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3148725 pc May 13, 2026 tojuri Belgium Data protection authority horizon scanning
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Belgium's Data Protection Authority Finds Isabel SA Violated Data Protection Principles in TruliUs Authentication Service

On May 12, 2026, Belgium's Data Protection Authority (APD) issued a substantive decision against Isabel SA regarding violations of the General Data Protection Regulation (GDPR) in its TruliUs authentication and identification service. The APD's Contentious Chamber determined that Isabel SA must be qualified as a data controller—not a data processor as the company claimed—for the authentication and identification activities within TruliUs. The service allowed individuals to authenticate on behalf of enterprises through a digital platform. The authority found that Isabel SA unilaterally determined the service's purpose, selected data categories collected via the itsme system, defined user categories, established data retention periods, and designed the technical architecture. These factors demonstrated Isabel SA exercised determinative influence over both the purposes and essential means of the processing activity. The decision identified four violations of the GDPR: failure to provide transparent information to users about data processing (Articles 5.1.a, 12.1, and 13); failure to respond to data subject access requests (Articles 5.1.a, 12.1, and 15.1); collection of excessive data beyond what was necessary for authentication purposes (Articles 5.1.c and 25.2); and violation of the accountability principle by mischaracterizing its role (Article 5.2). The APD imposed an administrative fine of EUR 120,000 for the accountability principle violation and issued a reprimand for the remaining violations. The authority considered the violation's structural nature, approximately two-and-a-half-year duration, and impact on approximately 500 users, while accounting for mitigating circumstances including service withdrawal in March 2023 and data deletion. The decision will be published on the APD's website with Isabel SA identified.

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Belgium's Data Protection Authority Imposes €120,000 Fine on Isabel SA for GDPR Violations

On May 12, 2026, Belgium's Data Protection Authority (APD) issued a substantive decision against Isabel SA, a payments institution, regarding violations of the General Data Protection Regulation (GDPR) in its TruliUs authentication and identification service. The APD determined that Isabel SA must be qualified as a data controller, not a data processor as the company claimed, for the authentication and identification activities within TruliUs. The service allowed individuals to authenticate on behalf of enterprises through a digital platform. The authority found that Isabel SA unilaterally determined the service's purpose, selected the data categories collected, defined user categories, established data retention periods and designed the technical architecture. The decision identified four violations of the GDPR: Failure to provide transparent information to users about data processing (Articles 5.1.a, 12.1, and 13). Failure to respond to data subject access requests (Articles 5.1.a, 12.1, and 15.1). Collection of excessive data beyond what was necessary for authentication purposes (Articles 5.1.c and 25.2). Violation of the accountability principle by mischaracterising its role (Article 5.2). The APD imposed an administrative fine of €120,000 for the violation of the accountability principle and issued a reprimand for the remaining violations.
3145794 pc May 13, 2026 kgurnani Australia Federal Register of Legislation horizon scanning
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Australia's Department of Foreign Affairs and Trade Amends Autonomous Sanctions Instrument for Iran

On May 11, 2026, Australia's Department of Foreign Affairs and Trade (DFAT) amended the Autonomous Sanctions (Designated Persons and Entities and Declared Persons – Iran) Instrument 2012 through the Autonomous Sanctions (Designated Persons and Entities and Declared Persons – Iran) Amendment (No. 2) Instrument 2026. The amendment instrument, registered as F2026L00547, is administered under the authority of the Autonomous Sanctions Regulations 2011. The instrument came into force on May 11, 2026. The amendment modifies Schedule 1, which contains the Autonomous Sanctions (Designated Persons and Entities and Declared Persons – Iran) List 2012, the primary mechanism through which Australia designates persons and entities subject to autonomous sanctions related to Iran. Autonomous sanctions are measures imposed by Australia independently, without requirement for United Nations Security Council authorisation. Amendments to the Iran sanctions list typically reflect changes to Australia's foreign policy objectives, responses to Iranian activities, or alignment with international sanctions regimes. The designated persons and entities list serves as the basis for financial restrictions, asset freezes, and other sanctions measures applicable to listed individuals and organisations. The amendment is now in force and applies to all persons and entities subject to Australian sanctions law. The full legislative text and explanatory statement are available on the Federal Register of Legislation. Entities and individuals engaged in financial services, trade, or other transactions involving Iran should review the updated designated list to ensure compliance with Australian sanctions obligations. **Reference:** Federal Register of Legislation, Autonomous Sanctions (Designated Persons and Entities and Declared Persons – Iran) Amendment (No. 2) Instrument 2026, F2026L00547, May 11, 2026.

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Australia's Department of Foreign Affairs and Trade Amends Autonomous Sanctions Instrument for Iran

On May 11, 2026, Australia's Department of Foreign Affairs and Trade (DFAT) amended the Autonomous Sanctions (Designated Persons and Entities and Declared Persons – Iran) Instrument 2012, adding a few Iranian individuals and entities, including Law Enforcement Forces of the Islamic Republic of Iran, Seraj Cyberspace, and Berelian Exchange to the list. Amendments to the Iran sanctions list typically reflect changes to Australia's foreign policy objectives, responses to Iranian activities, or alignment with international sanctions regimes. The designated persons and entities list serves as the basis for financial restrictions, asset freezes, and other sanctions measures applicable to listed individuals and organisations. The amendment is now in force and applies to all persons and entities subject to Australian sanctions law.
3147735 pc May 13, 2026 tojuri Switzerland Swiss Financial Market Supervisory Authority FINMA financial services
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Switzerland's Financial Market Supervisory Authority Launches Consultation on Anti-Money Laundering Ordinance Revision

On May 12, 2026, the Swiss Financial Market Supervisory Authority (FINMA) launched a consultation on the partial revision of the FINMA Anti-Money Laundering Ordinance (AMLO-FINMA). The consultation period runs until June 9, 2026. The AMLO-FINMA sets out how financial intermediaries must implement requirements for the prevention of money laundering and the financing of terrorism. The revision stems from amendments to the overarching Anti-Money Laundering Act, implementation of recommendations from the Financial Action Task Force, and the need to codify current supervisory practice in specific areas. Key proposed revisions include enhanced requirements for financial intermediaries to understand customer ownership and control structures. The ordinance will also detail measures financial intermediaries must take to prevent breaches of coercive measures under the Embargo Act. In correspondent banking relationships, the revisions stipulate that financial intermediaries may only execute payments on behalf of a customer's clients through transitory accounts if the customer will provide client information upon request to fulfil due diligence duties. Additionally, a declaration on the beneficial owner must be obtained if a contracting party maintains sub-accounts for individual clients. Financial intermediaries and other stakeholders are invited to submit comments on the proposed revisions during the consultation period. Responses should be submitted to FINMA by June 9, 2026. The consultation documents, including the draft ordinance, explanatory report, and key points, are available in German, French, Italian, and English on FINMA's website.

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Switzerland's Financial Market Supervisory Authority Launches Consultation on Anti-Money Laundering Ordinance Revision

On May 12, 2026, the Swiss Financial Market Supervisory Authority (FINMA) launched a consultation on the partial revision of the FINMA Anti-Money Laundering Ordinance (AMLO-FINMA). The AMLO-FINMA sets out the requirements that financial intermediaries must implement to prevent money laundering and the financing of terrorism. This revision is the result of amendments to the Anti-Money Laundering Act , the implementation of recommendations from the Financial Action Task Force and the need to codify current supervisory practices in certain areas. Key proposed revisions include enhanced requirements for financial intermediaries to understand customer ownership and control structures. The ordinance will also set out the measures that financial intermediaries must take to prevent breaches of coercive measures under the Embargo Act . Regarding correspondent banking relationships, the revisions stipulate that financial intermediaries may execute payments on behalf of a customer's clients through transitory accounts only if the customer agrees to provide client information upon request to fulfil their due diligence obligations. Furthermore, a declaration on the beneficial owner must be obtained if a contracting party maintains sub-accounts for individual clients. Financial intermediaries and other stakeholders are invited to submit comments on the proposed revisions during the consultation period. Responses should be submitted to FINMA by June 9, 2026, via email to regulation@finma.ch .
3146213 pc May 13, 2026 adavies European Union European Banking Authority horizon scanning
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European Banking Authority Issues Opinion on Austrian Macroprudential Measure

On 12 May 2026, the European Banking Authority (EBA) provided its opinion to the European Commission regarding a macroprudential measure proposed by the Austrian Financial Market Authority (FMA). The EBA does not object to the Austrian FMA's intention to increase an existing sectoral systemic risk buffer to address risks in the Austrian commercial real estate market. The measure increases the systemic risk buffer rate from 1 percent to 3.5 percent for Austrian credit exposures to non-financial corporations operating in construction of buildings, specialised construction activities, and real estate services. Exposures to limited profit housing associations are exempt from the measure. For targeted exposures of a subset of banks, the combined rate of the other systemically important institutions (O-SII) buffer and the systemic risk buffer will exceed 5 percent. Institutions must apply the measure on a consolidated, sub-consolidated, and individual basis. The EBA acknowledges the ongoing macroprudential concerns of the Austrian FMA regarding commercial real estate exposures. The authority emphasises the importance of continued coordination and effective information sharing among relevant authorities to ensure the measure does not negatively affect the functioning of the internal market. The EBA also stresses the need for a holistic approach to monitoring existing measures to avoid unintended overlaps in capital requirements. The measure will be phased in, starting at 2 percent on 1 July 2026 and reaching the full 3.5 percent rate on 1 July 2027. The Austrian FMA notified the European Systemic Risk Board (ESRB) of its intention on 20 March 2026, pursuant to Article 133(11) of Directive 2013/36/EU (Capital Requirements Directive). REFERENCES: European Banking Authority. (2026). The EBA issues an opinion about an Austrian macroprudential measure. [Press Release]. Retrieved from https://www.eba.europa.eu/

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European Banking Authority Issues Opinion On Austrian Macroprudential Measure

On May 12, 2026, the European Banking Authority (EBA) issued an opinion to the European COmmission about the intention by the Austrian Financial Market Authority (FMA) to increase the level of an existing sectoral systemic risk buffer to address risks in the Austrian commercial real estate market. The measure would result in the sum of the other systemically important institutions (O-SII) buffer rate and the combined systemic risk buffer rate exceeding 5 percent for the targeted exposures of a subset of banks. The EBA does not object to it. However, the EBA notes the ongoing concerns of the Austrian FMA regarding macroprudential risks related to commercial real estate exposures in Austria. It calls for continued coordination and effective information sharing among the relevant authorities to ensure that the measures do not negatively affect the functioning of the internal market.
3152286 gc May 13, 2026 gkaliraman United Kingdom Gambling Search results - gov.uk gamblingcompliance
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United Kingdom Establishes Illegal Gambling Taskforce to Address Unlawful Operator Activity

On May 13, 2026, the Department for Culture, Media and Sport (DCMS) published the terms of reference for the Illegal Gambling Taskforce, a multi-stakeholder initiative designed to combat illegal gambling in the United Kingdom. The taskforce will operate for 12 months, meeting at least twice annually, with three sub-groups addressing specific challenges: preventing or reducing payments to and from illegal gambling operators; tackling online advertising of illegal gambling; and improving cross-agency collaboration and enforcement regarding illegal remote and land-based gambling. The sub-groups will meet at least quarterly to inform the main taskforce meetings. Chaired by the Minister for Museums, Heritage and Gambling, with DCMS's Director of Sport and Gambling serving as co-chair, the taskforce will comprise experts and industry participants from gambling operators, technology platforms, payment providers, the Gambling Commission, other regulators, government departments, and trade bodies. Specific member names will not be published. The taskforce will not direct or intervene in operational matters performed by the Gambling Commission. Members must commit to proactive participation, including attending meetings, contributing to sub-groups, and supporting non-legislative solutions regarding advertising and payment services within their organisations. The DCMS Secretariat will manage logistics, arrange meetings, circulate papers at least three working days in advance, and issue minutes within seven working days. Meetings will operate under the Chatham House rule. The taskforce's remit may evolve as priorities are identified, with changes agreed by members in conjunction with the Minister, Deputy Chair, and Secretariat. After 12 months, the taskforce's remit and membership will be reviewed and renewed if necessary. REFERENCE: https://www.gov.uk/government/publications/illegal-gambling-taskforce-terms-of-reference

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UK government department establishes Illegal Gambling Taskforce to address unlawful gambling activity

On May 13, 2026, the UK Department for Culture, Media and Sport (DCMS) published the terms of reference for the Illegal Gambling Taskforce, a multi-stakeholder initiative designed to combat illegal gambling in the United Kingdom. The taskforce will operate for 12 months, meeting at least twice annually, with three sub-groups addressing specific challenges: Preventing or reducing payments to and from illegal gambling operators. Tackling online advertising of illegal gambling. Improving cross-agency collaboration and enforcement regarding illegal remote and land-based gambling. The sub-groups have been recommended to meet at least quarterly to inform the main taskforce meetings. Chaired by the Minister for Museums, Heritage and Gambling, with DCMS's Director of Sport and Gambling serving as co-chair, the taskforce will comprise experts and industry participants from gambling operators, technology platforms, payment providers, the Gambling Commission, other regulators, government departments, and trade bodies. Specific member names will not be published. The taskforce will not direct or intervene in operational matters performed by the Gambling Commission. Members must commit to proactive participation, including attending meetings, contributing to sub-groups, and supporting non-legislative solutions regarding advertising and payment services within their organisation. The DCMS Secretariat will manage logistics, arrange meetings, circulate papers at least three working days in advance, and issue minutes within seven working days. Meetings will operate under the Chatham House rule. The taskforce's remit may evolve as priorities are identified, with changes agreed by members in conjunction with the Minister, Deputy Chair, and Secretariat. After 12 months, the taskforce's remit and membership will be reviewed and renewed if necessary.
3148196 pc May 13, 2026 adavies European Union Official Journal C series daily view - EUR-Lex horizon scanning
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European Commission Issues Guidance on Money Market Funds Regulation Implementation

On May 13, 2026, the European Commission published a Commission Notice providing frequently asked questions (FAQs) and interpretative guidance on the Money Market Funds Regulation (Regulation (EU) 2017/1131). The notice accompanies the Commission's 2026 follow-up Money Market Funds Report and addresses implementation of certain legal provisions to provide greater certainty for the European Union money market funds (MMF) community. The guidance clarifies key portfolio composition requirements under Articles 24, 25, and 34 of the MMF Regulation, which establish minimum thresholds for daily and weekly maturing assets and reverse repurchase agreements across different MMF types: public debt constant net asset value (CNAV), low volatility net asset value (LVNAV), and variable net asset value (VNAV) MMFs. The Commission emphasises that these regulatory percentages constitute minimum requirements only. Asset managers must ensure portfolios remain robust enough to withstand vulnerabilities during stressed market conditions, potentially requiring holdings above regulatory minimums based on stress testing outcomes and know-your-customer obligations. The notice clarifies that managers of CNAV and LVNAV MMFs are not required to activate liquidity management tools (LMTs) immediately upon falling below minimum liquid asset thresholds. Instead, MMF managers may temporarily utilise buffers during stressed conditions, provided they prioritise corrective actions to restore buffers as soon as possible while protecting investor interests. The Commission identifies resilience levels based on weekly liquid assets as supervisory tools, below which competent authorities should intensify supervisory scrutiny. The guidance supports harmonised supervision of EU MMFs and encourages information sharing among national competent authorities to address potential financial stability risks. This notice reflects the Commission's assessment that the MMF Regulation's safeguards have functioned effectively during previous stress events, including COVID-19 market turmoil and gilt market stress. **Reference:** Commission Notice C/2026/2641, Official Journal C series, May 13, 2026

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European Commission Issues Notice on Money Market Funds Regulation

On May 13, 2026, the European Commission published a commission notice providing frequently asked questions (FAQs) and interpretative guidance on Regulation (EU) 2017/1131 (Money Market Funds Regulation – MMFR). The notice addresses the implementation of certain legal provisions to provide greater certainty for the European Union money market funds (MMF) community. The guidance clarifies key portfolio composition requirements under Articles 24, 25 and 34 of the MMFR, which establish minimum thresholds for daily and weekly maturing assets and reverse repurchase agreements across different MMF types: Public debt constant net asset value (CNAV). Low volatility net asset value (LVNAV). Variable net asset value (VNAV) MMFs. The commission emphasises that these regulatory percentages constitute minimum requirements only. Asset managers must ensure portfolios remain robust enough to withstand vulnerabilities during stressed market conditions, potentially requiring holdings above regulatory minimums based on stress testing outcomes and know-your-customer obligations.
3147663 pc May 13, 2026 adavies European Union Press Releases and Publications - Authority for Anti-Money Laundering and Countering the Financing of Terrorism financial services
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European Union's Anti-Money Laundering Authority Publishes Reporting Package for Direct Supervision Selection

On May 12, 2026, the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) published a reporting package for the identification of provisionally eligible obliged entities. This marks a key preparatory step toward the first selection cycle for entities that will come under AMLA's direct supervision from 2028. The reporting package consists of a standardised reporting template and an interpretative note providing specifications and instructions to assist national supervisors and obliged entities in meeting reporting requirements accurately. National supervisors are responsible for organising data collection from obliged entities within their supervisory remit and will inform them of practical arrangements. The package sets out reporting instructions for national supervisors to use in identifying which entities meet the criteria for inclusion in the 2027 selection for direct supervision. This follows the completion of a data collection exercise to test and calibrate AMLA's risk assessment models. The reporting package applies to all obliged entities within the scope of AMLA's direct supervision framework across the European Union. AMLA will host a public webinar on June 10, 2026, offering a practical walkthrough of the template, with relevant obliged entities invited to participate. National supervisors must collect data by August 15, 2026, followed by an error correction and alignment phase in coordination with home supervisors. The provisional list of eligible obliged entities is expected to be finalised by the end of September 2026. The standardised reporting template and interpretative note are available on AMLA's website.

