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3131762 pc May 07, 2026 pthandapani India Reserve Bank of India horizon scanning
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India's Reserve Bank Issues Foreign Exchange Management Authorised Persons Regulations

On May 6, 2026, the Reserve Bank of India (RBI) issued the Foreign Exchange Management (Authorised Persons) Regulations, 2026. The regulations rationalise the authorisation and renewal framework for authorised persons operating in India's foreign exchange market and extend the principal-agent model for delivery of foreign exchange facilities while maintaining appropriate checks and balances. The RBI developed the regulations following a consultation period on a draft framework published on December 26, 2023. The central bank examined and incorporated feedback received from stakeholders during this consultation process. The RBI's responses to major comments received from stakeholders during the consultation are detailed in an annex accompanying the press release. The regulations represent a significant update to India's foreign exchange authorisation regime, streamlining processes for entities seeking to operate as authorised persons in the foreign exchange market. By extending the principal-agent model, the regulations aim to facilitate broader delivery of foreign exchange services across India's financial system while ensuring regulatory oversight and risk management remain in place. Authorised persons under these regulations include banks, non-bank financial institutions, and other entities permitted to conduct foreign exchange transactions on behalf of customers. The updated framework is intended to enhance efficiency in foreign exchange operations and provide clarity on authorisation requirements and renewal procedures for market participants. REFERENCES: Reserve Bank of India. "Issuance of Foreign Exchange Management (Authorised Persons) Regulations, 2026." Press Release, May 6, 2026. https://www.rbi.org.in

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India's Reserve Bank Issues Foreign Exchange Management Authorised Persons Regulations

On May 6, 2026, the Reserve Bank of India (RBI) issued the Foreign Exchange Management (Authorised Persons) Regulations, 2026. The regulations rationalise the authorisation and renewal framework for authorised persons operating in India's foreign exchange market and extend the principal-agent model for delivery of foreign exchange facilities while maintaining appropriate checks and balances. The RBI developed the regulations following a consultation period on a draft framework published on December 26, 2023. The central bank examined and incorporated feedback received from stakeholders during this consultation process. The RBI's responses to major comments received from stakeholders during the consultation are detailed in an annex accompanying the press release. The regulations represent a significant update to India's foreign exchange authorisation regime, streamlining processes for entities seeking to operate as authorised persons in the foreign exchange market. By extending the principal-agent model, the regulations aim to facilitate broader delivery of foreign exchange services across India's financial system while ensuring regulatory oversight and risk management remain in place. Authorised persons under these regulations include banks, non-bank financial institutions, and other entities permitted to conduct foreign exchange transactions on behalf of customers. The updated framework is intended to enhance efficiency in foreign exchange operations and provide clarity on authorisation requirements and renewal procedures for market participants. REFERENCES: Reserve Bank of India. "Issuance of Foreign Exchange Management (Authorised Persons) Regulations, 2026." Press Release, May 6, 2026. https://www.rbi.org.in
3129554 pc May 07, 2026 pthandapani India Securities and Exchange Board of India financial services
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India's Securities and Exchange Board Issues Advisory on Advanced Artificial Intelligence Tools for Vulnerability Detection

On May 5, 2026, the Securities and Exchange Board of India (SEBI) issued an advisory on emerging advanced artificial intelligence (AI) tools for vulnerability detection. The advisory, issued under Circular No. HO/13/19/12(1)2026-ITD-1_CIMGI/10873/2026, addresses the growing use of sophisticated AI technologies within India's securities market infrastructure. The advisory focuses on the deployment of advanced AI tools designed to identify and address vulnerabilities within market systems and operations. As AI applications become increasingly prevalent in securities markets, SEBI has recognised the need to provide guidance to market participants on the responsible and secure implementation of these emerging technologies. The advisory aims to ensure that market participants, including exchanges, clearing corporations, depositories, and other market infrastructure institutions, are equipped to effectively utilise AI-based vulnerability detection systems while maintaining robust cybersecurity and operational resilience standards. The advisory is applicable to all entities operating within India's securities market ecosystem that deploy or plan to deploy advanced AI tools for identifying system vulnerabilities, security gaps, and operational risks. This includes technology service providers supporting market infrastructure. Market participants should review the advisory and assess their current AI vulnerability detection capabilities against SEBI's guidance. Entities are expected to ensure compliance with the advisory's recommendations and implement appropriate governance frameworks for the oversight of AI-based vulnerability detection systems. Further updates or clarifications from SEBI should be monitored as the regulatory framework around AI in securities markets continues to evolve.

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Securities and Exchange Board of India Issues Advisory on Advanced Artificial Intelligence Tools for Vulnerability Detection

The Securities and Exchange Board of India (SEBI) has released a circular detailing an advisory on emerging advanced artificial intelligence (AI) tools for vulnerability detection. The advisory prescribes: Vulnerability mitigation and system hardening mandating the immediate updating of operating systems and applications with the latest patches, utilizing virtual patching as an interim measure when patches are unavailable, and implementing system hardening through secure configurations, the disabling of unnecessary services, and the enforcement of Zero Trust Network Access (ZTNA). API security and change management requiring entities to regularly update their API and application inventories, implement strong authentication and rate limiting to prevent abuse, restrict API connections strictly using a whitelist-based approach, and ensure all system changes undergo rigorous testing, documentation, and impact analysis. Continuous monitoring and risk assessment stipulating vigorous day-to-day Security Operations Center (SOC) monitoring (including low-priority alerts), the integration of Automated Response (SOAR) playbooks with SIEM solutions, the expedited onboarding of eligible entities to the centralized Market SOC (M-SOC), and the execution of comprehensive scenario-based risk assessments that explicitly factor in AI-driven attack capabilities. Vendor engagement and strategic AI planning directing entities to actively engage with third-party vendors for timely patch deployments, periodically update their Asset Inventory and Software Bill of Materials (SBOM) for critical applications, seek guidance from IT committees regarding AI-led risks, and prepare a long-term strategic plan for utilizing AI in continuous vulnerability management and autonomous threat mitigation.
3133313 pc May 07, 2026 adavies European Union European Securities and Markets Authority horizon scanning
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European Securities and Markets Authority Publishes 2025 Corporate Reporting Enforcement Report

On May 7, 2026, the European Securities and Markets Authority (ESMA) published its Report on 2025 Corporate Reporting Enforcement and Regulatory Activities, providing an overview of how national enforcers and ESMA supervised corporate reporting across the European Economic Area (EEA) during 2025. The report addresses financial reporting, sustainability reporting, and digital reporting under the European Single Electronic Format (ESEF). In financial reporting, enforcement continued to promote disclosures that are material, transparent, entity-specific, and useful for decision-making. In sustainability reporting, 2025 marked the first year of enforcement of the European Sustainability Reporting Standards (ESRS) for in-scope jurisdictions, alongside the application of ESMA's Guidelines on Enforcement of Sustainability Information (GLESI). Digital reporting remained a supervisory priority, with enforcers working to improve the quality, consistency, and usability of marked-up financial information in ESEF. The report assesses issuers' compliance with ESMA's 2024 European Common Enforcement Priorities (ECEP). The report is addressed primarily to issuers, auditors, and investors, offering practical messages from enforcement experience to strengthen the quality and transparency of corporate reporting. It presents enforcement activities and regulatory approaches adopted by national enforcers across the EEA during 2025, providing guidance on compliance expectations and best practices for corporate reporting going forward. **Reference:** ESMA32-2064178921-9413 — Report on 2025 Corporate Reporting Enforcement and Regulatory Activities

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European Securities and Markets Authority Publishes 2025 Corporate Reporting Enforcement Report

On May 7, 2026, the European Securities and Markets Authority (ESMA) published a report on 2025 corporate reporting enforcement and regulatory activities, providing an overview of how national enforcers and ESMA supervised corporate reporting across the European Economic Area (EEA) during 2025. The report addresses financial reporting, sustainability reporting and digital reporting under the European Single Electronic Format (ESEF). In financial reporting, enforcement continued to promote disclosures that are material, transparent, entity-specific and useful for decision-making. In sustainability reporting, 2025 marked the first year of enforcement of the European Sustainability Reporting Standards (ESRS) for in-scope jurisdictions, alongside the application of ESMA's guidelines on enforcement of sustainability information .
3154781 pc May 07, 2026 msolomon Russia Bank of Russia financial services
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Bank of Russia Strengthens Consumer Protection for Microfinance Organisations With Updated Standard

On May 13, 2026, the Bank of Russia approved a new version of the basic standard for microfinance organisations (МФО), introducing enhanced consumer protection measures. The updated standard prohibits microfinance organisations from obtaining consumer consent on behalf of clients for additional services, including those offered separately from the primary loan agreement. Microfinance organisations must now provide consumers with complete information about any additional services at all stages of delivery, including details about the service provider, the right to refuse the service, and how refusal affects loan terms. The standard also restricts microfinance organisations from using visual techniques—such as font colour, size, or style—to emphasise favourable contract terms while obscuring other conditions. The revised standard modernises requirements for microfinance organisations to align with current legislation. It clarifies procedures and timelines for handling consumer complaints, requirements for disclosing contract terms and associated risks, and specific provisions governing debt collection activities for overdue obligations. The basic standard enters into force on July 1, 2026. Microfinance organisations must ensure compliance with all provisions by this effective date. **Reference:** Bank of Russia. "Усилена защита клиентов МФО: новая редакция базового стандарта" [Enhanced Consumer Protection for Microfinance Organisations: New Version of Basic Standard]. May 13, 2026. Available at: www.cbr.ru

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Bank of Russia Updates Standard for Microfinance Organisations

On May 7, 2026, the Bank of Russia approved a new version of the basic standard for microfinance organisations (МFОs), introducing enhanced consumer protection measures. The updated standard includes the following provisions: Microfinance organisations are prohibited from obtaining consumer consent on behalf of clients for additional services, including those offered separately from the primary loan agreement. Microfinance organisations must now provide consumers with complete information about any additional services at all stages of delivery, including details about the service provider, the right to refuse the service, and how refusal affects loan terms. Microfinance organisations fare restricted rom using visual techniques, such as font colour, size, or style, to emphasise favourable contract terms while obscuring other conditions. Clarification of the procedures and timelines for handling consumer complaints, requirements for disclosing contract terms and associated risks, and specific provisions governing debt collection activities for overdue obligations. The updated standard enters into force on July 1, 2026.
3130597 pc May 07, 2026 tojuri Luxembourg Journal officiel du Grand-Duché de Luxembourg - Legilux horizon scanning
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Luxembourg Enacts Law Modifying Financial Sector Legislation and Transposing European Union Directives on Banking Supervision and Derivatives Markets

On May 5, 2026, Luxembourg enacted a law modifying and transposing several European Union directives and regulations relating to financial services supervision and derivatives markets. The law, published in the Mémorial A n° 227 of 2026, amends four key pieces of Luxembourg legislation: the law of April 5, 1993 on the financial sector; the law of December 17, 2010 on collective investment undertakings; the law of December 18, 2015 on resolution and liquidation measures for credit institutions and certain investment firms; and the law of March 15, 2016 on over-the-counter derivatives, central counterparties, and central repositories. The law transposes Directive (EU) 2024/1619, which amends Directive 2013/36/UE regarding supervisory powers, sanctions, third-country branches, and environmental, social and governance risks. It also transposes Directive (EU) 2024/2994, which modifies directives 2009/65/CE, 2013/36/UE, and (EU) 2019/2034 concerning concentration risk from central counterparty exposures and counterparty risk from centrally cleared derivatives transactions. Additionally, the law implements Regulation (EU) 2024/2987, which amends regulations (EU) 648/2012, (EU) 575/2013, and (EU) 2017/1131 to mitigate excessive exposures to third-country central counterparties and improve efficiency of the Union's clearing markets. These measures affect credit institutions, investment firms, collective investment undertakings, and other financial service providers operating in Luxembourg's financial sector.

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Luxembourg Publishes Law Modifying Financial Sector Legislation and Transposing EU Directives on Banking and ESG Supervision

On May 6, 2026, Luxembourg published the Law of May 5, 2026 modifying and transposing several European Union directives and regulations relating to financial services supervision and derivatives markets. The law transposes Directive (EU) 2024/1619 , regarding supervisory powers, sanctions, third-country branches and environmental, social and governance risks, into the national legal framework. It also transposes Directive (EU) 2024/2994 , concerning concentration risk from central counterparty exposures and counterparty risk from centrally cleared derivatives transactions. Additionally, the law implements Regulation (EU) 2024/2987 , regarding measures to mitigate excessive exposure to third-country central counterparties and to improve the efficiency of the Union's clearing markets. The law introduces major amendments to the Law of April 5, 1993 on the financial sector ; in particular, amendments are made to the provisions concerning the establishment and supervision of third-country branches. The law also makes minor amendments to the Law of December 17, 2010 on collective investment undertakings ; the Law of December 18, 2015 on resolution and liquidation measures for credit institutions and certain investment firms ; and the Law of March 15, 2016 on over-the-counter derivatives, central counterparties, and central repositories . These measures affect credit institutions, investment firms, collective investment undertakings and other financial service providers operating in Luxembourg's financial sector. The law enters into effect on May 10, 2026; however, certain provisions enter into force on different dates. Articles 12, 13, 15 to 19, 32, 33, 36, 40, 85 and 86 will enter into force on January 11, 2027. Meanwhile, Articles 32-14 and 32-15, as introduced into the amended Law of April 5, 1993 by Article 19 of the new law, will enter into force retroactively on January 11, 2026. Article 73, paragraph 2, as introduced into the amended Law of 5 April 1993 , will enter into force on July 11, 2026.
3138232 pc May 07, 2026 ggallwey Brazil BCB - Standards horizon scanning
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Brazil's Central Bank Updates Annual Credit Operation Limits for Public Sector Entities

On May 5, 2026, the Brazilian Central Bank (Banco Central do Brasil) published Resolution CMN No. 5.302, which amends the annex to Resolution CMN No. 4.995 of March 24, 2022. The resolution updates annual credit operation limits that financial institutions and other entities authorised to operate by the Central Bank must observe when contracting credit operations with public sector bodies. The amended resolution establishes differentiated credit limits for 2026 based on the type of public entity and operation. For operations with Union guarantee, the limit is set at R$5,000,000,000. For operations without Union guarantee for state, federal district, and municipal entities, the limit is R$5,000,000,000. The total combined limit for 2026 is R$23,625,000,000. Additionally, specific limits apply to targeted programmes and entities: R$1,800,000,000 for operations under the New Growth Acceleration Programme (Novo Programa de Aceleração do Crescimento – PAC); R$1,700,000,000 for additional PAC operations; R$1,500,000,000 for public-private partnership (Parcerias Público Privadas – PPPs) contracts; R$625,000,000 for Union entities; and R$8,000,000,000 for the Brazilian Postal and Telegraph Company (Empresa Brasileira de Correios e Telégrafos – Correios). The resolution applies to all financial institutions and authorised entities conducting credit operations with public sector bodies. The amendment entered into force on the date of publication, May 7, 2026, in the Official Gazette of the Union (Diário Oficial da União). **Reference:** Resolution CMN No. 5.302, May 5, 2026, published in the Official Gazette of the Union on May 7, 2026.

