnego Otwartego (GF FIO) and 70,000 Polish zloty for violations as depositary of Generali Fundusze Specjalistycznego Funduszu Inwestycyjnego Otwartego (GF SFIO). The violations occurred between January 16, 2023 and March 18, 2025 for GF FIO, and between January 12, 2023 and March 18, 2025 for GF SFIO. The primary breach involved Deutsche Bank Polska's failure to identify errors in net asset value (WAN) and net asset value per unit (WANJU) calculations for two subfunds: Generali Korona Obligacji Uniwersalny and Generali Obligacji Uniwersalny Plus. The depository failed to detect that variable management fees were calculated using incorrect benchmark rates. The funds applied WIBOR 6M without margin additions, whereas fund statutes required WIBOR 6M plus 10 basis points for GF FIO and 15 basis points for GF SFIO. This resulted in overstated variable compensation payments to the fund manager. The Financial Supervision Authority emphasised that depositaries must substantively verify net asset valuations and conduct meaningful oversight of fund activities, not merely perform formal document checks. The authority noted that fund manager Generali Investments TFI SA ultimately identified the error and reported it to the depositary and regulator. Deutsche Bank Polska may request reconsideration from the Financial Supervision Authority or appeal the decision to the Provincial Administrative Court in Warsaw.

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Poland's Financial Supervision Authority Fines Deutsche Bank Polska for Investment Fund Violations

On May 20, 2026, the Polish Financial Supervision Authority (KNF) announced it had imposed fines on Deutsche Bank Polska SA for violations committed while acting as depositary for two investment funds KNF issued the following fines: PLN130,000 for breaches as depositary of Generali Fundusze Funduszu Inwestycyjnego Otwartego (GF FIO) between January 16, 2023 and March 18, 2025. PLN70,000 for violations as depositary of Generali Fundusze Specjalistycznego Funduszu Inwestycyjnego Otwartego (GF SFIO) between January 12, 2023 and March 18, 2025. KNF identified that the primary breach was Deutsche Bank Polska's failure to identify errors in net asset value (WAN) and net asset value per unit (WANJU) calculations for two subfunds: Generali Korona Obligacji Uniwersalny and Generali Obligacji Uniwersalny Plus. The depository failed to detect that variable management fees were calculated using incorrect benchmark rates, resulting in overstated variable compensation payments to the fund manager. KNF emphasised that depositaries must substantively verify net asset valuations and conduct meaningful oversight of fund activities, not merely perform formal document checks.
3170533 pc May 20, 2026 arahman Bosnia and Herzegovina Current Events - Government of the Federation of Bosnia and Herzegovina horizon scanning
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Federation of Bosnia and Herzegovina Adopts Nine Laws to Strengthen Financial Sector Stability

On May 20, 2026, the House of Peoples of the Federation of Bosnia and Herzegovina adopted nine laws designed to modernise and stabilise the financial sector while aligning with European Union standards. The House of Peoples approved six laws developed by the Federal Ministry of Finance: the Law on Amendments to the Banking Law; the Law on Electronic Money; the Law on Payment Services; the Law on Amendments to the Microcredit Organisations Law; the Law on Payment Accounts; and the Law on Amendments to the Consumer Protection Law. These six laws, combined with three previously adopted laws—the Law on Amendments to Compulsory Insurance in Traffic, the Law on Amendments to Foreign Exchange Operations, and the Law on Amendments to Leasing—create a comprehensive legal framework for financial sector reform. The legislative package represents a significant modernisation of Bosnia and Herzegovina's payment system and establishes a secure, technologically advanced legal framework for digital payments. The laws create the necessary conditions for Bosnia and Herzegovina to join the Single Euro Payments Area (SEPA). Deputy Prime Minister and Federal Minister of Finance Toni Kraljević said the new legislation directly improves conditions for end users, including the introduction of a "basic account" with minimal maintenance costs and significantly lower general banking fees. The Payment Services Law and Electronic Money Law enable faster, simpler, and cheaper electronic payments for citizens while reducing operational transaction costs for businesses, enhancing domestic economic competitiveness. Kraljević said the laws will ensure long-term stability of the financial market and accelerate economic development across the Federation. REFERENCES: Government of the Federation of Bosnia and Herzegovina. "Usvajanjem devet zakona osigurana dugoročna stabilnost financijskog sektora u Federaciji BiH." Accessed May 20, 2026. https://www.fbih.gov.ba/

