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2944230 pc Mar 09, 2026 pthandapani India Securities and Exchange Board of India financial services
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India's Securities and Exchange Board Introduces Voluntary Lock-in and Debit Freeze Facility for Mutual Fund Folios

On March 6, 2026, the Securities and Exchange Board of India (SEBI) introduced a voluntary lock-in and debit freeze facility for mutual fund folios through Circular No. HO/24/12/12(5)2026-IMD-SEC-1/I/6373/2026. The facility allows mutual fund investors to voluntarily restrict redemptions and freeze debits on their folios, providing enhanced control over their investments. This mechanism enables investors to lock in their holdings for specified periods and prevent unauthorised or unintended fund transfers from their accounts. The voluntary nature of the facility means investors can opt in or out based on their individual investment strategies and risk management preferences. The lock-in feature supports long-term investment discipline by restricting the ability to redeem units during the chosen lock-in period, while the debit freeze prevents any debits or transfers from the folio during the specified timeframe. This dual functionality addresses investor concerns regarding investment protection and accidental redemptions. The introduction of this facility reflects SEBI's commitment to enhancing investor protection mechanisms and providing market participants with tools to better manage their mutual fund investments. It is applicable to all mutual fund folios and investors holding units in registered mutual funds regulated by SEBI. Market participants, including asset management companies and mutual fund distributors, should implement the necessary systems and processes to facilitate this voluntary facility for their investors. Further guidance on implementation details and operational procedures may be provided by SEBI in subsequent communications. REFERENCES: Securities and Exchange Board of India (SEBI) Circular No. HO/24/12/12(5)2026-IMD-SEC-1/I/6373/2026

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India's Securities and Exchange Board Introduces Voluntary Lock-in and Debit Freeze Facility for Mutual Fund Folios

The Securities and Exchange Board of India (SEBI) has announced the introduction of a voluntary lock-in (debit freeze) facility for mutual fund folios under which mutual fund investors will be able to voluntarily freeze debits from their mutual fund folios across both demat and non-demat holdings. The circular prescribes: Implementation procedures under which the facility will be provided by registrars and transfer agents through the MF Central platform. Eligibility requirements which state that the facility will be available only to KYC-compliant investors with a valid email ID and mobile number. Operational frameworks that empower the  Association of Mutual Funds in India to prescribe the detailed process for locking and unlocking folios and determine which financial and non-financial transactions will be permitted during the lock-in period. Disclosure obligations requiring asset management companies, registrars and transfer agents to disclose the process for opting for the facility, and its impact on transactions, on their websites and in the statement of additional information provided to investors. The circular takes effect on April 30, 2026.
2942971 pc Mar 09, 2026 pthandapani India Draft notifications - Reserve Bank of India horizon scanning
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Reserve Bank of India Amends Commercial Banks' Responsible Business Conduct Directions on Customer Liability in Unauthorised Electronic Banking Transactions

On March 26, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Commercial Banks - Responsible Business Conduct) Third Amendment Directions, 2026, revising instructions on customer liability in unauthorised electronic banking transactions for commercial banks (excluding Small Finance Banks, Payments Banks, Regional Rural Banks, and Local Area Banks). The amended directions, effective July 1, 2026, introduce a comprehensive framework for customer protection in electronic banking transactions. Key changes include revised definitions of authorised and unauthorised electronic banking transactions, with specific provisions addressing fraudulent transactions occurring through customer negligence, bank negligence, or third-party breaches. The directions establish that banks bear the burden of proving customer liability in fraudulent transaction complaints. The framework introduces a zero-liability provision for customers when fraudulent transactions result from bank negligence or deficiency, regardless of reporting timeliness. For third-party breaches, customers receive zero liability if they report unauthorised transactions within five calendar days of occurrence. Customers reporting after five days may receive compensation under a new mechanism for small-value fraudulent transactions. The directions establish a compensation scheme for individual customers experiencing losses up to ₹50,000 from fraudulent electronic banking transactions. Eligible customers receive 85 percent of net loss or ₹25,000, whichever is less, once during their lifetime. Compensation costs are shared between the Reserve Bank (65 percent for losses under ₹29,412), the customer's bank, and the beneficiary bank. Banks must resolve complaints within 30 calendar days and provide mandatory SMS alerts for transactions exceeding ₹500. Banks must establish 24/7 reporting channels for fraudulent transactions and implement robust fraud detection systems. The directions require banks to formulate transparent customer protection policies and maintain Board-level monitoring of fraudulent transaction complaints.

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2126 chars · nid 91168

Reserve Bank of India Amends Commercial Banks' Responsible Business Conduct Directions on Customer Liability in Unauthorised Electronic Banking Transactions

On March 26, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Commercial Banks - Responsible Business Conduct) Third Amendment Directions, 2026, revising instructions on customer liability in unauthorised electronic banking transactions for commercial banks (excluding Small Finance Banks, Payments Banks, Regional Rural Banks, and Local Area Banks). The amended directions, effective July 1, 2026, introduce a comprehensive framework for customer protection in electronic banking transactions. Key changes include revised definitions of authorised and unauthorised electronic banking transactions, with specific provisions addressing fraudulent transactions occurring through customer negligence, bank negligence, or third-party breaches. The directions establish that banks bear the burden of proving customer liability in fraudulent transaction complaints. The framework introduces a zero-liability provision for customers when fraudulent transactions result from bank negligence or deficiency, regardless of reporting timeliness. For third-party breaches, customers receive zero liability if they report unauthorised transactions within five calendar days of occurrence. Customers reporting after five days may receive compensation under a new mechanism for small-value fraudulent transactions. The directions establish a compensation scheme for individual customers experiencing losses up to ₹50,000 from fraudulent electronic banking transactions. Eligible customers receive 85 percent of net loss or ₹25,000, whichever is less, once during their lifetime. Compensation costs are shared between the Reserve Bank (65 percent for losses under ₹29,412), the customer's bank, and the beneficiary bank. Banks must resolve complaints within 30 calendar days and provide mandatory SMS alerts for transactions exceeding ₹500. Banks must establish 24/7 reporting channels for fraudulent transactions and implement robust fraud detection systems. The directions require banks to formulate transparent customer protection policies and maintain Board-level monitoring of fraudulent transaction complaints.
2944230 pc Mar 09, 2026 pthandapani India Securities and Exchange Board of India financial services
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India's Securities and Exchange Board Introduces Voluntary Lock-in and Debit Freeze Facility for Mutual Fund Folios

On March 6, 2026, the Securities and Exchange Board of India (SEBI) introduced a voluntary lock-in and debit freeze facility for mutual fund folios through Circular No. HO/24/12/12(5)2026-IMD-SEC-1/I/6373/2026. The facility allows mutual fund investors to voluntarily restrict redemptions and freeze debits on their folios, providing enhanced control over their investments. This mechanism enables investors to lock in their holdings for specified periods and prevent unauthorised or unintended fund transfers from their accounts. The voluntary nature of the facility means investors can opt in or out based on their individual investment strategies and risk management preferences. The lock-in feature supports long-term investment discipline by restricting the ability to redeem units during the chosen lock-in period, while the debit freeze prevents any debits or transfers from the folio during the specified timeframe. This dual functionality addresses investor concerns regarding investment protection and accidental redemptions. The introduction of this facility reflects SEBI's commitment to enhancing investor protection mechanisms and providing market participants with tools to better manage their mutual fund investments. It is applicable to all mutual fund folios and investors holding units in registered mutual funds regulated by SEBI. Market participants, including asset management companies and mutual fund distributors, should implement the necessary systems and processes to facilitate this voluntary facility for their investors. Further guidance on implementation details and operational procedures may be provided by SEBI in subsequent communications. REFERENCES: Securities and Exchange Board of India (SEBI) Circular No. HO/24/12/12(5)2026-IMD-SEC-1/I/6373/2026

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113 chars · nid 91165

SEBI | Introduction of Voluntary Lock-in / Debit freeze facility to Mutual Fund folios

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2944230 pc Mar 09, 2026 pthandapani India Securities and Exchange Board of India financial services
headline rewritten 6% of draft length open

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India's Securities and Exchange Board Introduces Voluntary Lock-in and Debit Freeze Facility for Mutual Fund Folios

On March 6, 2026, the Securities and Exchange Board of India (SEBI) introduced a voluntary lock-in and debit freeze facility for mutual fund folios through Circular No. HO/24/12/12(5)2026-IMD-SEC-1/I/6373/2026. The facility allows mutual fund investors to voluntarily restrict redemptions and freeze debits on their folios, providing enhanced control over their investments. This mechanism enables investors to lock in their holdings for specified periods and prevent unauthorised or unintended fund transfers from their accounts. The voluntary nature of the facility means investors can opt in or out based on their individual investment strategies and risk management preferences. The lock-in feature supports long-term investment discipline by restricting the ability to redeem units during the chosen lock-in period, while the debit freeze prevents any debits or transfers from the folio during the specified timeframe. This dual functionality addresses investor concerns regarding investment protection and accidental redemptions. The introduction of this facility reflects SEBI's commitment to enhancing investor protection mechanisms and providing market participants with tools to better manage their mutual fund investments. It is applicable to all mutual fund folios and investors holding units in registered mutual funds regulated by SEBI. Market participants, including asset management companies and mutual fund distributors, should implement the necessary systems and processes to facilitate this voluntary facility for their investors. Further guidance on implementation details and operational procedures may be provided by SEBI in subsequent communications. REFERENCES: Securities and Exchange Board of India (SEBI) Circular No. HO/24/12/12(5)2026-IMD-SEC-1/I/6373/2026

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113 chars · nid 91164

SEBI | Introduction of Voluntary Lock-in / Debit freeze facility to Mutual Fund folios

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2950854 pc Mar 06, 2026 ataylor California Department of Financial Protection & Innovation financial services
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California Department of Financial Protection and Innovation Issues Consent Order Against Nano Banc

On March 6, 2026, the California Department of Financial Protection and Innovation (DFPI) issued a Consent Order against Nano Banc (License #2332), marking the most recent regulatory action against the entity. Nano Banc has been subject to multiple enforcement actions by the DFPI since February 24, 2021, when the initial action was taken. The regulatory history includes a Cease and Desist Order issued on December 15, 2021, followed by an additional Order on May 2, 2022. On April 10, 2025, the DFPI issued a Termination of Order, which was subsequently followed by the March 2026 Consent Order. The sequence of enforcement actions indicates ongoing regulatory oversight and compliance concerns regarding Nano Banc's operations in California. The Consent Order represents a formal agreement between the DFPI and Nano Banc regarding regulatory compliance matters. Interested parties seeking additional information about this enforcement action or Nano Banc's regulatory status can contact the DFPI's Consumer Services Office at 1-866-275-2677 or access the full company profile and associated documentation through the DFPI's official records. **REFERENCES:** California Department of Financial Protection and Innovation. Actions and Orders: Nano Banc. Available at: https://dfpi.ca.gov/

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California Department of Financial Protection and Innovation Issues Consent Order Against Nano Banc

On March 6, 2026, the California Department of Financial Protection and Innovation (DFPI) issued a consent order (order) against Nano Banc, marking the most recent regulatory action against the entity. The order follows a waiver by Nano Banc's board of directors, which allows the Commissioner to bypass formal hearings to address urgent safety and soundness concerns. The enforcement action mandates remedial measures across several key operational and financial metrics to restore the institution to a stable condition. The regulatory basis for this action stems from the DFPI Commissioner's authority to intervene when a bank is conducted in an unsafe or unsound manner. Although Nano Banc consented to the order without admitting or denying the findings, the DFPI's mandate highlight critical failures in capital adequacy, liquidity stress testing, and credit risk management. Specifically, the DFPI identified that Nano Banc's capital was insufficient for its risk profile, and it maintained hazardous concentrations in commercial real estate and unsecured loans. Furthermore, the bank was found to have lacked a management team qualified to oversee operations in a safe and sound manner. The DFPI ordered Nano Banc to do the following: Capital Adequacy and Exit Strategies: Within 120 days, Nano Banc must increase its tangible shareholders' equity ratio to at least 9.5 percent. If it fails to meet this threshold it must enter a definitive agreement to merge, sell, or voluntarily liquidate. Liquidity Stress Testing: Nano bank is required to conduct a comprehensive review of liquidity stress testing assumptions within 60 days, ensuring they are supported by peer benchmarks and expert judgment. Funding concentration risk: Within 90 days, Nano Banc must submit a plan to reduce reliance on wholesale non-core deposits and establish clear limits for individual deposit verticals. Management Overhaul: Nano Banc must retain executive management acceptable to the Commissioner. All changes to the board or executive officers require a 30 days notice and a regulatory "non-objection". Operational Freezes: Nano Banc is strictly prohibited from declaring dividends, launching new lines of business, or opening new branches without prior written approval from the DFPI.
2940487 pc Mar 06, 2026 csoo Gibraltar Gibraltar Financial Services Commission - News financial services
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Gibraltar Financial Services Commission Publishes Thematic Review Report on Cybersecurity, Data Protection and Resilience in the Trust and Corporate Service Providers Sector

On March 6, 2026, the Gibraltar Financial Services Commission (GFSC) published its findings, observations and expectations from the thematic review on cybersecurity, data protection and resilience in the Trust and Corporate Service Providers (TCSPs) sector. The report highlights the following: The regulator’s expectations under Schedule 12 of the Gibraltar Financial Services Act 2019. Expectations, alongside good and poor practice examples across the following areas: Corporate governance oversight Cyber security, data protection and resilience frameworks Testing and assurance Technical controls (monitoring, logging & reporting) Training and awareness Corporate governance oversight Cyber security, data protection and resilience frameworks Testing and assurance Technical controls (monitoring, logging & reporting) Training and awareness
2937868 pc Mar 06, 2026 tojuri Malta Malta Financial Services Authority horizon scanning
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Malta's Financial Authority Announces Additional Data Quality Checks for Digital Operational Resilience Register Submissions

On 5 March 2026, the Malta Financial Services Authority (MFSA) issued a circular regarding additional data quality checks for Register of Information (RoI) submissions under the Digital Operational Resilience for the Financial Sector Regulation (EU) 2022/2554 (DORA). The circular applies to all financial entities within the scope of DORA. In line with Article 7 Quality of Data and Revisions of the 2024 European Supervisory Authorities (ESAs) Board of Supervisory Decisions, the ESAs will conduct additional data quality checks on 2026 RoI submissions during April 2026, following the mandated reporting period of 1 January to 21 March 2026. These checks aim to address incorrect data submissions. Financial entities may receive additional feedback from the ESAs on submitted RoIs that fail these checks, even if an "Accepted" status is attained on the MFSA's portal upon initial submission. Where resubmission is required, the MFSA will contact the respective financial entity with an expectation for resubmission by 30 April 2026, without undue delay. The circular recommends that financial entities ensure RoI data accuracy prior to submission to reduce the likelihood of resubmission requests. Credit institutions classified as significant under Article 6(4) of Regulation (EU) No 1024/2013 and directly supervised by the European Central Bank (ECB) should be guided by the ECB regarding RoI submission. The circular includes an annex providing examples of additional data quality checks. Queries should be directed to the MFSA's Supervisory Information and Communications Technology Risk and Cybersecurity (SIRC) Function at roi@mfsa.mt.