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Chile Financial Market Commission Approves Structural Reorganization to Streamline Regulatory Functions

On May 7, 2026, the Board of the Financial Market Commission approved a series of structural adjustments intended to streamline the regulator’s supervisory and regulatory functions and improve institutional agility. The reforms include: the merger of the General Directorates of Market Conduct Regulation and Prudential Regulation into a unified General Directorate of Regulation; the creation of a Licensing Area reporting directly to the Council through the consolidation of Prudential Licensing and Conduct Licensing functions; the establishment of a Prudential Insurance Regulation Directorate; and the reassignment of the international area to the General Directorate of Studies. According to the CMF, the changes are intended to improve the balance and execution of its supervisory mandates while enabling the regulator to respond more effectively to evolving financial market challenges. The regulator stated that the restructuring also reflects international recommendations associated with the “twin peaks” supervisory model, under which prudential and market conduct supervision functions remain separated while regulatory functions are integrated to support consistent processes and criteria. The reforms take effect on May 8, 2026.
3126826 pc May 07, 2026 kgurnani Australia Federal Register of Legislation horizon scanning
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Australia's Financial Regulator Issues Margin Lending Relief for Exchange-Traded Instalment Warrants

On 1 April 2026, the Australian Securities and Investments Commission (ASIC) issued the ASIC Corporations (Margin Lending Relief for Exchange-Traded Instalment Warrants) Instrument 2021/194, a legislative instrument authorised under the Corporations Act 2001. The instrument provides relief from margin lending requirements for exchange-traded instalment warrants. This relief modifies the application of margin lending regulations to this specific class of financial products, allowing for tailored treatment of exchange-traded instalment warrants in the margin lending framework. The instrument is administered by the Department of the Treasury. The relief came into force on 1 April 2026. Market participants and margin lenders dealing with exchange-traded instalment warrants should review the instrument to understand the scope and conditions of the relief provided. The instrument is available in both Word and PDF formats on the Federal Register of Legislation. **Reference:** Federal Register of Legislation, ASIC Corporations (Margin Lending Relief for Exchange-Traded Instalment Warrants) Instrument 2021/194

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Australia's Financial Regulator Issues Margin Lending Relief for Exchange-Traded Instalment Warrants

The Australian Securities and Investments Commission (ASIC) issued the ASIC Corporations (Margin Lending Relief for Exchange-Traded Instalment Warrants) Instrument 2021/194, a legislative instrument authorised under the Corporations Act 2001. The instrument provides relief from margin lending requirements for exchange-traded instalment warrants. This relief modifies the application of margin lending regulations to this specific class of financial products, allowing for tailored treatment of exchange-traded instalment warrants in the margin lending framework. At its core, the instrument states that even when certain exchange-traded instalment warrants involve the provision of credit will not be treated as “margin lending facilities” for regulatory purposes, provided specified conditions are met, including when the warrant: Is quoted on a declared financial market. Is issued by a financial services licensee. Would otherwise fall within the definition of a standard margin lending facility. The relief came into force on April 1 2026 and is scheduled to repeal on April 1 2031.
3127450 pc May 07, 2026 kgurnani Australia Australian Securities and Investments Comission horizon scanning
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Australian Securities and Investments Commission Issues $792,000 in Infringement Notices to Canva Group Companies for Late Financial Report Lodgement

On 26 September 2025, the Australian Securities and Investments Commission (ASIC) issued infringement notices totalling $792,000 to four companies within the Australian Canva Group for failing to lodge their financial reports by the required deadline. Canva Pty Ltd, Canva Operations Pty Limited, Canva Trading Pty Ltd, and Fusion Books Pty Ltd each received an infringement notice of $198,000 for not lodging their financial reports for the financial year ending 31 December 2024 by the 30 April 2025 due date. Canva Pty Ltd subsequently lodged its consolidated report covering the four companies on 27 March 2026. The infringement notices relate to financial reporting misconduct, which ASIC has identified as a 2026 enforcement priority. ASIC Commissioner Kate O'Rourke stated that non-lodgment and late lodgement of financial reports prevent creditors and other users from making timely and informed decisions when dealing with companies, constituting a failure of legal obligations. ASIC has issued 21 infringement notices worth more than $4 million for alleged financial year 2024 financial reporting breaches, in addition to court-imposed fines exceeding $1.1 million against three public companies. Large proprietary companies are required to prepare and lodge annual financial reports if they meet at least two of the following criteria: consolidated revenue of $50 million or more, consolidated gross assets of $25 million or more, or 100 or more employees. Payment of an infringement notice does not constitute an admission of guilt or liability. ASIC confirms that Canva Australia Holdings Pty Ltd, through which the Canva Group reports for the financial year ending 31 December 2025, lodged its financial reports on 30 April 2026. ASIC continues targeted, data-driven surveillance to identify non-lodgment and late lodgement of financial reports, with enforcement action ongoing.

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Australian Securities and Investments Commission Issues $792,000 in Infringement Notices to Canva Group Companies for Late Financial Report Lodgement

On 26 September 2025, the Australian Securities and Investments Commission (ASIC) issued infringement notices totalling $792,000 to four companies within the Australian Canva Group for failing to lodge their financial reports by the required deadline. Canva Pty Ltd, Canva Operations Pty Limited, Canva Trading Pty Ltd, and Fusion Books Pty Ltd each received an infringement notice of $198,000 for not lodging their financial reports for the financial year ending 31 December 2024 by the 30 April 2025 due date. Canva Pty Ltd subsequently lodged its consolidated report covering the four companies on 27 March 2026. The infringement notices relate to financial reporting misconduct, which ASIC has identified as a 2026 enforcement priority. ASIC Commissioner Kate O'Rourke stated that non-lodgment and late lodgement of financial reports prevent creditors and other users from making timely and informed decisions when dealing with companies, constituting a failure of legal obligations. ASIC has issued 21 infringement notices worth more than $4 million for alleged financial year 2024 financial reporting breaches, in addition to court-imposed fines exceeding $1.1 million against three public companies. Large proprietary companies are required to prepare and lodge annual financial reports if they meet at least two of the following criteria: consolidated revenue of $50 million or more, consolidated gross assets of $25 million or more, or 100 or more employees. Payment of an infringement notice does not constitute an admission of guilt or liability. ASIC confirms that Canva Australia Holdings Pty Ltd, through which the Canva Group reports for the financial year ending 31 December 2025, lodged its financial reports on 30 April 2026. ASIC continues targeted, data-driven surveillance to identify non-lodgment and late lodgement of financial reports, with enforcement action ongoing.
3133060 pc May 07, 2026 adavies European Union European Commission - News horizon scanning
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European Union Agrees to Simplify Artificial Intelligence Rules and Ban Non-Consensual Intimate Image Applications

On May 7, 2026, the European Commission announced a political agreement between the European Parliament and the Council of the European Union on simplified, innovation-friendly rules for artificial intelligence (AI). The agreement follows the Commission's proposal of the Digital Omnibus on AI, submitted five months earlier as part of the EU's broader simplification agenda to enhance European competitiveness. The revised framework aims to ease implementation of the AI Act for EU businesses while preserving protections for European society, safety, and fundamental rights. The agreement establishes a phased implementation timeline for high-risk AI systems. Rules governing AI systems used in high-risk areas—including biometric identification, critical infrastructure, education, employment, migration, asylum and border control—will take effect on December 2, 2027. For AI systems integrated into products such as lifts or toys, the rules will apply from August 2, 2028. This staggered approach is designed to allow sufficient time for the development of technical standards and supporting implementation tools before the rules become enforceable. The agreement also addresses the regulation of non-consensual intimate image applications, commonly referred to as "nudification" apps, which will be subject to restrictions to protect citizens from potential harm. The sequenced implementation timeline provides businesses with a clear roadmap for compliance, while the simplified regulatory framework is intended to reduce administrative burden and support innovation across the EU. The agreement represents a balance between facilitating technological advancement and maintaining robust safeguards for citizens' rights and safety.

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European Union Agrees to Simplify Artificial Intelligence Rules

On May 7, 2026, the European Commission announced that a political agreement between the European Parliament and the Council of the European Union had been reached on simplified, innovation-friendly rules for artificial intelligence (AI). The agreement follows the commission's proposal of the Digital Omnibus on AI pursuant to Regulation (EU) 2024/1689 (AI Act – AIA), submitted five months earlier as part of the EU's broader simplification agenda to enhance European competitiveness. The revised framework aims to ease implementation of the AIA for EU businesses while preserving protections for European society, safety and fundamental rights. The agreement establishes a phased implementation timeline for high-risk AI systems. Rules governing AI systems used in high-risk areas, including biometric identification, critical infrastructure, education, employment, migration, asylum and border control, will take effect on December 2, 2027. The European Parliament and Council must now formally adopt the political agreement.
3127164 pc May 07, 2026 kgurnani Australia Australian Securities and Investments Comission financial services
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Australia's Securities Regulator Proposes to Remake Legislative Instrument on Client Money in Cash Common Funds

On March 2025, the Australian Securities and Investments Commission (ASIC) announced its proposal to remake ASIC Corporations (Client money - Cash common funds) Instrument 2016/671, which is scheduled to expire on 1 October 2026. The instrument enables Australian Financial Services (AFS) licensees to deposit client money into cash common funds, provided the fund is also a registered scheme. ASIC has assessed that the instrument is operating effectively and continues to form a necessary and useful part of the legislative framework. The effect of the instrument will remain unchanged when remade. The instrument provides flexibility to licensees in managing client money while maintaining consumer protections under Section 981B of the Corporations Act 2001 (Corporations Act). The current instrument extended relief previously provided under ASIC Class Order [CO 04/1063]. ASIC is seeking feedback from stakeholders on the proposal to remake the instrument. Submissions should be sent to rri.consultation@asic.gov.au by 5 pm Australian Eastern Standard Time (AEST) on Tuesday 19 May 2026. The consultation period allows AFS licensees, industry bodies, consumer advocates, and other interested parties to provide input on the proposed remake before the current instrument expires. **References:** ASIC Newsroom: ASIC proposes to remake legislative instrument about client money held in cash common funds

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Australia's Securities Regulator Proposes to Remake Legislative Instrument on Client Money in Cash Common Funds

The Australian Securities and Investments Commission (ASIC) proposed to remake ASIC Corporations (Client money - Cash common funds) Instrument 2016/671 , which is currently scheduled to expire on 1 October 2026. The instrument enables Australian Financial Services (AFS) licensees to deposit client money into cash common funds, provided the fund is also a registered scheme. ASIC has assessed that the instrument is operating effectively and continues to form a necessary and useful part of the legislative framework. The instrument provides flexibility to licensees in managing client money while maintaining consumer protections under Section 981B of the Corporations Act 2001 (Corporations Act) . The current instrument extended relief previously provided under ASIC Class Order [CO 04/1063] . ASIC is seeking feedback from stakeholders on the proposal to remake the instrument. Submissions should be sent to rri.consultation@asic.gov.au by 5 pm Australian Eastern Standard Time (AEST) on Tuesday 19 May 2026. The consultation period allows AFS licensees, industry bodies, consumer advocates, and other interested parties to provide input on the proposed remake before the current instrument expires.
3130379 pc May 07, 2026 adavies Iceland Official Gazette financial services
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Iceland Implements European Union Sanctions Against Terrorism Through Updated Regulations

On May 6, 2026, Iceland's Official Gazette published Regulation No. 450/2026, implementing European Union counter-terrorism sanctions measures into Icelandic law. The regulation, signed on April 20, 2026, by the Ministry of Foreign Affairs, amends existing counter-terrorism regulations and incorporates two key European Union decisions and regulations adopted on February 26, 2026. The regulation transposes Council Decision (EU) 2026/455 and Council Regulation (EU) 2026/456, which strengthen the European Union's response to international terrorism. These measures expand existing sanctions frameworks by introducing additional restrictions against terrorist organisations and individuals. Key provisions include asset freezes targeting individuals, legal entities, groups, and organisations engaged in or supporting terrorist activities. The regulations establish enhanced measures against leading members of terrorist organisations and entities associated with designated terrorist actors, including those involved in financing, organising, facilitating, preparing, or committing terrorist acts, as well as those providing training or recruitment support. The framework introduces travel bans for designated individuals and expands asset freezes to encompass related entities and individuals acting on behalf of or associated with designated terrorists. Exemptions are provided for humanitarian assistance, basic necessities, and legal services. The regulations define terrorism broadly to include various acts such as physical assault, hostage-taking, destruction of critical infrastructure, weapons trafficking, and cyber attacks, provided such acts are committed intentionally to cause public fear, coerce authorities, or damage state infrastructure. Iceland's implementation requires competent authorities to maintain updated lists of designated individuals and entities, coordinate with other European Union member states and the European Commission, and enforce asset freezes and travel restrictions. The regulations entered into force on May 7, 2026, the day following publication. Financial institutions and relevant authorities must comply with these measures and report violations to competent national authorities.

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Icelandic Government Publishes Regulation Amending the Regulation on Measures Against Terrorist Activities

On May 6, 2026, Regulation No. 450/2026, implementing European Union counter-terrorism sanctions measures into Icelandic law, was published in Iceland's official gazette. The regulation amends the Regulation on measures against terrorist activities by incorporating two European Union decisions and regulations: Council Decision (CFSP) 2026/455 . Council Regulation (EU) 2026/456 . The amending regulation enters into force immediately.
3129871 pc May 07, 2026 adavies European Union European Securities and Markets Authority horizon scanning
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European Securities and Markets Authority Promotes Proportionate Supervision of MiFID II Sustainability Requirements

On May 6, 2026, the European Securities and Markets Authority (ESMA) issued a statement presenting the results of its Common Supervisory Action (CSA) on how sustainability is integrated into firms' suitability assessments and product governance processes under the Markets in Financial Instruments Directive (MiFID II). The CSA examined four key areas: the collection and treatment of clients' sustainability preferences; the categorisation and matching of products to those preferences; the application of the portfolio approach; and the target market assessment of products. ESMA's statement sets out high-level interim supervisory expectations across these themes. While reaffirming the importance of sustainability and encouraging firms to continue implementing MiFID II sustainability requirements, ESMA recognises that the sustainable finance framework is undergoing significant revision. In response, and reflecting ESMA's strategic priority of promoting simplification and reducing undue burden, ESMA invites national competent authorities (NCAs) to adopt a proportionate supervisory approach during the transition period. This includes fostering dialogue with firms rather than prioritising enforcement actions, without prejudice to cases involving clear breaches or mis-selling. ESMA will consider the results of this supervisory work for any future updates of the MiFID II Delegated Acts on sustainability and related ESMA Guidelines. The authority aims to simplify the framework and support more consistent and effective application of sustainability requirements across the EU. The statement is available on ESMA's website, with the full CSA results document (ESMA35-915049491-6291) available for download.

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European Securities and Markets Authority Promotes Proportionate Supervision of MiFID II Sustainability Requirements

On May 6, 2026, the European Securities and Markets Authority (ESMA) issued a statement presenting the results of its Common Supervisory Action (CSA) on how sustainability is integrated into firms' suitability assessments and product governance processes under Directive 2014/65/EU (Markets in Financial Instruments Directive – MiFID II). The CSA examined four key areas: The collection and treatment of clients' sustainability preferences. The categorisation and matching of products to those preferences. The application of the portfolio approach. The target market assessment of products. ESMA's statement sets out high-level interim supervisory expectations across these themes. While reaffirming the importance of sustainability and encouraging firms to continue implementing MiFID II sustainability requirements, ESMA recognises that the sustainable finance framework is undergoing significant revision. In response, and reflecting ESMA's strategic priority of promoting simplification and reducing undue burden, ESMA invites national competent authorities (NCAs) to adopt a proportionate supervisory approach during the transition period. This includes fostering dialogue with firms rather than prioritising enforcement actions, without prejudice to cases involving clear breaches or mis-selling. ESMA will consider the results of this supervisory work for any future updates of the MiFID II delegated acts on sustainability and related ESMA guidelines.
3129881 pc May 07, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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Financial Conduct Authority Investigates Mastercard, PayPal and Visa Under Competition Act 1998

On May 6, 2026, the Financial Conduct Authority (FCA) announced it is investigating Mastercard, PayPal and Visa under Chapter I of the Competition Act 1998, and Mastercard and Visa under Chapter II of the Competition Act 1998. The investigations follow the publication of financial reporting by PayPal Holdings Inc and concern suspected anti-competitive conduct linked to the funding and usage of PayPal's digital wallet. The FCA has reached no conclusions or made any findings regarding whether competition law has been broken. Chapter I of the Competition Act 1998 prohibits agreements, concerted practices and decisions by associations of undertakings that may prevent, restrict or distort competition within the UK or affect trade within the UK, unless excluded or exempt. Chapter II prohibits conduct amounting to abuse of a dominant position in a market that may affect trade within the UK. The FCA is currently gathering evidence in these cases. The authority may proceed to issue a statement of objections setting out its provisional view that an infringement of the law has occurred. If a statement of objections is issued, the addressees will be provided with an opportunity to make written and oral representations before the FCA makes a final decision on whether the law has been broken. Not all cases result in the issuance of a statement of objections. The FCA's powers and procedures under the Competition Act 1998 are separate and different from those followed in relation to enforcement of the Financial Services and Markets Act 2000. Competition Act 1998 cases may also be brought by the Competition and Markets Authority. REFERENCES: Financial Conduct Authority. "Competition Act 1998 Investigations." Press Release, May 6, 2026. https://www.fca.org.uk/news/press-releases/competition-act-1998-investigations

