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3003090 pc Mar 25, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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Financial Stability Oversight Council Issues Proposed Guidance on Nonbank Financial Company Designations

On March 25, 2026, the Financial Stability Oversight Council (FSOC) voted unanimously to issue proposed interpretative guidance on nonbank financial company designations for public comment. The guidance reintroduces elements from the Council's 2019 interpretive guidance while incorporating enhancements reflecting the Council's current understanding of financial stability risks. The proposed guidance establishes four key priorities. First, it incorporates economic growth and economic security into the Council's analysis of risks to financial stability, recognising that economic growth provides the foundation for financial stability and that economic security supports economic growth. Second, it prioritises an activities-based approach to identifying, assessing, and addressing potential risks to U.S. financial stability, with entity-specific designations pursued only when risks cannot be adequately addressed through activities-based measures. Third, it enhances analytical rigor by requiring the Council to perform a cost-benefit analysis before designating any nonbank financial company, making a designation only if expected benefits justify expected costs. The Council will also assess the likelihood of material financial distress as part of this analysis. Fourth, the guidance provides a pre-designation "off-ramp" and promotes greater transparency by identifying steps nonbank financial companies or financial regulators could take to address potential threats to financial stability, allowing time for material risks to be mitigated before formal designation. The proposed guidance is available for a 45-day public comment period following its publication in the Federal Register. Comments can be submitted during this period, with the full text of the proposed guidance accessible through the U.S. Department of the Treasury website. **References:** U.S. Department of the Treasury. (2026, March 25). Financial Stability Oversight Council Issues Proposed Guidance on Nonbank Financial Company Designations. Retrieved from https://home.treasury.gov/news/press-releases/jy2570

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US Financial Stability Oversight Council Proposes Guidance on Nonbank Financial Company Designations

On March 25, 2026, the US Financial Stability Oversight Council (FSOC) issued proposed guidance on nonbank financial company designations. The proposed guidance would reinstitute various elements first introduced under 2019 FSOC guidance, as well as adding enhancements that reflect FSOC’s current understanding of financial stability. Specific provisions of the proposed guidance include, but are not limited to: Incorporating economic growth and economic security into FSOC analysis of financial stability risks. Prioritizing the identification and assessment of risks through an activities-based approach. Enhancing analytical rigor by committing to performing a cost-benefit analysis before a designation decision. Providing a pre-designation “off-ramp” and promoting greater transparency. Interested parties may submit comments until May 9, 2026 at this link .
3009451 gc Mar 25, 2026 apintea Ukraine PlayCity Ukraine - Decisions gamblingcompliance
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Ukraine's PlayCity Agency Revokes State Lottery Operator License from PATRIOT

On March 25, 2026, Ukraine's State Agency for Gambling and Lottery Control (PlayCity Agency) issued Decision No. 84-Р revoking the status of state lottery operator from PATRIOT (a private joint-stock company) by terminating its license to conduct business activities related to the issuance and operation of lotteries. The decision represents a formal administrative action by the PlayCity Agency to strip PATRIOT of its operational authority in the state lottery sector. This action effectively ends PATRIOT's legal capacity to issue, conduct, or manage state lottery activities in Ukraine. The revocation of the license constitutes the primary mechanism through which the agency removed the company's operator status. The decision was published on March 25, 2026, and is available in PDF format on the PlayCity Agency's official website. Interested parties may access the full text of Decision No. 84-Р through the agency's regulatory documents section. REFERENCES: State Agency for Gambling and Lottery Control (PlayCity Agency), Decision No. 84-Р of March 25, 2026, "On Revoking the Status of State Lottery Operator from PATRIOT by Terminating the License for Business Activities Related to the Issuance and Conduct of Lotteries"

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Ukrainian gambling regulator terminates licence of lottery operator Patriot

On March 25, 2026, the State Agency of Ukraine PlayCity announced the termination of the lottery licence issued in favor of Patriot following the tender organised at the end of 2025. Pursuant to the enforcement decision, the lottery operator failed to comply with Article 6(1)(4-5) of the Lottery Law , stipulating that the legal entity cannot be a person directly or indirectly controlled by residents of a state carrying out armed aggression against Ukraine or have as ultimate beneficial owners, residents of the state carrying out armed aggression against Ukraine. The decision may be challenged within 30 calendar days to the Expert Appellate Council on Licensing and or within 6 months to the competent administrative court.
3004405 pc Mar 25, 2026 reprocess Russia Bank of Russia financial services
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Russia's Central Bank Issues Guidance on Customer Communication Regarding Account Restrictions

On March 25, 2026, the Bank of Russia (Банк России) issued recommendations to credit institutions regarding customer communication practices when account restrictions are imposed. The Bank of Russia directed credit organisations to proactively contact customers immediately upon suspension of operations and remote services under cybersecurity and anti-money laundering legislation, rather than waiting for customers to initiate contact. Banks must clearly communicate the legal basis for any restrictions imposed. Importantly, customers must retain the ability to contact their bank through remote channels even after online banking access has been suspended. The regulator recommends that banks provide step-by-step explanations to customers regarding the process for resolving the situation and removing restrictions. Where a bank refuses to lift restrictions, it should explain how customers may appeal such decisions. If a customer's information has been included in the Bank of Russia's database of fraudulent transactions, the bank must inform the customer of their right to submit a request for removal from the database and provide a link to the relevant section of the Bank of Russia's online portal for submitting such requests. These recommendations aim to enhance transparency and customer protection by ensuring that individuals subject to account restrictions understand the reasons for such measures and the available remedies. **Reference:** Bank of Russia official announcement, March 25, 2026. Available at: www.cbr.ru

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Central Bank of Russia Issues Recommendations to Banks on Account Restrictions

On March 24, 2026, the Central Bank of Russia (CBR) issued the Information Letter on the Application of a Proactive Approach to Providing Information on Restrictions on Transactions and Remote Methods of Account Management, applicable to banks (referred to as credit institutions). When imposing restrictions or refusing to carry out transactions, credit institutions shall take the initiative to: Inform customers (via remote banking channels, using SMS and similar means) of the fact that restrictions have been imposed and transactions have been refused. It shall specify the nature of the restrictions applied and the legal grounds for their application. Inform customers that they may submit an application for the exclusion of information relating to the customer or their electronic payment instrument from the CBR database. It is also recommended that the credit institution provide the customer with a link to the CBR website for information on the procedure of exclusion. Inform the customer of their right to submit documents and information to a credit institution regarding the absence of grounds for the decision to refuse to execute the transaction. Ensure access to communication with the credit institution using the remote banking service system. Issue a negative decision in response to a customer's complaint submitted to the credit institution, challenging the restrictions imposed by the credit institution or its refusal to carry out a transaction. It is recommended that the credit institution explain the procedure for appealing the decision, including the customer's right to appeal.
3002308 pc Mar 25, 2026 arahman Finland Financial Supervisory Authority horizon scanning
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Finland's Financial Supervisory Authority Imposes €70,000 Penalty on Familiam Asset Management for Reporting Failures

On March 25, 2026, the Financial Supervisory Authority (FCA) of Finland imposed a combined administrative penalty of €70,000 on Familiam Asset Management Oy for failures in trade reporting and regular supervisory reporting obligations. Familiam Asset Management Oy failed to report 2,867 transactions to the FCA within the required timeframe between September 8, 2021, and August 31, 2023—a period spanning nearly two years. Additionally, the company failed to submit quarterly supervisory data in accordance with the FINREP and IF reporting frameworks for three reference dates in 2024. The delays in submitting supervisory data ranged from approximately four days to two weeks. Trade reporting is essential to the FCA's market abuse supervision and maintaining public confidence in securities markets. Timely submission of regular supervisory data is critical to the FCA's statutory supervisory functions. The FCA determined the penalty amount through a comprehensive assessment considering the nature, scope, and duration of the breaches. The company's cooperation with the FCA in clarifying the matter was treated as a mitigating factor in reducing the penalty amount. The FCA's decision is not final. Familiam Asset Management Oy has the right to appeal the decision to the Helsinki Administrative Court within 30 days of receiving notification of the decision. Information regarding the enforceability of the decision is available on the FCA's online services portal. **Reference:** Financial Supervisory Authority (FCA) press release, March 25, 2026

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Finland's Financial Supervisory Authority Imposes €70,000 Penalty on Familiam Asset Management for Reporting Failures

On March 25, 2026, the Financial Supervisory Authority (FCA) of Finland imposed a combined administrative penalty of €70,000 on Familiam Asset Management Oy for failures in trade reporting and regular supervisory reporting obligations. Familiam Asset Management Oy  was found to have failed to report 2,867 transactions to the FCA within the required timeframe between September 8, 2021 and August 31, 2023. Additionally, the company failed to submit quarterly supervisory data in accordance with the FINREP and IF data collection frameworks for three reference dates in 2024. The delays in submitting supervisory data ranged from approximately four days to two weeks. The FCA determined the penalty amount through a comprehensive assessment considering the nature, scope and duration of the breaches. The company's cooperation with the FCA in clarifying the matter was treated as a mitigating factor in reducing the penalty amount. Familiam Asset Management Oy has the right to appeal the decision to the Helsinki Administrative Court within 30 days of receiving notification of the decision.
2999084 pc Mar 25, 2026 adavies Cyprus Overview - CySec horizon scanning
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European Union Updates Sanctions Guidance on Payment Services and Crypto-Asset Restrictions for Russian Nationals and Entities

On 13 March 2026, the European Commission published frequently asked questions clarifying the application of Article 5b(2) of Council Regulation (EU) No 833/2014, as amended by Regulation (EU) 2025/2033 (the 19th sanctions package). Article 5b(2) prohibits the provision of specific payment services, e-money services, and crypto-asset services to Russian nationals, natural persons residing in Russia, and legal persons, entities or bodies established in Russia. The prohibited services include: issuing payment instruments; acquiring payment transactions; providing payment initiation services; and issuing electronic money. The prohibitions do not apply to nationals of European Union member states, European Economic Area countries, Switzerland, or natural persons with temporary or permanent residence permits in these jurisdictions. The guidance clarifies that the prohibitions apply to both new and existing customers. Payment service providers (PSPs) are not required to close existing accounts or terminate contracts, but must immediately discontinue prohibited services for customers falling within scope. The measure does not prohibit the continued use of existing payment instruments such as debit or credit cards, nor does it restrict direct bank transfers, cash withdrawals, or access to online or mobile banking services. However, issuing new payment instruments—including renewal or replacement of existing instruments—to Russian nationals or residents is prohibited, including additional cards and commercial cards personalised for such individuals. Primary responsibility for sanctions compliance regarding account-servicing lies with account-servicing payment service providers (ASPSPs). Payment initiation service providers (PISPs) are not required to conduct full screening of individual payment transactions. All PSPs must take reasonable steps to identify and mitigate circumvention risks, including indirect provision through intermediaries or contractual arrangements designed to circumvent sanctions.

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European Union Updates Sanctions Guidance on Payment Services and Crypto-Asset Restrictions for Russian Nationals and Entities

On 13 March 2026, the European Commission published frequently asked questions clarifying the application of Article 5b(2) of Council Regulation (EU) No 833/2014, as amended by Regulation (EU) 2025/2033 (the 19th sanctions package). Article 5b(2) prohibits the provision of specific payment services, e-money services, and crypto-asset services to Russian nationals, natural persons residing in Russia, and legal persons, entities or bodies established in Russia. The prohibited services include: issuing payment instruments; acquiring payment transactions; providing payment initiation services; and issuing electronic money. The prohibitions do not apply to nationals of European Union member states, European Economic Area countries, Switzerland, or natural persons with temporary or permanent residence permits in these jurisdictions. The guidance clarifies that the prohibitions apply to both new and existing customers. Payment service providers (PSPs) are not required to close existing accounts or terminate contracts, but must immediately discontinue prohibited services for customers falling within scope. The measure does not prohibit the continued use of existing payment instruments such as debit or credit cards, nor does it restrict direct bank transfers, cash withdrawals, or access to online or mobile banking services. However, issuing new payment instruments—including renewal or replacement of existing instruments—to Russian nationals or residents is prohibited, including additional cards and commercial cards personalised for such individuals. Primary responsibility for sanctions compliance regarding account-servicing lies with account-servicing payment service providers (ASPSPs). Payment initiation service providers (PISPs) are not required to conduct full screening of individual payment transactions. All PSPs must take reasonable steps to identify and mitigate circumvention risks, including indirect provision through intermediaries or contractual arrangements designed to circumvent sanctions.
3150903 pc Mar 24, 2026 ataylor Ohio OH Department of Commerce - Enforcement financial services
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Ohio Department of Commerce Revokes Mortgage Lender Registration for JMJ Mortgage, LLC

On March 24, 2026, the Ohio Department of Commerce, Division of Financial Institutions, revoked the Ohio Residential Mortgage Lending Act (ORMLA) registration of JMJ Mortgage, LLC, a Cincinnati-based mortgage lender holding registration number RM.805291.000 and Nationwide Multistate Licensing System (NMLS) ID 2604206. The Division initiated enforcement action after determining that JMJ violated multiple statutory requirements under ORMLA. The company failed to designate a qualified operations manager following the disqualification of its original manager, John Christopher Janis, whose Ohio mortgage loan originator license expired on December 31, 2024, without renewal. JMJ made no effort to appoint a replacement qualified individual, rendering the company non-compliant as of January 11, 2025. Additionally, JMJ failed to file mandatory quarterly Mortgage Call Reports with the NMLS, specifically the fourth quarter 2024 report due February 14, 2025. The Division also found that JMJ failed to cooperate with the agency's investigation, constituting obstructive conduct. A formal administrative hearing was conducted on November 21, 2025, following the Division's issuance of a Notice of Intent to Suspend or Revoke Registration on June 13, 2025. The Division perfected service through multiple methods, including certified mail, FedEx, and publication in the Cincinnati Court Index, after initial delivery attempts failed. JMJ did not request a hearing or file objections to the Hearing Examiner's Report and Recommendation issued December 1, 2025. Pursuant to Ohio Revised Code Section 1322.50(A)(1)(a), JMJ may appeal this Division Order within 15 days by filing a Notice of Appeal with both the Division and the appropriate Court of Common Pleas.

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Ohio Division of Financial Institutions Revokes License of JMJ Mortgage for Regulatory Reporting Failures

On March 24, 2026, the Ohio Division of Financial Institutions (Division) issued a final order revoking the residential mortgage lending registration of JMJ Mortgage, LLC (JMJ), an Ohio‑licensed mortgage lender. The revocation followed an administrative hearing that found the company violated multiple provisions of the Ohio Residential Mortgage Lending Act (ORMLA), including failure to maintain a qualifying individual and failure to file required Mortgage Call Reports. Key findings of the Division include: Failure to maintain a qualifying individual: JMJ’s designated operations manager, failed to renew his mortgage loan originator license, resulting in a “terminated – expired” status as of December 31, 2024. The company did not appoint a replacement qualifying agent within the allowed period, leaving JMJ without a legally required operations manager. Failure to file Mortgage Call Reports: JMJ failed to file the required fourth quarter 2024 Mortgage Call Report by the deadline (45 days after February 14, 2025). The company made only one of the required quarterly filings for 2024. Failure to cooperate with the Division: Despite multiple service attempts via certified mail, FedEx, email, and publication, JMJ did not respond to the Division’s notices or take any corrective action. The company’s failure to communicate or rectify its deficiencies was deemed obstructive conduct. The Division revoked JMJ’s ORMLA registration. No fine was imposed.
2998284 gc Mar 24, 2026 prandeo Netherlands News - Dutch Gambling Authority gamblingcompliance
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Netherlands Gambling Authority Addresses Online Gaming Operator Over Sports Sponsorship Advertising Violation

On an unspecified date, the Kansspelautoriteit (KSA), the Netherlands gambling regulator, addressed JOI Gaming Limited, operating in the Netherlands as JACKS.NL, for breaching the prohibition on undirected advertising for online gambling. The KSA identified that the Professional Darts Corporation (PDC) website displayed the logo of Jack's Casino's physical locations with a hyperlink directing to JACKS.NL, which offers online gambling services. While advertising for land-based gambling is permitted under certain conditions, the hyperlink created undirected advertising for online gambling services, constituting a violation. Since July 1, 2025, online gambling operators have been prohibited from sports sponsorship activities. This prohibition forms part of the broader ban on undirected advertising for remote gambling services. The regulatory framework aims to protect vulnerable groups, including young adults and individuals exhibiting risky gambling behaviour, from exposure to gambling advertising. The KSA received a report regarding the PDC website displaying Jack's Casino's logo with a link to JACKS.NL. While displaying the logo itself does not constitute a violation, the hyperlink to the website offering online gambling services does, as it constitutes advertising for online gambling on a public platform. Following the KSA's intervention, JACKS.NL immediately removed the hyperlink to its online gambling offering. The KSA emphasised that licence holders are responsible for compliance with gambling advertising legislation and regulations. The regulator continues to monitor operator compliance and implements appropriate interventions to ensure a fair and safe gambling market.