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Malta Financial Services Authority Issues Circular On Additional Data Quality Checks for DORA Register of Information

The Malta Financial Services Authority (MFSA) has issued a circular on “ Regulation (EU) 2022/2554 on Digital Operational Resilience for the Financial Sector – Register of Information Additional Data Quality Checks”. This circular applies only to financial entities within the scope of DORA and informs them that the European Supervisory Authorities (ESAs) will conduct additional data quality checks on submissions of the 2026 Register of Information (RoI) to address incorrect data. These checks are planned for April 2026. During this period, the MFSA may receive additional feedback from the ESAs regarding RoIs that fail these checks, despite having attained an 'Accepted' status on the LH Portal upon submission. In this case, the MFSA will contact the relevant financial entities and expect them to resubmit the RoI by 30 April 2026 at the latest. Financial entities can reduce the likelihood of being asked to resubmit by ensuring the RoI data is correct before submission. Any queries should be addressed to the Supervisory ICT Risk and Cybersecurity Function at ROI@mfsa.mt .
2940517 pc Mar 06, 2026 rghosh South Africa Reserve Bank of South Africa horizon scanning
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South African Reserve Bank Publishes Draft Exchange Control Circulars for Public Comment

On an unspecified date in 2026, the South African Reserve Bank (SARB) published draft Exchange Control circulars for public comment following announcements made by South Africa's Minister of Finance in the 2026 Budget. The draft circulars address several key areas. They propose increased new limits for cross-border payments and investments by individuals in South Africa, reflecting changes to exchange control policy. Additionally, the circulars aim to streamline certain administrative processes related to exchange control compliance. The circulars also establish the Standalone Prime Rate (SPR) as the reference rate for Prime Lending Rate (PLR)-linked financial contracts. This change is intended to create a clearer link between monetary policy and lending rates, while improving public understanding of loan pricing mechanisms for borrowers and lenders. The draft circulars apply to individuals and entities subject to South African exchange control regulations, including those engaging in cross-border financial transactions and investments. The changes are significant as they represent a modernisation of exchange control frameworks and enhanced alignment between monetary policy transmission and retail lending practices. The closing date for submission of comments on the draft circulars is 17 March 2026. Stakeholders wishing to respond should access the draft circulars through the SARB's official channels and submit their feedback by the specified deadline. **Reference:** South African Reserve Bank. Draft Exchange Control circulars for public comment following 2026 Budget announcements. Available at: [SARB official website]

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South African Reserve Bank Publishes Draft Exchange Control Circulars for Comment

On March 6, 2026, the South African Reserve Bank (SARB)  issued a consultation on the exchange controls following the 2026 Budget announcements by the Minister of Finance. The proposed circulars introduce changes aimed primarily at increasing limits for cross-border payments and investments by individuals in South Africa, while also streamlining certain administrative processes under the exchange control framework. Key proposed measures include: Increase in single discretionary allowance: The annual limit for individuals is proposed to increase from R1 million to R2 million (approximately US $ 119,459), with the travel allowance for minors rising from R200,000 to R400,000. Higher limits for card-based cross-border payments: Payments for imports, services, or subscriptions via credit or debit cards would increase from R50,000 to R100,000 per transaction. Increase in miscellaneous payments to non-residents: The limit for certain miscellaneous cross-border payments would rise from R100,000 to R200,000 per transaction. Higher cash export/import limits: The maximum amount of South African banknotes that travellers may carry across borders would increase from R25,000 to R100,000. Removal of interest rate caps on inward foreign loans: Residents would be allowed to obtain foreign loans without prescribed interest rate thresholds, provided the rates are market-related and properly reported. Simplified merchanting trade rules: The settlement time limit for merchanting transactions would be standardised to four months between payment to the foreign supplier and receipt from the foreign buyer. Operational flexibility for authorised dealers: Banks would be permitted to renew previously approved arrangements for local settlement in foreign currency between residents via customer foreign currency accounts, provided the original conditions remain unchanged. Stakeholders are invited to review the draft circulars and submit comments to the SARB. The consultation period closes on March 17, 2026
2940371 pc Mar 06, 2026 pthandapani Thailand Bank of Thailand horizon scanning
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Thailand's Central Bank Imposes Administrative Penalty on Payment Service Provider for Non-Compliance

On March 6, 2025, the Bank of Thailand (BoT) announced an administrative penalty against a regulated payment service provider for violations of the Payment System Act, B.E. 2560 (2017). The BoT, as the regulatory authority overseeing payment service providers, imposed a combined fine of 1,826,250 Thai baht against AnyPay Company Limited and its managing director. The company, which holds licences to provide payment collection services and support services to cardholders, failed to comply with BoT-mandated standards by not conducting required internal control reviews, risk management assessments, and information security audits. Additionally, the company did not submit financial statements and shareholder information reports (identifying the top ten shareholders and their shareholding proportions) within the prescribed timeframe. These failures constituted violations under Section 24 and Section 26 of the Payment System Act. The BoT stated that AnyPay acknowledged the violations and accepted responsibility. The company has since undertaken corrective measures to comply with the applicable standards. The BoT emphasised that all regulated payment service providers must strictly adhere to applicable laws and standards established by the regulator. The BoT indicated it will pursue further legal action against any payment service provider found to be in breach of legal requirements and regulatory standards. **References:** Bank of Thailand, News Release No. 9/2569, March 6, 2025

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การลงโทษทางปกครองกับผู้ประกอบธุรกิจบริการการชำระเงินภายใต้การกำกับที่ฝ่าฝืนหรือไม่ปฏิบัติตามพระราชบัญญัติระบบการชำระเงิน พ.ศ. 2560

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2940021 pc Mar 06, 2026 pthandapani Singapore Monetary Authority of Singapore horizon scanning
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Singapore's Monetary Authority Launches Consultation on Updated Operational Risk Management Guidelines

On March 6, 2026, the Monetary Authority of Singapore (MAS) launched a consultation on its proposed Updated Guidelines on Operational Risk Management. The consultation sets out MAS' supervisory expectations on effective operational risk management practices by financial institutions. The updated guidelines elaborate on MAS' expectations for how financial institutions should manage operational risks. Operational risk encompasses the potential for loss resulting from inadequate or failed internal processes, people, systems, or external events. The guidelines are designed to ensure that financial institutions operating in Singapore maintain robust frameworks to identify, assess, monitor, and mitigate operational risks across their operations. This includes addressing risks related to internal processes, human resources, technology systems, and external factors that could impact institutional stability and customer protection. The consultation (P003-2026) runs from March 6, 2026, to April 20, 2026, closing at 11:59 PM on the final date. Financial institutions and other stakeholders are invited to submit responses during this period. The consultation document is available for download on the MAS website. REFERENCES: Monetary Authority of Singapore. (2026). Consultation Paper on Updated Guidelines on Operational Risk Management. Retrieved from https://www.mas.gov.sg/

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Consultation Paper on Updated Guidelines on Operational Risk Management

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2940371 pc Mar 06, 2026 pthandapani Thailand Bank of Thailand horizon scanning
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Thailand's Central Bank Imposes Administrative Penalty on Payment Service Provider for Non-Compliance

On March 6, 2025, the Bank of Thailand (BoT) announced an administrative penalty against a regulated payment service provider for violations of the Payment System Act, B.E. 2560 (2017). The BoT, as the regulatory authority overseeing payment service providers, imposed a combined fine of 1,826,250 Thai baht against AnyPay Company Limited and its managing director. The company, which holds licences to provide payment collection services and support services to cardholders, failed to comply with BoT-mandated standards by not conducting required internal control reviews, risk management assessments, and information security audits. Additionally, the company did not submit financial statements and shareholder information reports (identifying the top ten shareholders and their shareholding proportions) within the prescribed timeframe. These failures constituted violations under Section 24 and Section 26 of the Payment System Act. The BoT stated that AnyPay acknowledged the violations and accepted responsibility. The company has since undertaken corrective measures to comply with the applicable standards. The BoT emphasised that all regulated payment service providers must strictly adhere to applicable laws and standards established by the regulator. The BoT indicated it will pursue further legal action against any payment service provider found to be in breach of legal requirements and regulatory standards. **References:** Bank of Thailand, News Release No. 9/2569, March 6, 2025

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การลงโทษทางปกครองกับผู้ประกอบธุรกิจบริการการชำระเงินภายใต้การกำกับที่ฝ่าฝืนหรือไม่ปฏิบัติตามพระราชบัญญัติระบบการชำระเงิน พ.ศ. 2560

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2939856 pc Mar 06, 2026 tojuri Spain The Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offences (Sepblac) financial services
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Spain's Financial Intelligence Unit Publishes Best Practices for Reducing De-Risking

On March 5, 2026, Spain's Financial Intelligence Unit (Sepblac) published guidance on best practices for reducing de-risking in the financial sector. De-risking refers to the unintended consequence of an exaggerated and partial application of anti-money laundering and counter-terrorism financing (AML/CTF) regulations, which can result in the unjustified exclusion of legitimate customers and sectors from financial services. The Financial Action Task Force (FATF), European Banking Authority (EBA), and Anti-Money Laundering Authority (AMLA) have previously highlighted the negative effects of de-risking practices, including financial exclusion and obstacles to realistic risk management. Following inspections conducted at credit institutions in 2025 focused on de-risking issues, Sepblac identified several good practices within the sector that may help mitigate this phenomenon. These practices are presented in relation to compliance with AML/CTF regulations and the complete regulatory framework, balancing different provisions to avoid overly restrictive interpretations. The guidance emphasises that these best practices should be understood as complementary to any other supervisory measures the Bank of Spain may consider in exercising its supervisory function regarding conduct and transparency. The publication reflects a broader regulatory shift toward addressing financial exclusion concerns while maintaining robust AML/CTF compliance. Credit institutions and other financial service providers should review the identified best practices to ensure their risk management approaches appropriately balance regulatory compliance with customer access and market participation.

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Spanish Commission for the Prevention of Money Laundering and Monetary Offences Issues Best Practices for Reducing De-Risking Practices

The Spanish Commission for the Prevention of Money Laundering and Monetary Offences (SEPBLAC) has issued a guide on good practices to reduce de-risking in the context of anti-money laundering (AML) and counter-terrorist financing (CTF) prevention, following an inspection of credit institutions. Based on observations made during supervisory work and the conclusions reached, good practices within the sector that could help to mitigate the problem of de-risking have been identified. These include: No systemic rejection of a specific customer category; business relationships with customers should be rejected or terminated on an individual basis. Consider alternative reinforcing measures before rejecting or terminating business relationships. Analysing, rather than automatically terminating, business relationships. Decisions not to enter into a business relationship with a prospective customer, to terminate an existing business relationship, or not to carry out an occasional transaction on AML/CFT grounds should be recorded. These good practices should be understood in relation to compliance with AML/CTF regulations, and are without prejudice to any others that the Bank of Spain may consider appropriate when exercising its supervisory responsibilities regarding conduct and transparency.
2939862 pc Mar 06, 2026 arahman Montenegro Regulations - Central Bank financial services
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Montenegro's Central Bank Establishes Reporting Requirements for Credit Institutions on Minimum Capital and Resolution Planning

On 17 April 2025, the Council of the Central Bank of Montenegro passed a decision establishing comprehensive reporting requirements for credit institutions operating in the jurisdiction. The decision, which entered into force on 25 April 2025, prescribes the types, format, content, and submission deadlines for reports that credit institutions must submit to fulfil resolution planning and capital adequacy monitoring obligations. The decision requires credit institutions to submit quarterly reports to the Central Bank of Montenegro no later than 20 days after the end of each quarter. These reports include: the minimum requirement for own funds and eligible liabilities (MREL1 template); own funds and liabilities (RKO template); own funds and liabilities presented according to reverse priority ranking in bankruptcy proceedings (ORP template); structure of eligible liabilities qualified for internal MREL requirements (IM template); and structure of eligible liabilities (KO template). Additionally, credit institutions must submit annual reports by 15 April each year reflecting the status as of 31 December of the preceding year. These reports detail all valid hedging agreements, real estate leases, service agreements with third parties, borrowing agreements, subordinated debt agreements, intra-group financing and guarantee agreements, correspondent banking relationships, and agreements governed by non-Montenegrin law. All contracts not concluded in Montenegrin must be accompanied by certified translations from sworn translators. Reports must be submitted electronically to sanacija@cbcg.me using the prescribed templates provided in the decision's annex. The decision applies mutatis mutandis to other legal persons defined under the Law on Resolution of Credit Institutions.

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Decision on Reporting to the Central Bank of Montenegro for the Purpose of Pursuing Resolution Function

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2939872 pc Mar 06, 2026 arahman Montenegro Capital Markets Authority - News financial services
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Montenegro's Capital Market Commission Launches Consultation on Auditor Selection Rules for Open-Ended Investment Funds

On March 5, 2026, the Capital Market Commission of Montenegro (Komisija za tržište kapitala Crne Gore) adopted a draft regulation on auditor selection criteria and audit scope for open-ended investment funds with public offering and their management companies. The draft regulation establishes conditions and criteria for auditor selection, procedures for granting consent, and the scope and content of audits. The regulation aims to strengthen transparency in operations, improve control systems, and provide additional investor protection. The rules apply to management companies operating open-ended investment funds with public offering and the funds themselves. The regulation has been adopted pursuant to Articles 90(4) and 162(4) and (10) of the Law on Open-Ended Investment Funds with Public Offering (published in the Official Gazette of Montenegro, nos. 23/25, 117/25, and 14/26). The Capital Market Commission is conducting a public consultation to gather feedback from interested stakeholders, including professional and interested members of the public. The consultation period runs for 14 days from the publication date. Interested parties may submit comments to the Commission at info@scmn.me. Following review of all received comments, the Commission will finalise the text of the regulation. **Reference:** Capital Market Commission of Montenegro: https://www.scmn.me

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scmn.me - Debate publique sur les Règles Drafts sur les criteria pour la selecció d'auditeurs et la scope de l'audit dans la campagne des fonds d'investiment d'aperne avec un offerte publique

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2934262 pc Mar 05, 2026 kgurnani New Zealand Financial Markets Authority financial services
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New Zealand's Financial Markets Authority Orders ASB Bank to Pay $2.1 Million for Fair Dealing Breaches

On March 5, 2026, New Zealand's High Court imposed a final penalty of $2.1 million on ASB Bank Limited for fair dealing breaches affecting its insurance products and banking services. The Financial Markets Authority (FMA) brought proceedings against ASB for making false and misleading representations to customers and failing to correctly apply multi-policy discounts on ASB-branded insurance products and fee exemptions for eligible FastNet Business customers. The breaches resulted in more than 25,000 customers being refunded approximately $4.7 million by ASB. Justice O'Gorman's judgment emphasised that financial institutions must maintain adequate systems and processes, stating that penalties must create "a strong incentive" to prevent process or system failures. The judgment specifically noted that "manual processes without adequate quality assurance and proactive problem detection and escalation is unacceptable." FMA Head of Enforcement Margot Gatland stated that the penalty reflects the seriousness of ASB's systems failures, highlighting that customers are entitled to rely on their bank to apply discounts and fee exemptions accurately. Gatland noted that while the FMA acknowledges ASB's cooperation and self-reporting of the issues, the duration of the failings and delays in identifying and escalating them necessitated a strong regulatory response. ASB admitted to the contraventions under the Financial Markets Conduct Act (FMCA). The FMA acknowledges that ASB carried out remediation following identification of the breaches. **Reference:** Financial Markets Authority Media Release MR No. 2026–07 (March 5, 2026)