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UK's Financial Conduct Authority Investigates Mastercard, PayPal and Visa Under Competition Act 1998

On May 6, 2026, the Financial Conduct Authority (FCA) announced it is investigating Mastercard, PayPal and Visa under Chapter I of the Competition Act 1998, and Mastercard and Visa under Chapter II of the Competition Act 1998. The investigations follow the publication of financial reporting by PayPal Holdings Inc and concern suspected anti-competitive conduct linked to the funding and usage of PayPal's digital wallet: Chapter I of the Competition Act 1998 prohibits agreements, concerted practices and decisions by associations of undertakings that may prevent, restrict or distort competition within the UK or affect trade within the UK, unless excluded or exempt. Chapter II prohibits conduct amounting to abuse of a dominant position in a market that may affect trade within the UK. The FCA is currently gathering evidence in these cases and has reached no conclusions or made any findings regarding whether competition law has been broken.
3130699 pc May 06, 2026 ataylor Florida Florida Office of Financial Regulation - Division of Administrative Hearings horizon scanning
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Florida Office of Financial Regulation Settles Compliance Violations with Lite Fintech LLC

On May 6, 2026, the Florida Office of Financial Regulation (OFR) issued a Final Order resolving administrative proceedings against Lite Fintech LLC, operating as Mipapaya, and Hugo Padilla, its Chief Executive Officer and Sole Owner (Case Number 133548). The OFR conducted an examination of the money services business, which holds Florida Part II Money Services Business license number FT230000385, to assess compliance with Chapter 560, Florida Statutes. The Stipulation and Consent Agreement identified three compliance violations. Lite Fintech LLC failed to timely report the removal or change of control persons and the addition of a compliance officer, contrary to Rule 69V-560.201(3), Florida Administrative Code and Section 560.126(3), Florida Statutes. The respondents also failed to timely report changes to their business address, violating Rule 69V-560.102(5), Florida Administrative Code and Section 560.126(2), Florida Statutes. Additionally, the company failed to provide customers with contact information for the OFR, contrary to Section 560.128(1), Florida Statutes. Under the settlement terms, Lite Fintech LLC and Hugo Padilla agreed to pay an administrative fine of $3,750.00 and commit to future compliance with Chapter 560, Florida Statutes and its implementing rules. The payment was to be submitted via wire transfer, cashier's check, or money order to the OFR's Tallahassee office. By consenting to the Final Order, the respondents waived their rights to an administrative hearing, appeal, and separate Findings of Fact and Conclusions of Law. Non-compliance with the agreement's terms may result in an emergency cease and desist order. REFERENCES: Florida Office of Financial Regulation. Final Order, Case Number 133548 (May 6, 2026). Available at: agency.Clerk@flofr.gov

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Florida Office of Financial Regulation Fines Lite Fintech LLC $3,750 for Regulatory Reporting and Customer Notification Violations

On May 6, 2026, the Florida Office of Financial Regulation (OFR) issued a final order approving a stipulation and consent agreement with Lite Fintech LLC (Lite Fintech), a licensed money services business. The agreement resolves violations identified during an examination under Chapter 560, Florida Statutes , related to reporting failures and customer notification requirements. Key findings of the OFR include: Failure to report control person and compliance officer changes. Lite Fintech did not report the removal or change of a control person and failed to timely report the addition of a compliance officer. Failure to timely report address changes. Lite Fintech did not update its address with the OFR in a timely manner. Failure to provide customers with OFR contact information. Lite Fintech did not provide customers with the required contact information for the Office of Financial Regulation. The OFR imposed an administrative fine of $3,750 against Lite Fintech and the business agreed to future compliance with Chapter 560.
3130132 gc May 06, 2026 mschanke Maine Maine Gambling Control Unit gamblingcompliance
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Maine Department of Public Safety Proposes Internet Gaming Regulatory Rules

On April 27, 2026, the Maine Department of Public Safety, through the Gambling Control Unit, filed a notice of agency rulemaking proposal to establish comprehensive rules governing internet gaming in Maine. The proposal comprises 15 chapters (70-84) and implements changes to state law under 8 M.R.S.A., Chapter 39. The proposed rules establish a regulatory framework covering multiple aspects of internet gaming operations. Key areas addressed include eligibility requirements and licensing procedures; house rules and wagering systems; internal controls and cybersecurity incident reporting; internet gaming account management and revenue reconciliation; geolocation and remote access verification; responsible wagering programme requirements; advertising and promotional standards; management services contract criteria; and complaints and disciplinary procedures. The rules are classified as routine technical amendments and are assigned proposal filing numbers 2026-P100 through 2026-P114, with each chapter receiving an individual filing number. The rulemaking addresses critical operational and consumer protection elements, including cybersecurity standards, geolocation requirements to ensure compliance with Maine's jurisdictional boundaries, and responsible gaming protections. The framework also establishes procedures for licensing, contract management, and regulatory enforcement through complaints and disciplinary actions. The comment period for this rulemaking closes at 11:59 PM on June 5, 2026. No public hearing is scheduled. Interested parties may submit comments to Milton Champion, Gambling Control Unit, 45 Commerce Drive, Suite 5, Augusta, ME 04333-0087, or via email at Milton.f.champion@maine.gov. Additional information regarding the rulemaking process is available from Rebecca Graham at rebecca.graham@maine.gov or through the Maine Department of Public Safety website at https://www.maine.gov/dps/gamb-control/.

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Maine regulator proposes internet gaming rules

On May 6, 2026, the Maine Department of Public Safety, through the Gambling Control Unit, filed a notice of agency rulemaking proposal to establish comprehensive rules governing internet gaming in Maine. The proposed rules establish a regulatory framework covering multiple aspects of internet gaming operations. Key areas addressed include eligibility requirements and licensing procedures; house rules and wagering systems; internal controls and cybersecurity incident reporting; internet gaming account management and revenue reconciliation; geolocation and remote access verification; responsible wagering program requirements; advertising and promotional standards; management services contract criteria; and complaints and disciplinary procedures. The framework also establishes procedures for licensing, contract management, and regulatory enforcement through complaints and disciplinary actions. The comment period for this rulemaking closes at 11:59 PM on June 5, 2026 . No public hearing is scheduled. Interested parties may submit comments to Milton Champion, Gambling Control Unit, 45 Commerce Drive, Suite 5, Augusta, ME 04333-0087, or via email at Milton.f.champion@maine.gov. Additional information regarding the rulemaking process is available from Rebecca Graham at rebecca.graham@maine.gov or through the Maine Department of Public Safety website .
3129946 pc May 06, 2026 ataylor Ontario Ontario Securities Commission financial services
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Ontario Securities Commission Issues 2026 Risk Assessment Questionnaire

On May 6, 2026, the Ontario Securities Commission (OSC) issued the 2026 Risk Assessment Questionnaire (RAQ) to support its risk-based oversight approach and examination planning activities. The RAQ collects information that enables the OSC to make evidence-based regulatory decisions regarding its registrants. All registrants who were active as of December 31, 2025 must complete and submit the RAQ through the OSC's Electronic Filing Portal by June 17, 2026. The OSC is providing support resources to assist registrants, including a Frequently Asked Questions document, a User Guide, a PDF version of the RAQ for reference, and a list of OSC contacts available to provide assistance. An outreach webinar is scheduled for May 14, 2026 to help registrants complete the questionnaire. Registrants who did not receive the RAQ should contact the OSC immediately at [email protected]. The RAQ submission deadline is June 17, 2026. Registrants are encouraged to attend the outreach webinar on May 14, 2026 for guidance on completing the questionnaire. REFERENCES: Ontario Securities Commission. "Ontario Securities Commission issues 2026 Risk Assessment Questionnaire." May 6, 2026. https://www.osc.ca

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Ontario Securities Commission Issues 2026 Risk Assessment Questionnaire

On May 6, 2026, the Ontario Securities Commission (OSC) issued the 2026 Risk Assessment Questionnaire (RAQ) to support its risk-based oversight approach and examination planning activities. The RAQ collects information that enables the OSC to make evidence-based regulatory decisions regarding its registrants. All registrants who were active as of December 31, 2025 must complete and submit the RAQ through the OSC's Electronic Filing Portal by June 17, 2026. The OSC is providing support resources to assist registrants, including a frequently asked questions document and user guide , an electronic version of the RAQ and various sections for reference and a list of OSC contacts available to provide assistance. An outreach webinar is also scheduled for May 14, 2026 to help registrants complete the RAQ. Registrants who did not receive the RAQ should contact the OSC immediately at ComplianceSurvey@osc.gov.on.ca .
3127736 pc May 06, 2026 pthandapani India Reserve Bank of India horizon scanning
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India's Reserve Bank Issues Draft Prudential Norms on Specified Non-financial Assets

On May 5, 2026, the Reserve Bank of India (RBI) issued draft Prudential Norms on Specified Non-financial Assets (SNFA) Directions for public consultation. The directions establish prudential treatment and recovery procedures for non-financial assets acquired by regulated entities (REs) when non-performing exposures are resolved through asset acquisition as collateral security. The draft directions establish key requirements for SNFA management. Only non-performing exposures where other recovery options have been assessed as unviable are eligible for extinguishment. REs may acquire SNFAs in full or partial extinguishment of borrower claims; partial extinguishment results in residual exposure being treated as restructured and subject to applicable prudential requirements. SNFAs must be recorded at the lower of Net Book Value (NBV) of the extinguished exposure or distress sale value, with subsequent revaluation at each reporting date using the lower of last available distress sale value or revised NBV net of notional provisions. A maximum holding period of seven years is prescribed to ensure timely disposal. To mitigate moral hazard, REs are prohibited from selling SNFAs back to the borrower or related parties. REs must disclose SNFA holdings in their balance sheets. The consultation period closes on May 26, 2026. Stakeholders may submit comments through the Connect2Regulate section on the RBI's website or by post to the Chief General Manager, Credit Risk Group, Department of Regulation, Central Office, Reserve Bank of India, 12th/13th Floor, Shahid Bhagat Singh Marg, Fort, Mumbai 400 001, or by email.

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Reserve Bank of India Seeks Feedback on Draft Prudential Norms on Specified Non-financial Assets

The Reserve Bank of India (RBI) is seeking feedback on the draft Reserve Bank of India (prudential norms on specified non-financial assets (SNFA)) directions, 2026. The directions prescribe: SNFA definition and policy framework defining a specified non-financial asset (SNFA) as an immovable asset acquired in satisfaction of claims on a borrower, and mandating that regulated entities (REs) establish policies detailing acquisition limits, eligibility criteria, and maximum disposal periods, stipulating that SNFAs may only be acquired for non-performing exposures where other recovery means are unviable. Valuation norms requiring SNFAs to be recorded upon acquisition at the lower of the net book value of the extinguished exposure or the distress sale value determined by at least two independent external valuers, and mandating revaluation at least once every two years on a distress sale basis where valuation gains are ignored but diminutions in value are immediately recognized in the profit and loss statement. Disposal and income recognition stipulating that accrued but unrealized interest prior to acquisition shall not be recognized as income, and requiring REs to make demonstrable efforts to dispose of the SNFA at the earliest through public auction, subject to a maximum period of seven years, while explicitly prohibiting the sale of the asset back to the borrower or their related parties. Disclosure requirements mandating that SNFAs shall not be included in the total stock of residual exposure, gross/net non-performing assets (NPA), or provisioning coverage ratio, but must instead be disclosed under relevant accounting heads like 'Specified Non-Financial Assets' and reported in the CIMS portal. Feedback may be submitted via the RBI's Connect2Regulate portal by May 22, 2026.
3129658 pc May 06, 2026 adavies European Union Finance News - EU Commission financial services
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European Commission Seeks Feedback on Revised Sustainability Reporting Standards

On May 6, 2026, the European Commission launched a one-month public consultation on draft final versions of revised European Sustainability Reporting Standards (ESRS) and a voluntary reporting standard for smaller companies. The consultation aims to gather stakeholder feedback on standards designed to reduce administrative burden for European Union businesses while maintaining sustainability disclosure quality. The revised ESRS reduce mandatory datapoints by over 60 percent and total datapoints by over 70 percent, with reporting costs per company expected to decrease by more than 30 percent. The standards are shorter and clearer than previous versions, introduce new flexibilities for companies, and simplify the materiality assessment process used to determine reporting requirements. These revisions build on the Omnibus I simplification package, which streamlines sustainability reporting across the EU and reduces the number of companies subject to the Corporate Sustainability Reporting Directive (CSRD). The draft voluntary standard supports sustainability reporting by companies not subject to mandatory CSRD requirements. It introduces a "value chain cap" preventing CSRD in-scope companies from requiring value-chain partners with 1,000 employees or fewer to provide information beyond what is specified in the voluntary standard. The revised ESRS largely build on technical advice from the European Financial Reporting Advisory Groups (EFRAG), the Commission's independent multi-stakeholder advisory body on reporting standards. The public consultation closes on June 3, 2026. Following the consultation period, the Commission will adopt the two delegated acts and transmit them to the European Parliament and Council for scrutiny under the no-objection procedure, which allows two months for review, extendable by a further two months at either institution's request, before the standards enter into force. Stakeholders can submit feedback via the Commission's public consultation portal.

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European Commission Seeks Feedback on Revised Sustainability Reporting Standards

On May 6, 2026, the European Commission launched a one-month public consultation on draft final versions of revised European Sustainability Reporting Standards (ESRS) and a voluntary reporting standard for smaller companies. The consultation aims to gather stakeholder feedback on standards designed to reduce administrative burden for European Union businesses while maintaining sustainability disclosure quality. The revised ESRS reduce mandatory datapoints by more than 60 percent and total data points by more than 70 percent, with reporting costs per company expected to decrease by more than 30 percent. The standards are shorter and clearer than previous versions, introduce new flexibilities for companies and simplify the materiality assessment process used to determine reporting requirements. These revisions build on the Omnibus I simplification package, which streamlines sustainability reporting across the EU and reduces the number of companies subject to Directive (EU) 2022/2464 (Corporate Sustainability Reporting Directive - CSRD). The draft voluntary standard supports sustainability reporting by companies not subject to mandatory CSRD requirements. It introduces a "value chain cap" preventing CSRD in-scope companies from requiring value-chain partners with 1,000 employees or fewer to provide information beyond what is specified in the voluntary standard. The public consultations closes on June 3, 2026. Feedback on the revised ESRS may be submitted via this link , whereas feedback on the voluntary standards may be submitted via this link . Following the consultation period, the commission will adopt the two delegated acts and transmit them to the European Parliament and Council for scrutiny.
3127047 pc May 06, 2026 ggallwey US Track 3 U.S. Securities and Exchange Commission financial services
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U.S. Securities and Exchange Commission Proposes Optional Semiannual Reporting for Public Companies

On May 5, 2026, the U.S. Securities and Exchange Commission (SEC) proposed amendments to permit public companies to file semiannual reports in lieu of quarterly reports to satisfy their interim reporting obligations under federal securities laws. Currently, public companies subject to Exchange Act Section 13(a) or 15(d) must file quarterly reports on Form 10-Q. The proposed amendments would introduce a new Form 10-S, allowing companies to elect semiannual reporting instead. Companies choosing this option would file one semiannual report and one annual report per fiscal year, replacing the existing requirement of three quarterly reports and one annual report. The SEC aims to provide public companies with increased regulatory flexibility by allowing them to select the interim reporting frequency that best serves their business needs and investors. SEC Chairman Paul S. Atkins stated that the proposed amendments would address the rigidity of existing rules and enable companies and investors to determine the most appropriate reporting frequency together. Under the proposal, semiannual reports on Form 10-S would be due 40 or 45 days after the end of the first semiannual period of the fiscal year, depending on the company's filer status. The SEC also proposes amending Regulation S-X, which governs financial statement requirements for periodic reports, registration statements, and proxy statements, to reflect the new semiannual reporting option and simplify existing financial statement requirements. The proposing release will be published on SEC.gov and in the Federal Register. The public comment period will remain open for 60 days following publication of the proposing release in the Federal Register.