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Federation of Bosnia and Herzegovina Adopts Nine Laws to Strengthen Financial Sector Stability

On May 20, 2026, the House of Peoples of the Federation of Bosnia and Herzegovina adopted nine laws designed to modernise and stabilise the financial sector while aligning with European Union standards. The House of Peoples approved six laws developed by the Federal Ministry of Finance: the Law on Amendments to the Banking Law; the Law on Electronic Money; the Law on Payment Services; the Law on Amendments to the Microcredit Organisations Law; the Law on Payment Accounts; and the Law on Amendments to the Consumer Protection Law. These six laws, combined with three previously adopted laws, the Law on Amendments to Foreign Exchange Operations and the Law on Amendments to Leasing, create a comprehensive legal framework for financial sector reform. The legislative package represents a significant modernisation of Bosnia and Herzegovina's payment system and establishes a secure, technologically advanced legal framework for digital payments. The laws create the necessary conditions for Bosnia and Herzegovina to join the Single Euro Payments Area (SEPA).
3167679 pc May 20, 2026 rghosh South Africa Reserve Bank of South Africa horizon scanning
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South Africa's Reserve Bank Prudential Authority Intends to Issue Exemption Notice for Specified Payment Activities

On May 20, 2026, the Prudential Authority (PA), a division of the South African Reserve Bank (SARB), published Prudential Communication 10 of 2026 communicating its intention to issue an Exemption Notice to exempt specified payment activities from the definition of the business of bank. The PA simultaneously endorsed the SARB in issuing a supporting regulatory framework, the Authorisation Framework, and invited comments on both the proposed Exemption Notice and Authorisation Framework. The Exemption Notice aims to clarify which payment activities fall outside the regulatory scope of banking business, thereby providing regulatory clarity for entities engaged in specified payment services. This development is significant as it establishes a clearer regulatory perimeter for payment service providers operating in South Africa, distinguishing between activities that require banking licenses and those that do not. The Authorisation Framework will set out the conditions and requirements for entities seeking to operate under the exemption. This initiative affects payment service providers, fintech companies, and other entities offering payment activities that may currently fall within ambiguous regulatory territory. The exemption framework is designed to facilitate innovation in the payments sector while maintaining prudential oversight of systemic risks. The PA invites stakeholders to submit comments on the Draft Payment Activities Exemption Notice and the Draft Authorisation Framework. Supporting documentation includes a statement of need impact assessment outlining the rationale for the exemption framework. Interested parties should use the provided exemption notice comment template when submitting responses. The consultation period and response deadline have not been specified in the available materials. REFERENCES: South African Reserve Bank. (2026, May 20). Prudential Communication 10 of 2026 - PA's intention to issue an exemption notice to exempt specified payment activities. Retrieved from https://www.resbank.co.za/

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South Africa's Prudential Authority Intends to Issue Exemption Notice for Specified Payment Activities

On May 20, 2026, the Prudential Authority (PA), a division of the South African Reserve Bank (SARB), published Prudential Communication 10 of 2026 communicating its intention to issue an Exemption Notice to exempt specified payment activities from the definition of the business of bank. The PA simultaneously endorsed the SARB in issuing a supporting regulatory framework, the Authorisation Framework, and invited comments on both the proposed Exemption Notice and Authorisation Framework. The Exemption Notice aims to clarify which payment activities fall outside the regulatory scope of banking business, thereby providing regulatory clarity for entities engaged in specified payment services. This development is significant as it establishes a clearer regulatory perimeter for payment service providers operating in South Africa, distinguishing between activities that require banking licenses and those that do not. The Authorisation Framework will set out the conditions and requirements for entities seeking to operate under the exemption. This initiative affects payment service providers, fintech companies, and other entities offering payment activities that may currently fall within ambiguous regulatory territory. The exemption framework is designed to facilitate innovation in the payments sector while maintaining prudential oversight of systemic risks. The PA invites stakeholders to submit comments on the Draft Payment Activities Exemption Notice and the Draft Authorisation Framework. Supporting documentation includes a statement of need impact assessment outlining the rationale for the exemption framework. Interested parties should respond to  PA-SARB-ExemptionNotice@resbank.co.za, for the attention of the PA Policy Division and National Payment System Department, by June 15, 2026.
3166974 pc May 20, 2026 arahman Slovakia Central Bank of Slovakia-news and press releases horizon scanning
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Slovakia's Central Bank and Czech National Bank Coordinate Efforts Against Online Fraud and Digital Euro Preparation