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New Zealand's Financial Markets Authority Orders ASB Bank Limited to Pay NZ$2.1 Million for Fair Dealing Breaches

On March 5, 2026, New Zealand's High Court imposed a final penalty of NZ$2.1 million on ASB Bank Limited for fair dealing breaches affecting its insurance products and banking services. The Financial Markets Authority (FMA) brought proceedings against ASB for making false and misleading representations to customers and failing to correctly apply fee exemptions for eligible FastNet Business customers. The breaches resulted in more than 25,000 customers being refunded approximately NZ$4.7 million by ASB. While the FMA acknowledges ASB's cooperation and self-reporting of the issues, the duration of the failings and delays in identifying and escalating them necessitated a strong regulatory response. ASB admitted to the contraventions under the Financial Markets Conduct Act (FMCA). The FMA acknowledges that ASB carried out remediation following identification of the breaches.
2930293 pc Mar 05, 2026 kgurnani Dubai Securities and Comodities Authority financial services
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United Arab Emirates Financial Markets Authority Resumes Trading on Capital Markets

On March 3, 2026, the United Arab Emirates Financial Markets Authority announced the resumption of trading and clearing and settlement activities across the country's capital markets, effective Wednesday, March 4, 2026. The resumption applies to both the Abu Dhabi Securities Exchange and the Dubai Financial Market. The authority stated that the resumption follows continued coordination between the Financial Markets Authority and both exchanges, in accordance with a previously announced timeline. The authority emphasised its commitment to monitoring regional developments closely and taking any measures it deems appropriate within its legal and regulatory authority to protect investors. The Financial Markets Authority indicated that the markets had been closed on Monday, March 2, 2026, and Tuesday, March 3, 2026. The Financial Markets Authority urged all relevant parties to monitor official channels of the Financial Markets Authority, Abu Dhabi Securities Exchange, and Dubai Financial Market for any further updates or developments. The authority will continue to exercise its supervisory and regulatory responsibilities in accordance with applicable laws and regulations. REFERENCES: United Arab Emirates Financial Markets Authority official announcement

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United Arab Emirates Capital Market Authority Announced Resumption of Trading Activities Across the Emirates

On March 3, 2026, the United Arab Emirates Capital Markets Authority announced the resumption of trading, clearing and settlement activities in the capital markets of the country (Abu Dhabi Securities Exchange and Dubai Financial Market), effective Wednesday, March 4, 2026. The resumption applies to both the Abu Dhabi Securities Exchange and the Dubai Financial Market. The authority stated that the resumption follows continued coordination between the Financial Markets Authority and both exchanges, in accordance with a previously announced timeline.
2936410 pc Mar 05, 2026 adavies European Union European Commission - News horizon scanning
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European Commission Publishes Second Draft of Code of Practice on Marking and Labelling of AI-Generated Content

On 5 March 2026, the European Commission published the second draft of a voluntary Code of Practice on Marking and Labelling of AI-Generated Content. The code facilitates compliance with Article 50 of the Artificial Intelligence (AI) Act, which establishes marking and labelling requirements for AI-generated content. The revised draft incorporates feedback from hundreds of participants, including industry representatives, academia, civil society organisations, and other stakeholders. Input was gathered through an EU survey, stakeholder meetings, and workshops held in January 2026. The Commission also integrated contributions from Member States via the AI Board and Members of the European Parliament represented in the IMCO-LIBE Working Group monitoring AI Act implementation. The second draft streamlines and simplifies the code, providing greater flexibility for signatories while reducing compliance burden. It promotes the use of open standards for AI content marking and an EU icon for labelling to simplify compliance and reduce costs. The code is structured into two sections. Section 1 addresses marking and detecting AI content for providers of generative AI systems, introducing a revised two-layered marking approach involving secured metadata and watermarking, optional fingerprinting and logging, and detection and verification protocols. Section 2 targets deployers of AI systems and focuses on labelling deepfakes and text publications concerning matters of public interest. This section adopts a more flexible, practice-oriented approach with design and placement requirements for icons, labels, or disclaimers, while proposing a task force to develop a future uniform interactive EU icon. The Commission will collect feedback on the second draft until 30 March 2026. The code is expected to be finalised by early June 2026, with the transparency rules becoming applicable on 2 August 2026.

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European Commission Publishes Second Draft of Code of Practice on Marking and Labelling of AI-Generated Content

On 5 March 2026, the European Commission published the second draft of a voluntary Code of Practice on Marking and Labelling of AI-Generated Content. The code facilitates compliance with Article 50 of the Artificial Intelligence (AI) Act, which establishes marking and labelling requirements for AI-generated content. The revised draft incorporates feedback from hundreds of participants, including industry representatives, academia, civil society organisations, and other stakeholders. Input was gathered through an EU survey, stakeholder meetings, and workshops held in January 2026. The Commission also integrated contributions from Member States via the AI Board and Members of the European Parliament represented in the IMCO-LIBE Working Group monitoring AI Act implementation. The second draft streamlines and simplifies the code, providing greater flexibility for signatories while reducing compliance burden. It promotes the use of open standards for AI content marking and an EU icon for labelling to simplify compliance and reduce costs. The code is structured into two sections. Section 1 addresses marking and detecting AI content for providers of generative AI systems, introducing a revised two-layered marking approach involving secured metadata and watermarking, optional fingerprinting and logging, and detection and verification protocols. Section 2 targets deployers of AI systems and focuses on labelling deepfakes and text publications concerning matters of public interest. This section adopts a more flexible, practice-oriented approach with design and placement requirements for icons, labels, or disclaimers, while proposing a task force to develop a future uniform interactive EU icon. The Commission will collect feedback on the second draft until 30 March 2026. The code is expected to be finalised by early June 2026, with the transparency rules becoming applicable on 2 August 2026.
2936110 pc Mar 05, 2026 csoo United Kingdom Bank of England horizon scanning
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United Kingdom's Prudential Regulation Authority Finalises Recognised Exchanges Policy and Main Indices Transfer

On 5 March 2026, the Prudential Regulation Authority (PRA) published Policy Statement 6/26, providing final rules on recognised exchanges (REs) policy and the transfer of main indices to the PRA Rulebook. The PRA received three responses to its consultation paper 3/25, with respondents generally welcoming the proposals and the flexibility for banks to recognise exchanges independently. The final policy establishes conditions under Article 4(1)(72)(c) of the Capital Requirements Regulation (CRR) for identifying REs or assets traded on such exchanges. Firms must undertake a two-stage assessment: an exchange and market structure condition, and an asset liquidity condition specific to each asset. The PRA clarified that an exchange qualifies as an RE only in respect of particular assets meeting the liquidity condition, not necessarily all securities traded on that exchange. The PRA maintains its position that firms should conduct these assessments themselves rather than relying on a centrally maintained list, with post-implementation thematic reviews to evaluate approaches. The final rules also restate the main indices definition currently in Commission Implementing Regulation 2016/1646 into the PRA Glossary. The PRA made minor amendments to reflect market changes, including replacing the discontinued S&P NZX 15 Index with the S&P NZX 10, and removing the MSCI Russia Index and Russian Traded Index due to significantly reduced liquidity following geopolitical events. The PRA amended the definition of "higher risk equity exposure" to align with Basel 3.1 implementation. The rules specifying RE conditions and revoking Supervisory Statement 20/13 take effect on 1 July 2026. The rules on higher risk equity exposure, main indices restating, and consequential amendments to the Counterparty Credit Risk and Credit Risk Mitigation Parts take effect on 1 January 2027. The policy applies to PRA-authorised UK banks, building societies, Small Domestic Deposit Takers, PRA-designated investment firms, and financial holding companies.

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UK’s Prudential Regulation Authority Publishes Policy Statement on Recognised Exchanges Policy and Transfer of Main Indices

On March 5, 2026, the Prudential Regulation Authority (PRA) published a policy statement (PS6/26)  on recognised exchanges (RE) policy and transfer of main indices. The policy statement confirms the following: Permission for an overseas investment exchange to qualify an RE based on a two-stage assessment. Clarification that the policy does not require firms to apply to the PRA for recognition of exchanges or assets;firms may treat an asset as listed or traded on an RE if they are satisfied that the market structure and asset liquidity conditions are met. Amendment to the definition of ‘higher risk equity exposure’ that will be implemented alongside Basel 3.1 standards on January 1, 2027. Transfer of main indices list to the PRA Rulebook, which is currently situated in Commission Implementing Regulation 2016/1646 (Technical Standard-TS). Amendments to the Counterparty Credit Risk part and the Credit Risk Mitigation part of the PRA Rulebook, alongside the revocation of supervisory statement 20/13 . This PS is relevant to PRA-authorised UK banks, building societies, Small Domestic Deposit Takers (SDDTs), SDDT consolidation entities, PRA-designated UK investment firms, and PRA-approved or PRA-designated financial or mixed financial holding companies.
2936795 pc Mar 05, 2026 alapetina US Track 1 IRS horizon scanning
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United States Treasury and IRS Issue Proposed Regulations on Electronic Delivery of Digital Asset Broker Statements

On March 5, 2026, the Department of the Treasury and the Internal Revenue Service (IRS) issued proposed regulations to streamline the electronic delivery of Form 1099-DA statements by digital asset brokers to their customers. The proposed regulations recognise the inherently electronic nature of digital asset transactions and aim to reduce administrative burdens on brokers and customers. Under the new optional process, brokers would be permitted to obtain customer consent for electronic delivery of 1099-DA statements without offering a paper alternative or providing customers with the ability to withdraw previously provided consent. However, brokers must comply with enhanced electronic notice and delivery requirements, including ensuring customers are aware that important tax documents have been furnished electronically and maintaining continuing customer access to statements. The Treasury Department and IRS acknowledge that printing and mailing paper 1099-DA statements creates unnecessary costs for brokers given the volume of digital asset transactions many customers conduct annually. The proposed rules recognise that digital asset customers predominantly conduct transactions electronically, making electronic furnishing feasible and appropriate. Digital assets covered include convertible virtual currencies, cryptocurrency, stablecoins, and non-fungible tokens. The proposed regulations would apply to 1099-DA statements required to be furnished on or after January 1, 2027. Simultaneously, the Treasury Department and IRS issued Notice 2026-4, requesting public comments on electronic furnishing of Form 1099-B statements and other payee statements. Comments should be submitted in accordance with instructions provided in Notice 2026-4. REFERENCES: Internal Revenue Service, "Treasury, IRS issue proposed regulations to make it easier for digital asset brokers to provide 1099-DA statements electronically," IR-2026-29, March 5, 2026.

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US Department of Treasury and Internal Revenue Service Issue Proposed Regulations for Digital Asset Broker 1099-DA Statements

On March 5, 2026, the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS)  issued proposed regulations to modernize the delivery of tax statements for digital asset transactions. Under current rules, brokers must provide a paper Form 1099-DA, Digital Asset Proceeds From Broker Transactions unless a customer affirmatively consents to electronic delivery. The new proposal introduces an optional, alternative process specifically for Form 1099-DA that allows brokers to require electronic delivery as a condition of using their platform. Key features of the proposed regulation includes: Mandatory Electronic Consent: Brokers can make electronic delivery a non-negotiable condition of service, meaning they would not be required to offer a paper option or allow customers to withdraw consent while remaining a user Enhanced Notice Standards: To balance the lack of paper options, brokers must provide robust electronic notices, including mandatory email alerts when statements are available and guaranteed online access for a set period. The Treasury and the IRS also issued Notice 2026-4 ,  requesting public comment on whether the current rules governing the electronic delivery of Form 1099-B and related payee statements included in composite Form 1099-B statements should be modified. The US Treasury Department and IRS are considering changes that would mirror aspects of the proposed electronic framework for Form 1099-DA by allowing brokers greater flexibility to furnish these statements electronically. In order to reduce administrative burdens on brokers, the agencies are exploring how to minimize the costs associated with printing and mailing large volumes of paper statements. The Treasury and IRS acknowledge that the cost of printing and mailing paper 1099-DA statements may be unnecessarily burdensome for brokers because of the large number of digital asset transactions that some customers engage in each year. This furnishing relief for brokers is feasible because digital asset customers almost exclusively conduct transactions electronically. If finalized, these rules would apply to statements required to be furnished on or after January 1, 2027.
2941373 pc Mar 05, 2026 ggallwey Brazil Administrative Council for Economic Defense financial services
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Brazil's Securities Commission Amends Credit Rights Fund Regulations for Companies in Judicial Recovery

On March 6, 2026, the Comissão de Valores Mobiliários (CVM), Brazil's securities regulator, issued Resolution CVM 240, which amends Annex II of Resolution CVM 175 governing Fundos de Investimento em Direitos Creditórios (FIDC), or credit rights investment funds. The resolution makes targeted amendments to the characterisation of credit rights ceded by companies undergoing judicial or extrajudicial recovery. The CVM removed regulatory barriers to the transfer of credit rights by companies in judicial recovery, facilitating the use of FIDC as a funding source for the real economy. The amendments include two key changes: first, the removal of the requirement for judicial homologation of recovery plans for performing credit rights ceded by companies in judicial recovery to be considered standardised; and second, a revision of the regulatory treatment of co-obligations assumed by companies in judicial or extrajudicial recovery when transferring receivables, no longer classifying such co-obligations as characterising non-standardised credit rights. The measure forms part of the CVM's 2026 Regulatory Agenda and aims to enhance legal certainty and predictability for companies undergoing restructuring using FIDC instruments. João Accioly, Interim President of the CVM, stated the update contributes to greater clarity and legal security in FIDC operations and strengthens the capital market's role in supporting recovery processes. Resolution CVM 240 is effective immediately. The resolution was not preceded by a Regulatory Impact Analysis or public consultation, in accordance with Article 4, VII of Decree 10.411 and Articles 14, VII and 31, I, "a" of Resolution CVM 67, given its targeted and deregulatory nature. REFERENCES: Comissão de Valores Mobiliários. (2026). Resolução CVM 240. Available at: https://www.gov.br/cvm

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Brazil Securities and Exchange Commission Amends FIDC Rules for Receivables from Companies in Judicial Reorganization

On March 5, 2026, the Brazilian Securities and Exchange Commission (CVM) issued Resolution No. 240, amending Annex II of CVM Resolution No. 175 , which establishes the regulatory framework for Investment Funds in Credit Rights (FIDC). The amendment clarifies the regulatory treatment of credit rights assigned by companies undergoing judicial or extrajudicial reorganization within FIDC structures. Under the revised rules, performing credit rights assigned by a company undergoing restructuring may still qualify as standardized credit rights, even where the debtor is undergoing judicial or extrajudicial reorganization, provided the applicable conditions in the regulatory annex are met. The amendment also revises the treatment of obligations assumed by the assigning company in such transactions. According to the CVM, the changes are intended to remove regulatory barriers affecting the assignment of receivables by companies in restructuring and to improve legal certainty for transactions involving FIDC structures. The regulator noted that the reform aims to facilitate the use of capital market instruments as a financing channel for companies undergoing recovery processes.
2936329 pc Mar 05, 2026 ggallwey Chile Financial Markets Commission financial services
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Chile's Financial Market Commission Launches Consultation on Market Risk-Weighted Assets Adjustments

