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3024199 pc Apr 01, 2026 arahman Albania Albania Central Bank financial services
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Albania's Parliament Amends Payment Systems Law to Expand Financial Institution Definitions

On the date of this legislative proposal, Albania's Parliament (Kuvendi i Republikës së Shqipërisë) introduced a draft bill to amend Law No. 133/2013 of April 29, 2013 on the Payment Systems (Ligji "Për sistemin e pagesave"). The amendment, proposed by the Council of Ministers under Articles 78 and 81(1) of the Albanian Constitution, seeks to modify the definitions of key terms within the payment systems framework. The primary change expands the definition of "financial institution" (Institucion financiar) under Article 5(k) of the existing law to include a broader range of entities. The revised definition now encompasses credit institutions, entities conducting banking and financial activities under separate legislation, the Bank of Albania and foreign central banks, postal service institutions offering payment services, brokerage companies, public authorities with state-guaranteed obligations, foreign credit institutions and brokerage companies participating in payment systems, payment institutions regulated under payment services legislation, and electronic money institutions. The amendment also clarifies that the Bank of Albania may designate participants in systems executing only specific transfer orders as financial institutions if at least three participants fall within the specified categories and systemic risk justifies such designation. Additionally, the amendment modifies the definition of "participant" (Pjesëmarrës) under Article 5(l) to include central counterparties, settlement agents, clearing houses, system operators, and clearing members of central counterparties licensed under capital markets legislation. The Bank of Albania is granted discretionary authority to consider sub-participants as participants when justified by systemic risk considerations. The law enters into force 15 days following publication in the Official Gazette (Fletoren Zyrtare).

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The draft law “On an amendment to the law no. 133/2013 “On the payment system”

On April 4, 2026, the Albanian parliament published the Draft Law on an Amendment to Law No.133/2013 "On the Payment System". A financial institution is defined as: A credit institution. A body that carries out banking and financial activities. The Bank of Albania and foreign central banks. Payment institutions. An electronic money institution. A participant is defined as a financial institution, a central counterparty, a clearing agent, a clearing house, a system operator or a clearing member of a central counterparty licensed in accordance with capital markets legislation. Under the system rules, the same participant may act as a central counterparty, clearing agent or clearing house, or perform some or all of these functions. The Bank of Albania may consider a sub-participant to be a participant when this is justified on systemic risk grounds.
3020676 pc Apr 01, 2026 adavies European Union European Securities and Markets Authority horizon scanning
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European Securities and Markets Authority Publishes Joint Guidelines on Environmental, Social and Governance Stress Testing

The European Securities and Markets Authority (ESMA), in coordination with the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA), has published joint guidelines on environmental, social and governance (ESG) stress testing. The guidelines, referenced as JC/GL/2025/78, provide a coordinated framework for financial institutions across the European Union to conduct ESG stress testing. The joint guidelines establish standardised methodologies and approaches for integrating ESG factors into stress testing frameworks. These guidelines are applicable to banks, insurance undertakings, and investment firms operating within the EU regulatory perimeter. The guidelines aim to enhance the resilience of financial institutions by ensuring they adequately assess and manage risks arising from environmental, social and governance factors. This coordinated approach reflects the regulatory focus on sustainable finance and the need for consistent application of ESG risk assessment across the financial sector. The guidelines have been published in all official EU languages, facilitating implementation across member states. Financial institutions should review the guidance to ensure their stress testing methodologies align with the ESA recommendations. The publication of these joint guidelines represents a significant step in harmonising ESG stress testing practices across EU financial regulators and establishes a common baseline for industry compliance. **Reference:** JC/GL/2025/78, ESAs Joint Guidelines on ESG Stress Testing

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European Securities and Markets Authority Publishes Translated Joint Guidelines on Environmental, Social and Governance Stress Testing

On March 31, 2026, the European Securities and Markets Authority (ESMA) published the translated joint guidelines to ensure that consistency, long-term considerations and common standards for assessment methodologies are integrated into the stress testing of environmental, social and governance (ESG) risks pursuant to Article 100(4) of Directive 2013/36/EU (Capital Requirements Directive – CRD). Addressed to competent authorities, the guidelines aim to ensure that ESG risks are consistently integrated into national supervisory stress testing activities. The guidelines specify: Principles and methodological considerations, including applicable approaches. Organisational and governance arrangements. With the publication of the translated guidelines, national competent authorities must notify the European Supervisory Authorities (ESAs) by May 31, 2026 whether they intend to comp[ly with the guidelines. The guidelines apply from January 1, 2027.
3024101 gc Apr 01, 2026 gkaliraman Philippines EGLD (PAGCOR) - Annoucements gamblingcompliance
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Philippine Amusement and Gaming Corporation Defers Minimum Guaranteed Fee Implementation for Gaming System Administrators

On March 30, 2026, the Philippine Amusement and Gaming Corporation (PAGCOR) announced a deferment of the Minimum Guaranteed Fee (MGF) implementation for Gaming System Administrators (GSAs). The deferment was approved by PAGCOR's Board of Directors on March 26, 2026, and extends for two months until June 1, 2026, in consideration of the current economic crisis. The amended MGF implementation schedule introduces two tranches. The first tranche runs from June 1, 2026 to December 31, 2026, with GSAs operating electronic casino games required to maintain a minimum gross gaming revenue (GGR) of PHP30,000,000 per month and pay an MGF of PHP9,000,000 monthly. GSAs without electronic casino games must maintain a minimum GGR of PHP15,000,000 per month with an MGF of PHP3,000,000 monthly. The second tranche commences January 1, 2027 onwards, with increased thresholds: GSAs with electronic casino games face a minimum GGR of PHP35,000,000 per month and MGF of PHP10,500,000 monthly, while those without electronic casino games must maintain PHP20,000,000 minimum GGR and PHP4,000,000 monthly MGF. Prior to the expiration of the two-month deferment period, PAGCOR's Electronic Gaming Licensing Department will conduct a comprehensive evaluation of prevailing industry conditions to determine whether to proceed with, further adjust, or lift the MGF deferment. This decision will consider long-term sector sustainability objectives and addresses all extension requests received regarding MGF implementation. **Reference:** Philippine Amusement and Gaming Corporation Memorandum, March 30, 2026

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Memorandum on Deferment of Period for the Implementation of the Imposition of Minimum Guaranteed Fee

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3021712 pc Mar 31, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning
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United States Treasury Department Issues Sanctions Advisory on Sham Transactions and Evasion

On March 31, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued a sanctions advisory providing guidance on sham transactions used to evade sanctions compliance. The advisory highlights sanctions risks associated with sham transactions and identifies key factors that organisations should consider when evaluating whether property may be subject to a sham transaction. The guidance is designed to assist financial institutions, businesses, and other entities in identifying and preventing transactions that attempt to circumvent OFAC sanctions programmes. By clarifying the characteristics of sham transactions, OFAC aims to strengthen sanctions enforcement and reduce the risk of sanctions evasion across regulated sectors. The advisory is relevant to all entities subject to OFAC jurisdiction, including banks, money services businesses, investment firms, and other financial service providers that handle international transactions or maintain relationships with sanctioned jurisdictions or individuals. The advisory serves as a resource for compliance professionals to enhance their transaction monitoring and due diligence procedures. It provides practical guidance on red flags and risk indicators that may suggest a transaction is designed to evade sanctions rather than serve a legitimate commercial purpose. This guidance reinforces OFAC's commitment to combating sanctions evasion and supports regulated entities in meeting their compliance obligations under U.S. sanctions law. The advisory is available on OFAC's website and complements existing OFAC resources, including frequently asked questions, enforcement information, and general licences. Entities should review the advisory and incorporate its findings into their sanctions compliance programmes. **Reference:** Office of Foreign Assets Control, U.S. Department of the Treasury. Publication of Sanctions Advisory: Guidance on Sham Transactions and Sanctions Evasion. March 31, 2026. Available at: https://ofac.treasury.gov

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US Office of Foreign Assets Control Issues Sanctions Advisory on Sham Transactions and Evasion

On March 31, 2026, the US Office of Foreign Assets Control (OFAC) issued a sanctions advisory providing guidance on sham transactions used to evade sanctions compliance. The advisory highlights sanctions risks associated with sham transactions and identifies key factors that organizations should consider when evaluating whether property may be subject to a sham transaction. It is designed to assist financial institutions in identifying and preventing transactions that attempt to circumvent OFAC sanctions programs. Key topics of the adisory include: Identification of evasion tactics. Broadly outlining how illicit actors use shell companies, layered financial transfers and falsified shipping or trade documentation to hide the true origin or destination of funds. Enhanced due diligence. Emphasizing that standard screening is often insufficient for modern evasion techniques, requiring institutions to look beyond immediate counterparty names to understand underlying economic realities of a transaction. Sector-specific risks. Highlighting heightened risks in high-velocity payment environments where automated systems may fail to detect subtle red flags, such as inconsistent maritime data or unexpected third-party intermediaries. Compliance expectations. Reinforcing that willful blindness or failing to act on clear discrepancies can lead to significant enforcement actions, regardless of whether a transaction appears technically compliant with automated filters.
3021142 pc Mar 31, 2026 ataylor Florida Florida Office of Financial Regulation - Division of Administrative Hearings horizon scanning
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Florida Office of Financial Regulation Issues Final Order Against Central de Envios and Ahmad Ahmad

On March 3, 2026, the Florida Office of Financial Regulation (OFR) issued a Final Order against Central de Envios #1 Inc d/b/a Pronto Giros and Ahmad Ahmad, resolving administrative proceedings initiated on December 15, 2025. Central de Envios is licensed as a Part III Money Services Business under Chapter 560, Florida Statutes, operating as a check casher under license number FT340000955. Ahmad Ahmad serves as President, Compliance Officer, and sole owner. The OFR conducted an examination covering January 1, 2023 through December 31, 2024, which identified compliance violations. The respondents consented to findings that they violated Florida Statutes and Florida Administrative Code by: accepting invalid forms of identification during check cashing transactions; failing to maintain records of conductors' thumbprints; entering inaccurate information into the Check Cashing Database; and failing to restrict signatory power of bank accounts used for money services business to control persons only. Under the Stipulation and Consent Agreement, respondents agreed to pay an administrative fine of $13,000.00 and cease all violations of Chapter 560, Florida Statutes and corresponding rules. The fine was to be submitted via wire, cashier's check, or money order to the OFR's Agency Clerk at the time of execution. By consenting to the Final Order, respondents waived their rights to an administrative hearing, separately stated findings and conclusions of law, and any right to appeal or contest the agreement's terms in administrative or judicial proceedings. Non-compliance with the agreement may result in an emergency cease and desist order.

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Florida Office of Financial Regulation Issues Final Order Against Central de Envios for ID and Data Lapses

On March 31, 2026, the Florida Office of Financial Regulation (OFR) issued a Final Order against Central de Envios (Envios), resolving administrative proceedings initiated in December 2025. Envios is licensed as a Part III Money Services Business under Chapter 560, Florida Statutes , operating as a check casher. The OFR conducted an examination covering 2023 to 2024, which identified compliance violations. Envios consented to findings that it violated Florida Statutes and Florida Administrative Code by: accepting invalid forms of identification during check cashing transactions failing to maintain records of conductors' thumbprints entering inaccurate information into the Check Cashing Database and failing to restrict signatory power of bank accounts used for money services business to control persons only. Under the Stipulation and Consent Agreement, Envios agreed to pay an administrative fine of $13,000 and cease all violations of Chapter 560, Florida Statutes and corresponding rules.
3021167 pc Mar 31, 2026 ataylor Canada News - Canadian Securities Administrators financial services
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Canadian Securities Administrators Launches Tokenization Initiative and Invites Stakeholder Participation

The Canadian Securities Administrators (CSA) has launched Project Tokenization, an initiative to examine the potential for tokenized financial products in Canadian capital markets. Tokenization refers to the use of distributed ledger technology for the creation, issuance, or representation of assets. The CSA is conducting this work through its CSA Collaboratory, a dedicated space for regulators and innovators to collaborate on evolving capital market concepts. Project Tokenization will examine how tokenization technology intersects with Canada's securities laws and support coordinated regulatory responses. The CSA recognises that globally, tokenized products are being developed by financial institutions, asset managers, issuers, market infrastructure providers, and technology developers, while central banks and regulators explore ways to support innovation whilst protecting investors and safeguarding financial stability. The initial phase will explore opportunities and risks through stakeholder engagement, issue mapping, and targeted research. Subsequent phases may include a discussion paper or live testing of tokenized financial instruments and infrastructure within the CSA Collaboratory. The CSA is inviting fintechs, issuers, financial institutions, developers, transfer agents, custodians, marketplaces, clearing agencies and houses, service providers, legal and accounting professionals, academics, and other interested stakeholders to participate in regulatory workshops. Two workshops are scheduled: Calgary on Thursday, April 9, 2026, and Toronto on Thursday, June 11, 2026. Interested parties can register for the Calgary event or express interest in attending the Toronto event through the CSA website. These workshops will enable stakeholders to engage directly with the CSA on Project Tokenization and provide feedback on tokenization concepts and business models. REFERENCES: Canadian Securities Administrators. "CSA invites stakeholders to participate in tokenization initiative." Available at: https://www.securities-administrators.ca/

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Canadian Securities Administrators Invites Stakeholders to Participate in Tokenization Initiative

On March 31, 2026, the Canadian Securities Administrators (CSA) launched Project Tokenization , a multi-phase strategic initiative to modernize national capital markets through tokenized financial products. Operating via the CSA Collaboratory , the project aims to bridge the gap between traditional securities law and the evolving digital asset landscape, specifically focusing on the creation, issuance, and representation of tokenized financial products. Through Project Tokenization, the CSA will work collaboratively with stakeholders to deepen regulatory understanding as tokenization evolves in capital markets. The initial phase of the project will explore the opportunities and risks of tokenization through engagement with stakeholders, issue mapping, and targeted research. Subsequent phases could include a discussion paper or potentially the live testing of tokenized financial instruments and infrastructure within the CSA Collaboratory. By mapping risks and opportunities early, the CSA intends to mitigate jurisdictional fragmentation and provide a clearer roadmap for the institutional adoption of tokenization, ensuring that innovation does not bypass existing investor protection or financial stability standards. The CSA is inviting fintechs, issuers, financial institutions, developers, transfer agents, custodians, marketplaces, clearing agencies/houses, services providers, legal and accounting professionals, academics, and other interested stakeholders to participate in regulatory workshops on Thursday April 9, 2026 ( Calgary ) and June 11, 2026 ( Toronto ).
3019260 gc Mar 31, 2026 tsimcock Australia ACMA gamblingcompliance
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Australian Communications and Media Authority Issues Formal Warning to Santeda International B.V. Trading as MyStake

On March 31, 2026, the Australian Communications and Media Authority (ACMA) issued a formal warning to Santeda International B.V., which operates under the brand name MyStake. The formal warning represents ACMA's enforcement action against the operator. ACMA is Australia's independent regulator for communications and media matters, responsible for licensing and regulating broadcasting, radiocommunications, and related services. The issuance of a formal warning indicates that ACMA has identified compliance concerns or breaches requiring the operator's attention. Santeda International B.V. operates an online gaming platform under the MyStake brand, offering sports betting and casino services to Australian consumers. The formal warning serves as a regulatory intervention to address identified issues and ensure compliance with applicable Australian legislation and ACMA's regulatory requirements. Operators receiving formal warnings from ACMA are expected to take corrective action to address the matters raised. The warning may relate to various compliance areas, including consumer protection obligations, responsible gambling measures, advertising standards, or licensing requirements. Failure to address concerns outlined in a formal warning may result in further enforcement action, including licence suspension or cancellation. The formal warning document is available on ACMA's website and provides detailed information regarding the specific compliance matters and required remedial actions. **Reference:** Australian Communications and Media Authority (ACMA) – Formal warning to Santeda International B.V. (MyStake), March 31, 2026

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Australian online gambling regulator issues formal warning to Santeda International B.V.

