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2963254 pc Mar 13, 2026 csoo Italy Feed - Garante Protezione dei dati personali horizon scanning
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Italy's Data Protection Authority Fines Intesa Sanpaolo €17.6 Million for Unlawful Customer Profiling

On March 12, 2026, Italy's Data Protection Authority (Garante per la protezione dei dati personali) issued a fine of €17.6 million to Intesa Sanpaolo Spa for unlawfully processing the personal data of approximately 2.4 million customers in connection with a corporate restructuring. Intesa Sanpaolo transferred customers unilaterally to its wholly-owned subsidiary, Isybank Spa, a fully digital bank. To identify which customers to transfer, the bank conducted customer profiling without adequate legal basis, selecting clients based on specific characteristics including age not exceeding 65 years, regular use of digital channels within the previous year, absence of investment products, and financial availability below a certain threshold. This profiling significantly affected customers' positions, resulting in the transfer of their accounts to a different data controller, unilateral modification of contractual conditions, and changes to account operations, including assignment of a new IBAN and exclusive access via mobile application without physical branch access. The Authority found that communications to customers regarding this operation were inadequate. Notifications were sent primarily during summer months within the app's archive section without sufficient prominence, such as push notifications or SMS alerts, that the extraordinary nature of the operation warranted. The Garante determined that the bank's processing was unlawful because customers could not reasonably have anticipated it based on the context and information provided. In determining the fine amount, the Authority considered the severity of violations, the high number of affected customers, the negligent nature of the breaches, and the bank's cooperation. The decision closes a complex investigation initiated following numerous customer complaints.

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Italy's Data Protection Authority Fines Intesa Sanpaolo €17.6m for Unlawful Customer Profiling

On March 12, 2026, Italy's Data Protection Authority (Garante per la protezione dei dati personali) issued a fine of €17.6 m to Intesa Sanpaolo Spa for unlawfully processing the personal data of approximately 2.4m customers in connection with a corporate restructuring. Intesa Sanpaolo transferred customers unilaterally to its wholly-owned subsidiary, Isybank Spa, a fully digital bank. To identify which customers to transfer, the bank conducted customer profiling without adequate legal basis, selecting clients based on specific characteristics including age not exceeding 65 years, regular use of digital channels within the previous year, absence of investment products, and financial availability below a certain threshold. This profiling significantly affected customers' positions, resulting in the transfer of their accounts to a different data controller, unilateral modification of contractual conditions, and changes to account operations, including assignment of a new IBAN and exclusive access via mobile application without physical branch access. The authority found that communications to customers regarding this operation were inadequate. Notifications were sent primarily during summer months within the app's archive section without sufficient prominence, such as push notifications or SMS alerts,. The authority determined that the bank's processing was unlawful because customers could not reasonably have anticipated it based on the context and information provided. In determining the fine amount, the Authority considered the severity of violations, the high number of affected customers and the negligent nature of the breaches.
2963831 gc Mar 13, 2026 apintea Belgium Gazette - published laws gamblingcompliance
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Belgium Amends Royal Decree on Diverse Rights and Taxes Form Annexes

On March 5, 2026, Belgium's Federal Public Service Finance issued a Royal Decree amending annexes 2/1, 4, and 6 of the Royal Decree of March 3, 1927, which implements the Code on Diverse Rights and Taxes. The amendments address outdated information contained in the form annexes, including correspondence addresses for paper-filed declarations, payment references for electronic declarations, and references to applicable legislation. The decree aims to ensure legal certainty for all submissions and payments by updating these elements to reflect current requirements. The Royal Decree also removes references to "on paper" (op papier) from articles 240-7 duodecies and 240-7 quinquiesdecies of the implementing decree, reflecting the shift toward electronic filing procedures. The State Council (Raad van State) provided advice on February 20, 2026, which was largely incorporated into the final decree. The amendments constitute an implementing decision with no new budgetary implications, therefore no approval from the Finance Inspector or Budget Minister was required. The decree was adopted on the recommendation of the Minister of Finance, J. Jambon, and signed by King Filip. The updated form annexes are now in effect, with the decree published in the Belgian Official Journal (Belgisch Staatsblad) on March 13, 2026. REFERENCES: Belgian Official Journal (Belgisch Staatsblad), March 13, 2026: https://www.ejustice.just.fgov.be/cgi/article.pl?language=nl∑_date=2026-03-13≶_txt=n&numac_search=2026001887

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1517 chars · nid 50396

Belgium Amends Royal Decree on Diverse Rights and Taxes Form Annexes

On March 5, 2026, Belgium's Federal Public Service Finance issued a Royal Decree amending annexes 2/1, 4, and 6 of the Royal Decree of March 3, 1927, which implements the Code on Diverse Rights and Taxes. The amendments address outdated information contained in the form annexes, including correspondence addresses for paper-filed declarations, payment references for electronic declarations, and references to applicable legislation. The decree aims to ensure legal certainty for all submissions and payments by updating these elements to reflect current requirements. The Royal Decree also removes references to "on paper" (op papier) from articles 240-7 duodecies and 240-7 quinquiesdecies of the implementing decree, reflecting the shift toward electronic filing procedures. The State Council (Raad van State) provided advice on February 20, 2026, which was largely incorporated into the final decree. The amendments constitute an implementing decision with no new budgetary implications, therefore no approval from the Finance Inspector or Budget Minister was required. The decree was adopted on the recommendation of the Minister of Finance, J. Jambon, and signed by King Filip. The updated form annexes are now in effect, with the decree published in the Belgian Official Journal (Belgisch Staatsblad) on March 13, 2026. REFERENCES: Belgian Official Journal (Belgisch Staatsblad), March 13, 2026: https://www.ejustice.just.fgov.be/cgi/article.pl?language=nl∑_date=2026-03-13≶_txt=n&numac_search=2026001887
2961201 gc Mar 13, 2026 apintea Malta Malta Gaming Authority-news gamblingcompliance
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MGA enhances regulatory oversight and outlines 2026 supervisory priorities - Malta Gaming Authority

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2964391 pc Mar 13, 2026 pthandapani Hong Kong HKSAR Government financial services
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Hong Kong Customs and Excise Department Revises Money Service Operators Licensing Fees

On March 13, 2026, the Hong Kong Government gazetted the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Amendment of Schedule 3) Notice 2026, revising 12 fees under the licensing regime for Money Service Operators (MSOs). The new fees will take effect on May 15, 2026. The revised fees reflect a cost recovery review conducted at 2026-27 price levels, which identified that current cost recovery rates for 11 of the 12 fees ranged from 60 to 76 percent. The revision aligns with the government's "user-pays" principle, ensuring fees adequately recover the full cost of public services provided. The photocopying fee will increase to HK$1.5 per page to align with relevant government standard charges. The remaining 11 fees will increase between 10 and 15 percent, or between HK$55 and HK$500 in dollar terms. Key fee increases include: application for licence grant (from HK$3,310 to HK$3,810); licence renewal (from HK$790 to HK$910); and applications for approval to become a director, ultimate owner, or partner (from HK$860 to HK$945 per person). Additional fees for business premises and persons subject to fit and proper person tests have also been adjusted proportionally. These fees have remained unchanged since the MSO regime commenced on April 1, 2012. Hong Kong Customs will continue enhancing efficiency and streamlining procedures to contain service provision costs. Enquiries can be directed to the Money Service Supervision Bureau at 3742 7742 or msoenquiry@customs.gov.hk. REFERENCES: Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Amendment of Schedule 3) Notice 2026, Hong Kong Government Press Release, March 13, 2026

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Hong Kong Customs and Excise Department Revises Money Service Operators Licensing Fees

The Hong Kong Customs and Excise Department (HKCED) has revised its licensing fees for Money Services Operators (MSOs) which it states is in line with the government's "user pays" policy under which any fees levied should be at levels adequate to recover the full cost of the public services provided. Under the revisions, the fees for the following twelve licensing services have been increased: Providing an uncertified copy of an entry in, or extract from, the register Application for the grant of a licence Each additional business premises as part of an application for the grant of a license Each person who is subject to the fit and proper person test as part of an application for the grant of a license Application for the renewal of a licence Each additional business premises as part of an application for the renewal of a license Each person who is subject to the fit and proper person test as part of an application for the renewal of a license Application for an approval to become a licensee's director Application for an approval to become a licensee's ultimate owner Application for an approval to become a licensee's partner Application to add new business premises Application to operate a money service at particular premises The revised fees will come into effect on March 15,2026.
3008266 pc Mar 13, 2026 reprocess Albania Bank of Albania - Press Releases horizon scanning
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Bank of Albania Participates in European Union-Funded Programme for Central Bank Integration

On March 13, 2026, the Bank of Albania announced its participation in Phase III of the "Programme for Strengthening the Central Bank Capacities in the Western Balkans", an European Union-funded initiative designed to support regional central banks and supervisory authorities in their integration into the European System of Central Banks (ESCB). The programme is implemented by Deutsche Bundesbank, 19 national central banks of the ESCB, and the European Central Bank (ECB). The European Union (EU) has allocated €3 million to the programme through its Instrument for Pre-Accession Assistance (IPA III). The Bank of Albania will participate alongside central banks and supervisory authorities from Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia. The initiative aims to strengthen institutional capacities by enhancing analytical and policy tools and translating best international and European standards into national practices. Over the next 36 months, Deutsche Bundesbank, in its role as project leader, will organise intensive regional training programmes and bilateral measures focused on key central banking and supervisory issues. The thematic areas include anti-money laundering and combating terrorism financing, cyber risks, data science and management, digital transformation, innovation, and artificial intelligence at central banks. High-level meetings will also address current topics including central bank independence and developments in payment systems. The kick-off event for Phase III was held at Banca d'Italia, with attendance from Deutsche Bundesbank, the European Commission, and the ECB. Through this programme, the Bank of Albania continues its efforts to align with European standards and practices whilst strengthening institutional capacities in the context of its European integration process.

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Bank of Albania Announces Phase III of Integration into European System of Central Banks

On March 13, 2026, the Bank of Albania announced its participation in the third phase of the European Union (EU) funded Programme for Strengthening the Central Bank Capacities in the Western Balkans, which supports central banks and supervisory authorities in their integration into the European System of Central Banks. Over the next 36 months, the programme will deliver an intensive regional training programme on key central banking and supervisory issues, focusing on areas such as anti-money laundering and counter-terrorism financing, cyber risks, data science and management, digital transformation, innovation and artificial intelligence. There will also be high-level meetings on current topics in focus, such as central bank independence and new developments in payment systems. Through participation, the Bank of Albania aims to continue its efforts to align with European standards and practices while strengthening institutional capacities within the European integration process.
2961728 pc Mar 13, 2026 pthandapani Philippines Anti-Money Laundering Council horizon scanning
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Philippines Anti-Money Laundering Council Declares March 11, 2026 as Non-Reporting Day

On March 12, 2026, the Anti-Money Laundering Council (AMLC) declared March 11, 2026 as a non-reporting day and excluded it from the counting of the prescribed reporting period for transaction reporting and compliance submissions. The declaration was made pursuant to Chapter 1, Section 6.3 of the Guidelines on Transaction Reporting and Compliance Submissions (GoTRACS). This means that entities subject to transaction reporting obligations under the AMLC's framework will not be required to submit reports on this date, and the day will not count towards their reporting deadlines. The AMLC has advised that entities with queries regarding this non-reporting day declaration or their reporting obligations may contact the AMLC Registration and Reporting Hotlines, details of which are available on the AMLC website.

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Philippines Anti-Money Laundering Council Declares March 11, 2026 as Non-Reporting Day

The Philippines Anti-Money Laundering Council has declared March 11, 2026  as a non-reporting day. This date should thus be excluded when calculating prescribed reporting periods.
2964691 pc Mar 13, 2026 adavies International Financial Stability Board financial services
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Financial Stability Board Launches New Implementation Phase for Cross-border Payments Enhancement

On 12 March 2026, the Financial Stability Board (FSB) held the FSB Cross-border Payments Summit in London to advance efforts to make cross-border payments cheaper, faster, more transparent and more accessible. Hosted by the Bank of England, the summit brought together senior policymakers and industry leaders to initiate a new implementation phase of work towards the G20 Roadmap for Enhancing Cross-border Payments goals. FSB Chair Andrew Bailey emphasised the universal importance of cross-border payments and the necessity of strong commitment and collective action from both public and private sectors. The next phase of work will focus on two key aspects: encouraging the development of jurisdictional and regional action plans by public authorities to drive domestic and regional implementation, and promoting private-sector action and closer public-private collaboration. The FSB will request its members to develop action plans identifying practical steps and priorities for enhancing payment systems within their jurisdictions and at broader regional levels. The Institute of International Finance (IIF) committed to assessing how the external environment has changed since the Roadmap was first published in 2020 and how it may need to evolve. The IIF will produce a report later in 2026 with findings and industry recommendations, to be presented at the upcoming International Monetary Fund and World Bank Spring Meetings. Swift announced that 75 percent of payments currently reach beneficiary banks in just 10 minutes, with many arriving in seconds. Swift will introduce a new retail payments framework by June 2026, ensuring consumer payments benefit from fastest speeds, cost certainty and end-to-end transparency. Swift is also integrating a shared, blockchain-based ledger targeting 24/7 real-time cross-border payments. The FSB aims to achieve significant improvements by the end of 2027. REFERENCES: Financial Stability Board. (2026). FSB kicks off new implementation phase to enhance cross-border payments through public-private partnership. Available at: https://www.fsb.org/

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Financial Stability Board Announces New Implementation Phrase to Enhance Cross-Border Payments

On March 12, 2026, the Financial Stability Board (FSB) announced a new implementation phase to enhance cross-border payments through public-private partnerships. As explained by the FSB, the next phase of the work will focus on two key aspects: Encouraging the development of jurisdictional and regional action plans by public authorities to drive domestic and regional implementation The promotion of private-sector action and closer private-public collaboration, with industry playing a decisive role in delivering real benefits for end users. Through the next stage, the FSB hopes to identify practical steps and priorities for enhancing payment systems.
3020466 pc Mar 13, 2026 arahman Bosnia and Herzegovina Press Releases - Security Ministry financial services
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Bosnia and Herzegovina Adopts Draft Law on Asset Restriction to Combat Terrorism and Money Laundering

On March 13, 2026, the Council of Ministers of Bosnia and Herzegovina adopted a draft law on restricting asset disposal to prevent terrorism, terrorism financing, and weapons of mass destruction proliferation. The Ministry of Security of Bosnia and Herzegovina proposed the legislation, which addresses a key recommendation from the Financial Action Task Force (FATF) Mutual Evaluation Review Body (MONEYVAL). The draft law establishes a clear legal framework for implementing targeted financial sanctions measures. It defines institutional responsibilities, oversight mechanisms, binding procedural requirements, and appropriate sanctions for non-compliance. The legislation enables Bosnia and Herzegovina to fully implement international obligations arising from United Nations membership, particularly Security Council resolutions requiring member states to apply asset restriction measures against persons and entities linked to terrorism, terrorism financing, and weapons of mass destruction proliferation. The law represents the first comprehensive and operational implementation of these international obligations within Bosnia and Herzegovina's domestic legal system. It addresses a previously identified gap in the country's effective and legally sustainable system for enforcing targeted financial sanctions. The Parliamentary Assembly of Bosnia and Herzegovina is expected to adopt the law by April 2026. Timely adoption is critical to avoid triggering the FATF's International Cooperation Review Group (ICRG) process, which could result in Bosnia and Herzegovina being placed on the grey list. Such designation would carry serious reputational, political, and financial consequences for the country. Adoption of the law demonstrates Bosnia and Herzegovina's commitment to fulfilling international obligations in combating terrorism and financial crime while strengthening its financial system's stability and integrity.