On March 5, 2026, the Financial Market Commission (CMF) of Chile launched a public consultation on proposed amendments to Chapter 21-7 of the Updated Compilation of Banking Standards (RAN). The consultation period runs for five weeks and aims to refine how banks calculate Risk-Weighted Assets for Market Risk (APRM) under Basel III standards. The CMF proposes two key adjustments to better reflect risk management practices by financial institutions. First, it seeks to recalibrate the vertical adjustment parameter from the current 10 percent to 7 percent, aligning with local market characteristics and calibration results for basis and gap risks. Second, it proposes enhancements to existing guidelines for excluding derivatives from interest rate risk calculations, allowing full compensation of matched derivative positions even when not strictly identical, consistent with Basel standards. The estimated impact of implementing both adjustments would reduce system-wide APRM by approximately 23 percent. The CMF projects these changes would apply from July 2026 and would reduce capital requirements in the short term while narrowing the gap between Chilean banking's risk-weighted asset density and that observed in other jurisdictions. The adjustments form part of a medium-term plan evaluating more sophisticated methodologies for APRM calculation to improve risk measurement and management. The complete proposal is available in the Regulatory Consultation section of the CMF's institutional website, accompanied by a Regulatory Report detailing primary contents and impact assessment. **References:** Financial Market Commission (CMF), "CMF publica en consulta ajustes normativos en la determinación de los Activos Ponderados por Riesgo de Mercado," March 5, 2026, available at: https://www.cmfchile.cl/

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Chile's Financial Market Commission Launches Consultation on Market Risk-Weighted Assets Adjustments

On March 5, 2026, the Chilean Financial Market Commission (CMF) launched a public consultation on proposed amendments to Chapter 21-7 of the Updated Compilation of Banking Regulations (RAN) governing the calculation of market risk-weighted assets (MRWA) for banks. The proposal forms part of the CMF’s ongoing evaluation of the implementation of Basel III capital standards in Chile and aims to improve the risk sensitivity of the simplified standardized approach currently used to calculate market risk capital requirements. The CMF concluded that transitioning to more complex approaches under the Fundamental Review of the Trading Book (FRTB) framework would impose significant operational and data requirements on domestic banks and may not be proportionate to the characteristics of the Chilean financial system. Under the proposal, the CMF would maintain the simplified standardized methodology based on the maturity approach for measuring interest rate risk in trading books while introducing targeted adjustments to better reflect local market conditions. The proposed amendments include: Calibration of the vertical adjustment parameter: The prudential charge applied to imperfect offsetting between asset and liability positions would be reduced from 10 percent to 7 percent, reflecting locally calibrated estimates of basis risk (2 percent) and gap risk (5 percent). Clarification of derivative netting rules: The regulation would allow positions in highly similar derivatives to be fully offset when calculating interest rate risk, even where small differences exist in maturity or contractual rates, provided these differences do not materially affect valuation. According to the CMF’s regulatory impact analysis, the adjustments would reduce market risk-weighted assets across the Chilean banking system by approximately 23%, resulting in a modest decline in total risk-weighted assets and an estimated 35-basis-point increase in the system’s capital adequacy ratio. If adopted, the amendments would enter into force in July 2026. The consultation is open for five weeks, with comments due by April 8, 2026. Stakeholders may submit comments during the consultation period through the “Regulations Under Review” section of the CMF website .
2936446 pc Mar 05, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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United Kingdom's Financial Conduct Authority Cancels Dania Money Transfer Ltd's Small Payment Institution Registration

On 5 March 2026, the Financial Conduct Authority (FCA) cancelled Dania Money Transfer Ltd's registration as a Small Payment Institution (SPI) under the Payment Services Regulations 2017 (PSRs). The firm, registered on 27 March 2018, failed to meet multiple conditions required for continued registration. The FCA identified several key failings. Dania Money Transfer Ltd's registration with His Majesty's Revenue and Customs (HMRC) under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) was cancelled on 31 July 2024, meaning the firm no longer met the mandatory requirement to be included on the HMRC register. The firm failed to notify the FCA of this significant change in circumstances without undue delay, as required under regulation 37 of the PSRs. Additionally, a subsequent application to HMRC was rejected, which the firm also failed to disclose. The firm did not provide payment services within 12 months of registration and has been prohibited from providing payment services since 31 July 2024. The firm submitted a regulatory return for the year ending 2023 reporting payment services despite informing the FCA on 1 January 2024 that it was not actively trading. When requested to provide evidence supporting this claim, the firm failed to do so. The firm also failed to submit its annual regulatory return for the year ending 2024 despite repeated requests and warnings from the FCA. The FCA concluded the cancellation was necessary to advance consumer protection and integrity objectives, citing the firm's breach of Principle 11 (Relations with Regulators) and the risk of consumers being misled about the firm's regulatory status. The cancellation takes effect from the date of the Final Notice. The firm did not refer the matter to the Upper Tribunal (Tax and Chancery Chamber) within 28 days of the Decision Notice issued on 29 January 2026.

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UK's Financial Conduct Authority Cancels Dania Money Transfer Ltd's Small Payment Institution Registration for Failure to Comply with the Money Laundering Regulations

On March 5, 2026, the Financial Conduct Authority (FCA) cancelled Dania Money Transfer Ltd's registration as a Small Payment Institution (SPI) under the Payment Services Regulations 2017 (PSRs). The primary reason for the cancellation was the firm’s failure to comply with a requirement of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs) to be included in the MLRs register. Additionally, the firm has: Failed to provide payment services within 12 months of registration and Has not been permitted to provide payment services since July 31, 2024, when its HM’s Revenue and Customs registration was cancelled. Failed to submit its annual regulatory return, namely the FSA057 regulatory return for the year ending 2024.
2943155 pc Mar 05, 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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Colombia's Central Bank Updates Operational Mechanism for Real-Time Low-Value Payment System Settlements

On March 5, 2026, the Board of Directors of the Central Bank of Colombia issued External Regulatory Circular DSP-465 amending Annex 5 of the Payment Systems Department Manual concerning the interoperability of immediate low-value payment systems. The update introduces additional technical and operational standards governing the clearing and settlement of immediate payment orders and fund transfers processed through these systems. The amendments establish detailed requirements for timestamp generation and synchronization across payment system infrastructures, including the use of clocks synchronized with Colombia’s official legal time service and the incorporation of the International Organization for Standardization financial messaging standard (ISO) 8601 timestamps in messaging flows. The circular also clarifies messaging standards, such as the use of ISO 20022, alongside procedures for handling error codes, exception flows and operational incidents during the clearing and settlement of immediate transfers. In addition, the circular introduces operational performance standards for the processing of immediate transfers. Immediate payment orders and fund transfers must generally be completed within 20 seconds in at least 99.5% of transactions, while a maximum processing timeout of 45 seconds applies to the clearing and settlement flow. The framework also establishes monitoring and reporting obligations relating to processing times. The circular further introduces rules on customer notifications and operational reconciliation. Payment system administrators must ensure that participants notify clients promptly when payment instructions cannot be processed or when service disruptions occur. The amendments also require administrators to establish procedures enabling participants to perform operational reconciliation across all transactions and to provide access to reconciliation mechanisms and support channels for reporting discrepancies. The provisions apply to administrators of immediate low-value payment systems and their participants, including financial institutions processing payment orders or instant transfers. The circular takes effect upon publication; however, the obligations introduced in Section 2, relating to exception handling, failure notifications and operational reconciliation processes, must be implemented within two months of publication.
2936439 pc Mar 05, 2026 adavies European Union European Banking Authority horizon scanning
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European Banking Authority Issues Final Implementing Technical Standards for Third Country Branch Supervisory Reporting

On 5 March 2026, the European Banking Authority (EBA) published its final report on draft Implementing Technical Standards (ITS) for supervisory reporting by third country branches (TCBs) under Directive 2013/36/EU (Capital Requirements Directive, or CRD). The ITS establish uniform formats, definitions, and reporting frequencies for financial and regulatory information that TCBs must submit to competent authorities. The framework applies proportionality through a "core plus supplement" approach, distinguishing between Class 1 TCBs (larger, more complex branches) and Class 2 TCBs (smaller branches). Class 1 branches report more detailed information at higher frequencies: quarterly for financial data and semi-annually for head undertaking (HU) information. Class 2 branches report quarterly financial data and annually for HU information. The ITS address reporting requirements under Article 48k of the CRD across two annexes. Annex I covers TCB-specific financial and regulatory information, including assets and liabilities booked and originated, capital endowment requirements, and liquidity coverage. Annex II addresses information on head undertakings, including prudential compliance, supervisory assessments, recovery plans, business strategy, and reverse solicitation services. Following public consultation feedback, the EBA introduced significant simplifications. The initial reporting reference date was postponed to 31 March 2027, providing a full implementation year. Remittance deadlines for Annex II were extended by one month to accommodate third-country accounting calendars. Templates were streamlined by removing granular country breakdowns and simplifying instructions. The EBA also removed columns from template E 01.01 addressing originated assets with or without continuing involvement, acknowledging this exceeded the Level 1 mandate. The EBA will publish data point model (DPM), XBRL taxonomy, and validation rules as a draft in Q1 2026, with final technical solutions expected in Q2 2026. The instructions will be translated into all official European Union languages and published on the EBA website.

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Final Report on draft ITS on the supervisory reporting of third country branches under CRD VI

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2935355 gc Mar 05, 2026 apintea Ukraine PlayCity Ukraine - Decisions gamblingcompliance
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Ukraine's Gambling Regulator Issues Financial Sanctions Against Slots U.A. Following Planned Inspection

On March 4, 2026, Ukraine's State Agency for Gambling and Lotteries Control (Playcity Agency) published Decision No. 50-Р, dated February 27, 2026, detailing the results of a planned inspection of LLC "Slots U.A." and the application of financial sanctions against the operator. The decision documents findings from the regulatory inspection and outlines the financial penalties imposed on the gambling operator. The Playcity Agency, as Ukraine's designated gambling regulator, conducts routine inspections of licensed operators to ensure compliance with applicable gambling legislation and regulatory requirements. The inspection of LLC "Slots U.A." identified violations warranting the imposition of financial sanctions in the form of fines. The full details of the violations identified, the specific amounts of the financial penalties imposed, and any compliance requirements or remedial actions required of the operator are contained within the decision document. The decision represents the Playcity Agency's enforcement action against the operator and is part of its broader regulatory oversight activities in the Ukrainian gambling sector. The decision has been published on the Playcity Agency's official website and is available for download in PDF format, in accordance with Ukraine's transparency and public information disclosure requirements. **Reference:** State Agency for Gambling and Lotteries Control (Playcity Agency), Decision No. 50-Р (February 27, 2026)

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Decisión de la Agencia PlayCity de 27.02.2026. № 50-R “On the results of the planned inspection and the application of financial sanctions (fines) to LLC “SLOTS Y.E.I."”

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2933688 pc Mar 05, 2026 tojuri Luxembourg Administrative Enforcement Actions - CSSF horizon scanning
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Luxembourg's Financial Regulator Imposes Fine on Investment Firm for Corporate Governance Breaches

On 8 October 2025, the Commission de Surveillance du Secteur Financier (CSSF) imposed an administrative fine of EUR 223,000 on an investment firm for non-compliance with professional obligations related to corporate governance. The CSSF identified breaches across multiple regulatory provisions of the amended Law of 5 April 1993 on the financial sector, including Articles 14, 17, 19, 40, and 59, as well as Article 17(1a). The violations were detected between 2019 and 2024 through on-site inspections conducted between 2022 and 2024, information from 2023 closing documents, and responses to an injunction letter dated 18 February 2020. Key areas of non-compliance included: inadequate central administration arrangements in Luxembourg, with members of the authorised management and the Chief Investment Officer not permanently residing in Luxembourg; excessive outsourcing of portfolio management activities outside Luxembourg; deficiencies in internal control functions, internal audit, and external audit arrangements; and inadequate fit and proper assessment of the Board of Directors. The CSSF determined the fine amount by considering the severity and number of breaches, the entity's acknowledgment of findings, and its provision of a general action plan. The entity has since implemented substantial remediation measures, including changes to management body composition and control functions. The CSSF's decision was made pursuant to Articles 63-2a(1) to 63-2a(4), 63-2b, and 63-4 of the amended Law of 5 April 1993, with reference to Circular CSSF 20/758 as amended by Circulars CSSF 21/785 and CSSF 22/806 on central administration, internal governance, and risk management. REFERENCES: Commission de Surveillance du Secteur Financier (CSSF) Administrative Decision, 8 October 2025

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Luxembourg Commission de Surveillance du Secteur Financier Imposes €223,000 Fine on an Investment Firm for Corporate Governance Breaches

In a decision dated October 8, 2025, the Commission de Surveillance du Secteur Financier (CSSF) imposed an administrative fine of EUR 223,000 on an investment firm for non-compliance with its professional obligations regarding corporate governance. The CSSF identified breaches across multiple regulatory provisions of the amended Law of 5 April 1993 on the financial sector , including Articles 14(2), 17(1)-(1a), 19(3), 40, and 59. The violations were detected between 2019 and 2024 through on-site inspections conducted between 2022 and 2024, information from 2023 closing documents, and responses to an injunction letter dated 18 February 2020. The CSSF identified cases of non-compliance with professional obligations relating to internal governance arrangements in the following areas: Inadequate central administration arrangements; The firm did not comply with the condition of permanent presence in Luxembourg, as neither members of the authorised management nor the Chief Investment Officer reside permanently in Luxembourg. Excessive outsourcing of portfolio management activities outside Luxembourg. The firm did not comply with the condition of permanent presence in Luxembourg, as neither members of the authorised management nor the Chief Investment Officer reside permanently in Luxembourg. Excessive outsourcing of portfolio management activities outside Luxembourg. Shortcomings in the internal control framework; deficiencies in internal control functions that jeopardise the firm's sound and prudent management. Deficiencies in the internal audit and external audit arrangements; Inadequate fit and proper assessment of the Board of Directors. deficiencies in internal control functions that jeopardise the firm's sound and prudent management. Deficiencies in the internal audit and external audit arrangements; Inadequate fit and proper assessment of the Board of Directors.
2937722 pc Mar 05, 2026 ggallwey Argentina Ministry of Justice and Human Rights financial services
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Argentina's National Securities Commission Relaxes Negotiable Obligations Issuance Requirements Under Automatic Public Offering Regime

Argentina's National Securities Commission (Comisión Nacional de Valores, CNV) has relaxed conditions for issuing negotiable obligations (ONs) under its automatic public offering regime through General Resolution No. 1117. The measure applies to issuers already authorised to conduct public offerings under the general regime. The initiative aims to modernise Argentina's capital markets by expanding participation opportunities while maintaining investor protection standards. Under the revised framework, issuers with existing authorisation for public offerings of negotiable obligations or shares under the general regime may now permit retail investors to participate in primary placements and secondary trading of low and medium-impact negotiable obligations without numerical limitations. Previously, such participation was restricted. The CNV determined that this relaxation is appropriate because qualifying issuers are subject to periodic and continuous disclosure requirements and complete transparency and supervision standards under existing regulations. This ensures sufficient information availability for retail investors. CNV President Roberto E. Silva stated the resolution represents progress in capital markets modernisation, describing it as part of a broader deregulation and simplification agenda that reduces procedural complexity and timelines while maintaining clear rules and adequate investor protection standards. The measure aligns with Argentina's wider administrative simplification objectives, streamlining procedures for negotiable obligations issuance while preserving regulatory safeguards. The resolution became effective upon publication. **Reference:** Argentina's National Securities Commission, General Resolution No. 1117