On March 31, 2026, the Australian Communications and Media Authority (ACMA) reported that it had issued a formal warning to Santeda International B.V., a provider of the MyStake service, for contravening subsections of the Interactive Gambling Act 2001 (the IGA). The ACMA opened an investigation on December 10, 2025 into whether the MyStake service provided an unlicensed regulated interactive gambling service in contravention of the IGA. The investigation established that the service offered: Casino-style games of chance or mixed chance and skill, played for money where the customer gave consideration to play the game. Services for the placing, making, receiving or acceptance of bets, including in-play betting services. The ACMA also stated that the service had an Australian customer link. The ACMA therefore found that Santeda International B.V. as a provider of the MyStake service, contravened subsection 15(2A) and 15AA(3) of the IGA, by providing a prohibited online gambling service to customers physically present in Australia.
3021085 pc Mar 31, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning
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United States Office of Foreign Assets Control Removes Counter Narcotics and Russia-Related Designations from Sanctions List

On March 31, 2026, the United States Office of Foreign Assets Control (OFAC) removed multiple individuals and entities from its Specially Designated Nationals (SDN) List. The removals included several Mexican nationals previously designated under counter-narcotics sanctions programmes. Luis Rodriguez Olivera and his aliases, based in Jalisco and Guadalajara, Mexico, were delisted, as were Esteban Rodriguez Morfin and his associated aliases operating across multiple Mexican locations. Additionally, Colombian national Hector Mario Urdinola Alvarez, also known as "Chicho," and his linked entity Joyeria Manuella H.M. based in Cali, Colombia, were removed from the SDN List. The action also included removals of Russia-related designations under Executive Order 14024. Three vessels flagged to Russia were delisted: the FESCO Moneron (container ship, 7,519 gross register tonnes, IMO 9277412), the FESCO Magadan (container ship, 7,519 gross register tonnes, IMO 9287699), and the SV Nikolay (general cargo vessel, 5,897 gross register tonnes, IMO 9482926). These vessels had been subject to secondary sanctions risk designations and were linked to Russian entities including PSB Lizing OOO and Alfa-Lizing OOO. The delisting of these individuals, entities, and vessels removes restrictions on transactions with U.S. persons and entities. Parties previously prohibited from engaging with the designated targets may now conduct business, subject to compliance with all applicable sanctions regulations and programmes. REFERENCE: Office of Foreign Assets Control. Counter Narcotics Designations Removals; Russia-related Designations Removals. March 31, 2026. Available at: https://ofac.treasury.gov/recent-actions

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US Office of Foreign Assets Control Removes Counter-Narcotics and Russia-Related Designations

On March 31, 2026, the US Office of Foreign Assets Control (OFAC) updated its Specially Designated Nationals (SDN) surrounding counter-narcotics and Russia-related designations. Specifically, OFAC deleted 12 individuals and 4 entities from the list.
3021165 pc Mar 31, 2026 pdonofrio US Track 2 News Releases - Office of the Comptroller of the Currency (OCC) financial services
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United States Office of the Comptroller of the Currency Rescinds Recovery Planning Guidelines

On March 31, 2026, the Office of the Comptroller of the Currency (OCC) announced a final rule rescinding its recovery planning guidelines for certain large insured national banks, federal savings associations, and federal branches. The rescinded guidelines previously applied to banks with at least $100 billion in average total consolidated assets and required these institutions to engage in prescriptive recovery planning activities. The OCC determined that these guidelines did little to improve banks' ability to manage through stress and instead diverted resources from core operational priorities. According to Comptroller of the Currency Jonathan V. Gould, the rescission enables supervised institutions to focus resources on serving customers and communities while maintaining appropriate risk management processes. The final rule forms part of the OCC's broader initiative to identify and eliminate unnecessary regulatory burden on financial institutions. The OCC clarified that the rescission does not affect banks with less than $100 billion in average total consolidated assets and has no impact on community banks. The agency emphasised that it continues to expect all supervised institutions to maintain appropriate risk management processes and contingency funding plans to prepare for and respond to stress events. The final rule becomes effective 30 days after publication in the Federal Register. REFERENCES: Office of the Comptroller of the Currency, "OCC Issues Final Rule to Rescind Recovery Planning Guidelines," News Release 2026-21 (March 31, 2026), available at: https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-21.html

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US Office of the Comptroller of the Currency Rescinds Recovery Planning Rule

On March 31, 2026, the US Office of the Comptroller of the Currency (OCC) announced a final rule rescinding its recovery planning guidelines for certain large insured national banks, federal savings associations and federal branches. The rescinded guidelines previously applied to banks with at least $100bn in average total consolidated assets, and required these institutions to engage in prescriptive recovery planning activities. The OCC determined that these guidelines did little to improve banks' ability to manage through stress, and instead is diverting resources to core operational priorities. The final rule forms part of the OCC's broader initiative to identify and eliminate unnecessary regulatory burdens on financial institutions, with the OCC also clarifying that the rescission does not affect banks with less than $100bn in average total consolidated assets, and has no impact on community banks. The final rule takes effect on April 30, 2026 .
3018519 pc Mar 31, 2026 kgurnani Australia Australian Securities and Investments Comission financial services
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Australia's ASIC Remakes Relief Instruments for Foreign Financial Services Licensees and Authorised Deposit-Taking Institutions

On January 2026, the Australian Securities and Investments Commission (ASIC) remade legislative relief instruments for foreign companies operating as Australian financial services (AFS) licensees and foreign authorised deposit-taking institutions (ADIs) following industry consultation. ASIC Corporations (Foreign Licensees and ADIs) Instrument 2026/121 provides exemptions for foreign licensees from record-keeping obligations and requirements to lodge and have audited financial statements under Division 6 of Part 7.8 of the Corporations Act 2001. The instrument also exempts foreign ADIs from the requirement to hold an AFS licence when dealing in derivatives and foreign exchange contracts on their own behalf. This new instrument replaces ASIC Corporations (Foreign Licensees and ADIs) Instrument 2016/186 and will expire on 1 April 2031. Additionally, ASIC extended ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229 for five years to 1 May 2031. This instrument permits certain AFS licensees to include lease assets (right-of-use assets) when calculating their net tangible assets, adjusted surplus liquid funds and surplus liquid funds. ASIC conducted consultation on the proposal to remake relief for foreign licensees and ADIs, and to extend relief for AFS licensees, in December 2025. No submissions were received during the consultation period. ASIC will also make minor updates to Form 405 Statement to verify financial statements of a foreign company. **References:** ASIC Newsroom: ASIC remakes relief instruments for AFS licensees and overseas banks

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Australia's ASIC Remakes Relief Instruments for Foreign Financial Services Licensees and Authorised Deposit-Taking Institutions

On March 31 2026, the Australian Securities and Investments Commission (ASIC) remade legislative relief instruments for foreign companies operating as Australian financial services (AFS) licensees and foreign authorised deposit-taking institutions (ADIs) following industry consultation. ASIC Corporations (Foreign Licensees and ADIs) Instrument 2026/121 provides exemptions for the following entities: Foreign licensees from record-keeping obligations and requirements to lodge and have audited financial statements under Division 6 of Part 7.8 of the Corporations Act 2001 . Foreign ADIs from the requirement to hold an AFS licence when dealing in derivatives and foreign exchange contracts on their own behalf. This new instrument replaces A SIC Corporations (Foreign Licensees and ADIs) Instrument 2016/186 and will expire on 1 April 2031. In addition to remaking the relief, ASIC will also make minor updates to Form 405 Statement to verify financial statements of a foreign company.
3024595 pc Mar 31, 2026 rghosh Japan Financial Services Agency financial services
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Japan's Financial Services Agency Revises Anti-Money Laundering and Counter-Terrorism Financing Guidelines

On March 31, 2026, the Financial Services Agency (FSA) revised its "Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism" and accompanying "Frequently Asked Questions Regarding Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism". The revision aims to promote the maintenance and enhancement of financial institutions' anti-money laundering and counter-terrorism financing (AML/CFT) frameworks. The FSA updated both the primary guidelines document and the frequently asked questions resource to reflect current regulatory expectations and best practices for financial institutions operating in Japan. The revised guidelines apply to all regulated financial institutions under FSA supervision. These updates represent the FSA's ongoing commitment to strengthening Japan's AML/CFT regime and ensuring financial institutions maintain robust compliance frameworks aligned with international standards. For further information or clarification regarding the revised guidelines, financial institutions can contact the FSA's Strategy Development and Management Bureau AML/CFT Policy Office at +81-(0)3-3506-6000 (extensions 2771 or 2598). REFERENCES: Financial Services Agency (FSA). "Revision of Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism." March 31, 2026. Available at: https://www.fsa.go.jp/

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Japan's Financial Services Agency Revises Anti-Money Laundering and Counter-Terrorism Financing Guidelines

On March 31, 2026, the Financial Services Agency (FSA) revised its "Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism" . The revision aims to promote the maintenance and enhancement of financial institutions' anti-money laundering and counter-terrorism financing (AML/CFT) frameworks. The FSA updated both the primary guidelines document and the frequently asked questions resource to reflect current regulatory expectations and best practices for financial institutions operating in Japan. The revised guidelines apply to all regulated financial institutions under FSA supervision.
3020797 gc Mar 31, 2026 prandeo Netherlands News - Dutch Gambling Authority gamblingcompliance
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Netherlands Gambling Authority Publishes Guidance on Duty of Care Obligations

On December 2025, the Kansspelautoriteit (Dutch Gambling Authority) published two research reports and issued additional guidance on how online gambling licence holders must fulfil their duty of care obligations. The guidance addresses practical implementation of personal interviews with players and notification procedures for the Central Register for Gambling Exclusion (Cruks). The authority conducted research during 2025 into these areas and discussed findings with licence holders during a roundtable discussion in December 2025. Based on feedback on practical experiences and challenges, the authority developed guidance documents to clarify implementation requirements. The guidance covers two key areas. First, personal interviews are an intervention measure licence holders must use when they suspect excessive gambling behaviour or gambling addiction. Research found licence holders apply this measure inconsistently and face challenges including low player response rates. The guidance explains when interviews should occur, contact methods, and conversation content, while allowing for tailored approaches and professional judgment. Second, when licence holders identify serious signs of problematic gambling or suspect addiction, they must advise players to register with Cruks. If players do not comply, licence holders must notify the authority. The authority can then decide to involuntarily register the player. Research identified inconsistent application of this measure and practical questions about implementation, including difficulty verifying player registration and uncertainty about when notifications should be made. The guidance provides practical clarification on notification timing and required information. The authority emphasises the guidance does not introduce new rules but provides further explanation of existing obligations. Personal interviews and notifications remain key supervisory priorities. REFERENCES: https://www.kansspelautoriteit.nl/actueel/nieuws/ksa-publiceert-onderzoeken-en-geeft-guidance-over-zorgplicht/

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Dutch gambling authority publishes guidance on duty of care obligations

On March 31, 2026, the Netherlands Gambling Authority (KSA) published two research reports and issued additional guidance on how online gambling licence holders must fulfil their duty of care obligations. The guidance addresses the practical implementation of personal interviews with players and notification procedures for the Central Register for Gambling Exclusion (Cruks). The KSA identified inconsistent application of this measure, as well as challenges such as low response rates from players. The guidance clarifies when interviews should be conducted, appropriate contact methods, and the expected content of such interactions, while allowing for proportionality and professional judgement. In addition, where licence holders identify serious signs of problematic gambling or suspect addiction, they must advise players to register with Cruks. If the player does not comply, licence holders are required to notify the KSA, which may then decide on involuntary registration. The KSA identified inconsistencies in how this obligation is applied, including uncertainty around the timing of notifications and the information to be provided. The guidance, therefore, provides further clarification on these aspects. The KSA emphasises that the guidance does not introduce new legal obligations but provides further interpretation of existing duty of care requirements. Personal interviews and Cruks notifications remain key supervisory priorities for the authority.
3015127 pc Mar 31, 2026 reprocess New Zealand Financial Markets Authority financial services
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New Zealand Financial Markets Authority Cancels Saanvi's Financial Advice Provider Licence

On 30 March 2026, the Financial Markets Authority (FMA) cancelled the Financial Advice Provider licence of Saanvi 2022 Limited (trading as Saaga Mortgages) for failing to meet its licence obligations. The FMA investigation into the Auckland-based firm was initiated following concerns raised by its aggregator, Kiwi Advisor Network (KAN). The investigation identified serious failures across multiple areas. Saanvi had submitted altered supporting documents in lending applications for six clients, and was unable to provide originating emails or source records to substantiate its advice. The firm failed to disclose a referral arrangement involving payments to a third party who was actively involved in Saanvi's advice process, rather than acting as a passive source of referrals. Additionally, clients' personal information may have been accessible to Saanvi's administrative assistant, an individual with no formal employment or contractual relationship with the firm. Gajay Singh, Saanvi's sole director and only adviser, cooperated with the FMA throughout the investigation and expressed remorse for the identified conduct. Helena Lewis, Head of the FMA's Perimeter and Response team, stated that the issues reflected "serious failures of trust, governance, and professional standards" and emphasised that "mortgage advice involves some of the most important financial decisions consumers will make, and poor conduct in this area can have long lasting consequences for households." The licence cancellation is effective immediately and is intended to protect consumers and maintain the integrity of New Zealand's financial advice market. **Reference:** Financial Markets Authority media release MR No. 2026–10

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New Zealand's Financial Markets Authority Cancels Saanvi 2022 Limited's Financial Advice Provider License

New Zealand's Financial Markets Authority (FMA) has cancelled the Financial Advice Provider licence of Saanvi 2022 Limited (Saanvi) for failing to meet its licence obligations. Saanvi's licence obligation failures include: Provision of altered supporting documents to mortgage product providers, and was unable to provide originating emails or source records. Not informing its clients of a referral arrangement which included payments to a third party who was actively involved in Saanvi's advice process. Making clients' personal information accessible to its administrative assistant, an individual who had no formal employment or contractual relationship with Saanvi. Saanvi cooperated with the FMA throughout its investigation, and the company’s sole director, Gajay Singh expressed remorse for the conduct identified.
3023158 pc Mar 31, 2026 ataylor US Track 1 Consumer Financial Protection Bureau financial services
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United States Consumer Financial Protection Bureau Releases Semi-Annual Report Highlighting Policy Shifts

On March 31, 2026, the Consumer Financial Protection Bureau (CFPB) released its Semi-Annual Report to Congress covering the period from October 1, 2024 through December 31, 2025. The report outlines significant operational and policy changes implemented under the CFPB's acting leadership following the departure of former Director Rohit Chopra. The CFPB reports substantial reductions in supervisory and enforcement activities. The bureau closed 76 percent of its supervisory actions, comprising nearly 1,500 cases, and completed a substantial majority of outstanding open examinations. In enforcement, the CFPB closed numerous investigations, terminated or modified over 20 final orders, and dismissed or withdrew from nearly 20 actions filed under prior leadership. The bureau states these actions represent a refocus on matters aligned with its current priorities. The CFPB has implemented comprehensive changes to its diversity, equity, and inclusion (DEI) programmes, including terminating DEI-related performance requirements, trainings, and employee resource groups; removing DEI-related contract terms; and modifying contractor requirements to certify compliance with federal anti-discrimination laws. In fair lending supervision and enforcement, the CFPB reports it no longer uses disparate impact analysis and has discontinued consultations regarding special purpose credit programmes based on race, national origin, or sex. The bureau executed a deregulatory agenda, withdrawing over a dozen final and proposed rules and nearly 70 guidance documents. The CFPB initiated rulemakings to reconsider the Personal Financial Data Rights rule and the Small Business Lending Rule, and commenced a Regulation B rulemaking to clarify obligations under the Equal Credit Opportunity Act. The full Semi-Annual Report is available on the CFPB website.