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Dutch gambling authority notifies JACKS.NL over sports sponsorship advertising breach

On March 24, 2026, the Netherlands Gambling Authority (KSA) notified JOI Gaming Limited, operating under the JACKS.NL brand, of a breach relating to the Dutch untargeted advertising ban. The issue arose after the Jack’s Casino logo appeared on the website of the Professional Darts Corporation, accompanied by a link redirecting users to the JACKS.NL website, where online gambling is offered. While the display of the land-based casino logo itself is permitted, the inclusion of a direct link to an online gambling platform constituted prohibited untargeted advertising. Since July 1, 2025, a ban on sports sponsorship by online gambling providers has been in effect as part of broader restrictions on untargeted advertising, aimed at protecting vulnerable groups such as young adults and individuals with risky gambling behaviour. Following contact from the KSA, the link to the online gambling website was immediately removed. The regulator emphasised that licence holders remain responsible for ensuring compliance with advertising rules, including where third-party platforms or sponsorship arrangements are involved.
2995948 gc Mar 24, 2026 apintea Latvia Official gazette-regulations gamblingcompliance
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Latvia's Cabinet of Ministers Amends Casino Visitor Registration Procedures

On March 17, 2026, Latvia's Cabinet of Ministers adopted amendments to regulations governing casino visitor registration and data processing procedures. The amendments, published in the official gazette Latvijas Vēstnesis on March 24, 2026, modify the Cabinet of Ministers' September 19, 2006 regulations No. 771 on casino visitor registration. The amendments introduce several operational changes to how casino visitor information is collected, processed, and shared with state authorities. Key modifications include clarifying that casino visitors are registered using information systems in compliance with personal data protection requirements. The regulations redefine the information compilation and submission process, requiring casino owners to compile visitor registration data monthly and submit it to the State Revenue Service (Valsts ieņēmumu dienests) on the first working day of each month. The amendments specify the data categories to be reported for each casino visitor, including date and time of entry, visitor name, surname, and personal identification code, casino name and address, and casino owner details. The regulations establish that the State Revenue Service maintains a centralised casino visitor registry as a state information system and is responsible for data integrity, preventing unauthorised access, loss, or destruction. The State Revenue Service is authorised to share casino visit information with law enforcement and other institutions as prescribed by legislation. The amended regulations become effective on April 1, 2026. The changes are issued under authority of Article 39, Section 6 of the Gambling and Lotteries Act (Azartspēļu un izložu likums).

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Amendments concerning registration of casino visitors published in the Latvian official gazette

On March 24, 2026, amendments to the Regulation concerning the procedure for registration of casino visitors were published in the Latvian official gazette. The amendments detail the procedure for collecting and transferring information to the State Revenue Service, the authority who will replace the Lotteries and Gambling Supervisory Inspectorate as of April 1, 2026. The amending regulation enters into force on April 1, 2026.
2995947 gc Mar 24, 2026 apintea Latvia Official gazette-regulations gamblingcompliance
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Latvia's Cabinet of Ministers Amends Gaming Machine and Equipment Registration Procedures

On March 17, 2026, Latvia's Cabinet of Ministers adopted Regulation No. 137, amending Regulation No. 252 from April 10, 2007, concerning the registration procedures for gaming machines, equipment, and gaming machine software programmes. The amendments transfer responsibility for gaming machine and equipment registration from the Lottery and Gambling Supervision Inspectorate to the State Revenue Service (Valsts ieņēmumu dienests). Key changes include establishing two separate public registers maintained by the State Revenue Service: one for gaming machines and equipment, and another for gaming machine software programmes. The regulations clarify documentation requirements for gaming operators seeking to register machines and equipment, including submission of applications containing specified information such as machine type, model name, serial number, manufacturer details, and manufacturing year, alongside compliance certificates. The amendments establish procedural timelines aligned with Latvia's Administrative Procedure Law for the State Revenue Service to make registration decisions. The regulations specify grounds for registration refusal, including incomplete documentation or non-compliance with requirements under the Gambling and Lottery Law and regulations on electromagnetic compatibility and electrical equipment safety. New provisions address changes during equipment operation, including notification requirements when installation addresses change, and procedures for transferring, selling, or exporting registered machines. Transitional provisions allow identification numbers issued by the Lottery and Gambling Supervision Inspectorate until March 31, 2026, to remain valid during continued operation in Latvia. Pending applications submitted to the Inspectorate before March 31, 2026, will be processed by the State Revenue Service according to the new timelines. The regulation enters into force on April 1, 2026.

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Amendments concerning registration of gambling equipment published in the Latvian official gazette

On March 24, 2026, amendments to the Regulation concerning the procedure for registration of gambling slot machines, equipment and game programme of the gambling slot machine were published in the Latvian official gazette. The amendments transfer responsibility for gaming machine and equipment registration from the Lotteries and Gambling Supervisory Inspectorate to the State Revenue Service. Applications for the registration of a gaming machine or device, submitted to the Lotteries and Gambling Supervisory Inspection by March 31, 2026 and in respect of which the authority has not yet taken a decision, are to be reviewed by the State Revenue Service within the deadlines specified in the amended regulations. The amending regulation becomes effective on April 1, 2026.
2995947 gc Mar 24, 2026 apintea Latvia Official gazette-regulations gamblingcompliance
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Latvia's Cabinet of Ministers Amends Gaming Machine and Equipment Registration Procedures

On March 17, 2026, Latvia's Cabinet of Ministers adopted Regulation No. 137, amending Regulation No. 252 from April 10, 2007, concerning the registration procedures for gaming machines, equipment, and gaming machine software programmes. The amendments transfer responsibility for gaming machine and equipment registration from the Lottery and Gambling Supervision Inspectorate to the State Revenue Service (Valsts ieņēmumu dienests). Key changes include establishing two separate public registers maintained by the State Revenue Service: one for gaming machines and equipment, and another for gaming machine software programmes. The regulations clarify documentation requirements for gaming operators seeking to register machines and equipment, including submission of applications containing specified information such as machine type, model name, serial number, manufacturer details, and manufacturing year, alongside compliance certificates. The amendments establish procedural timelines aligned with Latvia's Administrative Procedure Law for the State Revenue Service to make registration decisions. The regulations specify grounds for registration refusal, including incomplete documentation or non-compliance with requirements under the Gambling and Lottery Law and regulations on electromagnetic compatibility and electrical equipment safety. New provisions address changes during equipment operation, including notification requirements when installation addresses change, and procedures for transferring, selling, or exporting registered machines. Transitional provisions allow identification numbers issued by the Lottery and Gambling Supervision Inspectorate until March 31, 2026, to remain valid during continued operation in Latvia. Pending applications submitted to the Inspectorate before March 31, 2026, will be processed by the State Revenue Service according to the new timelines. The regulation enters into force on April 1, 2026.

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Latvia's Cabinet of Ministers Amends Gaming Machine and Equipment Registration Procedures

On March 17, 2026, Latvia's Cabinet of Ministers adopted Regulation No. 137, amending Regulation No. 252 from April 10, 2007, concerning the registration procedures for gaming machines, equipment, and gaming machine software programmes. The amendments transfer responsibility for gaming machine and equipment registration from the Lottery and Gambling Supervision Inspectorate to the State Revenue Service (Valsts ieņēmumu dienests). Key changes include establishing two separate public registers maintained by the State Revenue Service: one for gaming machines and equipment, and another for gaming machine software programmes. The regulations clarify documentation requirements for gaming operators seeking to register machines and equipment, including submission of applications containing specified information such as machine type, model name, serial number, manufacturer details, and manufacturing year, alongside compliance certificates. The amendments establish procedural timelines aligned with Latvia's Administrative Procedure Law for the State Revenue Service to make registration decisions. The regulations specify grounds for registration refusal, including incomplete documentation or non-compliance with requirements under the Gambling and Lottery Law and regulations on electromagnetic compatibility and electrical equipment safety. New provisions address changes during equipment operation, including notification requirements when installation addresses change, and procedures for transferring, selling, or exporting registered machines. Transitional provisions allow identification numbers issued by the Lottery and Gambling Supervision Inspectorate until March 31, 2026, to remain valid during continued operation in Latvia. Pending applications submitted to the Inspectorate before March 31, 2026, will be processed by the State Revenue Service according to the new timelines. The regulation enters into force on April 1, 2026.
2998018 pc Mar 24, 2026 adavies European Union European Banking Authority financial services
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European Banking Authority Launches Call for Papers for 2026 Policy Research Workshop

On March 24, 2026, the European Banking Authority (EBA) launched a call for papers for its 15th Policy Research Workshop, scheduled to take place in Paris on 18-19 November 2026. The workshop will focus on "Efficient and Proportionate Regulation for a Competitive Financial Sector" and will bring together economists and researchers from supervisory authorities, central banks, and academia to discuss how efficient and proportionate regulatory frameworks can enhance competitiveness, resilience, and integration in the financial sector. The EBA invites submission of policy-oriented, preferably empirical research papers on four key topics: competitiveness and efficiency in the prudential rulebook without undermining resilience; impacts of efficiency and proportionality; competition, innovation, market entry, cross-border growth and new areas under financial supervision; and proportionate integration of environmental, social and governance (ESG) risks in governance, strategy, and remuneration frameworks. The workshop continues the EBA's annual tradition of discussing ongoing developments in banking regulation and financial stability, bridging policy and research to attract participants from across Europe's supervisory and academic communities. The submission deadline for papers is 19 June 2026. Contributors will be notified of acceptance by mid-September 2026. Interested researchers can download the detailed call for papers, which includes further information on the topics, composition of the programme committee, and the submission process, from the EBA website. REFERENCES: European Banking Authority (2026). The EBA launches call for papers for its 2026 Policy Research Workshop. Available at: https://www.eba.europa.eu/

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European Banking Authority Launches Call for Papers for Its 2026 Policy Research Workshop

On March 24, 2026, the European Banking Authority (EBA) launched a call for papers for its 2026 policy research workshop, taking place on November 18-19, 2026. The EBA invites the submission on policy-orientated research papers on the following topics: Competitiveness and efficiency in the prudential rulebook without undermining resilience. The impacts of efficiency and proportionality. Competition, innovation, market entry, cross-border growth and new areas under financial supervision. Proportionate integration of environmental, social and governance (ESG) risks in governance, strategy and remuneration frameworks. Interested contributors are invited to submit their papers by June 19, 2026 via email to research.conferences@eba.europa.eu . Contributors will be notified on their submission by mid-September 2026.
2997912 pc Mar 24, 2026 tojuri Netherlands Official Gazette horizon scanning
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Netherlands Amends Financial Supervision and Insolvency Laws to Strengthen Banking Crisis Framework

On March 11, 2026, the Netherlands adopted legislation amending the Financial Supervision Act (Wet op het financieel toezicht), the Insolvency Act (Faillissementswet), and the Banking Act 1998 (Bankwet 1998) to enhance the crisis management framework for banks and investment firms. The Act on Further Implementation of the Bank Recovery and Resolution Directive (Wet nadere uitvoering BRRD-implementatie) supplements the Netherlands' implementation of the Bank Recovery and Resolution Directive (Directive 2014/59/EU) and the amending directive (Directive (EU) 2019/879). These European directives establish a comprehensive framework for the recovery and resolution of banks and investment firms across the European Union. The amendments strengthen the Dutch regulatory framework by refining crisis management procedures and resolution tools available to authorities. The legislation applies to banks and investment firms operating in the Netherlands, ensuring alignment with European Union standards for financial stability and crisis preparedness. The changes enable Dutch authorities to more effectively manage systemic risks and protect the financial system during periods of institutional stress. The amendments represent a continuation of the Netherlands' regulatory harmonisation with European Union requirements and enhance the operational capacity of Dutch financial authorities to respond to banking crises. The framework provides enhanced tools for the Dutch National Bank (De Nederlandsche Bank) and the Authority for Financial Markets (Autoriteit Financiële Markten) to manage resolution scenarios and protect depositors and creditors. REFERENCES: Wet van 11 maart 2026 tot wijziging van de Wet op het financieel toezicht, de Faillissementswet en de Bankwet 1998 in verband met aanpassingen van het crisisraamwerk voor banken en beleggingsondernemingen ter aanvulling op de implementatie van Richtlijn 2014/59/EU en Richtlijn (EU) 2019/879 betreffende het kader voor herstel en afwikkeling van banken en beleggingsondernemingen (Wet nadere uitvoering BRRD-implementatie)

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Netherlands Publishes Act on Further Implementation of BRRD Implementation

The Dutch Parliament has officially published the Act on further implementation of the BRRD. The law amends the Financial Supervision Act , the Bankruptcy Act , and the Banking Act 1998 to enhance the crisis management framework for banks and investment firms. The Act on Further Implementation of the Bank Recovery and Resolution Directives supplements the Netherlands' implementation of the Bank Recovery and Resolution Directive (BRRD - Directive 2014/59/EU ) and the amending directive ( Directive (EU) 2019/879 ). These European directives establish a comprehensive framework for the recovery and resolution of banks and investment firms across the European Union. The amendments strengthen the Dutch regulatory framework by refining crisis management procedures and resolution tools available to authorities. The legislation applies to banks and investment firms operating in the Netherlands, ensuring alignment with European Union standards for financial stability and crisis preparedness. The changes enable Dutch authorities to more effectively manage systemic risks and protect the financial system during periods of institutional stress. The Act will enter into force on March 25, 2026, on the date following its publication in the official gazette as set by Royal Decree
2996779 gc Mar 24, 2026 tsimcock Australia Victorian Gambling and Casino Control Commission - press gamblingcompliance
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Victorian Gambling and Casino Control Commission Fines Lara Venue for Trading Hours Breach

On Tuesday, March 24, 2026, the Victorian Gambling and Casino Control Commission (VGCCC) issued a AUD$15,000 fine to Lara Sporting Club for operating poker machines outside permitted trading hours. Gaming activity was detected at the venue on May 18, 2025, outside liquor licence hours, with multiple poker machines in use and turnover exceeding AUD$10,000. Under the Gambling Regulation Act (2003), venues must operate gaming rooms within specific hours, including adherence to a mandatory shutdown period between 4:00 am and 10:00 am daily. Permitted gaming hours must align with liquor trading hours defined in each venue's liquor licence. Lara Sporting Club's permitted hours are Monday to Saturday any time, and on Sundays between midnight and 1:00 am, and between 10:00 am and 11:30 pm, excluding ANZAC Day. This represents the second trading hours breach by the venue. The VGCCC previously fined Lara Sporting Club AUD$10,000 in 2025 for breaches on Good Friday. VGCCC Chief Executive Suzy Neilan stated the penalty reflects the seriousness of the conduct and the need for specific and general deterrence, emphasising that venues must abide by licensed hours to safeguard patrons and minimise gambling harm. The VGCCC is encouraging all venues to verify their licensed hours ahead of restricted trading days, including Good Friday and ANZAC Day. Last year, 11 venues were fined a combined AUD$180,000 for trading hours breaches relating to these dates. Individuals with concerns about gambling provider behaviour can lodge complaints with the VGCCC. Support is available via the Gambler's Helpline on 1800 858 858 (24/7, free and confidential).

