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3157938 pc May 15, 2026 ggallwey Chile Central Bank Chile horizon scanning
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Chile's Central Bank Rectifies Derivatives Transaction Reporting System Circular

On May 15, 2026, the Central Bank of Chile issued Circular 3013-989, which rectifies Circular 3013-987 regarding modifications to Chapter III.D.3 of the Financial Standards Compendium (Compendio de Normas Financieras). The rectification addresses the Integrated System for Information on Derivatives Transactions (Sistema Integrado de Información sobre Transacciones de Derivados, or SIID). The SIID is a centralised reporting framework that requires market participants to submit comprehensive data on derivatives transactions conducted in the Chilean financial markets. This system enables the Central Bank of Chile to monitor systemic risk, track market activity, and ensure compliance with regulatory requirements across derivatives trading. Circular 3013-989 corrects and clarifies provisions established in the preceding circular to ensure accurate implementation of the SIID framework. The rectification applies to all entities subject to derivatives transaction reporting obligations under the Central Bank of Chile's regulatory framework, including financial institutions, brokers, and other authorised market participants engaged in derivatives trading. The Central Bank of Chile maintains the SIID as part of its broader financial market oversight mandate, ensuring transparency and stability in derivatives markets. This rectification ensures that reporting requirements are clearly defined and consistently applied across all market participants. Entities subject to these requirements should review Circular 3013-989 to understand any modifications to their reporting obligations and ensure compliance with updated procedures. The circular became effective upon publication.

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Chile's Central Bank Rectifies Derivatives Transaction Reporting System Circular

On May 15, 2026, the Central Bank of Chile (BCCh) issued Circular No. 3013-989 correcting Circular No. 3013-987 concerning modifications to Chapter III.D.3 of the Compendium of Financial Standards governing the Integrated Information System on Derivatives Transactions (SIID). The circular rectifies a transcription error contained in the reporting table under Section B, “SIID Participants (entities obliged to report)”, which specifies the categories of entities required to submit derivatives transaction information to the SIID and the scope of their reporting obligations. The corrected framework clarifies reporting obligations applicable to: banking companies and their subsidiaries; non-bank entities participating in the Formal Exchange Market (MCF); general fund administrators; stockbrokers and securities agents; other entities supervised by the CMF; and other Chilean residents entering into derivatives transactions with foreign counterparties. Under the corrected reporting matrix, banking companies and general fund administrators must report all derivatives contracts to the SIID regardless of whether the transactions involve international exchange operations. By contrast, non-bank Formal Exchange Market (MCF) entities, stockbrokers, securities agents, and certain other supervised entities, are only required to report derivatives transactions linked to foreign exchange regulations, including contracts involving foreign currencies, foreign interest rates, foreign underlying assets, or physical settlement in Chilean pesos. The SIID framework forms part of Chile’s financial market infrastructure and prudential reporting regime for OTC derivatives markets and supports supervisory transparency, financial stability monitoring, and derivatives market oversight by the BCCh and CMF.
3153068 pc May 15, 2026 pthandapani Singapore Monetary Authority of Singapore horizon scanning
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Singapore's Monetary Authority Launches Consultation on Total Loss Absorbing Capacity Requirements for Domestic Systemically Important Banks

On May 13, 2026, the Monetary Authority of Singapore (MAS) published a consultation paper seeking feedback on proposed Total Loss Absorbing Capacity (TLAC) requirements for Domestic Systemically Important Banks (DSIBs) in Singapore. The consultation paper outlines a proposed framework to impose TLAC requirements on DSIBs and includes draft amendments to the Financial Services and Markets Act 2022 (FSMA) that will provide MAS with statutory powers to establish and enforce these requirements. TLAC requirements are designed to ensure that systemically important banks maintain sufficient loss-absorbing capacity to support financial stability and enable orderly resolution in stress scenarios. The framework applies specifically to banks designated as systemically important to Singapore's financial system. The proposed amendments to the FSMA will establish the legal basis for MAS to set out detailed TLAC requirements through regulatory instruments. The consultation period runs from May 13, 2026 to June 12, 2026, closing at 11:59 PM on the final date. Responses should be submitted in accordance with MAS's consultation procedures. The consultation paper is accompanied by draft amendments to Division 3, Part 7 of the FSMA, which stakeholders are invited to review and comment on. Following the close of the consultation period, MAS will review all feedback received before finalising the TLAC framework and associated legislative amendments. **References:** Monetary Authority of Singapore. (2026, May 13). Consultation Paper on Proposed Total Loss Absorbing Capacity Requirements for Domestic Systemically Important Banks in Singapore. Retrieved from MAS website.

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Monetary Authority of SIngapore Launches Consultation on Total Loss Absorbing Capacity Requirements for Domestic Systemically Important Banks

The Monetary Authority of Singapore (MAS) has released a consultation paper proposing a framework to impose total loss absorbing capacity (TLAC) requirements on domestic systemically important banks (DSIBs) in Singapore. The consultation paper proposes: TLAC requirements and scalars stipulating an external TLAC requirement of 14 percent of risk-weighted assets (RWA) for local bank DSIBs (without a leverage ratio requirement), and introducing internal TLAC requirements for foreign bank DSIBs calibrated at 75-90 percent of their standalone external TLAC (which is set at 18 percent RWA for those part of a GSIB and 14 percent for those that are not). Instrument eligibility and exclusions detailing strict criteria for TLAC instruments—including being fully paid in, unsecured, and containing mechanisms for write-down or equity conversion—while explicitly excluding retail investors in Singapore from holding these instruments and prohibiting the use of CET1 capital already allocated for the capital conservation buffer. Implementation and disclosures proposing a five-year implementation timeline from the date of notification for DSIBs to meet their TLAC requirements, and mandating quarterly or semi-annual disclosures of key prudential TLAC metrics to provide clarity on the creditor hierarchy in resolution scenarios. Statutory amendments outlining proposed amendments to the Financial Services and Markets Act 2022 (FSMA) to provide MAS with the statutory powers necessary to impose these TLAC requirements. Feedback on these proposals may be submitted via this FormSG link by June 12, 2026.
3157352 pc May 15, 2026 rghosh Japan Financial Services Agency horizon scanning
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Japan's Financial Services Agency Announces Revised Guidance on Central Counterparty Resilience and Disclosure Standards

On May 15, 2026, the Financial Services Agency (FSA) announced the publication of two public consultation documents by the Bank for International Settlements Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO). The first consultation document proposes revisions to "Resilience of Central Counterparties (CCPs): Further Guidance on the Principles for Financial Market Infrastructures (PFMI)". The second proposes amendments to "Public Quantitative Disclosure Standards for Central Counterparties". These revisions reflect policy recommendations from a joint report by the Basel Committee on Banking Supervision (BCBS), CPMI, and IOSCO titled "Transparency and Responsiveness of Initial Margin in Centrally Cleared Markets: Review and Policy Proposals". The proposed amendments address transparency and responsiveness mechanisms for initial margin requirements in centrally cleared markets, enhancing the resilience framework for central counterparties that serve as critical financial market infrastructure. The revisions aim to strengthen market stability and reduce systemic risk by improving disclosure standards and operational guidance for CCPs. These updates are applicable to central counterparties and market participants engaged in centrally cleared derivatives and securities transactions. The consultation period closes on June 30, 2026. Stakeholders are invited to submit comments in English to the CPMI and IOSCO secretariats by this deadline. The FSA's International Affairs Division and Market Business Office coordinate Japan's engagement with these international standard-setting bodies.

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Japan's Financial Services Agency Announces Revised Guidance on Central Counterparty Resilience and Disclosure Standards

On May 15, 2026, the Financial Services Agency (FSA) announced the publication of two public consultation documents by the Bank for International Settlements Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO). The first consultation document proposes revisions to "Resilience of Central Counterparties (CCPs): Further Guidance on the Principles for Financial Market Infrastructures (PFMI)" . The second proposes amendments to " Public Quantitative Disclosure Standards for Central Counterparties". These revisions reflect policy recommendations from a joint report by the Basel Committee on Banking Supervision (BCBS), CPMI, and IOSCO titled "Transparency and Responsiveness of Initial Margin in Centrally Cleared Markets: Review and Policy Proposals". The proposed amendments address transparency and responsiveness mechanisms for initial margin requirements in centrally cleared markets, enhancing the resilience framework for central counterparties that serve as critical financial market infrastructure. The revisions aim to strengthen market stability and reduce systemic risk by improving disclosure standards and operational guidance for CCPs. These updates are applicable to central counterparties and market participants engaged in centrally cleared derivatives and securities transactions. The consultation period closes on June 30, 2026. Stakeholders are invited to submit comments in English to the CPMI and IOSCO secretariats by this deadline.
3151409 pc May 15, 2026 kgurnani Australia The Treasury horizon scanning
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Australia's Treasury Launches Consultation on Reserve Bank Regulations 2026

On May 13, 2026, Australia's Treasury opened a consultation on the Reserve Bank Regulations 2026, which will remake the Reserve Bank Regulation 2016 ahead of its sunset on October 1, 2026. The Reserve Bank Regulations 2026 support the Reserve Bank Act 1959 and establish the framework for secrecy declarations that members of the Reserve Bank of Australia's (RBA) boards must complete. The Regulations also specify the government bodies with whom RBA officials may share protected information or documents. The 2026 update adds three new agencies to this list: the Department of Home Affairs, the Australian Office of Financial Management, and the Australian Signals Directorate. These additions reflect expanded information-sharing arrangements between the RBA and key government institutions. The Regulations otherwise remain substantively consistent with the 2016 version, with the update primarily comprising these agency additions and minor drafting improvements. The consultation period closes on May 27, 2026. Responses must be submitted via the Treasury's consultation website. The Treasury recommends that respondents review the exposure draft and explanatory statement before preparing submissions. Submissions should be prepared in Word (DOCX or RTF) format, with PDF files accepted as an alternative. Respondents must agree to the Treasury's privacy collection statement to submit their response. For further information or technical assistance, interested parties can contact the Treasury at meg-mapd-maps@treasury.gov.au.

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Australia's Treasury Launches Consultation on Reserve Bank Regulations 2026

On May 13, 2026, Australia's Treasury opened a consultation on the Reserve Bank Regulations 2026, which will remake the Reserve Bank Regulation 2016 ahead of its sunset on October 1, 2026. The draft is primarily focused on governance, confidentiality, and information-sharing arrangements connected to the Reserve Bank of Australia’s (RBA) new board structure reforms. Key elements of the draft include: Establishment of formal secrecy declaration requirements for members of the Monetary Policy Board, the Governance Board, and the Payments System Board. Board members must sign declarations agreeing not to improperly disclose protected or confidential information obtained through their role. Specification of which domestic and international agencies can receive or access protected information under the legislation. These prescribed bodies include: the Australian Competition and Consumer Commission Australian Bureau of Statistics Australian Signals Directorate Bank for International Settlements Financial Stability Board Basel Committee on Banking Supervision, International Monetary Fund New Zealand Treasury Inclusion of transitional provisions, clarifying that the confidentiality and disclosure rules apply to protected information regardless of whether it was obtained before or after the regulations commence. Importantly, the draft does not create new licensing requirements, does not introduce AML, prudential, or consumer protection obligations for firms, and does not materially alter payment service provider conduct requirements. Instead, it strengthens the legal and governance framework surrounding RBA board operations, confidential supervisory information, and regulatory cooperation and information-sharing arrangements. The consultation period closes on May 27, 2026. Responses must be submitted via the Treasury's consultation website .
3151032 pc May 15, 2026 kgurnani Australia Federal Register of Legislation horizon scanning
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Australia's Department of Home Affairs Implements Transitional Amendment Rules for Anti-Money Laundering Reporting Obligations

On May 13, 2026, Australia's Department of Home Affairs brought into force the Anti-Money Laundering and Counter-Terrorism Financing Transitional Amendment (Reporting Obligations) Rules 2026. The rules, authorised by the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024, establish transitional provisions governing reporting obligations under Australia's anti-money laundering and counter-terrorism financing (AML/CTF) regime. The transitional amendment rules address reporting requirements during the implementation period following the 2024 amendment act. These rules apply to reporting entities subject to Australia's AML/CTF obligations, including financial institutions, designated non-financial businesses and professions, and other regulated entities. The rules establish interim arrangements to ensure continuity and compliance during the transition to updated AML/CTF requirements. The legislative instrument came into effect on May 13, 2026, and is now in force. Reporting entities should review the transitional provisions to understand any modified or interim reporting obligations that apply during the transition period. The Department of Home Affairs administers these rules, and entities should refer to the explanatory statement accompanying the rules for detailed guidance on implementation requirements and compliance expectations. REFERENCES: Federal Register of Legislation. Anti-Money Laundering and Counter-Terrorism Financing Transitional Amendment (Reporting Obligations) Rules 2026. Available at: https://www.legislation.gov.au/

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Australia's Department of Home Affairs Implements Transitional Amendment Rules for Anti-Money Laundering Reporting Obligations

On May 13, 2026, Australia's Department of Home Affairs brought into force the Anti-Money Laundering and Counter-Terrorism Financing Transitional Amendment (Reporting Obligations) Rules 2026, under the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 . These rules apply to reporting entities subject to Australia's AML/CTF obligations, including financial institutions, designated non-financial businesses and professions, and other regulated entities. It adds a small amendment to the to the Anti-Money Laundering and Counter-Terrorism Financing Transitional Rules 2026 , that Subsection 10(5) applies in relation to a report given to the AUSTRAC CEO whether the report was given before or after the amendment commenced. This amendment is effective from 14 May 2026.
3154212 pc May 15, 2026 msolomon Russia The central Bank of Russian Federation horizon scanning
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Russia's Central Bank Opens Public Consultation on Multiple Regulatory Amendments

The Central Bank of Russian Federation (CBR) is conducting public consultations on several draft regulatory directives covering payments infrastructure, insurance, banking operations, and securities disclosure. The consultations are part of the CBR's 2026 regulatory agenda and invite stakeholder feedback through designated email addresses. Key draft directives under consultation include amendments to regulations governing payment services fees and infrastructure within the CBR's payment system; modifications to trust management rules for investment funds designated exclusively for qualified investors; updates to mandatory motor vehicle liability insurance requirements; revisions to asset sufficiency assessment methodologies for bank obligation settlement; procedures for electronic document exchange between tax authorities and banks; and credit reserve formation requirements for organisations providing mortgage and real estate financing. Additionally, the CBR is consulting on a new regulation establishing disclosure requirements for issuers of debt securities. The CBR has established a standardised format for submitting comments and recommendations during the public discussion phase to support regulatory impact assessments. Comments on individual draft directives are due by specified dates in May 2026, with submission deadlines ranging from May 14 to May 26, 2026. Each draft directive has designated CBR contact points for submissions. The CBR notes that all draft regulatory acts undergo corruption risk assessment as part of the approval process. Stakeholders can access draft documents, explanatory notes, and submission procedures through the CBR's official website and the Federal Portal of Draft Regulatory Legal Acts (regulation.gov.ru). REFERENCES: Central Bank of Russian Federation. Projects of Regulatory Acts. Available at: www.cbr.ru

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Russia's Central Bank Opens Public Consultation on Multiple Regulatory Amendments

The Central Bank of Russian Federation (CBR) is conducting public consultations on several draft regulatory directives covering payments infrastructure, insurance, banking operations, and securities disclosure. The consultations are part of the CBR's 2026 regulatory agenda and invite stakeholder feedback through designated email addresses. Key draft directives under consultation include amendments to regulations governing payment services fees and infrastructure within the CBR's payment system; modifications to trust management rules for investment funds designated exclusively for qualified investors; updates to mandatory motor vehicle liability insurance requirements; revisions to asset sufficiency assessment methodologies for bank obligation settlement; procedures for electronic document exchange between tax authorities and banks; and credit reserve formation requirements for organisations providing mortgage and real estate financing. Additionally, the CBR is consulting on a new regulation establishing disclosure requirements for issuers of debt securities. The CBR has established a standardised format for submitting comments and recommendations during the public discussion phase to support regulatory impact assessments. Comments on individual draft directives are due by specified dates in May 2026, with submission deadlines ranging from May 14 to May 26, 2026. Each draft directive has designated CBR contact points for submissions. The CBR notes that all draft regulatory acts undergo corruption risk assessment as part of the approval process. Stakeholders can access draft documents, explanatory notes, and submission procedures through the CBR's official website and the Federal Portal of Draft Regulatory Legal Acts (regulation.gov.ru). REFERENCES: Central Bank of Russian Federation. Projects of Regulatory Acts. Available at: www.cbr.ru
3150608 pc May 15, 2026 tojuri Sweden Finansinspektionen horizon scanning
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Sweden's Financial Supervisory Authority Adopts European Securities and Markets Authority Guidelines on Liquidity Management Tools

On May 12, 2026, Finansinspektionen (FI), Sweden's financial supervisory authority, announced that it will follow guidelines issued by the European Securities and Markets Authority (ESMA) concerning liquidity management tools for fund companies and open alternative investment funds (AIFs). ESMA published the guidelines on liquidity management tools, which apply from April 16, 2026. FI intends to follow the guidelines from the date Swedish regulations on liquidity management tools enter into force, which according to the legislative proposal will be July 1, 2026. For funds that existed before April 16, 2026, the guidelines will apply from April 16, 2027. FI considers ESMA guidelines directed at competent authorities or financial market participants to be equivalent to Swedish general advice. Under Regulation 1095/2010/EU establishing ESMA, competent authorities and financial market participants are required to seek to comply with these guidelines using all available means. This adoption ensures consistency in liquidity management practices across the European financial market and provides fund companies and open AIFs with clear expectations regarding liquidity management tool implementation. The staggered implementation timeline allows existing funds a transition period to align their practices with the new requirements. **References:** Finansinspektionen (May 12, 2026). FI kommer att följa riktlinjer om verktyg för likviditetshantering. Available at: https://www.fi.se/ ESMA Guidelines on Liquidity Management Tools for UCITS and AIFs