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US Securities and Exchange Commission Proposes Optional Semiannual Reporting for Public Companies

On May 5, 2026, the Securities and Exchange Commission (SEC) proposed amendments that would allow public companies to elect to file semiannual reports on new Form 10-S, instead of quarterly reports on Form 10-Q, to satisfy interim reporting obligations under the Securities Exchange Act of 1934 . Under the proposal, companies subject to Sections 13(a) or 15(d) of the Exchange Act would have the option to file one semiannual report and one annual report per fiscal year, rather than three quarterly reports and one annual report. Companies that do not elect the new reporting framework would continue filing quarterly reports on Form 10-Q. The proposal would create a new Form 10-S for semiannual filers. The form would require substantially the same financial statements and narrative disclosures currently required under Form 10-Q, including management discussion and analysis disclosures, but covering a six-month reporting period instead of a fiscal quarter. The SEC also proposed amendments to Regulation S-X to revise financial statement requirements for periodic reports, registration statements and proxy statements to reflect the optional semiannual reporting framework, including changes to rules governing the age of financial statements. According to the SEC, the proposal is intended to provide reporting companies with greater flexibility to determine the interim reporting frequency that best suits their operational and investor needs, while potentially reducing reporting and compliance burdens associated with quarterly reporting obligations. Public comments on the proposal may be submitted through the SEC’s online comment form , by email to rule-comment@sec.gov referencing File No. S7-2026-15, or by mail to the SEC Secretary, with the comment period remaining open for 60 days following publication in the Federal Register.
3129180 pc May 06, 2026 pthandapani Taiwan Executive Yuan horizon scanning
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Taiwan's Financial Supervisory Commission Amends Internal Control and Audit System Rules for Financial Holdings and Banks

On May 6, 2026, Taiwan's Financial Supervisory Commission (FSC) issued an amendment to the Regulations on the Implementation of Internal Control and Audit Systems for Financial Holding Companies and Banks (金融控股公司及銀行業內部控制及稽核制度實施辦法). This amendment represents the latest in a series of modifications to the regulations governing internal control and audit frameworks for Taiwan's financial institutions. The FSC has been progressively updating these rules since their initial establishment in 2010, with previous amendments occurring in 2012, 2014, 2015, 2016, 2017, 2018, and 2021. The regulations establish mandatory internal control and audit system requirements applicable to financial holding companies and banking institutions operating in Taiwan. The amendment was preceded by a draft announcement on February 13, 2026, which provided stakeholders with an opportunity to review and comment on the proposed changes. An earlier draft announcement had also been issued on April 17, 2025. These consultation periods allow financial institutions and other interested parties to provide feedback before the FSC finalises regulatory modifications. The specific provisions amended in this iteration have not been detailed in the available source material. However, the ongoing refinement of these regulations reflects the FSC's commitment to maintaining robust governance standards within Taiwan's banking and financial holding company sectors. Financial holding companies and banks operating in Taiwan should review the updated regulations to ensure compliance with the new requirements. The amendment is effective as of May 6, 2026.

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Taiwan's Financial Supervisory Commission Amends Internal Control and Audit System Rules for Banks and Financial Holding Companies

The Financial Supervisory Commission (FSC) of Taiwan has released amendments to the implementation rules of internal audit and internal control system of financial holding companies and banking industries. The amendments prescribe: Internal control framework and whistleblowing establishing a three lines of defense model encompassing self-inspection, dedicated risk/compliance/security units, and internal audit, and mandating a comprehensive whistleblowing system that ensures whistleblower protection and avoids conflicts of interest during investigations. Dedicated units and executive roles requiring financial holding companies and banking industries to establish dedicated units for compliance, risk management, and information security, all reporting directly to the president, and mandating the appointment of a chief compliance officer, chief risk officer, and chief information security officer at the vice president level or equivalent. Internal audit and external review stipulating that the internal audit unit must report directly to the board of directors and be led by a chief auditor, while also requiring banks to commission certified public accountants (CPAs) to conduct special audits on their internal control systems, compliance, personal data protection, and anti-money laundering mechanisms. The amendments come into immediate effect, with the exception of specific structural requirements such as the establishment of the three lines of defense, dedicated units, and chief officer roles which are granted a grace period for compliance until December 31, 2028.
3128490 gc May 06, 2026 tsimcock Australia ACMA gamblingcompliance
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Australia's ACMA Finds Entain Breaches National Self-Exclusion Rules

On May 6, 2026, the Australian Communications and Media Authority (ACMA) announced that Entain Group Pty Ltd, the parent company of wagering services Ladbrokes AU and Neds AU, has entered into a court-enforceable undertaking following an investigation that identified more than 500 breaches of national self-exclusion rules. The ACMA investigation found that Entain opened accounts for and provided wagering services to individuals registered with BetStop – the National Self-Exclusion Register. The company also failed to close wagering accounts for self-excluded customers as required. Key breaches included: Entain's systems did not adequately identify and link all wagering accounts held by customers across its Ladbrokes and Neds services, with one account remaining open for more than a year after the customer had self-excluded; new accounts were opened for individuals already registered with BetStop; and the company failed to adequately promote BetStop in customer texts and emails as required under the rules. ACMA member Carolyn Lidgerwood emphasised that under national rules, once an individual registers with BetStop, wagering providers must close that person's account as soon as practicable, and there should be no way for self-excluded individuals to open new accounts for licensed wagering services in Australia. The ACMA has accepted an 18-month court-enforceable undertaking from Entain committing the company to an independent review of its compliance systems and processes and implementation of any recommended improvements. Failure to comply with the enforceable undertaking can result in court-ordered financial penalties. REFERENCES: Australian Communications and Media Authority (ACMA), "Ladbrokes and Neds breach gambling self-exclusion rules," Media Release 13/2026, May 6, 2026.

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Australian online gambling regulator finds Entain broke national self-exclusion rules

On May 6, 2026, the Australian Communications and Media Authority (ACMA) announced that Entain Group Pty Ltd, the parent company of wagering services Ladbrokes AU and Neds AU, has entered into a court-enforceable undertaking following an investigation that identified more than 500 breaches of national self-exclusion rules. The ACMA investigation found that Entain opened accounts for and provided wagering services to individuals registered with BetStop – the National Self-Exclusion Register. The company also failed to close wagering accounts for self-excluded customers as required. Key breaches included: Entain's systems did not adequately identify and link all wagering accounts held by customers across its Ladbrokes and Neds services, with one account remaining open for more than a year after the customer had self-excluded; new accounts were opened for individuals already registered with BetStop; and the company failed to adequately promote BetStop in customer texts and emails as required under the rules. ACMA member Carolyn Lidgerwood emphasised that under national rules, once an individual registers with BetStop, wagering providers must close that person's account as soon as practicable, and there should be no way for self-excluded individuals to open new accounts for licensed wagering services in Australia. The ACMA has accepted an 18-month court-enforceable undertaking from Entain committing the company to an independent review of its compliance systems and processes and implementation of any recommended improvements. Failure to comply with the enforceable undertaking can result in court-ordered financial penalties.
3125918 pc May 06, 2026 pthandapani Thailand Bank of Thailand horizon scanning
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Bank of Thailand Opens Consultation on Reporting Framework for Unusual Financial Transactions and Behaviour

On May 5, 2025, the Bank of Thailand (BoT) launched a public consultation on a draft announcement regarding the reporting of unusual transaction data and behaviour by financial institutions to the BoT. The consultation period runs for 32 days, closing on June 5, 2025. The draft announcement establishes requirements for commercial banks, specialised financial institutions, and non-bank electronic payment service providers to report suspicious or unusual transactions and customer behaviour to the BoT. The framework aims to standardise data infrastructure and information management practices across the financial sector. By implementing consistent reporting standards, the BoT seeks to enhance its supervisory oversight of financial institutions and electronic payment service providers, ensuring they operate appropriately while maintaining financial system stability. The initiative also prioritises consumer protection by enabling the BoT to identify and address risks more effectively, whilst promoting fair access to financial services. The consultation supports the BoT's broader risk management framework, which addresses both customer-related financial service risks and cash-related transaction risks across regulated entities. This standardisation effort will strengthen the BoT's ability to monitor systemic risks and protect the integrity of Thailand's financial infrastructure. Stakeholders can submit comments and feedback through the BoT's website during the consultation period. The BoT will treat all submissions confidentially and use them solely for the purpose of developing the final announcement. For further information, interested parties can contact the Financial Institution Data Team at FIDataTeam@bot.or.th.

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Bank of Thailand Opens Consultation on Reporting Framework for Unusual Financial Transactions and Behaviour

The Bank of Thailand (BoT) launched a public consultation on a draft announcement regarding the reporting of unusual transaction data and behaviour by financial institutions to the BoT. The draft notification prescribes: Customer due diligence and risk management mandating financial institutions to have appropriate customer due diligence processes based on the risk level of the customer and the nature of the transaction to prevent their use as channels for financial crime, and requiring suitable procedures to protect and assist honest customers who are affected. Report submission channels stipulating that financial institutions must submit their reports in CSV format through the electronic data acquisition and publication (DAP) system or application programming interface (API). Reporting frequencies and deadlines requiring Thai commercial banks, specialized financial institutions (excluding the Thai Credit Guarantee Corporation), and non-bank electronic payment service providers to submit monthly reports on abnormal customer behavior before enhanced due diligence (EDD), EDD inspection results, and transaction details for EDD by the 15th of the following month, beginning with data from June 2026, while foreign bank branches and foreign bank subsidiaries must begin submission with data from September 2026. Feedback may be submitted via this link by June 6, 2026.
3141476 gc May 06, 2026 prandeo Netherlands Feed - Advertising Code Foundation gamblingcompliance
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Netherlands Advertising Code Foundation Upholds Loot Box Disclosure Requirements in Game Advertising

On 6 May 2026, the Advertising Code Foundation (Stichting Reclame Code) Appeals Board issued a decision confirming that game developers must disclose the presence of loot boxes in Facebook advertisements for games, not merely on app store product pages. The case concerned a sponsored Facebook advertisement for the game "Rush Royale" by MY GAMES, which featured the text "Dare to defend? Download the game!" accompanied by gameplay video and an installation button. A complainant argued the advertisement violated the Dutch Advertising Code (Nederlandse Reclame Code, NRC) by failing to disclose loot boxes—randomised paid content with uncertain rewards that carry gambling-like elements. The Appeals Board determined that loot boxes constitute essential information under Article 8.3 of the NRC. The decision interpreted "transaction decision" broadly to include clicking on a social media advertisement, as this action can lead consumers to download and play games containing loot boxes. The Board emphasised that loot boxes exploit consumer vulnerabilities, particularly affecting children, by creating uncertainty about in-game costs and gameplay experience. Placing disclosure information only on app store pages was deemed insufficient, as consumers have already committed to downloading before encountering such information. The Appeals Board rejected MY GAMES' arguments that loot boxes are optional features and that requiring disclosure would create excessive compliance burdens. The Board confirmed that the absence of loot box information renders advertisements misleading and unfair under Article 7 of the NRC. MY GAMES must cease making advertisements in this manner. This decision reinforces earlier guidance from case 2024/00251 and aligns with European Commission guidelines on unfair commercial practices regarding video games.

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Dutch Appeals Tribunal confirms loot box disclosures required in social media game advertising

On May 6, 2026, the Dutch Advertising Code Appeals Tribunal upheld a decision finding that a Facebook advertisement for the mobile game “Rush Royale” breached the Dutch Advertising Code (NRC) by failing to disclose the presence of loot boxes within the game. The Tribunal confirmed that loot boxes constitute “essential information” under Article 8.3(c) of the NRC because they involve an element of chance and may lead to additional in-game spending. The Tribunal further held that the concept of a “transaction decision” must be interpreted broadly and includes clicking on an online advertisement or downloading a game following exposure to advertising. Accordingly, the Tribunal found that merely disclosing loot box information on the underlying Apple App Store or Google Play product page is insufficient. Instead, the presence of loot boxes must be disclosed directly within the social media advertisement itself. The Tribunal emphasised that the requirement is particularly important for the protection of children, noting that loot boxes may encourage minors to engage in paid transactions involving chance-based mechanics without adequate prior information. The decision confirms and expands upon the Appeals Tribunal’s earlier 2024 ruling concerning loot box disclosures in app store listings by extending the disclosure obligation to social media advertising formats. The Tribunal concluded that the advertisement was misleading and unfair under Article 7 of the Dutch Advertising Code and recommended that the advertiser cease advertising in this manner.
3125648 pc May 06, 2026 pthandapani India Securities and Exchange Board of India financial services
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India's Securities and Exchange Board Launches Consultation on Online Bond Platform Provider Regulations

On May 5, 2026, the Securities and Exchange Board of India (SEBI) launched a consultation on modifications to the regulatory framework for Online Bond Platform Providers (OBPPs). The consultation seeks feedback on proposed changes to the existing regulatory framework governing OBPPs, which facilitate the trading of bonds through digital platforms. The modifications aim to enhance the regulatory environment for these platforms while ensuring investor protection and market integrity. SEBI's proposed amendments are intended to address evolving market dynamics and operational challenges within the online bond trading sector. The consultation is open to all stakeholders, including market participants, investors, industry associations, and other interested parties who wish to contribute to the development of these regulatory modifications. Stakeholders are invited to submit their comments and feedback on the proposed modifications through SEBI's public comments portal. The consultation provides an opportunity for market participants and investors to engage with SEBI on the regulatory framework and share their perspectives on how the modifications may affect their operations and interests. **Reference:** Securities and Exchange Board of India (SEBI). Consultation paper on Modification in the regulatory framework for Online Bond Platform Providers (OBPPs). Available at: https://www.sebi.gov.in/sebiweb/publiccommentv2/PublicCommentAction.do?doPublicComments=yes

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Securities and Exchange Board of India Launches Consultation on Online Bond Platform Provider Regulations

The Securities and Exchange Board of India (SEBI) has released a consultation paper on modification in the regulatory framework for online bond platform providers (OBPPs) including measures for promoting ease of doing business. The consultation paper proposes: Expansion to IFSCA regulated products including permitting online bond platform providers to offer products, securities, or services regulated by the International Financial Services Centres Authority (IFSCA) provided they comply with Foreign Exchange Management Act guidelines and overseas investment rules, mandating that these offerings follow the manner specified for SEBI-registered stock brokers operating within the GIFT-IFSC, and requiring the disclosure of investor grievance redressal mechanisms for such products. Inclusion of tax-saving bonds stipulating that online bond platforms may offer bonds issued under section 54EC of the Income Tax Act, 1961, or section 85 of the Income-tax Act, 2025, requiring providers to disclose specific instrument features such as eligible issuers, lock-in periods, and tax features, and mandating a clear disclaimer stating that grievance redressal for these specific tax-saving instruments falls outside SEBI's purview and must be directed to the issuer. Compliance officer appointment criteria aligning the regulatory framework for appointing a compliance officer for online bond platform providers with the requirements for stock brokers under the SEBI (stock brokers) regulations, 2026, thereby removing the mandatory stipulation of exclusively appointing a company secretary. Feedback may be submitted via this link by May 26, 2026
3126365 pc May 06, 2026 csoo United Kingdom Parliament of the United Kingdom horizon scanning
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United Kingdom Treasury Introduces Market Risk Transitional Provision for Capital Requirements

On 29 April 2026, the United Kingdom Treasury made the Capital Requirements Regulation (Market Risk Transitional Provision) Regulations 2026, which come into force on 30 December 2026. The regulations, made under the Financial Services and Markets Act 2023, introduce a transitional provision for capital requirements relating to market risk applicable to credit institutions and Part 4A investment firms. The regulations insert new Article 465A into Regulation (EU) No 575/2013 (the Capital Requirements Regulation), establishing a transitional period from 1 January 2027 to 31 December 2027. During this period, credit institutions and Part 4A investment firms are prohibited from applying specified provisions of the Prudential Regulation Authority (PRA) Rulebook relating to the Market Risk: Internal Model Approach, including rules on transitionals, permission to use internal models, material changes and extensions to permission, and related annexes. This transitional arrangement allows firms to continue using existing market risk models or adopt new standardised approaches in accordance with PRA rules during the transition. The transitional provision is necessary because remaining capital requirements provisions from the Capital Requirements Regulation are being revoked on 1 January 2027 under the Financial Services and Markets Act 2023. These will be replaced by rules made by the PRA through the PRA Rulebook: CRR Firms: (CRR) Instrument 2026 (PRA 2026/1), which comes into force on the same date. Article 465A itself comes into force on 30 December 2026, immediately before the relevant provisions of the Capital Requirements Regulation are revoked. The Treasury retains the power to extend the transitional period by statutory instrument, subject to parliamentary annulment.