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Bosnia and Herzegovina Adopts Draft Law on Asset Restriction to Combat Terrorism and Money Laundering

On March 13, 2026, the Council of Ministers of Bosnia and Herzegovina adopted a draft law on restricting asset disposal to prevent terrorism, terrorism financing and weapons of mass destruction proliferation. The Ministry of Security proposed the legislation, which addresses a key recommendation from MONEYVAL. The draft law establishes a clear legal framework for implementing targeted financial sanctions measures. It defines institutional responsibilities, oversight mechanisms, binding procedural requirements and appropriate sanctions for non-compliance. The legislation enables Bosnia and Herzegovina to fully implement international obligations arising from United Nations membership, particularly Security Council resolutions requiring member states to apply asset restriction measures against persons and entities linked to terrorism, terrorism financing and weapons of mass destruction proliferation. The draft law represents the first comprehensive and operational implementation of these international obligations within Bosnia and Herzegovina's domestic legal system. It addresses a previously identified gap in the country's effective and legally sustainable system for enforcing targeted financial sanctions. The Parliamentary Assembly of Bosnia and Herzegovina is expected to adopt the law by April 2026. Timely adoption is critical to avoid triggering the FATF's International Cooperation Review Group (ICRG) process, which could result in Bosnia and Herzegovina being placed on the grey list. Adoption of the law demonstrates Bosnia and Herzegovina's commitment to fulfilling international obligations in combating terrorism and financial crime while strengthening its financial system's stability and integrity.
2960618 pc Mar 13, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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Financial Conduct Authority Calls on Second Charge Mortgage Firms to Raise Consumer Protection Standards

On March 12, 2026, the Financial Conduct Authority (FCA) published findings from a review of the second charge mortgage market, identifying significant weaknesses in how lenders and brokers advise customers, assess affordability, and charge fees. Second charge mortgages enable homeowners to borrow additional funds against their home equity without changing their existing mortgage. The market represents less than 4 percent of regulated mortgage sales. The FCA's review found that these products are frequently used by customers with high existing debt levels and low financial resilience, often for debt consolidation purposes. Key issues identified include affordability assessments that overlook essential living expenses, advice steering customers toward debt consolidation without clear appropriateness justification, inadequate record-keeping practices, and unclear fees frequently added to loans, which impede customer comparisons. The FCA noted that some firms' practices may not meet expectations under the Consumer Duty and could expose borrowers to increased financial harm. David Geale, executive director of payments and digital finance at the FCA, stated: "The second charge market is relied on by people often already heavily in debt. It's vital it works well, but we've found that standards are not always where they need to be. This needs to change." The FCA is calling on all second charge firms to carefully consider the review findings and take appropriate corrective action. Mortgage brokers across the wider market are encouraged to review findings on record-keeping and quality assurance. Over the next year, the FCA will continue engaging with firms to drive improvements, monitor second charge lenders and take regulatory action where necessary, and consider potential mortgage policy changes to support positive outcomes for consumers consolidating debt. REFERENCES: https://www.fca.org.uk/news/press-releases/second-charge-mortgage-firms-told-raise-standards-consumers

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UK's Financial Conduct Authority Calls on Second Charge Mortgage Firms to Raise Consumer Protection Standards

On March 12, 2026, the Financial Conduct Authority (FCA) published findings from a review of the second charge mortgage market, identifying significant weaknesses in how lenders and brokers advise customers, assess affordability, and charge fees. Second charge mortgages enable homeowners to borrow additional funds against their home equity without changing their existing mortgage. The FCA's review found that these products are frequently used by customers with high existing debt levels and low financial resilience, often for debt consolidation purposes. Key issues identified include: Affordability assessments that overlook essential living expenses. Advice steering customers toward debt consolidation without clear appropriateness justification. Inadequate record-keeping practices, and unclear fees frequently added to loans, which impede customer comparisons. The FCA noted that some firms' practices may not meet expectations under the Consumer Duty and could expose borrowers to increased financial harm. The FCA is calling on all second charge firms to carefully consider the review findings and take appropriate corrective action. Mortgage brokers across the wider market are encouraged to review findings on record-keeping and quality assurance. Over the next year, the FCA will continue engaging with firms to drive improvements, monitor second charge lenders and take regulatory action where necessary, and consider potential mortgage policy changes to support positive outcomes for consumers consolidating debt.
2961358 pc Mar 13, 2026 adavies European Union European Securities and Markets Authority financial services
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European Securities and Markets Authority Publishes Guidelines on Liquidity Management Tools for UCITS and Open-Ended Alternative Investment Funds

On March 12, 2026, the European Securities and Markets Authority (ESMA) published guidelines on the selection and calibration of liquidity management tools (LMTs) for undertakings for collective investment in transferable securities (UCITS) and open-ended alternative investment funds (AIFs). The guidelines implement mandates set out in Directive (EU) 2024/927, which amended the UCITS Directive (2009/65/EC) and the Alternative Investment Fund Managers Directive (2011/61/EU). The guidelines establish consistent supervisory practices for fund managers and competent authorities regarding LMT selection, activation and calibration. Fund managers retain primary responsibility for liquidity risk management and must select at least two appropriate LMTs from prescribed lists. ESMA recommends fund managers consider selecting at least one quantitative-based LMT (redemption gates or extension of notice periods) and at least one anti-dilution tool (redemption fees, swing pricing, dual pricing or anti-dilution levy). The guidelines cover suspension of subscriptions and redemptions, redemption gates, extension of notice periods, redemptions in kind, anti-dilution tools, and side pockets. Fund managers must assess LMT suitability considering fund structure, investment strategy, dealing terms, liquidity profile, stress testing results, investor characteristics and operational feasibility. Guidelines specify that suspensions and side pockets should be activated only in exceptional circumstances, while anti-dilution tools should be calibrated to reflect estimated liquidity costs fairly under both normal and stressed market conditions. Competent authorities must notify ESMA of compliance or non-compliance within two months of publication, with reasons for any non-compliance. The guidelines apply from the date of application of related regulatory technical standards, with a twelve-month transition period for existing funds.

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European Securities and Markets Authority Publishes Guidelines on Liquidity Management Tools for UCITS and Open-Ended Alternative Investment Funds

On March 12, 2026, the European Securities and Markets Authority (ESMA) published the translated guidelines on liquidity management tools for Undertakings for Collective Investment in Transferable Securities (UCITS) under Directive (EU) 2024/927 . The guidelines provide direction on the selection and calibration of liquidity management tools by UCITS for effective liquidity risk management and to mitigate financial stability risks. They cover: General principles. Guidance on quantitative-based liquidity management tools. Guidance on anti-dilution tools. Guidance on side pockets. The guidelines apply on the date of application of the regulatory technical standard on the characteristics of liquidity management tools. With the publication of the translated guidelines, national competent authorities must notify ESMA, by May 12, 2026, whether they intend to comply with the guidelines.
2961244 pc Mar 13, 2026 adavies Iceland All regulations, laws, and circulars financial services
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Iceland's Central Bank Publishes General Guidelines for Financial Institution Supervisory Review and Evaluation Process

On March 9, 2026, the Central Bank of Iceland published the ninth edition of general guidelines and methodology for the supervisory review and evaluation process (SREP) and supervisory stress testing applicable to financial institutions. The guidelines establish the framework through which the Financial Supervision Authority of the Central Bank of Iceland assesses capital adequacy and liquidity requirements for financial institutions operating under Icelandic law. The guidelines outline a comprehensive supervisory framework encompassing risk classification of financial institutions, monitoring of key risk indicators, assessment of risk factors affecting capital and liquidity, and determination of total capital requirements. Financial institutions are classified into four impact categories (high, medium-high, medium-low, and low) based on their potential systemic importance. The supervisory review process is conducted annually for commercial banks and at varying intervals for other institutions depending on their classification. The guidelines detail supervisory benchmarks for assessing additional capital requirements across multiple risk categories: credit and concentration risk, market and interest rate risk, operational risk, and leverage risk. They also address environmental, social, and governance (ESG) risk integration, anti-money laundering and counter-terrorism financing considerations, and business model analysis. Two annexes provide detailed methodologies for calculating additional capital requirements under Pillar II and specify capital buffer requirements including systemic risk buffers, countercyclical buffers, and buffers for systemically important institutions. The guidelines align with European Banking Authority standards and provide the methodology for determining overall capital requirements that financial institutions must maintain to ensure adequate capital and liquidity buffers against identified risks.

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Central Bank of Iceland Publishes General Guidelines for the Supervisory Review and Evaluation Process

On March 10, 2026, the Central Bank of Iceland published the ninth edition of general guidelines and methodology for the supervisory review and evaluation process (SREP) and supervisory stress testing applicable to financial institutions. The guidelines establish the framework through which the CBI assesses capital adequacy and liquidity requirements for financial institutions operating under Icelandic law. The guidelines outline: The CBI’s investigation and assessment process, including: Prioritisation. The monitoring of key risk indicators. The assessment of risk factors and risk rating. Overall risk assessments and monitoring actions. Prioritisation. The monitoring of key risk indicators. The assessment of risk factors and risk rating. Overall risk assessments and monitoring actions. The CBI’s assessment of additional capital requirements, including: Minimum capital requirements. The assessment of additional capital requirements. The combined capital surcharge requirement. Total capital requirements. Actions for insufficient equity. Notifications and public disclosures of the results of the examination. Minimum capital requirements. The assessment of additional capital requirements. The combined capital surcharge requirement. Total capital requirements. Actions for insufficient equity. Notifications and public disclosures of the results of the examination.
3185468 pc Mar 12, 2026 ataylor South Dakota Division of Banking financial services
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South Dakota Division of Banking Implements Financial Exploitation Prevention Legislation

On June 1, 2026, the South Dakota Division of Banking issued a memorandum notifying financial institutions of House Bill 1238 (HB 1238), legislation designed to prevent financial exploitation of senior and vulnerable adults. Governor Larry Rhoden signed HB 1238 into law, and it becomes effective on July 1, 2026. HB 1238 permits South Dakota banks and other financial institutions to temporarily refuse or delay transaction processing when they reasonably believe financial exploitation of a consenting, senior, or vulnerable adult may have occurred, is occurring, may be attempted, or is being attempted. This authority extends to situations where a financial institution receives information from state agencies or law enforcement supporting such reasonable belief. The legislation grants financial institutions discretion to act based on available information and does not impose mandatory obligations to intervene. The act comprises seven sections addressing key operational elements. Section 1 establishes definitions for consenting adults, senior adults, and vulnerable adults. Section 2 outlines the authority to delay or refuse transactions. Section 3 clarifies that action remains discretionary. Section 4 permits financial institutions to notify third parties reasonably associated with affected adults regarding potential exploitation. Section 5 establishes time limits for exercising these authorities. Section 6 provides comprehensive immunity protections for financial institutions, their bank holding companies, employees, agents, officers, and directors against civil, criminal, or administrative liability for actions taken or decisions not to act in accordance with HB 1238. Section 7 specifies that transaction refusals under HB 1238 do not constitute wrongful dishonor under South Dakota Codified Law Section 57A-4-402. The Division of Banking encourages financial institutions to review HB 1238 in detail and contact the division at 605-773-3421 for additional information or clarification regarding implementation requirements.

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South Dakota Legislature Enacts House Bill 1238: Preventing the Financial Exploitation of Vulnerable Adults

On March 12, 2026, the governor of South Dakota signed House Bill 1238 into law. The law permits banks, credit unions, and other financial institutions to temporarily delay or refuse transactions if they reasonably believe financial exploitation of a consenting adult, senior adult (age 65 or older), or vulnerable adult may have occurred, is occurring, or is being attempted. The law provides immunity for institutions and their employees who act in good faith under its provisions. Key provisions of the bill include: Establishes key definitions: The bill defines terms such as “consenting adult,” “senior adult,” and “financial exploitation,” providing clear legal parameters for when financial institutions may act to prevent exploitation. Authority to delay or refuse transactions: A financial institution may delay or refuse a transaction, prevent account ownership changes, block transfers to another person, refuse instructions under a power of attorney, and prevent beneficiary designation changes when financial exploitation is reasonably suspected. Discretionary, not mandatory: Institutions and employees are not required to act; they have discretion based on the information available at the time. Third-party notification allowed: Institutions may notify a reasonably associated third party (e.g., family member, authorized contact, co‑owner, fiduciary, or attorney) of suspected exploitation, unless the third party is believed to be involved in the exploitation or law enforcement requests no notification. Time limits and extensions: The authority to delay expires after 30 business days, when the institution is satisfied no exploitation will occur, or by court order. Institutions may extend the delay based on a reasonable belief that exploitation may continue. Immunity and no wrongful dishonor: Institutions, their holding companies, and their employees, officers, and directors are immune from civil, criminal, or administrative liability for acting or for not acting in accordance with the law. A refusal to engage in a transaction does not constitute wrongful dishonor of an item under South Dakota’s commercial code. The law takes effect July 1, 2026 .
2960776 pc Mar 12, 2026 ataylor Canada Competition Bureau Canada horizon scanning
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Canada Implements Non-Sufficient Fund Fee Cap for Federally Regulated Banks

On March 12, 2026, the Financial Consumer Agency of Canada (FCAC) brought into force new regulations capping non-sufficient fund (NSF) fees charged by federally regulated banks at $10 per occurrence. The Regulations Amending the Financial Consumer Protection Framework Regulations introduce consumer protections designed to reduce banking costs, particularly for financially vulnerable Canadians. The new NSF fee requirements prohibit banks from charging consumers more than $10 when insufficient funds prevent payment coverage on personal deposit accounts. Additionally, consumers cannot be charged an NSF fee more than once within a two-business-day period for the same account, and no NSF fees apply to overdrawn amounts under $10. Prior to these regulations, NSF fees typically ranged from $45 to $48 and could be charged in rapid succession due to multiple declined payments. According to the government, more than one in three Canadians are affected by NSF fees. The FCAC will oversee industry compliance with the new requirements. The agency has published consumer information on Canada.ca explaining rights regarding NSF fees for chequing accounts. Separately, fourteen federally regulated financial institutions, including Canada's six largest banks, have committed to modernized no-cost and low-cost accounts costing no more than $4 per month, effective since December 1, 2025. The government has requested that FCAC prepare a report on the structure, level, and transparency of fees charged by Canadian banks, which will be published later in 2026. Consumers are advised to review their account agreements and contact their banks with questions about fees and charges.