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Sweden's Financial Supervisory Authority Adopts European Securities and Markets Authority Guidelines on Liquidity Management Tools

On May 12, 2026, Sweden's Financial Supervisory Authority (FSA) announced that it will follow the European Securities and Markets Authority’s (ESMA) guidelines on liquidity management tools for UCITS and open alternative investment funds (AIFs) ( ESMA34-671404336-1364 ). 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 supervisory standards for the selection, calibration, activation and deactivation of liquidity management tools by fund managers. The guidelines apply from April 16, 2026, with a 12-month transition period for existing funds, ending on April 16, 2027. However, the FSA intends to follow the guidelines from the date Swedish regulations on liquidity management tools enter into force, which, according to the legislative proposal, will be July 1, 2026.
3148728 pc May 15, 2026 tojuri Denmark Financial Supervisory Authority horizon scanning
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Denmark's Financial Supervisory Authority Issues Enforcement Actions Against Bambora Denmark Following Anti-Money Laundering Inspection

On May 13, 2026, Denmark's Financial Supervisory Authority (Finanstilsynet) published an inspection report following an anti-money laundering inspection of Bambora Denmark, a branch of Swedish payment institution Bambora AB, conducted on December 10, 2025. Bambora Denmark, registered as a payment institution branch since October 28, 2021, provides card acquiring services for Visa and Mastercard payment schemes, including payment terminal solutions for physical retailers and e-commerce platforms. Its customer base comprises small and medium-sized enterprises. The inspection identified multiple compliance deficiencies, resulting in six enforcement orders. The authority found that Bambora Denmark failed to adequately assess the purpose and intended nature of business relationships, including the origin of funds, creating risk of money laundering and terrorism financing. The branch was ordered to establish more precise transaction intervals and implement enhanced customer due diligence for high-risk customers. The inspection also revealed insufficient incorporation of industry and risk factors in customer risk assessments, inadequate monitoring of established business relationships, and failure to investigate suspicious transactions thoroughly or document investigation results. The authority ordered the branch to enhance its monitoring system to include specific information on expected customer transactions, ensure coverage of all identified risks including cash transactions and high-risk jurisdictions, and properly document all investigations. Additionally, Finanstilsynet found that Bambora Denmark provided inaccurate reporting to the authority and failed to update customer information appropriately. The branch was ordered to correct all reported information from 2023 through the third quarter of 2025 and ensure accurate future reporting. All enforcement orders reference relevant provisions of Danish anti-money laundering legislation.

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Denmark's Financial Supervisory Authority Issues Enforcement Actions Against Bambora Denmark Following Anti-Money Laundering Inspection

On May 13, 2026, Denmark's Financial Supervisory Authority (FSA) published an inspection report following an anti-money laundering inspection of Bambora Denmark, a branch of Swedish payment institution Bambora AB, conducted on December 10, 2025. Bambora Denmark, registered as a payment institution branch, provides card acquiring services for Visa and Mastercard payment schemes, including payment terminal solutions for physical retailers and e-commerce platforms. The inspection identified multiple compliance deficiencies, resulting in multiple enforcement orders: The branch has been ordered to assess and, where relevant, obtain information about the purpose and intended nature of the business relationship, including investigating the origin of the funds. The branch has been ordered to ensure its risk assessment of customers includes all relevant risk factors, including those associated with the customers' industries. The branch has been ordered to carry out customer due diligence procedures when a customer's relevant circumstances change, and otherwise at appropriate times The branch has been ordered to include specific information about customers' expected transactions in its monitoring system, including the number and scope. In addition, the branch must ensure that its monitoring includes all identified risks, including cash transactions, high-risk industries and transactions with countries on the European Commission's list of high-risk third countries, and in the latter case, to carry out enhanced customer due diligence procedures for such customers. The branch has been ordered to investigate all unusual activities and all complex, unusually large, or otherwise unusual transactions that lack an obvious economic or legal purpose. The branch must also record and store the results of its investigations. The branch has been ordered to correct the information it has reported for 2023 and up to the third quarter of 2025. The branch must also ensure that it reports information correctly in the future.
3150560 pc May 15, 2026 tojuri Finland Financial Supervisory Authority financial services
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Finland's Financial Supervisory Authority Imposes EUR 115,000 Penalty on Pareto Securities for Transaction Reporting Omissions

On May 13, 2026, the Financial Supervisory Authority (FIN-FSA) imposed a penalty payment of EUR 115,000 on Pareto Securities Ltd for significant omissions in transaction reporting. The investment firm failed to report transactions to the FIN-FSA during two substantial gaps: 71 days in 2024 and 20 days in 2025. Additionally, Pareto Securities reported 13 specific transactions repeatedly during the period from June 23, 2023 to May 27, 2025, with the majority of these transactions reported more than 300 times. Transaction reporting requirements enable competent authorities to detect and investigate potential market abuse and monitor fair and orderly market functioning. The FIN-FSA determined that supervised entities must provide complete and accurate transaction details to fulfil this supervisory objective. The penalty amount reflected a comprehensive assessment of the omissions' nature, extent, and duration. The FIN-FSA considered Pareto Securities' cooperation and acknowledgment of the breaches as mitigating factors in determining the final penalty amount. The decision is not yet legally binding. Pareto Securities has the right to appeal to the Helsinki Administrative Court within 30 days of receiving notice of the decision. The FIN-FSA will publish information regarding the decision's legal validity on its website. For further information, contact Armi Taipale, Head of Department, Capital Markets Supervision, or the FIN-FSA Communications team at +358 9 183 5030 (weekdays 09:00–16:00).

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Finland's Financial Supervisory Authority Imposes €115,000 Penalty on Pareto Securities for Transaction Reporting Omissions

On May 13, 2026, the Financial Supervisory Authority (FIN-FSA) imposed a penalty payment of €115,000 on Pareto Securities Ltd for significant omissions in transaction reporting. The investment firm failed to report transactions to the FIN-FSA during two substantial gaps: 71 days in 2024 and 20 days in 2025. Additionally, Pareto Securities reported 13 specific transactions during the period from June 23, 2023 to May 27, 2025, with the majority reported more than 300 times. Transaction reporting requirements enable competent authorities to detect and investigate potential market abuse and monitor fair and orderly market functioning. The FIN-FSA determined that supervised entities must provide complete and accurate transaction details to fulfil this supervisory objective. The FIN-FSA considered Pareto Securities' cooperation and acknowledgement of the breaches as mitigating factors in determining the final penalty amount. The decision is not yet legally binding.
3151009 pc May 15, 2026 tojuri Finland Financial Supervisory Authority horizon scanning
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Finland's Financial Supervisory Authority Publishes Thematic Assessment on Waiver Indicator Reporting in Trade Reporting

On May 13, 2026, the Financial Supervisory Authority (FSA) published a thematic assessment examining the reporting of waiver indicators in trade reporting by Finnish market participants. The assessment evaluated whether entities correctly and comprehensively reported information on exemptions from pre-trade transparency requirements applied to transactions. The assessment focused on compliance with the Markets in Financial Instruments Regulation (MiFIR) (EU) 600/2014, Article 26, which requires reporting transaction information to competent authorities. Reporting formats and data fields are defined in the Commission Delegated Regulation (EU) 2017/590 (RTS 22) and supplemented by guidance from the European Securities and Markets Authority (ESMA/2016/1452). In Finland, trade reporting obligations apply to investment service providers, including credit institutions and investment firms. The FSA examined Field 61 (Waiver indicator) in RTS 22, which requires reporting whether transactions executed on a trading venue applied exemptions under MiFIR Articles 4 or 9 from pre-trade requirements. The assessment identified significant deficiencies in waiver indicator reporting, particularly regarding Reference Price Waiver (RFPT) reporting on Nasdaq Helsinki's Nordic@Mid system. Key findings included incomplete or absent waiver information despite regulatory requirements, inadequate system controls and validations, and insufficient reconciliation procedures. The FSA noted that some entities determined waiver status solely on Market Identifier Code (MIC) rather than transaction-specific data, which is insufficient as MIC codes cannot distinguish Large in Scale (LIS) exemption situations. The FSA conducted the assessment through a survey of Nasdaq Helsinki's Finnish members and analysis of trade reporting data. The assessment emphasised that entities must ensure accurate and comprehensive waiver reporting, implement adequate system controls, and strengthen content-based validations and reconciliations to verify reporting accuracy and completeness. The FSA will provide individual feedback to participating entities with potential clarification requests and corrective action requirements, and will monitor remedial measures through ongoing supervision using trade reporting data.

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Finland's Financial Supervisory Authority Publishes Thematic Assessment on Waiver Indicators in Transaction Reporting

On May 13, 2026, the Finnish Financial Supervisory Authority (FIN-FSA) published a thematic assessment examining the reporting of waiver indicators in trade reporting by Finnish market participants. The assessment evaluated whether entities correctly and comprehensively reported information on exemptions from pre-trade transparency requirements applied to transactions. The assessment focused on compliance with Article 26 of the Markets in Financial Instruments Regulation (MiFIR), which requires reporting transaction information to competent authorities. In Finland, trade reporting obligations apply to investment service providers, including credit institutions and investment firms. The FIN-FSA examined Field 61 (Waiver indicator) in RTS 22, which requires reporting whether transactions executed on a trading venue were exempt from pre-trade requirements under MiFIR Articles 4 or 9. The assessment identified significant deficiencies in waiver indicator reporting, particularly regarding Reference Price Waiver (RFPT) reporting on Nasdaq Helsinki's Nordic@Mid system. Key findings of the review: Shortcomings in the companies under review's reporting of waiver indicators were found. The shortcomings related in particular to the reporting of the RFPT reference price waiver in trades executed in Nasdaq Helsinki’s Nordic@Mid system and to situations where waiver information was not reported at all, even though required by regulation. Several companies were found to have deficiencies in the recording of waiver information in their systems. Controls, rules-based validations, and reconciliations relating to Field 61 were deficient or non-existent in many places. The assessment emphasised that entities must ensure accurate and comprehensive waiver reporting, implement adequate system controls, and strengthen content-based validations and reconciliations to verify the accuracy and completeness of reporting. The FSA will provide individual feedback to participating entities with potential clarification requests and corrective action requirements, and will monitor remedial measures through ongoing supervision using trade reporting data.
3150606 pc May 15, 2026 tojuri Sweden Finansinspektionen horizon scanning
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Sweden's Financial Supervisory Authority Urges Market Participants to Complete T+1 Readiness Surveys

On May 13, 2026, Finansinspektionen (FI), Sweden's financial supervisory authority, called on market participants to complete two surveys assessing their preparedness for the transition to T+1 settlement of securities transactions. From October 11, 2027, European Union regulations will require the settlement of securities transactions to be completed within one day (T+1) rather than the current two days (T+2). This represents a significant change affecting financial institutions across multiple sectors. FI and the European Securities and Markets Authority (ESMA) have jointly developed a survey to assess how companies are preparing for this transition. For companies handling securities under FI's supervision, completing this survey is mandatory. Catrin Hådén, head of FI's Institution Supervision Markets division, emphasised the importance of comprehensive participation, noting that the survey will help identify which firms consider themselves ready and which areas require additional support. FI requires access to company-specific information to monitor readiness and identify potential risks to the Swedish market. Simultaneously, the EU T+1 Industry Committee (EUIC), a sector-wide committee established to oversee the transition, is conducting a separate survey with anonymised responses to be presented at an aggregate level. Both surveys close on June 9, 2026. Companies are encouraged to respond to both the ESMA/FI survey and the EUIC survey. Certain preparatory changes must be completed by December 2026, with full implementation required by October 2027. REFERENCES: Finansinspektionen. "FI uppmanar berörda av T+1 att svara på två enkäter." May 13, 2026. https://www.fi.se/sv/publicerat/nyheter/2026/fi-uppmanar-berorda-av-t1-att-svara-pa-tva-enkater/

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Sweden's Financial Supervisory Authority Launches T+1 Readiness Surveys

On May 13, 2026, Sweden's Financial Supervisory Authority (FSA) called on market participants to complete two surveys to assess industry preparedness for the transition from a T+2 to T+1 settlement cycle. This transition, mandated by the Central Securities Depositories Regulation (CSDR), as amended by Regulation (EU) No. 2025/2075 , becomes effective on October 11, 2027. The FSA and the European Securities and Markets Authority (ESMA) have issued a survey to assess how companies are preparing for this transition. For companies handling securities under the FSA's supervision, completing this survey is mandatory. The survey complements a parallel readiness assessment conducted by the EU T+1 Industry Committee (EUIC). The T+1 migration represents a significant operational change requiring a comprehensive review of systems and processes across the entire trading and post-trading chain, extending beyond the settlement layer. Both the FSA and EUIC surveys remain open until June 9, 2026.
3150609 pc May 15, 2026 tojuri Sweden Finansinspektionen horizon scanning
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Sweden's Financial Supervisory Authority Adopts European Money Market Fund Stress Test Guidelines

On May 12, 2026, Finansinspektionen (FI), Sweden's financial supervisory authority, announced that it will follow updated guidelines on stress test scenarios for money market funds published by the European Securities and Markets Authority (ESMA). ESMA has issued the updated guidelines governing stress test scenarios as regulated by the Money Market Funds Regulation. FI has determined that ESMA guidelines directed at competent authorities or financial market participants are equivalent to Swedish general advice (allmänna råd). Under Regulation 1095/2010/EU establishing ESMA, competent authorities and financial market participants are required to seek to comply with these guidelines using all available means. The guidelines establish the framework for conducting stress tests on money market funds to assess their resilience under various market stress scenarios. This alignment with ESMA guidelines ensures consistency across European financial markets and strengthens supervisory oversight of money market fund operations in Sweden. Market participants and competent authorities subject to these guidelines should review ESMA's updated stress test scenario requirements and ensure their procedures and systems are aligned accordingly. FI's commitment to following these guidelines reinforces Sweden's adherence to European regulatory standards for money market fund supervision. **References:** Finansinspektionen (2026). FI följer riktlinjer om stresstester i penningmarknadsfonder. Available at: https://www.fi.se/sv/publicerat/nyheter/2026/fi-foljer-riktlinjer-om-stresstester-i-penningmarknadsfonder/

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Sweden's Financial Supervisory Authority Adopts European Money Market Fund Stress Test Guidelines

On May 12, 2026, Sweden's Financial Supervisory Authority (FSA) announced that it will follow the European Securities and Markets Authority's (ESMA) Guidelines on stress test scenarios under the MMF Regulation ( ESMA50-481369926-30848 ). ESMA has issued updated guidelines governing stress test scenarios under the Money Market Funds Regulation . The guidelines establish the framework for conducting stress tests on money market funds to assess their resilience under various market stress scenarios. Market participants and competent authorities subject to these guidelines should review ESMA's updated stress test scenario requirements and ensure their procedures and systems are aligned accordingly. The guidelines apply from May 26, 2026, two months after their official publication by the ESMA.
3159095 pc May 14, 2026 arahman Kosovo Central Bank for the Republic of Kosovo (BQK) financial services
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Kosovo Adopts Comprehensive Payment Services Law Aligning with European Union Standards

On May 14, 2026, the Assembly of the Republic of Kosovo adopted Law No. 10/L-026 on Payment Services, establishing a comprehensive regulatory framework for payment service providers and electronic money institutions operating within Kosovo. The law, published in the Official Gazette, transposes key European Union directives and regulations into Kosovo's national legal framework, reflecting the country's commitments under the Stabilization and Association Agreement with the European Union. The Central Bank for the Republic of Kosovo (BQK) is designated as the competent authority responsible for authorizing, supervising, and regulating payment institutions and electronic money institutions. The law establishes distinct categories of payment service providers, including banks, electronic money institutions, payment institutions, post giro institutions, and the CBK itself when not acting as a monetary authority. Key provisions include requirements for initial capital (ranging from €20,000 to €125,000 depending on service type), safeguarding of customer funds, strong customer authentication for electronic payment transactions, and comprehensive transparency and information requirements. The law regulates card-based payment transactions, including interchange fees, and establishes rules for payment account switching and access to basic payment accounts for consumers. The law transposes EU Directive 2015/2366 (Payment Services Directive), EU Directive 2009/110/EC (Electronic Money Directive), EU Directive 2014/92/EU (Payment Account Comparability Directive), EU Regulation 2015/751 (Interchange Fees Regulation), and EU Regulation 2024/886 (Instant Credit Transfers Regulation). The law enters into force fifteen days after publication. Payment service providers and electronic money institutions have eighteen months from entry into force to adjust their operations to comply with the new requirements. The CBK is required to issue implementing sub-legal acts within eighteen months.