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UK's HM Treasury Publishes Statutory Instrument on Market Risk Transitional Provision for Capital Requirements

On May 5, 2026, HM Treasury published a statutory instrument (SI) on the Capital Requirements Regulation (Market Risk Transitional Provision) Regulations 2026, which was made on 29 April, 2026. The UK remains committed to implementing the Basel 3.1 reforms , with responsibility delegated to the PRA under the Fi nancial Services and Markets Act 2023 . However, delays in implementation by other major jurisdictions, particularly the US and EU, have created uncertainty around the timing of key elements such as market risk rules. To avoid placing UK institutions at a competitive disadvantage, the PRA has decided to delay the introduction of new internal model requirements for market risk until January 1, 2028, while proceeding with the rest of the Basel 3.1 framework from January 1, 2027. This instrument introduces a transitional provision requiring credit institutions and designated investment firms not to apply the Prudential Regulation Authority's (PRA) market risk rules on updated internal model requirements between January 1, 2027 and December 31, 2027 (the transitional period). The PRA rules will allow institutions to continue to use their existing internal models under the current approach before moving to the PRA’s new internal model approach from January 1, 2028.  All other elements of Basel 3.1, including the trading book boundary, the Advanced Standardised Approach and the Simplified Standardised Approach, will be implemented on January 1, 2027. The regulation comes into force on December 30, 2026.
3128029 pc May 06, 2026 csoo Italy Bank of Italy horizon scanning
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Bank of Italy Publishes Updated Supervisory Activity Guidance

On May 5, 2026, the Bank of Italy published an updated version of its Guide for Supervisory Activity (Circolare n. 269), which serves as the primary reference for analysis methodologies and procedures related to prudential supervisory activities over banks and non-bank intermediaries under its supervision. The update reflects broader international and national efforts to simplify the supervisory framework. In December 2025, the European Central Bank (ECB) developed a series of action lines for rationalising the regulatory, supervisory, and reporting framework, with contributions from national authorities. In alignment with these European initiatives, the Bank of Italy initiated specific simplification projects for its regulatory competencies, supervisory processes, and tools. The revised Guide introduces a new structure organising supervisory topics into five dedicated modules: Supervisory Review and Evaluation Process (SREP), inspection activities, supervisory action and sanctioning procedures, administrative proceedings, and organisation and coordination. Each module is subdivided into three levels of detail, ranging from general principles to analysis methodologies through to operational aspects. The updated Circolare has reached its 17th amendment. The new structure makes general principles, overall supervisory logics, analysis schemes, and supervisory action criteria publicly accessible through a more linear, coherent, and user-friendly presentation. The Bank of Italy will evaluate further expansions of the public version in subsequent phases, considering potential developments in the regulatory framework, sharing additional process and methodology simplifications, and developing enhanced search and content access functionalities. The updated Guide is available on the Bank of Italy's website. REFERENCES: https://www.bancaditalia.it/media/notizie/2026-05-05-nuova-guida-vigilanza/

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Bank of Italy Publishes Simplified Supervisory Activity Guidance

On May 5, 2026, the Bank of Italy published an updated version of its guide for supervisory activities ( Circular No. 269 of 2008 ), which serves as the primary reference for procedures governing prudential supervision of banks and non-bank intermediaries under the bank's supervision. The update reflects broader international and national efforts to simplify the supervisory framework. In line with European initiatives, the Bank of Italy launched targeted simplification projects across its regulatory competencies, supervisory processes, and tools. The revised Guide introduces a new structure organising supervisory topics into five dedicated modules: Supervisory Review and Evaluation Process (SREP) Inspection activities Supervisory action and sanctioning procedures, Administrative proceedings Organisation and coordination Each module is subdivided into three levels of detail, ranging from general principles to analysis methodologies through to operational aspects. The updated structure makes general principles, overall supervisory logics, analysis schemes, and supervisory action criteria publicly accessible through a more linear, coherent, and user-friendly presentation. The Bank of Italy will evaluate further expansions of the public version in subsequent phases, considering potential developments in the regulatory framework, sharing additional process and methodology simplifications, and developing enhanced search and content access functionalities.
3128940 pc May 06, 2026 tojuri Netherlands De Nederlandsche Bank financial services
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De Nederlandsche Bank Issues Warning Against IDSG Capital B.V. for Unlicensed Fund-Raising Activities

On May 6, 2026, De Nederlandsche Bank (DNB) issued a public warning against IDSG Capital B.V. (IDSG Capital), a company based in Heerlen, Netherlands, for violating the prohibition on attracting repayable funds from the public without authorisation. DNB determined that IDSG Capital is operating in breach of the Financial Supervision Act (Wet op het financieel toezicht) by offering individuals the opportunity to invest or deposit money with promised returns. IDSG Capital lacks the required banking licence and does not qualify for any exemption to this prohibition. The company is therefore not authorised to conduct these financial activities and operates outside DNB's regulatory oversight. DNB emphasises that individuals who have deposited funds with IDSG Capital are not themselves in violation of the law. However, they face an elevated risk of losing their deposited funds in whole or in part, as IDSG Capital operates without regulatory supervision and consumer protections. DNB has issued this warning to prevent and limit potential harm to consumers. Individuals seeking to verify whether a financial services provider holds the necessary authorisation can consult DNB's public register at www.dnb.nl, which lists all supervised entities and the financial services they are permitted to offer. For further information, the DNB Information Desk can be contacted at 0800 020 1068 (toll-free). REFERENCES: De Nederlandsche Bank. "Waarschuwing van De Nederlandsche Bank voor IDSG Capital B.V. wegens overtreding van het verbod op het aantrekken van opvorderbare gelden van het publiek." May 6, 2026. https://www.dnb.nl

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De Nederlandsche Bank Issues Warning Against IDSG Capital B.V. for Unlicensed Fund-Raising Activities

On May 6, 2026, De Nederlandsche Bank (DNB) issued a public warning against IDSG Capital B.V. (IDSG Capital), a company based in Heerlen, Netherlands, for violating the prohibition on attracting repayable funds from the public without authorisation. DNB determined that IDSG Capital is operating in breach of the Financial Supervision Act (Wet op het financieel toezicht) by offering individuals the opportunity to invest or deposit money with promised returns. IDSG Capital lacks the required banking licence and does not qualify for any exemption to this prohibition. The company is therefore not authorised to conduct these financial activities and operates outside DNB's regulatory oversight. DNB emphasises that individuals who have deposited funds with IDSG Capital are not themselves in violation of the law. However, they face an elevated risk of losing their deposited funds in whole or in part, as IDSG Capital operates without regulatory supervision and consumer protections. DNB has issued this warning to prevent and limit potential harm to consumers. Individuals seeking to verify whether a financial services provider holds the necessary authorisation can consult DNB's public register at www.dnb.nl, which lists all supervised entities and the financial services they are permitted to offer. For further information, the DNB Information Desk can be contacted at 0800 020 1068 (toll-free). REFERENCES: De Nederlandsche Bank. "Waarschuwing van De Nederlandsche Bank voor IDSG Capital B.V. wegens overtreding van het verbod op het aantrekken van opvorderbare gelden van het publiek." May 6, 2026. https://www.dnb.nl
3126216 pc May 06, 2026 tojuri Malta Malta Financial Services Authority horizon scanning
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Malta Financial Services Authority Settles Regulatory Reporting Violations with Investment Services Firm

On May 5, 2026, the Malta Financial Services Authority (MFSA) published a settlement notice regarding an Investment Services Firm (Ref: 2026-18) that had failed to submit regulatory information on time. The MFSA identified multiple breaches of the Investment Services Rules for Investment Services Providers Part BI, which applies to Investment Services Licence Holders that qualify as Markets in Financial Instruments Directive (MiFID) firms. The violations included late submission of audited annual financial statements, auditors' management letters, auditors' reports, auditors' confirmations, and MiFID Firms Quarterly Reporting with audited figures for prudential supervision for the financial years ending December 31, 2022 and December 31, 2023. The firm also failed to timely submit quarterly reporting for Q2 (Classes 2 and 3) and Annex III documentation for Q4 (Class 3) for both reporting periods. Additionally, the firm did not submit supervisory fee calculations signed by two Directors and the auditor, or signed confirmations tabs as required. On February 25, 2026, following a demonstration of goodwill by the Investment Services Firm, the MFSA agreed to settle all pending matters through a settlement agreement. The Authority imposed an administrative penalty of €20,776 on the firm. The settlement was published in accordance with the MFSA's Settlement Policy, which governs the resolution of regulatory breaches through agreed settlements rather than formal enforcement proceedings. This settlement underscores the MFSA's expectation that MiFID firms maintain timely compliance with reporting obligations and demonstrates the Authority's willingness to resolve matters where firms demonstrate remedial commitment.

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Malta Financial Services Authority Reaches Settlement Agreement of €20,776 with Investment Firm for Regulatory Reporting Violations

In a decision dated February 25, 2026, the Malta Financial Services Authority (MFSA) reached a settlement agreement of €20,776 with an investment services firm in relation to the late submission of regulatory information. The MFSA identified multiple breaches of the Investment Services Rules for Investment Services Providers Part BI . The violations included late submission of audited annual financial statements, auditors' management letters, auditors' reports, auditors' confirmations, and MiFID Firms Quarterly Reporting with audited figures for prudential supervision for the financial years ending December 31, 2022 and December 31, 2023. The firm also failed to timely submit quarterly reporting and failed to submit the supervisory fee calculations, signed by two directors and the auditor, or the required signed confirmations tabs. The settlement was agreed upon following the investment firm's demonstration of goodwill.
3132189 pc May 06, 2026 arahman Slovakia Draft Laws - Parliament horizon scanning
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Slovakia's National Council Publishes Annual Personal Data Protection Report for 2025

On May 6, 2026, the National Council of the Slovak Republic (Národná rada Slovenskej republiky) submitted Parliamentary Paper 1318 to parliament. The submission comprises a report on the state of personal data protection for the year 2025, accompanied by a draft resolution for parliamentary consideration. The report documents the National Council's compliance and activities relating to personal data protection throughout 2025. As a legislative body handling personal information in its parliamentary operations, the National Council is required to assess and report on its data protection practices annually. This report fulfils that obligation and provides transparency on how the institution manages personal data in accordance with applicable Slovak and European Union data protection legislation, including the General Data Protection Regulation (GDPR). The submission includes supporting documentation: an introductory cover page, the full report on personal data protection status, a draft resolution for parliamentary approval, and a submission memorandum. These documents are available for review by members of parliament and the public through the National Council's parliamentary documentation system. The report will now proceed through the National Council's standard legislative review process, where it may be debated and voted upon by members of parliament. The draft resolution accompanying the report will determine whether parliament formally acknowledges and approves the findings and recommendations contained within the personal data protection assessment for 2025. REFERENCE: Národná rada Slovenskej republiky. Parliamentary Paper 1318: Report on the State of Personal Data Protection for 2025. Available at: https://www.nrsr.sk/

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Slovakia's National Council Publishes Annual Personal Data Protection Report for 2025

On May 6, 2026, the National Council of Slovakia published the Report on the State of Personal Data Protection 2025, which sets out the upcoming reforms of personal data protection in Slovakia. In 2025, there were two draft laws aimed at reforming Slovakia's personal data protection framework: Draft Act on the Protection of Natural Persons With Regard to the Processing of Personal Data and on Amendments to Certain Acts. A draft law on the protection of natural persons with regard to the processing of personal data by competent authorities for the purposes of the prevention, investigation, detection or prosecution of criminal offences or the execution of criminal penalties, and on the free movement of such data. The reform responds to shortcomings in the previous legislation, which created a complex dual-track system by unnecessarily duplicating directly applicable provisions of the EU's General Data Protection Regulation (GDPR) within national law. Under the proposed reform, Slovakia would replace the existing framework with two distinct laws. The first would contain only the national provisions necessary to implement the GDPR in Slovakia, including rules relating to the Office for Personal Data Protection, procedural matters and specific national derogations. The second would separately regulate personal data processing in the law enforcement sector and transpose Directive (EU) 2016/680. The reform aims to improve legal certainty, simplify and clarify the personal data protection framework and streamline supervisory and enforcement procedures by providing a clearer basis for inspections and administrative proceedings.
3130887 pc May 06, 2026 rghosh Israel Press Releases - Bank of Israel horizon scanning
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Israel's Bank of Israel Introduces Tiered Banking Licence Framework

On May 6, 2026, the Bank of Israel announced a tiered banking licence framework as part of its ongoing efforts to promote competition within Israel's banking system while maintaining financial stability, fairness, and consumer protection. The Bank of Israel has undertaken significant infrastructure reforms in recent years to facilitate the entry of new market participants into the banking sector. These efforts have resulted in the establishment of two new banks for the first time in approximately 40 years. The tiered licensing framework is designed to reduce regulatory and structural barriers to entry, enabling smaller and new banking entities to obtain licences more easily. The framework is anchored in the Law for Promoting Competition in the Banking Market (Legislative Amendments), 5786–2026, which establishes the first legislative framework for micro and small banks. The tiered regulation will be proportionate to the size and complexity of each banking entity's operations. Recent approvals demonstrate the framework's practical application: the Bank of Israel Governor approved Revolut Payments Israel Ltd to advance through required stages of the banking licence process, and Ash Bank Israel Ltd to proceed with access and representation in payment systems. These entities join One Zero Bank, which began providing services to the public approximately three years ago. The tiered licensing approach is expected to broaden the range of market participants and products available in Israel's banking system, increase competition in credit and deposit markets, and improve services for households and small businesses. The Bank of Israel will publish detailed regulation accompanying this framework in the coming days.

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Bank of Israel Introduces Tiered Banking Licence Framework

On May 6, 2026, the Bank of Israel announced a tiered banking licence framework as part of its ongoing efforts to promote competition within Israel's banking system while maintaining financial stability, fairness, and consumer protection. The tiered licensing framework is designed to reduce regulatory and structural barriers to entry, enabling smaller and new banking entities to obtain licences more easily. The framework is anchored in the Law for Promoting Competition in the Banking Market (Legislative Amendments), which establishes the first legislative framework for micro and small banks. The tiered regulation will be proportionate to the size and complexity of each banking entity's operations. The tiered licensing approach is expected to broaden the range of market participants and products available in Israel's banking system, increase competition in credit and deposit markets, and improve services for households and small businesses. The Bank of Israel will publish detailed regulation accompanying this framework in the coming days.
3132132 pc May 06, 2026 arahman Slovenia eUprava - Predlogi predpisov ( Proposed Legislation) horizon scanning
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Slovenia's Ministry of Finance Proposes Amendments to Financial Instruments Market Act

On May 6, 2026, Slovenia's Ministry of Finance published a proposed amendment to the Law on the Financial Instruments Market (ZTFI-1E) through eUprava, the Slovenian e-government portal. The proposal is currently in preparation within the ministry and is subject to public consultation. The proposed amendments transpose three European Union directives adopted on October 23, 2024, which aim to enhance the attractiveness of public capital markets within the EU and facilitate access to capital for small and medium-sized enterprises (SMEs). These directives include Regulation (EU) 2024/2809 amending Regulations (EU) 2017/1129, (EU) 596/2014, and (EU) 600/2014; Directive (EU) 2024/2811 amending Directive 2014/65/EU and repealing Directive 2001/34/ES; and Directive (EU) 2024/2810 concerning multi-voting share structures in companies seeking to list shares on multilateral trading systems. The proposed legislation is identified under government record number 2026-1611-0040. The public comment period closes on May 20, 2026, and comments can be submitted through the eUprava portal. The proposal includes an impact assessment tool enabling stakeholders to calculate and attach the effects of regulatory changes to their submissions. The legislative timeline indicates that the draft is expected to be finalised in the third quarter of 2026, with government committee review, full government approval, and implementation scheduled for the fourth quarter of 2026. The full proposal document (ZTFI-1E) is available for download on the eUprava platform.