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Financial Consumer Agency of Canada Implements Non-Sufficient Fund Fee Cap for Federally Regulated Banks

On March 12, 2026, the Financial Consumer Agency of Canada (FCAC) brought into force new regulations capping non-sufficient fund (NSF) fees charged by federally regulated banks at $10 per occurrence. The Regulations Amending the Financial Consumer Protection Framework Regulations introduce consumer protections designed to reduce banking costs, particularly for financially vulnerable Canadians. The new NSF fee requirements prohibit banks from charging consumers more than $10 when insufficient funds prevent payment coverage on personal deposit accounts. Additionally, consumers cannot be charged an NSF fee more than once within a two-business-day period for the same account, and no NSF fees apply to overdrawn amounts under $10. Prior to these regulations, NSF fees typically ranged from $45 to $48 and could be charged in rapid succession due to multiple declined payments. According to the FCAC, more than one in three Canadians are affected by NSF fees. The FCAC will oversee industry compliance with the new requirements. The agency has also published consumer information on Canadian federal government website to explain rights regarding NSF fees for chequing accounts.
2985136 gc Mar 12, 2026 mschanke Massachusetts Massachusetts Gaming Commission gamblingcompliance
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Massachusetts regulator approves collective $21,500 fine against BetMGM for improper wagers

On March 12, 2026, the Massachusetts Gaming Commission voted to approve two civil administrative penalties upon BetMGM in the total amount of $21,500, for improper wagers. The first fine, of $6,500, relates to an incident in October 2024 in which BetMGM allegedly accepted a $10 college player prop bet on a University of Nevada, Las Vegas (UNLV) wide receiver's receiving yards. The second fine, of $15,000, relates to an incident in which BetMGM accepted wagers on a prohibited athlete.
2962597 pc Mar 12, 2026 ataylor Florida Florida Office of Financial Regulation - Division of Administrative Hearings horizon scanning
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Florida Office of Financial Regulation Issues Final Order Against Lil' Wave Financial, Inc. for Compliance Violation

On March 12, 2026, the Florida Office of Financial Regulation (OFR) issued a Final Order resolving an enforcement action against Lil' Wave Financial, Inc. and Baruch Alon Harari, the company's President and Sole Owner. The action concluded following an examination (No. 132851) conducted by the OFR to assess the respondents' compliance with Chapter 494, Florida Statutes, which governs mortgage lender licensees. The OFR found that Lil' Wave Financial, Inc., licensed under mortgage lender license number MLD2258, failed to timely submit audited financial statements for Fiscal Year 2024, as required by Sections 494.001 and 494.0077 of Florida Statutes. This constituted a violation of Section 494.0063, Florida Statutes. Rather than pursue formal litigation, the parties resolved the matter through a Stipulation and Consent Agreement, which the OFR approved and incorporated into the Final Order. Under the settlement terms, the respondents agreed to cease and desist from future violations of Chapter 494, Florida Statutes, and comply with all applicable provisions and rules. The respondents were required to pay an administrative fine of $2,625.00 to the OFR, payable by cashier's check or money order referencing Case Number 134037. By consenting to the Final Order, the respondents waived their rights to an administrative hearing, a Notice of Rights, separately stated Findings of Fact and Conclusions of Law, and the right to appeal the Final Order pursuant to Section 120.68, Florida Statutes. The Final Order constitutes final agency action by the OFR and may be enforced pursuant to Chapters 494 and 120, Florida Statutes.

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Florida Office of Financial Regulation Issues Final Order Against Lil' Wave Financial, Inc. for Regulatory Reporting Violation

The Florida Office of Financial Regulation (OFR) has issued a Final Order adopting a Stipulation and Consent Agreement with Lil' Wave Financial, Inc. to resolve allegations of regulatory non-compliance. The OFR discovered during an examination that the mortgage lender failed to timely submit its audited financial statements for the 2024 fiscal year, constituting a violation of Chapter 494 of the Florida Statutes, which mandates specific financial reporting standards for licensed mortgage lenders. Under the terms of the settlement, the business must adhere to the following framework: Lil' Wave Financial is required to pay a $2,625 administrative fine. Lil' Wave Financial must immediately cease and desist from future violations of chapter 494 and ensure all future financial filings meet statutory deadlines.
2961215 pc Mar 12, 2026 ataylor Canada News - Canadian Investment Regulatory Organization financial services
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Canadian Investment Regulatory Organization Publishes Expanded Guidance for Order Execution Only Dealers

On March 12, 2026, the Canadian Investment Regulatory Organization (CIRO) published new guidance expanding the range of decision-making supports that Order Execution Only (OEO) dealers can offer to clients without violating prohibitions on providing investment recommendations. The updated guidance addresses concerns identified during public consultations that previous restrictions prevented OEO firms from providing important information to do-it-yourself (DIY) investors, who increasingly rely on unregulated sources such as online forums, social media, and finfluencers for investment guidance. The new guidance adopts a principle-based approach, clarifying that OEO dealers may provide informative resources and decision-making supports provided they do not endorse specific investment decisions and maintain adequate safeguards. Permitted decision-making supports now include alerts and notifications, self-help tools, and educational information. Key safeguards OEO dealers should consider include providing clear disclosures and disclaimers, using transparent and objective criteria, addressing material conflicts of interest, and performing regular monitoring and updates. The previous guidance restricted OEO dealers from providing communications that could "reasonably be expected to influence" investors; the new guidance clarifies this restriction applies only when such communications endorse specific investment decisions. Alexandra Williams, Senior Vice-President of Strategy, Innovation, and Stakeholder Protection at CIRO, stated the guidance enables dealer members to provide more tailored decision-making supports while enhancing investor protection through access to high-quality tools from regulated sources. The guidance is effective immediately and is available on CIRO's website.

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Canadian Investment Regulatory Organization Publishes Expanded Guidance for Order Execution Only Dealers

The Canadian Investment Regulatory Organization (CIRO) has released updated guidance that modernizes the regulatory framework for Order Execution Only (OEO) dealers by broadening the range of decision-making supports they can offer to do-it-yourself (DIY) investors. An OEO account is a self-directed platform where the dealer is prohibited from providing investment advice or suitability determinations. Under the updated framework, CIRO has replaced the former "influence" test (which restricted any communication that could reasonably be expected to influence a trade) with a more precise standard. A bank or dealer may provide informative and proactive resources provided they do not endorse a specific investment decision for the client. According to the CIRO Rules Bulletin , the previous influence test was criticized for being overly broad and having a "chilling effect" on OEO dealers. By contrast, the new standard focuses on whether the dealer is actively endorsing a specific course of action, such as buying a selling a particular security. This shift allows dealers to provide portfolio analytics, risk-based notifications, and proactive educational alerts (such as pop-up warnings for high-risk trading behaviors) as long as the language remains objective and does not advocate for a specific outcome. To ensure these expanded options do not inadvertently cross the threshold into prohibited personalized recommendations, the guidance mandates the following requirements: Asset Allocation Sample Portfolios: OEO platforms may offer sample portfolios that demonstrate generic asset allocations; however, they remain prohibited from including specific securities or derivatives within these models to avoid endorsing specific products. Dynamic Disclosure and Transparency: Rather than relying on static account-opening disclaimers, firms must provide continuous, real-time disclosures clarifying that the user is solely responsible for all investment decisions. Rigorous Conflict Management: Dealers must implement robust policies to manage or avoid material conflicts of interest, particularly regarding the promotion of proprietary or affiliate products within filtering and self-assessment tools.
2956027 pc Mar 12, 2026 pthandapani India Securities and Exchange Board of India financial services
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India's Securities and Exchange Board Issues Adjudication Order Against IM Capital Limited

On March 11, 2026, the Securities and Exchange Board of India (SEBI) issued an adjudication order against IM Capital Limited. The adjudication order represents SEBI's formal determination following an investigation or enforcement proceeding against the entity. SEBI's adjudication function enables it to issue binding orders addressing alleged violations of securities laws and regulations. Such orders typically detail findings of fact, legal conclusions, and any remedial actions or penalties imposed on the respondent entity. Adjudication orders from SEBI are significant enforcement outcomes that establish regulatory precedent and demonstrate the regulator's commitment to maintaining market integrity and investor protection within Indian securities markets. These orders are applicable to the entity named and may have broader implications for market participants operating in similar capacities or engaging in comparable conduct. Market participants and compliance professionals should review the full adjudication order to understand SEBI's regulatory expectations and enforcement priorities. The order may contain guidance relevant to broader industry practices and risk management frameworks. The complete adjudication order is available on SEBI's official website in its Orders section. **Reference:** Securities and Exchange Board of India (SEBI) Adjudication Order, March 11, 2026

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India's Securities and Exchange Board Issues Adjudication Order Against IM Capital Limited

On March 11, 2026, the Securities and Exchange Board of India (SEBI) issued an adjudication order against IM Capital Limited. The adjudication order represents SEBI's formal determination following an investigation or enforcement proceeding against the entity. SEBI's adjudication function enables it to issue binding orders addressing alleged violations of securities laws and regulations. Such orders typically detail findings of fact, legal conclusions, and any remedial actions or penalties imposed on the respondent entity. Adjudication orders from SEBI are significant enforcement outcomes that establish regulatory precedent and demonstrate the regulator's commitment to maintaining market integrity and investor protection within Indian securities markets. These orders are applicable to the entity named and may have broader implications for market participants operating in similar capacities or engaging in comparable conduct. Market participants and compliance professionals should review the full adjudication order to understand SEBI's regulatory expectations and enforcement priorities. The order may contain guidance relevant to broader industry practices and risk management frameworks. The complete adjudication order is available on SEBI's official website in its Orders section. **Reference:** Securities and Exchange Board of India (SEBI) Adjudication Order, March 11, 2026
2963393 gc Mar 12, 2026 apintea Armenia Draft Laws gamblingcompliance
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Armenia's Ministry of Economy Establishes Verification Procedures for Gaming Account Ownership

On March 12, 2026, Armenia's Ministry of Economy published a draft ministerial order establishing verification procedures for gaming account ownership in the gambling and totalisator sectors. The draft order implements provisions from recent legislative amendments adopted on March 26, 2025, including amendments to the Law on Gambling (HO-49-N), the Law on Games of Chance, Internet Games of Chance and Casinos (HO-50-N), and amendments to the Prime Minister's Decision No. 658-L from June 1, 2019. The draft order addresses the verification process for determining rightful ownership of special gaming accounts and associated banking accounts or cards used by Armenian citizens participating in gambling and totalisator activities. It establishes procedures for verifying account ownership in two contexts: accounts used by totalisator participants to fund special gaming accounts for players, and accounts used by players to place bets directly at gaming venues or accounts used by organisers to fund individual gaming cards provided to players. The order falls under the Ministry of Economy's expanded regulatory responsibilities in the gaming sector, which were reinforced by Prime Minister Decision No. 778-L from September 4, 2025. This decision consolidated gaming sector regulation, including legal framework development, licensing oversight, and compliance monitoring, within the Ministry of Economy's purview. The public consultation period runs from March 12 to March 28, 2026. Stakeholders and interested parties can submit comments and suggestions through the e-draft.am platform during this period. Comments will be published on the website within ten working days of submission following administrator confirmation.

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Armenian Ministry of Economy consults on procedure for bank account and card ownership checks

On March 12, 2026, the Armenian Ministry of Economy opened a public consultation for the order establishing the procedure for verification of ownership of bank accounts and payment cards used in the gambling and lottery sector. Gambling operators are required to verify that the funding source (bank account or card) is registered in the name of the player who owns the gaming account. The draft order applies upon replenishment of special gambling accounts or individual gaming cards and when bets are placed directly at the gambling venue. The order is scheduled to enter into force on the day following its official publication. The public consultation closes on March 28, 2026. Comments and opinions can be submitted via the e-draft.am portal , following registration.
2963392 gc Mar 12, 2026 apintea Armenia Draft Laws gamblingcompliance
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Armenia's Ministry of Economy Establishes Verification Procedures for Online Gaming Operator Bank Accounts

On March 12, 2026, Armenia's Ministry of Economy released a draft ministerial order establishing verification procedures for bank accounts and cards used by online gaming operators to fund dedicated player accounts. The draft order implements provisions of three laws adopted on March 26, 2025: amendments to the Law on Government Structure and Operations (HO-46-N), the Law on State Lotteries (HO-49-N), and the Law on Gambling, Online Gambling, and Casinos (HO-50-N). These legislative changes, combined with amendments to Prime Minister Decree 658-L (June 1, 2019) via Prime Minister Decree 778-L (September 4, 2025), transferred regulatory authority over the gaming sector to Armenia's Ministry of Economy. The Ministry is now responsible for developing legal instruments governing gaming activities, researching and implementing new gaming tools and technologies, regulating gaming operations, and administering licensing for regulated gaming entities. The draft order will establish the specific procedures by which online gaming operators must verify that bank accounts and payment cards used to fund dedicated player accounts belong to the authorised player account holder. This verification mechanism aims to strengthen consumer protections and ensure proper segregation of player funds in accordance with Armenian gaming regulations. The public consultation period runs from March 12, 2026 to March 28, 2026. Stakeholders can submit suggestions via the e-draft.am portal, with comments to be published within two working days following administrator confirmation. The draft order is available for review on Armenia's e-draft platform.

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Armenian Ministry of Economy consults on procedure for verification of bank account and card ownership

On March 12, 2026, the Armenian Ministry of Economy opened a public consultation for the order establishing the procedure to be followed by online gambling operators when verifying that the bank accounts and payment cards used for making a gambling deposit belong to the registered player. The public consultation closes on March 28, 2026. Comments and opinions can be submitted via the e-draft.am portal , following registration. The order is scheduled to enter into force on the day following its official publication.
2960129 pc Mar 12, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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Financial Conduct Authority Sets Retail Banking Regulatory Priorities for 2026

On March 2026, the Financial Conduct Authority (FCA) published its Regulatory Priorities report for retail banking, establishing four key focus areas for the next 12 months. The report applies to retail banks and building societies operating in the United Kingdom and replaces more than 40 portfolio letters, consolidating supervisory expectations into a single guidance document. The FCA's four priority areas are: access to cash and essential banking services; good outcomes from products and services; fighting fraud and other financial crime; and operational resilience and data security. Under the first priority, the FCA will monitor designated firms' compliance with Access to Cash sourcebook requirements and assess branch closure notifications to ensure consumers and businesses maintain reasonable access to cash services. The FCA has noted that over 200 banking hubs and nearly 150 other cash and deposit solutions have been established to support this objective. Regarding consumer outcomes, the FCA expects firms to improve data-led monitoring and assessment of retail customer outcomes under the Consumer Duty, with targeted action against outliers delivering poor value or outcomes for vulnerable customers. For financial crime, the FCA will use data analytics to identify non-compliant firms and continue reviewing money laundering controls. On operational resilience, firms must identify emerging risks, refine action plans for critical third-party dependencies, and improve cyber protection strategies. The FCA will also support innovation, including artificial intelligence adoption through its Supercharged Sandbox and AI Live Testing programmes, with an evaluation report expected by year-end 2026. Additional areas of focus include business banking outcomes, open banking evolution, stablecoins and tokenised deposits, and a motor finance commission review. Key implementation dates include the targeted support regime going live on 6 April 2026, an open finance roadmap expected in March 2026, and incident and outsourcing reporting final rules anticipated in H1 2026. REFERENCE: Financial Conduct Authority. (2026). Regulatory Priorities: Retail Banking. Available at: www.fca.org.uk

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UK’s Financial Conduct Authority Publishes Report on Its Regulatory Priorities for Retail Banking