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European Union's Anti-Money Laundering Authority Publishes Reporting Package for Direct Supervision Selection

On May 12, 2026, the EU’s Anti-Money Laundering Authority (AMLA) published a reporting package for the identification of provisionally eligible obliged entities. This marks a key preparatory step toward the first selection cycle for entities that will come under AMLA's direct supervision from 2028. The reporting package consists of: A standardised reporting template. An interpretative note providing specifications and instructions to assist national supervisors and obliged entities in meeting reporting requirements accurately. National supervisors are responsible for organising data collection from obliged entities within their supervisory remit and will inform them of practical arrangements. The package sets out reporting instructions for national supervisors to use in identifying which entities meet the criteria for inclusion in the 2027 selection for direct supervision. This follows the completion of a data collection exercise to test and calibrate AMLA's risk assessment models. The reporting package applies to all obliged entities within the scope of AMLA's direct supervision framework across the European Union. National supervisors must collect data by August 15, 2026, followed by an error correction and alignment phase in coordination with home supervisors. The provisional list of eligible obliged entities is expected to be finalised by the end of September 2026.
3140091 pc May 12, 2026 csoo Italy Italy Official Gazette horizon scanning
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Italy's Ministry of Economy and Finance Establishes Telematic Transmission Requirements for Credit Entities

On May 9, 2026, Italy's Ministry of Economy and Finance (Ministero dell'Economia e delle Finanze) published Decree 29 April 2026 in the Official Gazette (Gazzetta Ufficiale), establishing procedures for the telematic transmission of information flows to credit entities. The decree specifies modalities for credit entities to transmit electronic data concerning the status of procedures related to individual instalments and collections executed during the preceding month. This administrative measure establishes standardised protocols for information exchange between credit entities and relevant authorities, ensuring consistent reporting of collection activities and procedural status updates. The decree applies to credit entities operating within Italy's financial system that are responsible for managing instalment procedures and collection activities. The requirement for monthly electronic reporting aims to enhance transparency, facilitate regulatory oversight, and ensure accurate tracking of financial transactions and payment statuses across the credit system. The decree was published in the Official Gazette (Serie Generale n.106) on May 9, 2026, and represents an administrative action by the Ministry of Economy and Finance to standardise data transmission protocols within Italy's credit system.

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MINISTER OF ECONOMICS AND FINANCE

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3146259 pc May 12, 2026 ataylor Ontario Ontario Securities Commission financial services
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Ontario Securities Commission's Investor Advisory Panel Releases 2025 Annual Report

On May 12, 2026, the Ontario Securities Commission (OSC) released the 2025 Annual Report from its Investor Advisory Panel (IAP), detailing the Panel's activities, submissions, consultations, and meetings throughout the year. The IAP identified significant developments affecting retail investors, including technological advances, expanded investment product variety, and increased economic and geopolitical uncertainty. The Panel's work focused on understanding these issues' impact on retail investors and providing the retail investor perspective to the OSC's policy and rule-making initiatives, with a particular emphasis on investor protection. The IAP made recommendations across multiple areas to enhance investor protection and capital market integrity. Key recommendations include: ensuring disclosure is accessible, clear, and easy to understand, particularly for do-it-yourself investors; providing additional tools, resources, and supports for investor decision-making with appropriate safeguards; considering additional measures to regulate finfluencers and restrict digital engagement practices; expanding tools and strategies to address wrongdoing, including enhanced freeze powers and higher sanctions; finalizing and implementing binding authority for the Ombudsman for Banking Services and Investments; providing regulatory guidance on artificial intelligence (AI) deployment and use to clarify responsibilities and liabilities for market participants and investors; and assessing investor protection impacts when considering capital formation initiatives, such as permitting long-term asset funds for retail investors. The IAP comprises up to nine members appointed for terms of up to two years, with possible reappointment for one additional term. The OSC's Investor Office provides administrative support and serves as liaison between the Panel and the Commission. The Panel commends the OSC's efforts to ensure regulatory consistency, guard against systemic risk, and support Ontario investors through its Action Plan for Truth and Reconciliation.

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Ontario Securities Commission's Investor Advisory Panel Releases 2025 Annual Report

On May 12, 2026, the Ontario Securities Commission (OSC) released the 2025 Annual Report from its Investor Advisory Panel (IAP), detailing the panel's activities, submissions, consultations, and meetings throughout the year. The IAP identified significant developments affecting retail investors, including technological advances, expanded investment product variety, and increased economic and geopolitical uncertainty. According to the OSC's press release, the panel's work focused on understanding these issues' impact on retail investors and providing the retail investor perspective to the OSC's policy and rule-making initiatives, with a particular emphasis on investor protection. The IAP made recommendations across multiple areas to enhance investor protection and capital market integrity. Key recommendations include: ensuring disclosure is accessible, clear, and easy to understand, particularly for do-it-yourself investors; providing additional tools, resources, and supports for investor decision-making with appropriate safeguards; considering additional measures to regulate finfluencers and restrict digital engagement practices; expanding tools and strategies to address wrongdoing, including fraud, enhanced freeze powers and higher sanctions; finalizing and implementing binding authority for the Ombudsman for Banking Services and Investments; providing regulatory guidance on artificial intelligence (AI) deployment and use to clarify responsibilities and liabilities for market participants and investors; and assessing investor protection impacts when considering capital formation initiatives, such as permitting long-term asset funds for retail investors. The IAP will continue to advise the OSC throughout 2026 on issues including AI, enforcement modernization, and the impact of innovation on retail investors.
3148377 gc May 12, 2026 apintea Ukraine Bills and Laws - Parliament gamblingcompliance
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Ukraine's Parliament Registers Bill to Strengthen Risk-Based Approach in Financial Monitoring

On May 12, 2026, Ukraine's Parliament registered a bill (No. 15228) proposing amendments to the Law of Ukraine "On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction." The bill aims to improve the application of a risk-oriented approach in the field of financial monitoring. The initiative was submitted by Members of Parliament Mykola Skoryk and Maria Mezentseva-Fedorenko during the 15th session of the ninth convocation of Parliament. The bill has been registered under the economic policy category and was transmitted to Parliament leadership on May 12, 2026, for consideration. The development represents an effort to enhance Ukraine's anti-money laundering and counter-terrorism financing (AML/CTF) framework by refining how financial monitoring entities assess and manage risks in their compliance operations. The bill is currently in the early stages of the legislative process following its registration with Parliament. Further proceedings, including committee review and parliamentary debate, will determine the timeline for potential adoption. The specific provisions and detailed amendments proposed by the bill will become clearer as it progresses through Parliament's legislative procedures.

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Draft law amending AML requirements submitted to the Ukrainian parliament

On May 12, 2026, Ukraine's Parliament registered a bill proposing amendments to the Law on Prevention and Counteraction of Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction . The bill aims to clarify the application of a risk-based approach required for transactions of politically exposed persons, thus preventing the control of all their transactions, without any exceptions, while maintaining effective controls for the transactions that actually contain signs of risk. The amendment will prevent excessive interference in the financial activities of bona fide customers and improve monitoring by changing the focus on risky transactions. The bill is currently in the early stages of the legislative process following its registration with Parliament. Further proceedings, including committee review and parliamentary debate, will determine the timeline for potential adoption.
3166021 pc May 12, 2026 msolomon Estonia Financial Supervision Authority horizon scanning
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Estonia's Financial Supervision Authority Adopts European Securities Market Authority Stress Test Guidance

On May 12, 2026, Estonia's Financial Supervision Authority adopted guidance from the European Securities and Markets Authority (ESMA) on stress test scenarios for money market funds under the Money Market Funds Regulation (MMFR). The authority published the guidance as a recommended directive to market participants operating in Estonia. The ESMA guidance establishes standardised stress test scenarios that money market fund managers must apply when assessing the resilience of their funds under adverse market conditions. The scenarios are designed to ensure consistent stress testing practices across European jurisdictions and enhance the robustness of money market fund operations. By adopting ESMA's guidance as a recommended directive, Estonia's Financial Supervision Authority ensures that Estonian money market fund managers align their stress testing procedures with European standards and best practices. This harmonisation supports systemic stability in money market funding and strengthens investor protection across the European Union. The guidance became effective on May 12, 2026. Money market fund managers operating in Estonia should review the stress test scenarios outlined in the ESMA guidance and implement them into their risk management and governance frameworks. The Financial Supervision Authority has published the guidance in both Estonian and English, enabling market participants to access the requirements in their preferred language. Compliance with the recommended stress test scenarios is expected to support money market fund managers in demonstrating adequate risk management capabilities to regulators and investors. REFERENCES: Estonia's Financial Supervision Authority: https://www.fi.ee/en

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Estonia's Financial Supervision Authority Adopts European Securities Market Authority Updated Guidelines on Stress Test Scenarios under the Money Market Funds Regulation

On May 12, 2026, Estonia's Financial Supervision Authority adoptedthe European Securities and Markets Authority (ESMA) guidelines on stress test scenarios for money market funds under the Money Market Funds Regulation (MMFR). The ESMA guidance establishes standardised stress test scenarios that money market fund managers must apply when assessing the resilience of their funds under adverse market conditions. The scenarios are designed to ensure consistent stress testing practices across European jurisdictions and enhance the robustness of money market fund operations. By adopting ESMA's guidance as a recommended directive, Estonia's Financial Supervision Authority ensures that Estonian money market fund managers align their stress testing procedures with European standards and best practices. The guidance became effective on May 12, 2026 and money market fund managers operating in Estonia should review the stress test scenarios outlined in the ESMA guidance and implement them into their risk management and governance frameworks.
3147357 pc May 12, 2026 ggallwey Brazil Administrative Council for Economic Defense financial services
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Brazil's Monetary Council Adjusts Environmental Requirements for Rural Credit

On May 12, 2026, the National Monetary Council (Conselho Monetário Nacional – CMN) approved adjustments to environmental rules applicable to rural credit disbursement with controlled and directed resources. The changes, outlined in CMN Resolution No. 5,303, modify Section 9 (Social, Environmental and Climate Impediments) of Chapter 2 (Basic Conditions) of the Rural Credit Manual (Manual de Crédito Rural – MCR). The adjustments introduce staggered implementation timelines based on rural property size to enhance operational feasibility and regulatory predictability. Financial institutions must verify illegal native vegetation suppression on rural properties using data from the Amazon Deforestation Monitoring Project (Projeto de Monitoramento do Desmatamento na Amazônia Legal por Satélite – Prodes), administered by the National Institute for Space Research (Instituto Nacional de Pesquisas Espaciais – INPE) and the Ministry of Environment and Climate Change (Ministério do Meio Ambiente e Mudança do Clima – MMA). Verification requirements apply to vegetation suppression occurring after July 31, 2019, with the following effective dates: January 4, 2027 for properties exceeding 15 fiscal modules; July 1, 2027 for properties between 4 and 15 fiscal modules; and January 3, 2028 for properties up to 4 fiscal modules. The resolution establishes a January 3, 2028 deadline for collective-use properties belonging to agrarian reform settlements and traditional communities. Additionally, the CMN now accepts alternative documentation demonstrating environmental compliance, including equivalent native vegetation suppression authorisation and environmental commitment agreements signed with competent state environmental bodies. Rural producers whose credit proposals were rejected under previous rules may resubmit applications. These measures aim to ensure rural credit access for producers complying with environmental control mechanisms while allowing adequate time for operational adjustment across all involved entities.

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Brazil's Monetary Council Adjusts Environmental Requirements for Rural Credit

On May 12, 2026, the National Monetary Council (CMN) adopted Resolution No. 5,303 amending Section 9 of Chapter 2 of the Rural Credit Manual (MCR) relating to social, environmental and climate-related impediments applicable to the granting of rural credit. The amendments establish phased implementation dates for financial institutions’ obligation to verify whether native vegetation suppression occurred after July 31, 2019 on rural properties associated with rural credit operations. Financial institutions must conduct the verification using data made available by the Ministry of the Environment and Climate Change through the Brazilian Biomes Monitoring Program (BiomasBR) and the National Institute for Space Research (Inpe) . Under the revised framework, the verification requirement will apply from: January 4, 2027 for properties larger than 15 fiscal modules; July 1, 2027 for properties larger than four and up to 15 fiscal modules; and January 3, 2028 for properties with up to four fiscal modules. The Resolution also establishes that the January 3, 2028 implementation date will apply to collectively used properties occupied by agrarian reform settlements and traditional peoples and communities where the Rural Environmental Registry (CAR) refers to the collective perimeter. In addition, the amendments expand the forms of documentation that financial institutions may accept to demonstrate environmental regularity, including Vegetation Suppression Authorizations (ASVs), equivalent environmental authorizations and Environmental Commitment Agreements entered into with competent state environmental agencies for the regularization of properties associated with native vegetation suppression. The Resolution entered into force on May 12, 2026.
3153117 pc May 12, 2026 rghosh Japan Ministry of Economy, Trade and Industry financial services
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Japan's Ministry of Economy, Trade and Industry Updates Integrated Disclosure Guidance

On May 12, 2026, the Ministry of Economy, Trade and Industry (METI) updated its FAQ on Integrated and Coordinated Disclosure of Business Reports and Annual Securities Reports (Institutional Framework). The update addresses the institutional framework allowing companies to prepare a single document satisfying requirements under both the Companies Act and the Financial Instruments and Exchange Act, which can be disclosed prior to shareholders' meetings. METI first compiled guidance on coordinated disclosure in 2021 to facilitate this integrated approach. Since then, amendments to the Companies Act, the Financial Instruments and Exchange Act, and related legislation have been introduced. Additionally, disclosure practices have evolved, with an increasing number of companies submitting annual securities reports before shareholders' meetings and some adjusting record dates to enable integrated disclosure. The updated FAQ reflects these legislative changes and emerging market practices. The revised guidance aims to support companies considering integrated and coordinated disclosure as a means of enhancing efficiency and effectiveness in preparing disclosure documents. METI developed the update in cooperation with the Ministry of Justice, the Financial Services Agency, and other relevant organisations. The guidance is intended to facilitate constructive dialogue between companies and investors by enabling more effective and efficient disclosure practices. The updated FAQ is available on METI's website in Japanese format. **Reference:** Ministry of Economy, Trade and Industry (May 12, 2026). FAQ on Integrated and Coordinated Disclosure of Business Reports, etc., and Annual Securities Reports (Institutional Framework) Updated. https://www.meti.go.jp/