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US Consumer Financial Protection Bureau Publishes Semi-Annual Report Outlining Deregulatory Agenda

The Consumer Financial Protection Bureau (CFPB) has released its Semi-Annual Report covering the period from October 2024 to December 2025. The report signals a shift toward reducing regulatory burdens, increasing operational efficiency, and aligning CPFB activities with the current administration’s priorities, including a refocusing of supervisory and enforcement resources and significant rollback of various initiatives. The report highlights a deregulatory agenda aimed at reversing what the current leadership describes as "regulatory overreach". The CFPB highlights its withdrawal of over a dozen rules and nearly 70 guidance documents, the reconsideration of major rules like the Small Business Lending Rule (Section 1071) and the Personal Financial Data Rights Rule (Section 1033), and a major percent reduction in supervisory oversight. Key findings and business impacts include: Supervision Scaled Back: The CFPB is reducing exams by at least 50 percent, focusing primarily on depository institutions and "actual consumer fraud" rather than what the report describes as “novel legal theories”. The CFPB also nullified the Digital Payments Applications rule which would have brough larger participants in the digital wallet and payment space under CFPB supervision. Fair Lending Shift: The CFPB has ceased using disparate impact in its supervision and enforcement, prioritizing "intentional discrimination" and combating "debanking". Proposed Revisions to Section 1071: Proposed changes to the Small Business Lending Rule would narrow the definition of "small business" to those with gross annual revenue of $1m or less (down from $5m) and remove various data points. Updates to Section 1033: The CFPB is reconsidering the Personal Financial Data Rights rule, specifically looking at fee assessments for data access and security/privacy costs. Enforcement Dismissals: The CFPB dismissed or withdrew as plaintiff from 19 public enforcement actions and modified or terminated 22 final orders that did not align with new priorities. According to the report, businesses should prepare for a more targeted regulatory environment. While many expansive requirements are being rescinded, the CFPB is intensifying its focus on protecting servicemembers, veterans, and older Americans from fraud. Additionally, the bureau is working with a Debanking Task Force to ensure financial access is not denied based on political or religious beliefs.
3019754 pc Mar 31, 2026 pthandapani India Reserve Bank of India financial services
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India's Reserve Bank Issues Revised Amendment Directions on Commercial Bank Capital Market Exposures

On March 30, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Commercial Banks – Financial Statements: Presentation and Disclosures) – Third Amendment Directions, 2026 (Revised). The revised directions modify disclosure requirements for commercial banks' financial statements, specifically addressing capital market exposures. The amendment revises paragraph 10(5) titled 'Exposures' under Chapter III (Disclosure in Financial Statements – Notes to Accounts) of the Reserve Bank of India (Commercial Banks – Financial Statements: Presentation and Disclosures) Directions, 2025. The RBI deleted the existing sub-paragraph 10(5)(ii) and inserted a new comprehensive disclosure table for capital market exposures. The new disclosure framework requires banks to report 11 categories of capital market exposure, including: direct investments in equity, preference shares, convertible bonds, and non-debt mutual fund schemes; advances to individuals for investment in shares and convertible instruments; advances secured by shares or convertible securities; credit facilities to capital market intermediaries; acquisition finance; financing to non-debt mutual fund schemes; bridge finance for equity contributions; underwriting commitments; irrevocable payment commitments issued by custodian banks; and trade exposures from clearing member activities. Banks must compute capital market exposure in accordance with the Reserve Bank of India (Commercial Banks – Concentration Risk Management) Directions, 2025 and the Reserve Bank of India (Commercial Banks – Credit Facilities) Directions, 2025. The revised amendments come into force from the date a bank decides to implement the Reserve Bank of India (Commercial Banks – Credit Facilities) Amendment Directions, 2026 (Revised) dated March 30, 2026, or from July 1, 2026, whichever is earlier. These provisions supersede the previous Third Amendment Directions, 2026 dated February 13, 2026.

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Reserve Bank of India Amends Directions on Presentation of Financial Statements and Disclosures for Commercial Banks.

The Reserve Bank of India (RBI) has amended its directions on the presentation of financial statements and disclosures for commercial banks . The amendments insert a new table for disclosing exposures to capital markets under paragraph 10(ii)(a) of the directions. The amendments will take effect on July 1, 2026 or earlier if specified by the RBI.
3019756 pc Mar 31, 2026 pthandapani India Reserve Bank of India financial services
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Reserve Bank of India Amends Capital Adequacy Prudential Norms for Commercial Banks

On March 30, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Commercial Banks - Prudential Norms on Capital Adequacy) Second Amendment Directions, 2026 (Revised), under reference RBI/2025-26/256. This amendment modifies the prudential framework governing capital adequacy requirements for commercial banks operating in India. The revised directions amend paragraph 84(6) in Chapter IV (Risk Weighted Assets) of the Reserve Bank of India (Commercial Banks - Prudential Norms on Capital Adequacy) Directions, 2025. The amendment specifically addresses the treatment of irrevocable payment commitments issued by banks to clearing corporations of stock exchanges on behalf of clients. These commitments are classified as financial guarantees with a credit conversion factor of 100 percent. However, capital requirements apply only to the exposure classified as capital market exposure in accordance with the Reserve Bank of India (Commercial Banks - Concentration Risk Management) Directions, 2025. Capital must be maintained on the amount counted as capital market exposure, with a risk weight of 125 percent applied to this exposure. This amendment was issued consequent to the Reserve Bank of India (Commercial Banks – Credit Facilities) Amendment Directions, 2026 (Revised), also dated March 30, 2026. The revised amendment comes into force from the date a bank decides to implement the Credit Facilities Amendment Directions, 2026 (Revised) or from July 1, 2026, whichever is earlier. It supersedes the Reserve Bank of India (Commercial Banks - Prudential Norms on Capital Adequacy) Second Amendment Directions, 2026 dated February 13, 2026. Commercial banks in India must ensure compliance with the revised capital adequacy framework within the specified implementation timeline.

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Reserve Bank of India Amends Capital Adequacy Prudential Norms for Commercial Banks

The Reserve Bank of India (RBI) has issued the "Commercial Banks - Prudential Norms on Capital Adequacy Second Amendment Directions, 2026 (Revised)" to update capital maintenance requirements for capital market exposures. The amendments: Classify Irrevocable Payment Commitments (IPCs) issued to clearing corporations on behalf of clients as financial guarantees, applying a Credit Conversion Factor (CCF) of 100 percent. Mandate that capital be maintained only on the specific exposure amount recognized as capital market exposure (CME) under established concentration risk management guidelines. Establish a risk weight of 125 percent for the amount reckoned as CME for the purpose of capital adequacy calculations. Supersedes the previous version of these amendment directions issued in February 2026 to ensure consistency with updated credit facility regulations. The directions come into force from the date a bank implements the related Credit Facilities Amendment Directions or July 1, 2026, whichever is earlier.
3019758 pc Mar 31, 2026 pthandapani India Reserve Bank of India financial services
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India's Reserve Bank Issues Revised Concentration Risk Management Directions for Commercial Banks

On March 30, 2026, the Reserve Bank of India (RBI) issued revised amendment directions to the Reserve Bank of India (Commercial Banks - Concentration Risk Management) Directions, 2025. The revised directions follow the issuance of the Reserve Bank of India (Commercial Banks – Credit Facilities) Amendment Directions, 2026 (Revised) on the same date and are issued under sections 21 and 35A of the Banking Regulation Act, 1949. The amendment introduces comprehensive modifications to capital market exposure (CME) management for commercial banks. Key changes include new definitions for acquisition finance, bridge finance, capital market intermediaries, collateral security, non-debt mutual funds, and primary security, aligned with the Credit Facilities Directions. The revised directions establish a new paragraph 95A that expands the definition of CME to include direct and indirect exposures, encompassing investment exposures in equities, preference shares, convertible instruments, real estate investment trusts, and alternative investment funds, alongside credit exposures to individuals and capital market intermediaries. The directions establish prudential ceilings for CME: an aggregate CME limit of 40 percent of eligible capital base on solo and consolidated basis; a direct capital market exposure limit of 20 percent of eligible capital base; and an acquisition finance sub-limit of 20 percent of eligible capital base. The amendment also specifies exclusions from CME computation, including investments in own subsidiaries, critical financial infrastructure entities, and certain underwriting commitments. Annex II provides a comprehensive list of 22 critical financial infrastructure entities exempted from CME calculations, including the National Stock Exchange, Clearing Corporation of India Limited, and the National Payments Corporation of India. The revised amendments become effective from the date a bank implements the Credit Facilities Amendment Directions or July 1, 2026, whichever is earlier, superseding the previous amendment directions dated February 13, 2026.

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India's Reserve Bank Issues Revised Concentration Risk Management Directions for Commercial Banks

The Reserve Bank of India (RBI) has issued amendments to its d irections on concentration risk management for commercial banks . The amendments: Introduce updated definitions for acquisition finance, bridge finance, capital market intermediaries (CMIs), and non-debt mutual funds to ensure a standardized understanding of capital market-related activities. Expands capital market exposure (CME) scope to include both direct and indirect exposures (fund-based and non-fund-based), covering investment exposures like equity, units of REITs/InvITs, and AIFs, alongside credit exposures such as acquisition finance and advances to individuals for share purchases. Establish strict aggregate CME ceilings at 40 percent of a bank's eligible capital base on solo and consolidated bases, with specific sub-limits including a 20 percent cap for direct investment exposures and a 20 percent cap for acquisition finance. Detail specific exposures excluded from CME computation such as investments in own subsidiaries, joint ventures, and designated critical financial infrastructure institutions and major stock exchanges. Mandate that banks establish policies for fixing aggregate and single-counterparty intra-day exposure limits within the prescribed prudential ceilings. The amendments come into force on July 1, 2026 or earlier if specified by the RBI.
3019492 pc Mar 31, 2026 pthandapani India Reserve Bank of India horizon scanning
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India's Reserve Bank Imposes Monetary Penalty on Airtel Payments Bank for Disclosure Non-Compliance

On March 30, 2026, the Reserve Bank of India (RBI) imposed a monetary penalty of ₹31.80 lakh on Airtel Payments Bank Limited for non-compliance with RBI directions on disclosure in financial statements. The penalty was imposed under section 47A(1)(c) read with section 46(4)(i) of the Banking Regulation Act, 1949. The enforcement action followed a Statutory Inspection for Supervisory Evaluation conducted by RBI with reference to the bank's financial position as of March 31, 2025. RBI supervisory findings identified non-compliance with RBI directions on disclosure requirements. Following the inspection, RBI issued a notice to the bank requiring it to show cause why a penalty should not be imposed. After considering the bank's response, additional submissions, and oral submissions during a personal hearing, RBI determined that the bank had failed to disclose certain complaints in its annual financial statements for the financial year 2024-25, sustaining the charge and warranting the monetary penalty. RBI stated that the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. The imposition of the monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank. REFERENCE: Reserve Bank of India Press Release: 2025-2026/2358, March 30, 2026

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Reserve Bank of India Fines Airtel Payments Bank Limited INR3.18m for Disclosure Failures

The Reserve Bank of India (RBI) has imposed a fine of INR3.18m (US$33,879) on Airtel Payments Bank Limited for disclosure failures in breach of the RBI’s directions on Disclosure in Financial Statements . The RBI found, based on a statutory inspection of the bank’s financial position as on March 31, 2025, that it had failed to disclose certain complaints in its annual financial statements for the financial year 2024-25. This amounted to a breach of the directions.
3246968 pc Mar 31, 2026 rghosh Ghana FinTech Publications – Bank of Ghana horizon scanning
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Ghana's Bank of Ghana Publishes First Quarter 2026 FinTech Sector Report

On March 31, 2026, the Bank of Ghana's FinTech and Innovation Department released its first quarter 2026 FinTech sector report, providing comprehensive data on Ghana's fintech ecosystem performance and activity across payment service providers and digital money issuers. As of March 2026, Ghana had 63 approved fintech entities operating across five license categories. Dedicated Electronic Money Issuers (DEMIs) comprised 11 percent of approved licenses, while Payment Service Providers (PSPs) dominated the sector at 71 percent, subdivided into Enhanced PSPs (8 percent), Standard PSPs (6 percent), Medium PSPs (3 percent), and Payment and Financial Technology Service Providers (PFTSP) at 3 percent. The fintech sector processed 2.81 billion transactions valued at 1.38 trillion Ghanaian cedis (GHS) in Q1 2026, representing increases of 37.6 percent in transaction volume and 28.5 percent in transaction value compared to Q1 2025. Mobile money platforms dominated activity, accounting for 94 percent of transaction value. Person-to-business (P2B) transactions led product offerings at 68 percent penetration, followed by business-to-person transfers at 58 percent and bank-to-wallet transfers at 50 percent. The mobile money customer base reached 26.9 million active users, while agent networks expanded to 524,000 active agents. Monthly float balances—representing total electronic money held in trust accounts—reached 39.58 billion GHS by March 2026, up 26.4 percent year-on-year. Agent-to-agent transactions comprised 40.1 percent of mobile money transaction value, while third-party transfers accounted for 24.2 percent. Person-to-business gaming and betting transactions represented 47 percent of P2B transaction value, with other bill payments comprising 41 percent. The report demonstrates sustained growth in Ghana's fintech sector, with transaction volumes and values showing consistent quarterly expansion. Market participants and stakeholders can access the full report through the Bank of Ghana's official publications channel for detailed product category breakdowns and transaction trend analysis.