On March 12, 2026, the Financial Conduct Authority (FCA) published its regulatory priorities report for retail banking. This report will be published annually and replaces the portfolio letters the FCA used to issue. The report focuses on four priorities and sets out expectations of firms beneath each: Access to cash and essential banking services. Fill significant gaps in local cash access services in accordance with the FCA’s Access to Cash sourcebook (where the firm is designated under the regime). Avoid causing foreseeable harm to retail customers when implementing digital first transformations. Comply with the Basic Bank Account regulations as set out in the Payment Accounts Regulations (where the firm is designated), making it easy for eligible consumers to apply. Ensure financial crime controls don’t lead to unnecessary or overlong account freezing. Fill significant gaps in local cash access services in accordance with the FCA’s Access to Cash sourcebook (where the firm is designated under the regime). Avoid causing foreseeable harm to retail customers when implementing digital first transformations. Comply with the Basic Bank Account regulations as set out in the Payment Accounts Regulations (where the firm is designated), making it easy for eligible consumers to apply. Ensure financial crime controls don’t lead to unnecessary or overlong account freezing. Good outcomes from products and services. Keep improving data and management information dashboards for monitoring and assessing consumer outcomes, and their governance over these. Take action where need is identified to support consumers in pursuing their financial objectives and to avoid causing them foreseeable harm, including for those in vulnerable circumstances. Keep consumer outcomes front and centre when designing and delivering products or services, especially new, innovative or AI-based ones. Keep improving data and management information dashboards for monitoring and assessing consumer outcomes, and their governance over these. Take action where need is identified to support consumers in pursuing their financial objectives and to avoid causing them foreseeable harm, including for those in vulnerable circumstances. Keep consumer outcomes front and centre when designing and delivering products or services, especially new, innovative or AI-based ones. Fighting fraud and other financial crime. Help consumers understand fraud risks and support victims fairly. Monitor and mitigate the risks firms and consumers face, refining defences and control frameworks and promptly and effectively remediating any weaknesses. Keep improving systems and controls, to combat bad actors’ evolving tactics and technologies. Learn from FCA outputs and keep investing in resources and controls, including advanced technology such as AI where appropriate. Help consumers understand fraud risks and support victims fairly. Monitor and mitigate the risks firms and consumers face, refining defences and control frameworks and promptly and effectively remediating any weaknesses. Keep improving systems and controls, to combat bad actors’ evolving tactics and technologies. Learn from FCA outputs and keep investing in resources and controls, including advanced technology such as AI where appropriate. Operational resilience and data security. Identifying emerging risks to resilience, incorporating these in scenarios and testing to refine action plans for remediating vulnerabilities and remaining within impact tolerances. Continuing to evolve and improve cyber protection and information protection strategies, with tested recovery plans to mitigate harms from cyberattacks and third-party failures Managing any live issues within impact tolerances, managing the impact on customers and communicating effectively with them. Participating in cross-industry initiatives where appropriate, to help improve system-wide resilience and recovery strategies. Identifying emerging risks to resilience, incorporating these in scenarios and testing to refine action plans for remediating vulnerabilities and remaining within impact tolerances. Continuing to evolve and improve cyber protection and information protection strategies, with tested recovery plans to mitigate harms from cyberattacks and third-party failures Managing any live issues within impact tolerances, managing the impact on customers and communicating effectively with them. Participating in cross-industry initiatives where appropriate, to help improve system-wide resilience and recovery strategies. The report also highlights other areas of focus such as business banking outcomes, innovation in retail banking, the motor finance commission review, and the Senior Managers and Certification Regime.
2956147 pc Mar 12, 2026 adavies Luxembourg Regulatory framework – CSSF horizon scanning
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Luxembourg's Financial Regulator Delays Anti-Money Laundering Data Collection Campaign

On March 6, 2026, the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg's financial regulator, announced a delay to its annual anti-money laundering and counter-terrorism financing (AML/CFT) standardised data collection campaign, originally scheduled to launch on March 2, 2026. The delay results from ongoing developments at the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) regarding the AML/CFT questionnaire template and interpretative guidance. AMLA received a substantial volume of comments from industry participants who participated in consultation on the draft questionnaire and guidance. The authority is currently reviewing these comments and incorporating feedback into an updated version of the reporting documents. AMLA has not yet specified the duration of this review and implementation process. The CSSF has released a significantly updated, though non-final, version of the questionnaire for preparatory purposes only. Entities may begin preparing their data collection based on this draft version. However, the eDesk submission portal will remain closed until the final questionnaire becomes available. AMLA is maintaining the April 15, 2026 submission deadline for sampled entities, subject to change. The submission deadline for non-sampled entities will be adjusted and communicated at a later stage. AMLA will host a dedicated webinar on Friday, March 13, 2026, from 10:00 to 12:00 to present the reporting framework and provide clarifications. The live event capacity is limited to 1,000 participants on a first-come, first-served basis, with recordings to be uploaded to AMLA's website thereafter. The CSSF will communicate further updates as additional information becomes available. The circular applies to credit institutions, investment firms, investment fund managers, payment institutions, electronic money institutions, virtual asset service providers, crypto asset service providers, and central securities depositories incorporated under Luxembourg law, as well as Luxembourg branches of these entities.

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Luxembourg's Commission de Surveillance du Secteur Financier Delays Anti-Money Laundering Data Collection

On March 11, 2026, Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) published a circular-letter announcing a delay to its annual anti-money laundering and counter-terrorism financing (AML/CTF) standardised data collection campaign. The delay results from ongoing developments at the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) regarding the AML/CTF questionnaire template and interpretative guidance. AMLA received a substantial volume of comments from industry participants who participated in consultation on the draft questionnaire and guidance. The authority is currently reviewing these comments and incorporating feedback into an updated version of the reporting documents. The CSSF has released a significantly updated, although non-final, version of the questionnaire for preparatory purposes only. Entities may begin preparing their data collection based on this draft version. However, the eDesk submission portal will remain closed until the final questionnaire becomes available. AMLA is maintaining the April 15, 2026 submission deadline for sampled entities, subject to change. The submission deadline for non-sampled entities will be adjusted and communicated at a later stage. The CSSF will communicate further updates as additional information becomes available.
2956313 pc Mar 12, 2026 pthandapani India Reserve Bank of India horizon scanning
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Reserve Bank of India Issues Prudential Norms on Payment Banks Dividend Declaration

On March 10, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Payment Banks – Prudential Norms on Declaration of Dividend) Directions, 2026, under Section 35A of the Banking Regulation Act, 1949. These directions establish comprehensive prudential requirements governing dividend declarations by payment banks in India. The directions introduce a tiered dividend framework based on Tier 1 capital ratios, permitting payment banks to declare dividends ranging from 0 percent to 100 percent of adjusted Profit After Tax (PAT), depending on their capital position. Dividend eligibility is capped at 75 percent of PAT in aggregate. Payment banks must maintain compliance with applicable regulatory capital requirements both before and after dividend payment, and must demonstrate positive adjusted PAT for the financial year in which dividends are proposed. The RBI has established specific eligibility criteria requiring payment banks to maintain regulatory capital above minimum thresholds and remain free from explicit dividend restrictions. Certain profits are excluded from dividend calculations, including exceptional or extraordinary profits, profits subject to modified audit opinions indicating PAT overstatement, and net unrealised gains from fair valuation of Level 3 financial instruments. Payment banks declaring dividends must report details to the RBI's Department of Supervision within a fortnight of declaration, using prescribed formats. The RBI reserves the right to restrict dividend distribution where banks are found non-compliant with applicable laws and regulations. Non-compliance with these directions may result in supervisory and enforcement action. These directions come into effect from Financial Year 2026-27 and repeal the Reserve Bank of India (Payment Banks – Prudential Norms on Declaration of Dividends) Directions, 2025, issued on November 28, 2025.

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Reserve Bank of India Issues Directions on Dividend Declaration for Payment Banks

On March 10, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Payment Banks – Prudential Norms on Declaration of Dividend) Directions, 2026 establishing comprehensive prudential requirements governing dividend declarations by payment banks in India. The directions contain provisions governing: Board oversight requiring the board of directors to consider supervisory findings relating to asset classification and provisioning, the auditor’s report, the bank’s current and projected capital position, and long-term growth plans before approving a dividend. Eligibility criteria under which a payments bank may declare dividends only if it meets specified prudential conditions, including compliance with regulatory capital requirements, maintaining capital adequacy even after dividend payment, having positive adjusted profit after tax (PAT), and not being subject to regulatory restrictions on dividend declaration. Dividend payout limits linking the permissible dividend payout is linked to the Tier 1 capital ratio, with higher payout limits allowed for banks with stronger capital positions, subject to an overall cap of 75% of PAT for the relevant period. Restrictions on profits used for dividends specifying that dividends cannot be declared out of e xtraordinary income, overstated profits identified in audit reports, or unrealised gains arising from the fair valuation of certain financial instruments. Reporting requirements mandating that payment banks declaring dividends must submit prescribed details to the Department of Supervision of the RBI within two weeks of the declaration. Regulatory powers enabling the RBI to restrict dividend payments where a bank is non-compliant with applicable laws or regulatory requirements, and non-compliance with the directions may attract supervisory or enforcement action. The directions come into effect from financial year 2026–27 and repeal the earlier Reserve Bank of India (Payments Banks – Prudential Norms on Declaration of Dividends) Directions, 2025.
2958221 pc Mar 12, 2026 rghosh Rwanda National Bank of Rwanda (Banque Nationale du Rwanda - BNR) horizon scanning
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Central Bank of Kenya and National Bank of Rwanda Sign Memorandum on Payment Service Provider Licence Passporting Framework

On March 11, 2026, the Central Bank of Kenya (CBK) and the National Bank of Rwanda (NBR) signed a Memorandum of Understanding (MoU) to develop a Licence Passporting Framework for Payment Service Providers (PSPs) between the two jurisdictions. The framework aims to streamline regulatory processes by promoting mutual recognition of licensing regimes across Kenya and Rwanda. Currently, PSPs face duplicative regulatory requirements despite substantial similarities in the licensing standards applied by both central banks. By establishing the passporting framework, the CBK and NBR intend to facilitate the responsible expansion of licensed PSPs across both jurisdictions while maintaining robust regulatory oversight and supervisory cooperation. The initiative addresses regulatory fragmentation that has historically limited cross-border payment service expansion in the region. The framework is anchored on the East Africa Community Cross-Border Payment System Masterplan (EAC Masterplan), which establishes a vision for a more integrated, efficient, and inclusive regional payments landscape. A key priority under the EAC Masterplan is the development of a mutual recognition framework for PSP licensing in partner states. The CBK has committed to strengthening regional collaboration to ensure that Kenya's national payments infrastructure continues to meet evolving economic needs. The framework represents a significant step towards facilitating cross-border payment services while preserving regulatory standards and supervisory coordination between the two central banks. REFERENCES: Central Bank of Kenya and National Bank of Rwanda Press Release (March 11, 2026)

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Central Bank of Kenya and National Bank of Rwanda Sign Memorandum on Payment Service Provider Licence Passporting Framework

On March 11, 2026, the Central Bank of Kenya (CBK) and the National Bank of Rwanda (NBR) signed a Memorandum of Understanding (MoU) to develop a Licence Passporting Framework for Payment Service Providers (PSPs) between the two jurisdictions. The framework aims to streamline regulatory processes by promoting mutual recognition of licensing regimes across Kenya and Rwanda. Currently, PSPs face duplicative regulatory requirements despite substantial similarities in the licensing standards applied by both central banks. By establishing the passporting framework, the CBK and NBR intend to facilitate the responsible expansion of licensed PSPs across both jurisdictions while maintaining robust regulatory oversight and supervisory cooperation. The initiative addresses regulatory fragmentation that has historically limited cross-border payment service expansion in the region. The framework is anchored on the East Africa Community Cross-Border Payment System Masterplan (EAC Masterplan), which establishes a vision for a more integrated, efficient, and inclusive regional payments landscape. A key priority under the EAC Masterplan is the development of a mutual recognition framework for PSP licensing in partner states. The CBK has committed to strengthening regional collaboration to ensure that Kenya's national payments infrastructure continues to meet evolving economic needs. The framework represents a significant step towards facilitating cross-border payment services while preserving regulatory standards and supervisory coordination between the two central banks.
2958337 pc Mar 11, 2026 ataylor US Track 1 Bureau of Consumer Protection financial services
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United States Federal Trade Commission Seeks Public Comment on Negative Option Rule Amendments

On March 11, 2026, the Federal Trade Commission (FTC) issued an Advance Notice of Proposed Rulemaking (ANPR) requesting public comment on amendments to the Rule Concerning Use of Prenotification Negative Option Plans, commonly referred to as the Negative Option Rule. The Negative Option Rule regulates negative option marketing practices—commonly known as "negative option" or "continuity" plans—where consumers are enrolled in recurring charges or shipments unless they take affirmative action to cancel. The FTC's ANPR seeks to gather public input on potential updates to this rule to address evolving consumer protection concerns in the negative option marketplace. The rule applies to sellers and marketers offering products or services on a negative option basis, including subscription services, membership programs, and similar arrangements where consumers face automatic billing or shipment renewal. The FTC is inviting stakeholders, including businesses, consumer advocates, industry representatives, and the general public, to submit comments addressing how the rule should be updated to better protect consumers while considering business practices and technological developments. The agency will use the feedback gathered through this ANPR to inform the development of a formal proposed rule amendment. Interested parties should submit comments in response to the ANPR. The full text of the Federal Register Notice is available on the FTC's website. Further details regarding comment submission procedures and deadlines will be provided in the official Federal Register publication. **Reference:** Federal Trade Commission, Matter Number P064202

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United States Federal Trade Commission Issues Advance Notice of Proposed Rulemaking and Request for Comment on Amendments to the Negative Option Rule

On March 11, 2026, the Federal Trade Commission (FTC) issued an advance notice of proposed rulemaking (ANPRM) and request for public comment concerning the agency’s Rule Concerning the Use of Prenotification Negative Option Plans, commonly known as the Negative Option Rule. The ANPRM seeks public comment to determine whether and how the FTC should use its authority to address negative option marketing, including whether the agency should amend the current rule to address deceptive or unfair acts or practices. Specifically, the FTC is seeking the following information to ensure its rulemaking adequately responds to concerns from both consumers and industry: Marketplace for Negative Option Programs. The FTC seeks information on the extent to which businesses market products and services using negative options and how these negative option programs operate; Negative Option Practices . The FTC seeks information on practices that 1) prevent consumers from understanding the terms of a negative option program, 2) result in consumers being enrolled without their express informed consent, or 3) deter consumers from canceling their enrollments, and whether such practices are prevalent in the marketplace; Addressing Unlawful Practices: The FTC seeks information on specific ways to address unfair or deceptive negative option practices, including retaining the current rule, adopting provisions of the vacated 2024 Rule or some other provisions, or implementing alternatives to regulation (such as educating consumers and businesses on how to avoid unlawful negative option practices), and the costs and benefits of each of these measures; and Supporting Studies and Data: The FTC encourages commenters to submit supporting market studies, economic data, or other empirical evidence. The FTC strongly encourages comments to be submitted online through the https://www.regulations.gov website. Comments must be submitted by April 13, 2026.
2954996 gc Mar 11, 2026 prandeo
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Dėl lošimo automatų kontrolės informacinės sistemos atnaujinimo ir jos nuostatų patvirtinimo

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2954994 gc Mar 11, 2026 prandeo Lithuania Parliament of the Republic of Lithuania gamblingcompliance
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En el provisión de la red del sistema de información para el control de machines de slot

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2956458 pc Mar 11, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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Financial Conduct Authority Imposes Immediate Requirements on Sendsii Ltd Payment Services

On 22 January 2026, the Financial Conduct Authority (FCA) issued a First Supervisory Notice to Sendsii Ltd, imposing immediate requirements on the authorised payment institution (API) under Regulation 12(1) of the Payment Services Regulations 2017 (PSRs). The FCA determined that Sendsii Ltd no longer meets the conditions for authorisation as an API because HM Revenue and Customs (HMRC) suspended the firm's registration on the Supervised Business Register on 9 October 2025. Under Regulation 6(8) PSRs, inclusion in the appropriate HMRC register is a mandatory condition of FCA authorisation for money remittance providers. The firm failed to notify the FCA of this suspension, breaching Regulation 37 PSRs, which requires firms to inform the Authority of major changes in circumstances relevant to meeting authorisation conditions. The FCA imposed seven requirements effective immediately: the firm must cease all payment services; cease onboarding new customers, agents, or accepting customer funds; return all customer funds by 23 February 2026; notify all customers, agents, and banking partners by 12 January 2026; provide detailed account and agent information within 72 hours of notification; submit weekly compliance confirmations and bank statements; and preserve all records relating to payment services within the United Kingdom. The FCA noted consumer protection concerns, as the firm operates a network of over 100 agents and serves over 70,000 customers. Without these requirements, agents and customers may believe the firm remains registered and supervised when it is not, creating significant harm risk. Sendsii Ltd may make written representations to the FCA within 14 days of this notice or refer the matter to the Upper Tribunal (Tax and Chancery Chamber) within 28 days. **Reference:** Financial Conduct Authority First Supervisory Notice to Sendsii Ltd, Reference Number 844809, dated 22 January 2026.