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Kosovo Publishes Law on Payment Services in the Official Gazette

On May 14, 2026, Law No. 10/L-026 on Payment Services was published in the official gazette, establishing a comprehensive regulatory framework for payment service providers and electronic money institutions operating within Kosovo. Key points include: The Central Bank of Kosovo (CBK) is the designated authority responsible for the granting of authorisation and supervision of payment institutions, banks and electronic money institutions. Firms shall not provide payment services without gaining authorisation from the CBK. Firms are subject to safeguarding requirements, which require insurance policy cover. The following documents shall be submitted to the CBK when submitting an application: A business plan. Evidence that the firm holds the initial capital as stated by the Law on Payment Services. A description of governance arrangements. A description of business continuity arrangements. A business plan. Evidence that the firm holds the initial capital as stated by the Law on Payment Services. A description of governance arrangements. A description of business continuity arrangements. The law enters into force 15 days after publication on May 29, 2026. Payment service providers and electronic money institutions have 18 months from entry into force to adjust their operations to comply with the new requirements.
3155141 pc May 14, 2026 ataylor Ontario Ontario Securities Commission financial services
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Ontario Securities Commission Publishes 2026-2027 Examination Priorities

On May 14, 2026, the Registration, Inspections and Examinations Division (RIE) of the Ontario Securities Commission (OSC) published its 2026-2027 Examination Priorities, outlining key compliance examination focus areas for the coming year. The priorities reflect RIE's risk-based approach to oversight and are informed by ongoing oversight activities, horizon scanning, consultation across OSC divisions, collaboration with regulatory partners, market developments, and stakeholder engagement. Key examination priorities for 2026-2027 include continued focus on high-impact and high-risk firms identified through the Risk Assessment Questionnaire; a thematic sweep on marketing practices conducted jointly with Canadian Securities Administrators partners; and joint examinations with the Canadian Investment Regulatory Organization (CIRO) on CIRO-regulated firms. Matthew Onyeaju, Senior Vice President of RIE, stated that the priorities aim to promote strong compliance practices, enhance awareness of regulatory obligations, and support confidence in Ontario's capital markets. In response to evolving market dynamics, RIE is exploring the use of technology, including artificial intelligence, to enhance examination processes and improve efficiency while maintaining robust regulatory judgment. The OSC emphasises that the 2026 Examination Priorities are not exhaustive and RIE will remain responsive to new and emerging risks, evolving products and services, market events, and investor concerns as they arise. Registrants and stakeholders can access additional resources and information on the OSC website to help prepare for examinations. REFERENCES: Ontario Securities Commission. (2026, May 14). The Registration, Inspections and Examinations Division of the Ontario Securities Commission sets out its 2026-2027 Examination Priorities. Retrieved from https://www.osc.ca

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Ontario Securities Commission Publishes 2026-2027 Examination Priorities

On May 14, 2026, the Ontario Securities Commission (OSC) published its 2026-2027 Examination Priorities through the Registration, Inspections and Examinations Division (RIE). According to the OSC news release , the priorities outline key areas of focus for compliance examinations over the coming year, reflecting a risk‑based approach informed by horizon scanning, stakeholder engagement, and collaboration with regulatory partners. RIE is also exploring the use of artificial intelligence (AI) to enhance examination processes while maintaining robust regulatory judgment. Key examination priorities include: High‑impact and high‑risk firms: RIE will continue to prioritize firms identified through the Risk Assessment Questionnaire (RAQ) as having considerable assets under management (high impact) or elevated risk profiles, focusing resources on areas with the greatest potential for investor harm or systemic risk. Examinations of regulated entities: RIE’s mandate now includes compliance examinations of regulated entities (e.g., exchanges, clearing agencies), with oversight ongoing by the Trading and Markets Division and Corporate Finance Division. Assessing compliance with new regulations: RIE will continue examining derivatives dealers’ compliance with National Instrument 93‑101 (Derivatives: Business Conduct), which came into force in September 2024, and will monitor registrants’ capital market participation fees and excess working capital filings. New examination areas: RIE will conduct joint examinations with the Canadian Investment Regulatory Organization (CIRO) of a select number of dealer members, including a focus on separately managed accounts. National thematic sweep on marketing practices: RIE, in collaboration with other Canadian Securities Administrators (CSA) jurisdictions, will conduct a sweep of registrants’ marketing practices (both traditional and digital) to assess compliance with securities law, including policies, oversight, performance advertising, and disclosures. For‑cause examinations and swift action: RIE will initiate targeted examinations in response to specific concerns such as investor complaints, regulatory referrals, or emerging issues like “ramp‑and‑dump” stock manipulation schemes and account intrusions. Cybersecurity and AI initiatives: RIE will publish results of a recent CSA‑led cybersecurity examination and will continue a two‑phase AI initiative (survey and examinations) to assess registrants’ use of AI systems in their operations. RIE affirms that it will continue to provide guidance and resources to registrants, including outreach programs and a topical guide, to promote proactive compliance. The priorities are not exhaustive as RIE will remain responsive to emerging risks and market events.
3157945 pc May 14, 2026 ataylor Florida Florida Office of Financial Regulation - Division of Administrative Hearings horizon scanning
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Florida Office of Financial Regulation Issues Final Order Against Convera USA, LLC for Anti-Money Laundering Compliance Violations

On May 15, 2026, the Florida Office of Financial Regulation (OFR) issued a Final Order against Convera USA, LLC, a Part II Money Services Business licensed under chapter 560, Florida Statutes (license number FT230000387). The order concluded Case Number 134115 following an examination conducted by the OFR to assess the company's compliance with state financial regulations. The Final Order approved and incorporated a Stipulation and Consent Agreement resolving violations identified during the OFR's examination. Convera USA, LLC failed to maintain, review, and update an effective anti-money laundering (AML) program, specifically lacking adequate policies and procedures related to Currency Transaction Reports (CTRs), frequency and responsible parties for conducting independent reviews, FinCEN registration renewal dates, and training policies specifying completion dates, as required by section 560.1235(2), Florida Statutes. Additionally, the company failed to timely notify the OFR of a change in registered agent, violating Rule 69V-560.102(5), Florida Administrative Code, and section 560.126(2), Florida Statutes. Under the settlement agreement, Convera USA, LLC agreed to cease and desist from future violations and comply with all provisions of chapter 560, Florida Statutes. The company was required to pay an administrative fine of $2,000.00 to the OFR, payable by wire, cashier's check, or money order referencing Case Number 134115. By consenting to the Final Order, Convera USA, LLC waived its rights to an administrative hearing, separate findings of fact and conclusions of law, and the right to appeal the order. Non-compliance with the agreement's terms may result in an emergency cease and desist order.

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Florida Office of Financial Regulation Settles with Convera for Anti-Money Laundering and Regulatory Reporting Violations

On May 15, 2026, the Florida Office of Financial Regulation (OFR) issued a final order approving a stipulation and consent agreement with Convera, a licensed money services business, for violating Chapter 560, Florida Statutes , relative to anti‑money laundering (AML) program deficiencies and failure to report a change in registered agents. Key findings of the OFR include: AML program deficiencies: Convera’s AML program lacked adequate policies for currency transaction reports (CTRs), did not specify who (other than its compliance officer) would conduct independent reviews, did not track US Financial Crimes Enforcement Network (FinCEN) renewal dates and did not set training completion dates. Failure to report registered agent changes: The company did not timely notify the OFR of a change in its registered agents. The OFR imposed an administrative fine of US$2,000 against Convera. Convera also agreed to future compliance with Chapter 560.
3157944 pc May 14, 2026 ataylor Florida Florida Office of Financial Regulation - Division of Administrative Hearings horizon scanning
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Florida Office of Financial Regulation Issues Final Order Against Kobtransfer LLC and Jean Alex St. Surin

On May 11, 2026, the Florida Office of Financial Regulation (OFR) entered a Final Order concluding enforcement proceedings against Kobtransfer LLC and Jean Alex St. Surin (Case Number 133239). The OFR, which administers and enforces Chapter 560, Florida Statutes, governing money services businesses, approved a Stipulation and Consent Agreement resolving violations identified during an examination covering April 1, 2023 through March 31, 2025. Kobtransfer LLC, licensed as a money transmitter under License Number FT23000368, and St. Surin, its sole owner and chief executive officer, were found to have committed multiple compliance violations. These included: failure to maintain customer property in segregated accounts at federally insured institutions; failure to maintain required financial institution statements; failure to renew Financial Crimes Enforcement Network (FinCEN) registration; failure to maintain complete money transmission logs; failure to maintain an effective anti-money laundering (AML) program; and failure to accurately block or flag Office of Foreign Assets Control (OFAC) transactions. Additional violations included failure to timely notify the OFR of vendor changes, bank account additions and removals, and personnel appointments; failure to maintain required net worth; and failure to submit an annual Financial Analysis Report for fiscal year 2024. Under the settlement agreement, Kobtransfer LLC voluntarily surrendered its money services business license effective upon entry of the Final Order. Both Kobtransfer LLC and St. Surin are prohibited from acting as affiliated parties of any money services business or applying for licensure under Chapter 560 for 15 years from the Final Order date. The respondents agreed to pay an administrative fine of $2,500.00 to the OFR.

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Florida Office of Financial Regulation Fines Kobtransfer US$2,500 for Anti-Money Laundering and Regulatory Reporting Violations

On May 14, 2026, the Florida Office of Financial Regulation (OFR) issued a final order approving a stipulation and consent agreement with Kobtransfer, a licensed money transmitter. The agreement resolves numerous violations identified during an examination covering April 2023 through March 2025, including failures related to customer fund safeguarding, anti‑money laundering (AML) compliance, financial reporting and regulatory reporting under Chapter 560, Florida Statutes . Key findings of the OFR include: Failure to safeguard customer funds: The company did not place customer funds in a segregated account at a US Federal Deposit Insurance (FDIC)‑insured institution. AML program failures: Kobtransfer failed to maintain an effective AML program, did not ensure its system accurately blocked or flagged suspicious transactions and did not maintain a compliance officer. Financial reporting and audit failures: The company failed to obtain and submit an annual financial audit report (FAR) for fiscal year 2024 within 120 days, failed to maintain monthly bank statements for two accounts and failed to renew its US Financial Crimes Enforcement Network (FinCEN) money services business registration. Reporting and notification violations: Kobtransfer failed to timely report the addition or removal of bank accounts, the commencement of vendors and the appointments of its vice president and chief compliance officer; it also failed to prepare and maintain a list of agents as required by FinCEN. The OFR accepted the voluntary surrender of Kobtransfer’s money services business license. Kobtransfer is also barred from acting as an affiliated party of any money services business licensed or required to be licensed in Florida, and from applying for any license under Chapter 560 for a period of 15 years. The OFR also imposed an administrative fine of US$2,500.
3157939 pc May 14, 2026 ataylor Florida Florida Office of Financial Regulation - Division of Administrative Hearings horizon scanning
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Florida Office of Financial Regulation Approves Settlement with Tipalti Money Services Business

On May 11, 2026, the Florida Office of Financial Regulation (OFR) entered a Final Order approving a Stipulation and Consent Agreement with Tipalti, Inc., d/b/a Tipalti (Case Number 132028). Tipalti is a Part II Money Services Business licensed in Florida under license number FT230000139 and is a wholly owned subsidiary of Tipalti Solutions LTD. The settlement resolves findings from an OFR examination (No. 128475) of Tipalti's business records and operations covering the period January 1, 2023, through December 31, 2024. The examination assessed compliance with Chapter 560, Florida Statutes, which governs money services businesses. Tipalti consented to a finding that it failed to report changes in financial information within thirty days of the change, in violation of Rule 69V-560.201(2), Florida Administrative Code, and Section 560.126(2), Florida Statutes. Under the settlement terms, Tipalti agreed to cease and desist from future violations of Chapter 560, Florida Statutes, and comply with all provisions of the statute and its implementing rules. Tipalti must pay an administrative fine of $4,375.00 to the OFR, payable by wire transfer, cashier's check, or money order made payable to the Office of Financial Regulation and referencing Case Number 132028. Payment was to be submitted to the Agency Clerk at Post Office Box 8050, Tallahassee, Florida 32314-8050. By executing the agreement, Tipalti waived its rights to a separate Findings of Fact and Conclusions of Law, administrative hearing, and appeal. The Final Order incorporates all terms of the Stipulation and Consent Agreement and constitutes final agency action. Non-compliance with the settlement terms may result in an emergency cease and desist order. REFERENCES: State of Florida Office of Financial Regulation. Final Order and Stipulation and Consent Agreement. Case Number 132028. May 11, 2026. Available at: Florida Office of Financial Regulation.

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Florida Office of Financial Regulation Fines Tipalti US$4,375 for Regulatory Reporting Violations

On May 14, 2026, the Florida Office of Financial Regulation (OFR) issued a final order approving a stipulation and consent agreement with Tipalti, Inc. (Tipalti), a licensed money services business. The company failed to report changes in its financial information within 30 days of the change, as required under Chapter 560, Florida Statutes . Key findings of the OFR include: Failure to timely report changes in financial information: The company did not update its financial information with the OFR within 30 days of the change, violating Section 560.126(2) of the Florida Statutes. The OFR imposed an administrative fine of US$4,375 against Tipalti. Tipalti also agreed to future compliance with Chapter 560 and waived its rights to a hearing or further administrative contest.
3154735 gc May 14, 2026 mschanke Ontario Alcohol and Gaming Commission of Ontario gamblingcompliance
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Ontario's Alcohol and Gaming Commission Implements Centralized Self-Exclusion Standards

On May 14, 2026, the Alcohol and Gaming Commission of Ontario (AGCO) implemented updated Registrar's Standards for Internet Gaming to support iGaming Ontario's Centralized Self-Exclusion (CSE) program, BetGuard. BetGuard is a player support tool enabling individuals to centrally self-exclude from all regulated online gambling sites in Ontario for predetermined periods. The AGCO updated its standards to minimize gambling-related harm, protect vulnerable individuals, and support safer access to regulated online gaming. Key changes include the introduction of a new CSE standard (2.14.1), updates to related standards (2.14, 2.03, and 3.01), and housekeeping updates to definitions. The Internet Gaming Notification Matrix has also been updated to reflect new notification requirements for iGaming Ontario, with no direct impact on operators or suppliers. The AGCO establishes and enforces Ontario's gaming standards, including CSE requirements, while iGaming Ontario manages and operates the BetGuard program. Operators and stakeholders should ensure their records and bookmarks reflect the updated standards. Further details on the CSE program are available in the AGCO's Information Bulletin: AGCO Sets iGaming Standards for Centralized Self-Exclusion Program. REFERENCES: Alcohol and Gaming Commission of Ontario. "AGCO's Centralized Self-Exclusion Standards Are Now in Effect." May 14, 2026. Available at: https://www.agco.on.ca/

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Ontario regulator implements centralized self-exclusion standards

On May 14, 2026, the Alcohol and Gaming Commission of Ontario (AGCO) implemented updated Registrar's Standards for Internet Gaming to support iGaming Ontario's centralized self-exclusion (CSE) program, BetGuard. BetGuard is a player support tool enabling individuals to centrally self-exclude from all regulated online gambling sites in Ontario for predetermined periods. The AGCO updated its standards to minimize gambling-related harm, protect vulnerable individuals, and support safer access to regulated online gaming. Key changes include the introduction of a new CSE standard (2.14.1), updates to related standards (2.14, 2.03, and 3.01), and housekeeping updates to definitions. The Internet Gaming Notification Matrix has also been updated to reflect new notification requirements for iGaming Ontario, with no direct impact on operators or suppliers. Operators and stakeholders should ensure their records reflect the updated standards. Further details on the CSE program are available in the AGCO's Information Bulletin: AGCO Sets iGaming Standards for Centralized Self-Exclusion Program .
3155491 pc May 14, 2026 pdonofrio Colorado Colorado Governor horizon scanning
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Colorado Enacts Automated Decision-Making Technology Consumer Protection Requirements

On May 14, 2026, Colorado Governor signed Senate Bill 26-189 into law, establishing comprehensive consumer protections for the use of automated decision-making technology (ADMT) in consequential decisions. The legislation repeals and reenacts provisions from Senate Bill 24-205 (2024), which previously created consumer protections for artificial intelligence systems interactions. The act defines ADMT as technology that processes personal data and uses computation to generate output—including predictions, recommendations, classifications, rankings, or scores—used to make, guide, or assist decisions concerning individuals. A "consequential decision" encompasses decisions relating to access to, eligibility for, or compensation related to education, employment, housing, financial or lending services, insurance, healthcare services, or essential government services. Effective January 1, 2027, developers of covered ADMT must provide deployers with technical documentation describing intended uses, training data categories, known limitations, and usage instructions. Both developers and deployers must retain compliance records for at least three years. Deployers must provide clear notice to consumers at the point of interaction and, within 30 days of an adverse outcome, furnish plain language descriptions of the ADMT's role in the decision. Consumers gain rights to request personal data access, correction of factually incorrect data, and meaningful human review following adverse outcomes. The Colorado Attorney General must adopt clarifying rules by January 1, 2027, and enforce violations through the Colorado Consumer Protection Act, treating breaches as deceptive trade practices. The Attorney General must provide 60-day notice and opportunity to cure before initiating enforcement actions. The legislation does not create a private right of action but establishes fault allocation between developers and deployers in existing discrimination claims. REFERENCES: Colorado General Assembly. Senate Bill 26-189. https://leg.colorado.gov/bills/sb26-189

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Colorado General Assembly Enacts SB 26-189: Consumer Protection for Automated Decision-Making Technology

On May 14, 2026, the Colorado General Assembly signed SB 26-189 into law, establishing comprehensive consumer protections for the use of automated decision-making technology (ADMT) in consequential decisions. The new law repeals and reenacts provisions from SB 24-205 , which previously created consumer protections for artificial intelligence systems interactions. The law defines ADMT as technology that processes personal data and uses computation to generate output — including predictions, recommendations, classifications, rankings or scores — used to make, guide or assist decisions concerning individuals. A "consequential decision" encompasses decisions relating to access to, eligibility for or compensation related to education, employment, housing, financial or lending services, insurance, healthcare services or essential government services. Developers of covered ADMT must provide deployers with technical documentation describing intended uses, training data categories, known limitations and usage instructions. Both developers and deployers must also retain compliance records for at least three years. Deployers must additionally provide clear notice to consumers at the point of interaction and, within 30 days of an adverse outcome, furnish plain language descriptions of the ADMT's role in the decision. Furthermore, consumers gain rights under the law to request personal data access, correction of factually incorrect data and meaningful human review following adverse outcomes. The law takes effect on January 1, 2027 , with the Colorado Attorney General required adopt clarifying rules by that date, and enforce violations through the Colorado Consumer Protection Act , treating breaches as deceptive trade practices.
3154938 pc May 14, 2026 ataylor Ontario Ontario Securities Commission financial services
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Canadian Securities Administrators Publish Proposed Amendments to Issuer Bid, Take-Over Bid, and Beneficial Ownership Reporting Regimes

On May 14, 2026, the Canadian Securities Administrators (CSA) published a Notice and Request for Comment regarding proposed amendments and changes to enhance issuer bid, take-over bid, and beneficial ownership reporting regimes across Canada. The proposed amendments aim to provide issuers with greater flexibility to repurchase their own securities, enhance transparency of ownership of derivative interests in specified circumstances, and reduce regulatory burden. Key proposals include: introducing a new issuer bid exemption to allow selective repurchases by an issuer of its own securities, subject to certain parameters; requiring enhanced disclosure with respect to interests in derivatives that substantially replicate the economic consequences of ownership and other agreements, arrangements, or understandings that alter economic exposure to an issuer in the context of take-over bids and proxy solicitations requiring an information circular; providing guidance on circumstances where disclosure or use of equity equivalent derivatives may engage the public interest jurisdiction of securities regulatory authorities; providing guidance on appropriate timing of disclosure of an acquiror's "plans or future intentions" in an early warning report; specifying filing requirements and clarifying application of certain provisions in respect of take-over bids, issuer bids, and early warning reporting; and addressing targeted housekeeping issues related to circumstances where exemptive relief is currently required. The CSA, the council of securities regulators of Canada's provinces and territories, is seeking feedback on the proposed amendments and changes. The 90-day comment period closes on August 12, 2026. Stakeholders are encouraged to submit comments using the method set out in the Notice, which is available on CSA members' websites.