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Argentina National Securities Commission Expands Automatic Bond Issuance Regime to Retail Investors

On March 5, 2026, Argentina’s National Securities Commission (CNV) adopted General Resolution No. 1117, amending Chapter V of Title II of the CNV Rules (NT 2013 and amendments) governing the Automatic Public Offering Regime for Negotiable Obligations of Low and Medium Impact. The resolution modifies the automatic authorization framework for bond issuances in order to allow retail investors to participate in certain offerings that were previously limited to qualified investors. Under the previous framework, negotiable obligations issued under the automatic authorization regimes for low- and medium-impact offerings could generally be placed and traded only among qualified investors. The new resolution introduces an exception for issuers that are already authorized under the General Public Offering Regime. As these issuers are subject to ongoing supervision and the periodic and continuous information regime established in the CNV Rules, the CNV considers that sufficient information is available to investors. Accordingly, negotiable obligations issued under the automatic authorization regimes for low- and medium-impact offerings may be placed with both qualified and non-qualified (retail) investors. The CNV stated that the reform aims to harmonize the automatic authorization regime with the general public offering framework, broaden investor participation in the capital market and facilitate financing opportunities for issuers. The measure also forms part of a broader policy initiative to modernize Argentina’s capital markets and reduce administrative burdens associated with securities issuance.
2937721 pc Mar 05, 2026 ggallwey Argentina Ministry of Justice and Human Rights financial services
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Argentina's National Securities Commission Repeals Innovation Hub to Streamline Capital Markets Regulation

On March 5, 2026, Argentina's National Securities Commission (Comisión Nacional de Valores, CNV) repealed the Innovation Hub (Hub de Innovación) through General Resolution No. 1118, eliminating what it characterised as an inefficient bureaucratic structure that failed to deliver tangible results. The Innovation Hub was established in 2022 to promote public-private dialogue and technological innovation in Argentina's capital markets. However, the CNV determined that the regulatory, technological, and market landscape had evolved substantially since its creation, rendering the Hub redundant. The authority noted that the Hub had become merely a declarative and bureaucratic mechanism without generating concrete outcomes. Roberto E. Silva, president of the CNV, stated that the decision aims to "simplify operations and eliminate unnecessary bureaucracies" and that "experience demonstrated that its functions could be channelled more efficiently and less bureaucratically through existing regulatory and institutional mechanisms." The CNV emphasised that this action forms part of a broader modernisation and deregulation policy designed to construct a more agile, predictable, and transparent capital markets framework aligned with international standards. The CNV indicated that innovation and modernisation of Argentina's capital markets are now being advanced through significant reforms that simplify and deregulate existing regulations and operations. The authority maintains that eliminating structures that failed to achieve their intended objectives strengthens institutional frameworks and promotes a more dynamic and competitive market. The repeal reflects the current administration's focus on reducing regulatory burden while maintaining effective oversight of Argentina's securities markets.

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Argentine National Securities Commission Repeals Innovation and Financial Inclusion Hub

On March 5, 2026, Argentina’s National Securities Commission (CNV) adopted General Resolution No. 1118, repealing Chapter II of Title XIV of the CNV Rules (NT 2013 and amendments) , which established the Innovation and Financial Inclusion Hub. The hub had been introduced as a platform for public-private collaboration aimed at promoting innovation and technological development in Argentina’s capital markets. According to the CNV, the decision follows an evaluation of the hub’s operation and the evolution of the regulatory and technological environment since its creation. The regulator stated that the initiative had become an additional administrative step that did not significantly contribute to streamlining regulatory processes. The CNV also noted that developments in the capital markets regulatory framework and the creation of other institutional channels for engagement with market participants have reduced the need for a dedicated innovation hub. As part of the reform, the CNV repeals the regulatory provisions establishing the hub and updates the title of Title XIV of the CNV Rules accordingly. The resolution forms part of a broader initiative aimed at regulatory simplification and modernization of Argentina’s capital market framework.
2937748 pc Mar 05, 2026 ggallwey Brazil Administrative Council for Economic Defense financial services
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Brazil's Securities Commission Implements New Digital Protocol for Reporting Regulatory Violations

On March 5, 2026, the Superintendencies of Market Relations and Intermediaries (SMI) and Market Supervision, Derivatives and Systemic Risks (SMD) of Brazil's Securities Commission (Comissão de Valores Mobiliários — CVM) published Joint Circular Notice CVM/SMI/SMD 1/2026, establishing a new communication procedure for reporting suspected violations of securities legislation. The new protocol requires all reports of regulatory breaches to be submitted directly through the CVM's website via its digital filing system, replacing previous communication methods. The digital protocol offers enhanced security for market participants through immediate confirmation of submission and for the CVM's technical areas through automated document processing and routing to responsible departments. The system reduces operational errors and improves efficiency, processing speed, and information security. The circular clarifies reporting procedures for specific violation categories. Reports concerning intermediary conduct and potential breaches of CVM Resolution 35 must be directed to the Intermediaries Supervision Management 1 (GSUI-1/SMI). Reports regarding investment adviser conduct should be sent to Intermediaries Supervision Management 2 (GSUI-2/SMI). Reports involving secondary market securities trading operations under CVM Resolution 62 or trading on privileged information under Article 27-D of Law 6,385 must be submitted to the Market Monitoring Management (GMA/SMD). Market participants and regulated entities must now use the new digital protocol for all violation reports effective immediately. The CVM's technical areas emphasise that proper routing of reports to the designated management units ensures appropriate investigation and processing. **Reference:** Comissão de Valores Mobiliários. Ofício Circular Conjunto CVM/SMI/SMD 1/2026. Available at: https://www.gov.br/cvm

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Brazil Securities and Exchange Commission Introduces Digital Protocol for Reporting Suspected Market Infractions

On March 5, 2026, the Brazilian Securities and Exchange Commission (CVM) announced a new procedure for reporting occurrences or indications of potential violations of securities market legislation. The new procedure is set out in Joint Circular Letter No. 1/2026/CVM/SMI/SMD, issued by the Superintendence of Market and Intermediary Relations (SMI) and the Superintendence of Market Supervision, Derivatives and Systemic Risks (SMD). Under the circular letter, communications concerning suspected regulatory violations must now be submitted directly through the CVM’s digital protocol system on the authority’s website, replacing the previous practice of sending reports via email. The change reflects the increasing digitalization of administrative processes and aims to improve the efficiency, traceability and security of regulatory reporting. The CVM notes that use of the digital protocol system allows submissions to be automatically incorporated into the administrative review process and routed to the responsible supervisory unit, reducing operational errors and improving processing speed. Participants submitting reports also receive immediate confirmation of submission through the system. The circular also clarifies which CVM supervisory teams should receive different types of reports. Reports concerning potential violations by securities intermediaries, including obligations under CVM Resolution 35/2021 , should be directed to the Intermediary Supervision Management 1 (GSUI-1/SMI). Complaints relating to the conduct of investment advisors should be submitted to Intermediary Supervision Management 2 (GSUI-2/SMI). Reports concerning trading activity in the secondary securities market, including potential insider trading under Article 27-D of Law 6,385/1976 , should be directed to the Market Monitoring Management (GMA/SMD). The CVM recommends that when submitting communications through the digital protocol, participants direct the submission to the appropriate supervisory unit where possible in order to facilitate review.
2922508 pc Mar 05, 2026 pthandapani Hong Kong Hong Kong Monetary Authority horizon scanning
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Hong Kong Monetary Authority Issues Updated Guideline on Minimum Criteria for Authorization

On February 27, 2026, the Hong Kong Monetary Authority (HKMA) issued an updated Guideline on Minimum Criteria for Authorization (GLI 1.5). This guideline establishes the foundational requirements that institutions must meet to obtain and maintain authorization as authorized institutions in Hong Kong's banking system. The guideline addresses a comprehensive range of regulatory expectations across multiple dimensions of banking operations. Key areas covered include governance structures, risk management frameworks, capital adequacy requirements, and liquidity management. The document specifies requirements relating to board composition, senior management qualifications, systems and controls, internal and external audit functions, and the three lines of defence model. It also addresses supervisory cooperation, stress-testing capabilities, contingency planning, and operational continuity arrangements. The guideline encompasses regulatory reporting and disclosure obligations, including requirements under the Banking (Disclosure) Rules. It establishes expectations for managing various risk categories including credit risk, operational risk, market risk, and country risk. Additional areas covered include large exposures management, connected party exposures, capital buffers (including the countercyclical capital buffer), liquidity coverage ratios, and leverage ratios. The guideline also addresses specific business areas such as private wealth management, retail wealth management, and cross-border activities, alongside requirements for treating customers fairly and managing conflicts of interest. The updated guideline supersedes the previous version issued on July 22, 2022, and cross-references numerous related HKMA guidelines and regulatory frameworks. Authorized institutions should review this guideline to ensure compliance with the updated minimum authorization criteria and align their operations accordingly.

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Hong Kong Monetary Authority Issues Updated Guideline on Minimum Criteria for Authorization

On February 27, 2026, the Hong Kong Monetary Authority (HKMA) issued an updated Guideline on Minimum Criteria for Authorization (GLI 1.5). This guideline establishes the foundational requirements that institutions must meet to obtain and maintain authorization as authorized institutions in Hong Kong's banking system. The guideline addresses a comprehensive range of regulatory expectations across multiple dimensions of banking operations. Key areas covered include governance structures, risk management frameworks, capital adequacy requirements, and liquidity management. The document specifies requirements relating to board composition, senior management qualifications, systems and controls, internal and external audit functions, and the three lines of defence model. It also addresses supervisory cooperation, stress-testing capabilities, contingency planning, and operational continuity arrangements. The guideline encompasses regulatory reporting and disclosure obligations, including requirements under the Banking (Disclosure) Rules. It establishes expectations for managing various risk categories including credit risk, operational risk, market risk, and country risk. Additional areas covered include large exposures management, connected party exposures, capital buffers (including the countercyclical capital buffer), liquidity coverage ratios, and leverage ratios. The guideline also addresses specific business areas such as private wealth management, retail wealth management, and cross-border activities, alongside requirements for treating customers fairly and managing conflicts of interest. The updated guideline supersedes the previous version issued on July 22, 2022, and cross-references numerous related HKMA guidelines and regulatory frameworks. Authorized institutions should review this guideline to ensure compliance with the updated minimum authorization criteria and align their operations accordingly.
2923195 pc Mar 04, 2026 alapetina Florida FL Legislature - Passed financial services
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Florida H1311 | 2026 | Regular Session

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2922181 pc Mar 04, 2026 kgurnani Dubai Dubai Financial Services Authority financial services
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Dubai Financial Services Authority Announces Temporary Closure of Nasdaq Dubai

On March 2, 2026, the Dubai Financial Services Authority (DFSA), the independent regulator of financial services in the Dubai International Financial Centre (DIFC), announced the temporary closure of Nasdaq Dubai for Monday, March 2, 2026 and Tuesday, March 3, 2026. Nasdaq Dubai is the international financial exchange operating within the DIFC, providing a trading platform for regional and global investors to trade equities, derivatives, sukuk, and conventional bonds. The temporary closure affects all trading activities on the exchange during the specified dates. The DFSA stated it continues to closely monitor regional developments and maintains regular contact with local authorities and relevant advisories regarding the situation necessitating the closure. Market participants and investors should note the two-day closure period and plan their trading activities accordingly. The DFSA will provide further updates as the situation develops. **Reference:** Dubai Financial Services Authority. "Temporary closure of Nasdaq Dubai effective Monday, 2 March 2026 and Tuesday, 3 March 2026." March 2, 2026. Available at: https://www.dfsa.ae/

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Dubai Financial Services Authority Announces Temporary Closure of Nasdaq Dubai

On March 2, 2026, the Dubai Financial Services Authority (DFSA), the independent regulator of financial services in the Dubai International Financial Centre (DIFC), announced the temporary closure of Nasdaq Dubai for Monday, March 2, 2026 and Tuesday, March 3, 2026. The temporary closure affects all trading activities on the exchange during the specified dates. The DFSA stated it continues to closely monitor regional developments and maintains regular contact with local authorities and relevant advisories regarding the situation necessitating the closure. The DFSA will provide further updates as the situation develops.
2924961 gc Mar 04, 2026 prandeo Belgium BGC (regulator) - informative notes gamblingcompliance
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Belgium's Gaming Commission Implements Electronic Player Identification System Requirements for Bookshops

On March 2, 2026, Belgium's Gaming Commission (Commission des jeux de hasard) published an update clarifying the implementation of the Electronic Player Identification System (EPIS) for Class F2 licensed bookshops. The update supersedes previous guidance issued on November 25, 2025, and addresses operator questions regarding technical requirements and compliance procedures. From May 1, 2026, bookshops holding Class F2 licences must integrate EPIS to conduct player identification, age verification, and EPIS checks before allowing betting activities. The system operates on-device through an identification module where players insert their identity documents. Permitted identification methods include Belgian electronic identity cards, electronic residence permits, electronically chipped foreign identity cards, and special electronic identity cards issued to diplomatic and consular personnel. Manual identification procedures are prohibited; all checks must be automated. Players must complete identification and verification before accessing betting options, placing bets, viewing betting possibilities, composing combined bets, modifying active bets, or requesting withdrawals. However, identification is not required for cashing existing winning tickets. Gaming sessions remain valid while the identification document remains inserted; removal terminates the session. The identification module must be certified by an accredited body before installation. Bookshop operators may use an operator card only when EPIS is unavailable due to technical issues beyond their control, after confirming an EPIS health check failure. The Gaming Commission will provide unique login credentials for each bookshop; test credentials became available mid-February 2026, with production credentials available from early March 2026. The Commission has published technical guidelines to facilitate certification without imposing additional binding requirements beyond legal obligations.