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UK's Financial Conduct Authority Imposes Immediate Restrictions on Sendsii Ltd

On March 11, 2026, the Financial Conduct Authority (FCA) published its supervisory notice to Sendsii Ltd, imposing immediate requirements on the authorised payment institution (API) under regulation 12(1) of the Payment Services Regulations 2017 (PSRs), which it had initially issued on January 22, 2026. The FCA determined that Sendsii Ltd no longer meets the conditions for authorisation as an API because HM Revenue and Customs (HMRC) suspended the firm's registration on the Supervised Business Register on October 9, 2025. Under the PSRs, inclusion in the appropriate HMRC register is a mandatory condition of FCA authorisation for money remittance providers. The firm failed to notify the FCA of this suspension, breaching regulation 37 of the PSRs, which requires firms to inform the Authority of major changes in circumstances relevant to meeting authorisation conditions. The FCA imposed seven requirements effective immediately: The firm must cease all payment services that it has been authorised for. The firm must not onboard or register any new customers or agents or accept any new customer funds or account credits. The Firm must, as soon as is practicable, and in any event no later than February 23, 2026, return all funds held for or on behalf of existing customers. The firm must, by 12pm on January 30, 2026 notify in writing all customers, agents, banking partners, payment services providers, and any relevant person of the imposition and effect of these Requirements. Within 72 hours of completing requirement (4), the firm must provide the FCA with relevant documentation to evidence the completion of requirement (4), as listed in the supervisory notice. The firm must provide the FCA with up-to-date bank statements for all the Firm’s bank accounts, payments or electronic money accounts and written confirmation t that it is not providing payment services and remains in compliance with the aforementioned requirements, on a weekly cadence. The firm must secure and preserve all records and/or information (physical or electronic) relating to payment services from its systems in their original form, or in a copy proved to be identical to the source material. These must be retained in a form and at a location within the United Kingdom.
2956387 pc Mar 11, 2026 rghosh South Africa The Financial Intelligence Centre horizon scanning
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South Africa's Financial Intelligence Centre Issues Draft Directive on Risk and Compliance Returns

On March 11, 2026, the Financial Intelligence Centre (FIC) issued Draft Directive 11 for consultation purposes, requiring specified accountable institutions to submit risk and compliance return questionnaires to the Centre. The directive applies to accountable institutions including banks, mutual banks, co-operative banks, casinos, crypto asset service providers (CASPs), high-value goods dealers (HVGDs), dealers in precious stones and diamonds, money laundering reporting officers, and other entities specified in Schedule 1 of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001). The directive excludes banks, mutual banks, and co-operative banks that operate as credit providers. Accountable institutions must complete and submit risk and compliance return questionnaires via an automated electronic platform designated by the FIC. The questionnaires require institutions to demonstrate their understanding of money laundering, terrorist financing, and proliferation financing risks, and to detail their implementation of risk-based controls in compliance with the FIC Act. Submission deadlines vary by institution type. Most institutions must submit questionnaires covering the information period from April 1, 2023 to March 31, 2026, with deadlines ranging from April 30, 2026 to May 30, 2026, no later than 17:00. High-value goods dealers and certain other entities have a May 30, 2026 deadline. Failure to comply with the directive constitutes non-compliance and subjects institutions to administrative sanctions under Section 62E of the FIC Act. The directive takes effect on the date of publication by the Centre. REFERENCE: Financial Intelligence Centre, Draft Directive 11 of 2026 (March 11, 2026)

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

On March 11, 2026, the Financial Intelligence Centre (FIC) of South Africa issued Draft Directive 11 for consultation purposes, requiring specified accountable institutions to submit risk and compliance return questionnaires to the Centre. The directive applies to accountable institutions including banks, mutual banks, co-operative banks, casinos, crypto asset service providers (CASPs), high-value goods dealers (HVGDs), dealers in precious stones and diamonds, money laundering reporting officers, and other entities specified in Schedule 1 of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) . Accountable institutions must complete and submit risk and compliance return questionnaires via an automated electronic platform designated by the FIC. The questionnaires require institutions to demonstrate  their understanding of: Money laundering. Terrorist financing. Proliferation financing risks Implementation of risk-based controls in compliance with the FIC Act. Submission deadlines vary by institution type. Most institutions must submit questionnaires covering the information period from April 1, 2023 to March 31, 2026, with deadlines ranging from April 30, 2026 to May 30, 2026, no later than 17:00. High-value goods dealers and certain other entities have a May 30, 2026 deadline. Failure to comply with the directive constitutes non-compliance and subjects institutions to administrative sanctions under Section 62E of the FIC Act . The directive takes effect on the date of publication by the Centre.
2956186 pc Mar 11, 2026 adavies European Union European Central Bank horizon scanning
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European Central Bank Launches Public Consultation on Appia Tokenisation and Distributed Ledger Technology Project

On an unspecified date, the Eurosystem launched a public consultation on the Appia project, which aims to develop a future-ready, integrated financial ecosystem leveraging tokenisation and distributed ledger technology (DLT). The consultation invites public and private sector stakeholders to provide feedback on the approach outlined in the publication "Appia – paving the way for a future-ready, integrated financial ecosystem leveraging tokenisation and DLT". Stakeholders are also invited to express their interest in actively participating in analytical and practical work by submitting proposals for specific potential collaboration opportunities. The Eurosystem reserves the right to determine which proposals to pursue and how to proceed with any collaborative work. The consultation seeks to engage the financial sector and broader economy on the Eurosystem's strategic approach to tokenisation and DLT integration, addressing how these technologies can enhance the financial ecosystem's efficiency, resilience, and future readiness. This initiative reflects growing recognition among central banks of the potential for distributed ledger technologies to modernise financial infrastructure and settlement systems. Responses must be submitted via the dedicated online survey platform by 22:00 CET on 22 April 2026. The Eurosystem will only accept responses submitted through this platform. Following the consultation period, the Eurosystem will consider and publish feedback received, with an overview of consultation questions and submission guidance available on the Eurosystem's website. REFERENCES: European Central Bank. Public consultation on the Eurosystem's Appia project. Available at: https://www.ecb.europa.eu/

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European Central Bank Launches Consultation on Appia Tokenisation and Distributed Ledger Technology Project

On March 11, 2026, the European Central Bank (ECB) launched a consultation on the Eurosystem’s Appia project , a strategy to provide central bank money within innovative, tokenised wholesale financial markets that leverage technologies such as distributed ledger technology (DLT). As explained by the ECB, Appia has the following objectives: To ensure the effectiveness of monetary policy and financial stability and the smooth functioning of payment systems by maintaining central bank money as the anchor of a two-tier monetary system. To foster a more integrated, competitive and innovative payments and securities ecosystem through efficient infrastructures for financial markets. To support strategic autonomy and increased resilience. To ensure the relevance of the euro as an international currency. The consultation on Appia is divided into two parts: Part 1 includes questions to collect comments on specific chapters of the Appia roadmap. Part 2 allows respondents to express their interest in actively contributing to the work and to submit their proposal for consideration by the Eurosystem. The proposals submitted are intended solely to inform the Eurosystem of specific potential opportunities for collaborative work; the Eurosystem reserves the right to determine the type of work it wishes to pursue and how it will proceed. The ECB is seeking feedback on its consultation by April 22, 2026, which may be submitted via this survey .
2955575 pc Mar 11, 2026 pthandapani India Reserve Bank of India financial services
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India's Reserve Bank Amends Non-Banking Financial Company Concentration Risk Management Directions

On March 10, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Non-Banking Financial Companies - Concentration Risk Management) Second Amendment Directions, 2026, amending the Master Direction issued on November 28, 2025. The amendment revises the definition of Tier 1 capital used for compliance with credit and investment concentration norms applicable to non-banking financial companies (NBFCs). The RBI modified the definitions of "Owned Fund" and "Tier 1 capital" to align with Chapter II of the Reserve Bank of India (Non-Banking Financial Companies – Prudential Norms on Capital Adequacy) Directions, 2025. Under the amended directions, NBFCs must obtain an external auditor's certificate upon completion of capital augmentation and submit it to the RBI's Department of Supervision before recognising additions to capital funds for concentration norm compliance purposes. The amendment introduces two new paragraphs specifying that applicable Tier 1 capital for compliance with concentration norms shall be determined based on the NBFC's latest available financial statements, whether audited or subject to limited review. The term "Tier 1 capital" is defined in paragraph 10 of the Capital Adequacy Directions, 2025. The Second Amendment Directions came into force with immediate effect from March 10, 2026. All NBFCs must ensure compliance with the revised definitions and procedural requirements for capital augmentation certification and submission to the RBI. REFERENCES: Reserve Bank of India. Reserve Bank of India (Non-Banking Financial Companies - Concentration Risk Management) Second Amendment Directions, 2026. RBI/2025-26/227 DOR.CAP.REC.No.417/21.01.002/2025-26. March 10, 2026. Available at: https://www.rbi.org.in/

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Reserve Bank of India Amends Concentration Risk Management Directions for Non-Banking Financial Companies

The Reserve Bank of India (RBI) has issued the Reserve Bank of India (Non-Banking Financial Companies (NBFCs) - Concentration Risk Management) Second Amendment Directions, 2026, amending the Master Directions issued in November 2025. The amendments specify that: The definition of "owned fund" shall be the same as the definition in the Reserve Bank of India (Non-Banking Financial Companies – Prudential Norms on Capital Adequacy) Directions, 2025 . The definition of "Tier 1 Capital" shall be the same as the definition in the Reserve Bank of India (Non-Banking Financial Companies – Prudential Norms on Capital Adequacy) Directions, 2025 except for the purpose of concentration norms under which NBFCs must obtain an external auditor’s certificate confirming capital augmentation and submit it to the Department of Supervision of the RBI before including such additions in capital funds. Tier 1 capital for compliance with credit and investment concentration limits will be determined based on the NBFC’s latest available financial statements, whether audited or subject to limited review. The amendments take immediate effect.
2955176 pc Mar 11, 2026 pthandapani India Reserve Bank of India financial services
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India's Reserve Bank Amends Payments Banks Capital Adequacy Prudential Norms

On March 10, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Payments Banks - Prudential Norms on Capital Adequacy) Amendment Directions, 2026, amending its 2025 prudential norms framework for payments banks. The amendment addresses paragraph 52 of the original 2025 directions, which governs the treatment of total counterparty credit risk (CCR). The RBI stated that the amendments provide greater clarity and largely align the framework with international standards. The key changes include: substitution of Table 10, which sets add-on factors for market-related off-balance sheet items, specifically for exchange rate contracts and gold, with revised percentages based on contract duration (1 percent for contracts of one year or less; 5 percent for contracts over one year to five years; and 7.5 percent for contracts over five years); insertion of a new note clarifying that add-on factors apply to all outstanding CCR exposures; and amendment of paragraph 52(5)(i)(a) regarding risk weights for clearing members. The amendment specifies that where a bank acts as a clearing member of a qualified central counterparty (QCCP) for its own purposes or offers clearing services to clients, a 2 percent risk weight applies to the bank's trade exposure to the QCCP in respect of over-the-counter derivatives transactions, exchange-traded derivatives transactions, and securities financing transactions. The amendment also provides that clearing members are not required to maintain capital for certain transactions if they obtain and maintain an independent, written, and reasoned legal opinion protecting them from liability in the event of QCCP default. The Amendment Directions came into effect from the date of issue, March 10, 2026. Payments banks operating in India must ensure compliance with these revised prudential norms.