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Canadian Securities Administrators Publish Proposed Amendments to Issuer Bid, Take-Over Bid and Beneficial Ownership Reporting Regimes

On May 14, 2026, the Canadian Securities Administrators (CSA) published for a 90-day comment period proposed amendments and related policy changes to enhance the issuer bid, take‑over bid and beneficial ownership reporting regimes. According to the CSA's press release , the proposals aim to give issuers more flexibility to repurchase their own securities, increase transparency of derivative interests in control transactions and reduce regulatory burden through clarifications and codified relief. Key aspects of the proposed amendments include: Selective repurchase exemption: Create a new exemption allowing issuers to buy back their own securities from select holders, subject to specific conditions. Enhanced derivative disclosure: Require better disclosure of derivatives that replicate ownership (equity equivalent derivatives) and other arrangements that change economic exposure to an issuer during take‑over bids and proxy contests. Public interest guidance: Provide additional guidance on when the use or disclosure of equity equivalent derivatives could trigger the public interest authority of securities regulators. Timing of plans and intentions: Clarify when an acquirer must disclose changes to its "plans or future intentions" in early warning reports. Filing and interpretation clarifications: Specify filing requirements and clarify how certain provisions of the take‑over bid, issuer bid and early warning regimes should be applied or interpreted. Housekeeping and targeted relief: Address targeted and housekeeping issues where exemptive relief is currently needed. The CSA estimates that codifying this relief will save market participants approximately CAD$145,500 annually in exemptive application costs. The 90‑day comment period closes on August 12, 2026 .
3151031 pc May 14, 2026 kgurnani Australia Federal Register of Legislation horizon scanning
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Australia's Department of Home Affairs Implements Transitional Reporting Obligations Under Anti-Money Laundering and Counter-Terrorism Financing Amendment Rules

On 13 May 2026, the Federal Register of Legislation published the Anti-Money Laundering and Counter-Terrorism Financing Transitional Amendment (Reporting Obligations) Rules 2026, which came into force on the same date. The rules are administered by Australia's Department of Home Affairs and are authorised under the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024. The transitional amendment rules establish temporary reporting obligations for entities subject to Australia's anti-money laundering and counter-terrorism financing (AML/CTF) regime. These rules form part of the broader implementation framework following the 2024 amendment act, which introduced reforms to Australia's AML/CTF legislation. The transitional rules provide a structured approach to compliance during the implementation period, allowing reporting entities time to adjust their systems and processes to meet updated regulatory requirements. The rules amend the Anti-Money Laundering and Counter-Terrorism Financing Transitional Rules 2026 and are contained in Schedule 1. The instrument is a legislative instrument under Australia's legislative framework and includes an explanatory statement detailing the policy rationale and operational impact. Reporting entities, including financial institutions, designated non-financial businesses and professions, and other AML/CTF-regulated entities, should review the transitional provisions to ensure compliance with the new reporting obligations. The Department of Home Affairs administers these rules, and entities should monitor the Federal Register of Legislation and departmental guidance for any further updates or clarifications regarding implementation requirements. **Reference:** Federal Register of Legislation, Anti-Money Laundering and Counter-Terrorism Financing Transitional Amendment (Reporting Obligations) Rules 2026, F2026L00556, 13 May 2026.

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Australia's Department of Home Affairs Implements Transitional Reporting Obligations Under Anti-Money Laundering and Counter-Terrorism Financing Amendment Rules

On 13 May 2026, the Federal Register of Legislation published the Anti-Money Laundering and Counter-Terrorism Financing Transitional Amendment (Reporting Obligations) Rules 2026, which came into force on the same date. The rules are administered by Australia's Department of Home Affairs and are authorised under the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024. The transitional amendment rules establish temporary reporting obligations for entities subject to Australia's anti-money laundering and counter-terrorism financing (AML/CTF) regime. These rules form part of the broader implementation framework following the 2024 amendment act, which introduced reforms to Australia's AML/CTF legislation. The transitional rules provide a structured approach to compliance during the implementation period, allowing reporting entities time to adjust their systems and processes to meet updated regulatory requirements. The rules amend the Anti-Money Laundering and Counter-Terrorism Financing Transitional Rules 2026 and are contained in Schedule 1. The instrument is a legislative instrument under Australia's legislative framework and includes an explanatory statement detailing the policy rationale and operational impact. Reporting entities, including financial institutions, designated non-financial businesses and professions, and other AML/CTF-regulated entities, should review the transitional provisions to ensure compliance with the new reporting obligations. The Department of Home Affairs administers these rules, and entities should monitor the Federal Register of Legislation and departmental guidance for any further updates or clarifications regarding implementation requirements. **Reference:** Federal Register of Legislation, Anti-Money Laundering and Counter-Terrorism Financing Transitional Amendment (Reporting Obligations) Rules 2026, F2026L00556, 13 May 2026.
3154722 pc May 14, 2026 csoo United Kingdom Competition and Markets Authority horizon scanning
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United Kingdom Government Commissions Independent Review of Face-to-Face Banking Access

On May 14, 2026, HM Treasury commissioned an independent review to assess how shifts in face-to-face banking services are affecting people and communities across the United Kingdom. The review will be chaired by Richard Lloyd, former Executive Director of Which? and former non-executive director of the Financial Conduct Authority (FCA), with findings due by October 2026. The review addresses significant changes in retail banking, as customers increasingly adopt online banking services, prompting banks and building societies to reshape their branch networks. While this reflects changing customer preferences, it may create challenges for those dependent on in-person banking services. The Access to Banking Review will gather evidence on the real-world impact of branch closures, identify affected populations, and assess where further action is needed to protect access to banking services. The Treasury intends to include new powers in the Financial Services and Markets Bill (announced in the King's Speech on May 13, 2026) to enable the Government to act swiftly if evidence supports intervention on access to banking services. The review complements existing voluntary industry initiatives, including banking hubs—shared premises offering assisted cash services. Over 275 banking hubs have been announced, with more than 230 already operational, though these provide no equivalent protections for wider in-person banking services beyond cash transactions. The Government is also advancing credit union common bond reforms announced in March 2026, making it easier for credit unions in Great Britain to expand membership and broaden access to affordable credit and savings services. This supports the manifesto commitment to grow the mutuals sector and strengthen community-based financial services. Richard Lloyd will welcome submissions from stakeholders and the public to inform recommendations for protecting access to essential banking services.

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UK Government Reviews Access to Face to Face Banking Services

On May 14, 2026, the UK Government announced that it has commissioned an independent review on access to face to face banking services. Access to cash is already protected by regulation, with voluntary solutions like banking hubs being put in place. The Government has a manifesto commitment to work with industry to deliver 350 banking hubs by the end of this Parliament. Delivery is well underway, with over 275 hubs announced, and more than 230 already open. However, there are no equivalent protections for wider in-person banking services. The review to be led by Richard Lloyd, former Which? director and former board member of the FCA and findings will inform new powers for Government to act where access to banking is at risk. The review will gather evidence on the real‑world impact of branch closures, identify who is most affected, and assess where further action may be needed to protect access to banking services.
3150305 pc May 14, 2026 pthandapani India Securities and Exchange Board of India financial services
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Securities and Exchange Board of India Launches Consultation on Mutual Fund Intraday Borrowing Lines

On May 13, 2026, the Securities and Exchange Board of India (SEBI) launched a consultation on the utilization of intraday borrowing lines by mutual funds. The consultation seeks feedback from market participants, including mutual fund operators, custodians, and other stakeholders, on how intraday borrowing facilities should be structured and regulated. Intraday borrowing lines allow mutual funds to manage short-term liquidity needs during the trading day, enabling them to meet redemption requests and execute investment strategies without maintaining excessive cash reserves. The consultation addresses key considerations including: the appropriate limits and conditions for intraday borrowing; the types of securities that can serve as collateral; pricing mechanisms and interest rate frameworks; risk management and monitoring requirements; and disclosure obligations to investors. SEBI aims to establish a framework that balances operational efficiency for mutual funds with investor protection and financial stability considerations. This initiative reflects SEBI's ongoing efforts to enhance the operational flexibility of mutual funds while maintaining robust safeguards within India's securities markets. Market participants are invited to submit their comments and suggestions on the consultation paper. Responses can be submitted through SEBI's public comments portal at www.sebi.gov.in/sebiweb/publiccommentv2/PublicCommentAction.do. The specific deadline for submissions should be confirmed on SEBI's official website. **Reference:** Securities and Exchange Board of India. Consultation Paper on utilization of intraday borrowing lines by Mutual Funds. Available at: https://www.sebi.gov.in/sebiweb/publiccommentv2/PublicCommentAction.do?doPublicComments=yes

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Securities and Exchange Board of India Launches Consultation on Mutual Fund Intraday Borrowing Lines

The Securities and Exchange Board of India (SEBI) has released a consultation paper on the utilization of intraday borrowing lines by Mutual Funds. The consultation paper proposes: Expansion of permitted purposes suggesting that asset management companies (AMCs) may be allowed to utilize intraday borrowings for purposes beyond meeting redemption and unitholder payouts, such as trade settlements, forex settlements, and derivative obligations. Borrowing limits and receivables soliciting feedback on whether intraday borrowings can exceed the scheme's guaranteed and non-guaranteed receivables. End-of-day repayment and overnight limits emphasizing that it remains the AMC's responsibility to repay such intraday borrowings by the end of the day, and any intraday borrowing that converts to an overnight borrowing must strictly comply with the regulatory limits and permitted purposes outlined in the SEBI (Mutual Funds) Regulations, 2026. Cost allocation maintaining the existing regulatory guideline that any charge or cost levied for availing intraday borrowings must be borne entirely by the AMCs. Feedback may be submitted via this link by June 3rd 2006.
3154561 pc May 14, 2026 ataylor Canada Financial Transactions and Reports Analysis Centre of Canada financial services
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Canada's Financial Intelligence Unit Imposes Administrative Monetary Penalty on Money Services Business

On May 14, 2026, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced that it had imposed an administrative monetary penalty of $693,742.50 on 13010431 Canada Inc., operating as Necosmart, a money services business based in Edmonton, Alberta. The penalty was issued on March 27, 2026, following a compliance examination that identified multiple violations of Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. FINTRAC identified five key administrative violations committed by Necosmart: failure to submit suspicious transaction reports on multiple occasions where reasonable grounds existed to suspect transactions were related to money laundering or terrorist financing offences; failure to develop and apply written compliance policies and procedures approved by a senior officer; failure to adequately develop and apply enhanced measures to mitigate high-risk transactions and clients; failure to assess and document the risk of money laundering or terrorist financing offences considering prescribed factors; and failure to maintain sufficient occupation and transactional information for virtual currency exchange transaction tickets. As Canada's financial intelligence unit and anti-money laundering and anti-terrorist financing supervisor, FINTRAC enforces compliance obligations across multiple business sectors, including casinos, financial entities, money services businesses, and real estate brokers. Administrative monetary penalties are designed to encourage compliance behaviour change. In 2024–25, FINTRAC issued 23 Notices of Violation totalling more than $25 million, marking the highest number in a single year in the Centre's history. Since receiving legislative authority in 2008, FINTRAC has imposed more than 150 penalties across most business sectors. REFERENCES: Financial Transactions and Reports Analysis Centre of Canada. "FINTRAC imposes an administrative monetary penalty on 13010431 Canada Inc." News release, May 14, 2026. https://www.fintrac-canafe.gc.ca

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Financial Transactions and Reports Analysis Centre of Canada Fines Neocosmart CAD$693,742 for Anti‑Money Laundering Compliance Failures

On May 14, 2026, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced that it had imposed an administrative monetary penalty on 13010431 Canada, Inc. (operating as Neocosmart), a money services business based in Edmonton, Alberta. The penalty, imposed on March 27, 2026, follows a compliance examination that identified multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Key findings of FINTRAC include: Failure to submit suspicious transaction reports: On multiple separate occasions, Neocosmart did not report transactions where there were reasonable grounds to suspect they were related to money laundering or terrorist activity financing. Inadequate written compliance policies: The company failed to develop and apply written compliance policies and procedures that are kept up to date and approved by a senior officer. Failure to apply enhanced measures for high‑risk clients: Neocosmart did not adequately develop and apply enhanced measures to mitigate risks associated with high‑risk transactions and clients. Failure to assess and document money laundering risks: The company did not assess and document the risk of a money laundering or terrorist financing offence, taking into account the prescribed factors. Incomplete virtual currency exchange records: Neocosmart failed to keep sufficient occupation and transactional information for virtual currency exchange transaction tickets. FINTRAC imposed an administrative monetary penalty of CAD$693,742.50 on Neocosmart, with the case now closed.
3154734 gc May 14, 2026 prandeo Lithuania Regulator - News gamblingcompliance
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Lithuania's Gambling Regulator Fines Olympic Casino Group Baltija for Inadequate Customer Due Diligence

On May 7, 2026, the Gambling Supervision Service (Lošimų priežiūros tarnyba, LPT), the gambling regulator under Lithuania's Ministry of Finance, imposed a fine of €468,350 on UAB Olympic Casino Group Baltija, which operates the "Olympic Casino" and "Olybet" brands, for failing to properly verify the source of customer funds. The LPT conducted an unscheduled special inspection following information that an individual had lost substantial sums across multiple companies, including UAB Olympic Casino Group Baltija. The investigation revealed that the operator lacked sufficient information about the customer's fund sources and therefore could not adequately monitor their gaming activity or identify suspicious transactions. The LPT found that the operator failed to assign an appropriate risk level to the customer in a timely manner and did not conduct enhanced customer due diligence as required. These failures violated requirements under Lithuania's Money Laundering and Terrorist Financing Prevention Act concerning customer knowledge, business relationship monitoring, and individual customer risk management. Despite the customer's activity exhibiting multiple suspicious indicators—including large betting amounts, unexplained fund sources, increased gaming activity, and a Financial Crime Investigation Service (FNTT) inquiry—the operator failed to report suspicious financial transactions to the FNTT and did not document this decision. In determining the penalty, the LPT considered aggravating and mitigating factors. While the operator cooperated during the inspection and provided requested information, the violations persisted for more than one year, were systematic in nature, and the operator received financial benefit from the customer. The decision remains subject to court appeal.

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Lithuanian gambling regulator fines Olympic Casino Group Baltija €468,350 for AML failings

On May 14, 2026, the Gaming Supervisory Authority under the Ministry of Finance of the Republic of Lithuania (LPT) announced that it had imposed a fine of €468,350 on UAB Olympic Casino Group Baltija, operator of the Olympic Casino and OlyBet brands, for breaches of anti-money laundering and counter terrorist financing (AML/CFT) obligations relating to customer due diligence and source of funds verification. The investigation revealed that the operator lacked sufficient information about the customer's fund sources and therefore could not adequately monitor their gaming activity or identify suspicious transactions. The LPT found that the operator failed to assign an appropriate risk level to the customer in a timely manner and did not conduct enhanced customer due diligence as required. These failures violated requirements under Lithuania's Money Laundering and Terrorist Financing Prevention Act concerning customer knowledge, business relationship monitoring, and individual customer risk management. Despite the customer's activity exhibiting multiple suspicious indicators, including large betting amounts, unexplained fund sources, increased gaming activity, and a Financial Crime Investigation Service (FNTT) inquiry, the operator failed to report suspicious financial transactions to the FNTT and did not document this decision. In determining the penalty, the LPT considered aggravating and mitigating factors. While the operator cooperated during the inspection and provided the requested information, the violations persisted for more than one year, were systematic, and the operator received financial benefit from the customer. The decision remains subject to court appeal.
3153756 gc May 14, 2026 apintea Romania National Office for Games of Chance gamblingcompliance
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Romania's National Office for Games of Chance Revokes Class II Licence for Gaming Equipment Operator

On February 27, 2026, Romania's National Office for Games of Chance (Oficiul National pentru Jocuri de Noroc, ONJN) issued Supervisory Committee Decision No. 84/27.02.2026, revoking by operation of law a Class II licence held by Mentenance Newline Grup SRL. The revocation affects the company's authorisation to conduct production, distribution, repair and maintenance activities for gaming equipment, as well as import, export, intra-community acquisition, intra-community delivery, and other activities involving gaming components or equipment. Mentenance Newline Grup SRL, registered in Bucharest at Soseaua Colentina No. 16, A1, Apartment B74, Sector 1 (CUI 37589267), is no longer authorised to operate under this licence classification. The decision represents the ONJN's enforcement action against gaming equipment operators failing to meet regulatory requirements or licensing conditions. Class II licences in Romania permit operators to engage in manufacturing, distribution, and servicing of gaming machines and related equipment. The revocation by operation of law indicates the licence was automatically terminated due to breach of specific regulatory obligations or statutory conditions, rather than through discretionary administrative action. This enforcement action is part of the ONJN's ongoing regulatory oversight of Romania's gaming sector. The authority continues to monitor licensed operators across all classes and regularly publishes decisions regarding licence revocations and the addition of unlicensed operators to its blacklist to protect consumers and maintain market integrity.