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Slovenia's Ministry of Finance Consults on Amendments to Financial Instruments Market Act

On April 6, 2026, the Ministry of Finance launched a consultation on the Draft Act Amending the Financial Instruments Market Act. The fundamental objective of the draft act is the timely and comprehensive transposition of Directive 2024/2811/EU and the relevant parts of Directive 2024/2810/EU into the legal order of the Republic of Slovenia, and the creation of conditions for the direct application of Regulation 2024/2809/EU. A member of a settlement system may be: A credit institution. An investment firm. A credit institution or investment firm from a third country which, on the basis of a contract with the settlement system operator, is authorised to issue instructions to the operator regarding the entry of orders into the settlement system and is responsible for fulfilling the financial obligations arising from the orders entered into the settlement system. A payment institution. An electronic money issuer. Other proposed amendments include: The minimum amount of initial capital for a small investment firm shall be €50,000. A small investment firm may substitute the required initial capital with professional indemnity insurance covering a minimum sum insured of €500,000 for each individual claim and €1m for all claims for damages in a single year. The required initial capital may also be provided by an appropriate combination of initial capital and professional indemnity insurance. Comments and feedback are welcome up until May 20, 2026 and can be submitted here .
3127917 pc May 06, 2026 tojuri Cyprus Overview - CySec horizon scanning
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Cyprus Securities and Exchange Commission Issues Guidelines on Liquidity Management Tools for Fund Managers

On May 6, 2026, the Cyprus Securities and Exchange Commission (CySEC) issued Circular No. C776 to inform Cyprus Investment Fund Managers (CIFMs) of new guidelines on Liquidity Management Tools (LMTs) for Undertakings for Collective Investment in Transferable Securities (UCITS) and open-ended Alternative Investment Funds (AIFs). The guidelines, published by the European Securities and Markets Authority (ESMA) on March 12, 2026, implement mandates established under Directive (EU) 2024/927, which amends the UCITS Directive and Alternative Investment Fund Managers Directive (AIFMD). The guidelines aim to enhance fund resilience under normal and stressed market conditions, ensure appropriate selection and calibration of LMTs based on investment strategy and liquidity profiles, and promote investor protection by mitigating liquidity mismatches and reducing dilution risks. Under the new provisions, UCITS management companies and AIFMs must select at least two appropriate liquidity management tools following a suitability assessment. They may temporarily suspend subscriptions, repurchases, and redemptions in investors' interests, or activate other LMTs including side pockets where provided in fund documentation. CySEC expects CIFMs to review and enhance their liquidity risk management frameworks, ensure LMTs align with fund characteristics, establish robust governance arrangements with clear decision-making processes, apply LMTs fairly and transparently, adequately disclose LMT availability in offering documentation, and ensure staff possess necessary expertise and appropriate systems are in place. The guidelines apply from April 16, 2026, for new funds. For existing collective investment undertakings, the guidelines apply from April 16, 2027—twelve months after the Regulatory Technical Standards implementation date. CySEC has incorporated these guidelines into its supervisory practices, and CIFMs must ensure compliance accordingly.

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Cyprus Securities and Exchange Commission Implements ESMA Guidelines on Liquidity Management Tools for Fund Managers

On May 6, 2026, the Cyprus Securities and Exchange Commission (CySEC) issued Circular No. C776 to Cyprus Investment Fund Managers (CIFMs), formally implementing the European Securities and Markets Authority (ESMA) Guidelines on Liquidity Management Tools (LMTs) of Undertakings for Collective Investment in Transferable Securities (UCITS) and open-ended Alternative Investment Funds (AIFs) ( ESMA34-671404336-1364 ). The guidelines implement mandates established under Directive (EU) 2024/927, which amends the UCITS Directive and Alternative Investment Fund Managers Directive (AIFMD). The guidelines establish supervisory standards for the selection, calibration, activation and deactivation of liquidity management tools by fund managers. They are divided into four main sections: general principles; quantitative-based LMTs, such as suspensions of subscriptions, repurchases, and redemptions; anti-dilution tools, such as redemption fees, swing pricing, and anti-dilution levies; and side pockets. Under the new provisions, UCITS management companies and AIFMs must select at least two appropriate liquidity management tools following a suitability assessment. CySEC expects CIFMs to review and enhance their liquidity risk management frameworks, ensure LMTs align with fund characteristics, establish robust governance arrangements with clear decision-making processes, apply LMTs fairly and transparently, adequately disclose LMT availability in offering documentation, and ensure staff possess the necessary expertise and appropriate systems are in place. The guidelines apply from April 16, 2026, with a 12-month transition period for existing funds, ending on April 16, 2027.
3127195 pc May 05, 2026 ataylor British Columbia The British Columbia Securities Commission financial services
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British Columbia Securities Commission Consolidates Multilateral Instrument 25-102 on Designated Benchmarks and Benchmark Administrators

On May 5, 2026, the British Columbia Securities Commission (BCSC) consolidated all amendments to Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators (MI 25-102). This consolidation reflects the current regulatory framework governing benchmark administration across Canadian jurisdictions, with specific provisions tailored to British Columbia's securities legislation. MI 25-102 establishes comprehensive requirements for designated benchmark administrators and benchmark contributors. Key regulatory elements include governance frameworks requiring designated benchmark administrators to establish accountability structures, designate compliance officers, and maintain oversight committees. The instrument mandates that administrators establish control frameworks addressing operational risk, business continuity, and data validation procedures. The instrument categorizes benchmarks into three types—designated critical benchmarks, designated interest rate benchmarks, and designated regulated-data benchmarks—each subject to tailored requirements. For designated interest rate benchmarks, administrators must implement enhanced governance with independent oversight committee members and mandatory assurance reporting. Designated commodity benchmarks are subject to specific methodology and transparency requirements, including publication of determination details and transaction data analysis. Benchmark contributors must comply with codes of conduct established by administrators, maintain detailed records for seven years, and implement policies addressing conflicts of interest and input data integrity. The instrument requires administrators to publish methodologies, benchmark statements, and procedures for significant methodology changes, with consultation periods for market participants. Administrators must deliver annual financial statements, organizational information, and reasonable assurance reports on controls to the BCSC. Record-keeping requirements span seven years and must enable audit and evaluation of determinations. The BCSC retains discretionary exemption authority under Part 9 of the instrument.

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Canadian Securities Administrators Consolidates Multilateral Instrument 25-102 on Designated Benchmarks and Benchmark Administrators

On May 5, 2026, the Canadian Securities Administrators (CSA) published Multilateral Instrument (MI) 25-102: Designated Benchmarks and Benchmark Administrators , along with Companion Policy 25-102 . The instrument establishes a comprehensive framework for designating and overseeing benchmarks (e.g., interest rates, commodity prices, indices) that are important to Canadian financial markets. It sets governance, control, disclosure and compliance requirements for designated benchmark administrators, as well as obligations for benchmark contributors and certain users. Key provisions of the instrument and its companion policy include: Governance and framework requirements: MI 25-102 establishes comprehensive requirements for designated benchmark administrators and benchmark contributors. Key regulatory elements emphasize governance frameworks requiring designated benchmark administrators to establish accountability structures, designate compliance officers and maintain oversight committees. The instrument mandates that administrators establish control frameworks addressing operational risk, business continuity and data validation procedures. Benchmark categories and tailored rules: The instrument categorizes benchmarks into designated critical benchmarks, designated interest rate benchmarks, designated regulated‑data benchmarks and designated commodity benchmarks, each subject to tailored requirements. For designated interest rate benchmarks, administrators must implement enhanced governance with independent oversight committee members, follow a strict priority for input data (transaction data, then executable quotes, then indicative quotes, then expert judgment) and mandatory assurance reporting. Designated commodity benchmarks are subject to specific methodology and transparency requirements, including publication of determination details and transaction data analysis. Contributor obligations and recordkeeping: Benchmark contributors must comply with codes of conduct established by administrators, maintain detailed records (including audio recordings of phone conversations) for seven years and implement policies addressing conflicts of interest and input data integrity. The instrument requires administrators to publish methodologies, benchmark statements and procedures for significant methodology changes, with consultation periods for market participants. Benchmark users (registrants, reporting issuers, exchanges) must maintain written plans for significant changes or cessation of a benchmark, including identifying suitable substitutes. Reporting and exemption authority: Administrators must deliver annual financial statements, organizational information and reasonable assurance reports on controls to the securities regulatory authority. Record-keeping requirements span seven years and must enable audit and evaluation of determinations. The securities regulatory authority retains discretionary exemption authority under Part 9 of the instrument. The instrument is effective May 5, 2026 , with certain provisions not in force in Quebec.
3126944 pc May 05, 2026 ataylor Maryland Industry Advisories - Office of the Commissioner of Financial Regulation horizon scanning
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Maryland's Office of Financial Regulation Issues Advisory on Earned Wage Access Provider Reporting Requirements

On May 5, 2026, the Office of Financial Regulation (OFR) issued an advisory to all Earned Wage Access Providers regarding their annual reporting obligations under Commercial Law Article, §12-1506. The advisory specifies the information and data the Commissioner requires for the initial reporting period ending June 30, 2026. The reporting requirement implements House Bill 1294 (2025). On April 3, 2026, OFR published proposed regulations at COMAR 09.03.10.06 to establish the framework for annual reporting. The advisory clarifies baseline reporting items and additional information required for the 2026 reporting year, including: total number of consumers served; total transactions; repeat consumers; average transactions per consumer; consumer demographic information; default rates; total revenue; and processing fees collected. Providers must also report on no-cost option utilization, tip data (if applicable), and advance size distribution. Consumer demographic information includes geographic distribution by Maryland county or zip code, whether earned wage access is consumer-directed or employer-integrated, and industries or occupational categories served. All reported data must reflect activity involving Maryland consumers only. The advisory defines key terms including "repeat consumer," "average number of transactions per consumer," "revenue," and "processing fees" to ensure consistent reporting methodology. Earned Wage Access Providers must submit reports electronically to OFR on or before July 1, 2026, covering the period from October 1, 2025, through April 30, 2026. Providers may submit via a secure link or contact Clifford Charland, Assistant Commissioner for Financial Services, Licensing & Supervision, at 410-230-6167 or [email protected] for submission assistance. OFR anticipates issuing final regulations shortly following the closure of the comment period on proposed COMAR 09.03.10.06.

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Maryland Office of Financial Regulation Issues Advisory and Annual Reporting Requirements for Earned Wage Access Providers

On May 5, 2026, the Maryland Office of Financial Regulation (OFR) issued an advisory to all earned wage access providers operating in the state, notifying them of their obligation to submit an annual report. The advisory follows the enactment of House Bill 1294 (2025) and proposed regulations at COMAR 09.03.10.06 , which implement annual reporting requirements under Maryland's Commercial Law Code, §12‑1506 . The initial report covers the period from October 1, 2025, through April 30, 2026, and is due July 1, 2026. The advisory details the following reporting requirements for providers: Baseline reporting items: Providers must report total number of consumers served, total transactions, number of repeat consumers, average transactions per consumer, default rates, total revenue, and total processing fees collected. No‑cost option utilization: Providers must disclose how often consumers choose no‑cost options versus fee‑based options, the percentage of no‑cost transactions, a description of each no‑cost option (including delivery method and average wait time), and the average wait time for fee‑based options. Tip data: If providers solicit or receive tips or donations, they must report total tip amounts, number and percentage of transactions with tips, average tip per transaction, and a distribution of tip amounts in $1 increments. Advance size distribution: Reports must include the number and dollar amount of advances of $75 or less and over $75, the average advance size, data on consumers who receive more than one advance within a single payroll period, and total fees collected from those consumers. Consumer demographic information: To the extent collected, providers must report geographic distribution by Maryland county or zip code, whether the consumer uses a consumer‑directed or employer‑integrated model, and the industries or occupational categories served. The advisory requires all earned wage access providers to submit their completed annual report to the OFR electronically by July 1, 2026. Providers may submit their reporting materials via a secure link or contact Clifford Charland for assistance with the submission process.
3126054 pc May 05, 2026 pdonofrio Tennessee TN DFI News Releases horizon scanning
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Tennessee Department of Financial Institutions Announces Maximum Effective Interest Rate for Home Loans

On May 5, 2026, the Commissioner of Financial Institutions announced that the maximum effective rate of interest per annum for home loans in Tennessee for June 2026 is 10.32 percent per annum. The maximum effective rate is calculated as four percentage points above the average prime offer rate (APOR), as defined in 12 Code of Federal Regulations (CFR) 1026.35, that applies to a thirty-year fixed loan, as published by the Federal Financial Institutions Examination Council (FFIEC). The APOR statistical data used for this calculation was 6.32 percent, resulting in the announced rate of 10.32 percent. This rate-setting methodology was established by the Tennessee General Assembly in 2025 through Public Chapter 290. The announcement applies to all home loan providers operating in Tennessee and affects the terms under which residential mortgage lending can occur within the state. Lenders and borrowers should note that the Depository Institutions Deregulation and Monetary Control Act of 1980 (Public Law 96-221, as amended by Public Law 96-399) may preempt certain state usury laws for loans made after March 31, 1980. Affected parties are advised to consult legal counsel regarding the implications of federal preemption on state usury regulations and their specific lending or borrowing arrangements. The Tennessee Department of Financial Institutions will announce updated maximum effective rates monthly, with the next announcement expected to follow the same calculation methodology using the most recent available APOR data.

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Tennessee Department of Financial Institutions Announces Maximum Effective Rate of Interest for Home Loans for June

On May 5, 2026, the Tennessee Department of Financial Institutions (DFI) announced the maximum effective rate of interest for home loans for the month of June 2026: 10.32 percent per annum.
3126659 pc May 05, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning
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United States Treasury Department Issues Venezuela-Related General License for Debt Restructuring Services

On May 5, 2026, the Office of Foreign Assets Control (OFAC), a division of the United States Department of the Treasury, issued Venezuela-related General License 58. The license authorizes certain services to the Government of Venezuela in connection with potential debt restructuring activities. General License 58 permits specified services that would otherwise be prohibited under existing Venezuela sanctions programmes. The authorization is narrowly tailored to facilitate debt restructuring negotiations and related financial activities involving the Venezuelan government. This licence represents a targeted exception to the broader sanctions framework maintained by OFAC against Venezuela, allowing specific transactions that support potential debt resolution mechanisms. The issuance of this general licence indicates a shift in the Treasury Department's approach to Venezuela sanctions, creating a pathway for financial institutions and service providers to engage in debt restructuring discussions with Venezuelan authorities without violating sanctions regulations. Entities seeking to provide services under this authorization should review the full terms and conditions of General License 58 to ensure compliance with all specified requirements and limitations. Organisations and individuals involved in international finance, debt restructuring, or Venezuela-related activities should monitor OFAC's official guidance and consult the complete licence documentation for detailed eligibility criteria and permissible activities. **Reference:** Office of Foreign Assets Control (OFAC), "Issuance of Venezuela-related General License," May 5, 2026, https://ofac.treasury.gov/recent-actions/20260505

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US Office of Foreign Assets Control Issues Venezuela-Related General License for Government Debt Restructuring Services

On May 5, 2026, the US Office of Foreign Assets Control (OFAC) issued Venezuela-related General License 58 . The license authorizes certain services to the government of Venezuela in connection with potential debt restructuring activities — services that would otherwise be prohibited under existing Venezuela sanctions programs. The authorization is narrowly tailored to facilitate debt restructuring negotiations and related financial activities involving the Venezuelan government, including legal, financial advisory and consulting services designed for the assessment, development or preparation of debt restructuring options, proposals and related supporting materials.
3125760 pc May 05, 2026 ataylor Canada Financial Transactions and Reports Analysis Centre of Canada horizon scanning
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Canada's Financial Transactions and Reports Analysis Centre Imposes Administrative Monetary Penalty on VersaBank

On February 23, 2026, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed an administrative monetary penalty of $42,075 on VersaBank, a bank headquartered in London, Ontario, for committing two serious violations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. The penalty has been paid in full and the case is closed. The first violation involved VersaBank's failure to develop and apply adequate written compliance policies and procedures as required under subsection 9.6(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 156(1)(b) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. FINTRAC determined that VersaBank inadequately documented policies and procedures relating to the reasonable grounds to suspect threshold for suspicious transaction reports, fraud-related filing requirements, ongoing client monitoring, and prescribed risk assessments. Specifically, the bank's monitoring frequency for elevated and high-risk clients was identical, and its risk assessment policy required completion every three years rather than the mandated two-year requirement. The second violation concerned VersaBank's failure to take prescribed special measures for high-risk clients under subsection 9.6(3) of the act and section 157 of the Regulations. FINTRAC identified seven instances where VersaBank failed to correctly identify elevated and high-risk clients and apply enhanced due diligence measures. These included three clients incorrectly classified as standard risk despite documented risk factors, three clients with multiple internal control alerts and previous suspicious transaction reports requiring special measures, and one high-risk client lacking required enhanced due diligence. Both violations were classified as serious violations. The penalty determination considered criteria outlined in section 73.11 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and section 6 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations. The violations were identified during a compliance assessment activity.