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Victorian gambling regulator fines Lara Sporting Club for gaming machine hours breach

On Tuesday, March 24, 2026, the Victorian Gambling and Casino Control Commission (VGCCC) issued a AUD$15,000 fine to Lara Sporting Club for operating poker machines outside permitted trading hours. Gaming activity was detected at the venue on May 18, 2025, outside of permitted licence hours, with multiple poker machines in use and turnover exceeding AUD$10,000. Under the Gambling Regulation Act 2003 , venues must operate gaming rooms within specific hours, including adherence to a mandatory shutdown period between 4:00 am and 10:00 am daily. This represents the second trading hours breach by the venue as the VGCCC previously fined Lara Sporting Club AUD$10,000 in 2025 for breaches on Good Friday. According to the VGCCC last year, 11 venues were also fined a combined AUD$180,000 for trading hours breaches relating to Good Friday and Anzac day.
3174991 pc Mar 24, 2026 msolomon Latvia Latest News - The Saeima of the Republic of Latvia horizon scanning
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Latvia's Saeima Approves Changes to Deposit Guarantee Fund Financing to Reduce Administrative Burden

On May 21, 2026, the Saeima of the Republic of Latvia approved in first reading amendments to the Deposit Guarantee Law (DGL) that introduce significant changes to the fund's financing structure and administrative framework. The amendments aim to strengthen Latvia's financial sector competitiveness and facilitate new market participants' entry. Key changes include eliminating the one-time initial payment requirement for newly established credit institutions and savings and loan associations upon licence receipt, reducing financial barriers to market entry. The amendments establish a clearer and more predictable payment calculation methodology, with a defined threshold at which contributions to the fund cease. The amendments set the Deposit Guarantee Fund's (DGF) target level at three percent of the total covered deposits held by fund members, establishing the first explicit upper limit for mandatory contributions. This enables credit institutions and savings and loan associations to forecast expenses more accurately and reduces payment obligations once the target is reached. Technical regulations for payment calculation and execution will be delegated to the Bank of Latvia (Latvijas Banka), ensuring stable, predictable, and uniform fund financing throughout the year. The amendments retain fundamental principles and target levels while maintaining compliance with European Union requirements. Additionally, income generated from fund management may be used to cover operational costs and the guaranteed compensation system's expenses, reducing additional payments from financial market participants and promoting more efficient system operation. Anda Čakša, chair of the Budget and Finance (Tax) Commission, said the amendments will strengthen the DGF's financing stability, reduce administrative burden, and improve fund members' competitiveness while attracting new financial market participants to Latvia. The Saeima must approve the amendments in second and final reading for them to enter into force.

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Latvia Proposes Changes to Deposit Guarantee Fund Financing to Reduce Administrative Burden

On March 24, 2026, the Saeima of the Republic of Latvia proposed amendments to the Deposit Guarantee Law (DGL), introducing significant changes to the fund's financing structure and administrative framework. The amendments aim to strengthen Latvia's financial sector competitiveness and facilitate new market participants' entry and include the following changes: Eliminating the one-time initial payment requirement for newly established credit institutions and savings and loan associations upon licence receipt, reducing financial barriers to market entry. Establishes a clearer and more predictable payment calculation methodology, with a defined threshold at which contributions to the fund cease. The Deposit Guarantee Fund's (DGF) target level would be set at three percent of the total covered deposits held by fund members, establishing the first explicit upper limit for mandatory contributions. This would enable credit institutions and savings and loan associations to forecast expenses more accurately and reduces payment obligations once the target is reached. Technical regulations for payment calculation and execution will be delegated to the Bank of Latvia. Income generated from fund management may be used to cover operational costs and the guaranteed compensation system's expenses, reducing additional payments from financial market participants and promoting a more efficient system operation. The Saeima must approve the amendments in the following readings for them to enter into force.
2997846 pc Mar 24, 2026 csoo United Kingdom Bank of England horizon scanning
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United Kingdom's Prudential Regulation Authority Fines The Bank of London and Parent Company for Integrity Breaches

On March 24, 2026, the Prudential Regulation Authority (PRA) fined The Bank of London Group Limited and its parent financial holding company Oplyse Holdings Limited (formerly The Bank of London Group Holdings Limited) £2 million for misleading the regulator over their capital positions, failing to act with integrity, failing to be open and cooperative with the PRA, and failing to maintain adequate financial resources. The PRA's investigation identified breaches occurring between October 7, 2021 and May 22, 2024. The Bank of London Group Limited and Oplyse Holdings Limited failed to comply with regulatory capital requirements over an extended period and repeatedly misled the PRA regarding their actual capital positions, including providing fabricated documents intended to misrepresent their capital position. The firms also failed to be transparent regarding their deteriorating solvency position and failed to manage or report a large exposure resulting from a loan between the two entities. This marks the first time the PRA has fined a firm for failing to conduct its business with integrity and the first enforcement action against a parent financial holding company of a firm. The breaches warranted a financial penalty of £12 million; however, the PRA reduced the penalty to £2 million after the firms demonstrated that payment of the full amount would cause serious financial hardship. The Bank of London Group Limited breached multiple rules including Fundamental Rules 1, 3, 4, and 7, as well as provisions relating to own funds reporting, large exposures identification and management, notifications, and related party transaction risk. Oplyse Holdings Limited breached Rule 7A of the Definition of Capital Part of the PRA Rulebook and Chapter 3, Article 7 regarding consolidated own funds reporting. The PRA and both entities have agreed to settle the matter. REFERENCES: Bank of England. "PRA fines The Bank of London and its parent company Oplyse Holdings Limited." News release, March 24, 2026. https://www.bankofengland.co.uk/news/2026/march/pra-fines-the-bank-of-london-and-its-parent-company-oplyse-holdings-limited

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UK's Prudential Regulation Authority Fines Bank of London and Parent Company Oplyse Holdings Ltd £2m for Failure to Comply with Capital Requirements

On March 24, 2026, the Prudential Regulation Authority (PRA) fined the Bank of London and Oplyse Holdings Limited (formerly The Bank of London Group Holdings Limited) £2m for misleading the PRA over their capital positions, failing to act with integrity, failing to be open and cooperative with the regulator and failing to maintain adequate financial resources. The PRA’s investigation found that between  October 7, 2021 and  May 22, 2024 ,the named enteties: Failed to comply with their regulatory capital requirements over an extended period. Repeatedly misled the PRA as to their actual capital positions, this included providing the PRA with several fabricated documents intended to provide a false picture of the capital position. Failed to be open and transparent with the regulator on numerous further occasions, including in relation to their deteriorating solvency position. Failed to act in a prudent manner, including failing to manage or report a large exposure resulting from a loan from the Bank of London Group Limited to Oplyse Holdings Limited. The PRA found that The Bank of London Group Limited breached: Fundamental Rules : Fundamental Rule 1 (a firm must conduct its business with integrity), Fundamental Rule 3 (a firm must act in a prudent manner), Fundamental Rule 4 (a firm must at all times maintain adequate financial resources), Fundamental Rule 7 (a firm must deal with its regulators in an open and cooperative way and must disclose to the PRA appropriately anything relating to the firm of which the PRA would reasonably expect notice); (CRR) Part of the PRA Rulebook : Reporting part: Chapter 3, Article 5 (requirement to report own funds on an individual basis) . Large exposures part: Article 393, capacity to identify and manage large exposures . Large exposures part: Article 394 reporting requirements and Article 395 limits to large exposures. Reporting part: Chapter 3, Article 5 (requirement to report own funds on an individual basis) . Large exposures part: Article 393, capacity to identify and manage large exposures . Large exposures part: Article 394 reporting requirements and Article 395 limits to large exposures. Notifications Part of the PRA Rulebook : Rule 2.3 Related Party Transaction Risk Part of the PRA Rulebook : Rule 2.1 and Rule 2.3; The PRA found that the Bank of London Group Limited and Oplyse Holdings Limited breached: Definition of Capital Part of the PRA Rulebook : Rule 7A The PRA found that Oplyse Holdings Limited breached: Reporting (CRR) Part of the PRA Rulebook : Chapter 3, Article 7 (requirement for reporting own funds on a consolidated basis).
2994146 pc Mar 24, 2026 kgurnani Australia Australian Securities and Investments Comission financial services
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Australia's Financial Services Regulator Consults on Managed Discretionary Account Services Relief

On [date of publication], the Australian Securities and Investments Commission (ASIC) opened consultation on proposed changes to ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968, which is due to expire on 1 October 2026. ASIC is seeking feedback on whether the instrument should be extended for a further period and whether any substantive or simplification changes should be made to the policy settings and terms of relief. ASIC Instrument 2016/968 provides conditional relief from the managed investments provisions in Chapter 5C, and the product disclosure provisions in Chapter 6D and Part 7.9 of the Corporations Act 2001. The relief applies to managed discretionary account (MDA) providers and external MDA custodians. The instrument also modifies the financial services disclosure provisions in Chapter 7.7 of the Corporations Act to provide conditional relief in relation to statements of advice and financial services guides for MDA services. Under an MDA arrangement, a client's portfolio assets are managed on an individual basis at the MDA provider's discretion. ASIC Instrument 2016/968 has provided relief from regulatory requirements including scheme registration requirements and various fundraising and disclosure requirements, recognising that MDA providers have more limited functions than responsible entities of registered schemes. Stakeholders must submit responses by 5 pm (Australian Eastern Standard Time) on Tuesday, 28 April 2026 to IM.sunsettingconsultation@asic.gov.au. Further information is available in ASIC's consultation paper CS 47 and Regulatory Guide 179 Managed Discretionary Accounts.

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Australia's Financial Services Regulator Consults on Managed Discretionary Account Services Relief

On [date of publication], the Australian Securities and Investments Commission (ASIC) opened consultation on proposed changes to ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968, which is due to expire on 1 October 2026. ASIC is seeking feedback on whether the instrument should be extended for a further period and whether any substantive or simplification changes should be made to the policy settings and terms of relief. ASIC Instrument 2016/968 provides conditional relief from the managed investments provisions in Chapter 5C, and the product disclosure provisions in Chapter 6D and Part 7.9 of the Corporations Act 2001. The relief applies to managed discretionary account (MDA) providers and external MDA custodians. The instrument also modifies the financial services disclosure provisions in Chapter 7.7 of the Corporations Act to provide conditional relief in relation to statements of advice and financial services guides for MDA services. Under an MDA arrangement, a client's portfolio assets are managed on an individual basis at the MDA provider's discretion. ASIC Instrument 2016/968 has provided relief from regulatory requirements including scheme registration requirements and various fundraising and disclosure requirements, recognising that MDA providers have more limited functions than responsible entities of registered schemes. Stakeholders must submit responses by 5 pm (Australian Eastern Standard Time) on Tuesday, 28 April 2026 to IM.sunsettingconsultation@asic.gov.au. Further information is available in ASIC's consultation paper CS 47 and Regulatory Guide 179 Managed Discretionary Accounts.
2996141 pc Mar 24, 2026 arahman
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Turkey Publishes Decision on Data Controllers and Explicit Consent in the Official Gazette

On March 24, 2026, the Principle Decision Regarding the Requirement for Data Controllers to Prepare Separate Explicit Consent and Information Texts to Data Subjects issued by the Personal Data Protection Authority (PDPA) was published in the official gazette. Key points include: The PDPA has found that not presenting the consent form and the information text together to data subjects is a common violation, based on reports and complaints received. Consent forms must state that the data subjects explicitly consent to the processing of their personal data based on the purposes and legal grounds stated in the form. The burden of proof that explicit consent has been obtained rests with the data controller. In practice, data controllers shall: Present the explicit consent form and information text within a single document. Consent must be requested from the relevant individuals regarding the information provided. Use texts prepared by other data controllers without adapting them to their own operations. Use clear, understandable and simple language in privacy notices. Avoid the inclusion of general, ambiguous, incomplete, misleading and inaccurate information. Avoid the use of very detailed, complex and long texts.
2996240 pc Mar 24, 2026 csoo United Kingdom Competition and Markets Authority horizon scanning
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UK's Government Publishes Response to Late Payment Consultation

On March 24, 2026, the UK government published its response to its consultation on late payments . The consultation response confirms that the following measures will be taken forward, and introduced as new legislation as soon as Parliamentary time allows: Small Business Commissioner (SBC) powers Power to investigate: Providing the SBC with the power to investigate businesses suspected of poor payment practices or inaccurately reporting payment performance. Power to adjudicate: Providing the SBC with the power to settle payment disputes outside of the court process. Power to fine: Providing the SBC with the power to fine businesses, including significant potential fines for large companies that persistently pay their suppliers late or fail to comply with late payment legislation. Wider later payment measures Board-level scrutiny of payment practices: Introducing a requirement for the boards or audit committees of any persistently late-paying large company to publish commentary on why payment performance is poor and what remediatory actions. Maximum payment terms: Imposing maximum payment terms of 60 days, with strictly limited exemptions. Deadline for disputing invoices: Introducing a statutory time limit for raising disputes. Mandatory interest on late payments: Introducing a requirement that all commercial contracts will contain a right to statutory interest at 8% above the Bank of England base rate. Additional reporting on mandatory interest: Introducing a requirement for large companies to report upon interest payments. Retention payments under construction contracts Prohibition of retention payments: Proposing to ban the practice of deducting and withholding of retention payments under the terms of a construction contract. The publication was accompanied by a letter from the Minister for Small Business and Economic Transformation to businesses, MP Blair McDougall, notifying businesses of changes to government policy on late payments.
2995841 pc Mar 24, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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United Kingdom's Financial Conduct Authority Varies Paywiser Limited's Authorisation and Imposes Cryptoasset Business Restrictions

On 7 October 2025, the Financial Conduct Authority (FCA) issued a First Supervisory Notice to Paywiser Limited (Reference Number: 901086), an authorised electronic money institution, varying its authorisation under the Electronic Money Regulations 2011 (EMR) and imposing a direction under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR). The FCA identified serious concerns regarding Paywiser Limited's conduct of cryptoasset exchange activity without required registration. Between November 2021 and July 2025, the firm operated cryptoasset wallets through which approximately £195 million in USDT deposits were processed, executing over 3,300 transactions. The FCA determined the firm conducted this activity as a business in the United Kingdom, contrary to regulation 56(1)(f) of the MLR, which requires registration for cryptoasset exchange providers. The FCA also found the firm's sole shareholder and director lacks fitness and propriety, citing repeated provision of inaccurate and incomplete information to the Authority, including contradictory statements about the nature and scale of cryptoasset activities. Additionally, the FCA identified concerns regarding potentially fabricated board meeting minutes and inadequate risk management procedures. The Requirements impose immediate restrictions: the firm must cease registering new customers and providing regulated electronic money or payment services without prior written FCA consent. The firm must notify all customers, banking partners, and payment services providers by 12 October 2025, display prominent notices on its website and at customer login, and submit weekly bank statements. The firm is prohibited from carrying on cryptoasset business requiring MLR registration. The firm must provide written compliance confirmation by 14 October 2025. These Requirements remain in force indefinitely unless varied or cancelled by the Authority. The firm may submit written representations by 22 October 2025 or refer the matter to the Upper Tribunal (Tax and Chancery Chamber) within 28 days of this notice.