On May 19, 2026, the Central Bank of Slovakia (NBS) and the Czech National Bank (ČNB) held bilateral discussions to coordinate policy responses across five priority areas affecting both nations' financial systems and citizens. The central banks addressed combating online fraud through the exchange of recent experiences on how attackers exploit internet users and strategies to better protect customer funds in commercial banks. Both institutions discussed preparations for a potential digital euro, examining how consumer payment habits are evolving and the technical and security measures required for digital currency implementation. The banks also reviewed new regulatory rules for crypto-assets, focusing on how to structure licensing procedures for companies operating in this sector while balancing market innovation with consumer protection. Additionally, the NBS and ČNB analysed current economic conditions, inflation trends, and banking sector stability in both countries, and explored opportunities to align professional training programmes for experts from both institutions. The NBS emphasised that bilateral coordination between the two central banks extends beyond formal protocol. Given the rapid evolution of financial markets and technology, coupled with the cross-border nature of online fraud, the similar regulatory environments in Slovakia and the Czech Republic enable both institutions to adopt proven solutions more efficiently. This approach accelerates the implementation of protective measures and strengthens financial system security across both jurisdictions. The NBS noted that regular engagement between the two central banks facilitates knowledge-sharing and coordinated responses to emerging risks in the financial sector.

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Slovakia's Central Bank and Czech National Bank Coordinate Efforts Against Online Fraud and Digital Euro Preparation

On May 19, 2026, the Central Bank of Slovakia (NBS) and the Czech National Bank (ČNB) held bilateral discussions to coordinate policy responses across five priority areas affecting both nations' financial systems and citizens. The discussion was dedicated to the following topics: Fighting online fraud: exchange of the latest experiences on how attackers rob people on the internation and how to more effectively protect clients' money in commercial banks. Preparing for the digital euro: how people's payment habits are changing and what technical or security steps the potential introduction of a digital currency will require. New rules for crypto-assets: how to set up licensing procedures so that the market innovates, but clients are protected from risk. The NBS emphasised that bilateral coordination between the two central banks extends beyond formal protocol. Given the rapid evolution of financial markets and technology, coupled with the cross-border nature of online fraud, the similar regulatory environments in Slovakia and the Czech Republic enable both institutions to adopt proven solutions more efficiently. The NBS noted that regular engagement between the two central banks facilitates knowledge-sharing and coordinated responses to emerging risks in the financial sector.
3167769 pc May 20, 2026 arahman Sweden Finansinspektionen horizon scanning
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Sweden's Financial Supervisory Authority Publishes Financial Stability Report Emphasizing Operational Resilience

On May 20, 2026, Sweden's Finansinspektionen (Financial Supervisory Authority) published its first financial stability and preparedness report for 2026, concluding that the Swedish financial system remains stable while new risks continue to emerge. The report identifies cybersecurity and operational resilience as critical priorities for financial institutions. Finansinspektionen notes that serious geopolitical tensions and rapid digitalization have increased risks to financial companies' information and communications technology (ICT) environments. The authority emphasizes that artificial intelligence (AI) presents both significant efficiency opportunities and new vulnerabilities for financial firms, citing recent concerns regarding the AI model Mythos. Johan Almenberg, chief executive of Finansinspektionen, said that financial companies must remain vigilant in managing complex emerging risks, particularly cybersecurity threats and geopolitical impacts. The report assesses financial institutions' compliance with the Digital Operational Resilience Act (DORA), which has been fully applicable in Sweden since the previous year. Finansinspektionen's analysis reveals that certain companies risk failing to meet regulatory requirements and must strengthen their work on preventing, detecting, managing, and recovering from disruptions to their ICT environments. The authority expects firms to enhance resilience where necessary and will monitor compliance closely during supervision. Regarding broader economic conditions, the Swedish economy is slowly recovering from recession, though geopolitical uncertainty complicates the outlook. The report notes that the Swedish financial system possesses sufficient resilience to withstand significant economic and market downturns. Finansinspektionen also highlights that financial sector preparedness has strengthened through various measures, including publishing planning guidance for financial companies and establishing a new private-public cooperation structure for preparedness (FTPOS) with Riksbanken, Riksgälden, and industry participants. The authority intends to request new legislation granting it expanded authority to impose requirements ensuring critical financial services function during heightened preparedness and wartime scenarios.