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Belgium's Gaming Commission Implements Electronic Player Identification System Requirements for Bookshops

On March 2, 2026, Belgium's Gaming Commission (Commission des jeux de hasard) published an update clarifying the implementation of the Electronic Player Identification System (EPIS) for Class F2 licensed bookshops. The update supersedes previous guidance issued on November 25, 2025, and addresses operator questions regarding technical requirements and compliance procedures. From May 1, 2026, bookshops holding Class F2 licences must integrate EPIS to conduct player identification, age verification, and EPIS checks before allowing betting activities. The system operates on-device through an identification module where players insert their identity documents. Permitted identification methods include Belgian electronic identity cards, electronic residence permits, electronically chipped foreign identity cards, and special electronic identity cards issued to diplomatic and consular personnel. Manual identification procedures are prohibited; all checks must be automated. Players must complete identification and verification before accessing betting options, placing bets, viewing betting possibilities, composing combined bets, modifying active bets, or requesting withdrawals. However, identification is not required for cashing existing winning tickets. Gaming sessions remain valid while the identification document remains inserted; removal terminates the session. The identification module must be certified by an accredited body before installation. Bookshop operators may use an operator card only when EPIS is unavailable due to technical issues beyond their control, after confirming an EPIS health check failure. The Gaming Commission will provide unique login credentials for each bookshop; test credentials became available mid-February 2026, with production credentials available from early March 2026. The Commission has published technical guidelines to facilitate certification without imposing additional binding requirements beyond legal obligations.
2930240 gc Mar 04, 2026 prandeo Belgium Belgian Gaming Commission - Recent News gamblingcompliance
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Belgium's Gaming Commission Issues Technical Guidance on Electronic Point of Sale Controls for Newspaper Retailers

On Wednesday, February 4, 2026, Belgium's Gaming Commission (Kansspelcommissie, KSC) published technical guidance regarding the implementation of Electronic Point of Sale (EPIS) controls for newspaper retailers. The guidance addresses technical requirements arising from new rules on EPIS controls in newspaper retail operations, which come into effect on May 1, 2026. Under the legislation, EPIS controls must be conducted through a certified computer system installed on the point of sale device. The system must be certified by an institution accredited under Title 2 of Book VIII of the Economic Law Code, and operates under the supervision of the KSC's Technical Evaluations Service. The KSC's secretariat developed this technical note at the request of the newspaper retail sector to facilitate the certification process. The guidance follows consultation with sector participants, who provided comments on a provisional version of the note previously published by the KSC. The technical note aims to clarify procedures and requirements for operators and certification bodies implementing EPIS controls ahead of the May 1, 2026 effective date. Newspaper retailers and relevant certification institutions should review the guidance to ensure compliance with the new regulatory framework. REFERENCES: Kansspelcommissie (KSC) – Technische nota inzake de uitvoering van EPIS-controles bij dagbladhandelaars

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Belgium Gaming Commission publishes technical note on implementation of EPIS checks at newspaper dealers

On Wednesday, February 4, 2026,  the Belgian Gaming Commission (KSC) published a technical note concerning the implementation of EPIS checks at newspaper dealers, ahead of the entry into force of the relevant rules on May 1, 2026. The new rules require EPIS checks to be carried out using an appropriate computer system installed on the device and certified by an institution accredited for this purpose under Title 2 of Book VIII of the Code of Economic Law. Certification is carried out under the supervision of the Technical Evaluation Department of the Gaming Commission. According to the KSC, the technical note was prepared at the request of the newspaper dealers’ sector and is intended to facilitate the certification process. The note follows consultation with the sector and incorporates feedback received after the prior publication of a provisional version. The guidance aims to support newspaper dealers and relevant service providers in meeting the technical and certification requirements applicable to EPIS checks before the rules take effect.
2931019 pc Mar 04, 2026 csoo United Kingdom Bank of England horizon scanning
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Bank of England Publishes Consultation on Requirements and Permissions Powers for New Central Counterparties

On 4 March 2026, the Bank of England published a consultation paper setting out its proposed approach to using its requirements and permissions powers to facilitate a discretionary mobilisation stage for new central counterparties (CCPs) seeking recognition. The consultation establishes a framework whereby prospective CCPs can operate under de minimis limits during mobilisation—a temporary phase following recognition but before full business-as-usual operations. During mobilisation, new CCPs would conduct live testing with minimal activity levels while completing their operational build-out and meeting outstanding regulatory requirements. The Bank proposes using its requirements powers under section 55L of the Financial Services and Markets Act 2000 (FSMA) to impose voluntary requirements (VREQs) for de minimis limits, and its permissions power under section 138BA of FSMA to modify or waive specific rules where appropriate. De minimis limits may include restrictions on clearing activity volumes, CCP membership numbers, and loss or risk metrics. The Bank anticipates prospective CCPs may seek modifications to rules covering minimum capital requirements (with an expectation of at least £1 million during mobilisation), skin-in-the-game requirements, independent board member appointments, external risk committee appointments, business continuity objectives, and disaster recovery testing. The mobilisation application process integrates both the VREQ and permissions applications into a single streamlined submission alongside the recognition application. Mobilisation periods are expected to last up to 12 months, after which CCPs must demonstrate full compliance with unmodified rules to exit. The consultation closes on 4 June 2026. Responses should be submitted via email to CCP_mobilisation_CP@bankofengland.co.uk or through the consultation response form. The final statement of policy will be published following consideration of feedback and is expected to take effect alongside the final CCP rules, anticipated no earlier than the end of the first half of 2026.

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UK’s Prudential Regulation Authority Consults on Approach to Using Its Requirements and Permissions Powers to Facilitate Mobilisation of New Central Counterparties

On March 4, 2026, the Prudential Regulation Authority (PRA) issued a consultation on its approach to using its Requirements and Permissions powers to facilitate mobilisation of new Central Counterparties (CCPs). The consultation consists of the PRA’s proposals on: The Bank’s proposed approach to using its requirements powers to impose de minimis limits during mobilisation via a voluntary requirement (VREQ) application. The Bank’s proposed approach to using its permissions power to give permission to modify or waive certain rules during mobilisation. The draft mobilisation application form. The deadline for this consultation is  June 4, 2026, and responses can be made through the online form or via email at CCP_mobilisation_CP@bankofengland.co.uk .
2931222 pc Mar 04, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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UK Financial Conduct Authority Publishes Consumer Investments Regulatory Priorities for 2026

On March 2026, the Financial Conduct Authority (FCA) published its Regulatory Priorities report for the consumer investments sector, replacing more than 40 portfolio letters with a consolidated guidance document. The report sets out the FCA's supervisory focus areas for advisers, wealth managers, Self-Invested Personal Pension (SIPP) operators, investment platforms, crowdfunding platforms, peer-to-peer lending platforms, and Contract-for-Difference (CFD) providers. The FCA has identified four key priority areas. Building a stronger investment culture focuses on enabling consumers to make informed investment decisions through clear communication and jargon-free information. The FCA will support firms implementing the Consumer Composite Investments (CCI) framework and advance its Advice Guidance Boundary Review, with targeted support rules coming into force in April 2026. Strengthening trust emphasises robust governance, risk systems, and responsible innovation, with support for firms testing artificial intelligence applications through the FCA's sandbox. Securing good consumer outcomes requires firms to design products meeting consumer needs, demonstrate fair value, and provide good service, including timely investment transfers. The FCA will consult on clarifying Consumer Duty application across distribution chains and publish guidance for finfluencers. Strengthening financial crime controls addresses the significant fraud threat, with the FCA noting 24,621 reported victims of investment scams and fraud in 2024, resulting in £553 million in reported losses. The FCA will collaborate with regulators including Ofcom and international bodies to tackle online scams and enforce against finfluencers promoting fraud. The report indicates the consumer investments sector comprises over 5,000 firms and more than 7,000 appointed representatives, managing £1.49 trillion of UK retail investment funds in 2024. Key upcoming actions include consultations on simplifying advice rules and client categorisation proposals in the first half of 2026, and implementation of the CCI regime commencing April 2026.

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UK's Financial Conduct Authority Publishes Consumer Investments Regulatory Priorities for 2026

On March 4, 2026, the Financial Conduct Authority (FCA) published its regulatory priorities report on consumer investments. 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: Building a stronger investment culture Communicate clearly and honestly: Give consumers clear, jargon-free information. Ensure products are suitable: Offer consumers products and services appropriate for their needs, ensuring timely access where needed. Build confidence: Enable consumers to make informed choices. Communicate clearly and honestly: Give consumers clear, jargon-free information. Ensure products are suitable: Offer consumers products and services appropriate for their needs, ensuring timely access where needed. Build confidence: Enable consumers to make informed choices. Strengthening trust Act promptly to address emerging risks. Assess new technologies and products to ensure good consumer outcomes and strengthen financial resilience through stress testing and contingency planning. Act promptly to address emerging risks. Assess new technologies and products to ensure good consumer outcomes and strengthen financial resilience through stress testing and contingency planning. Securing good customer outcomes Design products and services that meet consumers’ needs, including consumers in vulnerable circumstances, and monitor outcomes. Demonstrate fair value by clearly assessing costs and benefits. Only opt clients out of retail protections in line with rules. Provide good service including transferring investments promptly and accounting for characteristics of vulnerability. Design products and services that meet consumers’ needs, including consumers in vulnerable circumstances, and monitor outcomes. Demonstrate fair value by clearly assessing costs and benefits. Only opt clients out of retail protections in line with rules. Provide good service including transferring investments promptly and accounting for characteristics of vulnerability. Strengthening financial crime controls Maintain robust controls to prevent financial crime, strengthen surveillance and enhance their reporting. Oversee appointed representatives effectively. Maintain robust controls to prevent financial crime, strengthen surveillance and enhance their reporting. Oversee appointed representatives effectively. The report also highlights other areas of focus such as operational resilience, financial resilience and market structure, cryptoassets and the Senior Managers and Certification Regime. This report will be relevant to financial advisers, wealth managers, SIPP operators, investment platforms, crowdfunding platforms, peer-to-peer lenders and contract for difference providers.
2928299 gc Mar 04, 2026 mschanke
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Maryland regulator issues cease-and-desist letters to 14 online gaming platforms

On March 3, 2026, the Maryland Lottery and Gaming Control Commission (MLGCC) issued cease-and-desist letters to 14 online gaming platforms that appear to be operating illegally in Maryland. The letters were sent to: CryptoSlots, Gains, Jackpotter, Lucky Legends, Slotland Casino, The Virtual Casino, This Is Vegas, Vegas Strip Casino, Winaday Casino, 31 Bets Casino, Aussie Play, BetPhoenix, Booty.bet and Cryptowins Casino. In the letters, the MLGCC notes that all 14 sites were reviewed and that the platforms are offering online casino gaming that is available to individuals who are physically present in Maryland. The offerings contain the elements of gaming: consideration, chance and prize. Under Maryland law, gaming is illegal unless it is expressly authorized. The gaming that is being offered through the sites is not legally authorized in Maryland. The letters also direct the platforms to respond within ten days and confirm that they will cease offering any online casino gaming in Maryland, and provide the date by which operations will cease, along with a wind down plan. Copies of all cease-and-desist letters can be found here .
2927777 gc Mar 04, 2026 mschanke Kahnawake Kahnawake Gaming Commission gamblingcompliance
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Kahnawà:ke Gaming Commission Suspends Einrai Ltd. Client Provider Authorization

On March 3, 2026, the Kahnawà:ke Gaming Commission suspended the Client Provider Authorization held by Einrai Ltd. (Einrai), effective immediately. The suspension was issued pursuant to a Show Cause Notice and requires Einrai to cease offering interactive gaming services across its operated online gaming sites: spinhub.casino, spinhub2.casino, and spinhub-2.casino. The Kahnawà:ke Gaming Commission, established in 1996, is the licensing and regulatory authority for gaming activity within and from the Mohawk Territory of Kahnawà:ke, a sovereign jurisdiction located near Montréal, Québec, Canada. The Commission has continuously licensed and regulated online gaming since July 1999. The suspension of Einrai's Client Provider Authorization does not eliminate the operator's other obligations under The Kahnawake Gaming Law or associated regulations. The Commission will continue to receive and consider complaints concerning Einrai submitted after the effective date of March 3, 2026. Players using the suspended sites should cease gaming activity immediately and seek alternative licensed providers. Operators and service providers should ensure compliance with all applicable Kahnawà:ke gaming regulations to avoid similar enforcement action. For further information, the Commission can be contacted at info@gamingcommission.ca or via its website at www.gamingcommission.ca.

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Kahnawàke regulator suspends Einrai client provider authorization

On March 3, 2026, the Kahnawàke Gaming Commission suspended the client provider authorization held by Einrai Ltd., effective immediately. The suspension was issued pursuant to a show cause notice and requires Einrai to cease offering interactive gaming services across its operated online gaming sites: spinhub.casino, spinhub2.casino, and spinhub-2.casino. The suspension of Einrai's client provider authorization does not eliminate the operator's other obligations under the Kahnawake Gaming Law or associated regulations. The commission will continue to receive and consider complaints concerning Einrai submitted after the effective date of March 3, 2026. Operators and service providers should ensure compliance with all applicable Kahnawàke gaming regulations to avoid similar enforcement action.
2929465 gc Mar 04, 2026 prandeo Armenia News - State Revenue Committee gamblingcompliance
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Armenia's State Revenue Committee Reinforces Prohibition on Illegal Gambling Advertising

On March 4, 2026, Armenia's State Revenue Committee (SRC) issued a reminder regarding the strict enforcement of advertising restrictions under the Law on Advertising of the Republic of Armenia. The SRC emphasised that Armenian law prohibits all forms of advertising related to gambling, including games of chance, internet gambling, casinos, gambling halls, lotteries, and totalisators, as well as their organisers. Advertising is permitted exclusively on the official websites of licensed operators and within or on the premises of licensed gambling establishments, casinos, gambling halls, totalisators, bookmaking offices, or similar venues. The SRC noted an increase in circumvention attempts using various mechanisms. These include indirect and concealed advertising through social media users, bloggers, and public figures such as athletes and entertainers, who promote gambling-related content. The committee identified specific practices including ceremonial events displaying gambling product names and branding, public figures wearing branded clothing and accessories, and videos or music recorded in gambling venues with prominent branding subsequently distributed on public platforms. Additionally, the SRC highlighted increased instances of foreign-licensed websites advertising gambling services to Armenian residents. The committee clarified that foreign licensing does not exempt organisations or their representatives from complying with Armenian legislation. Licensed gambling operators within Armenia are also subject to the same advertising restrictions. The SRC warned that gambling advertising creates misleading perceptions of quick profits while downplaying potential losses and addiction risks. It stated that circumventing advertising prohibitions—whether directly, indirectly, through intermediaries, or using digital technologies—constitutes a legal violation subject to statutory penalties. The SRC urged strict compliance with the Law on Advertising and requested reports of any violations to the committee at 010 30-42-92 or 010-30-42-91.