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Romanian gambling regulator revokes supplier licence

On May 14, 2026, Romania's National Office for Games of Chance (ONJN) announced the revocation of the Class II licence held by Mentenance Newline Grup SRL. The sanction affects the company's authorisation to conduct production, distribution, repair and maintenance activities for gaming equipment, as well as import, export, intra-community acquisition, intra-community delivery, and other activities involving gaming components or equipment. Pursuant to the press release, the gambling supplier had failed to pay the €20,000 licensing fee due for the fifth year of activity in the country. The decision, which was adopted on February 27, 2026, can be appealed against according to Law no. 554/2004 .
3153971 pc May 14, 2026 csoo United Kingdom Competition and Markets Authority horizon scanning
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United Kingdom Government and Financial Conduct Authority Announce Money Market Fund Regulation Reforms

On May 14, 2026, HM Treasury and the Financial Conduct Authority (FCA) announced plans to reform United Kingdom Money Market Fund (MMF) regulations. Money market funds play a significant role in the financial system, serving as an important cash management tool and providing an alternative or complement to bank deposits. MMFs are utilised by a broad range of investors, including asset managers, insurers, pension funds, large corporates, and local authorities. However, recent periods of market stress have demonstrated the need to strengthen the resilience of these funds. The reforms aim to address vulnerabilities identified during market volatility and enhance the stability of the MMF sector. The Government and FCA have published a policy paper detailing the proposed reforms. Further details regarding the specific regulatory changes, implementation timeline, and consultation periods are expected to follow as the reform process progresses. REFERENCES: HM Treasury, "Reforms to Money Market Fund Regulations" (14 May 2026), available at: https://www.gov.uk/government/publications/reforms-to-money-market-fund-regulations

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UK's Government and Financial Conduct Authority Announce Money Market Fund Regulation Reforms

On May 14, 2026, the UK Government and the Financial Conduct Authority (FCA) announced plans to reform the UK Money Market Fund (MMF) regulations . MMFs are utilised by a broad range of investors, including asset managers, insurers, pension funds, large corporates, and local authorities. Recent periods of market stress have demonstrated the need to strengthen the resilience of these funds, the reforms aim to address vulnerabilities identified during market volatility and enhance the stability of the MMF sector. The joint announcement confirms the following: In 2023, HM Treasury and FCA consulted on replacing and reforming the MMFR. The Government will now lay legislation as soon as parliamentary time allows to establish the new regulatory framework, under which most requirements for UK MMFs will be set out in FCA rules and guidance. The UK’s new regime is expected to be in place by Q4 2026, subject to Parliamentary approval, and the FCA will issue a statement shortly with further details on its plans The Government confirms its intention to extend the Temporary Marketing Permissions Regime (which allowed EEA-domiciled money market funds (MMFs) that were passporting into the UK before Brexit to continue marketing to UK investors), with a view to establishing a longer-term solution on market access, in line with the UK’s framework and process for recognition of overseas firms and funds.
3146679 pc May 14, 2026 csoo United Kingdom Competition and Markets Authority horizon scanning
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United Kingdom's Competition and Markets Authority Seeks Views on Smart Data Scheme for Digital Markets

The Competition and Markets Authority (CMA) is seeking views on whether and how to introduce a Smart Data scheme in digital markets, utilising new powers provided under the Data (Use and Access) Act 2025. The Smart Data scheme represents a potential regulatory framework designed to enhance data accessibility and interoperability within digital markets. The CMA's consultation aims to gather stakeholder perspectives on the feasibility, design, and implementation of such a scheme. This initiative forms part of the CMA's broader mandate to promote competition and protect consumer interests in digital sectors where data plays a critical role in market dynamics. The consultation will inform the CMA's assessment of whether a Smart Data scheme would effectively address competition concerns and consumer detriment in digital markets. Key considerations include how data access requirements could be structured, which market participants would be subject to obligations, and what safeguards would be necessary to protect consumer privacy and data security while enabling beneficial data sharing. The Data (Use and Access) Act 2025 grants the CMA enhanced powers to establish such schemes, marking a significant development in the UK's regulatory approach to digital market competition. Stakeholders, including digital service providers, consumer representatives, data protection experts, and other interested parties, are invited to submit their views to inform the CMA's decision-making process. Interested parties should monitor the CMA's website for consultation documentation, including specific submission deadlines and guidance on how to respond. **Reference:** Competition and Markets Authority

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UK's Government Publishes Response to Smart Data Scheme for Digital Markets Call for Evidence

On May 12, 2026, the UK Government published the response to its call for evidence on developing a Smart Data scheme in digital markets. The call for evidence sought views on whether the powers in the Data Use and Access (DUA) Act could be used to establish Smart Data schemes in Digital Market Sectors. The call for evidence explored a broad range of issues, including: Barriers customers face in accessing and sharing their data. Potential use cases and benefits of Smart Data in digital markets. The scope of any potential scheme, including data and data holders. Feasibility, costs, risks and impacts. Customer trust, governance and design principles. Interactions with the existing regulatory landscape. The consultation response noted the following points: Industry's concerns regarding how effectively data portability works in digital markets, specifically problems with the time it takes for UK GDPR portability requests to be addressed as well as with the formats in which data is provided. Firms also noted the risks involved in being satisfied that data portability requests are genuine. Several points were also made in relation to the inconsistent provision of APIs, particularly those developed for the purposes of compliance with the EU’s Digital Markets Act. Firms pointed out that addressing these concerns could support a range of promising business use cases including opportunities for data monetisation and donation and contextual AI services. The response noted that there was a broad consensus that a Smart Data scheme could address said issues and that a scheme in digital markets would be beneficial for growth; however, there was less consensus on precisely what a scheme should look like.
3149933 pc May 14, 2026 tojuri Luxembourg Résultats de recherche pour « crypto » – CSSF horizon scanning
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Luxembourg Publishes Law Transposing Capital Requirements Directive VI and Concentration Risk Directive

On May 12, 2026, the Commission de Surveillance du Secteur Financier (CSSF) announced the publication of the law of May 5, 2026, which transposes EU Directive 2024/1619 (Capital Requirements Directive VI or CRD VI) and EU Directive 2024/2994 into Luxembourg law. The law modifies the Luxembourg Financial Sector Law (LSF) of April 5, 1993, and was published in the Official Journal (Mémorial A no. 227) on May 6, 2026. CRD VI strengthens internal governance requirements for credit institutions, introduces new environmental, social and governance (ESG) risk management obligations, and establishes enhanced prudential powers for supervisory authorities over significant transactions such as mergers and asset transfers. The law also introduces a harmonised prudential framework for third-country branches and reinforces the sanctions and administrative measures regime. Directive 2024/2994 addresses concentration risk arising from central counterparty exposures and central counterparty risk on centrally cleared derivatives transactions. The CSSF emphasises that internal governance procedures, particularly the fit and proper (FAP) assessment criteria for management bodies and key position holders, have been strengthened. The existing CSSF Circular 12/552 on internal administration, governance and risk management will be updated following publication of revised European Banking Authority (EBA) guidelines on internal governance, expected by the end of Q3 2026. Until the revised circular is published, the current version remains applicable except for provisions directly modified by the law. A transitional period applies to third-country branch provisions and third-country banking services regimes, effective from January 11, 2027. Credit institutions and third-country branches should consult CSSF publications regularly for updates. Supervised entities may contact their supervision teams or banque@cssf.lu for additional guidance.

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Luxembourg's Commission de Surveillance du Secteur Financier Announces Publication of Law Transposing EU Directives on Banking and ESG Supervision

On May 12, 2026, the Commission de Surveillance du Secteur Financier (CSSF) announced the publication of the law of May 5, 2026, which transposes Directive (EU) 2024/1619 (Capital Requirements Directive VI - CRD VI) into national law. The law modifies the Luxembourg Financial Sector Law (LSF) of April 5, 1993. CRD VI strengthens internal governance requirements for credit institutions, introduces new environmental, social and governance (ESG) risk management obligations, and establishes enhanced prudential powers for supervisory authorities over significant transactions such as mergers and asset transfers. The law also introduces a harmonised prudential framework for third-country branches and reinforces the sanctions and administrative measures regime. The CSSF emphasises that internal governance procedures, particularly the fit-and-proper assessment criteria for management bodies and key position holders, have been strengthened. The CSSF also confirms that the existing CSSF Circular 12/552 on internal administration, governance and risk management will be updated following publication of revised European Banking Authority (EBA) guidelines on internal governance, expected by the end of Q3 2026. A transitional period applies to third-country branch provisions and third-country banking services regimes, effective from January 11, 2027.
3150372 pc May 14, 2026 tojuri Luxembourg Publications and data – CSSF horizon scanning
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Luxembourg's CSSF Launches Supplementary Survey on T+1 Settlement Transition Readiness

On May 12, 2026, the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg's financial regulator, launched a supplementary voluntary survey to assess industry preparedness for the transition from a T+2 to T+1 settlement cycle. This transition, mandated by the Central Securities Depositories Regulation (CSDR) as amended by Regulation (EU) No. 2025/2075, becomes effective on October 11, 2027. The CSSF survey complements a parallel readiness assessment conducted by the EU T+1 Industry Committee (EUIC). The T+1 migration represents a significant operational change requiring comprehensive review of systems and processes across the entire trading and post-trading chain, extending beyond the settlement layer. The CSSF emphasises that broad participation from all financial sectors is essential to obtain an accurate overview of preparation status and identify areas requiring further attention. The survey targets central securities depositories, investment firms, credit institutions, and investment fund managers operating in Luxembourg. Responses to the CSSF survey remain confidential and available only to the CSSF and the European Securities and Markets Authority (ESMA). Results from the EUIC survey are provided on an anonymous, aggregated basis only. Both surveys remain open until June 9, 2026. Market participants are strongly encouraged to participate in the CSSF's voluntary survey to provide visibility on Luxembourg's preparation status and highlight potential points of concern. For additional regulatory and legal details on the T+1 transition, the CSSF directs participants to ESMA's dedicated webpage and the EU T+1 Industry Committee's website. REFERENCES: https://www.cssf.lu/en/publication/transition-vers-t1-lancement-dune-enquete-complementaire-a-lenquete-de-leuic-uniquement-en-anglais/

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Luxembourg's Commission de Surveillance du Secteur Financier Announces Launch of Supplementary Survey on T+1 Settlement Transition Readiness

On May 12, 2026, the Commission de Surveillance du Secteur Financier (CSSF) announced the launch of a supplementary voluntary survey to assess industry preparedness for the transition from a T+2 to T+1 settlement cycle. This transition, mandated by the Central Securities Depositories Regulation (CSDR) as amended by Regulation (EU) No. 2025/2075 , becomes effective on October 11, 2027. The CSSF survey complements a parallel readiness assessment conducted by the EU T+1 Industry Committee (EUIC). The T+1 migration represents a significant operational change requiring a comprehensive review of systems and processes across the entire trading and post-trading chain, extending beyond the settlement layer. The CSSF emphasises that broad participation from all financial sectors is essential to obtain an accurate overview of the preparation status and identify areas requiring further attention. The survey targets central securities depositories, investment firms, credit institutions and investment fund managers operating in Luxembourg. Market participants are strongly encouraged to participate in the CSSF's voluntary survey to provide visibility into Luxembourg's preparedness status and highlight potential areas of concern. Both the CSSF and EUIC surveys remain open until June 9, 2026.
3150675 pc May 14, 2026 tojuri Malta Malta Financial Services Authority horizon scanning
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I appreciate you providing the detailed instructions and style guide. However, I must note that the webpage content you've provided appears to be a navigation menu and footer structure from the Malta Financial Services Authority (MFSA) website rather than substantive source material about a specific regulatory development, consultation, announcement, or change. The only concrete information available is: - **Date**: May 13, 2026 - **Authority**: Malta Financial Services Authority (MFSA) - **Subject**: "Amendments to Part I, Part III, Part IV, Part V and Part VIII of the Financial Market Rules - MFSA Honey Product Amendments" - **Document type**: Appears to be a circular or regulatory amendment The phrase "MFSA Honey Product Amendments" is unclear and may be a labeling or categorization term rather than substantive content. **To generate a compliant Horizon Scanning update, I would need:** 1. The actual text of the circular, amendment, or announcement 2. Details of what specific changes are being made to the Financial Market Rules 3. The effective date or implementation timeline 4. Which market participants or sectors are affected 5. The rationale or objectives behind the amendments Could you provide the substantive content of the MFSA announcement or circular so I can generate a properly structured update following your guidelines?

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Malta Financial Services Authority Issues Circular on Amendments to the Financial Market Rules

The Malta Financial Services Authority has issued a circular detailing amendments made to the Financial Market Rules . The content of the circular is intended to be read in conjunction with Regulation (EU) 909/2014 (the Central Security Depository Regulation - CSDR), Directive 2014/65/EU (the Markets in Financial Instruments Directive - MiFID II), Regulation (EU) 2022/2554 (the Digital Operational Resilience Act - DORA) and Regulation (EU) 2016/1011 (the Benchmarks Regulation) and other relevant delegated and implementing regulations. The circular is addressed to all stakeholders, in particular central securities depositories (‘CSDs’), market participants within the scope of MiFID II and MiFIR, as well as those within the scope of the Benchmarks Regulation. The amendments to the Financial Market Rules have been made in light of recent developments concerning the CSDR, MiFID II and the Benchmarks Regulation. Parts I, III, IV, V and VIII of the Financial Market Rules have been amended. The amendments will become effective from May 13, 2026.
3145432 pc May 14, 2026 tojuri Netherlands Dutch Authority for the Financial Markets horizon scanning
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Dutch Authority for the Financial Markets Publishes Guidance on Combating Discrimination in Banking Services

On May 12, 2026, the Dutch Authority for the Financial Markets (AFM) published guidance on combating discrimination in banking services following an investigation into how banks address discriminatory practices. The AFM's research, conducted in collaboration with De Nederlandsche Bank (DNB), examined five major banks to assess their anti-discrimination approaches and maturity levels. The investigation found that people experience discrimination in their interactions with banks, often as an unintended consequence of risk-reduction processes. The AFM recognises that discrimination breaches customer interests and expects financial institutions to actively combat both direct and indirect discriminatory practices. The AFM identified five key expectations for banks to address discrimination: 1. Board-level commitment to a shared vision on combating discrimination. 2. Organisational structures enabling detection and effective handling of discrimination. 3. Organisational culture oriented towards preventing discrimination. 4. Appropriate communication during customer interactions and investigations. 5. Collection of signals and complaints to prevent discrimination. The AFM reported positively on initiatives undertaken by participating banks, noting that all recognised the problem of experienced discrimination in their services. Most acknowledged that recognition required time, after which they implemented proactive measures. Participating banks have established dedicated programmes and teams to reduce discrimination risks and are increasingly recognising the need for structural safeguards, including outcome monitoring and timely process adjustments to prevent indirect effects from causing systematic exclusion of specific groups. The AFM encourages all banks and financial institutions with similar customer-facing processes to use the expectations and accompanying recommendations from this report to actively combat discrimination. The AFM remains committed to supporting an inclusive financial sector through continued oversight and engagement.