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Sweden's Financial Supervisory Authority Publishes Financial Stability Report Emphasising Operational Resilience

On May 20, 2026, the Financial Supervisory Authority (FSA) published its 2026 financial stability and preparedness report, concluding that the Swedish financial system remains stable while new risks continue to emerge. The report identifies cybersecurity and operational resilience as critical priorities for financial institutions. The FSA notes that serious geopolitical tensions and rapid digitalisation have increased risks to financial companies' information and communications technology (ICT) environments. The authority emphasises that artificial intelligence (AI) presents both significant efficiency opportunities and new vulnerabilities for financial firms, citing recent concerns regarding the AI model Mythos. The FSA said that financial companies must remain vigilant in managing complex emerging risks, particularly cybersecurity threats and geopolitical impacts. The report assesses financial institutions' compliance with the Digital Operational Resilience Act (DORA), which has been fully applicable in Sweden since last year. The FSA's analysis reveals that certain companies risk failing to meet regulatory requirements and must strengthen their work on preventing, detecting, managing and recovering from disruptions to their ICT environments. The authority expects firms to enhance resilience where necessary and will monitor compliance closely during supervision. The FSA also highlights that financial sector preparedness has strengthened through various measures, including publishing planning guidance for financial companies and establishing a new private-public cooperation structure for preparedness (FTPOS) with Riksbanken, Riksgälden and industry participants. The authority intends to request new legislation granting it expanded authority to impose requirements ensuring critical financial services function during heightened preparedness and wartime scenarios.
3167778 pc May 20, 2026 arahman Slovenia eUprava - Predlogi predpisov ( Proposed Legislation) horizon scanning
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Slovenia's Ministry of Finance Proposes Investment Firm Resolution Law

On May 20, 2026, Slovenia's Ministry of Finance published a proposed law on the resolution of investment firms (Zakon o reševanju investicijskih podjetij) for public consultation. The proposal implements the requirements of Directive 2014/59/EU of the European Parliament and of the Council on establishing a framework for the recovery and resolution of credit institutions and investment firms. The proposed legislation establishes a comprehensive framework for managing the resolution and recovery of investment firms operating in Slovenia. The law aligns Slovenian regulatory requirements with European Union standards, ensuring consistent approaches to financial stability and investor protection across member states. The directive it implements covers procedures for resolving failing investment firms, establishing recovery plans, and implementing resolution strategies to minimise systemic risk and protect financial stability. The framework applies to investment firms and credit institutions, establishing procedures for their orderly resolution when they face financial difficulties. The Ministry of Finance is accepting public comments on the proposed law until June 3, 2026. The government registration number for this proposal is 2026-1611-0034. According to the legislative timeline, the draft is expected to be prepared by the third quarter of 2026, with government committee review and full government approval targeted for the fourth quarter of 2026. The law is scheduled to enter into force during the fourth quarter of 2026. Stakeholders, including financial institutions, industry representatives, and members of the public, may submit comments through the eUprava portal.

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Slovenia's Ministry of Finance Consults on Investment Firm Resolution Law

On May 20, 2026, Slovenia's Ministry of Finance launched a consultation on the Draft Investment Firms Resolution Act. The proposal implements the requirements of Directive 2014/59/EU of the European Parliament and of the Council on establishing a framework for the recovery and resolution of credit institutions and investment firms. The proposed legislation establishes a comprehensive framework for managing the resolution and recovery of investment firms operating in Slovenia. The law aligns Slovenian regulatory requirements with European Union standards, ensuring consistent approaches to financial stability and investor protection across member states. The draft act pursues the following objectives: To ensure a comprehensive, direct and legally clear transposition of all mandatory provisions of the EU Directive for investment firms, including provisions on recovery planning, early intervention and resolution conditions and tools. A clear designation of the Securities Market Agency as the resolution authority for investment firms, with appropriate operational separation from supervisory tasks, is a prerequisite for the effective and credible exercise of resolution powers. Ensuring the proportionality of the legislative framework, which takes into account the small size and low complexity of the Slovenian investment firm market and allows for the application of simplified obligations. Comments and feedback is welcome up until June 3, 2026, and can be submitted here .
3163794 pc May 19, 2026 kgurnani Australia Australian Securities and Investments Comission horizon scanning
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Australian Securities and Investments Commission Publishes Regulatory Simplification Progress Report