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Reserve Bank of India Amends Prudential Norms on Capital Adequacy for Payments Banks

The Reserve Bank of India (RBI) has issued the Reserve Bank of India (Payment Banks – Prudential Norms on Capital Adequacy)  Amendment Directions, 2026, amending the capital adequacy framework for payment banks operating in India which the RBI states will provide greater clarity on the treatment of counterparty credit risk (CCR) exposures and align the framework more closely with international standards. The amendments include changes to: Add-on factors replacing Table 10 in the principal directions to prescribe revised add-on factors for market-related off-balance sheet items relating to exchange rate contracts and gold, based on residual maturity and applying said factors to alll outstanding CCR exposures.. Risk weight for exposures to qualifying central counterparties (QCCPs) where a 2 percent risk weight will now apply to a bank’s trade exposure to a QCCP in certain derivative and securities financing transactions, subject to specified conditions. Capital requirement exceptions under which a clearing member bank will not be required to maintain capital for such exposures if it is not obligated to reimburse clients for losses in the event of a QCCP default and holds an independent written legal opinion confirming protection from such liability. The amendments take immediate effect.
2955577 pc Mar 11, 2026 pthandapani India Reserve Bank of India financial services
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India's Reserve Bank Amends Capital Adequacy Norms for Non-Banking Financial Companies

On March 10, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Non-Banking Financial Companies – Prudential Norms on Capital Adequacy) Second Amendment Directions, 2026, amending its Master Direction issued on November 28, 2025. The amendment provides clarification on the components used in computing Owned Fund for non-banking financial companies (NBFCs). The key modification amends Paragraph 9(iii) of the Master Direction to permit the inclusion of quarterly profits in free reserves, subject to specific conditions. Under the revised framework, quarterly profits may be included in Owned Fund calculations only where financial statements undergo limited review or audit by statutory auditors on a quarterly basis. Additionally, such profits must be reduced by the average dividend paid over the preceding three years, with eligible profits calculated using a specified formula that accounts for net profit and historical dividend payments. The amendment clarifies that losses incurred in the current financial year are to be fully deducted from Owned Fund. The amendment came into force with immediate effect from March 10, 2026. These changes apply to all NBFCs operating in India and are intended to enhance clarity regarding capital adequacy calculations and ensure more accurate measurement of Owned Fund components. The RBI issued the directions under Section 45L of the Reserve Bank of India Act, 1934 and Section 3 read with Section 31A and Section 6 of the Factoring Regulation Act, 2011. **Reference:** Reserve Bank of India Notification RBI/2025-26/226, March 10, 2026

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Reserve Bank of India Amends Capital Adequacy Norms for Non-Banking Financial Companies

The Reserve Bank of India (RBI) has issued the Reserve Bank of India (Non-Banking Financial Companies – Prudential Norms on Capital Adequacy) Amendment Directions, 2026, amending the Master Directions issued in November  2025. The amendments provide for the inclusion of quarterly profits in the definition of "free reserves" subject to the following conditions : The financial statements of the non-banking financial company are subject to limited review/audit on a quarterly basis by statutory auditors. Any included profit being reduced by the average dividend paid in the last three years according to the formula stipulated in the master directions. The amendments also require that any losses in the current year be fully deducted from the owned fund. The amendments take immediate effect.
2955184 pc Mar 11, 2026 pthandapani India Reserve Bank of India financial services
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India's Reserve Bank Amends Commercial Bank Capital Adequacy Prudential Norms

On March 10, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Third Amendment Directions, 2026, amending the capital adequacy framework for commercial banks operating in India. The amendments provide greater clarity on the treatment of counterparty credit risk (CCR) exposures and largely align the framework with international standards. Key changes include revised add-on factors for market-related off-balance sheet items across interest rate contracts, exchange rate contracts, gold, equities, precious metals, and other commodities. The add-on factors are tiered by residual maturity, ranging from one year or less to over five years. For example, interest rate contracts of one year or less attract a 0.25 percent add-on factor, while those over five years attract 1.50 percent. The amendments clarify that add-on factors apply to all outstanding CCR exposures and specify treatment for banks acting as clearing members of Securities and Exchange Board of India (SEBI)-recognised stock exchanges in equity derivatives and commodity derivatives segments. The definition of "precious metals" is clarified to include silver, platinum, and palladium, while "other commodities" encompasses energy contracts, agricultural contracts, base metals, and non-precious metal commodity contracts. Additionally, the amendments modify risk weight treatment for clearing members of qualified central counterparties (QCCPs). A two percent risk weight applies to trade exposures to QCCPs for over-the-counter derivatives, exchange-traded derivatives, and securities financing transactions. Clearing members offering client clearing services are exempt from maintaining capital for certain transactions if they obtain independent legal opinion confirming they are protected from liability in case of QCCP default. The amendment directions came into effect from the date of issue. **Reference:** Reserve Bank of India notification RBI/2025-26/238, March 10, 2026

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Reserve Bank of India Amends Commercial Bank Capital Adequacy Prudential Norms

The Reserve Bank of India (RBI) has issued the Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Third Amendment Directions, 2026, amending the capital adequacy framework for commercial banks operating in India which the RBI states will provide greater clarity on the treatment of counterparty credit risk (CCR) exposures and align the framework more closely with international standards. The amendments include changes to: Clarification on consolidated capital computation requiring banks to include CCR exposures of all entities that are consolidated under the capital adequacy framework when computing capital requirements on a consolidated basis. Add-on factors including revisions for market-related off-balance sheet exposures, including contracts relating to interest rates, exchange rates and gold, equities, precious metals (other than gold), and other commodities. Treatment of certain derivative contract ] including contracts that reset periodically to zero market value for which the residual maturity will be considered as the time until the next reset date, subject to a minimum add-on factor for certain interest rate contracts. CCR exposure for clearing members under which banks acting as clearing members of recognised stock exchanges for equity or commodity derivatives must compute and maintain capital charges for CCR exposures in accordance with the revised framework. Risk weight for exposures to qualifying central counterparties (QCCPs) where a 2 percent risk weight will now apply to a bank’s trade exposure to a QCCP in certain derivative and securities financing transactions, subject to specified conditions. The amendments take immediate effect.
2955573 pc Mar 11, 2026 pthandapani India Reserve Bank of India financial services
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India's Reserve Bank Amends Housing Finance Company Directions on Owned Fund Computation

On March 10, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Housing Finance Companies) Amendment Directions, 2026, amending the Master Directions issued on November 28, 2025. The amendment provides clarification on the components included in the computation of Owned Fund for housing finance companies (HFCs). The RBI, exercising powers under Sections 45L and 45MA of the Reserve Bank of India Act, 1934 and Sections 30, 30A, 32, and 33 of the National Housing Bank Act, 1987, modified Paragraph 10(16) of the Master Directions to redefine "Owned Fund." The updated definition includes paid-up equity capital, compulsorily convertible preference shares, free reserves including quarterly profits, share premium account balances, and capital reserves from asset sales, while excluding revaluation reserves. The computation reduces these amounts by accumulated losses, intangible asset book values, and deferred revenue expenditure. The amendment introduces conditions for including quarterly profits in Owned Fund calculations. HFCs must subject financial statements to limited review or audit by statutory auditors on a quarterly basis. Quarterly profits are reduced by the average dividend paid over the preceding three years, calculated using a specified formula. Current year losses are fully deducted from Owned Fund. Additionally, HFCs are not required to deduct Right-of-Use (ROU) assets created under Indian Accounting Standard (Ind AS) 116-Leases from Owned Fund, provided the underlying leased asset is tangible. The Amendment Directions came into force with immediate effect on March 10, 2026, and apply to all HFCs regulated by the RBI.

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Reserve Bank of India Amends Housing Finance Company Directions on Owned Fund Computation

The Reserve Bank of India (RBI) has issued the Reserve Bank of India (Housing Finance Companies) Amendment Directions, 2026, amending the Master Directions on Housing Companies issued in November  2025. The amendments provide for the inclusion of quarterly profits in the definition of "owned fund" subject to the following conditions : The financial statements of the housing company are subject to limited review/audit on a quarterly basis by statutory auditors. Any included profit being reduced by the average dividend paid in the last three years according to the formula stipulated in the master directions. The amendments also require that any losses in the current year be fully deducted from the owned fund. The amendments take immediate effect.
2955261 pc Mar 11, 2026 tojuri Portugal Official Gazette - Section II, Part C financial services
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Portugal's National Cybersecurity Centre Launches Public Consultation on Cybersecurity Legal Framework Implementation Regulation

On 10 March 2026, Portugal's National Cybersecurity Centre (Centro Nacional de Cibersegurança - CNCS), operating under the Office of the Prime Minister's National Security Cabinet, published a draft regulation implementing the Legal Framework for Cybersecurity (Regime Jurídico da Cibersegurança). The regulation transposes European Union Directive 2022/2555 (the Network and Information Security Directive 2) into Portuguese law, as approved by Decree-Law 125/2025 of 4 December 2025. The draft regulation establishes operational rules for essential entities, important entities, and relevant public entities subject to cybersecurity obligations. Key elements include: procedures for entity self-identification and qualification through an electronic platform; mandatory and voluntary incident notification mechanisms; minimum cybersecurity measures organized by compliance levels (basic, substantial, and elevated); the National Cybersecurity Reference Framework (Quadro Nacional de Referência para a Cibersegurança - QNRCS); and a risk matrix determining applicable compliance levels based on sector, entity size, and criticality. The regulation defines governance structures, including roles for cybersecurity officers and permanent contact points, and establishes requirements for supply chain risk management, asset management, vulnerability identification, incident response, and business continuity planning. It incorporates six cybersecurity objectives: manage, identify, protect, detect, respond, and recover. The public consultation period runs for 30 days from publication. Interested parties may submit written comments in Portuguese to cncs@cncs.gov.pt. Following the consultation, the CNCS will publish a report addressing all submissions received and explaining decisions taken. The regulation enters into force on the fifth day following its publication in the Official Journal (Diário da República).

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Portugal's National Cybersecurity Centre Launches Consultation on Draft Regulation on the Legal Framework for Cybersecurity

Portugal's National Cybersecurity Centre (CNCS) has launched a public consultation on a draft regulation implementing the Legal Framework for Cybersecurity. The regulation transposes Directive (EU) 2022/2555 on measures for a high common level of cybersecurity across the Union (NIS2) into Portuguese law, as approved by Decree-Law 125/2025 of 4 December 2025 . The draft regulation establishes the terms of application for some of the provisions of the Cybersecurity Legal Regime, including: Rules governing the operation of the electronic platform. Minimum cybersecurity measures and compliance levels determined by the National Cybersecurity Reference Framework. Minimum cybersecurity measures and compliance levels to be adopted by essential and important entities. Indication of the person or persons who make up the team that ensures the functions of a permanent point of contact. Communications between entities and the CNCS, or with national sectoral cybersecurity authorities (including mandatory and voluntary notifications of relevant incident information). The regulation defines governance structures, including roles for cybersecurity officers and permanent contact points, and establishes requirements for supply chain risk management, asset management, vulnerability identification, incident response and business continuity planning. It incorporates six cybersecurity objectives: manage, identify, protect, detect, respond and recover. Interested parties are encouraged to submit written comments in Portuguese to cncs@cncs.gov.pt by April 22, 2026. Following the consultation, the CNCS will publish a report that addresses all submissions received and explains the decisions taken. The regulation is proposed to enter into force on the fifth day following its publication in the official journal.
2955094 pc Mar 11, 2026 pthandapani Indonesia Bank Indonesia financial services
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Indonesia's Central Bank Amends Regulations on Bank Indonesia-Fast Payment System Operations

On 3 February 2026, Bank Indonesia issued Regulation of the Board of Governors Number 3 of 2026 (PADG 3/2026), which amends the third time the regulations governing the operation of Bank Indonesia-Fast Payment (BI-FAST) system. The regulation becomes effective on 31 March 2026. The amendment aligns the BI-FAST operational framework with Bank Indonesia's Payment System Industry Regulation (PBI PISP) issued in 2025, which strengthens the payment system industry structure through enhanced industry capacity and risk management infrastructure. The regulation introduces revised definitions and adjusts requirements across multiple areas including participant membership, cooperation with supporting operators, service operations supporting transaction settlement, and security strengthening. Key amendments include: expanded participant eligibility criteria for commercial banks, non-bank financial institutions, payment service providers, payment service providers, payment infrastructure operators, and supporting operators; clarified duties and powers of the BI-FAST operator regarding rule-setting, infrastructure provision, operational management, compliance monitoring, and administrative sanctions; specific requirements for direct participants limited to payment infrastructure operators accessing only Financial Institution Credit Transfer (FICT) services; minimum capital requirements for non-bank payment service providers of IDR100 billion; and enhanced due diligence requirements for participants engaging supporting operators managing BI-FAST infrastructure. The regulation establishes participant obligations including maintaining system security, ensuring data accuracy, complying with fees, providing required information to Bank Indonesia, and fulfilling technology infrastructure requirements. It also sets out procedures for participant status changes and requirements for cooperation agreements with supporting operators, including risk management responsibilities and service continuity provisions. Market participants must review the detailed requirements outlined in the regulation's annexes, which cover minimum technical infrastructure protection standards, membership application procedures, data change processes, incident handling procedures, and operational standards for BI-FAST services. **References:** Bank Indonesia. Peraturan Anggota Dewan Gubernur Nomor 3 Tahun 2026 tentang Perubahan Ketiga atas Peraturan Anggota Dewan Gubernur Nomor 17 Tahun 2023 Tentang Penyelenggaraan Bank Indonesia-Fast Payment. Available at: https://www.bi.go.id

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Bank Indonesia Amends Regulations on BI-Fast Payment System Operations

Bank Indonesia has issued amendments to the regulations governing the operation of Bank Indonesia-Fast Payment (BI-FAST) system which it states will align the BI-FAST operational framework with Bank Indonesia's Payment System Industry Regulation issued in December 2025. Key amendments include: Expanded participant eligibility criteria for commercial banks, non-bank financial institutions, payment service providers, payment service providers, payment infrastructure operators, and supporting operators. Clarified duties and powers of the BI-FAST operator regarding rule-setting, infrastructure provision, operational management, compliance monitoring, and administrative sanctions. Specific requirements for direct participants limited to payment infrastructure operators accessing only Financial Institution Credit Transfer (FICT) services. New minimum capital requirements for BI-FAST participants. Enhanced due diligence requirements for participants engaging supporting operators managing BI-FAST infrastructure. The regulation also lays out participant obligations including maintaining system security, ensuring data accuracy, complying with fees, providing required information to Bank Indonesia, and fulfilling technology infrastructure requirements. It further sets out procedures for participant status changes and requirements for cooperation agreements with supporting operators, including risk management responsibilities and service continuity provisions. The regulation takes effect on March 31, 2025.
2953474 pc Mar 11, 2026 adavies European Union Official Gazette horizon scanning
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European Union Amends Minimum Requirement for Own Funds and Eligible Liabilities Reporting Standards

On 10 March 2026, the European Commission adopted Commission Implementing Regulation (EU) 2026/519, amending the implementing technical standards for minimum requirement for own funds and eligible liabilities (MREL) reporting laid down in Commission Implementing Regulation (EU) 2021/622. The regulation reflects amendments to the MREL framework introduced by Directive (EU) 2024/1174, which modified certain aspects of MREL requirements under the Bank Recovery and Resolution Directive (Directive 2014/59/EU). Key changes include provisions allowing resolution authorities to refrain from setting MREL for liquidation entities except where necessary to protect financial stability or address systemic risk, and expanded circumstances permitting resolution authorities to determine MREL on a consolidated basis. The amendment increases the frequency of MREL reporting from annual to bi-annual submissions to the European Banking Authority (EBA), with resolution authorities required to report information applicable as of 30 June by 16 September and information applicable as of 31 December by 18 March of the following year. This enhanced reporting frequency aims to improve the EBA's ability to monitor and assess MREL compliance and better align with the EBA's bi-annual MREL reports. The regulation also requires reporting template M 20.00 to include information on resolution authorities' exercise of discretion under Article 45b(4) of Directive 2014/59/EU regarding reduced total liabilities and own funds requirements. The regulation applies to resolution authorities, credit institutions, investment firms, and other entities subject to MREL requirements under the recovery and resolution framework. The regulation entered into force on the twentieth day following its publication in the Official Journal of the European Union on 11 March 2026.