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Dutch Authority for the Financial Markets Publishes Guidance on Combating Discrimination in Banking Services

On May 12, 2026, the Dutch Authority for the Financial Markets (AFM) published its report on combating discrimination in banking services following an investigation into how banks address discriminatory practices. The AFM's research examined five major banks to assess their anti-discrimination approaches and maturity levels. The investigation found that people experience discrimination in their interactions with banks, often as an unintended consequence of risk-reduction processes. The AFM recognises that discrimination breaches customer interests and expects financial institutions to actively combat both direct and indirect discriminatory practices. The AFM identified five key expectations for banks to address discrimination: Board-level commitment to a shared vision on combating discrimination. Organisational structures enabling the detection and effective handling of discrimination. Organisational culture oriented towards preventing discrimination. Appropriate communication during customer interactions and investigations. Collection of signals and complaints to prevent discrimination. The AFM reported positively on initiatives undertaken by participating banks, noting that all recognised the problem of discrimination experienced by customers. Most acknowledged that recognition required time, after which they implemented proactive measures. Participating banks have established dedicated programmes and teams to reduce discrimination risks and are increasingly recognising the need for structural safeguards, including outcome monitoring and timely process adjustments to prevent indirect effects that can cause systematic exclusion of specific groups. The AFM encourages all banks and financial institutions with similar customer-facing processes to use the expectations and accompanying recommendations to actively combat discrimination.
3167614 pc May 14, 2026 arahman Ukraine National Bank of Ukraine (NBU) horizon scanning
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Ukraine's National Bank Amends Payment Instrument Issuance and Acquiring Rules

On May 19, 2026, the National Bank of Ukraine (NBU) amended the regulations governing the issuance and acquiring of payment instruments, including payment cards, to enhance transparency in payment operations during the provision of acquiring services. The amendments aim to combat misuse of payment infrastructure in illegal activities, prevent miscoding (the substitution of merchant activity category codes), support economic formalisation, and strengthen consumer protection. The NBU introduced four key changes for financial institutions providing payment acquiring services. First, it expanded mandatory information requirements about payment operations transmitted to card issuers and made available to payment instrument users. For goods, works, and services payments, acquirers must now provide merchant identifiers: the tax identification code (ЄДРПОУ) for legal entities, or the tax registration number or passport details for individual entrepreneurs. For utilities payments, acquirers may use their own ЄДРПОУ code rather than listing each individual supplier, simplifying multi-recipient transactions. Second, the NBU established clear rules for providing acquiring services to individuals. Acquiring services may now be offered to individuals officially registered as volunteers or those with contractual relationships with businesses (such as individuals selling used goods on digital platforms or restaurant staff receiving tips). This formalises existing practices while enhancing transparency and safety. Third, the NBU expanded mandatory receipt information to include merchant details, commission amounts, payment purpose, and merchant category codes (MCC). Fourth, acquirers must disclose their full legal name to payment instrument users before initiating online transactions. These amendments take effect on May 20, 2026, pursuant to National Bank of Ukraine Board Resolution No. 51 of May 14, 2026. Payment market participants must comply with the new requirements within six months of the regulation's effective date.

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National Bank of Ukraine Amends Payment Instrument Issuance and Acquiring Rules

On May 14, 2026, the National Bank of Ukraine (NBU) adopted the Resolution on the Approval of Amendments to the Regulations on the Procedure for the Issuance and Acquiring of Payment Instruments. Key points include: The NBU requires an acquirer for a payment transaction for goods, works and services to transfer information about each recipient (merchant) to the issuer: 1. About a legal entity: Code according to the Unified State Register of Economic Activities. 2. About an individual entrepreneur: Registration number of the taxpayer registration card of an individual or series and passport numner. 1. About a legal entity: Code according to the Unified State Register of Economic Activities. 2. About an individual entrepreneur: Registration number of the taxpayer registration card of an individual or series and passport numner. An acquirer has the right to indicate its own code according to the Unified State Register of Account in the recipient's information when making payments for housing and communual services, and not each individual supplier. Acquiring services may be provided to an individual who: Has officially registered as a volunteer. Has an established contractual relationship with the business entity with which the acquirer has entered into an acquiring agreement. Has officially registered as a volunteer. Has an established contractual relationship with the business entity with which the acquirer has entered into an acquiring agreement. This resolution comes into force on May 20, 2026.
3154539 gc May 13, 2026 nsairam Brazil Brazil | News Site gamblingcompliance
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Brazil Extends Online Betting Ban to Desenrola Fies Program Participants

On May 13, 2026, the Brazilian Federal Government extended its prohibition on online sports betting to participants in the Desenrola Fies program through Provisional Measure No. 1.358/2026, published in an extra edition of the Official Gazette of the Union. The Desenrola Fies program allows students to renegotiate debts related to federal student financing under the Student Financing Fund (FIES). The betting restriction, which previously applied only to the Desenrola Famílias program, now covers both debt renegotiation initiatives. Under the measure, beneficiaries of the Desenrola Fies program are prohibited from participating in online sports betting platforms for a period of one year during debt renegotiation. According to Rogério Ceron, executive secretary of the Ministry of Finance, the original text of Provisional Measure No. 1.355/2026 (Desenrola 2.0), published on May 4, 2026, did not explicitly apply the betting restriction to the FIES program. The government described the amendment as a clarification to remove ambiguity regarding the measure's scope. The betting prohibition was inserted into Provisional Measure No. 1.358/2026, which primarily addresses fuel subsidies, functioning as an amendment to the original Desenrola 2.0 framework. The government's stated objective is to prevent online betting companies from using public debt renegotiation programs as a mechanism to stimulate credit or expand financial operations linked to betting. The amendment references Article 5-A, paragraph 4-B of Law No. 10.260 (July 12, 2001), which established the FIES regulatory framework. The Desenrola Fies program commenced operations on May 13, 2026, with reported high initial demand. Provisional measures have immediate legal force but require approval by the National Congress within 120 days to become permanent legislation.

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Brazil publishes decree prohibiting student debtors from participating in online sports betting

On May 13, 2026, the Brazilian federal government extended its prohibition on online sports betting to participants who are enrolled in debt-relief plans. The previous regulations enacted by the SPA/MF covered individuals in the debt relief plan Novo Desenrola. The government of Brazil enacted Provisional Measure No. 1358/2026 extending the regulations to cover the Desenrola Fies program, which involves student debt renegotiation. This is known as a "jabuti" in Brazilian legislative terminology, which means than an unrelated amendment was added to an existing bill. The change to the Desenrola Fies program can specifically be found in Article 5, Section 6 which includes the student debtor law into the scope of Ordinance No. 1237/2026 . Under Provisional Measure No. 1.358/2026, beneficiaries of the Desenrola Fies program are prohibited from participating in online sports betting platforms for a period of one year during debt renegotiation. Provisional measures have immediate legal force but require approval by the National Congress within 120 days to become permanent legislation.
3145156 pc May 13, 2026 pthandapani Taiwan Press Releases - Banking Bureau horizon scanning
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Taiwan's Financial Supervisory Commission Imposes Administrative Penalty on Taichung Commercial Bank for Anti-Money Laundering Deficiencies

On May 12, 2026, Taiwan's Financial Supervisory Commission (FSC) announced an administrative penalty of New Taiwan Dollar (NTD) 32 million against Taichung Commercial Bank for deficiencies in deposit account opening procedures, customer identity continuous review operations, and account monitoring mechanisms. The FSC identified violations of the Banking Act Article 45-1(1) and the Regulations Governing the Internal Control and Audit Systems of Financial Holding Companies and Banks, as well as the Money Laundering Control Act and the Regulations Governing Anti-Money Laundering of Financial Institutions. The violations were identified across ten branches (Tanzi, Zhongzheng, Beitun, Toufen, Yuanlin, Dounan, West Taichung, Taipei, Zuoying, and Wuqi) handling 21 corporate deposit accounts since April 2024. Key deficiencies included: failure to establish adequate customer identification and continuous identity verification procedures for corporate accounts; inadequate review mechanisms for online banking transaction limits; insufficient monitoring of suspicious transactions; and failure to properly document account opening procedures. The bank did not maintain adequate controls over agent-conducted transactions across multiple corporate accounts or establish consistent anomaly detection standards across branches. Additionally, the bank failed to consistently report suspected money laundering transactions despite internal system alerts and inter-bank alert notifications. The FSC requires the bank to conduct comprehensive reviews of all employee-initiated account openings, engage external professional institutions within one month to recalibrate anti-money laundering mechanisms, complete a full responsibility assessment within two months, and strengthen compliance culture across the organisation. The FSC also mandated increased operational risk capital provisions under the Capital Adequacy and Capital Grade Management Regulations.

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Taiwan's Financial Supervisory Commission Fines Taichung Commercial Bank NT$32m for Anti-Money Laundering Deficiencies

The Taiwanese Financial Supervisory Commission (FSC) has fined Taichung Commercial Bank NT$32m (US$1.06m) for inadequate internal controls and anti-money laundering mechanisms which enabled employees to assist fraud rings in laundering money. The FSC’s investigation found that, starting from April 2024, Taichung Commercial Bank failed to implement effective safeguards across 10 of its branches for: Opening deposit accounts for high-risk corporate clients. Conducting ongoing customer identity verification (KYC). Monitoring abnormal transactions and setting internet banking limits. These deficiencies breached Article 129, Subparagraph 7 of the Banking Act and enabled employees to facilitate NT$3.6bn (US$119m) in money laundering operations involving 21 corporate accounts. In addition to the fine, the FSC has also requested that Taichung Commercial Bank: Comprehensively review the deficiencies, strengthen internal controls and the internal audit three-line model, and report improvement measures to the board of directors. Comprehensively investigate the appropriateness of account opening reviews for cases actively recruited by bank employees. Hire an external professional institution within one month to re-calibrate and perfect the bank's anti-money laundering mechanisms. Review the responsibilities of branch personnel and head office supervisory personnel involved in the violation based on a responsibility map within two months. Have the board of directors strengthen the corporate business culture from top to bottom, ensuring the strict implementation of legal compliance and anti-money laundering.
3154540 gc May 13, 2026 nsairam Brazil Brazil | News Site gamblingcompliance
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Rondônia Establishes State Lottery Managed by Agero with Private Concession Option

On May 7, 2026, Governor Marcos José Rocha dos Santos of Rondônia signed Complementary Law 1.336, establishing a public lottery service throughout the state. The law was published in the State Official Gazette on May 13, 2026, and entered into force on the date of publication. The legislation authorizes the state Executive Branch to operate lottery games directly or through private concession. The Agency for the Regulation of Delegated Public Services of the State of Rondônia (Agero) has been designated as the managing, regulatory, and supervisory body for the activity. The state lottery may encompass all lottery modalities permitted under federal legislation and operate through physical and digital channels. Agero will exercise full management responsibilities including regulation, control, monitoring, inspection, and application of sanctions, with technical alignment to federal regulations and requirements established by the Secretariat of Prizes and Bets of the Ministry of Finance. Private operators seeking concessions must participate in a bidding process and meet minimum qualification requirements, including proof of legal standing, tax and labour compliance, economic and financial qualification, and technical qualification. Operators must establish a Special Purpose Entity (SPE) before contract signing and obtain certifications ensuring information security, operational integrity, money laundering prevention, and responsible gaming promotion. The concession period will be compatible with the project's economic and financial viability. The law establishes bettor protections including clear access to rules and odds, customer service in Portuguese, self-exclusion and self-limitation mechanisms, and personal data protection. Only individuals over 18 years of age may place bets. Up to 10 percent of net proceeds may constitute state revenue, with remaining net proceeds allocated to social assistance, health, public safety, sports, culture, technology, tax administration, and regulatory costs. The law repeals Laws 121 (1986) and 315 (1991).

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Brazilian State of Rondônia establishes fixed-odds betting lottery service

On May 13, 2026, the Brazilian state of Rondônia, approved the establishment of a lottery that functions through concession contracts and private bids. According to Complementary Law 1.336, the following is outlined: The executive branch of the state of Rondônia operates the lottery. The Agency for the Regulation of Delegated Public Services of the State of Rondônia (Agero), is the supervisory, regulatory, and managerial body that oversees the lottery. The lottery has both a physical and online modality, and offers fixed-odds betting as approved under Law 14790/2023 . The law establishes bettors rights, and responsible gaming policies for bettors, such as self-exclusion measures, secure identification measures, and age verification measures. The law requires integration with federal databases along with joint oversight. Concession agreements will be preceded by a bidding process where interested operators can submit bids to operate the lottery modality of their choosing. Operators must be in compliance with technical regulations as laid out in the law, and ensure that payment methods are in line with regulations from the Central Bank of Brazil. This law comes into effect immediately and regulations regarding enforcement are to be published soon. For non-compliance operators can be fined, or have their contract suspended or revoked.
3152020 pc May 13, 2026 ataylor Quebec Consumer protection office financial services
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Quebec's Consumer Protection Office Revokes Money Lender Licences for Criminal Interest Rate Practices

On May 13, 2026, the Office of the Consumer Protection (Office de la protection du consommateur) announced the revocation of money lender licences held by Groupe Speedy inc., Groupe C2G inc., and Mypayroll inc. The Office's delegated president determined that these merchants could not ensure honest and competent conduct of their activities in the public interest. The revocation decisions were rendered on March 10 and March 13, 2026. The companies, operating through the website speedypayloan.ca, were controlled by ultimate beneficial owners Jean-Maxime Nicolo (Groupe Speedy inc.) and Nicolo and Mathieu Travieso-Culurides (Groupe C2G inc. and Mypayroll inc.). Investigations by the Office's delegated president established that these enterprises and their ultimate beneficial owners participated in a scheme involving the lending of money at criminal and abusive interest rates. Under Quebec's Consumer Protection Act (Loi sur la protection du consommateur), money lenders must hold a licence issued by the Office. The act imposes specific requirements on money lenders, including mandatory disclosure of credit rates with all calculation elements included in loan contracts. Consumers retain the right to cancel loans within two days of receiving their contract copy. Money lenders must assess consumers' repayment capacity; failure to do so may result in loss of contractual credit fees. High-cost credit contracts—defined as those exceeding the Bank of Canada's official discount rate by more than 22 percentage points—require additional specific licensing. For such contracts, the consumer cancellation period extends to 10 days. If a consumer's debt-to-income ratio exceeds 45 percent, the consumer's obligation is presumed excessive, enabling potential contract annulment or obligation reduction. The Office continues to monitor compliance with Quebec's consumer protection framework across all credit-related activities.

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Quebec Consumer Protection Office Revokes Money Lender License of Groupe Speedy for Abusive Interest Rate Practices

On May 13, 2026, the Quebec Office of Consumer Protection (OPC) announced the revocation of money lender licenses held by Groupe Speedy, Inc. Investigations by the OPC established that Groupe Speedy and its ultimate beneficial owners participated in a scheme involving the lending of money at criminal and abusive interest rates. As such, the OPC determined that Groupe Speedy could not ensure honest and competent conduct of their activities in the public interest.
3150199 pc May 13, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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Financial Conduct Authority Reviews Investment Firm Support for Bereaved Customers

On May 13, 2026, the Financial Conduct Authority (FCA) announced it is reviewing how consumer investment firms support bereaved customers and whether they are meeting customer needs adequately. According to FCA research, fewer than half of bereaved customers (47 percent) felt they received the support they needed from financial firms. The review will focus on firms that advise, manage, or administer investments, including platforms, advisers and wealth managers. The FCA will examine the customer experience from the moment a firm is notified of a bereavement through to settlement or transfer of investments. The review will assess how firms communicate with bereaved customers, how they support vulnerable customers, their service standards, and how fees are handled on bereaved accounts. Kate Tuckley, head of department, consumer investments at the FCA, stated that firms should design bereavement processes "with people, not paperwork, at their centre" and that these processes are "a real test of a firm's culture and key to consumer trust." This review follows similar FCA examinations in retail banking and insurance, where the FCA found bereaved customers regularly faced unclear processes, repeated information requests and avoidable delays, although good practice existed but was not consistent. From May 2026, the FCA will contact selected firms as part of the review. The FCA will publish its findings later in 2026, highlighting good practice and areas for improvement. This review is a priority under the FCA's Consumer Investments Regulatory Priorities and forms part of its broader consumer duty work.

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UK's Financial Conduct Authority Reviews Investment Firm Support for Bereaved Customers

On May 13, 2026, the Financial Conduct Authority (FCA) announced that it is reviewing how consumer investment firms support bereaved customers and whether they are adequately meeting customer needs. The review will focus on firms that advise, manage, or administer investments, including platforms, advisers and wealth managers. The FCA will examine the customer experience from the moment a firm is notified of a bereavement through to settlement or transfer of investments. The review will assess the following areas: How firms communicate with bereaved customers. How they support vulnerable customers, their service standards, and how fees are handled on bereaved accounts. From May 2026, the FCA will contact selected firms as part of the review. The FCA will publish its findings later in 2026, highlighting good practice and areas for improvement. This review is a priority under the FCA's Consumer Investments Regulatory Priorities and forms part of its broader consumer duty work.
3149537 pc May 13, 2026 rghosh Japan Press Releases - Fair Trade Commission horizon scanning
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Japan's Fair Trade Commission Seeks Public Comment on Resale Price Maintenance Guidelines Amendment

On May 13, 2026, Japan's Fair Trade Commission (FTC) launched a public consultation on proposed amendments to its Guidelines on the Antimonopoly Law Concerning Distribution and Transaction Practices. The amendments address resale price maintenance (RPM) conduct, whereby suppliers instruct and enforce retail prices on distributors. The FTC notes that RPM restricts price competition and is generally prohibited under the Antimonopoly Law. However, Part 1, Section 1-2(7) of the existing guidelines identifies exceptions where RPM conduct is typically not illegal. The proposed amendments expand this guidance by adding new cases and concrete examples where RPM would not violate the Antimonopoly Law. The FTC aims to help businesses prevent antimonopoly violations and conduct lawful activities through clearer guidance on permissible RPM practices. The consultation materials are available on the e-Gov portal (https://search.e-gov.go.jp/servlet/Public) and the FTC's website (https://www.jftc.go.jp/). Submissions must be made in Japanese and include the submitter's address, name, contact details, and whether the submission represents an individual or organisation. Comments can be submitted via the e-Gov comment form or by email to ryuutori2026-@-jftc.go.jp (replacing "-@-" with "@"). Telephone and postal submissions are not accepted. The comment period closes on June 11, 2026, at 6:00 PM (Japan Standard Time). The FTC will consider the substance of submissions rather than their volume. Submitted comments may be published, excluding personal contact information. **References:** Fair Trade Commission of Japan. (May 13, 2026). "流通・取引慣行に関する独占禁止法上の指針" 改正案に対する意見募集について. https://www.jftc.go.jp/

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1707 chars · nid 92499

Japan's Fair Trade Commission Seeks Public Comment on Resale Price Maintenance Guidelines Amendment