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UK's Financial Conduct Authority Varies Paywiser Ltd's Authorisation and Imposes Business Restrictions for Failure to Meet Authorisation Conditions

On March 23, 2026, the Financial Conduct Authority (FCA) published its first supervisory notice to Paywiser Limited, originally dated October 7, 2025, which varied its authorisation under the Electronic Money Regulations 2011 (EMRs) and imposed restrictions on its business activities. The firm may no longer register or onboard any new customer without prior permission from the FCA. Additionally, it may no longer provide electronic money or payment services to existing customers. The enforcement decision is based on serious concerns the FCA has identified, confirming that the firm no longer meets the conditions for authorisation under the EMRs. : The FCA  has identified that the Firm lacks effective procedures to identify, manage, monitor and report any risks to which it might be exposed, or adequate internal risk control mechanisms, proportionate to the scale and complexity of its business activities. The FCA has also identified serious concerns that the firm’s sole shareholder is not a fit and proper person ( regulation 6(6)(a) of the EMR ) The FCA has identified that the Firm is carrying on a cryptoasset business without the registration required by the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs)  and is therefore not complying with the EMR requirement to be included in the register of cryptoasset businesses under the MLRs.
2995145 pc Mar 24, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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Financial Conduct Authority Cancels Connect Car Finance Ltd's Regulated Activity Permission

On 23 March 2026, the Financial Conduct Authority (FCA) cancelled Connect Car Finance Ltd's Part 4A permission to carry on regulated activities. The firm, authorised by the FCA on 30 August 2018 to conduct consumer credit activity, failed to satisfy the Suitability Threshold Condition under the Financial Services and Markets Act 2000 (FSMA). The FCA determined that Connect Car Finance Ltd was not a fit and proper person to conduct regulated activities, citing the firm's persistent failure to cooperate with the Authority. Specifically, the firm failed to: submit a Variation of Permission (VOP) application by agreed deadlines (initially 4 April 2025, extended to 2 May 2025); remove inaccurate Trustpilot ratings from its website (displaying 5* when the actual rating was 2.2*); respond to requests for information regarding its trading name; and comply with Principle 11 (Relations with Regulators) by dealing with the Authority in an open and cooperative manner. The FCA issued a Decision Notice on 11 February 2026, which the firm did not refer to the Upper Tribunal (Tax and Chancery Chamber) within 28 days. The firm had also been offering Hire Purchase and Personal Contract Purchase products without holding necessary permissions or regulatory approvals. The cancellation takes effect from 23 March 2026. The FCA's enforcement action advances its consumer protection and integrity objectives under sections 1C and 1D of FSMA. For further information, firms should contact Danielle Stuart at the FCA (0207 066 0185 / Danielle.stuart@fca.org.uk). **REFERENCE:** Financial Conduct Authority Final Notice to Connect Car Finance Ltd (23 March 2026)

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UK's Financial Conduct Authority Revokes Connect Car Finance Ltd's Part 4A Permissions

On March 23, 2026, the Financial Conduct Authority (FCA) cancelled Connect Car Finance Ltd’s Part 4A permission under the Financial Services and Markets Act 2000. The primary reason for cancellation is as set out below: FCA has found that the firm is not a fit and proper person to conduct regulated activities, specifically the firm has failed to be open and co-operative in all its dealings with the regulator. The FCA  is not satisfied that the firm’s business is being, or will be, managed in a sound and prudent manner and has cancelled its permissions to advance its own consumer protection and integrity objectives.
2995261 gc Mar 23, 2026 mschanke Massachusetts Massachusetts - Proposed Rulemaking gamblingcompliance
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Massachusetts Gaming Commission Establishes Rules for Acceptance of Sports Wagers

The Massachusetts Gaming Commission has established comprehensive regulations governing the acceptance of sports wagers by operators under 205 CMR 247.07. The regulations set out requirements for displaying available wagers, acceptable payment methods, and operational procedures for sports wagering facilities and digital platforms. Sports wagering operators must display all available wagers to the public, including odds and a brief description of the sporting event and wagering proposition. Operators may only accept wagers on sporting events where availability has been posted in accordance with these rules. Operators are prohibited from setting lines, odds, or offering wagering propositions designed to ensure a patron will win a wager or series of wagers, unless such offers are made in connection with an approved promotional offer. Wagers may be placed from sports wagering counters, kiosks, designated cashier cage counters within approved facilities, or mobile applications and digital platforms approved by the Commission. Acceptable payment methods include cash, foreign currency converted to U.S. currency, electronic funds transfers, debit instruments, promotional gaming credits, winning sports wagering tickets or vouchers, and sports wagering accounts. Credit cards are prohibited, either directly or indirectly. Mobile and digital platform transactions are restricted to patrons physically located within Massachusetts using registered sports wagering accounts. The regulations establish anti-structuring requirements, prohibiting operators from knowingly allowing patrons to circumvent reporting requirements through multiple or structured wagers. Operators must record personally identifiable information before accepting or issuing payouts on anonymous wagers exceeding $10,000. Operators must provide patrons with an opportunity to review and finalize wagers before acceptance, and may not modify wagers after patron approval, except as permitted by approved house rules.

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Massachusetts regulator requests public comment on proposed sports wagering amendments

On March 23, 2026, the Massachusetts Gaming Commission (MGC) issued a notice of public hearing and requested public comment on proposed amendments to sports wagering regulations. Specifically, the MGC is seeking comments on amendments to the following regulations: 205 CMR 247.07: Acceptance of Sports Wagers - This section governs the approved methods of funding for sports wagers within a Sports Wagering Facility or Sports Wagering Area and is being amended to remove language that specifically permits the use of “prepaid debit cards,” and to add language to clarify the use of “sports wagering operator branded gift cards,” is permitted. 205 CMR 248.10: Account Deposits - This section governs the approved methods of funding a sports wagering account and is being amended to remove language that specifically permits the use of “prepaid debit cards,” and to add language to clarify the use of “sports wagering operator branded gift cards,” is permitted. Anyone wishing to offer comments can email Melanie.foxx@massgaming.gov and request the virtual hearing link to appear and speak. Alternatively, written comments may also be submitted to the same email address with ‘Regulation Comment’ in the subject line. Comments must be received by 5:00 PM EST on March 23, 2025 . The public hearing is on March 24, 2026 at 9:30 AM EST.
2995084 pc Mar 23, 2026 ataylor Maine Maine Office of Securities - Administrative Orders financial services
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Maine Securities Administrator Issues Consent Order Against Stifel, Nicolaus & Company for Unreasonable Commission Charges

On March 23, 2026, the Maine Office of Securities issued a consent order against Stifel, Nicolaus & Company, Inc. (Case No. 25-20765, Consent Order No. 2026-03) resolving charges that the broker-dealer charged unreasonable commissions on low-principal equity transactions. Following a coordinated investigation, the Maine Securities Administrator determined that Stifel charged unreasonable commissions on approximately 45,352 equity transactions nationwide between May 1, 2020 and April 30, 2025, totalling $885,480.13. In Maine specifically, Stifel executed 105 equity transactions with unreasonable commissions exceeding 5 percent of the principal trade amount, totalling $1,835.74. The firm applied a minimum commission of $40 plus a $5.00 transaction fee to certain equity transactions, which frequently resulted in commissions well in excess of the Financial Industry Regulatory Authority (FINRA) Rule 2121 guideline of 5 percent. The Administrator found that Stifel failed to reasonably supervise these transactions and did not adequately detect and correct unreasonable commission charges despite having supervisory systems and policies permitting manual commission adjustments. Under the consent order, Stifel must cease the conduct, provide restitution to affected Maine customers of no less than $1,835.74 plus 6 percent interest from the transaction date to May 21, 2025, and pay an administrative fine of $20,000 to the State of Maine. Restitution must be distributed within 60 days of the order's execution. Stifel must also submit a restitution report to the Administrator within 45 days of mailing customer notification letters. The order does not create any disqualification under securities laws or FINRA rules. Stifel neither admitted nor denied the findings.

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Maine Office of Securities Issues $20,000 Fine Against Stifel, Nicolaus & Company for Unreasonable Commission Charges

On March 23, 2026, the Maine Office of Securities (MOS) issued a consent order against Stifel, Nicolaus & Company, Inc. (Stifel) resolving charges that the broker-dealer charged unreasonable commissions on low-principal equity transactions. Following a coordinated investigation, the Maine Securities Administrator (MSA) determined that Stifel charged unreasonable commissions on approximately 45,352 equity transactions nationwide between the years 2020 and 2025, totaling $885,480.13. In Maine specifically, Stifel executed 105 equity transactions with unreasonable commissions exceeding 5 percent of the principal trade amount, totaling $1,835.74. Stifel applied a minimum commission of $40 plus a $5.00 transaction fee to certain equity transactions, which frequently resulted in commissions well in excess of the Financial Industry Regulatory Authority (FINRA) Rule 2121 guideline of 5 percent. The MSA found that Stifel failed to reasonably supervise these transactions and did not adequately detect and correct unreasonable commission charges despite having supervisory systems and policies permitting manual commission adjustments. Under the consent order, Stifel must cease the conduct, provide restitution to affected Maine customers amounting to $1,835 with 6 percent interest from the transaction date to May 21, 2025, and pay an administrative fine of $20,000 to the State of Maine. Stifel must also submit a restitution report to the MSA within 45 days of mailing customer notification letters.
3127476 gc Mar 23, 2026 mschanke Massachusetts Massachusetts Gaming Commission gamblingcompliance
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Massachusetts regulator fines FanDuel $5,000 for prohibited employee wagering

On March 20, 2026, the Massachusetts Gaming Commission (MGC) approved a $5,000 fine against FanDuel for prohibited employee wagering. The decision results from an adjudicatory proceeding conducted by the MGC on April 9, 2025. According to the fine notice, between April 19 and April 21, 2024, a FanDuel employee placed 12 wagers on NBA games totaling $240. This violated state law and regulations (G.L. c. 23N, § 13(f) and 205 CMR 238.32(1)) that strictly prohibit employees from wagering on their employer's platform. Additional training and monitoring failures were cited, including an internal monitoring issue that prevented FanDuel's weekly reviews from detecting the wagers until after the employee's first 30 days of employment. The MGC noted that FanDuel self-reported the incident, cooperated with the investigation, and modified its controls to detect such activity faster in the future.
2992178 pc Mar 23, 2026 pthandapani India Securities and Exchange Board of India financial services
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India's Securities and Exchange Board Issues Master Circular for Mutual Funds

On March 20, 2026, the Securities and Exchange Board of India (SEBI) issued a master circular for mutual funds. The master circular consolidates and updates the regulatory framework governing mutual fund operations in India. Master circulars serve as comprehensive guidance documents that compile all relevant regulations, guidelines, and instructions applicable to a specific sector or activity. This circular provides mutual fund industry participants with consolidated regulatory requirements, ensuring clarity on compliance obligations and operational standards. The issuance of an updated master circular reflects SEBI's commitment to maintaining a clear and accessible regulatory framework for the mutual fund sector, which plays a significant role in India's capital markets and retail investment landscape. The master circular is applicable to all mutual fund houses, asset management companies, and other entities operating within the mutual fund industry under SEBI's regulatory oversight. It consolidates previous circulars, notifications, and guidelines into a single document, reducing regulatory complexity and improving accessibility for industry participants. Market participants should review the master circular to ensure full compliance with all applicable requirements. The circular becomes effective immediately upon issuance and supersedes any previously issued circulars on the same subject matter. **Reference:** Securities and Exchange Board of India (SEBI) Master Circular for Mutual Funds, March 20, 2026

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Securities and Exchange Board of India Issues Master Circular for Mutual Funds

The Securities and Exchange Board of India (SEBI) has issued a master circular for mutual funds, consolidating and updating previous regulatory requirements inti a single document which it states will enhance readability and ensure ease of compliance for the industry. The master circular covers: Registration and fund governance with detailed eligibility criteria and registration processes for Asset Management Companies (AMCs) and sponsors, including specific provisions for Private Equity funds to act as sponsors. It mandates robust fund governance, including the formation of Audit, Valuation, and Unit Holder Protection Committees (UHPC) by the Trustees and/or AMCs. Scheme categorization and operations with clear classification of schemes into equity, debt, hybrid, life cycle funds, and others to ensure uniformity and "true-to-label" products across the industry. New frameworks and products including the introduction of the "MF Lite" framework featuring relaxed, light-touch provisions exclusively for passively managed schemes. It also establishes rules for specialized investment funds (SIF) , thematic ESG funds , and details the operational framework for the Corporate Debt Market Development Fund (CDMDF). Risk management and valuation provisions requiring the implementation of a rigorous risk management framework (RMF) covering investment, credit, liquidity, and governance risks. This includes mandates for stress testing open-ended debt schemes , the application of swing pricing during market dislocation , the creation of segregated portfolios for credit events, and strict valuation norms for traded, non-traded, and illiquid securities. Prudential limits and intermediaries including strict exposure limits for investments in equity, debt instruments, group companies, and overseas securities to prevent concentration risk. It also sets out the code of conduct, certification, and due diligence requirements for mutual fund distributors (MFDs) and introduces regulations for execution only platforms (EOPs). Disclosures, fees, and investor protection requirements including clear guidelines on total expense ratios (TER), distribution commissions, and a prohibition on using pool accounts by intermediaries for mutual fund transactions. It also mandates the use of the "Risk-o-meter" and potential risk class (PRC) Matrix for transparent product labeling. The master circular takes effect on April 1, 2026.
2996990 gc Mar 23, 2026 apintea Malta Financial Intelligence Analysis Unit gamblingcompliance
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Malta's Financial Intelligence Analysis Unit Imposes Administrative Penalties on Stanleybet Malta Limited for Anti-Money Laundering Failures

On 23 March 2026, the Financial Intelligence Analysis Unit (FIAU) imposed significant administrative measures against Stanleybet Malta Limited, a remote gaming operator licensed by the Malta Gaming Authority (MGA) to provide Type 1 and Type 2 gaming services through a network of physical betting shops across the European Union. The FIAU's Compliance Monitoring Committee identified serious and systematic failures in the company's anti-money laundering and counter-terrorism financing (AML/CFT) compliance following a targeted review initiated in 2025. The primary breaches concerned customer due diligence (CDD), customer risk assessment (CRA), and transaction monitoring obligations under the Prevention of Money Laundering and Financing of Terrorism Regulations (PMLFTR) and the FIAU's Implementing Procedures. The Committee found that Stanleybet Malta Limited lacked adequate systems to cumulatively link customer transactions across its betting shop network to identify when the €2,000 deposit threshold was reached. The company only applied CDD measures when customers deposited €2,000 in a single transaction or met specific daily thresholds, relying on manual recognition by betting shop employees—a method presenting significant circumvention risks. Additionally, the company failed to maintain a complete customer list, preventing proper money laundering and terrorism financing risk assessments. Customer profiling information was generic and inadequate, with employment status limited to broad categories such as "employed" or "unemployed" and source of funds restricted to terms like "savings" or "wages." The FIAU imposed an administrative penalty of €225,730 under Regulation 21(1) of the PMLFTR, a periodic penalty payment of €2,000 per day under Regulation 21(5) until remediation is complete, and issued a Follow-Up Directive requiring the company to implement systems enabling cumulative transaction linking, establish clear transition points from occasional transactions to business relationships, and enhance customer profiling procedures. The company must submit an action plan detailing remediation measures. The penalty is subject to appeal before the Court of Appeal (Inferior Jurisdiction) within the prescribed timeframe.

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Maltese FIAU fines Stanleybet Malta Limited for anti-money laundering failures

On March 23, 2026, the Maltese Financial Intelligence Analysis Unit (FIAU) announced the imposition of an administrative penalty of €225,730, a periodic penalty payment of €2,000 per day and the issuance of a follow-up directive to ensure compliance with AML/CTF duties on Stanleybet Malta Limited. Following a targeted review initiated in 2025, the following breaches of anti-money laundering legislation have been identified: Lack of adequate systems to cumulatively link customer transactions across the operator’s betting shop network to identify when the €2,000 deposit threshold was reached. Application of CDD measures when a customer made a deposit of €2,000 or more, or where certain other criteria and risk parameters were met, with insufficient measures taken to monitor this criterion as it relied on manual recognition of customers by betting shop employees. Failure to maintain a complete customer list, thus preventing proper money laundering and terrorism financing risk assessments. Inadequate customer profiling information, with onboarding forms containing only generic information about the customers’ employment status and origin of funds, with responses limited to broad classifications such as “employed”, “unemployed”, and “student” for employment status and “savings”, “wages”, and “dividends” for the expected source of funds. The administrative penalty is subject to appeal before the Court of Appeal (Inferior Jurisdiction) within the prescribed timeframe.
2991407 pc Mar 23, 2026 tojuri Luxembourg Bills - Chambre des députés du grand-duché de Luxembourg horizon scanning
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Luxembourg Introduces Bill to Amend Judicial Organization and Anti-Money Laundering Legislation

On March 20, 2026, the Chamber of Deputies of Luxembourg received a government bill (Bill 8722) proposing amendments to two key pieces of legislation. The bill, submitted by Elisabeth Margue, seeks to modify the amended Law of March 7, 1980 on judicial organization and the amended Law of November 12, 2004 on combating money laundering and terrorism financing. The bill has been referred to the Commission of Justice (Commission de la Justice) for review and consideration. The specific amendments to the judicial organization law and the anti-money laundering and counter-terrorism financing (AML/CTF) legislation have not been detailed in the available documentation. However, the dual focus suggests the government is addressing either procedural or substantive changes affecting Luxembourg's judicial framework and its compliance with financial crime prevention standards. The Commission of Justice will examine the bill and prepare recommendations for parliamentary debate. Further details regarding the substantive amendments, their objectives, and their potential impact on judicial operations or AML/CTF compliance requirements will emerge as the legislative process progresses through committee review and parliamentary discussion. REFERENCES: Chambre des Députés du Grand-Duché de Luxembourg. (2026). Dossier Législatif 8722. Retrieved from the Chamber of Deputies legislative database.