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Japan's Ministry of Economy, Trade and Industry Updates FAQ on Integrated Disclosure Guidance

On May 12, 2026, the Ministry of Economy, Trade and Industry (METI) updated its FAQ on Integrated and Coordinated Disclosure of Business Reports and Annual Securities Reports (Institutional Framework). The update addresses the institutional framework allowing companies to prepare a single document satisfying requirements under both the Companies Act and the Financial Instruments and Exchange Act, which can be disclosed prior to shareholders' meetings. METI first compiled guidance on coordinated disclosure in 2021 to facilitate this integrated approach. Since then, amendments to the Companies Act, the Financial Instruments and Exchange Act, and related legislation have been introduced. Additionally, disclosure practices have evolved, with an increasing number of companies submitting annual securities reports before shareholders' meetings and some adjusting record dates to enable integrated disclosure. The updated FAQ reflects these legislative changes and emerging market practices. The revised guidance aims to support companies considering integrated and coordinated disclosure as a means of enhancing efficiency and effectiveness in preparing disclosure documents. METI developed the update in cooperation with the Ministry of Justice, the Financial Services Agency, and other relevant organisations. The guidance is intended to facilitate constructive dialogue between companies and investors by enabling more effective and efficient disclosure practices. The updated FAQ is available on METI's website in Japanese format.
3143651 pc May 12, 2026 csoo United Kingdom Competition and Markets Authority horizon scanning
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United Kingdom Government Strengthens Cyber Defences as Sector Revenue Grows to £14.7 Billion

On May 12, 2026, the UK Department for Science, Innovation and Technology announced a comprehensive push to strengthen the nation's cyber defences against fast-evolving artificial intelligence (AI)-enabled threats. The government is urging UK businesses to sign the Cyber Resilience Pledge, which launches later in 2026 and sets out three concrete actions to improve cyber security: establishing cyber security as a board-level responsibility, signing up to the National Cyber Security Centre's free Early Warning Service, and requiring Cyber Essentials certification across supply chains. The initiative is backed by £90 million in government funding to improve cyber resilience across the economy. Recent figures demonstrate the strength of the UK cyber security sector, which grew 11 percent to £14.7 billion in revenue, with the number of firms rising 20 percent to 2,603. The sector created 2,300 jobs in the past year. However, 43 percent of UK businesses experienced a cyber breach or attack in the past year, highlighting the urgency of action. The government has warned that AI models are lowering barriers for cyber criminals, enabling attacks at unprecedented speed and scale. The Cyber Security and Resilience Bill will continue its passage through Parliament following the King's Speech, demonstrating the government's long-term commitment to protect critical national infrastructure including energy, water, healthcare, and data centres. The National Cyber Security Centre, part of GCHQ, continues to publish practical guidance for businesses. Additionally, UK firms offering cyber security products or services for AI increased 68 percent in 2025 compared to the previous year, reinforcing the UK's position as a leader in cyber innovation. Organisations are encouraged to review the Cyber Resilience Pledge requirements and commit to participation.

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UK Government Calls on Firms to Sign Cyber Resilience Pledge

On May 12, 2026, the UK Department for Science, Innovation and Technology (DSIT) announced a comprehensive push to strengthen the nation's cyber defences, calling on businesses to sign the Cyber Resilience Pledge and highlighting the draft Cyber Security and Resilience Bill , which continues through parliament following the King’s Speech. The Cyber Resilience Pledge , which launches later in 2026 and sets out three concrete actions to improve cybersecurity: Establishing cybersecurity as a board-level responsibility Signing up to the National Cyber Security Centre's free Early Warning Service. Requiring Cyber Essentials certification across supply chains. Organisations are encouraged to review the Cyber Resilience Pledge requirements and commit to participation. The initiative is backed by £90m in government funding to improve cyber resilience across the economy. The proposed Cyber Security and Resilience Bill will reform and add to the existing Network and Information Systems (NIS) Regulations 2018 , to increase UK defences against cyber attacks, introducing key measures such as: Expanding the scope of the services relied on across the economy, e.g., to data centres, managed service providers and other critical infrastructure. Introducing a sector specific framework, with 12 regulators responsible for implementing resulting rules and creating consistency across enforcement, data sharing and incident reporting. Allowing the government to make changes to the regime in secondary legislation, such as bringing more sectors into scope, or updating and introducing new security and resilience requirements. Providing the government with powers of direction; drawing from similar national security regimes in the UK. The government will be able to direct regulators or regulated entities to take targeted and proportionate action in response to imminent threats that risk UK national security. This announcement highlights that 43 percent of UK businesses experienced a cyber breach or attack in the past year, stressing the urgency of action. The government has warned that AI models are lowering barriers for cyber criminals, enabling attacks at unprecedented speed and scale. In addition to these ongoing initiatives, the National Cyber Security Centre continues to publish practical guidance for businesses.
3143138 pc May 12, 2026 csoo United Kingdom Competition and Markets Authority horizon scanning
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United Kingdom Imposes Sanctions on Iranian Organisations and Individuals Threatening National Security

On May 11, 2026, the United Kingdom announced a new package of sanctions targeting organisations and individuals enabling hostile Iranian activity. The Foreign Secretary, Yvette Cooper, announced the measures in response to Iranian threats to UK national security, regional stability, and the global economy. The sanctions target three organisations: Berelian Exchange, GCM Exchange, and The Zindashti Network. Seven individuals are subject to travel bans, asset freezes, and director disqualification: Mansour Zarringhalam, Nasser Zarringhalam, Ekrem Abdulkerym Oztunc, Nihat Abdul Kadir Asan, Reza Hamidiravari, and Namiq Salifov. A further three individuals—Fazlolah Zarringhalam, Pouria Zarringhalam, and Farhad Zarringhalam—are subject to asset freezes and director disqualification. The measures address illicit finance flows enabling the Iranian regime to pursue destabilising action across the Middle East, including its blockade of the Strait of Hormuz, and target criminal proxies acting on behalf of the Iranian state to threaten the US and Europe. The sanctions are coordinated with European Union action and build on previous UK sanctions, which include over 550 designations on Iranian individuals and organisations, including the entirety of the Islamic Revolutionary Guards Corps and over 90 sanctions in response to human rights violations. Asset freezes prevent UK citizens and businesses from dealing with funds or economic resources owned, held, or controlled by designated persons. Travel bans refuse entry or remain in the United Kingdom. Director disqualification prevents designated persons from acting as directors of UK companies or sufficiently-connected foreign companies. The UK Sanctions List provides the current list of those subject to sanctions. REFERENCES: Foreign, Commonwealth & Development Office. UK Sanctions Iranian Targets in Response to National Security Threats. May 11, 2026. https://www.gov.uk/government/news/uk-sanctions-iranian-targets-in-response-to-national-security-threats

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UK Government Imposes Sanctions on Iranian Organisations and Individuals

On May 11, 2026, the UK announced a new package of sanctions targeting organisations and individuals enabling hostile Iranian activity. The measures target illicit finance flows which enable the Iranian regime to pursue destabilising action across the Middle East, including their blockade of the Strait of Hormuz. The UK already has imposed more than 550 sanctions on Iranian individuals and organisations, including the entirety of the Islamic Revolutionary Guards Corps and over 90 sanctions in response to Human Rights violations. The following entities are today sanctioned by the UK government and are subject to an asset freeze and director disqualification: Berelian Exchange GCM Exchange The Zindashti Network As part of this package, a number of individuals were also sanctioned by the UK government, subject to various restrictions of a travel ban and/or asset freeze and director disqualification.  Please see the UK Sanctions List for the current list of those subject to sanctions.
3144020 pc May 12, 2026 kgurnani New Zealand Financial Markets Authority financial services
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New Zealand Financial Markets Authority Releases Updated Sustainability Disclosure Guidance

On 12 May 2026, the Financial Markets Authority (FMA) released updated guidance providing issuers with greater clarity on disclosing financial products with sustainability-related characteristics. The guidance applies to issuers promoting environmental, social, or value-based considerations in their financial products and sets out how existing fair-dealing and disclosure obligations apply when sustainability-related characteristics are promoted. The updated guidance is built around four core principles: claims must be clear, claims must be substantiated, messages must be consistent, and third-party involvement must be effectively managed. The FMA emphasises that issuers remain responsible for their investment decisions but must ensure any promotion of sustainability-related characteristics clearly discloses all material information and is not misleading. The guidance does not direct issuers how to invest; rather, it supports them in providing investors with clear and accessible information so investors can make well-informed decisions aligned with their investment objectives. The guidance has been renamed from the draft version to "Sustainability-related disclosure guidance" to better reflect current market practice. Changes have been made throughout the guidance in response to feedback received during the consultation process, although the underlying principles remain unchanged. The updated guidance replaces guidance previously issued in the 2020 Disclosure Framework for Integrated Financial Products and the 2022 Integrated Financial Products: Review of Managed Fund documentation review observations. The FMA has published the updated guidance, a summary of key themes, and a submissions report on its website.

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New Zealand Financial Markets Authority Releases Updated Sustainability Disclosure Guidance

On 12 May 2026, the Financial Markets Authority (FMA) released updated guidance providing issuers with greater clarity on disclosing financial products with sustainability-related characteristics. The guidance applies to issuers promoting environmental, social, or value-based considerations in their financial products and sets out how existing fair-dealing and disclosure obligations apply when sustainability-related characteristics are promoted. It is aimed at preventing "greenwashing" and is built around four core principles: Claims must be clear. Claims must be substantiated. Messages must be consistent. Third-party involvement must be effectively managed. For investment products specifically, the FMA expects firms to explain: Whether sustainability factors are central to investment decisions or only considered alongside financial factors. Whether exclusions are binding. What percentage of investments meet sustainability criteria. How performance against sustainability goals is measured. The document also highlights governance expectations, including: Board and senior management oversight of sustainability claims. Proper record-keeping. Internal controls around disclosures. Ongoing review of statements made to investors. The FMA emphasises that issuers remain responsible for their investment decisions but must ensure any promotion of sustainability-related characteristics clearly discloses all material information and is not misleading. The guidance does not direct issuers how to invest; rather, it supports them in providing investors with clear and accessible information so investors can make well-informed decisions aligned with their investment objectives. The updated guidance replaces guidance previously issued in the 2020 Disclosure Framework for Integrated Financial Products and the 2022 Integrated Financial Products: Review of Managed Fund documentation review observations.
3143846 pc May 12, 2026 tojuri Finland FINLEX horizon scanning
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Finland Amends Legislation on Lender and Credit Intermediary Registration Requirements

On the date of publication, Finland enacted legislative amendments to sections 14 and 15 of the Act on the Registration of Certain Lenders and Credit Intermediaries (Act 353/2026), as published in the Finnish Statute Book (Suomen säädöskokoelma) by FINLEX. The amendments modify the registration requirements applicable to lenders and credit intermediaries operating in Finland. These provisions establish the framework governing how certain lending entities and intermediaries must register and maintain their status with relevant Finnish authorities. The changes to sections 14 and 15 represent updates to the existing regulatory framework for these market participants. The legislation is now in force as enacted and published in the Finnish Statute Book. Market participants subject to the registration requirements under the Act on the Registration of Certain Lenders and Credit Intermediaries should ensure compliance with the amended provisions in sections 14 and 15. Lenders and credit intermediaries should review the specific amendments to understand any changes to their registration obligations, documentation requirements, or other administrative procedures. REFERENCES: Laki eräiden luotonantajien ja luotonvälittäjien rekisteröinnistä annetun lain 14 ja 15 §:n muuttamisesta, 353/2026, Suomen säädöskokoelma, available at: https://www.finlex.fi/

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Finland Publishes Amendment to the Registration of Certain Creditor and Credit Intermediaries Act

The Finnish parliament has passed and officially published an Act amending Sections 14 and 15 of the Act on the Registration of Certain Creditors and Credit Intermediaries. The law inserts a new provision into the existing law on the maximum loan-to-value ratio, giving the Financial Supervisory Authority the power to reduce or increase the maximum credit amounts for loans taken out for purposes other than the purchase of a first home. Another new provision has been added regarding the restrictions on housing association loans. The act comes into force on June 1, 2026.
3142603 pc May 12, 2026 adavies European Union Publications (Finance) - European Commission horizon scanning
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European Commission Publishes Money Market Funds Regulation Adequacy Report

On 11 May 2026, the European Commission's Directorate-General for Financial Stability, Financial Services and Capital Markets Union published a report assessing the adequacy of the Money Market Funds Regulation (MMFR) from prudential and economic perspectives. The report concludes that the EU's regulatory framework for money market funds continues to function well overall. The analysis confirms that money market fund (MMF) managers generally maintain a cautious approach, keeping liquidity reserves above regulatory minimums. However, the Commission identifies that the market would benefit from additional guidance to support more consistent and well-calibrated supervision of MMFs across member states. To address this gap, the Commission has issued Frequently Asked Questions (FAQs) alongside the report, providing key additional guidance on the interpretation and implementation of certain legal provisions of the MMFR. The guidance aims to strengthen the resilience of the money market fund sector across the EU by helping MMF managers and competent authorities identify situations requiring closer scrutiny. This enhanced supervisory clarity is intended to reduce the risk of contagion to the EU financial system and the wider economy. The report and accompanying FAQs represent the Commission's effort to ensure consistent application of the MMFR across member states, supporting both industry compliance and regulatory effectiveness. The publication reflects the Commission's ongoing commitment to maintaining financial stability within the money market fund sector. **References:** European Commission. Report on the adequacy of the Money Market Funds Regulation from a prudential and economic point of view. 11 May 2026. Available at: https://finance.ec.europa.eu/ European Commission. Frequently asked questions on the interpretation and implementation of certain legal provisions of the Money Market Funds Regulation. 11 May 2026.