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Bank of Ghana Publishes FinTech Sector Report 2026

On March 31, 2026, the Bank of Ghana's FinTech and Innovation Department released its first quarter 2026 FinTech sector report, providing comprehensive data on Ghana's fintech ecosystem performance and activity across payment service providers and digital money issuers. The report demonstrates sustained growth in Ghana's fintech sector, with transaction volumes and values showing consistent quarterly expansion.
3022092 pc Mar 31, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning
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United States Treasury Department Issues Venezuela-Related Sanctions Guidance

On March 31, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) published a new Venezuela-related Frequently Asked Question (FAQ 1247). OFAC administers and enforces economic sanctions programmes imposed by the United States government. The publication of Venezuela-related guidance through the FAQ mechanism provides clarification on how OFAC's sanctions programmes apply to transactions and activities involving Venezuela. FAQs serve as interpretive guidance to help regulated entities, financial institutions, and other stakeholders understand their compliance obligations under applicable sanctions regimes. The specific details of FAQ 1247 and the particular compliance issues it addresses are available through OFAC's official website. Entities subject to U.S. sanctions jurisdiction should review this guidance to ensure their Venezuela-related activities comply with current OFAC requirements. Additional information regarding Venezuela sanctions programmes, designated individuals and entities, and general licensing procedures is available on OFAC's website, which maintains updated lists of Specially Designated Nationals and blocked parties. **References:** U.S. Department of the Treasury, Office of Foreign Assets Control. Publication of Venezuela-related Frequently Asked Question. March 31, 2026. Available at: https://ofac.treasury.gov/

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US Office of Foreign Assets Control Publishes Venezuela-Related FAQs

On March 31, 2026, the US Office of Foreign Assets Control (OFAC) published new Venezuela-related FAQs , which clarify that non-US individuals and entities can generally avoid sanctions risk when engaging in transactions authorized under Venezuela General Licenses 46B, 51A and 52, provided they meet specific conditions. These licenses cover dealings involving Petróleos de Venezuela SA (PdVSA) and Venezuelan-origin oil, petrochemicals or minerals. Their requirements include: Organization in a third country before January 29, 2025. Making payments into authorized Foreign Government Deposit Funds. Ensuring commercially reasonable terms without using digital currencies. Excluding blocked individuals, entities and vessels from Russia, Iran, North Korea, Cuba or China.
3020533 pc Mar 31, 2026 adavies United Kingdom Parliament of the United Kingdom financial services
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United Kingdom Updates Data Protection Legislation to Establish Information Commission and Transfer Commissioner Functions

On 26 March 2026, the United Kingdom made the Data (Use and Access) Act 2025 (Consequential Amendments and Transitional Provision) Regulations 2026 (Statutory Instrument 2026 No. 386), which implements consequential amendments arising from the Data (Use and Access) Act 2025. The regulations establish the Information Commission as a body corporate and abolish the office of the Information Commissioner, transferring all functions of the Information Commissioner to the newly created Information Commission. The amendments affect numerous pieces of legislation across the United Kingdom, including primary legislation, subordinate legislation, and assimilated direct legislation. Key legislative instruments amended include the Freedom of Information Act 2000, the Data Protection Act 2018, the UK General Data Protection Regulation (UK GDPR), and various Scottish, Welsh, and Northern Ireland legislation. The regulations replace all references to "Information Commissioner" with "Information Commission" throughout affected legislation and update related terminology, including pronouns and possessive forms, to reflect the Commission's status as a body corporate rather than an individual office. The regulations come into force when section 119 (transfer of functions to the Information Commission) of the Data (Use and Access) Act 2025 is fully brought into force. Certain provisions have staggered commencement dates linked to the coming into force of specific sections of the 2025 Act, including sections 103 (complaints by data subjects) and 160(5)(d) of the Online Safety Act 2023. Transitional provisions maintain pension arrangements for the person holding the office of Information Commissioner who becomes the first chair of the Information Commission.

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UK Government Publishes the Data (Use and Access) Act 2025 (Consequential Amendments and Transitional Provision) Regulations 2026

On March 31, 2026, the UK government published the Data (Use and Access) Act 2025 (Consequential Amendments and Transitional Provision) Regulations 2026. The regulations make various amendments to Sections 117, 117 and 119(1) of the Data (Use and Access) Act 2025 (2025 Act). The regulations establish the Information Commission as a body corporate, abolish the Office of the Information Commissioner and transfer the functions of the Information Commissioner to the Information Commission. The regulations enter into force when Section 119 of the 2025 Act is fully brought into force.
3020524 pc Mar 31, 2026 adavies European Union European Central Bank horizon scanning
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European Central Bank Publishes Comprehensive Strategy for Future of European Payments

On March 31, 2026, the Eurosystem published a comprehensive payments strategy outlining its vision for the evolution of Europe's payments infrastructure amid rapid technological change. The strategy complements the Eurosystem's existing cash strategy and extends its retail payments strategy to encompass wholesale, business-to-business and cross-border payments. The strategy establishes four main strategic aims: maintaining the key role of central bank money in retail and wholesale markets to ensure monetary policy effectiveness and financial stability; making Europe's payment system more robust and autonomous; encouraging more integrated, innovative and competitive payments for people and businesses; and supporting the international role of the euro. The Eurosystem acknowledges the gradual adoption of new technologies including tokenisation and distributed ledger technology (DLT), while ensuring central bank money remains the anchor of trust and stability. The strategy outlines the Eurosystem's position on tokenised settlement assets. For wholesale transaction settlement, central bank money should remain at the core, complemented by private settlement assets such as tokenised deposits and stablecoins that are European Union-governed, euro-denominated and properly designed and regulated. The strategy calls for standardisation, automation and process integration in business-to-business payments to enable companies to benefit from efficient and innovative solutions. Regarding retail payments, the strategy highlights how the digital euro can foster pan-European private retail payment solutions, underscoring complementarity between the two. The strategy consolidates major Eurosystem initiatives including the digital euro, work on Pontes and Appia infrastructure projects, and enhancements to cross-border payments in a comprehensive framework. The Eurosystem will continue monitoring market and technological developments to adjust its strategy where needed. REFERENCES: European Central Bank. "Eurosystem sets out comprehensive strategy for future of European payments." Press Release, March 31, 2026. https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.pr260331~3d4f9d3e6b.en.html

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European Central Bank Publishes Strategy for Future of European Payments

On March 31, 2026, the European Central Bank (ECB) published its comprehensive payments strategy for the future of European payments. The strategy complements the Eurosystem's existing cash strategy and extends its retail payments strategy to encompass wholesale, business-to-business and cross-border payments. The strategy establishes four main strategic aims: To ensure the effectiveness of monetary policy, financial stability and the smooth functioning of payment systems by maintaining the role of central bank money as the anchor of a two-tier monetary system. To achieve strategic autonomy and increased resilience for European payments. To foster an integrated, competitive and innovative payments ecosystem. To support the international role of the euro. These strategic aims involve: Developing a European market for tokenised settlement assets. Improving the existing infrastructure and investing in distributed ledger technology (DLT)-based solutions for wholesale payments. Enhancing standardisation, automation and process integration in corporate payments. Achieving resilient, integrated, innovative and competitive euro retail payments through the digital euro and market-led solutions. Advancing the G20 roadmap to enhance cross-border payments. The ECB will continue monitoring market and technological developments to adjust its strategy where needed.
3029758 pc Mar 31, 2026 rghosh South Africa Government of South Africa financial services
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South Africa's Financial Intelligence Centre Issues Directive on Risk and Compliance Return

South Africa's Financial Intelligence Centre (FIC) has issued a directive on the risk and compliance return under Section 43A(3) of the Financial Intelligence Centre Act 38 of 2001. The directive was published in the Government Gazette, establishing requirements for reporting entities to submit risk and compliance information to the FIC. The directive sets out the framework for financial institutions and other reporting entities to provide regular updates on their risk management and compliance activities. This includes reporting on anti-money laundering and counter-terrorism financing (AML/CTF) compliance measures, internal controls, and risk assessments. The requirement aims to enhance the FIC's oversight of the financial sector and ensure reporting entities maintain adequate compliance frameworks to combat financial crime. Reporting entities subject to the Financial Intelligence Centre Act must comply with the directive's requirements regarding the submission, format, and content of risk and compliance returns. The directive provides guidance on the information that must be included in these returns and the frequency of submission. This update is significant for banks, money services businesses, casinos, and other entities regulated under the act, as it establishes mandatory reporting obligations to demonstrate their compliance posture and risk management effectiveness. Reporting entities should review the directive carefully to ensure they understand their obligations and implement necessary systems and processes to meet the reporting requirements. The directive is available on the South African Government website and the Government Gazette. REFERENCES: South African Government. Section 43A(3) of the Financial Intelligence Centre Act 38 of 2001: Directive on the risk and compliance return. Government Gazette. Available at: https://www.gov.za/

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South Africa's Financial Intelligence Centre Issues Directive on Risk and Compliance Return

On March 31, 2026 South Africa's Financial Intelligence Centre (FIC) has issued a directive on the risk and compliance return under Section 43A(3) of the Financial Intelligence Centre Act 38 of 2001 . The directive was published in the Government Gazette, establishing requirements for reporting entities to submit risk and compliance information to the FIC. The directive sets out the framework for financial institutions and other reporting entities to provide regular updates on their risk management and compliance activities. This includes reporting on anti-money laundering and counter-terrorism financing (AML/CTF) compliance measures, internal controls, and risk assessments. The requirement aims to enhance the FIC's oversight of the financial sector and ensure reporting entities maintain adequate compliance frameworks to combat financial crime. Reporting entities subject to the Financial Intelligence Centre Act must comply with the directive's requirements regarding the submission, format, and content of risk and compliance returns. The directive provides guidance on the information that must be included in these returns and the frequency of submission. This update is significant for banks, money services businesses, casinos, and other entities regulated under the act, as it establishes mandatory reporting obligations to demonstrate their compliance posture and risk management effectiveness. Reporting entities should review the directive carefully to ensure they understand their obligations and implement necessary systems and processes to meet the reporting requirements. It takes effect from April 1, 2026.
3020294 pc Mar 31, 2026 rghosh Japan Financial Services Agency horizon scanning
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Japan's Financial Services Agency Announces Full Digitisation of Bills and Cheques

On March 31, 2026, Japan's Financial Services Agency (FSA) announced the banking industry's commitment to complete digitisation of bills and cheques in alignment with government policy. The banking sector has established a voluntary action plan targeting zero bill and cheque exchanges at electronic clearing houses by the end of fiscal year 2026, with the complete cessation of bill and cheque exchanges at electronic clearing houses commencing from the beginning of fiscal year 2027. The transition from paper-based bills and cheques to electronic payment services—including electronic record debt (such as Densai) and internet banking transfers—is expected to deliver significant benefits. These include cost reduction, decreased administrative burden, and reduced operational risk across the financial system and participating industries. The banking industry, working in coordination with government and the broader industrial sector, is implementing this comprehensive transition. The National Association of Bankers (全国銀行協会) has established a dedicated website providing detailed information on the full digitisation initiative. Financial institutions and industry participants are encouraged to consult their transacting financial institutions for specific implementation guidance and timelines. The FSA has published awareness materials, including a notice flyer distributed in September 2025 titled "Discontinuation of Paper Bills and Cheques Usage," to inform stakeholders of this significant shift in Japan's payment infrastructure. Further details are available on the National Association of Bankers' dedicated website and through direct consultation with participating financial institutions.

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Japan's Financial Services Agency Announces Full Digitisation of Bills and Cheques

On March 31, 2026, Japan's Financial Services Agency (FSA) announced the banking industry's commitment to complete digitisation of bills and cheques in alignment with government policy. The banking sector has established a voluntary action plan targeting zero bill and cheque exchanges at electronic clearing houses by the end of fiscal year 2026, with the complete cessation of bill and cheque exchanges at electronic clearing houses commencing from the beginning of fiscal year 2027. The transition from paper-based bills and cheques to electronic payment services including electronic record debt  and internet banking transfers is expected to deliver significant benefits. These include: Cost reduction. Decreased administrative burden. Reduced operational risk across the financial system and participating industries. The banking industry, working in coordination with government and the broader industrial sector, is implementing this comprehensive transition. Further details are available on the National Association of Bankers' dedicated website and through direct consultation with participating financial institutions.
3037150 pc Mar 31, 2026 rghosh Vietnam The State Bank Of Vietnam horizon scanning
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Vietnam's State Bank Publishes Feedback Summary on Draft Circular Amending Special Lending Regulations

On March 31, 2026, the State Bank of Vietnam (NHNN) published a consolidated summary of feedback and responses regarding a draft circular to amend and supplement Circular 35/2025/TT-NHNN, which governs special lending for credit institutions. The circular addresses regulatory requirements for credit institutions' special lending operations. The State Bank of Vietnam compiled stakeholder comments received during the consultation period and provided detailed responses and clarifications to the feedback submitted. This document serves as part of the regulatory development process, allowing the central bank to incorporate public input before finalising the regulation. The publication of this feedback summary demonstrates the State Bank of Vietnam's commitment to transparent regulatory development and stakeholder engagement in the banking sector. Credit institutions and other market participants that submitted comments during the consultation phase can review how their feedback was considered and addressed by the authority. The State Bank of Vietnam continues to solicit input on multiple regulatory initiatives affecting the banking sector. Additional consultations remain open on related matters, including amendments to regulations governing credit institution networks, deposit insurance limits, artificial intelligence applications in banking, and foreign exchange management policies. Stakeholders are encouraged to monitor the State Bank of Vietnam's official website for ongoing consultation opportunities and regulatory updates affecting credit institutions and financial market participants. **Reference:** State Bank of Vietnam official website

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Vietnam's State Bank Publishes Feedback Summary on Draft Circular Amending Special Lending Regulations

On March 31, 2026, the State Bank of Vietnam (NHNN) published a consolidated summary of feedback and responses regarding a draft circular to amend special lending for credit institutions. The circular addresses regulatory requirements for credit institutions' special lending operations. The State Bank of Vietnam compiled stakeholder comments received during the consultation period and provided detailed responses and clarifications to the feedback submitted. This document serves as part of the regulatory development process, allowing the central bank to incorporate public input before finalising the regulation. Credit institutions and other market participants that submitted comments during the consultation phase can review how their feedback was considered and addressed by the authority. The State Bank of Vietnam continues to solicit input on multiple regulatory initiatives affecting the banking sector. Additional consultations remain open on related matters, including amendments to regulations governing credit institution networks, deposit insurance limits, artificial intelligence applications in banking, and foreign exchange management policies. Stakeholders are encouraged to monitor the State Bank of Vietnam's official website for ongoing consultation opportunities and regulatory updates affecting credit institutions and financial market participants.
3202690 pc Mar 31, 2026 arahman Russia Bank of Russia financial services
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Central Bank of Russia Publishes Amendments to Direction No. 7122-Y

On March 31, 2026, the Central Bank of Russia (CBR) published the Circular on Amendments to the Directive of the Bank of Russia dated June 30, 2025, No. 7122-Y. Key points include: The report using Form 0420708 shall be drawn up by the investment firm on the basis of information from the register of contracts concluded using the investment platform for the provision of investment attraction services, contracts for the provision of investment facilitation services and investment contracts. A qualified investor shall mean an investor recognised by the firm as a qualified investor as at the reporting date. A non-qualified investor shall mean persons who are not qualified investors as at the reporting date. Section 9 of Form 0420708 shall include the following content: Information on the investment firm's nominal accounts opened with banks as at the reporting date. Information on the nominal accounts of the investment firms that have been closed by a bank during the reporting quarter. Information on the investment firm's nominal accounts opened with banks as at the reporting date. Information on the nominal accounts of the investment firms that have been closed by a bank during the reporting quarter. This circular shall come into force on January 1, 2027.
3018601 pc Mar 31, 2026 reprocess Spain Bank of Spain financial services
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Spain's Bank Publishes Guidance on Crypto-Asset Service Provider Authorization Requirements Under Payment Services Directive

On March 30, 2026, the Banco de España (Bank of Spain) published guidance reminding crypto-asset service providers that they must obtain authorization as payment service providers under the revised Payment Services Directive (PSD2) to offer payment services using electronic money tokens (EMTs). The guidance clarifies that crypto-asset service providers offering EMT payment services are subject to PSD2 authorization requirements. The Bank of Spain notes that it previously communicated this requirement in July 2025 and January 2026. For providers that were already offering such services prior to the announcement, the authorization application deadline was March 2, 2026. The Bank of Spain emphasizes that affected crypto-asset service providers must review two European Banking Authority (EBA) documents: a no-action letter issued on June 10, 2025, and Opinion EBA/OP/2026/01 published on February 12, 2026. Providers are required to assess their operational circumstances against the scenarios outlined in these documents and implement any applicable measures or restrictions accordingly. Crypto-asset service providers should consult Opinion EBA/OP/2026/01 for detailed guidance on compliance obligations. Those that have not yet submitted authorization applications under PSD2 should do so immediately to ensure compliance with Spanish regulatory requirements. The Bank of Spain's announcement applies to all crypto-asset service providers operating in Spain offering EMT payment services. REFERENCES: Banco de España. "Los proveedores de servicios de criptoactivos necesitan autorización bajo la PSD2 para prestar servicios de pago con fichas de dinero electrónico (EMTs)." March 30, 2026. Available at: https://www.bde.es/bde/en/secciones/prensa/