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Luxembourg Government Submits Bill to Amend Anti-Money Laundering Legislation

The Luxembourg government has submitted Bill No. 8722 to the Chamber of Deputies. The bill proposes amendments to the Law of 7 March 1980 on judicial organisation and the Law of 12 November 2004 on combating money laundering and terrorist financing. The bill aims to prevent or stop cases of fraud by providing the financial intelligence unit (FIU) with a legal basis to share relevant information with designated professionals who are subject to anti-money laundering (AML) and counter-terrorist financing (CTF) obligations, as set out in the amended Law of 12 November 2024 on combating money laundering and terrorist financing . Reports from the FIU will help obliged entities strengthen their AML/CTF procedures, update their risk assessment and management systems, and provide additional information that may warrant increased vigilance regarding higher-risk clients or transactions. The designated professionals covered by the proposed new bill will include credit institutions and financial sector professionals authorised to carry out their activities in Luxembourg, including crypto-asset service providers.
2994629 gc Mar 20, 2026 nsairam Brazil Brazil | News Site gamblingcompliance
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Rio Grande do Norte Finance Department Establishes Money Laundering Prevention Rules for Loto Potiguar Lottery

On March 20, 2026, the Finance Department of Rio Grande do Norte (Sefaz-RN) published SEI Ordinance No. 241 in the Official Gazette, establishing mandatory rules for preventing money laundering, terrorism financing, and weapons of mass destruction proliferation in the Loto Potiguar lottery sector. The ordinance aligns with Federal Law No. 9,613/1998 (Money Laundering Law) and incorporates recommendations from the Council for the Control of Financial Activities (Coaf) and the Secretariat of Prizes and Bets of the Ministry of Finance. The regulations require lottery operators to implement comprehensive compliance and governance programmes, monitor and report suspicious transactions to Coaf through the Integrated System for Financial Activities Control (Siscoaf), and employ technologies ensuring transaction traceability. Operators must also identify and register bettors, including politically exposed persons, and maintain records for a minimum of five years. Jane Araújo, Executive Secretary of Revenue, emphasised that compliance is mandatory and reinforces the state's commitment to legal security and transparency of the official lottery. The ordinance takes effect 30 days after publication. Rules governing inspection, monitoring, and sanctions application become effective on June 1, 2026. Non-compliance may result in penalties under federal law, including fines and administrative proceedings. This initiative strengthens the integrity and transparency of Loto Potiguar's operations within Rio Grande do Norte.

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Rio Grande do Norte Finance Department publishes anti-money laundering policies

On March 20, 2026, the Rio Grande do Norte Finance Department published a set of anti-money laundering rules within the lottery sector. Under SEI Ordinance No. 241, it outlines mechanisms that operators must adopt to enhance the monitoring of lottery operations and the integrity of the betting sector. It further outlines the following: Operators must implement compliance and governance programs. Operators must monitor and report suspicious transactions to the Council for Financial Activities Control (COAF) through the Integrated System for Financial Control (SISCOAF). Operators must use technology that traces transactions. Operators must identify, and adequately register bettors, including politically exposed persons (PEPs). Operators must keep records of all operations for at least five years. The ordinance comes into effect 30 days from publication in the state gazette. Furthermore the rules of monitoring, inspection, and application of sanctions only come into effect on June 1, 2026 .
2986022 gc Mar 20, 2026 nsairam Brazil Brazil | News Site gamblingcompliance
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Minas Gerais State Lottery Holds Public Consultation for New Lottery Bidding Process

On March 31, 2026, the Minas Gerais State Lottery (LEMG) will hold a public consultation at its headquarters in Belo Horizonte to gather contributions and suggestions for the preparation of technical and legal documents necessary for a future bidding process to operate lottery games. Registration for interested parties closes on March 30, 2026, at 11:59 PM. The consultation notice, identified as LEMG 001/2026, was published in the State Official Gazette on March 19, 2026. This public consultation follows the cancellation of International Public Tender LEMG No. 002/2023, which was terminated on January 30, 2026, by LEMG Director-General Onésimo Diniz Moreira. The previous bidding process was cancelled to align with Federal Law No. 14.133/2021, which establishes new rules for bidding and administrative contracts. A legal assessment concluded that proceeding under the original framework was not feasible, particularly due to substantial changes proposed by the technical area, including a shift in judging criteria to "technique and price". The State Attorney General's Office recommended formal publication of the termination to ensure transparency and legal certainty. The new bidding process will follow the International Public Tender modality, type Technical and Price, to select a company for operational activities related to lottery game exploration and operation. The concession will cover online and land-based lottery games, including games of prediction as stipulated in federal and state legislation. The selected company will be responsible for implementing and operating lottery products, developing marketing strategies, creating and operating a network of points of sale, developing virtual gaming platforms, conducting raffles, and paying prizes to winners. The contract will be governed by Federal Law No. 14.133/2021 and Federal Law No. 8.987/1995. Interested parties can access full documentation at www.loterismineira.me.gov.br. LEMG technicians are preparing the new tender, which will be launched later in 2026.

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Minas Gerais State Lottery Holds Public Consultation for New Lottery Bidding Process

On March 31, 2026, the Minas Gerais State Lottery (LEMG) will hold a public consultation at its headquarters in Belo Horizonte to gather contributions and suggestions for the preparation of technical and legal documents necessary for a future bidding process to operate lottery games. Registration for interested parties closes on March 30, 2026, at 11:59 PM. The consultation notice, identified as LEMG 001/2026, was published in the State Official Gazette on March 19, 2026. This public consultation follows the cancellation of International Public Tender LEMG No. 002/2023, which was terminated on January 30, 2026, by LEMG Director-General Onésimo Diniz Moreira. The previous bidding process was cancelled to align with Federal Law No. 14.133/2021, which establishes new rules for bidding and administrative contracts. A legal assessment concluded that proceeding under the original framework was not feasible, particularly due to substantial changes proposed by the technical area, including a shift in judging criteria to "technique and price". The State Attorney General's Office recommended formal publication of the termination to ensure transparency and legal certainty. The new bidding process will follow the International Public Tender modality, type Technical and Price, to select a company for operational activities related to lottery game exploration and operation. The concession will cover online and land-based lottery games, including games of prediction as stipulated in federal and state legislation. The selected company will be responsible for implementing and operating lottery products, developing marketing strategies, creating and operating a network of points of sale, developing virtual gaming platforms, conducting raffles, and paying prizes to winners. The contract will be governed by Federal Law No. 14.133/2021 and Federal Law No. 8.987/1995. Interested parties can access full documentation at www.loterismineira.me.gov.br. LEMG technicians are preparing the new tender, which will be launched later in 2026.
3027375 pc Mar 20, 2026 arahman Russia The central Bank of Russian Federation horizon scanning
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Russia's Central Bank Board Amends Type C Account Regime for Securities Settlement

On March 20, 2026, the Board of Directors of the Central Bank of Russia (Bank of Russia) adopted amendments to its November 21, 2022 decision establishing the regime for Type C accounts. These accounts are used for settlements and execution of transactions subject to the temporary obligation fulfilment procedures outlined in Presidential Decree No. 95 of March 5, 2022, concerning temporary procedures for fulfilling obligations to certain foreign creditors. The amendments introduce a new account category: Type C unidentified person accounts, which are not designated for securities rights accounting. The changes establish operational procedures for Russian issuer bonds subject to centralised rights accounting or mandatory centralised custody through depositaries. Key modifications include expanded provisions for crediting bonds to unidentified person Type C accounts, particularly for bonds from liquidated foreign legal entities specified in Decree No. 95. The amendments detail specific scenarios for bond transfers, including: transfers from Type C depository accounts of liquidated foreign entities; transfers from nominal holder depository accounts when linked to liquidated foreign entity accounts; conversions during bond consolidation or subdivision; and correction of erroneous entries. The decision also establishes procedures for debiting from unidentified person Type C accounts, including transfers to Type C owner depository accounts upon provision of documentation confirming rights to the bonds, bond redemptions, conversions during consolidation or subdivision, and correction of erroneous credits. The amendments became effective upon publication on the Bank of Russia's official website on March 30, 2026. **Reference:** Bank of Russia Board of Directors Decision on Amendments to Type C Account Regime (March 20, 2026)

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Russia's Central Bank Board Amends Type C Account Regime for Securities Settlement

On March 20, 2026, the Board of Directors of the Central Bank of Russia (Bank of Russia) adopted amendments to the Decision of the Board of Directors of the Bank of Russia dated November 21, 2022, "On the establishment of the type "C" account regime for settlements and the implementation (execution) of transactions (operations) subject to the procedure for fulfilling obligations stipulated by Decree of the President of the Russian Federation dated March 5, 2022 No. 95 "On the temporary procedure for fulfilling obligations to certain foreign creditors" establishing the regime for Type C accounts. 1.1. Clause 1 is supplemented with the words: “Accounts of unidentified persons of type ‘C’, not intended for recording rights to securities.” 1.2. Subparagraph 1.2 of paragraph 1 is revised to provide that: Securities may be credited to a personal account if the transaction is carried out without the transfer of rights to securities. Securities may be credited to the account of unidentified persons of type “C” (in relation to bonds of Russian issuers, the centralised registration of rights to which is carried out by the depository). In connection with the termination of the depository agreement, termination of the depository’s activities, or nominee holder functions, such securities are credited to a personal account, an account of clients of the nominee holder, or an account of unidentified persons opened by the registrar. 1.3. Clause 1 is supplemented with subclause 1.9 “Accounting mode for unidentified persons type ‘C’”, which provides that: Bonds of Russian issuers subject to centralised registration are credited to type “C” accounts when written off from accounts linked to liquidated legal entities (foreign persons under Decree No. 95), from nominee holder accounts in related circumstances, during bond conversion (consolidation or splitting), or where they were erroneously written off. Such bonds are written off from type “C” accounts for crediting to an owner’s type “C” depository account (subject to confirmation of rights), in connection with repayment, conversion (consolidation or splitting), redemption, or where they were erroneously credited.
2983812 pc Mar 20, 2026 rghosh Kenya Weekly Bulletin | CBK horizon scanning
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Kenya's Cabinet Secretary Establishes Virtual Asset Service Providers Regulations

On 2026, Kenya's Cabinet Secretary to the National Treasury and Economic Planning established comprehensive regulations governing virtual asset service providers under the Virtual Asset Service Providers Act (No. 20 of 2025). The Virtual Asset Service Providers Regulations, 2026 provide a complete regulatory framework for entities offering virtual asset services in or from Kenya. The regulations establish licensing requirements for virtual asset service providers, including wallet providers, exchanges, payment processors, brokers, investment advisers, asset managers, and offering providers. Applicants must demonstrate fit and proper criteria, maintain minimum capital requirements ranging from KES 2.5 million to KES 500 million depending on activity type, and comply with anti-money laundering and counter-terrorism financing obligations. Key provisions address ongoing operational requirements including cybersecurity measures, consumer asset safeguarding, market conduct standards, and transaction reporting. The regulations establish specific requirements for stablecoin issuers, including reserve asset backing, redemption rights, and custody arrangements. Initial coin offerings and tokenized real-world assets are subject to white paper disclosure requirements and trading platform approval. The regulations establish a Coordination Committee comprising representatives from the National Treasury, Central Bank of Kenya, Capital Markets Authority, Financial Reporting Centre, and other relevant agencies to coordinate supervisory activities. Enforcement provisions include administrative penalties ranging from KES 3 million to KES 10 million for various contraventions, with criminal penalties including imprisonment for serious market conduct offences such as insider trading and market manipulation. The regulations apply to all persons offering virtual asset services in or from Kenya, including those deriving economic benefit from Kenya regardless of physical presence.

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Kenya Publishes Draft Virtual Asset Service Providers Regulations, 2026

On March 19, 2025 the National Treasury and Economic Planning department of the Kenyan government and the Central Bank of Kenya have published the  Virtual Asset Service Providers Regulations, 2026.  The regulations apply to persons offering virtual asset services in or from Kenya. The draft regulations aim to establish a comprehensive licensing and supervisory regime for VASPs, including exchanges, wallet providers, and other intermediaries dealing in virtual assets. The framework introduces requirements relating to authorization, governance, risk management, and operational controls, aligned with international standards. A key focus of the proposal is strengthening anti-money laundering and counter-terrorism financing (AML/CFT) measures, including customer due diligence, transaction monitoring, record-keeping, and reporting obligations. VASPs will also be required to implement safeguards for consumer protection, cybersecurity, and data privacy. The draft further outlines provisions on capital requirements, safeguarding of client assets, and disclosures, as well as ongoing supervisory reporting to the CBK. Cross-border activities and cooperation with other regulators are also addressed. The CBK has invited stakeholders to submit comments on the draft, with feedback expected to inform the finalization of the regulatory framework. Comments can be submitted to the Principal Secretary at the National Treasury, P.O. Box 30007-00100, Nairobi, or emailed to pstnt@treasury.go.ke and vasps@treasury.go.ke. In addition to written submissions, the National Treasury is conducting 11 public participation forums across Kenya's counties between 30 March and 10 April 2026.
2975302 pc Mar 20, 2026 adavies European Union European Banking Authority horizon scanning
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European Banking Authority Launches Consultation on Initial Margin Model Authorisation Guidelines

On 17 March 2026, the European Banking Authority (EBA) published a consultation paper on draft guidelines for the authorisation of initial margin (IM) models under Article 11(3) of the European Market Infrastructure Regulation (EMIR). The guidelines establish a uniform application and authorisation process for financial and non-financial counterparties seeking to use IM models for calculating and exchanging initial margins on non-centrally cleared over-the-counter (OTC) derivative contracts. The draft guidelines address key aspects of the authorisation process, including minimum information requirements for applications, procedures for model changes triggering re-authorisation, and documentation standards. The EBA distinguishes between high-volume institutions counterparties (HVICPs)—credit institutions and investment firms with aggregate average notional amounts exceeding EUR 750 billion—and other counterparties (OCPs) with less significant OTC trading activity. For models based on pro forma models (such as the ISDA Standard Initial Margin Model), the guidelines clarify that competent authorities may only authorise use where the EBA has validated the underlying pro forma model. The guidelines specify that updates constituting fundamental changes to model design, scope of application, or governance arrangements require authorisation. The EBA proposes a phased implementation approach: counterparties with AANA exceeding EUR 2,250 billion must comply from 1 January 2028; those between EUR 750 billion and EUR 2,250 billion from 1 July 2028; and those with AANA between EUR 8 billion and EUR 750 billion from 1 January 2029. The consultation closes on 17 June 2026. Responses should be submitted via the EBA consultation page. The EBA will revise the guidelines based on feedback received, with final publication expected in April 2026.