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European Commission Publishes Money Market Funds Regulation Adequacy Report

On May 11, 2026, the European Commission published a report assessing the adequacy of Regulation (EU) 2017/1131 (Money Market Funds Regulation – MMFR) from prudential and economic perspectives. The report concludes that the EU's regulatory framework for money market funds (MMFs) continues to function well overall. The analysis confirms that MMF managers generally maintain a cautious approach, keeping liquidity reserves above regulatory minimums. However, the commission identifies that the market would benefit from additional guidance to support more consistent and well-calibrated supervision of MMFs across member states. To address this gap, the commission has issued frequently asked questions (FAQs) alongside the report, providing key additional guidance on the interpretation and implementation of certain legal provisions of the MMFR. The guidance aims to strengthen the resilience of the money market fund sector across the EU by helping MMF managers and competent authorities identify situations requiring closer scrutiny.
3143706 pc May 12, 2026 tojuri Hungary Hungarian National Bank horizon scanning
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Hungarian National Bank Issues Enforcement Decision Against MBH Bank for Cash Handling Violations

On May 7, 2026, the Hungarian National Bank (MNB) issued enforcement decision H-KPL-I-B-5/2026 against MBH Bank Nyrt. (MBH), following an inspection procedure. The decision imposes mandatory compliance measures and a financial penalty of HUF 15,000,000 (fifteen million forint). The MNB identified multiple violations related to banknote handling and cash automation network operations. MBH failed to properly manage damaged banknotes, did not use MNB-approved banknote verification machines for processing currency through automated teller machines (ATMs) and customer-operated machines, and did not adequately segregate counterfeit-suspected banknotes. Additionally, MBH operated four banknote-return machines that failed to identify counterfeit notes, incorrectly classifying 30-60 percent of counterfeits as genuine currency and returning them to depositors. MBH also failed to register banknote verification machine deployments and location changes with the MNB's electronic system on two and three occasions respectively, and neglected required maintenance on one banknote processing machine. MBH must implement corrective measures by July 1, 2026, including: accepting damaged banknotes from customers at no charge and forwarding them to the MNB; using only MNB-approved verification machines for ATM and cash automation operations; ensuring staff properly handle counterfeit-suspected banknotes; and maintaining at least 98 percent average annual availability across its cash automation network. MBH must submit documentation confirming full compliance by July 15, 2026, and provide monthly availability data for its cash automation network by November 10, 2026. The penalty must be paid within 30 days of the decision becoming final. Failure to comply may result in additional enforcement action and further penalties up to HUF 2 billion or 200 percent of MBH's annual supervisory fee. REFERENCES: Hungarian National Bank Decision H-KPL-I-B-5/2026 (May 7, 2026)

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Hungarian National Bank Issues Enforcement Decision Against MBH Bank for Cash Handling Violations

In a decision dated May 7, 2026, the Hungarian National Bank (MNB) issued enforcement decision H-KPL-I-B-5/2026 against MBH Bank Nyrt following an inspection procedure. The decision imposes mandatory compliance measures and a financial penalty of HUF15m. The MNB identified multiple violations related to banknote handling and cash automation network operations. The bank failed to properly manage damaged banknotes, did not use MNB-approved banknote verification machines for processing currency through ATMs and customer-operated machines, and did not adequately segregate banknotes suspected of being counterfeit. The bank is required to take corrective measures from July 1 2026, regarding the handling of counterfeit banknotes and the use of MNB-approved banknote verification machines. The bank is also required to submit documentation of its corrective measures by July 15, 2026, and to send monthly data for the full cash dispenser network, to be available by November 10, 2026, for the period from August 1, 2026 to October 30, 2026. MBH must submit documentation confirming full compliance by July 15, 2026, and provide monthly availability data for its cash automation network by November 10, 2026. The penalty must be paid within 30 days of the decision becoming final. Failure to comply may result in additional enforcement action and further penalties of up to HUF2bn or 200 percent of MBH's annual supervisory fee.
3144530 pc May 12, 2026 adavies Norway Lovdata horizon scanning
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Norway's Financial Supervisory Authority Amends Capital Requirements and CRR/CRD Implementation Regulation

On May 8, 2026, Norway's Financial Supervisory Authority (Finanstilsynet) amended the regulation on capital requirements and implementation of the Capital Requirements Regulation and Capital Requirements Directive (CRR/CRD) framework. The amendment, designated FOR-2026-05-08-770, was published on May 11, 2026, and entered into force immediately upon publication. The amendment updates the CRR/CRD regulation (FOR-2014-08-22-1097) to incorporate six new European Union regulations into Norway's regulatory framework through the European Economic Area (EEA) Agreement Annex IX. These include Commission Implementing Regulation (EU) 2025/2338 on technical implementing standards for supervisory authorisation procedures; Delegated Commission Regulation (EU) 2025/791 on technical regulatory standards for supervisory college operations; Commission Implementing Regulation (EU) 2025/790 on technical implementing standards for supervisory college procedures; Delegated Commission Regulation (EU) 2025/789 on technical regulatory standards for identifying exceptional circumstances; Delegated Commission Regulation (EU) 2025/1265 on technical regulatory standards for identifying a position's main risk drivers; and Delegated Commission Regulation (EU) 2025/1311 on technical regulatory standards for assessing materiality of changes to internal models. The amendment affects financial institutions and financial groups subject to Norway's capital requirements framework. The regulation was adopted under the authority of the Financial Undertakings Act (finansforetaksloven) and the delegation decision of March 29, 2022, nr. 484. The amendment came into force immediately upon publication, with no transitional period provided.

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Norwegian Government Publishes Regulation Amending the CRR Regulations

On May 11, 2026, the Norwegian government published the Regulations amending the Capital Requirements Regulation (CRR) and Capital Requirements Directive (CRD) Regulations . The regulation adopts several EU regulations including: Commission Delegated Regulation (EU) 2025/791. Commission Implementing Regulation (EU) 2025/790. Commission Delegated Regulation (EU) 2025/789. Commission Delegated Regulation (EU) 2025/1265. Commission Delegated Regulation (EU) 2025/1311. The regulations enter into force immediately.
3142951 pc May 11, 2026 pdonofrio US Track 2 Financial Crimes Enforcement Network horizon scanning
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Financial Crimes Enforcement Network Issues Alert on Iranian Revolutionary Guard Corps Money Laundering

On May 11, 2026, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued an Alert to assist financial institutions in identifying and disrupting funding streams and procurement networks supporting Iran's Islamic Revolutionary Guard Corps (IRGC). The IRGC, designated as a foreign terrorist organization (FTO), has engaged in terrorist activity since its inception with the support of the Iranian regime. The Alert outlines how the IRGC launders proceeds from illicit oil sales through networks of shell companies and financial facilitators. The IRGC operates a "shadow fleet" of vessels outside standard maritime regulations to smuggle oil to international buyers, often misrepresenting commercial activity and blending Iranian oil with third-country sources or relabeling it with forged documents. Proceeds are laundered through multi-jurisdictional shadow banking networks comprised of exchange houses, trading companies, and front companies, enabling sanctioned entities to access the international financial system without repatriating funds to Iran. The IRGC also uses digital assets, particularly stablecoins, as part of its transactional structure to obfuscate Iranian involvement. The Alert identifies red flags for financial institutions, including: shipping companies with Iranian counterparties; efforts to disguise vessel information, ownership, or oil origins; unusual use of exchange houses; unusual digital asset payments by petroleum, shipping, trading, or trust companies; and unregistered peer-to-peer exchangers and foreign-located money services businesses. Financial institutions should exercise vigilance in detecting and reporting suspicious activity related to IRGC operations. The Treasury Department emphasizes that any person or vessel facilitating illicit Iranian oil trade risks exposure to U.S. sanctions, including potential secondary sanctions on foreign financial institutions. REFERENCE: Financial Crimes Enforcement Network. (2026, May 11). FinCEN Issues Alert to Stop Money Laundering by Iranian Revolutionary Guard Corps. Retrieved from https://www.fincen.gov/news/news-releases/fincen-issues-alert-stop-money-laundering-iranian-revolutionary-guard-corps

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US Financial Crimes Enforcement Network Issues Alert on Iranian Revolutionary Guard Corps Money Laundering

On May 11, 2026, the US Financial Crimes Enforcement Network (FinCEN) issued an alert to assist financial institutions in identifying and disrupting funding streams and procurement networks supporting Iran's Islamic Revolutionary Guard Corps (IRGC), a designated foreign terrorist organization (FTO). The alert outlines how the IRGC launders proceeds from illicit oil sales through networks of shell companies and financial facilitators, as well as its operation of a "shadow fleet" of vessels outside standard maritime regulations to smuggle oil to international buyers. According to FinCEN , the IRGC is also activley using digital assets, particularly stablecoins, as part of its transactional structure to obfuscate Iranian governement involvement and illicit activities. The alert identifies red flags for financial institutions, including: Shipping companies with Iranian counterparties. Efforts to disguise vessel information, ownership or oil origins. Unusual use of exchange houses. Unusual digital asset payments by petroleum, shipping, trading or trust companies. Unregistered peer-to-peer exchangers and foreign-located money services businesses. The alert encourages financial institutions to exercise vigilance in detecting and reporting to FinCEN suspicious activity related to IRGC operations.
3142650 gc May 11, 2026 nsairam Colombia SBC Noticias gamblingcompliance
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3142063 pc May 11, 2026 csoo United Kingdom Competition and Markets Authority horizon scanning
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United Kingdom Government Confirms Intention to Legislate on Commercial Credit Data Sharing Framework

On 11 May 2026, HM Treasury published the outcome of its consultation on Commercial Credit Data Sharing (CCDS) and the Bank Referral Scheme (BRS), which ran from 27 October 2025 to 22 December 2025. The government has confirmed its intention to legislate, when parliamentary time allows, to strengthen and modernise CCDS. The proposed legislative changes aim to expand CCDS scope beyond banks, improve data quality and coverage, and support access to finance for small and medium-sized enterprises (SMEs). The consultation outcome document summarises responses received during the consultation period and sets out the government's policy direction based on stakeholder feedback. Regarding the Bank Referral Scheme, the government does not propose legislative change at this stage. Instead, it invites the financial services sector to develop industry-led proposals to improve referrals and support better outcomes for SMEs. The sector has been asked to submit these proposals by 18 December 2026. The government indicated it may explore whether existing legislation requires amendment or whether policy objectives can be achieved through alternative means, such as relevant guidance. The consultation was initiated following the second Post-Implementation Review of the scheme, with the government committing to consult on the BRS at Autumn Budget 2024. The outcome document is available on the GOV.UK website. **Reference:** HM Treasury, Government response – Access to finance policy: commercial credit data sharing and bank referrals (11 May 2026)

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UK Government Confirms Intention to Legislate on Commercial Credit Data Sharing Framework

On May 11 2026, HM Treasury (HMT)  published the outcome of its consultation on Commercial Credit Data Sharing (CCDS) and the Bank Referral Scheme (BRS), which closed on December 22, 2025. The government has confirmed its intention to legislate, when parliamentary time allows, to strengthen and modernise CCDS, but will not take forward legislative changes for the BRS. In its consultation response, the government confirmed the following: The government intends to take forward changes to CCDS when Parliamentary time allows which will require changes to both primary legislation (t he Small Business, Enterprise and Employment Act 2015 )  and secondary legislation ( the Small and Medium Sized Business (Credit information) Regulations 2015 ). It is also likely to involve further consultation, where necessary. The government has confirmed its intention to take forward the following specific proposals to the CCDS: Expanding the regime to be able to designate entities other than only regulated banking institutions, the government also plans to revise the existing designation criteria. Ensuring that voluntary participants’ SME customer information is shared with all designated CRAs. Ensuring that SMEs that qualify for CCDS reporting exit the scheme once they have clearly and consistently exceeded the turnover threshold. Allow individual entities to qualify for CCDS reporting. Revising the information mandated to be included within CCDS reporting and excluding categories of data that are no longer necessary (such as stocking loans). Ensuring that older SME accounts (i.e. those opened prior to the 2015 regulations coming into force) are included in the scheme. Inclusion of charities and the not-for-profit sector. Revising the roles of the public authorities, particularly the FCA and HMT to better support the expanded scope. Expanding the regime to be able to designate entities other than only regulated banking institutions, the government also plans to revise the existing designation criteria. Ensuring that voluntary participants’ SME customer information is shared with all designated CRAs. Ensuring that SMEs that qualify for CCDS reporting exit the scheme once they have clearly and consistently exceeded the turnover threshold. Allow individual entities to qualify for CCDS reporting. Revising the information mandated to be included within CCDS reporting and excluding categories of data that are no longer necessary (such as stocking loans). Ensuring that older SME accounts (i.e. those opened prior to the 2015 regulations coming into force) are included in the scheme. Inclusion of charities and the not-for-profit sector. Revising the roles of the public authorities, particularly the FCA and HMT to better support the expanded scope. Following the BRS consultation, the government will be looking to improve the bank referral process through industry-led action rather than changes to legislation at this time. Specifically, the government would like the private sector to deliver proposals for how to improve bank referrals and support SME finance by December 18, 2026. The announcement did not include an email address for responses, but the responses to the previous consultation were made to SMELending@hmtreasury.gov.uk . Specifically, the government would like the private sector to deliver proposals for how to improve bank referrals and support SME finance by December 18, 2026. The announcement did not include an email address for responses, but the responses to the previous consultation were made to SMELending@hmtreasury.gov.uk .
3139938 pc May 11, 2026 pthandapani India Securities and Exchange Board of India financial services
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India's Securities and Exchange Board Launches Consultation on Buy-Back of Securities Regulations Review

On May 8, 2026, the Securities and Exchange Board of India (SEBI) launched a consultation paper on the review and rationalization of the Buy-Back of Securities Regulations, 2018. The consultation seeks to modernize and streamline the existing regulatory framework governing share buy-back transactions in Indian securities markets. Buy-back regulations establish the conditions under which listed companies may repurchase their own securities, a mechanism that affects capital allocation, shareholder returns, and market dynamics. By reviewing and rationalizing these regulations, SEBI aims to ensure the framework remains aligned with current market practices, investor protection standards, and evolving corporate finance needs. The review may address procedural efficiencies, disclosure requirements, pricing mechanisms, and eligibility criteria for buy-back programmes. This consultation is significant for listed companies, institutional investors, and market participants engaged in or affected by share buy-back transactions. Market participants, including listed companies, investment firms, and other stakeholders, are invited to submit comments on the consultation paper. Responses can be submitted through SEBI's public comments portal. The specific deadline for submissions should be confirmed on SEBI's official website, where the full consultation paper and submission guidelines are available. **Reference:** Securities and Exchange Board of India. Consultation Paper on Review and Rationalization of (Buy-Back of Securities) Regulations, 2018. Available at: https://www.sebi.gov.in/sebiweb/publiccommentv2/PublicCommentAction.do?doPublicComments=yes

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India's Securities and Exchange Board Launches Consultation on Buy-Back of Securities Regulations Review

On May 8, 2026, the Securities and Exchange Board of India (SEBI) launched a consultation paper on the review and rationalization of the Buy-Back of Securities Regulations, 2018. The consultation seeks to modernize and streamline the existing regulatory framework governing share buy-back transactions in Indian securities markets. Buy-back regulations establish the conditions under which listed companies may repurchase their own securities, a mechanism that affects capital allocation, shareholder returns, and market dynamics. By reviewing and rationalizing these regulations, SEBI aims to ensure the framework remains aligned with current market practices, investor protection standards, and evolving corporate finance needs. The review may address procedural efficiencies, disclosure requirements, pricing mechanisms, and eligibility criteria for buy-back programmes. This consultation is significant for listed companies, institutional investors, and market participants engaged in or affected by share buy-back transactions. Market participants, including listed companies, investment firms, and other stakeholders, are invited to submit comments on the consultation paper. Responses can be submitted through SEBI's public comments portal. The specific deadline for submissions should be confirmed on SEBI's official website, where the full consultation paper and submission guidelines are available. **Reference:** Securities and Exchange Board of India. Consultation Paper on Review and Rationalization of (Buy-Back of Securities) Regulations, 2018. Available at: https://www.sebi.gov.in/sebiweb/publiccommentv2/PublicCommentAction.do?doPublicComments=yes
3139578 pc May 11, 2026 pthandapani India Reserve Bank of India financial services
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India's Reserve Bank Amends Capital Adequacy Norms for Payments Banks

On May 8, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Payments Banks – Prudential Norms on Capital Adequacy) Second Amendment Directions, 2026, amending its Master Direction issued on November 28, 2025. The amendment modifies provisions relating to the inclusion of quarterly profits in Common Equity Tier 1 (CET1) capital for payments banks. Under the revised framework, payments banks may now reckon profits in the current financial year for capital adequacy ratio (CRAR) calculations on a quarterly basis, subject to specific conditions. Financial statements must be audited or subjected to limited review on a quarterly basis. The eligible profit calculation uses a formula that accounts for net profit up to each quarter, adjusted for average dividends paid during the preceding three financial years. Cumulative net losses up to quarter-end must be fully deducted when calculating CET1 capital for the relevant quarter. This amendment applies to all payments banks operating in India and affects their capital adequacy requirements under prudential norms. The modification enables more frequent profit recognition in capital calculations while maintaining safeguards through audit requirements and loss deduction provisions. The directions came into force with immediate effect on May 8, 2026, under the authority of Section 35A of the Banking Regulation Act, 1949. REFERENCES: Reserve Bank of India. (2026). Reserve Bank of India (Payments Banks - Prudential Norms on Capital Adequacy) Second Amendment Directions, 2026. RBI/2026-27/81 DOR.CAP.REC.No.70/21.01.002/2026-27. Available at: https://www.rbi.org.in/

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Reserve Bank of India Amends Capital Adequacy Norms for Payments Banks

The Reserve Bank of India (RBI) issued the Reserve Bank of India (Payments Banks – Prudential Norms on Capital Adequacy) Second Amendment Directions, 2026, modifying provisions relating to the inclusion of quarterly profits in Common Equity Tier 1 (CET1) capital for payments banks. Under the revised framework, payments banks may now reckon profits in the current financial year for capital adequacy ratio (CRAR) calculations on a quarterly basis, subject to specific conditions, namely: Their financial statements must be audited or subjected to limited review on a quarterly basis; and The eligible profit amount must be calculated using the formula specified in the amendment. The amendments take immediate effect.
3143127 pc May 11, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Treasury Designates 12 Individuals and Entities Supporting Iranian Revolutionary Guard Corps Oil Operations

On May 11, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated 12 individuals and entities for enabling the Islamic Revolutionary Guard Corps (IRGC) sale and shipment of Iranian oil to the People's Republic of China. The designations target three Iran-based IRGC officials and nine entities across Hong Kong, Dubai, Sharjah, and Oman that function as cover companies and shipping facilitators. The designated individuals include Ahmad Mohammadi Zadeh, chief of the IRGC Shahid Purja'fari Oil Headquarters; Samad Fathi Salami, finance chief responsible for managing foreign currency overseas; and Mohammadreza Ashrafi Ghehi, commercial chief. The designated entities include Hong Kong Blue Ocean Limited, Hong Kong Sanmu Limited, Ocean Allianz Shipping LLC, Atic Energy FZE, Zeus Logistics Group, Jiandi HK Limited, Max Honor International Trade Co. Limited, Blanca Goods Wholesaler LLC, and Universal Fortune Trading LLC. The action expands OFAC's "Economic Fury" campaign targeting Iran's revenue generation. According to Treasury Secretary Scott Bessent, the campaign aims to deprive the Iranian regime of funding for weapons programs, terrorist proxies, and nuclear ambitions. OFAC notes the IRGC uses front companies in permissive jurisdictions to obscure its role in oil sales and launder revenue outside Iran. The designations build on a July 2025 action targeting Golden Globe Demir Celik Petrol Sanayi ve Ticaret Anonim Sirketi, another cover company coordinating IRGC oil sales. All property and interests in property of designated persons within the United States or controlled by U.S. persons are blocked. U.S. persons are prohibited from conducting transactions involving designated entities unless authorized by OFAC license. Violations may result in civil or criminal penalties. Foreign financial institutions facilitating transactions with designated persons risk exposure to secondary sanctions.