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Banco de España Publishes Reminder of End of Transitional Period for CASPs Obtaining Authorisation Under PSD2

On March 30, 2026, Banco de España published a notice announcing that the transitional period for crypto-asset service providers (CASPs) providing electronic money token (EMT) payment services ended on March 2, 2026. This period was intended to allow CASPs to obtain authorisation under Directive (EU) 2015/2366 (the revised Payment Services Directive - PSD2). The deadline to apply for authorisation as a payment service provider expired on March 2 for CASPs offering payment services with EMTs. Affected CASPs are encouraged to take note of the European Banking Authority’s (EBA) opinion , published on February 12 2026, and to assess their operational scenario in order to adopt any applicable measures or restrictions. CASPs that have not submitted an application by the deadline, or that have submitted but have not met one or more of the conditions, must: Cease the activity of providing EMT services that qualify as a payment service under PSD2. Offboard clients of EMT services that qualify as a payment service under PSD2. CASPs that have submitted an application, but have not yet received authorisation, may continue to carry out EMT transactions that qualify as payment services pending the competent authority’s decision on the application, provided that they meet the conditions set by the EBA.
3022428 pc Mar 31, 2026 arahman Sweden Finansinspektionen horizon scanning
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Sweden's Financial Supervisory Authority Applies European Crypto-Assets Guidelines

On March 31, 2026, Sweden's Financial Supervisory Authority (Finansinspektionen or FI) announced it will apply new guidelines on crypto-assets published by the European Securities and Markets Authority (ESMA). The guidelines, developed under the Markets in Crypto-Assets Regulation (MiCA), clarify criteria for assessing knowledge and competence requirements for crypto-asset service providers. The guidelines provide direction to help crypto-asset service providers fulfil their obligations to act in their customers' best interests. FI considers ESMA guidelines directed at competent authorities or financial market participants equivalent to Swedish general advice. Under Regulation 1095/2010/EU establishing ESMA, competent authorities and financial market participants are required to make all available efforts to comply with these guidelines. The guidelines become effective on July 28, 2026. FI's application of the guidelines means crypto-asset service providers operating in Sweden must ensure their compliance frameworks align with ESMA's requirements by the effective date. This includes implementing appropriate knowledge and competence assessments for personnel involved in crypto-asset services. Market participants should review the guidelines to understand the specific competence standards expected and adjust their internal policies and training programmes accordingly. **Reference:** Finansinspektionen (March 31, 2026). "FI tillämpar riktlinjer om kryptotillgångar." Available at: https://www.fi.se/sv/publicerat/nyheter/2026/fi-tillamppar-riktlinjer-om-kryptotillgangar/

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Sweden's Financial Supervisory Authority Announces Compliance with Guidelines for Assessment of Knowledge and Competence under the Markets in Crypto Assets Regulation (MiCA)

On March 31, 2026, the Financial Supervisory Authority announced that it will apply the European Securities and Market Authority's Guidelines for the Assessment of Knowledge and Competence under the Markets in Crypto Assets Regulation (MiCA) . The guidelines are designed to clarify the criteria for assessing knowledge and competence under Regulation (EU) 2023/1114 (MiCA Regulation) . It helps crypto-asset service providers meet their obligations to act in the best interest of their clients. The guidelines apply from July 28, 2026.
3020480 pc Mar 31, 2026 arahman Montenegro Press releases - CBCG horizon scanning
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Montenegro's Central Bank Signs European Payments Council License for Instant Payments Implementation

On March 31, 2026, the Central Bank of Montenegro (CBCG) signed a licensing agreement with the European Payments Council (EPC) to introduce instant payments in accordance with Single Euro Payments Area (SEPA) standards. This agreement enables Montenegro to implement modern European rules and technical standards for instant payments under the TIPS Clone project, making it the first country in the Western Balkans to secure the regulatory and technical framework for such implementation. The licensing agreement follows Montenegro's accession to the SEPA payment area on October 6, 2025, and represents a significant step toward modernising the national payment infrastructure and integrating fully into the European payments market. The license permits CBCG to develop and manage a domestic instant payment scheme, facilitating faster, safer, and more accessible real-time payments. The system will enable citizens and businesses to execute payment transactions almost instantly at any time throughout the year, reducing payment transaction costs and enhancing the efficiency of payment operations. The instant payments system project is being implemented in partnership with the Bank of Italy, which serves as the technical provider of the TIPS service within the Eurosystem payment infrastructure. The TIPS Clone platform will operate in full alignment with the operational rules and functioning of TIPS itself. The application of the instant payments system is planned for July 20, 2026. This implementation represents a concrete step by CBCG toward building a modern, efficient, and interoperable payment system aligned with contemporary needs and Montenegro's European integration objectives.

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Montenegro's Central Bank Signs European Payments Council Licence Agreement for Instant Payments Implementation

On March 31, 2026, the Central Bank of Montenegro (CBCG) announced that it had signed a licensing agreement with the European Payments Council (EPC) to enable Montenegro to implement modern European rules and technical standards for instant payments under the TIPS Clone project, making it the first country in the Western Balkans to secure the regulatory and technical framework for such implementation. The licensing agreement follows Montenegro's accession to the SEPA payment area on October 6, 2025, and represents a significant step toward modernising the national payment infrastructure and integrating fully into the European payments market. The licence permits CBCG to develop and manage a domestic instant payment scheme, facilitating faster, safer and more accessible real-time payments. The system will enable citizens and businesses to execute payment transactions almost instantly at any time throughout the year, reducing payment transaction costs and enhancing the efficiency of payment operations. The instant payments system project is being implemented in partnership with the Bank of Italy, which serves as the technical provider of the TIPS service within the Eurosystem payment infrastructure. The TIPS Clone platform will operate in full alignment with the operational rules and functioning of TIPS itself. The application of the instant payment system is planned for July 20, 2026. This implementation represents a concrete step by the CBCG toward building a modern, efficient and interoperable payment system aligned with contemporary needs and Montenegro's European integration objectives.
3067121 pc Mar 31, 2026 arahman Montenegro Payment Operations and Payment Systems - CBCG horizon scanning
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Montenegro's Central Bank Supplements Payment System Reporting Requirements

On 31 March 2026, the Council of the Central Bank of Montenegro passed a decision supplementing the Decision on Payment System Reporting to the Central Bank of Montenegro, pursuant to Article 44 paragraph (2) item 3) of the Central Bank of Montenegro Law and Article 55 paragraph (2) of the Payment System Law. The decision introduces a new Article 8a to the existing reporting framework, establishing a transitional reporting requirement for payment service providers. Under the new provision, payment service providers must submit their first report using the templates prescribed by the Decision Amending the Decision on Payment System Reporting to the Central Bank of Montenegro within the deadline prescribed for the submission of reports for the second quarter of 2026. This amendment addresses the implementation of updated reporting templates and ensures a coordinated transition to the new reporting standards across the payment services sector in Montenegro. The decision was issued by Central Bank Governor Irena Radović and published under Decision number 0101-2626-5/2026. The decision enters into force on the eighth day following its publication in the Official Gazette of Montenegro. Payment service providers operating in Montenegro should ensure compliance with the new reporting requirements and submit their first reports using the updated templates by the second quarter 2026 deadline.

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Montenegro's Central Bank Passes Decision on Payment System Reporting

On March 31, 2026, the Council of the Central Bank of Montenegro passed a decision supplementing the Decision on Payment System Reporting to the Central Bank of Montenegro , pursuant to Article 44(2)(3) of the Central Bank of Montenegro Law and Article 55(2) of the Payment System Law. Payment service providers shall submit the first report using the templates prescribed by the Decision Amending the Decision on Payment System Reporting to the Central Bank of Montenegro within the deadline prescribed for the submission of reports for the second quarter of 2026. The decision enters into force on the eighth day following its publication in the Official Gazette of Montenegro.
3018021 pc Mar 31, 2026 reprocess Spain News and Media financial services
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Spain's National Securities Market Commission Adopts European Guidelines on Crypto-Asset Personnel Competence Criteria

On March 30, 2026, Spain's National Securities Market Commission (Comisión Nacional del Mercado de Valores, CNMV) announced its adoption of guidelines issued by the European Securities and Markets Authority (ESMA) regarding knowledge and competence criteria for personnel who provide information and advice to investors on crypto-assets. The CNMV will apply these criteria in its supervisory activities under the Markets in Crypto-Assets Regulation (MiCA). The guidelines establish general principles and specific criteria that crypto-asset service providers must meet to ensure their personnel possess adequate knowledge and competencies when informing or advising on crypto-assets or crypto-asset services. ESMA published the translated guidelines in all official European Union languages on January 28, 2026, and the CNMV confirmed its compliance with the European supervisor within the two-month deadline specified in Article 16.3 of the ESMA Regulation. The publication of this announcement fulfils the CNMV's obligation under Article 81.7 of the MiCA Regulation, which requires member states to make public the criteria they will apply when supervising crypto-asset service providers. By disclosing these criteria, the CNMV ensures transparency regarding the knowledge and competence standards that personnel in the Spanish crypto-asset sector must meet. This alignment with ESMA guidelines supports consistent regulatory application across the European Union and reinforces investor protection in the crypto-asset market.

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Spanish National Securities Market Commission Confirms Adoption of ESMA Guidelines on Crypto-Asset Service Provider Staff Competence

On March 30, 2026, the Spanish National Securities Market Commission published a notice confirming its application of guidelines adopted by the European Securities and Markets Authority (ESMA) concerning the knowledge and competence requirements for staff of crypto-asset service providers (CASPs) under Regulation (EU) 2023/1114 - Markets in Crypto-Assets (MiCA). The ESMA guidelines establish the general principles and criteria that CASPs must meet to ensure that staff who provide information or advice on crypto-assets or crypto-asset services have the appropriate levels of knowledge and skills. The guidelines clarify the general framework applicable to CASPs, requiring staff to be familiar with, understand and apply internal policies and procedures designed to ensure MiCA compliance. The guidelines distinguish between staff who provide only information on crypto-assets and those who provide advisory services, with different minimum annual training hour requirements for each category. Additionally, the guidelines establish organisational requirements for the assessment, maintenance and updating of CASP staff knowledge and competence, and include practical examples in an annex. The guidelines apply to all authorised CASPs, whether authorised through licensing or notification procedures. The guidelines will apply from July 28, 2026.
3017974 pc Mar 31, 2026 adavies Norway Financial Supervisory Authority financial services
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Norway's Financial Supervisory Authority Provides Guidance on Digital Operational Resilience Act Register of Outsourcing Arrangements Reporting

On March 13, 2026, the Financial Supervisory Authority (Finanstilsynet) received submissions from undertakings subject to the Digital Operational Resilience Act (DORA) reporting their Register of Outsourcing Arrangements (RoI). The authority has forwarded these submissions to the European Banking Authority (EBA), with several submissions being rejected. Finanstilsynet has published guidance to assist undertakings in identifying and correcting submission errors. Undertakings can verify their submission status through the e-Reg production environment, where submissions are marked as either "Accepted" (displayed with a green symbol) or "Not accepted" (displayed with a red symbol). A "Not accepted" status indicates the report requires correction before resubmission. For rejected submissions, undertakings should: access error details by selecting the red symbol; navigate to the "Ticket" tab; download the file in "Original format"; review the "instance-status" file; identify the specific error message under "feedbackText, Business validation rules triggered"; correct the identified errors; and resubmit the RoI through e-Reg. Undertakings must monitor whether resubmissions are subsequently approved by the EBA. The EBA has published supplementary resources to support undertakings, including observations on common reporting issues, an overview of technical checks and validation rules applicable to RoI reporting, and the DORA RoI Data Model. Undertakings with questions should contact Finanstilsynet through the communications module in e-Reg. REFERENCES: Finanstilsynet. "Informasjon til foretak som har rapportert informasjonsregisteret etter DORA (RoI)." https://www.finanstilsynet.no/

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Norway's Financial Supervisory Authority Publishes Guidance on the DORA Register of Information

On March 13, 2026, the Financial Supervisory Authority (FSA) published guidance for companies which have reported the Regulation (EU) 2022/2554 (Digital Operational Resilience Act – DORA) register of information (ROI). As explained by the FSA, entities had to submit their ROI by March 13, 2026. Certain submissions have been rejected and returned. In turn, the guidance provides guidance on returned submissions, including: How to check the status of your company in e-Reg. Steps for a rejected submission. Additional European Banking Authority (EBA) information on common error messages.
3018613 pc Mar 31, 2026 adavies Italy Feed - Garante Protezione dei dati personali horizon scanning
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Italy's Data Protection Authority Fines Intesa Sanpaolo for Data Breach Affecting Over 3,500 Customers

On March 30, 2026, Italy's Garante per la Protezione dei Dati Personali (Data Protection Authority) imposed a fine of €31.8 million on Intesa Sanpaolo S.p.A. for serious deficiencies in personal data security resulting from inadequate technical and organisational measures. The authority's investigation, initiated following a data breach notification by the bank in July 2024, determined that a bank employee accessed banking information belonging to 3,573 customers without justified reason, conducting over 6,600 unauthorised queries between February 21, 2022 and April 24, 2024. The internal control systems failed to detect these unauthorised accesses, revealing significant gaps in monitoring and prevention mechanisms. The unlawful access included data relating to high-risk customers, including individuals holding prominent public positions, for whom reinforced control safeguards should have been implemented. The authority found violations of the principles of data integrity, confidentiality, and accountability. The operational model permitted employees to query the entire customer database without adequate balancing controls to prevent and identify unjustified access. Additional deficiencies emerged in the bank's handling of the breach notification, which was incomplete and delayed beyond regulatory timeframes. Communication to affected individuals occurred only following a separate Data Protection Authority decision on November 2, 2024, compromising the authority's ability to intervene promptly to protect the rights and freedoms of those involved. In determining the fine amount, the authority considered the severity and duration of violations, the high number of affected customers, and corrective measures subsequently implemented by the institution to strengthen internal control systems and security safeguards. REFERENCES: Garante per la Protezione dei Dati Personali, Comunicato Stampa, March 30, 2026, available at: https://www.garanteprivacy.it/

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Italian Data Protection Authority Fines Intesa Sanpaolo SpA €31.8m for Serious Shortcomings in Personal Data Security

On March 30, 2026, the Italian Data Protection Authority (GPDP) announced that it had fined Intesa Sanpaolo SpA €31.8m for serious shortcomings in its personal data security. As explained by the GPDP, the shortcomings found in the bank’s security were due to the inadequacy of technical and organisational measures used. Through investigation, the GPDP found that an employee accessed, without justification, the banking information of 3,573 customers, making more than 6,600 inquiries between February 21, 2022 and April 24, 2024. This access was not detected by internal control systems, highlighting significant weaknesses in the monitoring and prevention mechanisms. This access also involved data relating to high-risk customers, including individuals with prominent public roles. As a result of this, the GPDP issued a €31.8m fine.
3015843 pc Mar 31, 2026 rghosh South Korea Financial Supervisory Services (FSS) - Press releases financial services
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South Korea's Financial Supervisory Service Accelerates Benchmark Interest Rate Reform to Enhance Market Integrity

On March 30, 2026, the Financial Supervisory Service (FSS) announced a comprehensive benchmark interest rate reform initiative designed to strengthen financial market reliability and enhance consumer protection. The reform accelerates the transition from legacy rates to Korea's risk-free benchmark rate, the Korean Overnight Financing Rate (KOFR). The FSS is implementing four key measures. First, it is expanding KOFR adoption across multiple financial markets by increasing the target ratio of KOFR-based interest rate swap transactions from 50 percent to 70 percent by June 2030, and introducing a 50 percent target for KOFR-based floating rate note issuance by June 2031. The Korea Development Bank and Industrial Bank of Korea will launch KOFR-based lending products worth one trillion won in the second half of 2026. Second, the FSS will remove the Certificate of Deposit (CD) rate from the list of important financial transaction indicators by the end of 2030, encouraging market participants to shift to KOFR. Third, the FSS will phase out the Korean Interbank Offered Rate (KORIBOR) by suspending new KORIBOR-denominated loans from April 2027, mirroring the global discontinuation of LIBOR. Fourth, the FSS will strengthen the calculation methodology for the Composite Financing Cost Index (COFIX), which remains a key lending market benchmark, by proactively enhancing its compilation framework. These measures reflect South Korea's commitment to international financial standards and align with global benchmark rate reform initiatives. The FSS will oversee implementation through its Capital Markets Supervision Division, Banking Risk Supervision Division, and Banking Inspection Division.