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European Banking Authority Consults on Initial Margin Model Authorisation Guidelines

On March 17, 2026, the European Banking Authority (EBA) launched a consultation on its draft guidelines on the authorisation of initial margin models under Article 11(3) of Regulation (EU) No. 648/2012 (European Market Infrastructure Regulation – EMIR). The guidelines establish a uniform application and authorisation process for financial and non-financial counterparties seeking to use IM models for calculating and exchanging initial margins on non-centrally cleared over-the-counter (OTC) derivative contracts. The draft guidelines address key aspects of the authorisation process, including minimum information requirements for applications, procedures for model changes triggering re-authorisation, and documentation standards. Specifically, the guidelines have been created to account for Regulation (EU) 2024/2987 (European Market Infrastructure Regulation 3 – EMIR 3), which requires counterparties using internal initial margin models to obtain prior authorisation from their competent authority. This consultation sits alongside another consultation on the EBA’s draft regulatory technical standards (RTS) on the authorisation of initial margin models. If adopted, the guidelines will apply in phases: Counterparties with an average outstanding notional amount of non-centrally cleared OTC derivatives (AANA) exceeding €2,250bn must comply from January 1, 2028. Counterparties between €750bn and €2,250bn from July 1, 2028. Counterparties with AANA below €750bn from January 1, 2029. The EBA is seeking feedback on its consultation by June 17, 2026, which may be submitted via this link .
2975303 pc Mar 20, 2026 adavies European Union European Banking Authority horizon scanning
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European Banking Authority Publishes Consultation on Initial Margin Model Authorisation Standards

On March 17, 2026, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards (RTS) specifying supervisory procedures for the authorisation of initial margin (IM) models used by counterparties in non-centrally cleared over-the-counter (OTC) derivatives under Article 11(15) of the European Market Infrastructure Regulation (EMIR). The draft RTS establish supervisory procedures for both initial authorisation and ongoing monitoring of IM models. The standards apply to credit institutions and investment firms that have, or belong to a group with, a monthly average outstanding notional amount of non-centrally cleared OTC derivatives exceeding EUR 750 billion. The RTS introduces a central validation function for the European Banking Authority to validate pro forma models, such as the ISDA Standard Initial Margin Model (ISDA SIMM), before competent authorities can authorise their use at counterparty level. This central validation aims to promote consistency across the European Union, improve authorisation efficiency, and reduce operational duplication. The draft RTS covers both qualitative and quantitative requirements. Qualitative requirements address governance, senior management oversight, model development, audit processes, internal validation, information technology robustness, outsourcing arrangements, and documentation quality. Quantitative requirements address position completeness and accuracy, material risk factor inclusion across asset classes, treatment of maturity mismatches and non-linear dependencies, calibration procedures, adjustment mechanisms, data quality, proxy usage, and back-testing methodologies. The standards introduce a streamlined back-testing approach using a traffic light system to identify material model weaknesses. The RTS will apply in two phases: from January 1, 2028, for counterparties with aggregate average notional amounts exceeding EUR 2,250 billion, and from July 1, 2028, for counterparties with amounts between EUR 750 billion and EUR 2,250 billion. The consultation period closes on June 17, 2026. Following consultation feedback, the EBA will submit final RTS to the European Commission for adoption.

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European Banking Authority Consults on Initial Margin Model Authorisation

On March 17, 2026, the European Banking Authority (EBA) launched a consultation on its draft regulatory technical standards (RTS) specifying supervisory procedures for the authorisation of initial margin (IM) models used by counterparties in non-centrally cleared over-the-counter (OTC) derivatives under Article 11(15) of Regulation (EU) No. 648/2012 (European Market Infrastructure Regulation – EMIR). The draft RTS establishes supervisory procedures for both initial authorisation and ongoing monitoring of IM models. The standards apply to credit institutions and investment firms that have, or belong to a group with, a monthly average outstanding notional amount of non-centrally cleared OTC derivatives exceeding €750bn. Specifically, the draft RTS has been created to account for Regulation (EU) 2024/2987 (European Market Infrastructure Regulation 3 – EMIR 3), which requires counterparties using internal initial margin models to obtain prior authorisation from their competent authority. If adopted, the RTS will apply in two phases: From January 1, 2028, for counterparties with aggregate average notional amounts exceeding €2,250bn. From July 1, 2028, for counterparties with amounts of between €750bn and €2,250bn. This consultation sits alongside another consultation on the EBA’s draft guidelines on the authorisation of IM models . The EBA is seeking feedback on its consultation by June 17, 2026, which may be submitted via this link .
2984637 pc Mar 20, 2026 adavies European Union European Banking Authority horizon scanning
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European Banking Authority Publishes Final Regulatory Technical Standards Reducing Prior Permission Timeline for Own Funds and Eligible Liabilities

On 19 March 2026, the European Banking Authority (EBA) published its final report on draft regulatory technical standards amending Commission Delegated Regulation (EU) No 241/2014. The standards reduce the timeline for institutions to submit applications for prior permission to reduce own funds and eligible liabilities instruments from four months to three months. The amendment addresses feedback received during consultation on the previous regulatory technical standards, which extended the application period from three to four months. Stakeholders consistently noted the four-month timeline was unnecessarily lengthy. Following monitoring of competent and resolution authorities' practical implementation since 2023, the EBA determined that authorities are now capable of processing applications within the shorter three-month period. The revised standards apply to both ad hoc permissions and new general prior permissions under Articles 77, 78, and 78a of Regulation (EU) No 575/2013. Additionally, the standards reduce the consultation period between competent and resolution authorities to a maximum of two months, with resolution authorities required to communicate their proposed margin within one month. The amendments also delete provisions establishing a simplified procedure for liquidation entities, following changes introduced by Directive (EU) 2024/1174. The draft regulatory technical standards will be submitted to the European Commission for endorsement, followed by scrutiny from the European Parliament and Council before publication in the Official Journal of the European Union. All three respondents to the public consultation, which closed on 9 October 2025, supported the proposed reduction in the application timeline.

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European Banking Authority Publishes Final Draft Regulatory Technical Standards Amending Delegated Regulation (EU) No. 241/2014

On March 19, 2026, the European Banking Authority (EBA) published its final draft regulatory technical standards (RTS) amending Delegated Regulation (EU) No. 241/2014 . Delegated Regulation (EU) No. 241/2014 provides the RTS on the timing for the application for prior permission to reduce own funds and eligible liabilities instruments under Articles 77, 78 and 78a of Regulation (EU) No. 575/2013 (Capital Requirements Regulation – CRR). This RTS amends Delegated Regulation (EU) No. 241/2014 to shorten the timeframe for competent and resolution authorities to process institution’s applications to reduce own funds and eligible liabilities instruments from four to three months. The 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.
2985013 pc Mar 19, 2026 pdonofrio US Track 2 News Releases - Office of the Comptroller of the Currency (OCC) financial services
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United States Federal Banking Agencies Request Comment on Regulatory Capital Framework Modernization Proposals

On March 19, 2026, the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board, and Office of the Comptroller of the Currency (OCC) jointly requested public comment on three proposals to modernize the regulatory capital framework for banks of all sizes. The first proposal, primarily applicable to the largest and most internationally active banks, would streamline capital requirements by requiring these institutions to use a single set of calculations rather than two to determine compliance with risk-based capital requirements. This proposal would enhance risk sensitivity, reduce administrative burden, improve consistency across banks, and implement the final components of the Basel III agreement. The framework would better capture credit, market, and operational risks. Other banks may voluntarily adopt this approach. Market risk requirements would apply only to banks with significant trading activity. The second proposal, generally applicable to all but the largest banks, would better align capital requirements for traditional lending activities with risk while maintaining framework simplicity. It would reduce disincentives for mortgage lending by modifying capital requirements for mortgage servicing and origination. Certain large banks would be required, subject to a transition period, to reflect unrealized gains and losses on certain securities in their regulatory capital levels. The third proposal, from the Federal Reserve Board, would improve measurement of systemic risk in determining additional capital requirements for the largest and most complex banks. The agencies anticipate that overall capital in the banking system would modestly decrease as a result of these proposals, with capital levels remaining substantially higher than pre-financial crisis levels. Large banks would experience modest capital requirement reductions, while smaller banks would see moderate reductions reflecting their traditional lending activities. The public comment period closes on June 18, 2026.

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US Federal Banking Regulators Request Comment on Regulatory Capital Framework Modernization

On March 19, 2026, three federal banking regulators – the US Federal Reserve Board (FRB), US Federal Deposit Insurance Corporation (FDIC) and US Office of the Comptroller of the Currency (OCC) – requested comment on three proposed rules concerning modernization of the regulatory capital framework. According to a news release announcing the proposed rules, they aim to streamline capital requirements and better align regulatory capital with risk, while also maintaining the safety and soundness of the banking system. The proposed rules are as follows: Risk-Based Capital Surcharges for Global Systemically Important Bank Holding Companies; Systemic Risk Report (FR Y-15) : Improving how systemic risk is measured within the framework for determining additional capital requirements for the largest and most complex banks. Category I and II Banking Organizations; Banking Organizations with Significant Trading Activity and Optional Adoption for Other Banking Organizations : Streamlining the capital framework for the largest, most internationally active banks by enhancing risk sensitivity, reducing burden and improving consistency across banks, as well as implementing the final components of the Basel III agreement. Allowing these banks to use one rather than two sets of calculations to determine compliance with risk-based capital requirements. Improving the calibration of the framework to better capture credit, market and operational risks. Allowing other banks to choose to adopt this proposed approach. Applying the market risk aspect of the framework only to banks with significant trading activity. Regulatory Capital and Standardized Approach for Risk-Weighted Assets For the largest banks, better aligning capital requirements for traditional lending activities with risk, while maintaining the framework's simplicity. Reducing disincentives for mortgage lending by modifying capital requirements for servicing and originating mortgages. Modifying mortgage servicing rules for banks that apply the community bank leverage ratio framework. Requiring certain large banks, subject to a transition period, to reflect unrealized gains and losses on certain securities in their regulatory capital levels. Interested parties may submit comments on the proposed rules until June 18, 2026 at this link .
2984459 pc Mar 19, 2026 alapetina Canada News - Canadian Securities Administrators financial services
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Canadian Securities Administrators Adopts Semi-Annual Reporting Pilot for Venture Issuers

The Canadian Securities Administrators (CSA) announced the adoption of a pilot project enabling eligible venture issuers to voluntarily adopt a semi-annual financial reporting framework (SAR). The pilot project represents a regulatory development aimed at reducing compliance burdens for venture issuers while maintaining appropriate investor protection standards. By allowing eligible venture companies to transition from quarterly to semi-annual financial reporting on a voluntary basis, the CSA seeks to provide greater flexibility for smaller capital market participants. This framework is designed to align with the reporting needs of venture issuers while preserving transparency and accountability in Canadian securities markets. The semi-annual reporting option is available only to venture issuers that meet specified eligibility criteria established by the CSA. Venture issuers considering participation in this pilot should review the detailed eligibility requirements and procedural guidelines to determine whether adoption is appropriate for their circumstances. The CSA will monitor the pilot project to assess its effectiveness and impact on market participants and investor protection outcomes. For further information regarding eligibility criteria, application procedures, and the terms of the pilot project, venture issuers should consult the CSA's official guidance documentation or contact their provincial securities regulator. REFERENCES: Canadian Securities Administrators (CSA) – official announcement

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Canadian Securities Administrators Adopts Semi-Annual Reporting Pilot for Venture Issuers

On March 19, 2026, the Canadian Securities Administrators (CSA) announced the adoption of a pilot project enabling eligible venture issuers to voluntarily adopt a semi-annual financial reporting framework (SAR) subject to the terms and conditions in Coordinated Blanket Order 51-933 : Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers (Blanket Order). The SAR Pilot provides an exemption for eligible venture issuers listed on the TSX Venture Exchange Inc. (TSXV) or the CNSX Markets Inc. (CSE) from the requirement to file first- and third-quarter financial reports under National Instrument 51-102 Continuous Disclosure Obligations . According to the CSA, the SAR Pilot is intended to reduce administrative burden and costs associated with the preparation of the first and third quarter financial disclosures. Participation in the SAR pilot is voluntary. While the Blanket Order is in effect, the CSA intends to engage in a broader rule-making project related to voluntary semi-annual financial reporting for eligible reporting issuers and will use learnings from the SAR Pilot to inform that project. The Blanket Order is effective as of March 19, 2026.
2983721 pc Mar 19, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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UK's Financial Conduct Authority Publishes Update to Its Approach to Payment Services and Electronic Money

On March 19, 2026, the Financial Conduct Authority (FCA) published version seven of its Payment Services and Electronic Money Approach Document. The document contains FCA’s guidance on payment services and electronic money, designed to help businesses navigate the Payment Services Regulations 2017 and the Electronic Money Regulations 2011 . The updated guidance makes the following change which was confirmed in Handbook Notice 136 : Amendments regarding exemptions from strong customer authentication, including the contactless payments exemption.
3051195 pc Mar 19, 2026 alapetina Uruguay Regulatory Unit and Control of Personal Data financial services
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Uruguay Enacts Law 20.469 Amending Anti-Money Laundering and Terrorism Financing Regulations

On March 19, 2026, Uruguay's National Secretariat for the Fight Against Money Laundering and Terrorism Financing (Secretaría Nacional para la Lucha contra el Lavado de Activos y el Financiamiento del Terrorismo) promulgated Law 20.469, which introduces amendments to the country's anti-money laundering, terrorism financing, and proliferation financing framework. The law modifies several articles of Law 19.574 (Comprehensive Law Against Money Laundering) of December 20, 2017, and its subsequent amendments. Additionally, Law 20.469 introduces changes to Article 10 of Law 18.401 (Organic Charter of the Central Bank of Uruguay) of October 24, 2008; Article 35 of Law 19.210 (Financial Inclusion Law) of April 29, 2014; and Article 11 of Law 19.696 (National State Intelligence System) of October 29, 2018. These amendments affect obligated subjects reporting requirements, transparency obligations, and the coordination between financial and intelligence authorities in combating money laundering and terrorism financing activities. The full text of Law 20.469 is available on the National Secretariat's website. The amendments are now in effect and apply to all relevant financial institutions, designated non-financial businesses and professions, and other obligated subjects operating in Uruguay. REFERENCES: Secretaría Nacional para la Lucha contra el Lavado de Activos y el Financiamiento del Terrorismo. (2026). Ley 20.469 de fecha 19/03/2026. Retrieved from https://www.gub.uy/secretaria-nacional-lucha-contra-lavado-activos-financiamiento-terrorismo/

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Uruguay Enacts Law 20.469 Amending Anti-Money Laundering and Terrorism Financing Regulations

On March 19, 2026, Uruguay's National Secretariat for the Fight Against Money Laundering and Terrorism Financing published Law 20.469, which introduces amendments to the country's anti-money laundering, terrorism financing, and proliferation financing framework. The law modifies several articles of Law 19.574 (Comprehensive Law Against Money Laundering) of December 20, 2017, and its subsequent amendments. Additionally, Law 20.469 introduces changes to Article 10 of Law 18.401 (Organic Charter of the Central Bank of Uruguay) of October 24, 2008; Article 35 of Law 19.210 (Financial Inclusion Law) of April 29, 2014; and Article 11 of Law 19.696 (National State Intelligence System) of October 29, 2018. These amendments affect obligated subjects reporting requirements, transparency obligations, and the coordination between financial and intelligence authorities in combating money laundering and terrorism financing activities. The amendments are now in effect and apply to all relevant financial institutions, designated non-financial businesses and professions, and other obligated subjects operating in Uruguay.
2983656 pc Mar 19, 2026 adavies European Union European Data Protection Board horizon scanning
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European Data Protection Board and Supervisor Support Strengthened European Union Cybersecurity Framework

On March 19, 2026, the European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS) adopted a joint opinion on the European Commission's proposals for a Cybersecurity Act 2 (CSA2) and targeted amendments to the Network and Information Security 2 (NIS2) Directive. The Commission published the cybersecurity package proposal on January 20, 2026, to strengthen cybersecurity across Europe while streamlining compliance for organisations. The EDPB and EDPS support the general objectives of the CSA2 proposal, including strengthening the role of the European Union Agency for Cybersecurity (ENISA), facilitating cybersecurity certification uptake, and addressing risks to information and communications technology (ICT) supply chains. The authorities welcome ENISA's clarified support mechanisms and recommend that ENISA's advice be issued upon prior request from the EDPB to ensure clear coordination. They further suggest adding the EDPS as a possible requestor of advice from ENISA. The joint opinion emphasises that any additional measures adopted by ENISA's Management Board should be limited to technical details related to personal data processing and require prior consultation with the EDPS. Regarding cybersecurity certification, the EDPB and EDPS recommend clarifying the scope of the European Cybersecurity Certification Framework and its relationship with General Data Protection Regulation (GDPR) certification. ENISA should consult with the EDPB before adopting certification schemes relating to personal data security. The authorities also support establishing a single-entry point for personal data breach notifications to reduce administrative burden. Additionally, they welcome the designation of European Digital Identity Wallets and European Business Wallets providers as essential entities under the NIS2 amendments. The joint opinion underscores that cybersecurity and data protection are reciprocal and interconnected, emphasising that security controls must not undermine individuals' fundamental rights.