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Armenia's State Revenue Committee reinforces prohibition on illegal gambling advertising

On March 4, 2026, the State Revenue Committee of Armenia (SRC) reiterated that the distribution of gambling-related advertising is prohibited in the Republic of Armenia and reminded stakeholders that strict compliance with the Law “On Advertising” is mandatory. Under Armenian law, any form of advertising relating to gambling, online gambling, casinos, gaming halls, lotteries (including totalizers), and their organisers is prohibited. Advertising is permitted only on the official website of the relevant organiser and within or on the premises of casinos, gambling halls, online gambling facilities or bookmakers. Additionally, the SRC highlighted increased instances of foreign-licensed websites advertising gambling services to Armenian residents. The committee clarified that foreign licensing does not exempt organisations or their representatives from complying with Armenian legislation. Licensed gambling operators within Armenia are also subject to the same advertising restrictions. The SRC warned that gambling advertising creates misleading perceptions of quick profits while downplaying potential losses and addiction risks. It stated that circumventing advertising prohibitions, whether directly, indirectly, through intermediaries, or using digital technologies, constitutes a legal violation subject to statutory penalties. The SRC urged strict compliance with the Law on Advertising and requested reports of any violations to the committee at 010 30-42-92 or 010-30-42-91.
2930250 gc Mar 04, 2026 apintea Ukraine Playcity Ukraine - News gamblingcompliance
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Ukraine's State Gaming and Lottery Control Agency Announces Lottery Market Licensing Competition Results and Planned Legislative Reforms

On January 28, 2026, Ukraine's State Agency for Control of the Gambling and Lottery Sphere (PlayCity) announced the results of an open licensing competition for lottery operators. Three companies—MSL, Patriot, and Ukrainian National Lottery—were selected as winners, having met updated licensing requirements and demonstrated readiness to operate under transparent rules. The competition represents a significant reform milestone for Ukraine's lottery market, which has operated in an unregulated "grey zone" for over a decade without adequate state oversight, transparent reporting, or effective enforcement mechanisms. The selected operators must submit licensing applications within ten days, followed by a ten-day payment period for annual licensing fees of ₴24.2 million per operator. New licensing conditions establish a transparent operational framework requiring all operators to maintain electronic reporting systems. Each lottery ticket and terminal will feature a unique QR code enabling verification of legal sales. These measures aim to guarantee fair lottery operations and timely prize payouts for players, while providing the state with budget revenue from licensing fees and taxes. However, PlayCity emphasises that licensing conditions alone are insufficient for comprehensive reform. The conditions are approved for the duration of martial law plus one year, with a minimum three-year term—deliberately shorter than the ten-year periods under current legislation. This transitional approach prevents market stagnation and enables legislative updates. Planned amendments to the Lottery Law and Tax Code will establish improved operator selection mechanisms, provide regulators with enforcement tools for violations, and create a balanced taxation model encouraging market legalisation. Following legislative changes, the state intends to conduct a new competition under updated rules with opportunities for qualified international operators. REFERENCES: State Agency for Control of the Gambling and Lottery Sphere (PlayCity). "Lottery Market Emerges from Shadow: Competition Results and Upcoming Legislative Changes." January 28, 2026. Available at: https://playcity.gov.ua/

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Ukraine's State Gaming and Lottery Control Agency Announces Lottery Market Licensing Competition Results and Planned Legislative Reforms

On January 28, 2026, Ukraine's State Agency for Control of the Gambling and Lottery Sphere (PlayCity) announced the results of an open licensing competition for lottery operators. Three companies—MSL, Patriot, and Ukrainian National Lottery—were selected as winners, having met updated licensing requirements and demonstrated readiness to operate under transparent rules. The competition represents a significant reform milestone for Ukraine's lottery market, which has operated in an unregulated "grey zone" for over a decade without adequate state oversight, transparent reporting, or effective enforcement mechanisms. The selected operators must submit licensing applications within ten days, followed by a ten-day payment period for annual licensing fees of ₴24.2 million per operator. New licensing conditions establish a transparent operational framework requiring all operators to maintain electronic reporting systems. Each lottery ticket and terminal will feature a unique QR code enabling verification of legal sales. These measures aim to guarantee fair lottery operations and timely prize payouts for players, while providing the state with budget revenue from licensing fees and taxes. However, PlayCity emphasises that licensing conditions alone are insufficient for comprehensive reform. The conditions are approved for the duration of martial law plus one year, with a minimum three-year term—deliberately shorter than the ten-year periods under current legislation. This transitional approach prevents market stagnation and enables legislative updates. Planned amendments to the Lottery Law and Tax Code will establish improved operator selection mechanisms, provide regulators with enforcement tools for violations, and create a balanced taxation model encouraging market legalisation. Following legislative changes, the state intends to conduct a new competition under updated rules with opportunities for qualified international operators. REFERENCES: State Agency for Control of the Gambling and Lottery Sphere (PlayCity). "Lottery Market Emerges from Shadow: Competition Results and Upcoming Legislative Changes." January 28, 2026. Available at: https://playcity.gov.ua/
2918936 pc Mar 04, 2026 arahman Montenegro Laws - Central Bank financial services
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Montenegro Adopts Digital Operational Resilience Law for Financial Sector

On 2 February 2026, the Parliament of Montenegro adopted the Law on Digital Operational Resilience for the Financial Sector, establishing comprehensive requirements for managing information and communication technology (ICT) risk across the financial sector. The law applies to a broad range of financial entities, including credit institutions, payment institutions, investment firms, insurance undertakings, crypto-asset service providers, and alternative investment fund managers, among others. It establishes a framework requiring financial entities to implement sound ICT risk management systems proportionate to their size and risk profile. Key obligations include identifying and assessing ICT risks, protecting network and information systems, implementing business continuity plans, and managing third-party ICT service provider risks. The law designates three primary competent authorities: the Central Bank of Montenegro (for credit institutions and payment service providers), the Capital Market Authority (for investment firms and trading venues), and the Insurance Supervision Agency (for insurance undertakings). These authorities are empowered to supervise compliance and impose penalties ranging from EUR 5,000 to EUR 40,000 for violations. Significant provisions address digital operational resilience testing, including threat-led penetration testing (TLPT) for larger financial entities, and establish mandatory reporting requirements for major ICT-related incidents to competent authorities. Financial entities must also maintain registries of ICT service provider arrangements and implement exit strategies for critical functions. Competent authorities must adopt implementing regulations within 18 months of the law's entry into force. Financial entities have 24 months to achieve full compliance. Several provisions, including those relating to European Union cooperation mechanisms and cross-border incident reporting, apply only upon Montenegro's accession to the European Union. The law transposes Regulation (EU) 2022/2554 on digital operational resilience for the financial sector. The law enters into force eight days following publication in the Official Gazette of Montenegro.

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Montenegro Adopts Digital Operational Resilience Law for Financial Sector

On 2 February 2026, the Parliament of Montenegro adopted the Law on Digital Operational Resilience for the Financial Sector, establishing comprehensive requirements for managing information and communication technology (ICT) risk across the financial sector. The law applies to a broad range of financial entities, including credit institutions, payment institutions, investment firms, insurance undertakings, crypto-asset service providers, and alternative investment fund managers, among others. It establishes a framework requiring financial entities to implement sound ICT risk management systems proportionate to their size and risk profile. Key obligations include identifying and assessing ICT risks, protecting network and information systems, implementing business continuity plans, and managing third-party ICT service provider risks. The law designates three primary competent authorities: the Central Bank of Montenegro (for credit institutions and payment service providers), the Capital Market Authority (for investment firms and trading venues), and the Insurance Supervision Agency (for insurance undertakings). These authorities are empowered to supervise compliance and impose penalties ranging from EUR 5,000 to EUR 40,000 for violations. Significant provisions address digital operational resilience testing, including threat-led penetration testing (TLPT) for larger financial entities, and establish mandatory reporting requirements for major ICT-related incidents to competent authorities. Financial entities must also maintain registries of ICT service provider arrangements and implement exit strategies for critical functions. Competent authorities must adopt implementing regulations within 18 months of the law's entry into force. Financial entities have 24 months to achieve full compliance. Several provisions, including those relating to European Union cooperation mechanisms and cross-border incident reporting, apply only upon Montenegro's accession to the European Union. The law transposes Regulation (EU) 2022/2554 on digital operational resilience for the financial sector. The law enters into force eight days following publication in the Official Gazette of Montenegro.
2930807 pc Mar 04, 2026 rghosh Thailand Bank of Thailand financial services
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Thailand's Central Bank Opens Consultation on Financial Institution Leadership Appointment Guidelines

On March 4, 2025, the Bank of Thailand (BoT) launched a public consultation on draft guidelines for approving the appointment of board members, managers, management officers, and advisors of financial institutions, their parent companies, and financial business subsidiaries (Version 2). The consultation period runs until March 18, 2025. The revised guidelines aim to provide clarity for financial institutions and financial business groups while maintaining the original intent of Section 24(6) and Section 24(7) of the Financial Institution Business Act, B.E. 2551 (2008). These provisions prevent conflicts of interest and improper benefits arising from individuals holding positions as board members, managers, management officers, or advisors of financial institutions, their parent companies, and financial business subsidiaries. The draft guidelines include two key amendments. First, the BoT refined terminology to accommodate cases where individuals hold positions as board members and/or management officers of parent companies and financial business subsidiaries of branch-less commercial banks within the same group as traditional commercial banks. Second, the guidelines now cover management of subsidiaries of parent companies or joint ventures that are overseas banking groups, where management officers may be appointed as executive board members of financial institutions in Thailand. Stakeholders can submit comments using the provided feedback form. Additional information and the full draft guidelines are available on the BoT website. For further inquiries, contact the Corporate Governance Division, Financial Institution Policy Department at 0 2283 6875, 0 2356 7703, or 0 2283 6287, or email CG-RPD@bot.or.th.

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Thailand's Central Bank Opens Consultation on Financial Institution Leadership Appointment Guidelines

On March 4, 2025, the Bank of Thailand (BoT) launched a public consultation on draft guidelines for approving the appointment of board members, managers, management officers, and advisors of financial institutions, their parent companies, and financial business subsidiaries. The consultation period runs until March 18, 2025. The revised guidelines aim to provide clarity for financial institutions and financial business groups . These provisions prevent conflicts of interest and improper benefits arising from individuals holding positions as board members, managers, management officers, or advisors of financial institutions, their parent companies, and financial business subsidiaries. The draft guidelines include two key amendments: The BoT refined terminology to accommodate cases where individuals hold positions as board members and/or management officers of parent companies and financial business subsidiaries of branch-less commercial banks within the same group as traditional commercial banks. The guidelines now cover management of subsidiaries of parent companies or joint ventures that are overseas banking groups, where management officers may be appointed as executive board members of financial institutions in Thailand. Stakeholders can submit comments using the provided feedback form. Additional information and the full draft guidelines are available on the BoT website. For further inquiries, contact the Corporate Governance Division, Financial Institution Policy Department at 0 2283 6875, 0 2356 7703, or 0 2283 6287, or email CG-RPD@bot.or.th.
2924570 pc Mar 04, 2026 msolomon Poland Narodowy Bank Polski horizon scanning
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Poland Amends National Cybersecurity System Law to Implement NIS 2 Directive and Strengthen Critical Infrastructure Protection

On March 2, 2026, Poland's Official Journal published the Act of January 23, 2026, amending the Act on the National Cybersecurity System and certain other laws (Dz. U. poz. 252). This comprehensive legislative update implements the European Union's NIS 2 Directive (2022/2555) and introduces significant structural and operational changes to Poland's cybersecurity framework. The amendment expands the scope of regulated entities by introducing a new category of "important entities" (podmioty ważne) alongside existing "key entities" (podmioty kluczowe). It establishes a unified registry of key and important entities, replacing the previous operator-focused approach. The law introduces new definitions aligned with EU standards, including cyber threats, serious incidents, and critical incidents, while establishing sector-specific CSIRT teams (Computer Security Incident Response Teams) to replace previous arrangements. Key institutional changes include the establishment of the Joint Cyber Operations Center (PCOC) as an advisory body to the Government Plenipotentiary for Cybersecurity, and expanded responsibilities for CSIRT MON, CSIRT NASK, and CSIRT GOV. The amendment introduces mandatory security management systems for key and important entities, with specific requirements for public entities outlined in Annex 4. The law introduces new enforcement mechanisms, including administrative fines up to €10 million (or 2 percent of annual revenue for key entities) and €7 million (or 1.4 percent of revenue for important entities). It establishes procedures for identifying high-risk ICT suppliers and issuing protective orders during critical incidents. The amendment also creates a National Cybersecurity Response Plan for large-scale incidents and requires adoption of a comprehensive Cybersecurity Strategy. Entities must comply with new obligations within 12 months of the law's entry into force, with first audits for key entities required within 24 months. The legislation applies to sectors including energy, transport, banking, healthcare, water supply, digital infrastructure, and public administration.

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Poland Amends National Cybersecurity System Law to Implement NIS 2 Directive and Strengthen Critical Infrastructure Protection

On March 2, 2026, Poland's Official Journal published the Act of January 23, 2026, amending the Act on the National Cybersecurity System and certain other laws (Dz. U. poz. 252). This comprehensive legislative update implements the European Union's NIS 2 Directive (2022/2555) and introduces significant structural and operational changes to Poland's cybersecurity framework. The amendment expands the scope of regulated entities by introducing a new category of "important entities" (podmioty ważne) alongside existing "key entities" (podmioty kluczowe). It establishes a unified registry of key and important entities, replacing the previous operator-focused approach. The law introduces new definitions aligned with EU standards, including cyber threats, serious incidents, and critical incidents, while establishing sector-specific CSIRT teams (Computer Security Incident Response Teams) to replace previous arrangements. Key institutional changes include the establishment of the Joint Cyber Operations Center (PCOC) as an advisory body to the Government Plenipotentiary for Cybersecurity, and expanded responsibilities for CSIRT MON, CSIRT NASK, and CSIRT GOV. The amendment introduces mandatory security management systems for key and important entities, with specific requirements for public entities outlined in Annex 4. The law introduces new enforcement mechanisms, including administrative fines up to €10 million (or 2 percent of annual revenue for key entities) and €7 million (or 1.4 percent of revenue for important entities). It establishes procedures for identifying high-risk ICT suppliers and issuing protective orders during critical incidents. The amendment also creates a National Cybersecurity Response Plan for large-scale incidents and requires adoption of a comprehensive Cybersecurity Strategy. Entities must comply with new obligations within 12 months of the law's entry into force, with first audits for key entities required within 24 months. The legislation applies to sectors including energy, transport, banking, healthcare, water supply, digital infrastructure, and public administration.
2924570 pc Mar 04, 2026 msolomon Poland Narodowy Bank Polski horizon scanning
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Poland Amends National Cybersecurity System Law to Implement NIS 2 Directive and Strengthen Critical Infrastructure Protection

On March 2, 2026, Poland's Official Journal published the Act of January 23, 2026, amending the Act on the National Cybersecurity System and certain other laws (Dz. U. poz. 252). This comprehensive legislative update implements the European Union's NIS 2 Directive (2022/2555) and introduces significant structural and operational changes to Poland's cybersecurity framework. The amendment expands the scope of regulated entities by introducing a new category of "important entities" (podmioty ważne) alongside existing "key entities" (podmioty kluczowe). It establishes a unified registry of key and important entities, replacing the previous operator-focused approach. The law introduces new definitions aligned with EU standards, including cyber threats, serious incidents, and critical incidents, while establishing sector-specific CSIRT teams (Computer Security Incident Response Teams) to replace previous arrangements. Key institutional changes include the establishment of the Joint Cyber Operations Center (PCOC) as an advisory body to the Government Plenipotentiary for Cybersecurity, and expanded responsibilities for CSIRT MON, CSIRT NASK, and CSIRT GOV. The amendment introduces mandatory security management systems for key and important entities, with specific requirements for public entities outlined in Annex 4. The law introduces new enforcement mechanisms, including administrative fines up to €10 million (or 2 percent of annual revenue for key entities) and €7 million (or 1.4 percent of revenue for important entities). It establishes procedures for identifying high-risk ICT suppliers and issuing protective orders during critical incidents. The amendment also creates a National Cybersecurity Response Plan for large-scale incidents and requires adoption of a comprehensive Cybersecurity Strategy. Entities must comply with new obligations within 12 months of the law's entry into force, with first audits for key entities required within 24 months. The legislation applies to sectors including energy, transport, banking, healthcare, water supply, digital infrastructure, and public administration.