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European Commission Publishes Implementing Regulation (EU) 2026/519 Amending Implementing Regulation (EU) 2021/622

On March 11, 2026, the European Commission published Implementing Regulation (EU) 2026/519 in the Official Journal of the European Union. The regulation amends the implementing technical standards (ITS) laid down in Implementing Regulation (EU) 2021/622 as regards the frequency of reporting and the information to be reported. Specifically, Implementing Regulation (EU) 2021/622, supplementing Directive 2014/59/EU (Bank Recovery and Resolution Directive – BRRD), provides uniform reporting templates, instructions and methodology for reporting on the minimum requirement for own funds and eligible liabilities. This has been amended to account for the changes introduced in Directive (EU) 2024/1174 . The regulation’s amendments introduce several new articles, including: Simplified reporting requirement for institutions subject to waivers. Reporting periods and submission dates. The regulation enters into force on March 31, 2026, 20 days after its publication in the Official Journal of the European Union.
2952225 pc Mar 11, 2026 adavies European Union European Central Bank financial services
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European Central Bank Sanctions Nordea Finance Finland for Large Exposures Breach

On March 10, 2026, the European Central Bank (ECB) imposed an administrative penalty of €2.26 million on Nordea Finance Finland Ltd (Nordea Rahoitus Suomi Oy) for breaching large exposures reporting requirements and exceeding the large exposures limit set out in EU banking rules. Under EU banking regulations, large exposures are defined as exposures to a counterpart or group of connected counterparts exceeding 10 percent of a bank's capital. Banks are prohibited from allowing any single large exposure to exceed 25 percent of their capital. Between 2021 and 2024, Nordea Finance Finland Ltd incorrectly assigned guaranteed receivables to debtors instead of guarantors when calculating large exposures for 13 consecutive quarters. This classification method was prohibited by a regulatory change introduced in 2021. As a result, the bank exceeded the 25 percent large exposures limit established by EU law. The ECB determined the bank committed these breaches with serious negligence, with deficiencies in internal controls contributing to both the occurrence and duration of the violations. The ECB classified both breaches as "severe" under its Guide to the Method of Setting Administrative Pecuniary Penalties, which comprises five severity categories: minor, moderately severe, severe, very severe, and extremely severe. Nordea Finance Finland Ltd has the right to challenge the ECB's decision before the Court of Justice of the European Union. The penalty reflects the ECB's supervisory enforcement action against breaches of large exposures requirements applicable to credit institutions under its direct supervision. REFERENCE: European Central Bank. "ECB sanctions Nordea subsidiary for breaching limit on large exposures." Press Release, March 10, 2026. https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.pr260310~3d3f9b7b81.en.html

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European Central Bank Fines Nordea Finance Finland €2.26m for Large Exposures Breach

On March 10, 2026, the European Central Bank (ECB) announced that it had fined Nordea Finance Finland Ltd (NFF) €2.26m for breaching large exposure reporting requirements. As explained by the ECB, EU banking rules define large exposures as exposures to a counterpart or group of connected counterparts that exceed 10 percent of a bank’s capital. Banks are prohibited from allowing any single large exposure to exceed 25 percent of their capital. However, for 13 consecutive quarters between 2021 and 2024, the bank incorrectly assigned guaranteed receivables to the debtors instead of the guarantors when calculating large exposures. In turn, the bank exceeded the large exposures limit. As a result, the ECB fined NFF €2.26m. Furthermore, the ECB classified the breaches as severe. The bank may appeal the ECB’s decision before the Court of Justice of the European Union.
2981386 pc Mar 10, 2026 alapetina Florida Florida Office of Financial Regulation - Division of Administrative Hearings horizon scanning
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Florida Office of Financial Regulation Issues Final Order Against Ambassador Financial Services, Inc.

On March 18, 2026, the Florida Office of Financial Regulation (OFR) issued a Final Order concluding its administrative action against Ambassador Financial Services, Inc. and Jude Avril, the company's President and Sole Owner. The order approved and adopted a Stipulation and Consent Agreement resolving violations identified during an examination of the mortgage lender licensee. Ambassador Financial Services, Inc. holds mortgage lender license number MLD2164 under Chapter 494, Florida Statutes. The OFR's examination (No. 132108) identified that the respondents failed to timely submit an audited financial statement for the fiscal year ending December 31, 2024, as required by Section 494.0063, Florida Statutes. The company and Avril consented to this finding and agreed to resolve the matter without formal proceedings. Under the settlement terms, Ambassador Financial Services, Inc. and Jude Avril must cease and desist from future violations of Chapter 494, Florida Statutes, and comply with all provisions of the statute and its implementing rules. The respondents agreed to pay an administrative fine of $2,625.00, payable by wire, cashier's check, or money order to the OFR. By executing the agreement, the respondents waived their rights to an administrative hearing, appeal, and separate Findings of Fact and Conclusions of Law. The Final Order constitutes final agency action, and non-compliance may result in issuance of an emergency cease and desist order. The settlement was executed on March 18, 2026, in Tallahassee, Leon County, Florida, by Gregory C. Oaks, Director of the Division of Consumer Finance.

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Florida Office of Financial Regulation Fines Ambassador Financial Services $2600

On March 10, 2026, the Florida Office of Financial Regulation (OFR) issued a final order against Ambassador Financial Services, Inc. (Ambassador), a mortgage lender licensee in the state of Florida. The order approved and adopted a stipulation and consent agreement resolving violations identified during an examination conducted by the OFR. The OFR's examination found that Ambassador failed to timely submit an audited financial statement for the fiscal year ending December 31, 2024, as required by Section 494.0063, Florida Statutes . Under the settlement terms, Ambassador must cease and desist from future violations of Chapter 494, Florida Statutes and pay an administrative fine of $2,625.
2950347 pc Mar 10, 2026 pthandapani Hong Kong Hong Kong Monetary Authority financial services
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Hong Kong Monetary Authority Issues Strategic Review of Business Models Amid Digital Transformation

On March 9, 2026, the Hong Kong Monetary Authority (HKMA) issued a circular on the current strategic review of business models amid digital transformation. The circular addresses fintech developments and applies to all authorized institutions operating in Hong Kong's banking sector. The HKMA's strategic review examines how authorized institutions are adapting their business models in response to ongoing digital transformation. This review is part of the authority's broader regulatory framework governing fintech innovation and technological advancement in the banking industry. The circular is directly related to the HKMA's concurrent initiatives on generative artificial intelligence (AI), including the expansion of its Generative Artificial Intelligence Sandbox, which was updated on March 5, 2026. These complementary measures reflect the HKMA's commitment to supporting responsible innovation while maintaining prudential standards. The strategic review builds on practical insights from the HKMA's Generative AI Sandbox initiative, documented in a practical insights report issued on October 31, 2025, titled "Responsible Innovation with GenAI in the Banking Industry." This positions the business model review within the context of how authorized institutions are leveraging emerging technologies, including generative AI, to enhance their operations and service delivery. Authorized institutions should review the circular to understand the HKMA's expectations regarding business model evolution during this period of digital transformation. The circular forms part of the HKMA's comprehensive supervisory approach to fintech and technology risk management in Hong Kong's banking sector. **Reference:** Hong Kong Monetary Authority Banking Regulatory Document Repository

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Hong Kong Monetary Authority Issues Strategic Review of Business Models Amid Digital Transformation

On March 9, 2026, the Hong Kong Monetary Authority (HKMA) issued a circular on the current strategic review of business models amid digital transformation. The circular addresses fintech developments and applies to all authorized institutions operating in Hong Kong's banking sector. The HKMA's strategic review examines how authorized institutions are adapting their business models in response to ongoing digital transformation. This review is part of the authority's broader regulatory framework governing fintech innovation and technological advancement in the banking industry. The circular is directly related to the HKMA's concurrent initiatives on generative artificial intelligence (AI), including the expansion of its Generative Artificial Intelligence Sandbox, which was updated on March 5, 2026. These complementary measures reflect the HKMA's commitment to supporting responsible innovation while maintaining prudential standards. The strategic review builds on practical insights from the HKMA's Generative AI Sandbox initiative, documented in a practical insights report issued on October 31, 2025, titled "Responsible Innovation with GenAI in the Banking Industry." This positions the business model review within the context of how authorized institutions are leveraging emerging technologies, including generative AI, to enhance their operations and service delivery. Authorized institutions should review the circular to understand the HKMA's expectations regarding business model evolution during this period of digital transformation. The circular forms part of the HKMA's comprehensive supervisory approach to fintech and technology risk management in Hong Kong's banking sector. **Reference:** Hong Kong Monetary Authority Banking Regulatory Document Repository
2951233 pc Mar 10, 2026 kgurnani Australia Australian Securities and Investments Comission horizon scanning
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Australian Securities and Investments Commission Updates Financial Services Licence Exemption Application Process

The Australian Securities and Investments Commission (ASIC) has updated its Form FS11, which is used to apply for exemptions from Financial Services Licence (FSL) requirements under Australian financial services legislation. The form enables applicants to seek relief from FSL obligations under Part 7.7, Section 951B; Part 7.8, Section 992B; and Part 7.9, Section 1020F of the Corporations Act 2001 (Cth). The exemption application process covers various regulatory requirements, including minimum balances under Regulation 7.8.02(6), auditor independence provisions under Regulation 7.8.16, funds reporting obligations under Regulation 7.9.32, and foreign account requirements under Regulation 7.9.08. Applicants can now complete and lodge Form FS11 online through ASIC's regulatory portal using either the "Apply for an approval, consent, nomination or other" or "Apply for an exemption, declaration or order" transaction options, as applicable to their circumstances. The online portal also provides details regarding applicable fees and payment options. ASIC has streamlined the submission process by making online lodgement the primary method for this form type. Applicants seeking further information on the exemption application process, regulatory portal access, fee payments, or alternative lodgement methods should consult ASIC's guidance on how to lodge forms online, by email, or by mail. REFERENCES: Australian Securities and Investments Commission. Form FS11 – Application for exemption FSL requirements. Available at: https://asic.gov.au

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Australian Securities and Investments Commission Updates Financial Services Licence Exemption Application Process

The Australian Securities and Investments Commission (ASIC) has updated its Form FS11, which is used to apply for exemptions from Financial Services Licence (FSL) requirements under Australian financial services legislation. The form enables applicants to seek relief from FSL obligations under the following parts of the Corporation Act 2011 , as long as they make a payment of AUD 3,487 as fees: Part 7.7, Section 951B Part 7.8, Section 992B Part 7.9, Section 1020F Regulation 7.8.02(6) Minimum balances Regulation 7.8.16 Auditor not officer Regulation 7.9.32 Funds reporting Regulation 7.9.08 Foreign accounts Applicants can now complete and lodge Form FS11 online through ASIC's regulatory portal .
2947628 pc Mar 10, 2026 tojuri Netherlands Dutch Authority for the Financial Markets horizon scanning
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Netherlands Financial Authority Imposes €300,000 Fine on Lynx B.V. for Advertising Rule Violations

On April 17, 2025, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) imposed an administrative fine of €300,000 on Lynx B.V., an investment firm, for repeatedly breaching advertising regulations between December 1, 2023 and March 19, 2024. The violations concerned the incorrect presentation of risk indicators in advertising materials and on Lynx's website. Investment firms are required to ensure their advertising is accurate and clearly communicates the risks associated with investment services, particularly when promoting potential benefits. In the investigated materials, risk disclosures appeared in smaller font sizes than surrounding text and exhibited insufficient colour contrast against backgrounds, breaching applicable rules. Lynx operates as an execution-only broker serving retail investors who actively trade, making clear risk communication particularly important for informed decision-making. The AFM emphasised that the breaches occurred over an extended period and that previous warnings issued to Lynx had failed to achieve compliance. However, the fine amount was moderated in consideration of Lynx's cooperative conduct during the investigation. AFM Board Chair Laura van Geest stated that firms must ensure their communications are correct, clear, and non-misleading, and that those emphasising benefits must make risks equally visible and prominent. The decision is final and cannot be appealed to the courts. Consumers with questions can contact the AFM's Financial Markets Reporting Point at 0800-5400 540 (toll-free). **References:** Autoriteit Financiële Markten (AFM) – Boete Lynx B.V. voor overtreding reclameregels

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Dutch Authority for the Financial Markets Imposes €300,000 Fine on Lynx B.V. for Advertising Rule Violations

In a decision dated April 17, 2025, the Dutch Authority for the Financial Markets imposed an administrative fine of €300,000 on Lynx B.V., an investment firm, for repeatedly breaching advertising regulations between December 1, 2023 and March 19, 2024. The violations concerned the incorrect presentation of risk indicators in advertising materials and on Lynx's website. Investment firms are required to ensure their advertising is accurate and clearly communicates the risks associated with investment services, particularly when promoting potential benefits. In the investigated materials, risk disclosures were set in smaller font sizes than the surrounding text and lacked sufficient colour contrast against the background, breaching applicable rules. The AFM emphasised that the breaches occurred over an extended period and that previous warnings issued to Lynx had failed to achieve compliance. However, the fine amount was moderated in consideration of Lynx's cooperative conduct during the investigation. The decision is final and cannot be appealed.
2950347 pc Mar 10, 2026 pthandapani Hong Kong Hong Kong Monetary Authority financial services
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Hong Kong Monetary Authority Issues Strategic Review of Business Models Amid Digital Transformation

On March 9, 2026, the Hong Kong Monetary Authority (HKMA) issued a circular on the current strategic review of business models amid digital transformation. The circular addresses fintech developments and applies to all authorized institutions operating in Hong Kong's banking sector. The HKMA's strategic review examines how authorized institutions are adapting their business models in response to ongoing digital transformation. This review is part of the authority's broader regulatory framework governing fintech innovation and technological advancement in the banking industry. The circular is directly related to the HKMA's concurrent initiatives on generative artificial intelligence (AI), including the expansion of its Generative Artificial Intelligence Sandbox, which was updated on March 5, 2026. These complementary measures reflect the HKMA's commitment to supporting responsible innovation while maintaining prudential standards. The strategic review builds on practical insights from the HKMA's Generative AI Sandbox initiative, documented in a practical insights report issued on October 31, 2025, titled "Responsible Innovation with GenAI in the Banking Industry." This positions the business model review within the context of how authorized institutions are leveraging emerging technologies, including generative AI, to enhance their operations and service delivery. Authorized institutions should review the circular to understand the HKMA's expectations regarding business model evolution during this period of digital transformation. The circular forms part of the HKMA's comprehensive supervisory approach to fintech and technology risk management in Hong Kong's banking sector. **Reference:** Hong Kong Monetary Authority Banking Regulatory Document Repository

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Hong Kong Monetary Authority Issues Circular on Strategic Review of Business Models Amid Digital Transformation

The Hong Kong Monetary Authority (HKMA) has issued a circular regarding the strategic review of business models by authorized institutions (AIs) amid digital transformation. This circular sets out the HKMA’s expectations for AIs to proactively assess and adapt their long-term business models in response to accelerating technological developments. Under the circular, AIs are required to develop a formal strategic business plan to address technological developments. This plan should identify opportunities, where applicable, to adapt or transform product offerings, revenue models, customer engagement, risk management, and operations. The HKMA states that AIs are required to develop their plans within six months of the release of this circular, and that a selected few will be invited to submit their plans via the HKMA’s Survey Tool.
2950347 pc Mar 10, 2026 pthandapani Hong Kong Hong Kong Monetary Authority financial services
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Hong Kong Monetary Authority Issues Strategic Review of Business Models Amid Digital Transformation

On March 9, 2026, the Hong Kong Monetary Authority (HKMA) issued a circular on the current strategic review of business models amid digital transformation. The circular addresses fintech developments and applies to all authorized institutions operating in Hong Kong's banking sector. The HKMA's strategic review examines how authorized institutions are adapting their business models in response to ongoing digital transformation. This review is part of the authority's broader regulatory framework governing fintech innovation and technological advancement in the banking industry. The circular is directly related to the HKMA's concurrent initiatives on generative artificial intelligence (AI), including the expansion of its Generative Artificial Intelligence Sandbox, which was updated on March 5, 2026. These complementary measures reflect the HKMA's commitment to supporting responsible innovation while maintaining prudential standards. The strategic review builds on practical insights from the HKMA's Generative AI Sandbox initiative, documented in a practical insights report issued on October 31, 2025, titled "Responsible Innovation with GenAI in the Banking Industry." This positions the business model review within the context of how authorized institutions are leveraging emerging technologies, including generative AI, to enhance their operations and service delivery. Authorized institutions should review the circular to understand the HKMA's expectations regarding business model evolution during this period of digital transformation. The circular forms part of the HKMA's comprehensive supervisory approach to fintech and technology risk management in Hong Kong's banking sector. **Reference:** Hong Kong Monetary Authority Banking Regulatory Document Repository