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European Data Protection Board and European Data Protection Supervisor Issue Joint Opinion on Proposal for a Regulation for the EU Cybersecurity Act

On March 19, 2026, the European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS) adopted a joint opinion on the European Commission's proposals for a Cybersecurity Act 2 (CSA2) and targeted amendments to Directive (EU) 2022/2555 (Network and Information Security Directive 2 – NIS2). The EDPB and EDPS support the general objectives of the CSA2 proposal, including strengthening the role of the European Union Agency for Cybersecurity (ENISA), facilitating cybersecurity certification uptake, and addressing risks to information and communications technology (ICT) supply chains. The authorities welcome ENISA's clarified support mechanisms. Regarding cybersecurity certification, the EDPB and EDPS recommend clarifying the scope of the European Cybersecurity Certification Framework and its relationship with Regulation (EU) 2016/679 (General Data Protection Regulation – GDPR) certification.
2986022 gc Mar 19, 2026 nsairam Brazil Brazil | News Site gamblingcompliance
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Minas Gerais State Lottery Holds Public Consultation for New Lottery Bidding Process

On March 31, 2026, the Minas Gerais State Lottery (LEMG) will hold a public consultation at its headquarters in Belo Horizonte to gather contributions and suggestions for the preparation of technical and legal documents necessary for a future bidding process to operate lottery games. Registration for interested parties closes on March 30, 2026, at 11:59 PM. The consultation notice, identified as LEMG 001/2026, was published in the State Official Gazette on March 19, 2026. This public consultation follows the cancellation of International Public Tender LEMG No. 002/2023, which was terminated on January 30, 2026, by LEMG Director-General Onésimo Diniz Moreira. The previous bidding process was cancelled to align with Federal Law No. 14.133/2021, which establishes new rules for bidding and administrative contracts. A legal assessment concluded that proceeding under the original framework was not feasible, particularly due to substantial changes proposed by the technical area, including a shift in judging criteria to "technique and price". The State Attorney General's Office recommended formal publication of the termination to ensure transparency and legal certainty. The new bidding process will follow the International Public Tender modality, type Technical and Price, to select a company for operational activities related to lottery game exploration and operation. The concession will cover online and land-based lottery games, including games of prediction as stipulated in federal and state legislation. The selected company will be responsible for implementing and operating lottery products, developing marketing strategies, creating and operating a network of points of sale, developing virtual gaming platforms, conducting raffles, and paying prizes to winners. The contract will be governed by Federal Law No. 14.133/2021 and Federal Law No. 8.987/1995. Interested parties can access full documentation at www.loterismineira.me.gov.br. LEMG technicians are preparing the new tender, which will be launched later in 2026.

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Minas Gerais Lottery publishes public consultation on lottery modality fixed-odds betting bidding processes

On March 19, 2026, the Minas Gerais Lottery in Brazil published in the state gazette that it will hold a public consultation to re-open the bidding process for the operation of lottery modalities relating to fixed-odds betting. This new public consultation comes after the previous system was repealed due to technical objections made by the Director General of the Minas Gerais Lottery (LEMG). The announcement was published under the identification number LEMG 001/2026. The public consultation opens on March 31 at 10:30 AM, and interested stakeholders have the opportunity to submit comments by March 30. Stakeholders are required to submit comments regarding technical standards, and legal standards on the new bidding process.
2970889 pc Mar 19, 2026 arahman Denmark Finance Denmark horizon scanning
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Denmark's Financial Supervisory Authority Receives Industry Feedback on Recovery Plan Requirements

On March 16, 2026, Finans Danmark, the Danish financial industry association, submitted a consultation response to Finanstilsynet (the Danish Financial Supervisory Authority) regarding proposed amendments to regulations and guidance on recovery plans for financial institutions. Finans Danmark advocates for greater proportionality and reduced administrative burdens in recovery plan requirements for financial companies. While acknowledging Finanstilsynet's draft proposal to expand simplified requirements, the association proposes further adjustments to align regulations more closely with actual risks and reduce unnecessary compliance costs, particularly for smaller and medium-sized institutions. Key proposals include: raising the threshold for applying simplified requirements in recovery plans; allowing more smaller banks to submit only a capital raising plan rather than a full recovery plan; and requiring medium-sized banks to submit recovery plans only every two years instead of annually. Sean Hove, deputy director for credit institution regulation and capital markets at Finans Danmark, stated that proportional regulation targeting genuine risks is essential, and that unnecessary administrative burdens divert resources from strengthening financing for the Danish economy. The association emphasises that proportional implementation would strengthen regulatory balance and reduce administrative costs while maintaining Finanstilsynet's access to necessary information across all financial institutions regardless of size. Finans Danmark represents money and mortgage credit institutions, asset managers, stock brokers, investment funds, and data centres, IT and fintech companies in Denmark's financial sector. **References:** Finans Danmark consultation response on recovery plan amendments (March 16, 2026)

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Denmark's Financial Supervisory Authority Receives Industry Feedback on Recovery Plan Requirements

On March 16, 2026, Finans Danmark, the Danish financial industry association, submitted a consultation response to Finanstilsynet (the Danish Financial Supervisory Authority) regarding proposed amendments to regulations and guidance on recovery plans for financial institutions. Finans Danmark advocates for greater proportionality and reduced administrative burdens in recovery plan requirements for financial companies. While acknowledging Finanstilsynet's draft proposal to expand simplified requirements, the association proposes further adjustments to align regulations more closely with actual risks and reduce unnecessary compliance costs, particularly for smaller and medium-sized institutions. Key proposals include: raising the threshold for applying simplified requirements in recovery plans; allowing more smaller banks to submit only a capital raising plan rather than a full recovery plan; and requiring medium-sized banks to submit recovery plans only every two years instead of annually. Sean Hove, deputy director for credit institution regulation and capital markets at Finans Danmark, stated that proportional regulation targeting genuine risks is essential, and that unnecessary administrative burdens divert resources from strengthening financing for the Danish economy. The association emphasises that proportional implementation would strengthen regulatory balance and reduce administrative costs while maintaining Finanstilsynet's access to necessary information across all financial institutions regardless of size. Finans Danmark represents money and mortgage credit institutions, asset managers, stock brokers, investment funds, and data centres, IT and fintech companies in Denmark's financial sector. **References:** Finans Danmark consultation response on recovery plan amendments (March 16, 2026)
2970889 pc Mar 19, 2026 arahman Denmark Finance Denmark horizon scanning
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Denmark's Financial Supervisory Authority Receives Industry Feedback on Recovery Plan Requirements

On March 16, 2026, Finans Danmark, the Danish financial industry association, submitted a consultation response to Finanstilsynet (the Danish Financial Supervisory Authority) regarding proposed amendments to regulations and guidance on recovery plans for financial institutions. Finans Danmark advocates for greater proportionality and reduced administrative burdens in recovery plan requirements for financial companies. While acknowledging Finanstilsynet's draft proposal to expand simplified requirements, the association proposes further adjustments to align regulations more closely with actual risks and reduce unnecessary compliance costs, particularly for smaller and medium-sized institutions. Key proposals include: raising the threshold for applying simplified requirements in recovery plans; allowing more smaller banks to submit only a capital raising plan rather than a full recovery plan; and requiring medium-sized banks to submit recovery plans only every two years instead of annually. Sean Hove, deputy director for credit institution regulation and capital markets at Finans Danmark, stated that proportional regulation targeting genuine risks is essential, and that unnecessary administrative burdens divert resources from strengthening financing for the Danish economy. The association emphasises that proportional implementation would strengthen regulatory balance and reduce administrative costs while maintaining Finanstilsynet's access to necessary information across all financial institutions regardless of size. Finans Danmark represents money and mortgage credit institutions, asset managers, stock brokers, investment funds, and data centres, IT and fintech companies in Denmark's financial sector. **References:** Finans Danmark consultation response on recovery plan amendments (March 16, 2026)

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Denmark's Financial Supervisory Authority Receives Industry Feedback on Recovery Plan Requirements

On March 16, 2026, Finans Danmark, the Danish financial industry association, submitted a consultation response to Finanstilsynet (the Danish Financial Supervisory Authority) regarding proposed amendments to regulations and guidance on recovery plans for financial institutions. Finans Danmark advocates for greater proportionality and reduced administrative burdens in recovery plan requirements for financial companies. While acknowledging Finanstilsynet's draft proposal to expand simplified requirements, the association proposes further adjustments to align regulations more closely with actual risks and reduce unnecessary compliance costs, particularly for smaller and medium-sized institutions. Key proposals include: raising the threshold for applying simplified requirements in recovery plans; allowing more smaller banks to submit only a capital raising plan rather than a full recovery plan; and requiring medium-sized banks to submit recovery plans only every two years instead of annually. Sean Hove, deputy director for credit institution regulation and capital markets at Finans Danmark, stated that proportional regulation targeting genuine risks is essential, and that unnecessary administrative burdens divert resources from strengthening financing for the Danish economy. The association emphasises that proportional implementation would strengthen regulatory balance and reduce administrative costs while maintaining Finanstilsynet's access to necessary information across all financial institutions regardless of size. Finans Danmark represents money and mortgage credit institutions, asset managers, stock brokers, investment funds, and data centres, IT and fintech companies in Denmark's financial sector. **References:** Finans Danmark consultation response on recovery plan amendments (March 16, 2026)
2980828 pc Mar 19, 2026 tojuri Cyprus Overview - CySec horizon scanning
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Cyprus Securities and Exchange Commission Alerts Regulated Entities to FATF Stablecoin and Unhosted Wallet Risks

On March 18, 2026, the Cyprus Securities and Exchange Commission (CySEC) issued Circular No. C762 drawing attention to a Financial Action Task Force (FATF) report on stablecoins and unhosted wallets published on March 3, 2026. The FATF report identifies illicit finance risks associated with stablecoins, particularly through peer-to-peer transactions via unhosted wallets. The report highlights how stablecoins' price stability, liquidity and interoperability, while supporting legitimate use, render them attractive for criminal misuse including money laundering, terrorist financing, and cybercriminal activities. The report notes specific concerns regarding state-linked cybercriminal groups, including those linked to the Democratic People's Republic of Korea, which have adopted stablecoins for laundering ransomware and phishing proceeds. Iranian actors have also used stablecoins in proliferation financing contexts. Key vulnerabilities identified include peer-to-peer transactions occurring directly between individuals or entities without regulated intermediary involvement, and difficulties stablecoin issuers face in controlling cross-chain activities that may fall outside counter-illicit finance controls. The report also presents good practices and case studies demonstrating how blockchain analytical tools and other risk mitigation measures have been used to detect and disrupt illicit stablecoin activity. CySEC expects regulated entities—including crypto asset service providers, collective investment firms, UCITS management companies, alternative investment fund managers, and small alternative investment fund managers—to adequately identify, assess and mitigate risks associated with stablecoins and unhosted wallets in accordance with the FATF's 2021 Updated Guidance for a Risk-Based Approach to Virtual Asset Service Providers. Regulated entities must enhance their understanding of these risks and strengthen their risk-based approach under the Prevention and Suppression of Money Laundering Activities Law. REFERENCES: Cyprus Securities and Exchange Commission Circular No. C762 (March 18, 2026)

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Cyprus Securities and Exchange Commission Issues Circular on FATF Stablecoin and Unhosted Wallet Risks

The Cyprus Securities and Exchange Commission (CySEC) has issued Circular No. C762, addressed to regulated entities, including crypto asset service providers, Cyprus investment firms and UCITS Management Companies. The circular draws attention to a Financial Action Task Force (FATF) report on stablecoins and unhosted wallets, which was published on 3 March 2026. The FATF report identifies the risks of illicit finance associated with stablecoins, particularly through peer-to-peer transactions via unhosted wallets. Key vulnerabilities include peer-to-peer transactions occurring directly between individuals or entities without the involvement of a regulated intermediary, and the difficulties that stablecoin issuers face in controlling cross-chain activities that may fall outside counter-illicit finance controls. The report also presents good practices and case studies to mitigate the misuse of stablecoins. CySEC expects regulated entities to adequately identify, assess, and mitigate the risks associated with stablecoins and unhosted wallets, in accordance with the FATF's 2021 Updated Guidance for a Risk-Based Approach to Virtual Asset Service Providers . Regulated entities must enhance their understanding of these risks and strengthen their risk-based approach under the Prevention and Suppression of Money Laundering Activities Law .
2983127 pc Mar 19, 2026 rghosh Israel BOI - Press Releases financial services
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Bank of Israel's Banking Supervision Department Issues Temporary Regulatory Relief Measures

On March 17, 2026, the Banking Supervision Department of Bank of Israel (the central bank) published a temporary directive for the banking system designed to provide regulatory flexibility to banks and credit card companies during the current conflict situation, referred to as Operation "Roaring Lion" (Mivtza "Shagat HaAri"). The temporary directive aims to assist customers affected by the consequences of the ongoing military conflict and to ensure continuity in the provision of banking services. The measure permits banks and credit card companies to implement business flexibility measures necessary to address the current circumstances. The Banking Supervision Department indicated that the directive will be updated periodically as circumstances require. The Banking Supervision Department stated that the current military situation necessitates rapid response and support for customers. In addition to the temporary directive, the department is implementing various measures to assist affected customers and support the banking system in managing the challenges posed by the conflict. The department committed to continuing assistance for customers affected by the situation through available means, and indicated it will examine the provision of additional regulatory relief as needed. Customers requiring assistance can contact the Public Enquiries and Consumer Supervision Unit at the Banking Supervision Department on +972-2-6552680 or *9086, or the Credit Data Supervisor at Bank of Israel on *6194. Additional information is available on the central bank's banking information page.

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Bank of Israel's Banking Supervision Department Issues Temporary Regulatory Relief Measures

On March 17, 2026, the Banking Supervision Department of Bank of Israel (the central bank) published a temporary directive for the banking system designed to provide regulatory flexibility to banks and credit card companies during the current conflict situation, referred to as Operation "Roaring Lion" (Mivtza "Shagat HaAri"). The temporary directive aims to assist customers affected by the consequences of the ongoing military conflict and to ensure continuity in the provision of banking services. The measure permits banks and credit card companies to implement business flexibility measures necessary to address the current circumstances. The Banking Supervision Department indicated that the directive will be updated periodically as circumstances require. The Banking Supervision Department stated that the current military situation necessitates rapid response and support for customers. In addition to the temporary directive, the department is implementing various measures to assist affected customers and support the banking system in managing the challenges posed by the conflict. The department committed to continuing assistance for customers affected by the situation through available means, and indicated it will examine the provision of additional regulatory relief as needed. Customers requiring assistance can contact the Public Enquiries and Consumer Supervision Unit at the Banking Supervision Department on +972-2-6552680 or *9086, or the Credit Data Supervisor at Bank of Israel on *6194. Additional information is available on the central bank's banking information page.
2979867 pc Mar 19, 2026 adavies European Union Publications - Banking Supervision EU financial services
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European Central Bank Publishes Annual Report on Supervisory Activities for 2025

On 18 November 2025, the European Central Bank (ECB) published its Annual Report on supervisory activities for 2025, detailing the supervisory performance and key developments across the euro area banking sector under the Single Supervisory Mechanism (SSM). The report confirms that euro area banks maintained resilience throughout 2025 despite elevated geopolitical uncertainties and macroeconomic pressures. As of the third quarter of 2025, the aggregate Common Equity Tier 1 capital ratio for significant institutions stood at 16.1%, while the liquidity coverage ratio remained robust at 157%, both significantly above regulatory requirements. The 2025 EU-wide stress test, conducted across 96 supervised entities, reaffirmed the banking sector's resilience in weathering severe economic downturns. ECB Banking Supervision established three supervisory priorities for 2026-28: strengthening banks' resilience to geopolitical risks and macro-financial uncertainties; ensuring operational resilience and robust information and communications technology capabilities; and advancing digitalisation strategies with strong governance and risk management. The ECB completed a comprehensive reform of its Supervisory Review and Evaluation Process (SREP) in October 2025, delivering decisions six weeks earlier than previous years and enhancing supervisory efficiency. The report highlights significant supervisory activities, including 163 on-site inspections and 77 internal model investigations conducted in 2025. Key findings identified material deficiencies in credit risk management, risk data aggregation and reporting, and operational resilience frameworks. The ECB imposed six pecuniary penalties totalling €8.8 million for breaches of prudential requirements. The ECB's expenditure on supervisory tasks in 2025 amounted to €689.8 million, with planned expenditure for 2026 estimated at €706.7 million, reflecting continued investment in supervisory technology and new mandates from the Digital Operational Resilience Act (DORA).