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South Korea's Financial Supervisory Service Accelerates Benchmark Interest Rate Reform to Enhance Market Integrity

On March 30, 2026, the Financial Supervisory Service (FSS) announced a comprehensive benchmark interest rate reform initiative designed to strengthen financial market reliability and enhance consumer protection. The reform accelerates the transition from legacy rates to Korea's risk-free benchmark rate, the Korean Overnight Financing Rate (KOFR). The FSS is implementing four key measures: It is expanding KOFR adoption across multiple financial markets by increasing the target ratio of KOFR-based interest rate swap transactions from 50 percent to 70 percent by June 2030, and introducing a 50 percent target for KOFR-based floating rate note issuance by June 2031. The Korea Development Bank and Industrial Bank of Korea will launch KOFR-based lending products worth one trillion won in the second half of 2026. The FSS will remove the Certificate of Deposit (CD) rate from the list of important financial transaction indicators by the end of 2030, encouraging market participants to shift to KOFR. The FSS will phase out the Korean Interbank Offered Rate (KORIBOR) by suspending new KORIBOR-denominated loans from April 2027, mirroring the global discontinuation of LIBOR. The FSS will strengthen the calculation methodology for the Composite Financing Cost Index (COFIX), which remains a key lending market benchmark, by proactively enhancing its compilation framework.
3016778 pc Mar 30, 2026 ataylor Ontario Ontario Securities Commission financial services
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Ontario Securities Commission Seeks Feedback on Machine-Readable Regulatory Framework

On March 30, 2026, the Ontario Securities Commission (OSC) announced it is seeking stakeholder feedback on the development of a machine-readable dataset of securities rules and regulatory documents to improve access, clarity and usability for capital market participants. The OSC is exploring how machine-readable regulation could reduce compliance burden by translating rules into clear, consistent data that firms can integrate into their systems. The initiative aims to lower compliance costs, accelerate compliance timelines, and allow market participants to redirect resources toward investor service and capital markets enhancement. In 2025, the OSC collected preliminary stakeholder input with support from RegGenome, a regulatory data technology company. This early work examined the feasibility of using machine-assisted annotation by OSC experts to label and categorise segments of relevant statutes, regulations, rules and policies. These annotations would enhance searchability, highlight linkages across documents, and improve the ability of humans and computers to understand and analyse the regulatory framework, potentially making compliance faster and more accurate. The OSC has published an overview on its website describing the potential impacts of machine-readable regulations for Ontario capital market participants. The Commission's 2026–2027 Statement of Priorities includes a commitment to develop a proof of concept for a machine-readable version of Ontario's securities regulation, with stakeholder input to guide the next stage of development. The OSC is requesting comments on the next steps to best support investors, industry, and regulatory technology innovators with this dataset. The comment period closes on June 30, 2026. Feedback can be submitted via the OSC's website.

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Ontario Securities Commission Seeks Feedback on Machine-Readable Regulatory Framework

On March 30, 2026, the Ontario Securities Commission (OSC) launched a consultation seeking feedback on the transition toward a machine-readable regulatory framework. As part of its 2026-2027 Statement of Priorities , the OSC intends to convert securities rules and policies into structured datasets to enhance the clarity and searchability of Ontario's capital markets requirements. Building on a 2025 feasibility study conducted with a regulatory data technology company, the initiative focuses on using machine-assisted annotation to categorize statutes and regulations. The OSC aims to highlight linkages across regulatory documents, allowing firms to better understand the impact of regulations on their compliance systems. This shift is expected to reduce interpretation errors and lower compliance costs. The OSC is currently developing a proof of concept for this digital-first framework and invites feedback on technical specifications and functionality to support development. Impacted parties are able to make comment until June 30, 2026.
3016768 pc Mar 30, 2026 ataylor Ontario Announcements - FSRA of Ontario financial services
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Ontario's Financial Services Regulatory Authority Releases First Enforcement Annual Report

On March 30, 2026, the Financial Services Regulatory Authority of Ontario (FSRA) released its first Enforcement Annual Report, detailing enforcement activity across the 2024/25 fiscal year. The report highlights enforcement objectives, outcomes and actions undertaken to strengthen consumer and pension plan member protection, promote high standards of business conduct, and deter fraud. FSRA's enforcement activity increased significantly in both volume and impact during the reporting period. The authority initiated 100 enforcement actions, compared to 65 in the previous year. Administrative monetary penalties nearly doubled in volume over two fiscal years, with FSRA imposing $1.2 million in penalties. The authority also issued orders to revoke and refuse 25 licences in the mortgage and insurance sectors. According to Elissa Sinha, FSRA's Director of Litigation and Enforcement, the authority has made considerable progress towards achieving enforcement that is both fair and proportionate. FSRA attributes the growth in enforcement activity to a stronger supervisory framework and expanded legal powers. The report demonstrates FSRA's commitment to protecting consumers and pension plan members while maintaining proportionate and fair enforcement practices across Ontario's financial services sector. Stakeholders, including consumers, regulated entities, and industry participants, can access the full Enforcement Annual Report 2024/25 on FSRA's website for detailed information on specific enforcement outcomes and trends. REFERENCES: Financial Services Regulatory Authority of Ontario (FSRA). Enforcement Annual Report 2024/25. Available at: www.fsrao.ca

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Financial Services Regulatory Authority of Ontario Releases First Enforcement Annual Report

On March 30, 2026, the Financial Services Regulatory Authority of Ontario (FSRA) released its first Enforcement Annual Report, detailing enforcement activity across the 2024/25 fiscal year. According to the FRSA press release announcing the report, the enforcement actions help to strengthen consumer and pension plan member protection, promote high standards of business conduct and deter fraud. FSRA enforcement activity increased significantly in both volume and impact during the reporting period. The authority initiated 100 enforcement actions, compared to 65 in the previous year. Administrative monetary penalties nearly doubled in volume over two fiscal years, with FSRA imposing $1.2m in penalties. The authority also issued orders to revoke and refuse 25 licenses in the mortgage and insurance sectors. According to the report, over the past fiscal year, FSRA made important progress in shaping how the law is applied in the sectors it oversees, with several key decisions clarifying FSRA’s authority and setting important examples for the future. These outcomes confirmed FSRA’s ability to act against unlicensed activity, fraudulent behaviours, and improper supervision by mortgage brokerages and principal brokers. According to the FSRA's Director of Litigation and Enforcement, the authority has made considerable progress towards achieving enforcement that is both fair and proportionate. FSRA attributes the growth in enforcement activity to a stronger supervisory framework and expanded legal powers. The report demonstrates FSRA's commitment to protecting consumers and pension plan members while maintaining effective practices across Ontario's financial services sector.
3016671 pc Mar 30, 2026 pdonofrio US Track 2 Financial Crimes Enforcement Network horizon scanning
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United States Financial Crimes Enforcement Network Issues Advisory on Health Care Fraud Schemes Targeting Medicare and Medicaid

On March 30, 2026, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued an Advisory urging financial institutions to strengthen vigilance against health care fraud schemes targeting government health care benefit programs, including Medicare, Medicaid, and other federal and state health care benefit programs. The Advisory addresses how fraudsters, organized crime groups, and transnational criminal organizations are increasingly targeting government health care benefit programs. FinCEN identifies money laundering typologies and red flag indicators to assist financial institutions in identifying and reporting suspicious activity related to health care fraud. The advisory is intended to help financial institutions recognise patterns and characteristics of fraudulent schemes that exploit government health care systems, enabling them to take appropriate preventative and reporting measures. The Advisory applies to all financial institutions subject to FinCEN's reporting requirements, including depository institutions, money services businesses, securities and futures firms, insurance companies, mortgage companies and brokers, precious metals and jewelry dealers, and casino operators. FinCEN strongly encourages financial institutions to voluntarily report suspicious activity through the Suspicious Activity Report (SAR) system and to immediately notify law enforcement of identified health care fraud schemes. Financial institutions should review their anti-money laundering and counter-terrorism financing (AML/CTF) compliance programmes to ensure they adequately address health care fraud typologies and implement appropriate monitoring controls. REFERENCES: Financial Crimes Enforcement Network (FinCEN). (2026, March 30). FinCEN Issues Advisory on Health Care Fraud Schemes Targeting Medicare, Medicaid, and Other Federal and State Health Care Benefit Programs. Retrieved from https://www.fincen.gov/news/news-releases/fincen-issues-advisory-health-care-fraud-schemes-targeting-medicare-medicaid-and

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US Financial Crimes Enforcement Network Issues Advisory on Health Care Fraud Schemes

On March 30, 2026, the US Financial Crimes Enforcement Network (FinCEN) issued an advisory urging financial institutions to strengthen vigilance against health care fraud schemes targeting government health care benefit programs, including Medicare, Medicaid and other federal and state health care benefit programs. The advisory applies to all financial institutions subject to FinCEN's reporting requirements, including depository institutions, money services businesses, mortgage companies and securities and futures firms. The advisory addresses how fraudsters, organized crime groups and transnational criminal organizations are increasingly targeting government health care benefit programs. In it, FinCEN identifies money laundering typologies and red flag indicators to assist financial institutions in identifying and reporting suspicious activity related to health care fraud. According to a news release , the advisory is intended to help financial institutions recognise patterns and characteristics of fraudulent schemes that exploit government health care systems, enabling them to take appropriate preventative and reporting measures. FinCEN encourages financial institutions to voluntarily report suspicious activity through the Suspicious Activity Report (SAR) system and to immediately notify law enforcement of identified health care fraud schemes. Additionally, FinCEN encourages financial institutions to review their anti-money laundering and counter-terrorism financing (AML/CTF) compliance programs to ensure they adequately address health care fraud typologies and implement appropriate monitoring controls.
3016672 pc Mar 30, 2026 pdonofrio US Track 2 Financial Crimes Enforcement Network horizon scanning
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United States Financial Crimes Enforcement Network Proposes Whistleblower Incentive Rule

On March 30, 2026, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) submitted a Notice of Proposed Rulemaking (NPRM) to the Federal Register to fully implement its whistleblower program. The proposed rule establishes a framework for offering incentives and protections to encourage individuals to report information on fraud-related violations of the Bank Secrecy Act, U.S. sanctions programs administered by Treasury's Office of Foreign Assets Control, and other laws critical to safeguarding the U.S. financial system and national security. The NPRM proposes procedures for whistleblowers to securely share information about potential violations and submit award applications. It establishes eligibility criteria for making awards and processes for adjudicating applications. Under the proposed rule, whistleblowers whose tips lead to successful enforcement actions by Treasury or the Department of Justice would receive awards of 10 to 30 percent of collected monetary penalties. The rule also includes protections for whistleblowers who provide information to FinCEN's program. Although FinCEN's whistleblower program is codified by the Anti-Money Laundering Act (2020) and the Anti-Money Laundering Whistleblower Improvement Act (2022) and is currently accepting tips, the proposed regulation will fully implement these statutes when finalised. FinCEN has recently launched a whistleblower portal to facilitate submissions. Members of the public must submit comments in response to the NPRM within 60 days of its publication in the Federal Register. Comments will be publicly viewable at www.regulations.gov. **Reference:** FinCEN.gov

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US Financial Crimes Enforcement Network Proposes Whistleblower Incentive Rule

On March 30, 2026, the US Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) to implement its whistleblower program by establishing a framework for offering incentives and protections to encourage individuals to report tips on fraud-related violations of the Bank Secrecy Act (BSA), sanctions programs and other laws critical to safeguarding the US financial system and national security. The NPRM proposes procedures for whistleblowers to securely share information about potential violations and submit award applications. Additionally, it establishes eligibility criteria for making awards and processes for adjudicating applications. Under the proposed rule, whistleblowers whose tips lead to successful federal enforcement actions are eligible to receive awards of ten to thirty percent of collected monetary penalties. The rule also includes certain protections for whistleblowers who provide information to FinCEN. Interested parties can submit comments on the proposed rule until May 29, 2026 at this link .
3016427 pc Mar 30, 2026 adavies European Union European Central Bank financial services
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European Central Bank Streamlines Supervision of Banks' Internal Credit Risk Models

On 30 March 2026, the European Central Bank (ECB) announced reforms to streamline how it supervises banks' internal models for credit risk assessment. The ECB is shifting from an ex ante (pre-implementation) to an ex post (post-implementation) assessment approach, enabling banks to implement material changes to their internal models more quickly and predictably without maintaining parallel old and new models during the supervisory review period. From 1 October 2026 onwards, banks will be permitted to implement material changes to their internal models for credit risk shortly after submitting a complete application package, provided that the bank's internal control function confirms compliance with regulatory requirements and implementation readiness. Where model changes result in lower risk weights, banks will receive fast approval but the regulatory capital benefit will be constrained by a floor set at 98 percent of current risk weights. This floor can be lifted only after the ECB completes a targeted on-site investigation. The ECB retains discretion to follow the standard approval process for sensitive cases, requiring banks to await on-site investigation outcomes before implementation. The European Banking Authority (EBA) has simultaneously released revised Regulatory Technical Standards recalibrating materiality criteria for internal model changes, with greater reliance on quantitative thresholds and targeted qualitative triggers. This substantially reduces the number of changes classified as material and subject to ECB approval. Under the new approach, the ECB will conduct on-site investigations primarily where higher risks warrant closer scrutiny, rather than automatically triggering investigations for all material model changes. This reform forms part of the ECB's "Next-level supervision" project to enhance efficiency, effectiveness, and risk-based oversight while maintaining supervisory standards and bank resilience. REFERENCES: European Central Bank. (2026, March 30). ECB streamlines how it supervises banks' internal models. Retrieved from https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.pr260330~3d3f9b2b91.en.html

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European Central Bank Announces Streamlining of Supervising Banks' Internal Models