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US Office of Foreign Assets Control Makes Designations Surrounding Iranian Revolutionary Guard Corps Oil Operations

On May 11, 2026, the US Office of Foreign Assets Control (OFAC) designated 12 individuals and entities for enabling the Islamic Revolutionary Guard Corps' (IRGC) sale and shipment of Iranian oil to China. According to OFAC , this action is designed to expand its "Economic Fury" campaign targeting the Iranian government's revenue generation. The designations target three Iran-based IRGC officials and nine entities across the United Arab Emirates (UAE), Hong Kong and Oman that function as cover companies and shipping facilitators. The designated individuals include Ahmad Mohammadi Zadeh, chief of the IRGC's Shahid Purja'fari oil headquarters; and the designated entities include Hong Kong Blue Ocean Ltd., Ocean Allianz Shipping LLC and Zeus Logistics Group. All property and interests in property of the newly designated individual and entities are blocked, and US individuals and entities are generally prohibited from conducting transactions with them unless expressly authorized by OFAC.
3139582 pc May 11, 2026 pthandapani India Reserve Bank of India financial services
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India's Reserve Bank Amends Capital Adequacy Directions for Commercial Banks

On May 8, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Fifth Amendment Directions, 2026. The amendment modifies provisions relating to the inclusion of quarterly profits in Common Equity Tier 1 (CET1) capital for commercial banks. The amendment revises Paragraph 12(x) of the Master Direction issued on November 28, 2025, establishing a new framework for banks to reckon current financial year profits for capital adequacy ratio (CRAR) calculations on a quarterly basis. Under the revised framework, banks must meet two conditions: financial statements must be audited or subjected to limited review on a quarterly basis, and the eligible profit amount must be calculated using a specified formula. The formula deducts 25 percent of the average dividend paid during the last three financial years from net profit up to each quarter. Additionally, cumulative net losses up to quarter end must be fully deducted when calculating CET1 capital for the relevant quarter. This approach aims to provide greater flexibility in capital calculations while maintaining prudential safeguards through dividend-based adjustments and loss deductions. The amendment applies to all commercial banks regulated by the RBI and comes into force with immediate effect. The directions are issued under Section 35A of the Banking Regulation Act, 1949, and related enabling provisions. REFERENCES: Reserve Bank of India. (2026). Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Fifth Amendment Directions, 2026. RBI/2026-27/79 DOR.CAP.REC.No.68/21.01.002/2026-27.

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Reserve Bank of India Amends Capital Adequacy Directions for Commercial Banks

The Reserve Bank of India (RBI) has issued the Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Fifth Amendment Directions, 2026 modifying provisions relating to the inclusion of quarterly profits in Common Equity Tier 1 (CET1) capital for commercial banks. The amendment revises Paragraph 12(x) of the Master Direction issued on November 28, 2025, establishing a new framework for banks to reckon current financial year profits for capital adequacy ratio (CRAR) calculations on a quarterly basis. Under the revised framework, banks must meet two conditions, namely: Their financial statements must be audited or subjected to limited review on a quarterly basis; and The eligible profit amount must be calculated using the formula specified in the amendment. The amendments take immediate effect.
3142072 pc May 11, 2026 rghosh Dubai Amendments to Legislation | Dubai horizon scanning
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Dubai Financial Services Authority Amends Rulebook Across Multiple Modules

On May 11, 2026, the Dubai Financial Services Authority (DFSA) Board issued amendments to the DFSA Rulebook following the conclusion of the consultation period on proposed legislative changes outlined in Consultation Paper No. 167. The DFSA Board considered feedback from consultees before finalising the amendments, which may differ from the proposals originally set out in the consultation paper. Four rulemaking instruments were adopted to implement the changes: - General Module (GEN) Rulemaking Instrument (No. 437) 2026 - Prudential – Investment, Insurance Intermediation and Banking Business Module (PIB) Rulemaking Instrument (No. 438) 2026 - Glossary Module (GLO) Rulemaking Instrument (No. 439) 2026 - Islamic Finance Rules (IFR) Rulemaking Instrument (No. 440) 2026 The amendments span multiple regulatory areas, including general conduct requirements, prudential standards for investment, insurance intermediation and banking business, glossary definitions, and Islamic finance rules. The scope of these amendments indicates a comprehensive review of the DFSA's regulatory framework across key operational modules. The rulemaking instruments will come into force on January 1, 2027. The amended modules will replace existing versions on the DFSA website on the effective date, with earlier versions retained in the archive. Detailed amendments for each instrument are available in the appendices to the notice on the DFSA website. **Reference:** Dubai Financial Services Authority. Notice of Amendments to Legislation: May 2026. Issued May 11, 2026. Available at: https://www.dfsa.ae/

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Dubai Financial Services Authority Amends Rulebook Across Multiple Modules

On May 11, 2026, the Dubai Financial Services Authority (DFSA) Board issued amendments to the DFSA Rulebook following the conclusion of the consultation period on proposed legislative changes outlined in Consultation Paper No. 167 . The DFSA Board considered feedback from consultees before finalising the amendments, which may differ from the proposals originally set out in the consultation paper. Four rulemaking instruments were adopted to implement the changes and their key changes are: - General Module (GEN) Rulemaking Instrument (No. 437) 2026 - Large and complex firms must now establish a dedicated risk management function that is headed by a Director, Partner or Senior Manager and is sufficiently resourced to operate independently of business and operational functions, with Category 1, 2 (non-Matched Principal) and 5 firms expected to fall within scope. The Governing Body is now explicitly made ultimately responsible for sound corporate governance and risk culture across the firm, and management information obligations have been upgraded to a formal "information system" with risk data aggregation and stress-period measurement requirements applying to larger firms. Large and complex firms must now establish a dedicated risk management function that is headed by a Director, Partner or Senior Manager and is sufficiently resourced to operate independently of business and operational functions, with Category 1, 2 (non-Matched Principal) and 5 firms expected to fall within scope. The Governing Body is now explicitly made ultimately responsible for sound corporate governance and risk culture across the firm, and management information obligations have been upgraded to a formal "information system" with risk data aggregation and stress-period measurement requirements applying to larger firms. Prudential – Investment, Insurance Intermediation and Banking Business Module (PIB) Rulemaking Instrument (No. 438) 2026 Concentration Risk" has been relabelled "Large Exposures" throughout the module where it previously referenced exposure limits, while Concentration Risk is re-scoped as a broader standalone concept covering excessive exposure across counterparties, asset classes, sectors, geographies and funding sources. The credit classification framework has been strengthened with four new mandatory categories being Performing, Past Due, Non-Performing and Forborne, and prescriptive minimum provisioning floors have been removed in favour of IFRS 9-aligned provisioning. Concentration Risk" has been relabelled "Large Exposures" throughout the module where it previously referenced exposure limits, while Concentration Risk is re-scoped as a broader standalone concept covering excessive exposure across counterparties, asset classes, sectors, geographies and funding sources. The credit classification framework has been strengthened with four new mandatory categories being Performing, Past Due, Non-Performing and Forborne, and prescriptive minimum provisioning floors have been removed in favour of IFRS 9-aligned provisioning. Glossary Module (GLO) Rulemaking Instrument (No. 439) 2026 The existing definition of "Concentration Risk" has been deleted from the Glossary as the broader definition now sits within PIB, reflecting the reconceptualisation of the term across the wider rulebook. The existing definition of "Concentration Risk" has been deleted from the Glossary as the broader definition now sits within PIB, reflecting the reconceptualisation of the term across the wider rulebook. Islamic Finance Rules (IFR) Rulemaking Instrument (No. 440) 2026 . In the new provisions, "Concentration Risk" has been decapitalised to "concentration risk" in the PSIA Large Exposure guidance sections, reflecting the definitional restructuring in GLO and PIB without any substantive change to the underlying PSIA prudential requirements. In the new provisions, "Concentration Risk" has been decapitalised to "concentration risk" in the PSIA Large Exposure guidance sections, reflecting the definitional restructuring in GLO and PIB without any substantive change to the underlying PSIA prudential requirements. The amendments span multiple regulatory areas, including general conduct requirements, prudential standards for investment, insurance intermediation and banking business, glossary definitions, and Islamic finance rules. The scope of these amendments indicates a comprehensive review of the DFSA's regulatory framework across key operational modules. The rulemaking instruments will come into force on January 1, 2027. The amended modules will replace existing versions on the DFSA website on the effective date, with earlier versions retained in the archive.
3143324 gc May 11, 2026 prandeo Norway Government gamblingcompliance
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Norway's Government Proposes Amendments to Gambling Regulations on Domain Name System Blocking and Local Broadcasting

On May 11, 2026, Norway's Ministry of Culture and Equality (Kultur- og likestillingsdepartementet) launched a consultation on proposed amendments to the gambling regulations (pengespillforskriften). The consultation addresses two key areas. First, it proposes a new provision in the gambling regulations that will emphasise privacy and freedom of information considerations in relation to domain name system (DNS) blocking. DNS blocking was introduced in 2025 by the Labour Party government to prevent access to websites offering illegal gambling from foreign gambling operators. The proposed amendment aims to balance the enforcement of gambling restrictions with these fundamental rights. Second, the consultation proposes expanding the exemption provision in Section 36 of the gambling regulations to permit local broadcasters to offer small-scale gambling without requiring specific authorisation. This expansion is intended to support the economic sustainability of local broadcasters, preserve media diversity, and maintain local media presence, while operating within a responsible regulatory framework. The Ministry of Culture and Equality proposes that the amended rules take effect on August 1, 2026. The consultation period runs until June 22, 2026, and responses can be submitted during this timeframe. The Ministry will review feedback received during the consultation before finalising the amendments. REFERENCES: Ministry of Culture and Equality (Kultur- og likestillingsdepartementet). "Endringer i pengespillforskriften på høring" (Amendments to the Gambling Regulations Under Consultation). Available at: regjeringen.no

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Norway proposes amendments to DNS blocking rules and local broadcaster exemptions

On May 11, 2026, Norway's Ministry of Culture and Equality launched a consultation on proposed amendments to the Gambling Regulations concerning DNS blocking rules against illegal gambling websites and exemptions for local broadcasters offering small-scale gambling. The consultation addresses two key areas. First, it proposes a new provision in the gambling regulations that would emphasise privacy and freedom of information considerations in relation to Domain Name System (DNS) blocking measures. DNS blocking was introduced in 2025 to prevent access to websites operated by unlicensed foreign gambling operators. The proposed amendment is intended to clarify the balancing of gambling enforcement measures with fundamental rights considerations. Second, the consultation proposes expanding the exemption provision in Section 36 of the gambling regulations to allow local broadcasters to offer small-scale gambling activities without requiring a separate permit. According to the Ministry, the proposal is intended to support the financial sustainability of local broadcasters, preserve media diversity, and maintain local media presence within a responsible regulatory framework. The Ministry proposes that the amendments enter into force on August 1, 2026. The consultation remains open until June 22, 2026, after which the Ministry will review stakeholder feedback before finalising the amendments.
3194487 pc May 11, 2026 arahman Montenegro Payment Operations and Payment Systems - CBCG horizon scanning
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Montenegro's Central Bank Raises Minimum Payment Transaction Threshold for RTGS System

On May 11, 2026, the Council of the Central Bank of Montenegro (CBCG) passed a decision amending the minimum value of payment transactions to be processed in the Real-Time Gross Settlement (RTGS) system. The decision, adopted pursuant to Article 44 paragraph (2) item 3 of the Central Bank of Montenegro Law and Article 159 paragraph (2) of the Payment System Law, increases the minimum transaction threshold from EUR 1,000.00 to EUR 3,000.00. The amendment applies to both Article 2 paragraph 1 item 1 and Article 3 of the existing Decision on minimum value of payment transactions to be processed in RTGS system, with both provisions now referencing the higher EUR 3,000.00 threshold. This change affects payment service providers and financial institutions that use Montenegro's RTGS infrastructure for high-value payment settlement. The decision represents a significant adjustment to the operational parameters governing real-time payment processing in the country's payment system. By raising the minimum threshold, the CBCG is modifying the criteria for which transactions must be settled through the RTGS system, potentially affecting transaction routing and settlement procedures for payment market participants. The decision enters into force on the eighth day following its publication in the Official Gazette of Montenegro and becomes applicable seven days after its entry into force. Payment service providers and other relevant market participants should ensure their systems and procedures are updated to reflect the new EUR 3,000.00 minimum threshold before the application date.

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Montenegro's Central Bank Raises Minimum Payment Transaction Threshold for RTGS System

On May 11, 2026, the Central Bank of Montenegro (CBCG) passed the Decision Amending the Decision on Minimum Value of Payment Transactions to be Processed in the Real-Time Gross Settlement (RTGS) System . Key amendments include: Payment transactions of €3,000 or higher shall be executed in the RTGS system. Payment transactions of lower than €3,000 may be executed in the RTGS system, upon the request of the payment service user. This decision shall enter into force on the eighth day following that of its publication in the official gazette.
3143508 pc May 11, 2026 ggallwey New Hampshire Banking Department financial services
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New Hampshire Banking Department Clarifies Public Funds Deposit Eligibility for Out-of-State Banks

On May 11, 2026, the New Hampshire Banking Department issued guidance clarifying the circumstances under which federally insured out-of-state banks with approved New Hampshire branch offices may accept deposits of public funds from New Hampshire public entities. The Department stated that, under RSA 383-B:10-1004(b) , foreign banks authorized to establish or acquire branches in New Hampshire possess the same powers as New Hampshire state-chartered depository banks with respect to branch operations within the state, subject to the same duties and restrictions. The guidance further clarified that out-of-state banks seeking to accept public funds deposits must additionally comply with the conditions established under RSA 6:8, I and I-a , which were introduced through House Bill 545 in 2021 . These provisions establish requirements applicable to federally insured out-of-state banks operating branches in New Hampshire and are subject to reporting obligations administered by the New Hampshire State Treasurer. The Department also reminded institutions that Banking Department administrative rule Ban 1450 establishes the acceptable collateral classifications and risk standards applicable to securing public funds deposits.
3145864 pc May 11, 2026 rghosh Egypt News - Central Bank of Egypt horizon scanning
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Egypt's Central Bank Signs Memorandum of Understanding with COMESA Competition Commission to Strengthen Regional Competition Protection

On May 11, 2026, the Central Bank of Egypt (CBE) signed a memorandum of understanding (MOU) with the Common Market for Eastern and Southern Africa (COMESA) Competition Commission to enhance cooperation on regional competition protection. The MOU was signed by Mai Abu Al-Naja, First Deputy Governor of the CBE, and Dr. Willard Muyemba, Director and Chief Executive Officer of the COMESA Competition Commission, at the CBE headquarters in the presence of senior officials from both institutions. The MOU aims to strengthen economic integration and support fair competition within COMESA member states' markets, particularly in the banking sector. The cooperation will facilitate the exchange of expertise and capacity building in areas including the investigation of monopolistic practices and the assessment of merger and acquisition transactions. The agreement covers multiple financial services sectors: banks, currency exchange, money transfer, credit information and rating, credit guarantee, payment system operators, payment service providers, and fintech companies. The CBE Governor Hassan Abdalla emphasised that the cooperation represents a strategic step toward promoting efficient financial and banking markets, attracting investments, and fostering financial innovation across COMESA economies. The COMESA Competition Commission will coordinate competition policies between the parties, strengthen enforcement of competition laws, and review regional merger and acquisition transactions within the COMESA common market. The CBE is designated as the authority responsible for protecting competition in Egypt's banking market and licensed financial institutions under Articles 221 and 222 of Law No. 194 of 2020 on the Central Bank and Banking System. A dedicated unit within the CBE has been established to undertake competition protection functions.