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European Central Bank Publishes Annual Report on Supervisory Activities for 2025

On March 18, 2026, the European Central Bank (ECB) published its Annual Report on supervisory activities for 2025, detailing the supervisory performance and key developments across the euro area banking sector under the Single Supervisory Mechanism (SSM). The report confirms that euro area banks maintained resilience throughout 2025 despite elevated geopolitical uncertainties and macroeconomic pressures. As of the third quarter of 2025, the aggregate Common Equity Tier 1 capital ratio for significant institutions stood at 16.1 percent, while the liquidity coverage ratio remained robust at 157 percent, both significantly above regulatory requirements. Further, the 2025 EU-wide stress test, conducted across 96 supervised entities, reaffirmed the banking sector's resilience in weathering severe economic downturns. In addition, the ECB has established three supervisory priorities for 2026-28: Strengthening banks' resilience to geopolitical risks and macro-financial uncertainties. Ensuring operational resilience and robust information and communications technology capabilities. Advancing digitalisation strategies with strong governance and risk management.
2982194 pc Mar 19, 2026 rghosh Kenya Weekly Bulletin | CBK horizon scanning
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Kenya's National Treasury Launches Public Consultation on Virtual Asset Service Providers Regulations

The National Treasury of Kenya has opened a public consultation on the draft Virtual Asset Service Providers Regulations, 2026, developed in collaboration with the Central Bank of Kenya (CBK) and Capital Markets Authority (CMA). The regulations are issued pursuant to the Virtual Asset Service Providers Act, 2025 (Act No. 20 of 2025) to establish the legal framework for licensing and regulating virtual asset service providers operating in and from Kenya. The draft regulations and accompanying Regulatory Impact Statement have been published on the websites of the National Treasury, CBK, and CMA. The consultation seeks to operationalise the 2025 act by establishing comprehensive regulatory requirements for virtual asset service providers. The National Treasury is inviting public submissions on the draft regulations through multiple channels: written comments can be submitted to the Principal Secretary at the National Treasury, P.O. Box 30007-00100, Nairobi, or emailed to pstnt@treasury.go.ke and vasps@treasury.go.ke. In addition to written submissions, the National Treasury is conducting 11 public participation forums across Kenya's counties between 30 March and 10 April 2026. These forums, scheduled from 9:00 am to 1:00 pm, will be held in locations including Mombasa, Kisii, Kisumu, Makueni, Kirinyaga, Kakamega, Garissa, Kitale, Meru, Nakuru, and Nairobi, enabling stakeholders from all regions to provide input on the proposed regulations. The deadline for submitting comments, inputs, or memoranda is Friday, 10 April 2026. Submissions must use the template provided on the National Treasury website.

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Central Bank of Kenya Launches Public Consultation on Virtual Asset Service Providers Regulations

On March 19, 2026 the National Treasury of Kenya  opened a public consultation on the draft Virtual Asset Service Providers Regulations, 2026, developed in collaboration with the Central Bank of Kenya (CBK) and Capital Markets Authority (CMA). The regulations are issued pursuant to the Virtual Asset Service Providers Act, 2025 (Act No. 20 of 2025) to establish the legal framework for licensing and regulating virtual asset service providers operating in and from Kenya. The draft regulations and accompanying Regulatory Impact Statement have been published on the websites of the National Treasury, CBK, and CMA. The consultation seeks to operationalise the 2025 act by establishing comprehensive regulatory requirements for virtual asset service providers. The National Treasury is inviting public submissions on the draft regulations through multiple channels: written comments can be submitted to the Principal Secretary at the National Treasury, P.O. Box 30007-00100, Nairobi, or emailed to pstnt@treasury.go.ke and vasps@treasury.go.ke. In addition to written submissions, the National Treasury is conducting 11 public participation forums across Kenya's counties between 30 March and 10 April 2026.
2975382 pc Mar 19, 2026 adavies European Union Finance News - EU Commission financial services
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European Commission Seeks Feedback on Revision of EU Taxonomy Sustainable Economic Activity Criteria

On March 17, 2026, the European Commission's Directorate-General for Financial Stability, Financial Services and Capital Markets Union launched a public consultation on proposed revisions to the EU taxonomy, the classification system defining which economic activities qualify as sustainable. The EU Taxonomy Regulation forms a cornerstone of the EU's sustainable finance framework by steering investments towards sustainable projects. The technical screening criteria within the taxonomy establish the conditions that economic activities must satisfy to be classified as sustainable. The Commission's review aims to simplify the framework and enhance its usability. The draft revisions include streamlined criteria and clarifications on compliance demonstration, whilst aligning the criteria with updated EU legislation and reflecting technological advances. The proposed changes cover most activities under the Climate and Environmental Delegated Acts, including forestry, environmental protection, manufacturing, energy, transport and construction, as well as generic 'do no significant harm' appendices. The revision builds on stakeholder input gathered through consultations, workshops and a call for evidence. By simplifying the rules and reducing administrative burden, the Commission seeks to boost taxonomy adoption, improve access to green finance in the EU and enhance market transparency through clearer disclosures. This broader review follows the Commission's Omnibus I package introduced in February 2025, which focused primarily on disclosure requirements with only targeted adjustments to technical screening criteria. The feedback period closes on April 14, 2026. The Commission will use responses received to shape the forthcoming revision of the criteria, with adoption planned for summer 2026. Responses to the consultation can be submitted via the Commission's public feedback portal.

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European Commission Consults on Revision of EU Taxonomy for the Sustainable Economic Activity Criteria

On March 17, 2026, the European Commission launched a consultation on proposed revisions to the EU taxonomy, the classification system defining which economic activities qualify as sustainable. Regulation (EU) 2020/852 (Taxonomy Regulation – TR) forms a cornerstone of the EU's sustainable finance framework by steering investments towards sustainable projects. The technical screening criteria within the taxonomy establish the conditions that economic activities must satisfy to be classified as sustainable. The Commission's consultation aims to simplify the framework and enhance its usability. Specifically, the Commission is consulting on two draft delegated regulations: A delegated regulation amending Delegated Regulation (EU) 2021/2139 as regards enhancing the usability of the technical screening criteria. A delegated regulation amending Delegated Regulation (EU) 2023/2486 of 27 June 2023 as regards enhancing the usability of the technical screening criteria The draft revisions include streamlined criteria and clarifications on compliance demonstration, whilst aligning the criteria with updated EU legislation and reflecting technological advances. The commission is seeking feedback on its consultation by April 14, 2026, which may be submitted via this link .
2979840 pc Mar 19, 2026 adavies Iceland All regulations, laws, and circulars financial services
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Iceland's Central Bank Issues Rules on Insurance Solvency and Core Capital Calculations

On March 3, 2026, Seðlabanki Íslands (Central Bank of Iceland) issued Rules 255/2026 regarding the calculation of insurance debt and core capital adequacy with reference dates from September 30, 2025 to December 30, 2025. The rules establish calculation methodologies for insurance solvency requirements and core capital (kjarnagjaldþoli) for the specified reference period. These regulations apply to insurance undertakings operating in Iceland and form part of the regulatory framework governing insurance operations. The rules are issued under the authority of the Insurance Business Act (Act 100/2016) and represent the Central Bank of Iceland's implementation of solvency calculation requirements for the fourth quarter of 2025. The rules are effective immediately and apply to the reference period from September 30, 2025 through December 30, 2025. Insurance undertakings must apply these calculation methodologies when determining their solvency positions and core capital adequacy for the specified period. The full text of Rules 255/2026 is available on the Stjórnartíðindi (Official Gazette of Iceland) website. **REFERENCE:** Seðlabanki Íslands (Central Bank of Iceland) – Rules 255/2026

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Iceland's Central Bank Issues Rules on Insurance Solvency and Core Capital Calculations

On March 3, 2026, Seðlabanki Íslands (Central Bank of Iceland) issued Rules 255/2026 regarding the calculation of insurance debt and core capital adequacy with reference dates from September 30, 2025 to December 30, 2025. The rules establish calculation methodologies for insurance solvency requirements and core capital (kjarnagjaldþoli) for the specified reference period. These regulations apply to insurance undertakings operating in Iceland and form part of the regulatory framework governing insurance operations. The rules are issued under the authority of the Insurance Business Act (Act 100/2016) and represent the Central Bank of Iceland's implementation of solvency calculation requirements for the fourth quarter of 2025. The rules are effective immediately and apply to the reference period from September 30, 2025 through December 30, 2025. Insurance undertakings must apply these calculation methodologies when determining their solvency positions and core capital adequacy for the specified period. The full text of Rules 255/2026 is available on the Stjórnartíðindi (Official Gazette of Iceland) website. **REFERENCE:** Seðlabanki Íslands (Central Bank of Iceland) – Rules 255/2026
2980218 pc Mar 19, 2026 csoo United Kingdom Bank of England horizon scanning
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Bank of England Publishes Operational Resilience Incident Reporting Supervisory Statement

On 18 March 2026, the Prudential Regulation Authority (PRA) published Supervisory Statement 1/26 (SS1/26) setting out its expectations for how firms should comply with operational incident reporting requirements under the PRA Rulebook. The statement becomes effective from 18 March 2027. The supervisory statement establishes clear and consistent reporting requirements and expectations for firms experiencing operational incidents that pose a risk to the safety and soundness of individual firms, policyholder protection, or UK financial stability. The incident reporting policy aims to support the operational resilience of the UK financial sector by collecting standardised information from firms on operational incidents. The statement applies to a broad range of regulated entities, including UK banks, building societies, PRA-designated investment firms, UK branches of overseas banks, UK Solvency II firms, the Society of Lloyd's, and its managing agents. All these entities must ensure compliance with the reporting requirements outlined in SS1/26. The PRA simultaneously published Policy Statement 7/26 (PS7/26) on 18 March 2026, which addresses operational incident and third-party reporting requirements. Firms should review both documents to understand the full scope of their operational resilience obligations under the updated framework. The 12-month implementation period provides firms with sufficient time to align their incident reporting procedures and systems with the PRA's expectations before the effective date. REFERENCE: Bank of England Prudential Regulation Authority. SS1/26 – Operational resilience: Incident reporting. Published 18 March 2026. https://www.bankofengland.co.uk/prudential-regulation/publication/2026/mar/ss1-26-operational-resilience-incident-reporting

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UK's Prudential Regulation Authority Issues Policy Statement on Operational Incident and Third-Party Reporting

On March 18, 2026, the Prudential Regulation Authority (PRA) published its policy statement (PS7/26)  on operational incident reporting and third-party reporting. PS7/26 confirms the follow: Final definition for an “operational incident” that is aligned between the PRA and Financial Conduct Authority (FCA). Final reporting thresholds and relevant factors for consideration for operational incident reports. Amendments to the phased reporting approach, instead of the initial proposal to submit three separate reports, firms are now required to submit a report at the initial phase and update the report across the intermediate and final phases of an incident. Final definitions for “third-party arrangement” and “material third-party arrangement” (MTP) in the PRA Rulebook. Amending the approach to MTP notification rule by aligning  with the FCA; requiring firms to submit notifications when entering into or significantly changing an MTP arrangement. Amending the scope of MTP notification requirements to exclude credit unions with less than £50 million in assets and all third country branches. The publication is accompanied by a supervisory statement (SS1/26), which sets further details on the PRA’s expectations of how firms should report an operational incident.
2980650 gc Mar 18, 2026 nsairam Brazil Brazil | News Site gamblingcompliance
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Brazil's Ministry of Finance Makes Available Adhesion Agreement for Sinapo Forum Participation

On March 18, 2026, Brazil's Secretariat of Prizes and Bets (SPA/MF) within the Ministry of Finance made available an adhesion agreement enabling states and the Federal District to formalize their participation in the Forum for the National Systematization of Betting (Sinapo). Sinapo was established by SPA/MF Ordinance No. 227 under Law No. 11,712 of January 28, 2026. It creates a permanent institutional coordination space for dialogue between federative entities on the development and improvement of lottery regulation in Brazil. The Secretariat of Prizes and Betting was required to provide the adhesion agreement within 45 days of the ordinance's publication. States and the Federal District can now formalize their participation by signing the Membership Agreement and submitting a Representative Nomination Form, in which each federative entity designates a primary representative and an alternate representative. Institutional contact information must also be provided for communication with the secretariat. Sinapo aims to strengthen technical cooperation between the Union, states, and the Federal District through exchanging experiences and regulatory best practices, integrating strategic data, and developing joint strategies related to public betting policies. The forum's objectives include improving sector regulation, strengthening legal certainty and transparency, and promoting integrity in lottery operations, with emphasis on bettor protection and the popular economy. Forum meetings will be technical in nature and ordinarily occur four times annually, conducted in person, remotely, or in hybrid format. The meeting schedule will be released by the Secretariat of Prizes and Betting following the consolidation of memberships and representative appointments by participating federative entities. The Membership Agreement and Representative Nomination Form are available on the Secretariat's portal.

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Brazil regulator publishes adhesion agreement for SINAPO participation

On March 18, 2026, Brazil's Secretariat of Prizes and Bets (SPA/MF) under the Ministry of Finance released an adhesion agreement enabling states and the Federal District to formalize participation in the Forum for the National Systematization of Betting (SINAPO). SINAPO was established by SPA/MF Ordinance No. 227 . It creates a permanent institutional coordination space for dialogue between federative entities on the development and improvement of lottery regulation in Brazil. States and the Federal District can now formalize their participation by signing the Membership Agreement and submitting a Representative Nomination Form, in which each federative entity designates a primary representative and an alternate representative. Institutional contact information must also be provided for communication with the secretariat. The meeting schedule will be released by the Secretariat of Prizes and Betting following the consolidation of memberships and representative appointments by participating federative entities. The Membership Agreement and Representative Nomination Form are available here . Both forms are available immediately.
2979465 pc Mar 18, 2026 tojuri Luxembourg DORA - CSSF horizon scanning
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Luxembourg's Financial Regulator Updates Digital Operational Resilience Act Information Register Submission Requirements

On March 17, 2026, the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg's financial regulator, issued an update regarding the submission of information registers required under the Digital Operational Resilience Act (DORA). Financial entities subject to DORA must submit their register of information to the CSSF by March 31, 2026, at individual or consolidated level. Third-country branches of credit institutions face an extended deadline of June 30, 2026, on a best effort basis. As of March 16, 2026, only 40 percent of required financial entities had submitted their registers, prompting the CSSF to urge immediate submission to address potential issues promptly. The CSSF will forward submitted registers to the European Supervisory Authorities (ESAs) for additional quality control checks throughout April 2026. Should the ESAs detect errors and refuse a register, the submitting entity will be notified by the CSSF and must correct and resubmit the register before the end of April. The CSSF advises financial entities to maintain adequate resources throughout April to support the validation process with the ESAs. This update applies to investment firms, credit institutions, electronic money institutions, payment institutions, investment fund managers, data communication service providers, and crypto-asset service providers operating in Luxembourg. **Reference:** Commission de Surveillance du Secteur Financier (CSSF). "DORA – Collecte du registre d'information – Mise à jour." March 17, 2026. Available at: https://www.cssf.lu/

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Luxembourg’s Commission de Surveillance du Secteur Financier Issues Update on Register of Information Submission

Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) has issued an update regarding the submission of information registers required under Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA). Financial entities subject to DORA must submit their register of information to the CSSF by March 31, 2026 , at the individual or consolidated level.  Third-country branches of credit institutions have an extended deadline of June 30, 2026 , on a best-effort basis. The CSSF urges financial entities to submit their register of information as soon as possible to address potential issues in a timely manner. The CSSF will forward submitted registers to the European Supervisory Authorities (ESAs) for additional quality control checks throughout April 2026. Should the ESAs detect errors and refuse a register, the submitting entity will be notified by the CSSF and must correct and resubmit the register before the end of April. The CSSF advises financial entities to maintain adequate resources throughout April to support the validation process with the ESAs.
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