On May 13, 2026, Japan's Fair Trade Commission (FTC) launched a public consultation on proposed amendments to its Guidelines on the Antimonopoly Law Concerning Distribution and Transaction Practices. The amendments address resale price maintenance (RPM) conduct, whereby suppliers instruct and enforce retail prices on distributors. The FTC notes that RPM restricts price competition and is generally prohibited under the Antimonopoly Law. However, Part 1, Section 1-2(7) of the existing guidelines identifies exceptions where RPM conduct is typically not illegal. The proposed amendments expand this guidance by adding new cases and concrete examples where RPM would not violate the Antimonopoly Law. The FTC aims to help businesses prevent antimonopoly violations and conduct lawful activities through clearer guidance on permissible RPM practices. The consultation materials are available on the e-Gov portal (https://search.e-gov.go.jp/servlet/Public) and the FTC's website (https://www.jftc.go.jp/). Submissions must be made in Japanese and include the submitter's address, name, contact details, and whether the submission represents an individual or organisation. Comments can be submitted via the e-Gov comment form or by email to ryuutori2026-@-jftc.go.jp (replacing "-@-" with "@"). Telephone and postal submissions are not accepted. The comment period closes on June 11, 2026, at 6:00 PM (Japan Standard Time). The FTC will consider the substance of submissions rather than their volume. Submitted comments may be published, excluding personal contact information. **References:** Fair Trade Commission of Japan. (May 13, 2026). "流通・取引慣行に関する独占禁止法上の指針" 改正案に対する意見募集について. https://www.jftc.go.jp/
3150894 pc May 13, 2026 pdonofrio South Carolina SC DCA News Releases horizon scanning
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South Carolina Department of Consumer Affairs Reaches Settlement with Internet Lender over Interest Rate Violations

On May 13, 2026, the South Carolina Department of Consumer Affairs (SCDCA) finalized a settlement with Cash Central of South Carolina, LLC, a supervised lender, resolving disputed litigation stemming from the company's operations between 2013 and 2015. The SCDCA filed suit against Cash Central in 2016, alleging it charged interest rates exceeding those permitted by South Carolina law. The loans in question ranged from $750 to $5,000 with annual percentage rates (APRs) between 146 and 246 percent. Under South Carolina law, creditors may charge any interest rate of their choosing; however, if the rate exceeds 18 percent APR, the creditor must first file its rate chart with the SCDCA and publicly post the filed rate. While Cash Central did not admit liability or wrongdoing, it agreed to the settlement to avoid further litigation expenses and uncertainty. As part of the settlement terms, Cash Central will provide refunds to affected consumers. The SCDCA has identified certain South Carolina consumers eligible for refunds and will contact these individuals over the course of the next year. The department encourages consumers to research businesses before obtaining high-cost loans and directs them to the SCDCA website, where they can access the "Fees and Licensee Lookup" tool under the "Supervised Lenders" section to view maximum interest rates permitted for lenders charging more than 18 percent APR. **Reference:** South Carolina Department of Consumer Affairs News Release, May 13, 2026

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South Carolina Department of Consumer Affairs Finalizes Settlement Agreement with Cash Central of South Carolina

On May 13, 2026, the South Carolina Department of Consumer Affairs (DCA) finalized a settlement agreement with Cash Central of South Carolina, a supervised lender. The settlement ends disputed litigation stemming from the company’s operations in South Carolina from 2013 through 2015. While the company did not admit any liability or wrongdoing, to avoid further expense and the uncertainty of litigation, under the terms of the settlement, it agreed to provide refunds to affected consumers. The DCA previously filed suit against the company in 2016, alleging that it charged interest rates in excess of what was permitted by state law, with loans ranging from $750 to $5,000, and with annual percentage rates (APRs) between 146% and 246%. South Carolina law allows a creditor to charge the interest rate it chooses, but if the rate exceeds 18% APR, the creditor must first file its rate chart with the DCA and post the filed rate for public view. The company disputed DCA’s position, but ultimately agreed to a mutual settlement to avoid further litigation.
3159799 gc May 13, 2026 mschanke Vermont Vermont Department of Liquor and Lottery - Sports Wagering Procedures gamblingcompliance
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Vermont regulator amends sports wagering procedures

On May 13, 2026, the Vermont Department of Liquor and Lottery approved enhanced sports wagering procedures. The department recommended several revisions to the procedures, including: Enhanced age and identity verification. Source of wealth/source of funds review if a user deposits more than $10,000 in aggregate within a 24-hour period. Time and loss limits to be offered to players. Enhanced due diligence procedures and a requirement for operators to complete an anti-money laundering risk assessment at least annually. Reporting procedures for instances of fraud, underage gambling, and suspicious conduct. The enhanced procedures take effect October 1, 2026 .
3152591 gc May 13, 2026 apintea Czech Republic Ministry Of Finance gamblingcompliance
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Czech Republic Ministry of Finance Updates Production Environment Communication Parameters for Gambling Operators

On May 13, 2026, the Czech Republic Ministry of Finance updated communication parameters for the production environment used by gambling operators to submit reports to the supervisory authority. In accordance with Decree No. 10/2019 Coll. on the method of notification and transmission of information and data transfer by gambling operators, the scope of transmitted data and other technical parameters of data transmission (the "reporting decree"), the Ministry of Finance publishes technical specifications necessary for automated access to the supervisory authority. The production environment is operated under the identity of the Czech Customs Administration (Celní správa České republiky), which functions as the supervisory authority for gambling operations. Gambling operators must use registered authentication certificates to access confirmation packages and applications. The Ministry of Finance provides supervisory authority certificates in multiple formats. Key access points include: a URL for submitting confirmation packages at https://reporting-hazard.celnisprava.cz/data; an application for monitoring data package processing status at https://reporting-hazard.celnisprava.cz/apps/reg-db/processing; and an application for reviewing registrations at https://reporting-hazard.celnisprava.cz/apps/reg-db/registration-list. A Transport Layer Security (TLS) certificate exchange is scheduled for May 21, 2026, at 10:00 a.m., with new certificates becoming effective on that date. The Ministry of Finance maintains a separate testing environment called "Playground" with its own independent database and registration system, distinct from the production environment. Updated supervisory authority certificates valid from May 21, 2026, are available for download from the Ministry of Finance website. REFERENCES: https://www.mfcr.cz/cs/legislativa/snemovni-tisk/2019/komunikacni-parametry-pro-producni-ostre-prostredi-40925

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Czech Ministry of Finance updates production environment communication parameters for gambling operators

On May 13, 2026, the Czech Republic Ministry of Finance updated communication parameters for the production environment used by gambling operators to submit reports to the supervisory authority. In accordance with Decree No. 10/2019 Coll. , the Ministry of Finance publishes technical specifications necessary for automated access to the supervisory authority. The production environment is operated under the identity of the Czech Customs Administration, which functions as the supervisory authority for gambling operations. Gambling operators must use registered authentication certificates to access confirmation packages and applications. Updated supervisory authority certificates valid from May 21, 2026, are available for download from the Ministry of Finance website .
3149518 pc May 13, 2026 rghosh United Arab Emirates Central Bank of the UAE horizon scanning
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United Arab Emirates Central Bank Issues Executive Regulations for Anti-Money Laundering and Combating Terrorism Financing

On 14 December 2025, the Cabinet of the United Arab Emirates adopted Cabinet Resolution No. (134) of 2025, establishing comprehensive executive regulations for Federal Decree by Law No. (10) of 2025 regarding anti-money laundering, combating the financing of terrorism, and proliferation financing. The resolution replaces the previous Cabinet Resolution No. (10) of 2019 and entered into force on 14 December 2025. The executive regulations establish detailed obligations for financial institutions, designated non-financial businesses and professions (DNFBPs), virtual asset service providers, and non-profit organizations. Key requirements include customer due diligence measures, beneficial owner identification procedures, and enhanced due diligence for high-risk customers and politically exposed persons. Financial institutions must verify customer identity before establishing business relationships, with provisions allowing deferred verification in low-risk circumstances where necessary to avoid disrupting normal business operations. The regulations define financial institutions broadly to include deposit-taking entities, lenders, money transfer service providers, insurance providers, and investment managers. DNFBPs encompass commercial gaming operators, real estate brokers, precious metals dealers, legal professionals, and company service providers. Virtual asset service providers conducting exchange, transfer, or safekeeping activities must be licensed, registered, or listed by the competent supervisory authority. The regulations establish the Financial Intelligence Unit's operational independence and expand its competences to receive suspicious transaction reports, conduct financial analysis, and disseminate findings to law enforcement authorities. The National Committee's role is expanded to assess national crime risks, update national risk assessments, and coordinate implementation of risk-based approaches. Supervisory authorities are granted enhanced powers to conduct risk-based supervision, issue guidance, and impose administrative penalties for non-compliance. Record-keeping requirements mandate retention of transaction records and customer due diligence documentation for at least five years. Wire transfer provisions require originator and beneficiary information for international transfers exceeding AED 3,500. The regulations include provisions for provisional measures, including transaction suspension and fund freezing, investigation procedures, and international cooperation mechanisms for asset recovery and information exchange. REFERENCES: Central Bank of the United Arab Emirates. Cabinet Resolution No. (134) of 2025 Regarding the Executive Regulations of Federal Decree by Law No. (10) of 2025 Regarding Anti-Money Laundering, and Combating the Financing of Terrorism and Proliferation Financing. Available at: https://www.cbuae.ae/en/rulebook

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United Arab Emirates Central Bank Issues Executive Regulations for Anti-Money Laundering and Combating Terrorism Financing

On 14 December 2025, the Cabinet of the United Arab Emirates adopted Cabinet Resolution No. (134) of 2025, establishing comprehensive executive regulations for Federal Decree by Law No. (10) of 2025 regarding anti-money laundering, combating the financing of terrorism, and proliferation financing. The resolution replaces the previous Cabinet Resolution No. (10) of 2019 and entered into force on 14 December 2025. The executive regulations establish detailed obligations for financial institutions, designated non-financial businesses and professions (DNFBPs), virtual asset service providers, and non-profit organizations. Key requirements include customer due diligence measures, beneficial owner identification procedures, and enhanced due diligence for high-risk customers and politically exposed persons. Financial institutions must verify customer identity before establishing business relationships, with provisions allowing deferred verification in low-risk circumstances where necessary to avoid disrupting normal business operations. The regulations define financial institutions broadly to include deposit-taking entities, lenders, money transfer service providers, insurance providers, and investment managers. DNFBPs encompass commercial gaming operators, real estate brokers, precious metals dealers, legal professionals, and company service providers. Virtual asset service providers conducting exchange, transfer, or safekeeping activities must be licensed, registered, or listed by the competent supervisory authority. The regulations establish the Financial Intelligence Unit's operational independence and expand its competences to receive suspicious transaction reports, conduct financial analysis, and disseminate findings to law enforcement authorities. The National Committee's role is expanded to assess national crime risks, update national risk assessments, and coordinate implementation of risk-based approaches. Supervisory authorities are granted enhanced powers to conduct risk-based supervision, issue guidance, and impose administrative penalties for non-compliance. Record-keeping requirements mandate retention of transaction records and customer due diligence documentation for at least five years. Wire transfer provisions require originator and beneficiary information for international transfers exceeding AED 3,500. The regulations include provisions for provisional measures, including transaction suspension and fund freezing, investigation procedures, and international cooperation mechanisms for asset recovery and information exchange. REFERENCES: Central Bank of the United Arab Emirates. Cabinet Resolution No. (134) of 2025 Regarding the Executive Regulations of Federal Decree by Law No. (10) of 2025 Regarding Anti-Money Laundering, and Combating the Financing of Terrorism and Proliferation Financing. Available at: https://www.cbuae.ae/en/rulebook
3149519 pc May 13, 2026 rghosh United Arab Emirates Central Bank of the UAE horizon scanning
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Central Bank of the UAE Issues Guidance on Proliferation Finance Risks for Licensed Financial Institutions

On November 7, 2025, the Central Bank of the United Arab Emirates (CBUAE) issued comprehensive guidance on risks related to proliferation finance (PF) for licensed financial institutions (LFIs) and registered hawala providers (RHPs). The guidance comes into effect immediately, with LFIs expected to demonstrate compliance within one month of issuance. The guidance establishes expectations for LFIs to identify, assess, understand, and mitigate PF risks as part of their anti-money laundering, counter-terrorism financing, and countering proliferation financing (AML/CFT/CPF) obligations under Federal Decree-Law No. (20) of 2018 and Cabinet Decision No. (10) of 2019, as amended. It applies to national banks, branches of foreign banks, exchange houses, finance companies, payment service providers, payment token service providers, registered hawala providers, and insurance companies. The guidance addresses PF threats emanating from three categories: financial products related to trade in proliferation-sensitive goods; revenue-raising activities; and financial structures supporting fund movement. It identifies vulnerabilities across trade finance, correspondent banking, hawala and alternative remittance systems, offshore accounts, free trade zones, shell companies, insurance and reinsurance, real estate, and precious metals and stones dealing. The guidance emphasises customer due diligence measures incorporating PF-specific risk attributes, enhanced due diligence for higher-risk customers, transaction monitoring with PF-specific indicators, and targeted financial sanctions compliance. LFIs must screen customers and beneficial owners against sanctions lists prior to onboarding and on an ongoing basis. The guidance incorporates Financial Action Task Force (FATF) standards and references international obligations under United Nations Security Council Resolutions 1540, 1718, and related North Korea sanctions regimes. LFIs must maintain institutional-level PF risk assessments, implement appropriate governance structures, conduct staff training on PF risks, and maintain detailed records of all risk assessments and mitigation measures for at least five years.

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Central Bank of the UAE Issues Guidance on Proliferation Finance Risks for Licensed Financial Institutions

On November 7, 2025, the Central Bank of the United Arab Emirates (CBUAE) issued comprehensive guidance on risks related to proliferation finance (PF) for licensed financial institutions (LFIs) and registered hawala providers (RHPs). The guidance comes into effect immediately, with LFIs expected to demonstrate compliance within one month of issuance. The guidance establishes expectations for LFIs to identify, assess, understand, and mitigate PF risks as part of their anti-money laundering, counter-terrorism financing, and countering proliferation financing (AML/CFT/CPF) obligations under Federal Decree-Law No. (20) of 2018 and Cabinet Decision No. (10) of 2019, as amended. It applies to national banks, branches of foreign banks, exchange houses, finance companies, payment service providers, payment token service providers, registered hawala providers, and insurance companies. The guidance addresses PF threats emanating from three categories: financial products related to trade in proliferation-sensitive goods; revenue-raising activities; and financial structures supporting fund movement. It identifies vulnerabilities across trade finance, correspondent banking, hawala and alternative remittance systems, offshore accounts, free trade zones, shell companies, insurance and reinsurance, real estate, and precious metals and stones dealing. The guidance emphasises customer due diligence measures incorporating PF-specific risk attributes, enhanced due diligence for higher-risk customers, transaction monitoring with PF-specific indicators, and targeted financial sanctions compliance. LFIs must screen customers and beneficial owners against sanctions lists prior to onboarding and on an ongoing basis. The guidance incorporates Financial Action Task Force (FATF) standards and references international obligations under United Nations Security Council Resolutions 1540, 1718, and related North Korea sanctions regimes. LFIs must maintain institutional-level PF risk assessments, implement appropriate governance structures, conduct staff training on PF risks, and maintain detailed records of all risk assessments and mitigation measures for at least five years.
3151767 pc May 13, 2026 ggallwey Argentina Ministry of Justice and Human Rights financial services
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Argentina's National Securities Commission Simplifies Anti-Money Laundering and Terrorism Financing Regulations

On May 12, 2026, Argentina's National Securities Commission (Comisión Nacional de Valores or CNV) approved General Resolution 1139 (RG N°1139), which comprehensively simplifies and reorganises the regulatory framework governing prevention of money laundering, terrorism financing, and proliferation of weapons of mass destruction (LA/FT/FP). The CNV chief executive, Roberto E. Silva, said the resolution "reorders the LA/FT/FP prevention regime integrally, reducing unnecessary burdens and procedures, simplifying information requirements, and simultaneously strengthening monitoring and control mechanisms aligned with international standards." The new regime significantly reduces administrative requirements for market participants. The information reporting framework cuts the number of information request forms from 19 to 10, streamlining compliance procedures. The resolution incorporates enhanced requirements regarding beneficial ownership identification, customer risk segmentation, transaction monitoring, and politically exposed person status. Payment modality provisions eliminate cash transactions, except where participants adhere to the Simplified Self-Declaration Income Tax Regime as defined in RG N°1108, while introducing electronic cheque functionality. The resolution also clarifies suitability, integrity, and solvency requirements for applicants seeking registration in CNV registries. Virtual Asset Service Providers (PSAVs) must now comply with the information reporting regime, payment modalities, and suitability requirements as specified in the resolution. The CNV has scheduled related stakeholder engagement activities, including workshops on tokenisation and digital assets for CNV professionals and consultations with capital market participants and legal practitioners to discuss the regulatory changes and their implementation. REFERENCES: https://www.argentina.gob.ar/noticias/simplificacion-integral-de-la-normativa-en-materia-de-prevencion-del-lavado-de-activos-financiacion-del

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Argentine Securities Regulator Simplifies AML Framework for Capital Markets and Virtual Asset Providers