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Egypt's Central Bank Signs MoU with COMESA Competition Commission

On May 11, 2026, the Central Bank of Egypt (CBE) signed a memorandum of understanding (MOU) with the Common Market for Eastern and Southern Africa (COMESA) Competition Commission to enhance cooperation on regional competition protection. The MOU aims to strengthen economic integration and support fair competition within COMESA member states' markets, particularly in the banking sector. The cooperation will facilitate the exchange of expertise and capacity building in areas including the investigation of monopolistic practices and the assessment of merger and acquisition transactions. The agreement covers multiple financial services sectors: banks, currency exchange, money transfer, credit information and rating, credit guarantee, payment system operators, payment service providers, and fintech companies. The COMESA Competition Commission will coordinate competition policies between the parties, strengthen enforcement of competition laws, and review regional merger and acquisition transactions within the COMESA common market. The CBE is designated as the authority responsible for protecting competition in Egypt's banking market and licensed financial institutions. A dedicated unit within the CBE has been established to undertake competition protection functions.
3142543 pc May 11, 2026 ggallwey Brazil Administrative Council for Economic Defense financial services
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Brazil's Securities Commission Publishes Study on Environmental, Social and Governance Disclosures in Reference Forms

On May 11, 2026, the Comissão de Valores Mobiliários (CVM), Brazil's securities regulator, published a regulatory outcome assessment study examining environmental, social and governance (ESG) disclosures in the Reference Form (Formulário de Referência, or FRE). The study evaluates the effectiveness of CVM Resolution 59, which simplified FRE fields and introduced ESG-related disclosure requirements. The study, conducted by the CVM's Economic Analysis, Risk Management and Integrity Assessment Division (ASA), forms part of the CVM's 2025 Regulatory Agenda, the Sustainable Finance Action Plan (PAFS) 2025–2026, and the Multi-Year Regulatory Outcome Assessment Agenda 2023–2026. The assessment examined whether Resolution 59's transparency requirements effectively addressed information asymmetry between companies and investors on ESG matters. The study's methodology included: a chronology of ESG regulation in Brazil with international comparisons; consultations with asset managers, representative associations and self-regulatory organisations; a survey of 905 respondents, primarily retail investors; qualitative evaluation of ESG disclosure quality in the FRE; and analysis of access statistics for ESG fields. The study found that while Resolution 59 represented a significant step toward expanding ESG transparency in Brazil's capital markets, access to ESG information through the FRE remains relatively low compared to other information sources. The regulatory outcome assessment proposes several directives, including: analysing disclosure segments with suboptimal quality; evaluating removal of redundant FRE fields duplicating IFRS S1 and S2 sustainability reporting standards; reducing fragmentation of ESG disclosures by limiting them to International Sustainability Standards Board (ISSB) standards; and separating ESG from broader corporate governance topics in regulatory reporting. The full study is available on the CVM website.

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Brazil Securities and Exchange Commission Publishes Regulatory Assessment of Environmental, Social and Governance Disclosure Framework

On May 11, 2026, the Brazilian Securities and Exchange Commission published a Regulatory Outcome Assessment evaluating the effectiveness of Environmental, Social and Governance (ESG) disclosure requirements introduced under CVM Resolution No. 59 for publicly traded companies’ Reference Forms (FREs). The study assessed whether the ESG disclosure framework improved transparency and reduced informational asymmetries between issuers and investors through standardized disclosure of environmental, social and governance information. The assessment included engagement with market participants and self-regulatory bodies, investor surveys, qualitative analysis of ESG disclosure quality and evaluation of investor access to ESG-related information. According to the CVM, Resolution No. 59 represented an important transitional step in Brazil’s ESG reporting framework by introducing structured ESG disclosure requirements while avoiding excessive compliance burdens on issuers through a “comply or explain” model and the non-mandatory use of independent assurance. The report identified several areas for potential future regulatory and supervisory action, including: increased regulatory scrutiny of ESG disclosure segments where reporting quality remains below the desired standard; reduction of fragmentation across ESG disclosure documents; greater alignment of sustainability disclosures with IFRS S1 and S2 standards adopted through the International Sustainability Standards Board (ISSB) framework; and separation of ESG disclosure requirements from broader corporate governance reporting obligations. The assessment also highlighted the implementation of CVM Resolution No. 193 , which established mandatory sustainability-related financial disclosures aligned with ISSB standards for publicly traded companies from fiscal year 2026 onward, with voluntary adoption available from 2024. The CVM stated that the study forms part of its broader sustainable finance agenda and ongoing efforts to align Brazilian ESG disclosure practices with international sustainability reporting standards.
3140554 pc May 11, 2026 tojuri France Autorité des Marchés Financiers financial services
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3141048 pc May 11, 2026 rghosh Japan Official Gazette financial services
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Japan Designates Additional International Terrorist Entities Under United Nations Security Council Resolutions

On the date of this Official Gazette publication, Japan announced changes to its designations of international terrorist entities under the Special Measures Law Concerning the Freezing of Assets and Other Measures Implemented by Japan Based on United Nations Security Council Resolution 1267 and Related Resolutions. The National Public Safety Commission (NPA) issued a public notice (NPA Notice 22) regarding modifications to the list of designated international terrorists subject to asset freezing and related measures. Simultaneously, the Ministry of Foreign Affairs (MOFA) issued a notice (MOFA Notice 178) amending the designation of Taliban-related individuals and entities subject to asset freezing measures pursuant to United Nations Security Council resolutions. These designations implement Japan's obligations under United Nations Security Council Resolution 1267 and subsequent related resolutions, which establish a framework for international sanctions against designated terrorist entities and individuals. The amendments reflect updates to the list of persons and entities subject to financial restrictions, including asset freezing, in accordance with international counter-terrorism financing standards. The changes apply to all financial institutions and relevant entities operating in Japan, which must ensure compliance with the updated designations to prevent transactions involving designated individuals and organisations. The updated designations are effective immediately upon publication in the Official Gazette and supersede previous listings. Financial institutions and other regulated entities must implement the necessary compliance measures to ensure no assets or funds are made available to the newly designated or modified entries. REFERENCES: Official Gazette (官報) - National Printing Bureau, Japan

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Japan Designates Additional International Terrorist Entities Under UNSC Resolutions

On May 11, 2025, Japan announced changes to its designations of international terrorist entities under the Special Measures Law Concerning the Freezing of Assets and Other Measures Implemented by Japan Based on United Nations Security Council Resolution 1267 and Related Resolutions. These designations implement Japan's obligations under United Nations Security Council Resolution 1267 and subsequent related resolutions, which establish a framework for international sanctions against designated terrorist entities and individuals. The amendments reflect updates to the list of persons and entities subject to financial restrictions, including asset freezing, in accordance with international counter-terrorism financing standards. The changes apply to all financial institutions and relevant entities operating in Japan, which must ensure compliance with the updated designations to prevent transactions involving designated individuals and organisations. The updated designations are effective immediately upon publication in the official gazette and supersede previous listings. Financial institutions and other regulated entities must implement the necessary compliance measures to ensure no assets or funds are made available to the newly designated or modified entries.
3137384 pc May 08, 2026 adavies Norway Financial Supervisory Authority horizon scanning
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Norway's Financial Supervisory Authority Updates Incident Reporting Guidance Under DORA

On the date of this update, Norway's Financial Supervisory Authority (Finanstilsynet) updated its guidance on incident reporting under the Digital Operational Resilience Act (DORA). The update clarifies reporting deadlines for serious information and communication technology (ICT)-related incidents and introduces functionality for reporting planned remediation dates. The Financial Supervisory Authority has specified the following reporting deadlines for firms experiencing serious ICT-related incidents. Initial status reports must be submitted as soon as possible upon substantial changes to incident status or handling, and no later than 72 hours after initial notification—even when no changes have occurred. Subsequent status reports should be submitted without undue delay when relevant updates occur, when normal business operations have been restored, or upon request from the Financial Supervisory Authority. Final incident reports must be submitted once the root cause has been identified and actual impact figures are available to replace estimates. Notably, remedial measures need not be completed before submitting the final report. Final reports must be submitted no later than one month after the last status report was sent. Additionally, the Financial Supervisory Authority has enhanced the Altinn reporting form for DORA incident reporting. Firms can now enter future dates in fields 4.7 (date and time when incident root causes were addressed) and field 4.8 (date and time when the incident was resolved) to indicate planned completion of remedial measures or expected final resolution dates. Firms subject to DORA should review the updated guidance and ensure their incident reporting procedures align with the clarified deadlines and new functionality. **Reference:** Finanstilsynet, Hendelsesrapportering etter DORA

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Norway's Financial Supervisory Authority Updates Incident Reporting Guidance Under DORA

On May 8, 2026, Norway's Financial Supervisory Authority (FSA) announced that it had updated its guidance on incident reporting under Regulation (EU) 2022/2554 (Digital Operational Resilience Act - DORA). The update clarifies reporting deadlines for serious information and communication technology (ICT) related incidents and introduces functionality for reporting planned remediation dates. The FSA has specified the following reporting deadlines for firms experiencing serious ICT-related incidents: Initial status reports must be submitted as soon as possible upon substantial changes to incident status or handling, and no later than 72 hours after initial notification, even when no changes have occurred. Subsequent status reports should be submitted without undue delay when relevant updates occur, when normal business operations have been restored, or upon request from the FSA. Final incident reports must be submitted once the root cause has been identified and actual impact figures are available to replace estimates. Remedial measures need not be completed before submitting the final report. Final reports must be submitted no later than one month after the last status report was sent. Additionally, the FSA has enhanced the Altinn reporting form for DORA incident reporting. Firms can now enter future dates in fields 4.7 (date and time when incident root causes were addressed) and field 4.8 (date and time when the incident was resolved) to indicate planned completion of remedial measures or expected final resolution dates.
3137285 pc May 08, 2026 adavies European Union European Commission - News horizon scanning
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European Commission Launches Consultation on Artificial Intelligence Act Transparency Guidelines

On 8 May 2026, the European Commission published draft guidelines on transparency obligations for artificial intelligence (AI) systems under Article 50 of the AI Act, inviting stakeholder feedback through a targeted consultation. The guidelines aim to clarify the scope of transparency requirements and assist providers and deployers of interactive and generative AI systems in meeting their compliance obligations. The transparency rules will become applicable on 2 August 2026. Under these requirements, providers of AI systems must inform users when they are interacting with an AI system and implement machine-readable marks in generative AI systems to enable detection of synthetic content as AI-generated or manipulated. Deployers must inform people when they are exposed to deepfakes and AI-generated publications on matters of public interest, as well as when emotion recognition or biometric categorisation systems are deployed. The draft guidelines incorporate input from previous consultations and complement a parallel Code of Practice on transparency of AI-generated content, which will serve as a voluntary tool to support practical implementation of the AI Act's marking and labelling obligations. The consultation targets companies of all sizes—from startups and small and medium-sized enterprises (SMEs) to large companies—as well as other organisations developing and deploying AI systems. Stakeholders including providers, deployers, businesses, public authorities, academia, research institutions, and citizens are invited to participate. Responses must be submitted through the online questionnaire by 3 June 2026. Only responses received via the online platform will be considered and reflected in the final summary report. REFERENCES: https://digital-strategy.ec.europa.eu/en/consultations/consultation-draft-guidelines-transparency-obligations-under-ai-act

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European Commission Consults on Artificial Intelligence Act Transparency Guidelines

On May 8, 2026, the European Commission launched a consultation on its draft guidelines on transparency obligations for artificial intelligence (AI) systems under Article 50 of Regulation (EU) 2024/1689 (AI Act – AIA). The guidelines aim to clarify the scope of transparency requirements and assist providers and deployers of interactive and generative AI systems in meeting their compliance obligations. The transparency rules will become applicable on August 2, 2026. Under these requirements, providers of AI systems must inform users when they are interacting with an AI system and implement machine-readable marks in generative AI systems to enable detection of synthetic content as AI-generated or manipulated. The draft guidelines incorporate input from previous consultations and complement a parallel Code of Practice on transparency of AI-generated content, which will serve as a voluntary tool to support practical implementation of the AI Act's marking and labelling obligations. The European Commission is seeking feedback on its consultation by June 3, 2026, which may be submitted via this link .
3138390 pc May 08, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Department of the Treasury Designates Individuals and Companies Facilitating Iran's Weapons and Unmanned Aerial Vehicle Procurement

On May 8, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated 10 individuals and companies based across the Middle East, Asia, and Eastern Europe as part of the Economic Fury campaign. The designations target entities enabling Iran's military acquisition of weapons and raw materials for Iran's Shahed-series unmanned aerial vehicles (UAVs) and ballistic missile programs. Concurrently, the U.S. Department of State designated four additional entities connected to Iran's conventional arms activities. The designated persons include: China-based Yushita Shanghai International Trade Co Ltd, Dubai-based Elite Energy FZCO, Hong Kong-based AE International Trade Co Limited, Hong Kong-based HK Hesin Industry Co Limited, Belarus-based Armory Alliance LLC, Belarussian national Mohammadmahdi Maleki, Belarussian national Mohammed Ali Tolibov (chief executive of Armory Alliance), Hong Kong-based Mustad Limited, China-based Hitex Insulation Ningbo Company Limited, and Chinese national Li Genping. These entities facilitated weapons procurement for Iran's Center for Innovation and Technology Cooperation (CITC) and the Islamic Revolutionary Guard Corps (IRGC), including man-portable air-defence systems, servomotors for UAVs, and aerospace-grade materials such as carbon fibre and honeycomb fabric. The designations were made pursuant to Executive Order 13382, targeting weapons of mass destruction proliferators and their supporters. All property and interests in property of designated persons within the United States or in possession or control of U.S. persons are blocked. U.S. persons are prohibited from conducting transactions involving designated persons unless authorised or exempt by OFAC. Violations may result in civil or criminal penalties. Foreign financial institutions engaging in significant transactions with designated persons risk secondary sanctions, including restrictions on correspondent accounts or payable-through accounts in the United States.