On May 19, 2026, the Australian Securities and Investments Commission (ASIC) released Report 830 (REP 830), a regulatory simplification progress report detailing the regulator's key achievements in its ongoing regulatory simplification work. REP 830 outlines ASIC's accomplishments to date in streamlining regulatory requirements and processes. The report also addresses key issues that emerged from submissions received on ASIC's earlier Report 813 (REP 813), which focused on regulatory simplification. By publishing REP 830, ASIC provides stakeholders with transparency regarding how it has responded to feedback and concerns raised during the consultation process on regulatory simplification initiatives. The report represents ASIC's commitment to reducing unnecessary regulatory burden while maintaining investor protection and market integrity. Regulatory simplification efforts typically aim to eliminate redundant or outdated requirements, clarify compliance obligations, and reduce compliance costs for regulated entities without compromising regulatory objectives. Stakeholders, including financial services providers, market participants, and other regulated entities subject to ASIC's oversight, should review REP 830 to understand ASIC's responses to submissions and the direction of the regulator's simplification agenda. The report provides insight into which regulatory simplification proposals have been progressed, modified, or reconsidered based on stakeholder feedback. This information is relevant for entities seeking to understand how ASIC's regulatory framework may evolve and what compliance adjustments may be necessary in response to the regulator's simplification initiatives. REP 830 is available on ASIC's website as a PDF document.

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Australian Securities and Investments Commission Publishes Regulatory Simplification Progress Report

On May 19, 2026, the Australian Securities and Investments Commission (ASIC) released Report 830 (REP 830), a regulatory simplification progress report detailing the regulator's key achievements in its ongoing regulatory simplification work. REP 830 outlines ASIC's accomplishments to date in streamlining regulatory requirements and processes. The report also addresses key issues that emerged from submissions received on ASIC's earlier Report 813 (REP 813), which focused on regulatory simplification. By publishing REP 830, ASIC provides stakeholders with transparency regarding how it has responded to feedback and concerns raised during the consultation process on regulatory simplification initiatives. The report represents ASIC's commitment to reducing unnecessary regulatory burden while maintaining investor protection and market integrity. Regulatory simplification efforts typically aim to eliminate redundant or outdated requirements, clarify compliance obligations, and reduce compliance costs for regulated entities without compromising regulatory objectives. Stakeholders, including financial services providers, market participants, and other regulated entities subject to ASIC's oversight, should review REP 830 to understand ASIC's responses to submissions and the direction of the regulator's simplification agenda. The report provides insight into which regulatory simplification proposals have been progressed, modified, or reconsidered based on stakeholder feedback. This information is relevant for entities seeking to understand how ASIC's regulatory framework may evolve and what compliance adjustments may be necessary in response to the regulator's simplification initiatives. REP 830 is available on ASIC's website as a PDF document.
3169671 gc May 19, 2026 zbirnbaum Brazil Brazil | News Site gamblingcompliance
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Brazil's Central Bank Mandates Financial Institutions Share Data on Illegal Betting Operators

On May 20, 2026, Brazil's Central Bank published Resolution No. 569, which expands requirements for financial and payment institutions to share information about unauthorized betting operators. The resolution amends Resolution No. 343 from October 4, 2023, which previously regulated the exchange of fraud-related data between entities supervised by the Central Bank. The new regulation requires financial institutions to identify and report suspicious transactions and activities linked to unauthorized betting operators as defined under Article 24-A of Law No. 14.790. The Central Bank Director of Regulation, Gilneu Francisco Astolfi Vivan, signed the resolution following approval by the Board of Directors on May 19, 2026. The measure extends the scope of fraud information sharing to include evidence of actions by natural or legal persons operating as unauthorized betting operators, as well as the provision of financial and payment services to such entities. Additionally, the resolution addresses the provision of virtual asset services, requiring institutions to adapt their electronic systems to identify and report suspicious activity in this sector. The regulation aims to strengthen mechanisms for preventing and combating illegal betting activities by ensuring regulated entities exchange relevant data through established electronic systems. Consortium administrators remain excluded from these obligations. Financial institutions operating with virtual assets must implement the necessary measures by October 30, 2026. Entities providing financial and payment services to unauthorized betting operators have until December 1, 2026, to comply. These staggered deadlines account for the technical complexity involved in developing appropriate procedures for identifying and reporting suspicious transactions. The resolution entered into force upon publication in the Official Gazette of the Union.