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Financial Transactions and Reports Analysis Centre of Canada Fines VersaBank CAD$42,075 for Anti‑Money Laundering Compliance Failures

On May 5, 2026, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced an administrative monetary penalty against VersaBank, originally imposed on February 23, 2026, for two violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The violations were identified during a compliance assessment. Key findings of FINTRAC within the enforcement order include: Inadequate written AML policies and procedures. VersaBank failed to develop and maintain up‑to‑date written compliance policies and procedures. Specifically, VersaBank did not properly document its threshold for filing suspicious transaction reports, including when fraud was suspected. Additionally, VersaBank failed to meet its ongoing client monitoring requirements, as well as its prescribed risk assessment frequency. VersaBank’s policies stated that it would complete a risk assessment only every three years, whereas regulations require at least every two years. Failure to apply enhanced due diligence for high‑risk clients. VersaBank failed to correctly identify elevated-risk and high‑risk clients in at least seven instances, and therefore did not apply the required special measures (enhanced due diligence). In three cases, clients were labeled as “standard risk” even though VersaBank had documented heightened risk factors. In three other cases, clients had triggered multiple internal alerts and had previous suspicious transaction reports filed on them, yet VersaBank did not apply enhanced due diligence. VersaBank also failed to identify one client as high‑risk altogether. Both violations were classified as “serious” under the regulations, with FINTRAC ultimately imposing a CAD$42,075 penalty against VersaBank.
3125814 gc May 05, 2026 nsairam Brazil Brazil | News Site gamblingcompliance
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Brazil's Central Bank Establishes Exclusive Code for Online Betting Transactions and Modifies Foreign Exchange Rules

On May 5, 2026, the Central Bank of Brazil (BCB) published Resolution BCB No. 561/2026 in the Official Gazette of the Union (DOU), establishing new regulatory requirements for international payment and transfer services (eFX) and creating specific controls for online betting transactions. The resolution introduces code 34045 for classifying gaming and betting transactions, effective from October 1, 2026. This measure aims to enhance traceability of foreign currency flows directed to fixed-odds betting platforms. The regulation implements several restrictions on digital transactions: purchases of goods and services through digital payment solutions without e-commerce integration are limited to US$10, as are transfers related to investments in financial and securities markets. The resolution prohibits the use of virtual assets (cryptoassets) in these transactions. Funds sent by users to eFX providers must be deposited through accounts held in the user's own name via bank slip or equivalent payment instruments, limited to R$1,000 with no reloading permitted. Payment or receipt between eFX service providers and foreign counterparts must occur exclusively through foreign exchange or Brazilian real accounts of non-residents. The regulation also prohibits offsetting of amounts received and delivered by service providers. Institutions providing eFX services must register this modality in the Unicad System by October 30, 2026. Providers not authorized as payment institutions (electronic money issuers or acquirers) must request Central Bank authorization by May 2027, with failure to obtain authorization resulting in cessation of activities. The resolution updates Annex V of BCB Resolution No. 277/2022. **Reference:** Central Bank of Brazil Resolution BCB No. 561/2026, Official Gazette of the Union (DOU), May 5, 2026.

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Brazil updates guidelines on foreign transaction methods in online gaming

On May 5, 2026, the Brazilian Central Bank (BCB) updated guidelines regarding foreign transfers and transactions as it related to online gambling. Under BCB Resolution No. 561/2026, the following was updated: The number which gambling transactions are classified under (34045). The usage of a sole foreign exchange transfer platform named eFX, for all payment service providers. Limitation of non eFX integrated platforms to only transfer a maximum of USD$10,000. Prohibition of the transfer of crypto assets. The resolution aims to make it easier for the government to track foreign funds that are being used to gamble. This resolution comes into effect on October 1, 2026, payment service providers and their partners must include eFX in their modality by October 30, 2026.
3130153 pc May 05, 2026 pdonofrio Washington Washington Department of Financial Institutions Division of Securities financial services
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Washington Department of Financial Institutions Issues Consent Order Against Edward Jones for Unreasonable Commission Charges

On May 5, 2026, the Washington Department of Financial Institutions, Securities Division issued a consent order against Edward D. Jones & Co., L.P. (Edward Jones), a broker-dealer registered in Washington since April 20, 1983. The order resolves violations of the Securities Act of Washington (chapter 21.20 RCW) relating to unreasonable commissions charged on equity transactions. During a coordinated investigation covering the period from May 1, 2020, to April 30, 2025, Washington determined that Edward Jones charged unreasonable commissions on approximately 25,616 equity transactions in the state. These transactions exceeded the Financial Industry Regulatory Authority (FINRA) guideline of 5 percent of the principal trade amount, with commissions totaling $361,844.96. Nationwide, Edward Jones charged unreasonable commissions on approximately 781,240 equity transactions totalling $11,287,504 during the same period. The violations stemmed from Edward Jones's application of a minimum fixed commission of $50 on certain equity transactions and its failure to reasonably supervise these transactions to ensure commissions were fair and reasonable, despite having policies and procedures in place to conduct such reviews. Under the consent order, Edward Jones must cease and desist from violations of Washington Administrative Code 460-20C-150(1)(e), is censured by the Division, and must pay restitution of no less than $361,844.96 plus 6 percent interest to affected Washington customers within 180 days. Edward Jones must also pay an administrative fine of $100,000 and investigation costs of $25,000 within 15 days of the order. Additionally, Edward Jones must enhance its policies and procedures within 60 days to prevent unreasonable commissions and ensure compliance systems incorporate all transactions regardless of principal amount.

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Washington Department of Financial Institutions Issues Consent Order Against Edward Jones for Unreasonable Commission Charges

On May 5, 2026, the Washington Department of Financial Institutions (DFI) issued a consent order against Edward Jones, a broker-dealer registered in the state since 1983. The order resolves violations of the Securities Act of Washington relating to unreasonable commissions charged on equity transactions. During a coordinated investigation over a period between 2020 and 2025, the DFI determined that Edward Jones charged unreasonable commissions on over 25,000 equity transactions in Washington. The DFI also determined that these transactions exceeded the Financial Industry Regulatory Authority (FINRA) guideline of 5 percent of the principal trade amount, with commissions totaling over $360,000. According to the DFI, Edward Jones' violations stemmed from its application of a minimum fixed commission of $50 on certain equity transactions and its failure to reasonably supervise these transactions to ensure commissions were fair and reasonable, despite having policies and procedures in place to conduct such reviews. Under the consent order, Edward Jones must cease and desist from future violations of Securities Act of Washington; must pay restitution of no less than $361,844.96 plus 6 percent interest to affected Washington customers within 180 days; and must pay an administrative fine of $100,000 and investigation costs of $25,000 within 15 days. Additionally, Edward Jones is ordered to enhance its policies and procedures within 60 days to prevent unreasonable commissions and ensure compliance systems incorporate all transactions regardless of principal amount.
3125617 pc May 05, 2026 adavies European Union European Securities and Markets Authority financial services
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European Union's Securities Regulator Consults on Simplified Money Market Fund Stress Test Parameters

On May 5, 2026, the European Securities and Markets Authority (ESMA) launched a consultation on a new approach to updating stress test parameters for money market funds (MMFs) under the Money Market Funds Regulation. ESMA proposes replacing the current annual amendments to Section 5 of the Guidelines with an annual web-based publication of calibration parameters. Under this approach, the Guidelines would continue to define the stress testing framework and methodology, while a dedicated website would serve as a single point of access for the latest annual calibrations. This simplified procedure aims to improve accessibility for market participants, allowing them to apply updated parameters immediately after approval. The proposal aligns with ESMA's Simplification and Burden Reduction (SBR) initiative, intended to reduce compliance and supervisory burdens across the financial services sector. The consultation targets fund managers and other market participants subject to MMF stress testing requirements under the Money Market Funds Regulation. The new approach is significant as it modernises the administrative process for parameter updates, moving from formal guideline amendments to a more flexible digital publication model, which should streamline regulatory compliance while maintaining the robustness of the stress testing framework. Feedback on the consultation should be submitted by August 6, 2026. ESMA will consider responses received and expects to publish the corresponding final report in the second half of 2026. The new procedure for updating parameters is expected to apply with the next update at the end of 2026. Further information and the consultation paper are available on ESMA's website.

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European Securities and Markets Authority Consults on Simplified Approach to Updating MMF Stress Test Parameters

On May 5, 2026, the European Securities and Markets Authority (ESMA) launched a consultation on its draft guidelines on stress test scenarios under Regulation (EU) 2017/1131 (Money Market Funds Regulation – MMFR). The MMFR provides that ESMA must annually update its guidelines establishing common reference parameters of the stress test scenarios to be included in the stress tests that MMFs or managers of MMFs are required to conduct. Through this consultation, ESMA is proposing to replace that annual update process with an annual update of a dedicated page on ESMA’s website where the parameters would be made available. In ESMA’s view, this approach would streamline the process, making the parameters more easily accessible. ESMA is seeking feedback on its consultation by August 6, 2026, which can be submitted via this link .
3145959 gc May 05, 2026 nsairam Colombia SBC Noticias gamblingcompliance
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Dominican Republic publishes new self-exclusion and responsible gaming regulations

On May 5, 2026, the Dominican Republic published a new set of self-exclusion and responsible gaming regulations, which establishes a National Self-Exclusion System in the country, among other requirements upon all gambling operators. Under Resolution 184-2026, the following is outlined: Gambling operators must incorporate protection mechanisms for their users, including time and money limits on their platforms. Gambling operators will be required to offer self-exclusion options for players who wish to voluntarily restrict their access to gambling activities. Gambling operators are required to implement prevention, guidance, and support programs. The mandatory prevention tools are: Deposit limits. Spending limits. Game-time limits. Automatic alerts. Mandatory breaks. Activity history. Bet blocking. Self-assessment tools. Deposit limits. Spending limits. Game-time limits. Automatic alerts. Mandatory breaks. Activity history. Bet blocking. Self-assessment tools. The Dominican Republic is authorized to create a National Self-Exclusion System which allows patrons to voluntarily request their exclusion from gambling platforms and establishments. Operators are required to prevent access to anyone registered in the self-exclusion system. Operators must implement stricter parental controls to avoid minors from accessing platforms, and must not advertise towards children, and must not target their advertisements to children using attractive images or visual elements. This resolution comes into effect immediately. Penalties for non-compliance result in administrative sanctions, and fines.
3121819 pc May 05, 2026 kgurnani New Zealand Financial Markets Authority financial services
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New Zealand's Financial Markets Authority Seeks Feedback on Related Party Transactions Guidance

On May 4, 2026, the Financial Markets Authority (FMA) launched a consultation seeking feedback on a draft paper explaining its position on related party transactions involving registered managed investment schemes (MIS). The consultation paper outlines the FMA's interpretation of related party transaction provisions under the Financial Markets Conduct Act 2023. It addresses the rationale behind these provisions, provides a legislative overview, and clarifies how the FMA expects key aspects of the requirements to be applied in practice. The paper is designed to provide MIS managers and supervisors with greater clarity on the application of existing law. The FMA has clarified that the paper does not introduce new obligations, change current legal requirements, or cover related party transaction rules applicable to Derivatives Investment Management Services (DIMS) licensees or Financial Markets Conduct (FMC) reporting entities for financial reporting purposes. The consultation is open to all stakeholders with an interest in managed investment schemes and related party transaction compliance. The FMA is seeking feedback to support the development and refinement of this guidance document. Submissions must be received by Friday, June 12, 2026. Responses should be submitted using the consultation submission form provided, or alternatively via email to [email protected]. The consultation paper and submission form are available on the FMA website. **References:** Financial Markets Authority. Consultation: Related party transactions insights. Available at: https://www.fma.govt.nz/

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New Zealand's Financial Markets Authority Seeks Feedback on Related Party Transactions Guidance

New Zealand's Financial Markets Authority (FMA) launched a consultation seeking feedback on a draft paper explaining its position on related party transactions involving registered managed investment schemes (MIS). The consultation paper outlines the FMA's interpretation of related party transaction provisions under the Financial Markets Conduct Act 2013 , to ensure consistent market behavior and reduce investor harm. It emphasizes that while related party transactions are generally prohibited, they are permitted if they meet specific exceptions, such as being on arm’s-length terms. The guidance introduces several key interpretations regarding the nature of benefits and the scope of transactions: Broad definition of "Benefit": The FMA adopts the ordinary meaning of "benefit" and notes it is not limited to financial gains; it can include increased scale, improved liquidity, or reduced funding costs for a related party. Indirect transactions: Related party rules apply to the "substance and purpose" of a transaction. If a manager knows that investing through an intermediary will ultimately benefit a related party downstream, the entire arrangement may be considered a related party transaction. Arm's-length exception: To rely on this common exception, managers must demonstrate that terms are no more favorable to the related party than those negotiated between independent, knowledgeable parties. Certification and notification: Managers must notify supervisors and provide a Related Party Certificate (RPC) before entering a transaction. This certificate must include "reasonable evidence" to support the claim that the transaction is permissible. The FMA also outlines a risk-based approach, expecting higher levels of scrutiny, independent valuations, and more robust documentation for complex, novel, or illiquid transactions. For a series of transactions, a single RPC may be used only if the key terms are certain and remain materially the same over time; otherwise, these must be kept under constant review. Submissions must be sent to consultation@fma.govt.nz using the submission form attached to the FMA announcement by 12 June.
3122955 pc May 05, 2026 kgurnani Australia Australian Prudential Regulation Authority horizon scanning
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Australian Prudential Regulation Authority Revokes in1Bank's Authorised Deposit-Taking Institution Licence

On Monday, May 4, 2026, the Australian Prudential Regulation Authority (APRA) revoked in1Bank Limited's authorised deposit-taking institution (ADI) licence under the Banking Act 1959. The licence revocation followed in1Bank's completion of its deposit return process in March 2026. in1Bank had announced in January 2026 that it intended to exit the banking industry. The revocation represents the formal conclusion of in1Bank's operations as a regulated deposit-taking institution in Australia. APRA, as the prudential regulator of Australia's financial services industry, oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. The authority currently supervises institutions holding $9.8 trillion in assets for Australian depositors, policyholders and superannuation fund members. An updated list of authorised deposit-taking institutions is available on the APRA website, which reflects the removal of in1Bank from the register of regulated ADIs. **Reference:** Australian Prudential Regulation Authority. (May 4, 2026). APRA revokes in1Bank's authorised deposit-taking institution licence. Retrieved from APRA Media Releases.