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US Office of Foreign Assets Control Designates Networks Supplying Weapons and UAV Components to Iran

On May 8, 2026, the US Office of Foreign Assets Control (OFAC) designated 10 individuals and entities based across the Middle East, East Asia and Eastern Europe as part of its "Economic Fury" campaign. The designations target networks enabling Iran's military acquisition of weapons and raw materials for its Shahed-series unmanned aerial vehicles (UAVs) and ballistic missile programs. The new designees include: China-based Yushita Shanghai International Trade Co. Ltd., Dubai-based Elite Energy FZCO, Hong Kong-based AE International Trade Co. Ltd., Hong Kong-based HK Hesin Industry Co. Ltd., Belarus-based Armory Alliance LLC, Belarussian national Mohammadmahdi Maleki and Chinese national Li Genping. The designations were made pursuant to Executive Order 13382 , targeting weapons of mass destruction proliferators and their supporters. All property and interests in property of the newly designated individual and entities are blocked, and US individuals and entities are generally prohibited from conducting transactions with them unless expressly authorized by OFAC.
3137142 pc May 08, 2026 adavies European Union Publications - Banking Supervision EU financial services
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European Central Bank Publishes Updated Report on Good Practices for Climate and Nature-Related Risk Stress Testing

In May 2026, the European Central Bank (ECB) published an updated report on good practices for climate and nature-related risk stress testing, building on its initial 2022 climate risk stress test (CST) exercise. The report reflects supervisory observations from follow-up activities conducted between 2023 and 2025 across significant institutions under ECB supervision. The report identifies good practices across three primary areas: the design of internal climate stress-testing frameworks, data collection strategies for climate-related risks, and techniques for integrating climate risks into credit risk models. By the end of 2024, all significant institutions had integrated climate risk into their stress-testing frameworks, compared to only 41 percent in 2022. However, the ECB observed that material risk drivers, relevant portfolios, and key transmission channels remain overlooked in some cases. The 2026 update expands coverage beyond the original 2022 focus on transition risk. New sections address physical risk modelling approaches—including acute and chronic physical risks—and emerging practices for integrating nature-related risks into stress testing. The report emphasises that while transition risk approaches are generally more mature, physical risk modelling and nature-related risk integration remain nascent across the industry. The report provides practical examples of counterparty-level modelling, sectoral approaches, and asset-class-specific techniques for transmitting climate risks to probability of default and loss given default parameters. The ECB notes that data challenges persist, particularly regarding greenhouse gas emissions collection and energy performance certificates for real estate portfolios. The report documents good practices for addressing data gaps through proxy estimation methodologies, including physical activity-based and economic activity-based approaches aligned with Partnership for Carbon Accounting Financials guidance. The report is non-binding and illustrative only. Institutions may achieve full compliance with applicable regulatory frameworks through alternative measures appropriate to their risk profile, business model, and circumstances. The report complements the European Banking Authority (EBA) Guidelines on environmental scenario analysis, which enter into effect on 1 January 2027.

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European Central Bank Publishes Report on Good Practices for Climate and Nature-Related Risk Stress Testing

On May 8, 2026, the European Central Bank (ECB) published a report on good practice for climate and nature-related risk stress testing for the banking sector. As explained by the ECB, climate stress-testing exercises have emerged as a key tool for supervisors to assess the impact of climate and nature-related risks on the banking system. Banks themselves are also increasingly using climate stress testing to inform required disclosures and strategic choices as part of their climate-related risk management. This report provides banks with examples of identified good practices from the 2022 ECB climate risk stress test (CST) and subsequent follow-up activities that took place between 2023 and 2025. It outlines: Climate stress-testing framework. Data requirements for climate stress testing. The integration of climate and nature-related risk into stress test and credit risk models.
3133126 pc May 08, 2026 rghosh Japan Japan Cryptocurrency Business Association horizon scanning
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Japan Cryptocurrency Business Association Publishes Cryptocurrency Staking Business Best Practices

On May 7, 2026, the Japan Cryptocurrency Business Association (JCBA), chaired by Noriyuki Hirosue, published best practices guidance for cryptocurrency staking businesses. The guidance was developed by the JCBA's Staking Committee, chaired by Eisuke Watanabe, and is intended to serve as a reference for staking service providers and related industry participants. The best practices address the expanding domestic and international staking market by emphasising safety, transparency, and user protection. The guidance recognises that while staking-related services have expanded in Japan following the adoption of Proof-of-Stake (PoS) and related models, risk management approaches, information disclosure practices, and user communication methods vary significantly across service providers. The best practices framework covers key operational areas including staking service classifications, primary staking risks, operational requirements and emergency response procedures, information disclosure and accountability, compliance, external audits, and tax and accounting considerations. The guidance is non-binding and is positioned as a reference framework for operators to inform business decisions and service improvements, rather than as regulatory or enforceable requirements. The JCBA Staking Committee intends to use publication of the best practices as a catalyst for ongoing dialogue among service providers and to address practical industry challenges. The Committee plans to update the guidance as necessary to support safe and sustainable service provision among JCBA member companies and other domestic and international staking service providers with an interest in the guidance. The best practices document is available for download on the JCBA website.

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Japan Cryptocurrency Business Association Publishes Cryptocurrency Staking Business Best Practices

On May 7, 2026, the Japan Cryptocurrency Business Association (JCBA), chaired by Noriyuki Hirosue, published best practices guidance for cryptocurrency staking businesses. The guidance was developed by the JCBA's Staking Committee, chaired by Eisuke Watanabe, and is intended to serve as a reference for staking service providers and related industry participants. The best practices address the expanding domestic and international staking market by emphasising safety, transparency, and user protection. The guidance recognises that while staking-related services have expanded in Japan following the adoption of Proof-of-Stake (PoS) and related models, risk management approaches, information disclosure practices, and user communication methods vary significantly across service providers. The best practices framework covers key operational areas including staking service classifications, primary staking risks, operational requirements and emergency response procedures, information disclosure and accountability, compliance, external audits, and tax and accounting considerations. The guidance is non-binding and is positioned as a reference framework for operators to inform business decisions and service improvements, rather than as regulatory or enforceable requirements. The JCBA Staking Committee intends to use publication of the best practices as a catalyst for ongoing dialogue among service providers and to address practical industry challenges. The Committee plans to update the guidance as necessary to support safe and sustainable service provision among JCBA member companies and other domestic and international staking service providers with an interest in the guidance. The best practices document is available for download on the JCBA website.
3133887 pc May 08, 2026 adavies European Union European Payments Council horizon scanning
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European Payments Council Launches API Reference Toolbox Version 1.1

On May 6, 2026, the European Payments Council (EPC) announced the official launch of API Reference Toolbox (ART) v1.1, following the successful completion of its pilot phase. The platform became available to all participants on May 7, 2026, to support the rollout of Verification of Payee (VOP) v1.1. ART v1.1 enables participants to execute and validate both previously available test cases and new test cases introduced as part of the v1.1 release. The toolbox is designed to support testing and validation activities across the payments ecosystem. The EPC has made available comprehensive resources to assist users, including the ART User Guide, a list of test cases, video tutorials, and example files accessible through the toolbox's frequently asked questions section. Technical support is available through the dedicated ART Support Desk at [email protected]. The EPC encourages all participants to utilise the ART platform to facilitate their testing and validation processes. The toolbox can be accessed at https://toolbox.epc-cep.eu/. This release represents a key infrastructure development for payment service providers and other market participants implementing VOP v1.1 standards within the European payments landscape.

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European Payments Council Launches API Reference Toolbox Version 1.1

On May 6, 2026, the European Payments Council (EPC) announced the official launch of API Reference Toolbox (ART) v1.1, following the successful completion of its pilot phase. The platform became available to all participants on May 7, 2026, to support the rollout of Verification of Payee (VOP) v1.1. ART v1.1. It enables participants to execute and validate both previously available test cases and new test cases introduced as part of the v1.1 release. The toolbox is designed to support testing and validation activities across the payments ecosystem. The EPC has made available resources to assist users, including the ART User Guide, a list of test cases, video tutorials and example files accessible through the toolbox's frequently asked questions section. The EPC encourages all participants to utilise the ART platform to facilitate their testing and validation processes.
3133557 pc May 08, 2026 adavies European Union European Securities and Markets Authority financial services
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European Securities and Markets Authority Issues Prospectus Guidance Ahead of Delegated Regulation Amendments

On May 7, 2026, the European Securities and Markets Authority (ESMA) issued a public statement providing guidance on prospectus requirements during the transitional period preceding the entry into application of amendments to the Delegated Regulation under the Prospectus Regulation (PR). The guidance addresses anticipated delays in the application of the Delegated Act amending Commission Delegated Regulation (EU) 2019/980, which introduces standardised formats, streamlined content requirements, and revised scrutiny and approval procedures for prospectuses. These changes were introduced by the Listing Act (Regulation (EU) 2024/2809), which aims to simplify capital markets and reduce regulatory burden while maintaining financial stability, orderly markets, and investor protection. The Level 1 provisions of the PR will fully enter into application on June 5, 2026. However, ESMA anticipates a delay in the Delegated Act's entry into application, creating uncertainty for prospectuses approved on or after this date. During this interim period, ESMA recommends that stakeholders and national competent authorities (NCAs) rely on the Level 1 provisions of the PR, which already apply. ESMA further recommends using the provisions in the Delegated Act as adopted by the European Commission on May 7, 2026 as a reference point to determine the granular disclosure necessary to satisfy Level 1 requirements. While this guidance is non-binding, it is intended to assist stakeholders and NCAs in interpreting PR obligations during the transition. The Delegated Act will enter into application following its publication in the Official Journal of the European Union and the expiration of the co-legislators' objection period.

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European Securities and Markets Authority Issues Statement on Prospectus Guidance Ahead of Delegated Regulation Amendments

On May 7, 2026, the European Securities and Markets Authority (ESMA) issued a public statement providing guidance on prospectus requirements during the transitional period preceding the entry into application of amendments to the Delegated Regulation under Regulation (EU) 2024/2809 (Prospectus Regulation – PR). The guidance addresses anticipated delays in the application of the Delegated Act amending Commission Delegated Regulation (EU) 2019/980 , which introduces standardised formats, streamlined content requirements and revised scrutiny and approval procedures for prospectuses. These changes were introduced by the Listing Act, which aims to simplify capital markets and reduce regulatory burden while maintaining financial stability, orderly markets and investor protection. The Level 1 provisions of the PR will fully enter into application on June 5, 2026. However, ESMA anticipates a delay in the delegated act's entry into application, creating uncertainty for prospectuses approved on or after this date. During this interim period, ESMA recommends that stakeholders and national competent authorities (NCAs) rely on the Level 1 provisions of the PR, which already apply. ESMA further recommends using the provisions in the Delegated Act as adopted by the European Commission on May 7, 2026 as a reference point to determine the granular disclosure necessary to satisfy Level 1 requirements. While this guidance is non-binding, it is intended to assist stakeholders and NCAs in interpreting PR obligations during the transition. The delegated act will enter into application following its publication in the Official Journal of the European Union.
3133589 pc May 08, 2026 adavies European Union European Banking Authority horizon scanning
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European Banking Authority Amends Guidelines on Definition of Default

On May 7, 2026, the European Banking Authority (EBA) published its final Report amending the Guidelines on the application of the definition of default under Article 178 of Regulation (EU) No 575/2013 (Capital Requirements Regulation). The amendments introduce targeted changes to address specific technical aspects of non-recourse factoring and align the Guidelines with amendments introduced by the Capital Requirements Regulation 3 (CRR 3). The key amendment extends the past-due treatment threshold for non-recourse factoring at the individual invoice level from 30 to 90 days. This extension better reflects the operational features of invoice-based receivables and reduces the risk of incorrect default classifications. The EBA confirmed that the 1 percent net present value (NPV) threshold applied to reductions in NPV loss in debt restructuring remains appropriate for prudential default recognition. The EBA determined that the current NPV threshold framework is sufficiently flexible, risk-sensitive, and consistent with the accounting framework. It does not lead to default misclassifications as it applies only to borrowers experiencing financial difficulties and to restructurings resulting in losses. The EBA noted that amending this framework—such as by increasing the NPV threshold—could undermine post-financial-crisis efforts to reduce non-performing loans, weaken the reliability of capital and provisioning assessments, and entail significant operational costs for credit institutions, including model redevelopment and revalidation. The amendments align with the EBA's mandate under Article 178(7) of the CRR, as amended by Regulation (EU) 2024/1623, to review and update the Guidelines while encouraging proactive, preventive, and meaningful debt restructuring to support obligors.

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European Banking Authority Amends Guidelines on Definition of Default

On May 7, 2026, the European Banking Authority (EBA) published guidelines amending the Guidelines (EBA/GL/2016/07) on the application of the definition of default under Article 178 of Regulation (EU) No. 575/2013 (Capital Requirements Regulation – CRR). The amendments introduce targeted changes to address specific technical aspects of non-recourse factoring and align the guidelines with amendments introduced by Regulation (EU) 2024/1623 (Capital Requirements Regulation 3 - CRR3). The key amendment extends the past-due treatment threshold for non-recourse factoring at the individual invoice level from 30 to 90 days. This extension better reflects the operational features of invoice-based receivables and reduces the risk of incorrect default classifications. Additionally, the EBA confirmed that the 1 percent net present value (NPV) threshold applied to reductions in NPV loss in debt restructuring remains appropriate for prudential default recognition. The EBA determined that the current NPV threshold framework is sufficiently flexible, risk-sensitive and consistent with the accounting framework. The guidelines will next be translated into all EU languages and published on the EBA’s website. Upon publication, national competent authorities will have two months to report whether they comply with the guidelines. It will apply three months after the translated publication.
3133588 pc May 08, 2026 adavies European Union European Banking Authority horizon scanning
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European Banking Authority Consults on Risk Weight Amendments for Specialised Lending Exposures

On May 7, 2026, the European Banking Authority (EBA) launched a public consultation on proposed amendments to its Regulatory Technical Standards (RTS) governing the assignment of risk weights to specialised lending exposures under the Supervisory Slotting Criteria Approach (SSCA). The amendments aim to update the RTS in light of changes introduced by the revised Capital Requirements Regulation (CRR3) and to enhance risk sensitivity, clarity, and usability of the framework. The proposed changes align the RTS with definitions and terminology introduced by CRR3, remove certain constraints in the current methodology to better reflect risk, and introduce clarifications to assessment criteria to simplify their application. These updates support consistent and robust prudential treatment of specialised lending exposures across the European Union (EU), promoting sound risk management and financial stability. The EBA developed the draft amending RTS under Article 153(9) of Regulation (EU) No 575/2013, which mandates the Authority to specify how institutions account for factors when assigning risk weights to specialised lending exposures under the SSCA. This mandate was renewed by CRR3. The public consultation runs until August 7, 2026. Responses can be submitted via the consultation page. A public hearing will take place via conference call on May 27, 2026, from 10:00 to 11:00 Central European Summer Time (CEST). Registration for the hearing closes on May 22, 2026, at 10:00 CEST. The consultation paper and draft RTS are available on the EBA website. **Reference:** European Banking Authority. (2026, May 7). The EBA consults on amendments to the RTS on the assignment of risk weights to specialised lending exposures under the Supervisory Slotting Criteria Approach. Retrieved from https://www.eba.europa.eu/

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European Banking Authority Consults on Risk Weight Amendments for Specialised Lending Exposures

On May 7, 2026, the European Banking Authority (EBA) launched a consultation on its draft regulatory technical standards amending Delegated Regulation (EU) 2021/598 supplementing Regulation (EU) No. 575/2013 (Capital Requirements Regulation – CRR) with regard to regulatory technical standards for assigning risk weights to specialised lending exposures. The amendments aim to update the RTS in light of changes introduced by Regulation (EU) 2024/1623 (Capital Requirements Regulation 3 - CRR3) and to enhance risk sensitivity, clarity and usability of the framework. The proposed changes align the RTS with definitions and terminology introduced by CRR3, remove certain constraints in the current methodology to better reflect risk, and introduce clarifications to assessment criteria to simplify their application. These updates support consistent and robust prudential treatment of specialised lending exposures across the European Union, promoting sound risk management and financial stability. The EBA is seeking feedback on its consultation by August 7, 2026, which may be submitted via this link .
3160402 pc May 08, 2026 rghosh South Africa Government of South Africa financial services
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South Africa's Government Publishes Second Variation of Conditions for Efficacy Payments Designation Under National Payment System Act