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Brazil mandates banks share data on illegal betting operators

On May 19, 2026, the Brazilian Central Bank (BCB) approved Resolution BCB 569, modifying Resolution BCB 343, which regulates the exchange of data on evidence of fraud between entities supervised by the monetary authority. Under the Resolution, the data to be shared and information on evidence of fraud includes evidence of the actions of natural or legal persons as unauthorized betting operators, as referred to in Article 24-A, paragraph 1, of Law 14.790, of December 29, 2023. In addition, the Resolution further amends Resolution BCB 343 to address the contracting of credit operations; provision of virtual asset services, and; the provision of financial and payment services to individuals or legal entities such as unauthorized betting operators. Of note, the Resolution includes staggered implementation deadlines as follows: Institutions operating with virtual assets must adapt their systems by October 30, 2026 . Entities that provide financial and payment services to unauthorized betting operators must implement the measures by December 1, 2026 . This measures takes effect immediately .
3167061 pc May 19, 2026 ataylor US Track 1 The White House financial services
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The White House Issues Executive Order Integrating Financial Technology Innovation into Regulatory Frameworks

On May 19, 2026, the White House issued an executive order directing federal financial regulators to streamline regulatory processes and reduce barriers to entry for fintech firms seeking to operate within the U.S. financial system. The order establishes a policy framework aimed at fostering financial innovation by updating regulations to facilitate the integration of digital assets and innovative technology into traditional financial services and payment systems. It defines fintech firms as non-bank companies using technological means to offer financial products or services, including payment processing, lending, deposit-taking, investment management, brokerage services, digital banking, digital asset-related services, and blockchain-based services. The order directs the Consumer Financial Protection Bureau (CFPB), Securities and Exchange Commission (SEC), National Credit Union Administration (NCUA), Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) to conduct regulatory reviews within 90 days to identify regulations, guidance, supervisory practices, and application processes that impede fintech innovation or competition. These reviews must identify items that unduly prevent fintech firms from partnering with federally regulated institutions or that could streamline charter and licensing applications, while balancing innovation with safety, soundness, consumer protection, market integrity, and financial stability. The order also requests the Board of Governors of the Federal Reserve System (FRB) to evaluate the legal and regulatory framework governing access to Federal Reserve payment accounts and services by uninsured depository institutions and non-bank financial companies engaged in digital assets and novel financial activities. The FRB must submit findings, options, and recommendations within 120 days, assessing legal authority to extend direct access, options for expansion, legal impediments, and consistency across the 12 Federal Reserve Banks. Where existing law permits, the FRB is requested to establish transparent application procedures with 90-day determination timelines for complete applications. REFERENCES: The White House. "Integrating Financial Technology Innovation into Regulatory Frameworks – Executive Order." May 19, 2026. Available at: https://www.whitehouse.gov/presidential-actions/

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US White House Issues Executive Order: Integrating Financial Technology Innovation into Regulatory Frameworks