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Hong Kong Monetary Authority Issues Strategic Review of Business Models Amid Digital Transformation

On March 9, 2026, the Hong Kong Monetary Authority (HKMA) issued a circular on the current strategic review of business models amid digital transformation. The circular addresses fintech developments and applies to all authorized institutions operating in Hong Kong's banking sector. The HKMA's strategic review examines how authorized institutions are adapting their business models in response to ongoing digital transformation. This review is part of the authority's broader regulatory framework governing fintech innovation and technological advancement in the banking industry. The circular is directly related to the HKMA's concurrent initiatives on generative artificial intelligence (AI), including the expansion of its Generative Artificial Intelligence Sandbox, which was updated on March 5, 2026. These complementary measures reflect the HKMA's commitment to supporting responsible innovation while maintaining prudential standards. The strategic review builds on practical insights from the HKMA's Generative AI Sandbox initiative, documented in a practical insights report issued on October 31, 2025, titled "Responsible Innovation with GenAI in the Banking Industry." This positions the business model review within the context of how authorized institutions are leveraging emerging technologies, including generative AI, to enhance their operations and service delivery. Authorized institutions should review the circular to understand the HKMA's expectations regarding business model evolution during this period of digital transformation. The circular forms part of the HKMA's comprehensive supervisory approach to fintech and technology risk management in Hong Kong's banking sector. **Reference:** Hong Kong Monetary Authority Banking Regulatory Document Repository
2948576 pc Mar 10, 2026 kgurnani Australia Australian Securities and Investments Comission financial services
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Australia's Financial Services Regulator Consults on Enhanced Beneficial Ownership Disclosure for Listed Entities

On March 2025, the Australian Securities and Investments Commission (ASIC) launched a consultation on proposals to enhance corporate transparency by increasing investor visibility of who ultimately owns or controls entities listed on Australian financial markets. The consultation follows reforms in Schedule 1 of the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025 (Strengthening Financial Systems Act). ASIC's proposals aim to enable more accurate due diligence for prospective acquisitions, improve market conditions for investment decisions, and increase visibility when someone may be seeking greater influence over a listed company by building positions including through derivative exposures. The consultation paper, Consultation Paper 387 Enhanced Beneficial Ownership Disclosure–Proposed Legislative Instrument, Form and Guidance, includes proposals for a new legislative instrument (draft ASIC Corporations (Listed Enhancements Beneficial Ownership Disclosure) Instrument 2026/XX), a new Substantial Holding Notice, and amendments to regulatory guides RG 5 Relevant Interests and Substantial Holding Notices, RG 9 Takeover Bids, and RG 222 Substantial Holding Disclosure: Securities Lending and Prime Broking. Key features of the Schedule 1 reforms include expanded scope to interests arising from equity derivatives, alignment of requirements for foreign-registered entities listed on Australian financial markets with Australian-registered listed entities, clearer triggers and flexibility for disclosures, improved transparency of existing registers, and stronger enforcement with increased penalties for existing offences under Chapter 6C of the Corporations Act 2001. ASIC welcomes feedback from industry on its proposals by 5pm AEST on 21 April 2026. Submissions should be sent to rri.consultation@asic.gov.au. The reforms commence on 4 December 2026.

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ASIC consults on proposals to bolster transparency on ownership and control of listed entities | ASIC

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2948632 pc Mar 10, 2026 rghosh Ghana Directives and Guidelines – Securities and Exchange Commission Ghana horizon scanning
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Ghana's Securities and Exchange Commission Publishes Regulatory Sandbox Licensing Guidelines

On 9 March 2026, Ghana's Securities and Exchange Commission (SEC) issued the Securities Industry (Regulatory Sandbox Licensing) Guidelines 2026 (SEC/GUI/001/03/2026), establishing a framework for testing innovative capital market activities, products, services, and business models in a controlled environment. The guidelines replace the previous Securities Industry (Regulatory Sandbox Licensing) Guidelines 2020 and are issued under sections 3 and 209 of the Securities Industry Act, 2016 (Act 929), as amended, and section 71 of the Virtual Asset Providers Act, 2025 (Act 1154). The framework operates on a risk-based, proportionate, and technology-neutral basis to facilitate responsible innovation while ensuring investor protection, market integrity, and financial stability. Key provisions include eligibility criteria requiring applicants to demonstrate legal capacity, operational capability, and financial resources commensurate with proposed activities. The SEC may relax specific regulatory requirements during sandbox testing, though core protections including anti-money laundering and counter-terrorism financing obligations, fit and proper criteria, and customer asset safeguards remain mandatory. The approval process shall not exceed 90 days from determination of application completeness. Applicants must submit detailed testing plans, governance arrangements, cybersecurity measures, and risk management frameworks. For virtual asset service providers, additional requirements include smart contract audits, custody model documentation, and compliance with know-your-customer and transaction monitoring obligations. Foreign virtual asset service providers must demonstrate at least 30 percent local participation and maintain physical operational presence in Ghana. Sandbox entities must provide regular reporting on key performance indicators and risk disclosures using SEC-prescribed templates. The SEC may terminate sandbox licences where entities fail to commence business within three months, breach conditions, or present unacceptable risks. Upon successful testing, entities may transition to full licensing subject to compliance with applicable regulatory requirements. Applicants may contact the SEC at sandbox@sec.gov.gh for guidance prior to submission.

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Ghana's Securities and Exchange Commission Publishes Regulatory Sandbox Licensing Guidelines

On 9 March 2026, Ghana's Securities and Exchange Commission (SEC) issued the Securities Industry (Regulatory Sandbox Licensing) Guidelines 2026, establishing a framework for testing innovative capital market activities, products, services, and business models in a controlled environment. The guidelines replace the previous Securities Industry (Regulatory Sandbox Licensing) Guidelines 2020. The framework operates on a risk-based, proportionate, and technology-neutral basis to facilitate responsible innovation while ensuring investor protection, market integrity, and financial stability. Key provisions include : Eligibility criteria requiring applicants to demonstrate legal capacity, operational capability, and financial resources commensurate with proposed activities. The SEC may relax specific regulatory requirements during sandbox testing, though core protections including anti-money laundering and counter-terrorism financing obligations, fit and proper criteria, and customer asset safeguards remain mandatory. The approval process shall not exceed 90 days from determination of application completeness. Applicants must submit detailed testing plans, governance arrangements, cybersecurity measures, and risk management frameworks. For virtual asset service providers, additional requirements include smart contract audits, custody model documentation, and compliance with know-your-customer and transaction monitoring obligations. Foreign virtual asset service providers must demonstrate at least 30 percent local participation and maintain physical operational presence in Ghana. Sandbox entities must provide regular reporting on key performance indicators and risk disclosures using SEC-prescribed templates. The SEC may terminate sandbox licences where entities fail to commence business within three months, breach conditions, or present unacceptable risks. Upon successful testing, entities may transition to full licensing subject to compliance with applicable regulatory requirements. Applicants may contact the SEC at sandbox@sec.gov.gh for guidance prior to submission.
2950361 pc Mar 10, 2026 pthandapani Vietnam Vietnam Government Portal financial services
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Văn bản hợp nhất số 12/VBHN-NHNN hợp nhất Thông tư Quy định điều kiện, hồ sơ, thủ tục chấp thuận việc tổ chức lại ngân hàng thương mại, tổ chức tín dụng phi ngân hàng

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2972112 pc Mar 09, 2026 ataylor Connecticut Connecticut Department of Banking - Administrative Orders and Settlements horizon scanning
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Connecticut Banking Commissioner Summarily Suspends Bitcoin Depot's Money Transmission License

On March 9, 2026, Connecticut's Banking Commissioner Jorge L. Perez issued an order summarily suspending Bitcoin Depot Operating LLC d/b/a Bitcoin Depot (formerly LUX Vending LLC), a virtual currency kiosk operator, from engaging in money transmission activities in Connecticut. The suspension is effective immediately upon receipt of the order. The Commissioner found that Bitcoin Depot violated multiple provisions of the Connecticut General Statutes and federal anti-money laundering regulations. Key violations include: failing to maintain the required minimum tangible net worth of $1,000,000 in 2022 and 2023; charging excessive fees exceeding the statutory 15 percent limit on virtual currency transactions, collecting $150,426.27 in excess fees from 1,015 transactions; failing to provide full refunds to defrauded customers as required by law; failing to obtain government-issued identification from 19 customers; allowing customers to exceed daily transaction limits; and failing to implement adequate anti-money laundering and know-your-customer controls. The Commissioner documented seven Connecticut consumers who lost a combined $112,120 to scams facilitated through Bitcoin Depot's kiosks, with the company refusing refunds despite meeting statutory requirements. The company also faced enforcement actions from Iowa, Maine, Florida, and Minnesota authorities, including a $1,900,000 settlement with Maine related to consumer harm. Bitcoin Depot must immediately cease accepting funds from Connecticut customers and disable all kiosks. Within seven days, it must segregate all customer funds in trust accounts and provide detailed reports of holdings. The Commissioner has issued an order requiring restitution to defrauded consumers and disgorgement of fees obtained through unsafe practices. Bitcoin Depot may request a hearing within 14 days. If no hearing is requested or the company fails to appear, the Commissioner will issue a permanent license revocation order and may impose civil penalties up to $100,000 per violation.

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Connecticut Department of Banking Suspends Bitcoin Depot's License for AML and Consumer Protection Violations

On March 9, 2026, the Connecticut Department of Banking (DOB) issued an order summarily suspending Bitcoin Depot Operating LLC, a virtual currency kiosk operator, from engaging in money transmission activities in Connecticut. The suspension is effective immediately upon receipt of the order. The Commissioner found that Bitcoin Depot violated multiple provisions of the Connecticut General Statutes and federal anti-money laundering regulations. Key violations include: failing to maintain the required minimum tangible net worth of $1,000,000 in 2022 and 2023; charging excessive fees exceeding the statutory 15 percent limit on virtual currency transactions, collecting $150,426.27 in excess fees from 1,015 transactions; failing to provide full refunds to defrauded customers as required by law; failing to obtain government-issued identification from 19 customers; failing to provide terms and conditions to Connecticut consumers prior to each virtual currency transaction; allowing customers to exceed daily transaction limits; and failing to implement adequate anti-money laundering and know-your-customer (KYC) controls. The DOB also documented several Connecticut consumers who lost money to scams facilitated through Bitcoin Depot's kiosks, with the company refusing refunds despite meeting statutory requirements. Under the terms of the order, Bitcoin Depot must immediately cease and desist accepting funds from Connecticut customers and disable all kiosks. Within seven days, it must segregate all customer funds in trust accounts and provide detailed reports of holdings. The Commissioner has issued an order requiring restitution to defrauded consumers and disgorgement of fees obtained through unsafe practices.
2943155 pc Mar 09, 2026 ggallwey Colombia Banco de la Republica Colombia financial services
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Colombia's Central Bank Updates Operational Mechanism for Real-Time Low-Value Payment System Settlements

On March 5, 2026, the Banco de la República (Colombia's central bank) issued Circular Externa Operativa y de Servicios DSP-471, replacing its previous circular from October 30, 2025, regarding the Reglamento del Mecanismo Operativo para la Liquidación (MOL — Operational Mechanism for Settlement). The MOL processes settlement instructions for immediate payment orders and fund transfers (OP/TF Inmediatas) within Colombia's real-time low-value payment systems. The updated circular incorporates two significant modifications: it permits payment system administrators (Entidades Administradoras de Sistemas de Pago de Bajo Valor Inmediatos — EASPBVI) to use their own settlement schemes as operational contingencies when the MOL is unavailable, subject to notification to the central bank. Previously, this contingency measure was classified as a transition provision. Additionally, the circular modifies notification requirements for scenarios where participants experience unavailability lasting 20 minutes or longer that prevents customers from executing immediate payment orders. It also establishes notification protocols when EASPBVI apply inactivation measures to participants due to technical failures. The MOL operates 24/7/365, providing real-time gross settlement against deposit accounts maintained by participants at the Banco de la República. The circular establishes comprehensive procedures for participant access, liquidity management through configurable parameters, operational controls, and contingency protocols. Technical support is available through email (admimol@banrep.gov.co) and telephone channels. The circular applies to all EASPBVI and participants in Colombia's immediate low-value payment systems. The updated regulations are effective immediately upon publication. Participants requiring additional information should contact the Banco de la República through the designated communication channels specified in the circular.

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113 chars · nid 91172

DSP-471

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2950137 gc Mar 09, 2026 apintea Ukraine Playcity Ukraine - News gamblingcompliance
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Ukraine's State Gambling and Lottery Control Agency Reports Over ₴72 Million in Lottery Operator Licence Fees

On March 9, 2026, Ukraine's State Agency for the Regulation of Gambling and Lotteries (PlayCity) announced that three lottery operators have paid licence fees totalling over ₴72 million to the state budget. The three operators—МСЛ, Патріот, and Українська національна лотерея—were selected as competition winners and each paid ₴24.2 million for their licences. This marks the first lottery operator licensing activity in Ukraine in 12 years. The sector had operated without effective state regulation or licences for over a decade. The new licensing framework, adopted by the government in 2025, establishes regulatory conditions for lottery operators. New licensing requirements include mandatory electronic reporting to PlayCity, real-time monitoring of sales volumes and payouts, and unique QR codes for each lottery ticket and terminal. These measures enable continuous state oversight and reduce manipulation risks. The licences are issued for the duration of martial law plus one year following its conclusion, with a minimum three-year term rather than the ten years provided under existing legislation. This transitional approach allows flexibility pending broader legislative reforms. The Ministry of Digital Transformation is preparing comprehensive amendments to lottery legislation, including replacing the competitive licensing process with electronic auctions, eliminating references to "state monopoly," and clarifying distinctions between lotteries and gambling activities. Proposed changes also include prohibiting "toto" lotteries and gaming equipment in lottery operations. For citizens, the reforms provide transparency regarding point-of-sale legitimacy, lottery procedures, and prize guarantees. For the state, the changes restore regulatory control over the sector and generate projected licensing revenue.

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Ukrainian gambling regulator announces planned reform of lottery legislation

On March 9, 2026, Ukraine’s State Agency PlayCity announced future amendments to the lottery legislation that will remove barriers for foreign operators wanting to enter the market, while creating a competitive model for the industry. Work on legislative amendments is currently conducted together with the Ministry of Digital Transformation. Pursuant to the press release, the ministry proposes to replace the current tender process for obtaining a lottery licence with an electronic auction, “where the right to offer lotteries will be awarded to the gambling operator who offers the highest price”. The proposal will also ban lotteries, such as toto, which by nature are closely related to betting, and prohibit the use of gambling equipment or casino-like design for lotteries. The aim of the reform is to make the licensing procedure transparent and competitive.
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