On March 30, 2026, the European Central Bank (ECB) announced that it is streamlining how it assesses changes to banks’ internal models for credit risk. As the ECB explained, it is shifting from an ex ante to an ex post assessment, making the approval process faster and more predictable for banks. This reform allows banks to implement model changes quickly, without having to maintain old and new models in parallel while awaiting supervisory review. This is subject to safeguards to keep banks resilient. In turn, from October 1, 2026, the ECB will allow banks to implement material changes to their internal models for credit risk shortly after submitting a complete application package. This is conditional on a bank’s internal control function credibly confirming that the revised model complies with regulatory requirements and that the bank is ready to implement the change.
3017819 pc Mar 30, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning
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United States Office of Foreign Assets Control Amends Russia-Related General License and Guidance

On March 30, 2026, the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) issued an amended Russia-related General License 131D, titled "Authorizing Certain Transactions for the Negotiation of and Entry Into Contingent Contracts for the Sale of Lukoil International GmbH and Related Maintenance Activities." The amendment permits specified transactions related to the negotiation and execution of contingent contracts for the sale of Lukoil International GmbH, alongside associated maintenance activities. This license modification reflects OFAC's ongoing management of sanctions compliance obligations for entities engaged with Russian-related assets and operations. The amendment applies to persons and entities subject to U.S. jurisdiction seeking to conduct permissible transactions within the scope of the license. Concurrently, OFAC amended two Russia-related Frequently Asked Questions—FAQ 1224 and FAQ 1225—to provide updated guidance on sanctions compliance matters. These amendments clarify OFAC's position on permissible activities and compliance expectations for stakeholders navigating Russia-related sanctions regulations. Interested parties should review the amended General License 131D and the updated FAQs to ensure compliance with current OFAC requirements. The amendments are effective immediately upon issuance. Additional information regarding OFAC's Russia sanctions program, including the amended license and guidance documents, is available on OFAC's official website. REFERENCES: Office of Foreign Assets Control. "Issuance of Amended Russia-related General License; Publication of Amended Russia-related Frequently Asked Questions." March 30, 2026. https://ofac.treasury.gov/

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

On March 30, 2026, the US Office of Foreign Assets Control (OFAC) issued Russia-related General License 131D . The general license provides that all transactions prohibited by Executive Order 14024 that are ordinarily incident and necessary to the negotiation of and entry into contracts with Lukoil or any of its affiliates for the sale, disposition or transfer of Lukoil International GmbH (LIG) or any entity in which LIG owns, directly or indirectly, individually or in the aggregate, a 50% or greater interest are authorized through May 1, 2026, provided that the performance of any such contract is made expressly contingent upon the receipt of separate authorization from OFAC. However, the general license does not authorize: The unblocking of any property blocked pursuant to any part of 31 CFR V . The unblocking of any property blocked pursuant to any part of 31 CFR V . Any transactions otherwise prohibited by the Russian Harmful Foreign Activities Sanctions Regulations (RuHSR), including transactions involving any person blocked pursuant to the RuHSR, unless separately authorized. Any transactions otherwise prohibited by the Russian Harmful Foreign Activities Sanctions Regulations (RuHSR), including transactions involving any person blocked pursuant to the RuHSR, unless separately authorized. The transfer of funds to any person or account located in Russia. The transfer of funds to any person or account located in Russia. Additionally, OFAC published FAQ 1224 and FAQ 1225 , which, together, provide a more detailed explanation of transactions and activities authorized under the new general license.
3016323 pc Mar 30, 2026 adavies European Union European Banking Authority financial services
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European Banking Authority Streamlines Supervisory Approvals for Internal Ratings Based Model Changes

On March 30, 2026, the European Banking Authority (EBA) published revised Regulatory Technical Standards (RTS) on material model changes for banks using Internal Ratings Based (IRB) models. The amendments significantly reduce the number of changes classified as material, enabling supervisors to apply a more risk-based approach to IRB model supervision while easing administrative burden on both banks and supervisors. The EBA's recalibration addresses two key issues. First, the high volume of material model change applications has strained supervisory resources, resulting in lengthy approval timelines that delayed banks' ability to remediate deficiencies or implement improvements. The revised RTS adopt a pragmatic approach by placing stronger reliance on quantitative thresholds, substantially reducing changes subject to prior approval while preserving supervisory visibility. Qualitative triggers are now limited to changes involving model redevelopments, re-estimations of risk parameters, or significant changes to banks' definitions of default. Routine model maintenance will generally be subject to notification unless exceeding quantitative thresholds. Second, the RTS align with changes introduced under the Capital Requirements Regulation III (CRR3), removing references to approaches no longer part of the prudential framework, including the IRB approach for equity exposures and the Advanced Measurement Approach (AMA). The revised RTS work in parallel with the European Central Bank's (ECB) efforts to simplify its approval processes for material model changes. Together, these initiatives are expected to support more efficient supervisory procedures across the European Union, enabling quicker and smoother IRB model approvals for EU banks. The EBA developed these standards under Article 143(5) of Regulation (EU) No 575/2013 and in coordination with supervisory authorities to enhance the efficiency of the EU regulatory and supervisory framework.

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European Banking Authority Publishes Final Draft Regulatory Technical Standards on Internal Ratings-Based Model Changes

On March 30, 2026, the European Banking Authority (EBA) published its final draft regulatory technical standards (RTS) amending Delegated Regulation (EU) No. 529/2014 on assessing the materiality of extensions and changes of the internal ratings-based approach (IRB). The amendments significantly reduce the number of changes classified as material, enabling supervisors to apply a more risk-based approach to IRB model supervision while easing administrative burden on both banks and supervisors. The revised RTS adopt a pragmatic approach by placing stronger reliance on quantitative thresholds, substantially reducing changes subject to prior approval while preserving supervisory visibility. Qualitative triggers are now limited to changes involving model redevelopments, re-estimations of risk parameters, or significant changes to banks' definitions of default. Routine model maintenance will generally be subject to notification unless exceeding quantitative thresholds. Additionally, the RTS align with changes introduced under Regulation (EU) 2024/1623 (Capital Requirements Regulation 3 – CRR3), removing references to approaches no longer part of the prudential framework. The draft RTS has been submitted to the European Commission for endorsement. If endorsed, it will apply after its publication in the Official Journal of the European Union.
3015205 gc Mar 30, 2026 tsimcock South Australia News | Consumer and Business Services gamblingcompliance
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South Australia's Consumer and Business Services Fines Melbourne Business for Conducting Illegal Lotteries

On March 27, 2026, Consumer and Business Services (CBS), South Australia's consumer watchdog, announced enforcement action against Xclusive Tech and Adrian Portelli, a 36-year-old formerly of Melbourne, for conducting illegal lotteries in South Australia. In Adelaide Magistrates Court, Magistrate Melanie Burton found Xclusive Tech guilty of ten counts of conducting an unlawful lottery. The court heard that Xclusive Tech operated ten illegal lotteries between January 2023 and May 2024 without a licence, despite repeated warnings from CBS that its activities were illegal. Portelli was acquitted on nine counts of assisting in the conduct of unlawful lotteries. Xclusive Tech was fined $40,000. Jonathan Lambert, Acting Commissioner for Liquor and Gambling, stated that CBS's licensing scheme is essential to ensure lotteries in South Australia are "above board and accountable" and operate fairly. The licensing framework includes significant checks and balances regarding how lottery activities are marketed and drawn, ensuring the public can have confidence lotteries are run honestly. Lambert emphasised that CBS will continue to assess all lottery applications on a case-by-case basis to ensure compliance with legal requirements. This enforcement action demonstrates CBS's commitment to preventing unlicensed gambling activities and protecting consumers in South Australia's lottery market. REFERENCES: Consumer and Business Services. "Melbourne business fined over illegal lotteries." Media Release, March 27, 2026. https://www.cbs.sa.gov.au/news/melbourne-business-fined-over-illegal-lotteries

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South Australia's Consumer and Business Services Fines Melbourne Business for Conducting Illegal Lotteries

On March 27, 2026, Consumer and Business Services (CBS), South Australia's consumer watchdog, announced enforcement action against Xclusive Tech and Adrian Portelli, a 36-year-old formerly of Melbourne, for conducting illegal lotteries in South Australia. In Adelaide Magistrates Court, Magistrate Melanie Burton found Xclusive Tech guilty of ten counts of conducting an unlawful lottery. The court heard that Xclusive Tech operated ten illegal lotteries between January 2023 and May 2024 without a licence, despite repeated warnings from CBS that its activities were illegal. Portelli was acquitted on nine counts of assisting in the conduct of unlawful lotteries. Xclusive Tech was fined $40,000. Jonathan Lambert, Acting Commissioner for Liquor and Gambling, stated that CBS's licensing scheme is essential to ensure lotteries in South Australia are "above board and accountable" and operate fairly. The licensing framework includes significant checks and balances regarding how lottery activities are marketed and drawn, ensuring the public can have confidence lotteries are run honestly. Lambert emphasised that CBS will continue to assess all lottery applications on a case-by-case basis to ensure compliance with legal requirements. This enforcement action demonstrates CBS's commitment to preventing unlicensed gambling activities and protecting consumers in South Australia's lottery market. REFERENCES: Consumer and Business Services. "Melbourne business fined over illegal lotteries." Media Release, March 27, 2026. https://www.cbs.sa.gov.au/news/melbourne-business-fined-over-illegal-lotteries
3020808 pc Mar 30, 2026 ggallwey Argentina Ministry of Justice and Human Rights financial services
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Argentina's Financial Intelligence Unit Regulates Information Exchange on Money Laundering and Terrorism Financing

On March 30, 2026, Argentina's Financial Intelligence Unit (Unidad de Información Financiera, UIF) issued Resolution 35/2026, establishing protocols for information exchange on anti-money laundering, counter-terrorism financing, and proliferation financing (PLA/FT/FP) among domestic regulatory authorities and with foreign counterparts. The resolution applies to four specific regulatory bodies: the Central Bank of Argentina (Banco Central de la República Argentina), the National Securities Commission (Comisión Nacional de Valores), the National Insurance Superintendency (Superintendencia de Seguros de la Nación), and the National Institute of Associativism and Social Economy (Instituto Nacional de Asociativismo y Economía Social). These organisations, designated as specific control bodies, are required to exchange information directly with each other and with similar foreign regulatory organisations to identify suspicious operations related to money laundering, terrorism financing, and weapons proliferation financing. The resolution establishes that information requests between control bodies must specify the request's purpose, detail the information sought with precision, and indicate urgency levels. All exchanges must occur through secure electronic document management systems. Critically, all exchanged information remains subject to confidentiality requirements under Law 25.246 and Law 27.260, with strict prohibitions on disclosure to third parties without prior written authorisation from the originating organisation. The UIF retains authority to request updated information on exchanges conducted between control bodies and foreign counterparts, and may request statistical information aligned with national and regional interests. The resolution repeals UIF Resolution 233/2025 and entered into force upon publication in the Official Gazette on March 31, 2026.

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Argentina's Financial Intelligence Unit Regulates Information Exchange on Money Laundering and Terrorism Financing

On March 30, 2026, the Financial Information Unit (UIF) issued Resolution No. 35/2026 establishing a regulatory framework governing the exchange of information between domestic supervisory authorities and their foreign counterparts for the prevention of money laundering, financing of terrorism, and financing of the proliferation of weapons of mass destruction (AML/CFT/FP). The resolution does not introduce new obligations for regulated entities but enhances coordination and information-sharing between supervisory authorities. The resolution applies to the Central Bank of the Argentine Republic, National Securities Commission, Superintendence of Insurance of the Nation, and the National Institute of Associations and Social Economy, acting as “Specific Control Bodies” under the AML/CFT framework. The framework also applies to exchanges with foreign counterpart bodies performing similar functions and establishes requirements relating to the secure transmission, content, use, and confidentiality of such exchanges. Under the new regime: Information exchanges between supervisory authorities, including with foreign counterpart bodies, must be conducted directly through secure electronic systems ensuring confidentiality; Requests for information between authorities must specify the purpose, scope, and urgency of the request; Exchanged information may only be used for the purposes for which it was provided and cannot be shared with third parties without prior authorization; Supervisory authorities must ensure compliance with statutory confidentiality obligations under Law No. 25,246 and Law No. 27,260; The UIF may request information on exchanges conducted between authorities, including for statistical purposes. The resolution repeals UIF Resolution No. 233/2025 and replaces the previous framework governing AML/CFT information-sharing mechanisms.
3014106 pc Mar 30, 2026 arahman Sweden Swedish Government Office horizon scanning
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Sweden Amends Regulation on Accessibility of Certain Products and Services

On March 28, 2026, Sweden published an amendment to Regulation 2023:676 concerning the accessibility of certain products and services. The amendment, designated as SFS 2026:290 (Swedish Code of Statutes number), modifies the existing accessibility requirements applicable to specified products and services within Swedish jurisdiction. The regulation addresses accessibility standards for products and services, establishing requirements to ensure compliance with accessibility principles. The amendment updates the framework established under the original 2023 regulation, reflecting evolving accessibility standards and implementation practices. The amended regulation is now available in the Swedish Code of Statutes (Svensk författningssamling) and represents the official and authentic version of the legislation as published by the Swedish government. The regulation applies to organisations and entities providing products and services subject to Swedish accessibility requirements. The amendment is effective as of its publication date. Organisations subject to these accessibility requirements should review the updated regulation to ensure compliance with any modified provisions or standards introduced through this amendment. REFERENCES: Swedish Code of Statutes (Svensk författningssamling): Förordning om ändring i förordningen (2023:676) om vissa produkters och tjänsters tillgänglighet, SFS 2026:290

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Regulació a modificação (2023:676) sobre la disponibilidad de certas productos y servicios

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3013073 pc Mar 30, 2026 tojuri Luxembourg Journal officiel du Grand-Duché de Luxembourg - Legilux horizon scanning
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Luxembourg Enacts Automatic Exchange of Crypto-Asset Service Provider Information

On March 27, 2026, Luxembourg enacted the Law on Automatic and Mandatory Exchange of Information Declared by Crypto-Asset Service Providers, transposing European Union Directive 2023/2226 into domestic law. The legislation establishes comprehensive reporting obligations for crypto-asset service providers operating in Luxembourg and creates mechanisms for automatic information exchange with other jurisdictions. The Financial Commission of Supervision (Commission de surveillance du secteur financier) must communicate annually to the Direct Tax Administration the identity of all crypto-asset service providers holding authorisation in Luxembourg, including their legal entity identifiers and commercial registry numbers. Crypto-asset service providers must register with the Direct Tax Administration and provide detailed information including their name, postal address, email addresses, tax identification numbers, and jurisdictions where reportable users reside. Service providers are required to implement due diligence procedures to identify reportable users and maintain records for ten years. They must collect and report comprehensive transaction data including acquisition and disposal amounts, units transferred, fair market values, and payment method details. Reporting deadlines are set for June 30 annually, with initial reporting covering calendar year 2026 onwards. The Direct Tax Administration exchanges reported information with competent authorities in other jurisdictions by September 30 annually. Penalties for non-compliance range from €5,000 for registration failures to €250,000 for breaches of due diligence and reporting obligations. The law also modifies related legislation on administrative fiscal cooperation, common reporting standards, country-by-country reporting, and cross-border arrangements. The law applies from January 1, 2026, with registration requirements effective from that date.