On May 19, 2026, the United States White House issued an executive order directing federal financial regulators to update regulations, reduce barriers to entry, and encourage collaboration between fintech firms, federally regulated financial institutions, and regulators. The order aims to foster financial innovation by streamlining regulatory processes for non‑bank fintech companies, including those involved in payment processing, digital assets, blockchain‑based services, and other novel financial activities. It also requests the Federal Reserve to evaluate and potentially expand direct access to its payment accounts and services for eligible fintech firms. Key directives of the executive order include: Regulatory review to reduce barriers: Within 90 days, each federal financial regulator (CFPB, SEC, NCUA, CFTC, FDIC, OCC) must review existing regulations, guidance, and application processes to identify those that unduly impede fintech firms from partnering with banks, credit unions, broker‑dealers, and other regulated institutions. The review must also consider streamlining applications for bank charters, credit union charters, deposit insurance, and other federal licenses. Encouraging innovation: Within 180 days, the head of each financial regulator must, in consultation with the Assistant to the President for Economic Policy, take steps to encourage innovation based on the review, balancing innovation with safety and soundness, consumer protection, and financial stability. Federal Reserve access study: The Board of Governors of the Federal Reserve is requested to conduct a comprehensive evaluation (within 120 days) of the legal and policy framework governing direct access to Reserve Bank payment accounts and payment services for uninsured depository institutions and non‑bank financial companies, including those engaged in digital assets and real‑time payment networks. The FRB must submit a report to the President with findings and recommendations. Streamlined access process: If the FRB determines that existing law permits direct access, it is requested to establish transparent application procedures and make determinations on complete applications within 90 days. The order reflects the administration's policy to reduce overly burdensome regulations, promote competition, and integrate digital assets and innovative technology into traditional financial services and payment systems.
3165042 pc May 19, 2026 pthandapani India Reserve Bank of India financial services
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India's Reserve Bank Issues Sixth Amendment to Commercial Bank Financial Statement Directions

On May 18, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Commercial Banks – Financial Statements: Presentation and Disclosures) Sixth Amendment Directions, 2026. The amendment modifies the Reserve Bank of India (Commercial Banks – Financial Statements: Presentation and Disclosures) Directions, 2025, which took effect on November 28, 2025. The RBI exercised powers conferred by Section 35A of the Banking Regulation Act, 1949, to issue these amendments. The changes follow the issuance of the Reserve Bank of India (Commercial Banks – Classification, Valuation, and Operation of Investment Portfolio) Second Amendment Directions, 2026, and address necessary updates to financial reporting standards. The amendment introduces two substantive modifications to the 2025 Directions. First, it revises the notes and instructions for compilation under Schedule 2(IV) regarding "Revenue and Other Reserves." The updated guidance clarifies that "Revenue Reserve" encompasses any reserve other than a Capital Reserve, including all reserves not separately classified, while explicitly excluding amounts retained for depreciation, renewals, diminution in value of assets, or provisions for known liabilities. Second, the amendment modifies paragraph 10(3)(vi) to establish a standardised reporting framework for "Movement of provisions for non-performing investments (NPIs)." The new format requires commercial banks to disclose opening balances, provisions made during the year, write-offs or write-backs of excess provisions, and closing balances for NPIs, with figures presented in Indian rupees (₹) crore for both current and previous years. The Sixth Amendment Directions came into effect immediately upon issuance on May 18, 2026. Commercial banks must apply these amended presentation and disclosure requirements in their subsequent financial statements.

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1025 chars · nid 92614

Reserve Bank of India Issues Sixth Amendment to Commercial Bank Financial Statement Directions

The Reserve Bank of India (RBI) has released the Reserve Bank of India (Commercial Banks – Financial Statements: Presentation and Disclosures) Sixth Amendment Directions, 2026. The directions prescribe amendments to: Revenue and other reserves compilation substituting the notes and instructions for compiling 'revenue and other reserves' under schedule 2(IV), clarifying that a 'revenue reserve' means any reserve other than a capital reserve and includes all reserves not separately classified, while explicitly excluding any amounts retained for depreciation, renewals, asset value diminution, or for any known liability. Non-performing investments provisions movement updating paragraph 10(3)(vi) to outline the required tabular disclosure for the movement of provisions held towards non-performing investments (NPIs), which must detail the opening balance, provisions made during the year, write-offs or write-backs of excess provisions during the year, and the closing balance. The amendments take immediate effect.
3165044 pc May 19, 2026 pthandapani India Reserve Bank of India financial services
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India's Reserve Bank Issues Sixth Amendment to Commercial Banks Capital Adequacy Directions