On May 13, 2026, Argentina’s National Securities Commission (CNV) adopted General Resolution No. 1139 simplifying and restructuring the country’s anti-money laundering, counter-terrorist financing, and counter-proliferation financing (AML/CFT/CPF) regime applicable to capital market participants and virtual asset service providers (PSAVs). The resolution replaces Title XI of the CNV Rules and consolidates AML/CFT/CPF obligations applicable to securities intermediaries, settlement and clearing agents (ALyCs), financial trustees, mutual fund placement agents, and PSAVs registered with the CNV. The reform reduces AML reporting obligations from 19 reporting forms to 10 streamlined information submissions through the Financial Information Highway, while introducing standardized reporting requirements relating to: beneficial ownership; politically exposed persons (PEPs); customer segmentation and risk classification; operational monitoring; AML internal controls; and risk self-assessments. The CNV also prohibited the use of cash for most client funding and payment activities within the capital markets framework, except under Argentina’s Simplified Income Tax Affidavit Regime. The resolution additionally authorizes the use of electronic checks and permits transfers involving CVUs (Uniform Virtual Keys) linked to payment service providers (PSPs), provided traceability requirements are met. The framework extends AML/CFT/CPF information reporting, customer due diligence, and payment method requirements to PSAVs, including obligations relating to beneficial ownership disclosures, monitoring of virtual asset transfers, and suitability and integrity assessments for controllers and managers. The regulation forms part of the CNV’s broader deregulation and regulatory simplification agenda aimed at reducing administrative burdens while aligning Argentina’s AML/CFT framework with Financial Action Task Force (FATF) standards. Certain AML/CFT/CPF reporting obligations applicable to capital market entities and PSAVs will become effective on July 1, 2026, with firms required to submit the corresponding information through the CNV’s Financial Information Highway by July 31, 2026.
3149217 pc May 13, 2026 rghosh Israel BOI - Press Releases financial services
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Bank of Israel Publishes Digital Shekel Project Progress Report for 2025

On May 13, 2026, the Bank of Israel published a progress report on its digital shekel (שק"ד) project, detailing developments throughout 2025. The report follows the initial specification document released in March 2025 and outlines the Bank's continued exploration of central bank digital currency (CBDC) implementation. The report addresses four key areas of investigation. First, a cost-benefit analysis concluded that the benefits of issuing a digital shekel outweigh the costs to the Bank of Israel, system participants, and the broader economy, supporting the economic welfare case for issuance. Second, the Bank examined the regulatory framework required to manage risks associated with system operators and participants. Third, it analysed the feasibility of a multi-purpose digital shekel capable of functioning as both a retail CBDC (serving consumers) and wholesale CBDC (serving financial institutions). Fourth, the report documents technological feasibility assessments conducted through consultations with technology companies, experts, and academics to identify potential technologies for implementing the digital shekel system. The report also summarises public feedback on the initial specification document and presents findings from a 2025 business preferences survey regarding digital shekel usage, complementing earlier consumer research conducted in 2024. During 2026, the Bank of Israel will continue project work toward a potential issuance decision, focusing on prioritising system capabilities and features, conducting detailed specifications, and developing an implementation roadmap. These findings, combined with additional planned technological trials, will inform a comprehensive recommendation to the Bank of Israel Governor by year-end regarding whether to proceed with digital shekel issuance. **Reference:** Bank of Israel Press Release, May 13, 2026

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1487 chars · nid 92516

Bank of Israel Publishes Digital Shekel Project Progress Report for 2025

On May 13, 2026, the Bank of Israel published a progress report on its digital shekel project, detailing developments throughout 2025. The report follows the initial specification document released in March 2025 and outlines the Bank's continued exploration of central bank digital currency (CBDC) implementation. The report addresses four key areas of investigation: Cost-benefit analysis concluded that the benefits of issuing a digital shekel outweigh the costs to the Bank of Israel, system participants, and the broader economy, supporting the economic welfare case for issuance. The Bank examined the regulatory framework required to manage risks associated with system operators and participants. It analysed the feasibility of a multi-purpose digital shekel capable of functioning as both a retail CBDC (serving consumers) and wholesale CBDC (serving financial institutions). The report documents technological feasibility assessments conducted through consultations with technology companies, experts, and academics to identify potential technologies for implementing the digital shekel system. The report also summarises public feedback on the initial specification document and presents findings from surveys regarding digital shekel usage. In 2026, the Bank of Israel will continue project work toward a potential issuance decision, focusing on prioritising system capabilities and features, conducting detailed specifications, and developing an implementation roadmap.
3143644 pc May 13, 2026 pthandapani Vanuatu Parliament of Vanuatu - Bills horizon scanning
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Vanuatu Parliament Amends Anti-Money Laundering and Counter-Terrorism Financing Act

The Parliament of Vanuatu introduced a bill to amend the Anti-Money Laundering and Counter-Terrorism Financing Act No. 13 of 2014. The primary objective of the amendment is to relocate the Financial Intelligence Unit (FIU) from the Office of the Attorney General to the Reserve Bank of Vanuatu (RBV). The FIU serves as Vanuatu's central national agency responsible for receiving, analysing, and disseminating information concerning suspicious financial transactions. The amendment aims to enhance coordination between prudential regulations and anti-money laundering and counter-terrorism financing (AML/CTF) monitoring by consolidating oversight functions under the RBV. This restructuring is intended to eliminate fragmented supervision and operational inefficiencies. Currently, the RBV holds a dual role as both a reporting entity and regulator under the Act, creating overlapping responsibilities. The amendment removes the RBV's designation as a reporting entity, clarifying its primary function as a supervisory authority. This change eliminates the requirement for the RBV to submit Suspicious Transaction Reports (STRs) despite not engaging in customer-facing transactions, while simultaneously supervising financial institutions already obligated to submit such reports. The bill includes transitional provisions ensuring that the FIU's Director, Deputy Director, and staff continue employment on the same terms, conditions, position, and classification until their employment lawfully ceases or changes. The amendment aligns with Vanuatu's National Sustainable Development Plan by promoting good governance, institutional efficiency, and a more effective regulatory framework. The act will commence on a date appointed by the Prime Minister and published in the Gazette.

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1785 chars · nid 92491

Vanuatu Parliament Amends Anti-Money Laundering and Counter-Terrorism Financing Act

The Parliament of Vanuatu introduced a bill to amend the Anti-Money Laundering and Counter-Terrorism Financing Act No. 13 of 2014. The primary objective of the amendment is to relocate the Financial Intelligence Unit (FIU) from the Office of the Attorney General to the Reserve Bank of Vanuatu (RBV). The FIU serves as Vanuatu's central national agency responsible for receiving, analysing, and disseminating information concerning suspicious financial transactions. The amendment aims to enhance coordination between prudential regulations and anti-money laundering and counter-terrorism financing (AML/CTF) monitoring by consolidating oversight functions under the RBV. This restructuring is intended to eliminate fragmented supervision and operational inefficiencies. Currently, the RBV holds a dual role as both a reporting entity and regulator under the Act, creating overlapping responsibilities. The amendment removes the RBV's designation as a reporting entity, clarifying its primary function as a supervisory authority. This change eliminates the requirement for the RBV to submit Suspicious Transaction Reports (STRs) despite not engaging in customer-facing transactions, while simultaneously supervising financial institutions already obligated to submit such reports. The bill includes transitional provisions ensuring that the FIU's Director, Deputy Director, and staff continue employment on the same terms, conditions, position, and classification until their employment lawfully ceases or changes. The amendment aligns with Vanuatu's National Sustainable Development Plan by promoting good governance, institutional efficiency, and a more effective regulatory framework. The act will commence on a date appointed by the Prime Minister and published in the Gazette.
3145681 pc May 13, 2026 tojuri Finland Financial Supervisory Authority horizon scanning
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Finland's Financial Supervisory Authority Addresses Advanced Artificial Intelligence Models and Cybersecurity Threats in Financial Institutions

On May 12, 2026, the Financial Supervisory Authority (FSA) of Finland issued guidance addressing the evolving cybersecurity landscape created by advanced artificial intelligence models in the financial sector. The FSA highlighted significant developments in AI capabilities, particularly large language models' ability to identify and exploit software vulnerabilities in complex information systems. The authority referenced Anthropic's Claude Mythos model, released in early April 2026, which demonstrates exceptional capability in detecting and automatically generating code to exploit software vulnerabilities across operating systems, browsers, open-source libraries, and both proprietary and third-party software. The FSA noted that the convergence of vulnerability detection and exploitation within a single model represents a potentially broader shift in the cybersecurity threat environment, with the timeframe for detecting and exploiting cyber threats significantly shortening. In response, the FSA emphasised the importance of robust information and communications technology (ICT) risk management under the Digital Operational Resilience Act (2022/2554, DORA). The authority identified five key focus areas for financial institutions: software quality and secure development practices; vulnerability identification and classification mechanisms; ICT change management and update processes; multi-layered defensive controls; and third-party risk management to ensure partners meet DORA requirements. Financial institutions must report significant ICT-related incidents to the FSA without delay and notify the authority of other material information affecting the financial system or customers. The FSA will monitor developments in collaboration with the European Central Bank, European DORA supervision authorities, and domestic agencies, and stands ready to take supervisory action as necessary.

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Finland's Financial Supervisory Authority Addresses Advanced Artificial Intelligence Models and Cybersecurity Threats in Financial Institutions

On May 12, 2026, the Finnish Financial Supervisory Authority (FIN-FSA) issued a notice addressing the evolving cybersecurity landscape created by advanced artificial intelligence models in the financial sector. The FIN-FSA highlighted significant developments in AI capabilities, particularly the ability of large language models to identify and exploit software vulnerabilities in complex information systems. In response, the FSA emphasised the importance of robust ICT risk management under the Digital Operational Resilience Act ( Regulation (EU) 2022/2554 - DORA). The authority identified five key focus areas for financial institutions: Software quality and secure development - financial institutions should emphasise vulnerability prevention throughout the software design and development process. Vulnerability identification - financial institutions must have mechanisms to identify and classify vulnerabilities in information system environments, even after the design and development phases, during service production. ICT change management and update processes - accelerating the discovery of vulnerabilities requires financial institutions to keep their change management and update processes up to the level required by the changing operating environment. Security - financial institutions must ensure that key security and management measures are consistently in place. They must also strengthen their defences across multiple layers, including enhanced monitoring, network traffic monitoring, network segmentation and other advanced security solutions. Third-party risk management - financial institutions must also take ICT risks into account when working with partners and outsourcing providers, and ensure that partners' procedures comply with DORA requirements, especially when the services they provide support critical functions of financial institutions. The FIN-FSA expects supervised entities to integrate the implications of emerging AI-driven cyber threats into their risk profiles and preparedness strategies. Under regulatory requirements, financial institutions are mandated to report widespread ICT-related incidents to the FIN-FSA immediately upon occurrence. Furthermore, the FIN-FSA encourages institutions to report any additional information deemed significant for the stability of the financial system, service users or customers.
3145840 pc May 13, 2026 tojuri Malta Malta Financial Services Authority financial services
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I appreciate your detailed instructions, but I must note that the webpage content provided does not contain substantive information about a thematic review. The material appears to be navigation menu items, footer links, and general website structure from the Malta Financial Services Authority (MFSA) website rather than the actual thematic review document or findings. The only concrete information available is: - Document title: "Thematic Review of Pillar 3 Disclosures – Supervisory Findings and Expectations" - Publication date: May 12, 2026 - Authority: Malta Financial Services Authority (MFSA) Without access to the actual content of the thematic review (such as key findings, specific expectations, affected institutions, implementation timelines, or substantive supervisory conclusions), I cannot generate a meaningful horizon scanning update that meets the quality standards outlined in your guidelines. **To proceed, I would need:** - The actual body text or substantive content of the thematic review document - Details of the supervisory findings - Information about which institutions are affected - Any implementation dates or deadlines - The specific expectations outlined by the MFSA Could you provide the full document content or a link to the actual thematic review publication?

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Malta Financial Services Authority Issues Dear CEO Letter on Thematic Review of Pillar 3 Disclosures - Supervisory Findings and Expectations

The Malta Financial Services Authority (MFSA) has issued a "Dear CEO" letter concerning its thematic review of Pillar 3 disclosures conducted by its banking supervision function. The review assessed the quality, consistency and regulatory compliance of both qualitative and quantitative disclosures covering key metrics, including the leverage ratio, own funds and credit risk, with the aim of strengthening transparency and market discipline. The letter outlines the MFSA’s key observations from the thematic review and reiterates its supervisory expectations regarding the quality, consistency and regulatory compliance of Pillar 3 disclosures under the Capital Requirements Regulation . The MFSA’s key findings covered: Governance and processes variability - governance arrangement supporting Pillar 3 disclosures varied across the local banking sector, and the MFSA found that for the majority of banks, disclosures were complete, accurate, published in the required formats and made publicly available in line with Article 434 of the CRR; however, in other banks, governance arrangements seemed insufficient, leading to non-compliance with regulatory requirements. Quantitative data accuracy - the quantitative review identified a range of data quality issues and inconsistencies between Pillar 3 disclosures and underlying supervisory reporting across several disclosure areas. The MFSA observed some key issues, including: Incorrect or incomplete template population was observed across a limited but non-negligible subset of institutions. These issues primarily affected specific disclosure areas and data points, rather than entire templates. Miscalculation between related items, most notably between retained earnings, interim profits, accumulated other comprehensive income and regulatory adjustments within own funds disclosures. Incomplete pubic disclosure of correct data, institutions provided corrected information to the competent authority following the identification of discrepancies, without re-publishing the amended disclosures to reflect the corrected data. Incorrect or incomplete template population was observed across a limited but non-negligible subset of institutions. These issues primarily affected specific disclosure areas and data points, rather than entire templates. Miscalculation between related items, most notably between retained earnings, interim profits, accumulated other comprehensive income and regulatory adjustments within own funds disclosures. Incomplete pubic disclosure of correct data, institutions provided corrected information to the competent authority following the identification of discrepancies, without re-publishing the amended disclosures to reflect the corrected data. Qualitative disclosures - most institutions demonstrated awareness of the applicable disclosure requirements and acknowledged supervisory feedback, but the quality and completeness of qualitative disclosures varied significantly across banks. The MFSA made key observations, such as: The widespread inconsistency in the availability of mandatory EU qualitative tables. Only a minority of institutions that included the relevant qualitative templates fully adhered to the detailed regulatory instructions. The dispersion of qualitative information across multiple sections or documents. Although relevant qualitative content was often present, it was frequently fragmented across different parts of Pillar 3 reports or external publications rather than consolidated within the relevant disclosure tables. The widespread inconsistency in the availability of mandatory EU qualitative tables. Only a minority of institutions that included the relevant qualitative templates fully adhered to the detailed regulatory instructions. The dispersion of qualitative information across multiple sections or documents. Although relevant qualitative content was often present, it was frequently fragmented across different parts of Pillar 3 reports or external publications rather than consolidated within the relevant disclosure tables. The MFSA expects banks to ensure that disclosures are accurate, complete, consistent and in line with the ITS on Pillar 3 disclosures, applying the same rigour as in other regulatory reports. These expectations apply on a proportionate basis, taking into account the nature, scale and complexity of institutions, while maintaining consistent minimum standards for governance, accuracy and transparency. The MFSA will continue to monitor developments in institutions’ Pillar 3 disclosure practices as part of its ongoing supervisory activities, and future assessments will focus on planned topics including liquidity, interest rate risk in the Banking Book, operational risk and asset encumbrance.
3146775 pc May 13, 2026 tojuri Netherlands De Nederlandsche Bank horizon scanning
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Netherlands' De Nederlandsche Bank Reiterates Deposit Reporting Obligations for Russian and Belarusian Sanctions Compliance

On May 12, 2026, De Nederlandsche Bank (DNB) published guidance reiterating deposit reporting obligations for credit institutions operating in the Netherlands in compliance with European Union sanctions against Russia and Belarus. Credit institutions must report deposits exceeding €100,000 held by Russian or Belarusian nationals, natural persons residing in Russia or Belarus, or legal entities established in these countries. Additionally, institutions must report deposits held by legal entities, entities, or bodies established outside the European Union where Russian nationals or persons residing in Russia hold direct or indirect ownership rights exceeding 50 percent. The reporting requirement also extends to deposits held by Russian or Belarusian nationals who have acquired citizenship or residence rights in an EU member state through investor citizenship or investor residence schemes. DNB serves as the reporting point on behalf of the Dutch Ministry of Finance. Credit institutions must submit reporting information using standardised formats developed by the European Banking Authority (EBA) through DNB's MijnDNB portal. Where no reportable deposits exist, institutions must still complete identification metadata to confirm they have reviewed the reporting requirements. Technical queries regarding submission through MijnDNB should be directed to DNB's Electronic Communications and Technical Bureau (ECTB). Questions regarding sanctions regulations and reporting obligations should be directed to the Dutch Ministry of Finance at sancties@minfin.nl. The reporting deadline for 2026 is June 12, 2026. This represents the continuation of annual reporting cycles established under EU Regulations 833/2014 (Russia) and 765/2006 (Belarus), with initial reporting requirements dating to May 27, 2022.

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Dutch Central Bank Reiterates Deposit Reporting Obligations for Russian and Belarusian Sanctions Compliance

On May 12, 2026, the Dutch Central Bank (DNB) issued a notice reiterating deposit reporting obligations for credit institutions operating in the Netherlands in compliance with European Union sanctions against Russia and Belarus. Credit institutions must report deposits exceeding €100,000 held by Russian or Belarusian nationals, natural persons residing in Russia or Belarus, or legal entities established in these countries. Additionally, institutions must report deposits held by legal entities, entities or bodies established outside the European Union where Russian nationals or persons residing in Russia hold direct or indirect ownership rights exceeding 50 percent. The reporting requirement also extends to deposits held by Russian or Belarusian nationals who have acquired citizenship or residence rights in an EU member state through investor citizenship or investor residence schemes. Credit institutions must submit reporting information using standardised formats developed by the European Banking Authority (EBA) through the DNB's MijnDNB portal. Where no reportable deposits exist, institutions must still complete identification metadata to confirm they have reviewed the reporting requirements. The reporting deadline for 2026 is June 12, 2026. For questions regarding sanctions regulations and the content of reporting obligations, credit institutions may contact the Ministry of Finance via sanctions@minfin.nl .
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