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Australian Prudential Regulation Authority Revokes in1Bank's Authorised Deposit-Taking Institution Licence

The Australian Prudential Regulation Authority (APRA) revoked in1Bank Limited's authorised deposit-taking institution (ADI) licence under the Banking Act 1959. The bank's license was revoked after it completed the deposit return process in March 2026, following its announcement in January 2026 that it intended to exit the banking industry. The revocation represents the formal conclusion of in1Bank's operations as a regulated deposit-taking institution in Australia.
3123750 gc May 05, 2026 mschanke Arizona Arizona Lottery Commission - Public Notices and Agendas gamblingcompliance
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Arizona regulator initiates rulemaking process to adopt electronic keno regulations

On May 4, 2026, the Arizona Lottery Commission initiated the formal rulemaking process to adopt rules for the establishment and operation of electronic keno and invited the public and interested stakeholders to review the proposed rules and provide feedback. The proposed electronic keno rules can be found here . Under the proposed regulations, an authorized keno location is a physical facility located at least five miles from an Indian gaming facility that is licensed by the director of the Lottery Commission in the same manner as licenses issued pursuant to A.R.S. § 5-562 but only to a fraternal organization or veterans' organization or to a racetrack enclosure or additional wagering facility where pari-mutuel wagering on horse races is conducted. Authorized keno retailers must be licensed by the Lottery to sell electronic keno game plays and operate electronic keno at an authorized location. All written and oral public comments must be received no later than June 15, 2026, at 5:00 p.m . A public hearing will be held on June 15, 2026, at 9:00 a.m. A virtual link to the hearing will be published on the Commission's website .
3123398 gc May 05, 2026 mschanke Canada Office of the Privacy Commisioner of Canada gamblingcompliance
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Canada's Privacy Commissioner Launches Age Assurance Guidance to Protect Children Online

On May 4, 2026, the Office of the Privacy Commissioner of Canada (OPC) released new guidance on age assurance technologies following an extensive public consultation. Privacy Commissioner Philippe Dufresne announced the guidance during his keynote address at the IAPP Canada Symposium in Toronto, marking the start of Privacy Awareness Week 2026. The age assurance guidance documents are designed for operators of websites and online services as well as age assurance developers. The guidance advises organizations on assessing when age assurance should or must be used, and outlines design features and privacy considerations that should be addressed when implementing and designing age assurance systems. The Commissioner emphasizes that age assurance can advance the goal of creating a safer online experience for children while mitigating potential adverse impacts on privacy. Alongside the age assurance guidance, the OPC published additional materials supporting children's privacy protection. These include a report summarizing feedback from a consultation on developing a Canadian Children's Privacy Code, which focuses on ensuring private-sector organizations implement strong safeguards and transparent practices for children's personal information. The OPC also published reports from focus groups and a youth summit held in November 2025 in collaboration with researchers from the University of Ottawa and McGill University, which gathered insights from Canadian youth on their online experiences and digital privacy concerns. The OPC simultaneously released findings from its latest survey of Canadian businesses on privacy-related issues, indicating that 91 percent of businesses report taking steps to comply with Canada's privacy laws, while 84 percent maintain a privacy policy. The full survey report will be published on the OPC website in the coming weeks. REFERENCES: Office of the Privacy Commissioner of Canada. (2026). Privacy Commissioner of Canada launches new age assurance guidance to support organizations. Retrieved from https://www.priv.gc.ca/

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Canada regulator launches age assurance guidance to protect children online

On May 4, 2026, the Office of the Privacy Commissioner of Canada (OPC) released new guidance on age assurance technologies following an extensive public consultation. The age assurance guidance documents are designed for operators of websites and online services as well as age assurance developers. The guidance advises organizations on assessing when age assurance should or must be used, and outlines design features and privacy considerations that should be addressed when implementing and designing age assurance systems. Alongside the age assurance guidance, the OPC published additional materials supporting children's privacy protection. These include a report summarizing feedback from a consultation on developing a Canadian Children's Privacy Code, which focuses on ensuring private-sector organizations implement strong safeguards and transparent practices for children's personal information. The OPC also published reports from focus groups and a youth summit held in November 2025 in collaboration with researchers from the University of Ottawa and McGill University, which gathered insights from Canadian youth on their online experiences and digital privacy concerns. The OPC simultaneously released findings from its latest survey of Canadian businesses on privacy-related issues, indicating that 91 percent of businesses report taking steps to comply with Canada's privacy laws, while 84 percent maintain a privacy policy.
3124096 pc May 05, 2026 kgurnani Australia Australian Securities and Investments Comission horizon scanning
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Australian Securities and Investments Commission Proposes to Remake Relief from Dollar Disclosure and Australian Financial Services Licensing Requirements

On [announcement date], the Australian Securities and Investments Commission (ASIC) launched a consultation on remaking two legislative instruments that provide relief from dollar disclosure and certain Australian Financial Services (AFS) licensing requirements. The instruments set to expire on 1 October 2026 are ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 and ASIC Corporations (Financial Product Advice – Exempt Documents) Instrument 2016/356. ASIC Instrument 2016/767 exempts entities from requirements to disclose certain information in Australian dollars within Product Disclosure Statements, Statements of Advice, or periodic statements under Parts 7.7 and 7.9 of the Corporations Act 2001. ASIC Instrument 2016/356 provides licensing relief to entities giving general advice for financial products in specified documents, including explanatory statements for foreign schemes of arrangement and offer documents for control transactions regulated in specified foreign markets. The proposed remake includes minor and technical changes to both instruments to enhance clarity and consistency. Notably, ASIC proposes to extend dollar disclosure exemptions in ASIC Instrument 2016/767 to certain risk products provided by discretionary mutual funds, which are not currently covered. Submissions on the proposal must be sent to rri.consultation@asic.gov.au by 5pm Australian Eastern Standard Time on 1 June 2026. Further details are available in ASIC consultation paper CS 51 Proposed Remake of Relief from Dollar Disclosure Reporting and AFS Licensing Requirements for General Advice in Certain Exempt Documents.

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Australian Securities and Investments Commission Consults on Remaking Relief from Dollar Disclosure and Australian Financial Services Licensing Requirements

On 5 May 2026, the Australian Securities and Investments Commission (ASIC) launched a consultation on remaking two legislative instruments: ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 and ASIC Corporations (Financial Product Advice – Exempt Documents) Instrument 2016/356 on providing relief from dollar disclosure and certain Australian Financial Services (AFS) licensing requirements. These instruments are currently set to expire on 1 October. The proposed remake includes minor and technical changes to both instruments to enhance clarity and consistency. Notably, ASIC proposes to extend dollar disclosure exemptions in ASIC Instrument 2016/767 to certain risk products provided by discretionary mutual funds, which are not currently covered. Submissions on the proposal must be sent to rri.consultation@asic.gov.au by 5pm Australian Eastern Standard Time on 1 June 2026. Further details are available in ASIC consultation paper CS 51 Proposed Remake of Relief from Dollar Disclosure Reporting and AFS Licensing Requirements for General Advice in Certain Exempt Documents .
3166022 pc May 05, 2026 msolomon Estonia Financial Supervision Authority horizon scanning
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Estonia's Financial Supervision Authority Publishes European Banking Authority Confidentiality Guidance

On May 4, 2026, Estonia's Financial Supervision Authority published guidance implementing the European Banking Authority's (EBA) guidelines on the equivalence of confidentiality arrangements. The guidance amends the EBA's Guidelines EBA/GL/2022/04 and provides Estonian financial institutions with recommendations on confidentiality requirements. The EBA guidelines establish standards for assessing whether confidentiality arrangements between credit institutions and their clients meet equivalence criteria under EU banking law. These arrangements are critical for protecting sensitive client information while enabling institutions to comply with regulatory obligations. The Financial Supervision Authority's publication of this guidance in Estonian and English ensures that Estonian banks and other regulated entities have clear direction on implementing these confidentiality standards domestically. The guidance applies to all credit institutions and other financial entities operating under the Financial Supervision Authority's oversight in Estonia. It establishes principles for evaluating confidentiality agreements, determining when external arrangements provide equivalent protections to internal systems, and documenting compliance with these requirements. The guidance is particularly relevant for institutions that rely on third-party service providers or cross-border arrangements for client information management. The Financial Supervision Authority's guidance becomes effective on May 4, 2026. Regulated entities should review the guidance and assess their existing confidentiality arrangements for compliance. The authority has published both Estonian and English versions of the guidance to facilitate understanding across the financial sector. REFERENCES: Financial Supervision Authority. "Euroopa Pangandusjärelevalve suuniste välja andmine Finantsinspektsiooni soovitusliku juhendina." Accessed at: https://www.fi.ee/en

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Estonia's Financial Supervision Authority Adopts European Banking Authority's Guidelines on the Equivalence of Confidentiality Regimes

On May 4, 2026, Estonia's Financial Supervision Authority adopted guidance implementing the European Banking Authority's (EBA) guidelines on the equivalence of confidentiality arrangements. The guidance amends the EBA's Guidelines EBA/GL/2022/04 and provides financial institutions with recommendations on confidentiality requirements. Guidelines EBA/GL/2022/04 concern the assessment by competent authorities of whether the confidentiality and professional secrecy regime to which third-country authorities are subject is equivalent to the conditions set out in Title VII, Chapter 1, Section II of Directive 2013/36/EU (Capital Requirements Directive – CRD)  and other directives. The amending guidelines expand the scope of EBA/GL/2022/04 to reflect new requirements under Regulation (EU) 2023/1114 (Markets in Crypto-Assets – MiCA). Specifically, the updated guidelines confirm that the confidentiality and professional secrecy regimes of several authorities, including those in Australia, China, Montenegro, Peru, Serbia and the UK are now considered equivalent to EU standards. The guidance applies to all credit institutions and other financial entities operating under the Financial Supervision Authority's oversight in Estonia.The guidance becomes effective on May 4, 2026.
3126987 pc May 05, 2026 ggallwey US Track 3 U.S. Securities and Exchange Commission financial services
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U.S. Securities and Exchange Commission Grants No-Action Relief for Trump Accounts Rollout

On May 5, 2026, the U.S. Securities and Exchange Commission (SEC) Division of Trading and Markets granted no-action relief to facilitate the rollout of Trump Accounts while maintaining investor protections. The no-action relief permits the implementation of Trump Accounts, which the SEC characterises as providing Americans with opportunities to save and invest for the future. The relief was granted to support the administration's priority initiative while ensuring critical investor safeguards remain in place. The SEC's decision reflects a balance between facilitating financial innovation and maintaining regulatory oversight of market participants and investor interests. The no-action letter is available on the SEC's website and applies to the implementation framework for Trump Accounts going forward. REFERENCES: U.S. Securities and Exchange Commission, "Facilitating Access to Trump Accounts" (May 5, 2026): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001018724&type=&dateb=&owner=exclude&count=100

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US Securities and Exchange Commission Grants No-Action Relief for Trump Accounts Rollout

On May 5, 2026, the Securities and Exchange Commission's Division of Trading and Markets issued a no-action letter stating that it would not recommend enforcement action against Robinhood Financial LLC and Robinhood Securities, LLC in relation to certain Form CRS delivery obligations associated with “Trump accounts”, a limited-purpose retirement account program established under US federal law. Form CRS disclosures are standardized relationship summaries that broker-dealers and investment advisers must provide to retail investors outlining the nature of their services, fees, conflicts of interest, legal or disciplinary history and applicable standards of conduct. The relief permits Robinhood, acting as the sole broker-dealer and initial trustee for Trump accounts, not to deliver Form CRS disclosures to parents, legal guardians or other authorized individuals opening accounts on behalf of eligible beneficiaries. The SEC staff stated the relief is limited to the period during which Robinhood serves in that role. According to the request submitted by Robinhood, Trump accounts are structured as restricted retirement investment accounts limited to certain low-cost mutual funds and exchange-traded funds tracking qualified indices. The accounts are subject to statutory restrictions, including limitations on eligible investments, prohibitions on distributions during the growth period, and restrictions on fees and cross-marketing activities. Robinhood argued that Form CRS delivery requirements would not further the intended investor protection objectives of the rule because account holders cannot choose among competing providers, account types or advisory services, and because the accounts do not involve account-level fees, investment recommendations or material conflicts of interest typically associated with retail brokerage relationships. The SEC staff emphasized that the position is based strictly on the facts and circumstances described in the request and applies only to potential enforcement action under Exchange Act Rule 17a-14(c).
3120061 pc May 05, 2026 csoo Ireland Statutory Instruments - Irish Statute Book financial services
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Ireland Amends Undertakings for Collective Investment in Transferable Securities Regulations

On 28 April 2026, Ireland's Minister for Finance, Simon Harris, enacted Statutory Instrument No. 182/2026, amending the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011. The amendment implements Directive (EU) 2024/927 into Irish law and introduces significant changes to the regulation of undertakings for collective investment in transferable securities (UCITS). The regulations, which came into operation on 1 May 2026 (with the exception of Regulation 10, effective 16 April 2027), introduce comprehensive liquidity management tools for UCITS. These include suspension of subscriptions and redemptions, redemption gates, extended notice periods, redemption fees, swing pricing, dual pricing, anti-dilution levies, redemption in kind, and side pockets. UCITS must select at least two appropriate liquidity management tools, except for money market funds, which may select only one. The amendment strengthens governance requirements for management companies, mandating that at least two persons meeting specified conditions conduct business and are domiciled in the European Union. Enhanced reporting obligations require management companies to regularly report to competent authorities on markets, instruments, liquidity arrangements, risk profiles, stress test results, and delegation arrangements. The Central Bank of Ireland (the Bank) must share this information with other Member States' competent authorities, the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Systemic Risk Board (ESRB). The regulations expand management company service provisions to include reception and transmission of orders and benchmark administration. Enhanced due diligence requirements apply to delegation arrangements, with management companies required to justify their entire delegation structure on objective reasons. Amendments to the Central Bank Act 1942 incorporate these provisions into Ireland's supervisory framework. REFERENCES: Statutory Instruments - Irish Statute Book: S.I. No. 182/2026 - European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2026

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1802 chars · nid 92361

Government of Ireland Publishes Statutory Instrument Amending Undertakings for Collective Investment in Transferable Securities Regulations

On May 1, 2026, Ireland's Minister for Finance, Simon Harris, enacted Statutory Instrument No. 182/2026, amending the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011. The amendment implements Directive (EU) 2024/927 into Irish law and introduces significant changes to the regulation of undertakings for collective investment in transferable securities (UCITS). The regulations, which came into operation on May 1, 2026, with the exception of Regulation 10, which takes effect on April 16, 2027, introduce comprehensive liquidity management tools for UCITS. These include suspension of subscriptions and redemptions, redemption gates, extended notice periods, redemption fees, swing pricing, dual pricing, anti-dilution levies, redemption in kind, and side pockets. UCITS must select at least two appropriate liquidity management tools, except for money market funds, which may select only one. The amendment strengthens governance requirements for management companies, mandating that at least two persons meeting specified conditions conduct business and are domiciled in the European Union. Enhanced reporting obligations require management companies to regularly report to competent authorities on markets, instruments, liquidity arrangements, risk profiles, stress test results, and delegation arrangements. The Central Bank of Ireland (the Bank) must share this information with other Member States' competent authorities, the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Systemic Risk Board (ESRB). Amendments to the Central Bank Act 1942 incorporate these provisions into Ireland's supervisory framework.
3126778 pc May 05, 2026 ggallwey Peru Superintendencia de Banca y Seguros Peru financial services
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Peru's Banking and Insurance Superintendent and Central Bank Sign Cooperation Agreements on Payments and Open Finance

On May 5, 2025, the Superintendencia de Banca, Seguros y AFP (SBS) and the Banco Central de Reserva del Perú (BCRP) signed two cooperation agreements to strengthen inter-institutional coordination and consolidate the development of Peru's payments system and open finance ecosystem. The agreements were signed by Sergio Espinosa, superintendent of banking, insurance and pensions, and Paul Castillo, general manager of the BCRP. The first agreement establishes a general framework for inter-institutional cooperation, creating permanent coordination mechanisms and facilitating the timely exchange of relevant information necessary for both institutions to exercise their respective functions. The second agreement provides the first specific framework for cooperation and coordination between the SBS and BCRP on open finance and payment initiation matters. It aims to facilitate timely information exchange and harmonise regulatory and supervisory efforts across entities regulated and supervised by both institutions. Espinosa stated that coordination between the institutions is increasingly necessary given the need for rapid decision-making in response to market demands. Castillo emphasised the importance of advancing the payments ecosystem's openness while maintaining regulatory standards, ensuring both institutions' objectives complement each other in establishing a solid financial system with an efficient, accessible and secure payments system. To implement the second agreement's objectives, a working group comprising three members from each institution will be established. This group will oversee the coordination and information exchange between the SBS and BCRP on matters relating to open finance and payment initiation services. **Reference:** Superintendencia de Banca, Seguros y AFP (SBS) Press Release, May 5, 2025

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1328 chars · nid 92396

Peru's Banking and Insurance Superintendent and Central Bank Sign Cooperation Agreements on Payments and Open Finance

On May 5, 2025, the Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) and the Central Reserve Bank of Peru (BCRP) signed two cooperation agreements to strengthen inter-institutional coordination and consolidate the development of the country's payments and open finance ecosystem. The first agreement establishes a permanent inter-institutional cooperation framework to support coordination mechanisms and facilitate the exchange of information between both authorities in the exercise of their respective functions. The second agreement creates a specific cooperation and coordination framework focused on open finance and payment initiation activities involving entities regulated by the SBS and the BCRP. The agreement is intended to support information sharing and coordination in regulatory and supervisory matters relating to payments and open finance. As part of the arrangement, the authorities will establish a joint working group composed of three representatives from each institution to support implementation of the cooperation framework. The agreements form part of broader efforts by Peruvian authorities to support the development of an efficient, accessible and secure payments ecosystem while strengthening coordination between financial sector regulators and supervisors.
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