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Luxembourg Publishes Law on the Automatic Exchange of Crypto-Asset Service Provider Information

On March 27, 2026, Luxembourg published the Law of 27 March 2026 relating to the automatic and mandatory exchange of information declared by crypto-asset service providers, transposing Directive (EU) 2023/2226 into domestic law. This legislation sets out detailed reporting obligations for crypto-asset service providers (CASPs) operating in Luxembourg, and establishes processes for the automatic exchange of information with other jurisdictions. It sets out the registration procedures for CASPs, as well as the information that the Commission de surveillance du secteur financier (CSSF) must communicate annually to the Direct Tax Administration. This includes the identity of all CASPs holding authorisation in Luxembourg, along with their legal entity identifiers and commercial registry numbers. CASPs are required to register with the Direct Tax Administration and provide detailed information, including their name, postal address, email addresses, tax identification numbers and the jurisdictions in which their reportable users reside. They are also required to implement due diligence procedures to identify reportable users and maintain records for ten years. They must collect and report comprehensive transaction data, including acquisition and disposal amounts, units transferred, fair market values and payment method details. The reporting deadline is set for June 30 each year, with initial reporting covering the 2026 calendar year onwards. The law also sets out the procedures for the Direct Tax Administration to communicate information, and it will exchange reported information with the competent authorities in other jurisdictions by September 30 each year. Penalties for non-compliance range from €5,000 for registration failures to €250,000 for breaches of due diligence and reporting obligations. The law also amends related legislation on administrative fiscal cooperation, common reporting standards, country-by-country reporting and cross-border arrangements. The law applies from January 1, 2026, with registration requirements taking effect from that date.
3013096 pc Mar 30, 2026 arahman Ukraine News - Communication and Information Protection financial services
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Latvia and Ukraine Sign Letter of Intent on Regional Cybersecurity Center Establishment

On March 27, 2026, Latvia's Minister of Defense Andris Sprūds and Oleksandr Potii, Head of Ukraine's State Service of Special Communications and Information Protection, signed a letter of intent on cooperation to establish a regional cybersecurity center in Ukraine. The cooperation project aims to strengthen Ukraine's cyber defense capabilities by promoting decentralization of its cybersecurity infrastructure and establishing a Regional Cybersecurity Center with a Security Operations Center (SOC) component in one of Ukraine's regions. Latvia will provide financial and technical support for this initiative. The project recognises that both nations face identical cyber threats from Russian-backed threat actors, creating mutual benefit: Ukraine gains Latvian expertise in securing information and communication technology infrastructure and international threat hunting operations, while Latvia benefits from Ukraine's practical experience in identifying and preventing Russian-sponsored cyber attacks. This letter of intent builds on existing bilateral cooperation. In August 2024, the two countries signed a memorandum of understanding establishing a legal framework for mutual cyber defense cooperation, including information exchange on cyber threats, bilateral incident reporting channels, and collaboration in education, research, development and innovation. Latvia's National Cybersecurity Center (NCSC) has already engaged with Ukrainian counterparts through the Kyiv International Cyber Resilience Forum, where Latvian representatives shared infrastructure security expertise and conducted practical threat hunting training for Ukrainian technical experts. Latvia's Ministry of Defense has provided financial support for the Forum for two consecutive years, demonstrating sustained commitment to strengthening Ukraine's cyber resilience and broader defense capabilities.

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Latvia and Ukraine Sign Letter of Intent on Regional Cybersecurity Center Establishment

On March 27, 2026, Latvia's Minister of Defense Andris Sprūds and Oleksandr Potii, Head of Ukraine's State Service of Special Communications and Information Protection, signed a letter of intent on cooperation to establish a regional cybersecurity center in Ukraine. The cooperation project aims to strengthen Ukraine's cyber defense capabilities by promoting decentralization of its cybersecurity infrastructure and establishing a Regional Cybersecurity Center with a Security Operations Center (SOC) component in one of Ukraine's regions. Latvia will provide financial and technical support for this initiative. The project recognises that both nations face identical cyber threats from Russian-backed threat actors, creating mutual benefit: Ukraine gains Latvian expertise in securing information and communication technology infrastructure and international threat hunting operations, while Latvia benefits from Ukraine's practical experience in identifying and preventing Russian-sponsored cyber attacks. This letter of intent builds on existing bilateral cooperation. In August 2024, the two countries signed a memorandum of understanding establishing a legal framework for mutual cyber defense cooperation, including information exchange on cyber threats, bilateral incident reporting channels, and collaboration in education, research, development and innovation. Latvia's National Cybersecurity Center (NCSC) has already engaged with Ukrainian counterparts through the Kyiv International Cyber Resilience Forum, where Latvian representatives shared infrastructure security expertise and conducted practical threat hunting training for Ukrainian technical experts. Latvia's Ministry of Defense has provided financial support for the Forum for two consecutive years, demonstrating sustained commitment to strengthening Ukraine's cyber resilience and broader defense capabilities.
3015717 pc Mar 30, 2026 arahman Slovenia Newsfeed - Government of Slovenia horizon scanning
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Slovenia's Financial Administration Announces Payment Service Suspension on Easter Friday

On March 30, 2026, Slovenia's Financial Administration (Finančna uprava Republike Slovenije) announced that payment services will be suspended on Friday, April 3, 2026, due to the closure of the European TARGET2 payment system during the Easter holiday period. Banks and savings banks across the eurozone will not process interbank payments on this date. Consequently, the Administration for Public Payments (Uprava Republike Slovenije za javna plačila, or UJP) will not execute SEPA domestic, cross-border, or foreign payments for budget users on April 3, 2026. However, instant payments will continue to operate uninterrupted throughout the Easter holidays on a 24/7/365 basis. The announcement clarifies important implications for payment deadlines. Obligations falling due on Friday, April 3, 2026, must be settled by April 2, 2026, to be considered paid on time. The deadline does not automatically extend to the following working day. The sole exception applies to instant payments, which will be considered timely if executed on April 3, 2026, itself. Budget users and other entities relying on payment services should plan accordingly to ensure obligations are met before the Easter suspension. Further details regarding payment service operations during the Easter holiday period are available on the UJP website.

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Slovenia's Financial Administration Announces Payment Service Suspension on Easter Friday

On March 30, 2026, Slovenia's Financial Administration (Finančna uprava Republike Slovenije) announced that payment services will be suspended on Friday, April 3, 2026, due to the closure of the European TARGET2 payment system during the Easter holiday period. Banks and savings banks across the eurozone will not process interbank payments on this date. The Administration for Public Payments will not execute SEPA domestic, cross-border or foreign payments for budget users on April 3, 2026. However, instant payments will continue to operate uninterrupted throughout the Easter holidays on a 24/7/365 basis. The announcement clarifies important implications for payment deadlines. Obligations falling due on Friday, April 3, 2026, must be settled by April 2, 2026, to be considered paid on time. The deadline does not automatically extend to the following working day. The sole exception applies to instant payments, which will be considered timely if executed on April 3, 2026, itself. Further details regarding payment service operations during the Easter holiday period are available on the UJP website.
3013356 pc Mar 30, 2026 tojuri France Autorité des Marchés Financiers financial services
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France's Financial Markets Authority Clarifies Doctrine on Asset Management Companies

On 27 March 2026, the Autorité des marchés financiers (AMF) published clarifications to its doctrine applicable to asset management companies (AMCs) to address regulatory developments and professional needs. The AMF made several key adjustments. First, it made mandatory the description of digital operational resilience arrangements in AMCs' programmes of activity, in compliance with the Digital Operational Resilience Act (DORA) Regulation, which became applicable to UCITS AMCs and those fully subject to the Alternative Investment Fund Managers Directive (AIFMD) from 17 January 2025. AMCs have a six-month transitional period from the publication of the amended doctrine to update their programmes of activity on the ROSA extranet. Second, the AMF clarified that financial managers may perform non-regulated activities outside the AMC provided such activities do not jeopardise the continuity of the AMC's resources or create conflicts of interest. This does not affect existing expectations for shared financial portfolio managers performing other regulated activities. Third, the AMF simplified the process for closing authorisation withdrawal proceedings, allowing withdrawals to take effect at the end of a specified period without requiring the company to change its corporate purpose or legal name beforehand. The AMC remains obligated to amend its legal name and corporate purpose following the effective date of withdrawal. Additionally, the AMF clarified requirements for unit-linked arbitrage mandates under life insurance policies, the calculation of own funds, and conditions for AMCs to manage loan mandates as ancillary activities. Asset management companies should review the updated guidance and amend their programmes of activity accordingly within the six-month transitional period. References: AMF Instruction DOC-2008-03: Authorisation procedure for investment management companies AMF Position-Recommendation DOC-2012-19: Programme of operations guide for asset management companies

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France's Financial Markets Authority Clarifies Policies on Asset Management Companies

On March 27, 2026, the French Financial Markets Authority (AMF) published clarifications to its doctrine applicable to asset management companies (AMCs) to address regulatory developments and professional needs. The AMF made several key adjustments to various AMF instructions. Among the amendments: The description of digital operational resilience arrangements in AMCs' programmes of activity has been made mandatory, in compliance with the Digital Operational Resilience Act ( Regulation (EU) 2022/2554 - DORA). AMCs have a six-month transitional period from the publication of the amended doctrine in which to update their programmes of activity on the ROSA extranet. The AMF clarifies that financial managers may perform non-regulated activities outside the AMC, provided that these activities do not endanger the continuity of the AMC's resources or create conflicts of interest. This does not affect existing expectations for shared financial portfolio managers performing other regulated activities. The AMF has simplified the process for closing authorisation withdrawal proceedings, enabling withdrawals to take effect at the end of a specified period without the company needing to change its corporate purpose or legal name beforehand. Following the effective date of withdrawal, the AMC remains obligated to amend its legal name and corporate purpose. Asset management companies should review the updated guidance and amend their programmes of activity accordingly.
3014599 pc Mar 30, 2026 rghosh South Korea Financial Supervisory Services (FSS) - Press releases financial services
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South Korea's Financial Supervisory Service Announces 2026 Accounting Audit and Inspection Operations Plan

On March 29, 2026, the Financial Supervisory Service (FSS) of South Korea announced its 2026 accounting audit and inspection operations plan, designed to advance capital market modernisation through enhanced reliability of accounting information. The FSS has established three core strategic directions for 2026. First, it will adopt a zero-tolerance approach to accounting fraud to support capital market advancement, including accelerated removal of poorly performing companies through intensive monitoring and rigorous inspections of high-risk entities, development of a medium to long-term roadmap to shorten audit and inspection cycles, and enhanced coordination between penalty authority adjustments and responses to unfair trading and accounting violations. Second, the FSS will advance audit supervision processes to enhance credibility, including strengthened defence rights and concrete criteria for assessing violation motives, improved internal accounting management system inspections and rapid thematic accounting issue reviews, and expanded use of new inspection systems with open application programming interface (API) access to inspection findings. Third, the FSS will strengthen auditor inspections and supervision to improve audit quality, including risk-based auditor selection and strict penalties for deficient audits, mandatory installation of management oversight mechanisms and expanded disclosure requirements, and public disclosure of quality management evaluation results to encourage capability enhancement. The FSS plans to conduct financial statement audits and inspections on 170 listed companies and perform auditor inspections on 10 accounting firms in accordance with these strategic directions. The detailed implementation plan is available in the attached documentation.

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South Korea's Financial Supervisory Service Announces 2026 Accounting Audit and Inspection Operations Plan

On March 29, 2026, the Financial Supervisory Service (FSS) of South Korea announced its 2026 accounting audit and inspection operations plan, designed to advance capital market modernisation through enhanced reliability of accounting information. The FSS has established three core strategic directions for 2026: It will adopt a zero-tolerance approach to accounting fraud to support capital market advancement, including accelerated removal of poorly performing companies through intensive monitoring and rigorous inspections of high-risk entities, development of a medium to long-term roadmap to shorten audit and inspection cycles, and enhanced coordination between penalty authority adjustments and responses to unfair trading and accounting violations. The FSS will advance audit supervision processes to enhance credibility, including strengthened defence rights and concrete criteria for assessing violation motives, improved internal accounting management system inspections and rapid thematic accounting issue reviews, and expanded use of new inspection systems with open application programming interface (API) access to inspection findings. The FSS will strengthen auditor inspections and supervision to improve audit quality, including risk-based auditor selection and strict penalties for deficient audits, mandatory installation of management oversight mechanisms and expanded disclosure requirements, and public disclosure of quality management evaluation results to encourage capability enhancement. The FSS plans to conduct financial statement audits and inspections on 170 listed companies and perform auditor inspections on 10 accounting firms in accordance with these strategic directions. The detailed implementation plan is available in the attached documentation.
3017915 pc Mar 30, 2026 arahman Sweden Central Bank (Riksbank) horizon scanning
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Sweden's Riksbank Monitors Banks' Adaptation to Reduced Liquidity Surplus

On March 30, 2026, Sweden's central bank, Riksbanken, announced it is conducting follow-up meetings with banks to monitor their adaptation to an environment with reduced liquidity surplus in the Swedish banking system. The liquidity in the Swedish banking system is declining as Riksbanken's holdings of Swedish securities continue to decrease. Riksbanken operates a narrow interest rate corridor system designed to function with varying amounts of central bank liquidity. As the liquidity surplus diminishes, banks face increased requirements to borrow and lend to each other on the overnight lending market and, when necessary, to utilise Riksbanken's lending facilities. To facilitate this transition, Riksbanken has implemented several measures: increased transparency regarding banks' resale of Riksbank certificates, improved information on liquidity surplus developments, reduced interest rates on the supplementary liquidity facility, and removed restrictions on the proportion of secured bonds that can be used as collateral for loans from Riksbanken. Riksbanken has determined that limiting the issuance volume of Riksbank certificates would not facilitate banks' adaptation to lower liquidity levels. The central bank's weekly issuance of Riksbank certificates plays a central role in stabilising short-term market rates near the policy rate. Restricting issuance would leave more reserves in the banking system but would reduce banks' incentives to distribute reserves among themselves on the overnight market. Banks retain discretion over how much of their surplus liquidity to place in Riksbank certificates. If a bank requires more reserves than the overnight market can provide at reasonable terms, it can borrow from Riksbanken's lending facilities or resell Riksbank certificates to Riksbanken.

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Sweden's Riksbank Follows Up on Banks' Adaptation to Reduced Liquidity Surplus

On March 30, 2026, Sweden's central bank, Riksbank, announced it is conducting follow-up meetings with banks to monitor their adaptation to an environment with reduced liquidity surplus in the Swedish banking system. The liquidity in the Swedish banking system is declining as Riksbank's holdings of Swedish securities continue to decrease. The Riksbank's control system operates a narrow interest rate corridor system designed to function with varying amounts of central bank liquidity. As the liquidity surplus decreases, banks face increased requirements to borrow and lend to each other on the overnight lending market and, when necessary, to utilise Riksbank's lending facilities. To facilitate this transition, the Riksbank has implemented several measures: Increased transparency regarding banks' resale of Riksbank certificates. Improved information on liquidity surplus developments. Reduced interest rates on the supplementary liquidity facility. Removed restrictions on the proportion of secured bonds that can be used as collateral for loans from the Riksbank. The Riksbank has determined that limiting the issuance volume of Riksbank certificates would not facilitate banks' adaptation to lower liquidity levels. The central bank's weekly issuance of Riksbank certificates plays a central role in stabilising short-term market rates near the policy rate. Restricting issuance would leave more reserves in the banking system but would reduce banks' incentives to distribute reserves among themselves on the overnight market. Banks retain discretion over how much of their surplus liquidity to place in Riksbank certificates. If a bank requires more reserves than the overnight market can provide at reasonable terms, it can borrow from Riksbank's lending facilities or resell Riksbank certificates to Riksbank.
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