The Government of South Africa published a second variation of conditions for efficacy payments designation under the National Payment System Act (NPS Act). The variation appears in Government Gazette documentation and establishes revised conditions governing the designation and operation of efficacy payments within South Africa's national payment system framework. The NPS Act provides the legislative foundation for regulating payment systems in South Africa. Efficacy payments designations determine which payment systems and participants meet the criteria for formal recognition and operation within the national payment infrastructure. The second variation represents an update to previously established conditions, indicating an evolution in the regulatory requirements or operational parameters for entities seeking or maintaining efficacy payments designation. This variation affects payment system operators, financial institutions, and other entities involved in or seeking participation in South Africa's national payment system. The updated conditions may impact licensing requirements, operational standards, risk management protocols, or other regulatory obligations for designated payment systems. The specific details of the conditions, effective dates, and implementation requirements are contained in the Government Gazette publication. Stakeholders in South Africa's payment system industry should review the full variation to understand any changes to existing designations or requirements for new applications. **Reference:** Government of South Africa, National Payment System Act: Second variation of conditions for efficacy payments designation under the NPS Act, Government Gazette (available at gov.za)

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South Africa's Government Publishes Second Variation of Conditions for Efficacy Payments Designation Under National Payment System Act

On May 8, the Government of South Africa published a second variation of conditions for efficacy payments designation under the National Payment System Act (NPS Act) . The variation appears in Government Gazette documentation and establishes revised conditions governing the designation and operation of efficacy payments within South Africa's national payment system framework. The NPS Act provides the legislative foundation for regulating payment systems in South Africa.  The second variation represents an update to previously established conditions, indicating an evolution in the regulatory requirements or operational parameters for entities seeking or maintaining efficacy payments designation. This variation affects payment system operators, financial institutions, and other entities involved in or seeking participation in South Africa's national payment system. The updated conditions may impact licensing requirements, operational standards, risk management protocols, or other regulatory obligations for designated payment systems. The specific details of the conditions, effective dates, and implementation requirements are contained in the Government Gazette publication. Stakeholders in South Africa's payment system industry should review the full variation to understand any changes to existing designations or requirements for new applications.
3134196 gc May 07, 2026 mschanke Ontario Alcohol and Gaming Commission of Ontario gamblingcompliance
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Ontario's Alcohol and Gaming Commission Enforces Action Against Game Suppliers for Unregulated Website Access

On May 7, 2026, the Alcohol and Gaming Commission of Ontario (AGCO) served Orders of Monetary Penalties of $40,000 each to Relax Gaming Limited and Arrise Solutions Limited. The enforcement action followed an AGCO investigation that identified games created by these companies on unregulated gambling websites accessible to Ontario players. Both companies are registered with the AGCO to create and supply slot and casino-style games for Ontario's regulated iGaming market. The AGCO prohibits regulated entities from supplying their products to unregulated gaming websites available to Ontario players. Unregulated gaming sites operate outside Ontario's regulatory framework, offering no guaranteed player protections, information security safeguards, game integrity assurance, or responsible gaming measures. Such sites increase risks of player harm and criminal activity, including money laundering and match-fixing. Ontario's regulated iGaming market requires operators to implement strong consumer protections and comply with enforceable standards. The AGCO actively monitors the market to identify regulated entities supplying the unregulated sector and works to disrupt unregulated gaming operations and their supply chains. Following notification from AGCO investigators, both Relax Gaming and Arrise Solutions cooperated fully with the investigation and took prompt action to restrict access to their games by Ontario players on unregulated sites. Dr. Karin Schnarr, AGCO Chief Executive Officer and Registrar, stated that unregulated gaming sites expose players to real harm by operating outside Ontario's regulatory framework, offering no assurance of fair games, timely withdrawals, or meaningful dispute resolution. **Reference:** Alcohol and Gaming Commission of Ontario. (May 7, 2026). AGCO takes enforcement action against two companies for allowing their games on unregulated gaming websites. Retrieved from AGCO official communications.

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Ontario regulator fines game suppliers $80,000 for unregulated website access

On May 7, 2026, the Alcohol and Gaming Commission of Ontario (AGCO) served orders of monetary penalties of $40,000 each to Relax Gaming Limited and Arrise Solutions Limited, both of which are registered with the AGCO to create and supply slot and casino-style games for Ontario's regulated iGaming market. The enforcement action followed an AGCO investigation that identified games created by these companies on unregulated gambling websites accessible to Ontario players. The AGCO prohibits regulated entities from supplying their products to unregulated gaming websites available to Ontario players. Following notification from AGCO investigators, both Relax Gaming and Arrise Solutions cooperated fully with the investigation and took prompt action to restrict access to their games by Ontario players on unregulated sites.
3134214 pc May 07, 2026 pdonofrio US Track 2 News Releases - Office of the Comptroller of the Currency (OCC) financial services
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Office of the Comptroller of the Currency Publishes Spring 2026 Semiannual Risk Perspective

On May 7, 2026, the Office of the Comptroller of the Currency (OCC) published its Semiannual Risk Perspective for Spring 2026, outlining key risks facing the federal banking system. The report notes that bank earnings improved in 2025, supported by loan growth and declining funding costs, with these trends persisting into the first quarter of 2026. Balance sheets remain strong with capital ratios and liquidity high by historical standards. However, the OCC identified four primary risk themes requiring ongoing attention: credit, market, operational, and compliance risks. On credit risk, the OCC highlighted refinancing risk in certain commercial real estate lending segments and private credit markets as warranting continued monitoring. Modest increases in past-due loans have been observed in some consumer portfolios, though OCC-supervised banks maintain manageable exposures to borrowers with weaker credit profiles. Operational and compliance risks centre on cyber threats and fraud. Cybercriminal groups targeting the financial sector are increasingly sophisticated, with foreign state-sponsored actors continuing to pose threats. Banks face elevated and rising levels of fraud and scams. The OCC noted that a sound understanding of advanced artificial intelligence tools for cybersecurity functions can be important for cyber risk management. Geopolitical tensions are increasing sanctions and money laundering risk, straining bank compliance systems and raising the potential for sanctions and Bank Secrecy Act/anti-money laundering violations. The OCC continues to prioritise tailoring bank supervision and regulations to risk and complexity to reduce burden on regulated institutions and support economic growth. **Reference:** Office of the Comptroller of the Currency. (2026, May 7). OCC's Semiannual Risk Perspective Highlights Key Risks in Federal Banking System. News Release 2026-35. https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-35.html

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US Office of the Comptroller of the Currency Publishes Semiannual Risk Perspective

On May 7, 2026, the US Office of the Comptroller of the Currency (OCC) published its Semiannual Risk Perspective for spring 2026, outlining key risks facing the federal banking system. The report notes that bank earnings improved in 2025, supported by loan growth and declining funding costs, with these trends persisting into the first quarter of 2026. Balance sheets also remain strong with capital ratios and liquidity high by historical standards. However, the OCC identified credit, market, operational and compliance risks as key risk themes in the report. Highlights from the report include: Credit conditions and refinancing risk in certain segments of commercial real estate lending and private credit markets warrant ongoing monitoring. Modest increases in past-due loans have been observed in some consumer portfolios; however, OCC-supervised banks have manageable exposures to borrowers with weaker credit profiles. Cyber threats and fraud remain a concern; cybercriminal groups targeting the financial sector are increasingly sophisticated, and foreign state-sponsored actors continue to pose a threat. A sound understanding of the potential benefits and possible risks associated with increasingly advanced AI tools coming onto the market that can assist with cybersecurity functions can be important for cyber risk management. Geopolitical tensions increase sanctions and money laundering risk, straining bank compliance systems, and may raise the potential for sanctions and Bank Secrecy Act (BSA) violations.
3134214 pc May 07, 2026 pdonofrio US Track 2 News Releases - Office of the Comptroller of the Currency (OCC) financial services
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Office of the Comptroller of the Currency Publishes Spring 2026 Semiannual Risk Perspective

On May 7, 2026, the Office of the Comptroller of the Currency (OCC) published its Semiannual Risk Perspective for Spring 2026, outlining key risks facing the federal banking system. The report notes that bank earnings improved in 2025, supported by loan growth and declining funding costs, with these trends persisting into the first quarter of 2026. Balance sheets remain strong with capital ratios and liquidity high by historical standards. However, the OCC identified four primary risk themes requiring ongoing attention: credit, market, operational, and compliance risks. On credit risk, the OCC highlighted refinancing risk in certain commercial real estate lending segments and private credit markets as warranting continued monitoring. Modest increases in past-due loans have been observed in some consumer portfolios, though OCC-supervised banks maintain manageable exposures to borrowers with weaker credit profiles. Operational and compliance risks centre on cyber threats and fraud. Cybercriminal groups targeting the financial sector are increasingly sophisticated, with foreign state-sponsored actors continuing to pose threats. Banks face elevated and rising levels of fraud and scams. The OCC noted that a sound understanding of advanced artificial intelligence tools for cybersecurity functions can be important for cyber risk management. Geopolitical tensions are increasing sanctions and money laundering risk, straining bank compliance systems and raising the potential for sanctions and Bank Secrecy Act/anti-money laundering violations. The OCC continues to prioritise tailoring bank supervision and regulations to risk and complexity to reduce burden on regulated institutions and support economic growth. **Reference:** Office of the Comptroller of the Currency. (2026, May 7). OCC's Semiannual Risk Perspective Highlights Key Risks in Federal Banking System. News Release 2026-35. https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-35.html

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Office of the Comptroller of the Currency Publishes Spring 2026 Semiannual Risk Perspective

On May 7, 2026, the Office of the Comptroller of the Currency (OCC) published its Semiannual Risk Perspective for Spring 2026, outlining key risks facing the federal banking system. The report notes that bank earnings improved in 2025, supported by loan growth and declining funding costs, with these trends persisting into the first quarter of 2026. Balance sheets remain strong with capital ratios and liquidity high by historical standards. However, the OCC identified four primary risk themes requiring ongoing attention: credit, market, operational, and compliance risks. On credit risk, the OCC highlighted refinancing risk in certain commercial real estate lending segments and private credit markets as warranting continued monitoring. Modest increases in past-due loans have been observed in some consumer portfolios, though OCC-supervised banks maintain manageable exposures to borrowers with weaker credit profiles. Operational and compliance risks centre on cyber threats and fraud. Cybercriminal groups targeting the financial sector are increasingly sophisticated, with foreign state-sponsored actors continuing to pose threats. Banks face elevated and rising levels of fraud and scams. The OCC noted that a sound understanding of advanced artificial intelligence tools for cybersecurity functions can be important for cyber risk management. Geopolitical tensions are increasing sanctions and money laundering risk, straining bank compliance systems and raising the potential for sanctions and Bank Secrecy Act/anti-money laundering violations. The OCC continues to prioritise tailoring bank supervision and regulations to risk and complexity to reduce burden on regulated institutions and support economic growth. **Reference:** Office of the Comptroller of the Currency. (2026, May 7). OCC's Semiannual Risk Perspective Highlights Key Risks in Federal Banking System. News Release 2026-35. https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-35.html
3133675 pc May 07, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning
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United States Treasury Department Issues Cuba General License and Updates Sanctions Designations

On May 7, 2026, the Office of Foreign Assets Control (OFAC), a division of the U.S. Department of the Treasury, issued Cuba General License 1, "Transactions Authorized Pursuant to the Cuban Assets Control Regulations." Concurrently, OFAC released six new Cuba-related Frequently Asked Questions (FAQs 1251-1256) and updated its Specially Designated Nationals and Blocked Persons List (SDN List). The SDN List updates include the addition of five individuals and four entities. The individuals added include Mohammed Issa Kadhim Al Shuwaili, Ali Maarij Al-Bahadly, Mustafa Hashim Lazim Al-Behadili, Ania Guillermina Lastres Morera, and Ahmed Khudair Maksus. These designations target individuals linked to Iran-backed terrorist militias operating in Iraq and Cuban government officials. The entities added to the list include Gulf Energy for General Transport and Marine Services and Real Estate Consultancy LLC, Gulf Energy Oil Services Limited, Gulf General Contracting Limited, and Iraq International Energy for the Import and Sale for Petroleum Products Limited. These entities are based in Iraq and operate in the petroleum and transportation sectors, with secondary sanctions risk under Executive Order 13224, as amended by Executive Order 13886. OFAC also made updates to existing SDN List entries for Grupo de Administración Empresarial S.A. (GAESA) and Moa Nickel SA, both Cuban entities, adding entity codes and expanded organisational information to their designations. The updates reflect OFAC's ongoing enforcement of sanctions programmes targeting terrorism financing, Iran-related activities, and Cuban government entities. The issuance of the Cuba General License provides authorised transactions under the Cuban Assets Control Regulations.

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US Office of Foreign Assets Control Issues Cuba-Related General License and FAQs

On May 7, 2026, the US Office of Foreign Assets Control (OFAC) issued Cuba-related General License 1 , which provides that all transactions prohibited by Executive Order 14404 are authorized to the extent such transactions are authorized or exempt under the Cuban Assets Control Regulations (CACR), including transactions authorized by a general or specific license pursuant to the CACR. Additionally, OFAC released six new Cuba-related frequently asked questions (FAQs), as well as updating its Specially Designated Nationals (SDN) list to designate one Cuban individual and two Cuban-based entities. All property and interests in property of the newly designated individual and entities are blocked, and US individuals and entities are generally prohibited from conducting transactions with them unless expressly authorized by OFAC.
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U.S. Department of the Treasury Designates Iraqi Oil Official and Iran-Backed Terrorist Militia Leaders

On May 7, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated individuals and entities involved in oil smuggling and terrorism financing in Iraq as part of its Economic Fury campaign targeting Iran and its proxy militias. The designations include Ali Maarij Al-Bahadly, Iraq's Deputy Minister of Oil, who facilitated the diversion of Iraqi oil to benefit Iran and Iran-backed terrorist militias. OFAC also designated three senior leaders of Iran-aligned terrorist organisations: Mustafa Hashim Lazim Al-Behadili from Asa'ib Ahl Al-Haq (AAH), Ahmed Khudair Maksus Maksus from Kata'ib Sayyid al-Shuhada (KSS), and Mohammed Issa Kadhim al-Shuwaili, also from KSS. Four Iraqi companies operating in the oil sector and owned or controlled by Al-Behadili were also designated. Al-Bahadly allegedly used his positions within Iraq's Ministry of Oil to grant exportation rights to companies linked to Iran-affiliated oil smuggler Salim Ahmed Said, enabling the diversion of millions of dollars' worth of oil daily from the Qayarah oil field. Al-Behadili oversaw oil smuggling operations and mineral industry activities for AAH, coordinating with the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). Al-Shuwaili arranged payments of millions of dollars to Hizballah for weapons purchases and coordinated logistics for weapons transfers into Iraq. The designations were made pursuant to Executive Order 13902, targeting Iran's petroleum sector, and Executive Order 13224, targeting terrorist groups and their supporters. As a result, all property and interests in property of the designated persons in the United States or controlled by U.S. persons are blocked. U.S. persons are prohibited from conducting transactions involving designated persons unless authorised by OFAC. Violations may result in civil or criminal penalties. Foreign financial institutions engaging in significant transactions on behalf of designated persons risk secondary sanctions.

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US Office of Foreign Assets Control Designates Iraqi Oil Official and Iran-Backed Militias

On May 7, 2026, the US Office of Foreign Assets Control (OFAC) announced that it had designated multiple individuals and entities involved in oil smuggling and terrorism financing in Iraq as part of its "Economic Fury" campaign targeting Iran and its proxies. The designations include Ali Maarij al-Bahadly, Iraq's Deputy Minister of Oil, who, according to OFAC, facilitated the diversion of Iraqi oil to benefit Iran and Iran-backed militias in Iraq. OFAC also designated three senior leaders of Iran-backed militias: Mustafa Hashim Lazim al-Behadili from Asa'ib Ahl al-Haq (AAH), Ahmed Khudair Maksus Maksus from Kata'ib Sayyid al-Shuhada (KSS) and Mohammed Issa Kadhim al-Shuwaili, also from KSS. Additionally, four Iraqi companies operating in the oil sector and owned or controlled by al-Behadili were designated. The designations were made pursuant to Executive Order 13902 , targeting Iran's oil sector, and Executive Order 13224 , targeting terrorist groups and their supporters. All property and interests in property of the newly designated individuals and entities are blocked, and US individuals and entities are generally prohibited from conducting transactions with them unless expressly authorized by OFAC.
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