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2128 chars · nid 91048

Poland Amends National Cybersecurity System Law to Implement NIS 2 Directive and Strengthen Critical Infrastructure Protection

On March 2, 2026, Poland's Official Journal published the Act of January 23, 2026, amending the Act on the National Cybersecurity System and certain other laws (Dz. U. poz. 252). This comprehensive legislative update implements the European Union's NIS 2 Directive (2022/2555) and introduces significant structural and operational changes to Poland's cybersecurity framework. The amendment expands the scope of regulated entities by introducing a new category of "important entities" (podmioty ważne) alongside existing "key entities" (podmioty kluczowe). It establishes a unified registry of key and important entities, replacing the previous operator-focused approach. The law introduces new definitions aligned with EU standards, including cyber threats, serious incidents, and critical incidents, while establishing sector-specific CSIRT teams (Computer Security Incident Response Teams) to replace previous arrangements. Key institutional changes include the establishment of the Joint Cyber Operations Center (PCOC) as an advisory body to the Government Plenipotentiary for Cybersecurity, and expanded responsibilities for CSIRT MON, CSIRT NASK, and CSIRT GOV. The amendment introduces mandatory security management systems for key and important entities, with specific requirements for public entities outlined in Annex 4. The law introduces new enforcement mechanisms, including administrative fines up to €10 million (or 2 percent of annual revenue for key entities) and €7 million (or 1.4 percent of revenue for important entities). It establishes procedures for identifying high-risk ICT suppliers and issuing protective orders during critical incidents. The amendment also creates a National Cybersecurity Response Plan for large-scale incidents and requires adoption of a comprehensive Cybersecurity Strategy. Entities must comply with new obligations within 12 months of the law's entry into force, with first audits for key entities required within 24 months. The legislation applies to sectors including energy, transport, banking, healthcare, water supply, digital infrastructure, and public administration.
2918949 pc Mar 04, 2026 arahman Montenegro Capital Markets Authority - News financial services
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Montenegro's Capital Market Commission Launches Public Consultation on Open-Ended Investment Fund Regulations

On February 27, 2026, the Capital Market Commission of Montenegro (Komisija za tržište kapitala Crne Gore) adopted six draft subordinate legal acts relating to open-ended investment funds with public offerings. The commission is now launching a public consultation to gather feedback from stakeholders on these regulatory proposals. The draft rules cover: rules on central funds and investor funds; rules on liquidation and termination of open-ended investment funds with public offerings; rules on the content and maintenance of registers for management companies and open-ended investment funds with public offerings; amendments to rules on issuing operating licences and granting consent to management companies; rules on regulatory capital requirements for management companies; and rules on the content of notifications regarding trading commencement in member states and UCITS fund confirmations. These draft regulations implement provisions of the Law on Open-Ended Investment Funds with Public Offerings (published in the Official Gazette of Montenegro, nos. 23/25, 117/25 and 14/26). The commission states that the regulations aim to enhance the regulatory framework and ensure full implementation of legislative solutions in the open-ended investment fund sector. Interested parties are invited to submit comments, proposals and suggestions to the Capital Market Commission within 14 days of this notice via email to info@scmn.me. Following its review of the feedback received, the commission will finalise the texts of the subordinate legal acts. **Reference:** Capital Market Commission of Montenegro: https://www.scmn.me

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Montenegro's Capital Market Commission Launches Public Consultation on Open-Ended Investment Fund Regulations

On February 27, 2026, the Capital Market Commission of Montenegro (Komisija za tržište kapitala Crne Gore) adopted six draft subordinate legal acts relating to open-ended investment funds with public offerings. The commission is now launching a public consultation to gather feedback from stakeholders on these regulatory proposals. The draft rules cover: rules on central funds and investor funds; rules on liquidation and termination of open-ended investment funds with public offerings; rules on the content and maintenance of registers for management companies and open-ended investment funds with public offerings; amendments to rules on issuing operating licences and granting consent to management companies; rules on regulatory capital requirements for management companies; and rules on the content of notifications regarding trading commencement in member states and UCITS fund confirmations. These draft regulations implement provisions of the Law on Open-Ended Investment Funds with Public Offerings (published in the Official Gazette of Montenegro, nos. 23/25, 117/25 and 14/26). The commission states that the regulations aim to enhance the regulatory framework and ensure full implementation of legislative solutions in the open-ended investment fund sector. Interested parties are invited to submit comments, proposals and suggestions to the Capital Market Commission within 14 days of this notice via email to info@scmn.me. Following its review of the feedback received, the commission will finalise the texts of the subordinate legal acts. **Reference:** Capital Market Commission of Montenegro: https://www.scmn.me
2918949 pc Mar 04, 2026 arahman Montenegro Capital Markets Authority - News financial services
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Montenegro's Capital Market Commission Launches Public Consultation on Open-Ended Investment Fund Regulations

On February 27, 2026, the Capital Market Commission of Montenegro (Komisija za tržište kapitala Crne Gore) adopted six draft subordinate legal acts relating to open-ended investment funds with public offerings. The commission is now launching a public consultation to gather feedback from stakeholders on these regulatory proposals. The draft rules cover: rules on central funds and investor funds; rules on liquidation and termination of open-ended investment funds with public offerings; rules on the content and maintenance of registers for management companies and open-ended investment funds with public offerings; amendments to rules on issuing operating licences and granting consent to management companies; rules on regulatory capital requirements for management companies; and rules on the content of notifications regarding trading commencement in member states and UCITS fund confirmations. These draft regulations implement provisions of the Law on Open-Ended Investment Funds with Public Offerings (published in the Official Gazette of Montenegro, nos. 23/25, 117/25 and 14/26). The commission states that the regulations aim to enhance the regulatory framework and ensure full implementation of legislative solutions in the open-ended investment fund sector. Interested parties are invited to submit comments, proposals and suggestions to the Capital Market Commission within 14 days of this notice via email to info@scmn.me. Following its review of the feedback received, the commission will finalise the texts of the subordinate legal acts. **Reference:** Capital Market Commission of Montenegro: https://www.scmn.me

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1637 chars · nid 91046

Montenegro's Capital Market Commission Launches Public Consultation on Open-Ended Investment Fund Regulations

On February 27, 2026, the Capital Market Commission of Montenegro (Komisija za tržište kapitala Crne Gore) adopted six draft subordinate legal acts relating to open-ended investment funds with public offerings. The commission is now launching a public consultation to gather feedback from stakeholders on these regulatory proposals. The draft rules cover: rules on central funds and investor funds; rules on liquidation and termination of open-ended investment funds with public offerings; rules on the content and maintenance of registers for management companies and open-ended investment funds with public offerings; amendments to rules on issuing operating licences and granting consent to management companies; rules on regulatory capital requirements for management companies; and rules on the content of notifications regarding trading commencement in member states and UCITS fund confirmations. These draft regulations implement provisions of the Law on Open-Ended Investment Funds with Public Offerings (published in the Official Gazette of Montenegro, nos. 23/25, 117/25 and 14/26). The commission states that the regulations aim to enhance the regulatory framework and ensure full implementation of legislative solutions in the open-ended investment fund sector. Interested parties are invited to submit comments, proposals and suggestions to the Capital Market Commission within 14 days of this notice via email to info@scmn.me. Following its review of the feedback received, the commission will finalise the texts of the subordinate legal acts. **Reference:** Capital Market Commission of Montenegro: https://www.scmn.me
2929005 pc Mar 04, 2026 tojuri France National Assembly horizon scanning
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France's National Assembly Introduces Bill Defining Criminal Offences for Violations of European Union Restrictive Measures

On March 3, 2026, the French National Assembly received a legislative proposal (Bill No. 2544) concerning the definition of criminal offences and sanctions applicable to violations of European Union (EU) restrictive measures. The bill aims to establish a legal framework that clarifies criminal penalties and enforcement mechanisms for breaches of EU restrictive measures within French jurisdiction. This legislative initiative addresses the need for consistent application of EU sanctions regimes at the national level, ensuring that violations of EU-imposed restrictions are appropriately prosecuted under French criminal law. The proposal is particularly significant for financial institutions, businesses, and individuals operating in France that must comply with EU sanctions programmes, including those related to trade embargoes, asset freezes, and travel bans. The bill has been referred to the Commission des Lois (Legal Affairs Committee) of the National Assembly for examination. The legislative proposal is available in multiple formats, including PDF, HTML, and XML versions, and amendments can be submitted during the parliamentary process. Further developments regarding committee deliberations, amendments, and parliamentary votes will determine the bill's progression through the French legislative process. **Reference:** Assemblée nationale, Proposition de loi n° 2544, 17e législature

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Bill Implementing Directive (EU) 2024/1226 Submitted to French National Assembly

A “Bill relating to the definition of criminal offences and sanctions in the event of violation of restrictive measures of the European Union” has been submitted to the French National Assembly. The bill aims to implement the provisions of Directive (EU) 2024/1226 on the definition of criminal offences and penalties for the violation of Union restrictive measures, and to establish a legal framework that clarifies criminal penalties and enforcement mechanisms for breaches of EU restrictive measures within French jurisdiction. This legislative initiative addresses the need for consistent application of EU sanctions regimes at the national level, ensuring that violations of EU-imposed restrictions are appropriately prosecuted under French criminal law. The proposal is particularly significant for financial institutions, businesses and individuals operating in France that must comply with EU sanctions programmes, including those related to trade embargoes, asset freezes and travel bans.
2933952 pc Mar 04, 2026 arahman Sweden Finansinspektionen horizon scanning
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Sweden's Financial Supervisory Authority Addresses Deficiencies in Company Information Register Reporting

On March 4, 2026, Finansinspektionen (Sweden's Financial Supervisory Authority, FI) announced that it has received feedback from the European Banking Authority (EBA) regarding deficiencies in companies' reporting of information registers. FI will shortly send emails to reporting companies outlining the identified deficiencies and requesting that they correct errors and submit revised reports. The majority of deficiencies relate to error codes 805 and 807. FI has published a document explaining how to correct the most commonly occurring error codes, along with technical information for information register reporting. Each reporting company is responsible for ensuring its reporting is approved by the EBA by April 1, 2026. From April 1 onwards, the EBA will conduct new quality controls. FI will contact reporting companies as needed during April if further issues are identified. Any corrections to errors identified during this second round of quality checks must be completed by April 30, 2026. Reporting companies should refer to FI's published guidance on common error codes and technical reporting requirements to ensure compliance with the revised submission deadlines. REFERENCES: Finansinspektionen (2026). Brister i företagens rapportering av informationsregister. Available at: https://www.fi.se/sv/publicerat/nyheter/2026/brister-i-foretagenas-rapportering-av-informationsregister/

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Sweden's Financial Supervisory Authority Addresses Deficiencies in Information Register Reporting

On March 4, 2026, the Financial Supervisory Authority (FI) announced that it had received feedback from the European Banking Authority (EBA) regarding deficiencies in companies' reporting of information registers. FI will shortly send emails to reporting companies outlining the identified deficiencies and requesting that they correct errors and submit revised reports. The majority of deficiencies relate to error codes 805 and 807. The FI has published a document explaining how to correct the most commonly occurring error codes, along with technical information for information register reporting. Each reporting company is responsible for ensuring its reporting is approved by the EBA by March 31, 2026. Starting April 1, 2026, the EBA will implement new quality controls. FI will contact reporting companies as needed during April if further issues are identified. Any corrections to errors identified during this second round of quality checks must be completed by April 30, 2026.
2930286 pc Mar 04, 2026 rghosh South Korea Financial Supervisory Services (FSS) - Press releases financial services
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South Korea's Financial Supervisory Service Establishes Token Securities Coordination Body

On March 4, 2026, the Financial Supervisory Service (FSS) of South Korea announced the establishment of a public-private coordination body to prepare for the implementation of token securities regulations scheduled for February 4, 2027. The Token Securities Coordination Body comprises government agencies, relevant institutions, and private sector experts. It is structured around four subcommittees focusing on: technology and infrastructure; issuance; distribution; and settlement. The body will oversee the design of digital financial standards and detailed regulatory frameworks ahead of the legislative implementation. The FSS outlined three key policy priorities for token securities development. First, it aims to create a diverse and scalable digital innovation finance ecosystem. Second, it seeks to establish investor protection mechanisms tailored to the technical characteristics of token securities. Third, it intends to prepare securities settlement systems for future developments, including on-chain payment solutions. The coordination body's establishment reflects South Korea's proactive approach to integrating distributed ledger technology into its capital markets infrastructure. The February 2027 implementation date provides a defined timeline for regulatory and operational readiness across market participants. The Capital Markets Supervisory Division and Corporate Disclosure Division of the FSS are responsible for coordinating the initiative, with the Capital Markets Oversight Team and Securities Issuance System Team managing day-to-day operations.

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South Korea's Financial Supervisory Service Establishes Token Securities Coordination Body

On March 4, 2026, the Financial Supervisory Service (FSS) of South Korea announced the establishment of a public-private coordination body to prepare for the implementation of token securities regulations scheduled for February 4, 2027. The Token Securities Coordination Body comprises government agencies, relevant institutions, and private sector experts. It is structured around four subcommittees focusing on: technology and infrastructure; issuance; distribution; and settlement. The body will oversee the design of digital financial standards and detailed regulatory frameworks ahead of the legislative implementation. The FSS outlined three key policy priorities for token securities development: It aims to create a diverse and scalable digital innovation finance ecosystem. It seeks to establish investor protection mechanisms tailored to the technical characteristics of token securities. It intends to prepare securities settlement systems for future developments, including on-chain payment solutions. The coordination body's establishment reflects South Korea's proactive approach to integrating distributed ledger technology into its capital markets infrastructure. The Capital Markets Supervisory Division and Corporate Disclosure Division of the FSS are responsible for coordinating the initiative, with the Capital Markets Oversight Team and Securities Issuance System Team managing day-to-day operations.
2926946 pc Mar 04, 2026 tojuri Netherlands De Nederlandsche Bank financial services
headline rewritten 36% of draft length open

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Netherlands Central Bank Imposes Fine on Payment Institution for Late Financial Reporting

On March 5, 2025, De Nederlandsche Bank (DNB), the Netherlands' central bank, imposed an administrative fine of €9,000 on a payment institution for failing to submit its legally required annual financial statements on time. The payment institution was required to submit its annual accounts, management report, and related documentation for the financial year 2023 by June 30, 2024. However, it did not fully provide these documents to DNB until July 24, 2024—24 days after the deadline. This constituted a breach of the Financial Supervision Act (Wet op het financieel toezicht). DNB imposed the fine in accordance with its enforcement policy for timely submission of supervisory reports. The payment institution filed an objection to the fine decision on April 1, 2025. DNB rejected the objection by decision on June 20, 2025, finding it to be without merit. The statutory period for filing an appeal has now expired without the institution exercising this right, meaning both the original fine decision and the objection decision have become final and binding. DNB publishes enforcement actions to promote compliance among regulated entities and transparency in its supervisory activities. The full fine decision and objection decision are available on DNB's website, with confidential information redacted. For further information, DNB's information desk can be contacted at 0800-020 1068 (toll-free).

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512 chars · nid 91033

Dutch Central Bank Imposes €9,000 Fine on Payment Institution for Reporting Failures

In a decision dated March 5, 2025, the Dutch Central Bank (DNB) has imposed an administrative fine of €9,000 on a payment institution for failing to submit its legally required annual financial statements on time. The payment institution was required to submit its annual accounts, management report and related documentation for the financial year 2023 by June 30, 2024. However, it failed to provide these documents to the DNB until July 24, 2024, which constituted a breach of the Financial Supervision Act .
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