On May 18, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Sixth Amendment Directions, 2026. The amendment modifies the Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Directions, 2025, which came into effect on November 28, 2025. The RBI exercised powers conferred by Section 35A of the Banking Regulation Act, 1949, to issue this amendment. The modification was made consequent to the issuance of the Reserve Bank of India (Commercial Banks – Classification, Valuation, and Operation of Investment Portfolio) Second Amendment Directions, 2026. The specific change deletes Sub-paragraph 21(i)(b) from the capital adequacy directions. The RBI determined the amendment necessary and expedient in the public interest. The amendment came into effect on the date of issue, May 18, 2026. Commercial banks operating in India must ensure compliance with the amended prudential norms on capital adequacy. The deletion of Sub-paragraph 21(i)(b) represents a modification to the capital adequacy framework governing Indian commercial banks. Banks should review the full text of the amended directions to understand the specific implications of this deletion for their capital requirements and regulatory compliance obligations. **Reference:** Reserve Bank of India. (May 18, 2026). Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Sixth Amendment Directions, 2026. RBI/2026-27/90 DOR.MRG.REC.No.78/21-01-002/2026-27.

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Reserve Bank of India Further Amends Capital Adequacy Directions for Commercial Banks

The Reserve Bank of India has published a further amendment to its capital adequacy directions for commercial banks. The amendment removes Investment Fluctuation Reserve (IFR) from the list of Tier 2 Capital. The amendment takes immediate effect.
3164242 pc May 19, 2026 csoo United Kingdom Bank of England horizon scanning
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Bank of England Publishes Tenth Edition of Regulatory Initiatives Grid

On May 19, 2026, the Financial Services Regulatory Initiatives Forum published the tenth edition of the Regulatory Initiatives Grid (the Grid), a biannual publication outlining the regulatory pipeline for the financial services sector. The Grid enables the financial services industry and stakeholders to understand and plan for the timing of regulatory initiatives that may have significant operational impact. The Forum, established in 2020 to strengthen coordination between regulatory bodies, comprises the Bank of England (including the Prudential Regulation Authority (PRA)), Financial Conduct Authority (FCA), Payment Systems Regulator (PSR), Competition and Markets Authority (CMA), Financial Reporting Council (FRC), The Pensions Regulator (TPR), and Information Commissioner's Office (ICO), with HM Treasury attending as an observer member. The Grid contains initiatives designed to strengthen the foundations for growth by ensuring financial stability, while also supporting increased competition, facilitating innovation, boosting consumer confidence and trust, and supporting investment. Forum members continue to support the Government's growth agenda and advance their individual objectives, consistent with the Government's recent financial services reforms, including the Financial Services Bill, which supports sector growth. The Forum continues to work collaboratively to streamline regulatory initiatives and minimise duplicative requests from industry. This collaborative approach is evident in focused areas such as the Payments Forward Plan produced by the Payments Vision Delivery Committee and the oversight of pension reform by the Pensions Reform Steering Group. The regulators remain committed to working together to deliver proportionate and effective regulation, support growth, and strengthen the UK as a world-leading financial centre. The Grid is available on the Bank of England website.

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UK's Financial Services Regulatory Initiatives Forum Publishes Regulatory Initiatives Grid (Tenth Edition)

On May 19, 2026, the UK’s Financial Services Regulatory Initiatives Forum released the tenth edition of its Regulatory Initiatives Grid which sets out the regulatory pipeline over the next two years. The Forum is co-chaired by the Financial Conduct Authority (FCA) and the Bank of England/Prudential Regulation Authority (PRA) and consists of nine members, including the Competition and Markets Authority (CMA), His Majesty’s Treasury (HMT) and the Information Commissioner’s Office (ICO). The Grid presents the expected timeframes for regulatory initiatives led by one or more Forum members at the time of publication, including the following new initiatives: The FCA is expecting to publish a consultation paper containing proposals for resolution of cryptoasset firms in H2 2026. The PSR expects to publish the Independent 12-month evaluation of authorised push payment (APP) fraud policies in Q3 2026. HMT and the PRA are working on reviewing the ring-fencing regime and intend to consult on secondary legislation to enable relevant reforms in the summer of 2026. The BoE plans to publish a discussion paper in relation to Central Counterparty (CCP) Resolution in Q2 2026, with an intention to consult on its resolvability expectations later this year, with a Statement of Policy on CCP resolvability envisaged in 2027. The PRA intends to consult on Pillar 2A Review - Phase 2 in Q4 2027. The PRA is currently deciding on next steps for remuneration data collections planned for late 2026/H1 2027.
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