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3377543 pc Aug 06, 2026 arahman European Union European Banking Authority horizon scanning
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European Banking Authority Consults on Reporting Framework for Initial Margin Model Validation

On August 5, 2026, the European Banking Authority (EBA) launched a consultation on a new reporting framework to support the validation and ongoing monitoring of initial margin models based on the Standard Initial Margin Model (SIMM) developed by the International Swaps and Derivatives Association (ISDA). Since March 1, 2026, the EBA has served as the central validator of pro forma initial margin models under the European Market Infrastructure Regulation (EMIR), as amended by Regulation (EU) 2024/2987 (EMIR 3). The proposed reporting requirements will enable the EBA to perform this validation role effectively while ensuring a proportionate approach for reporting entities. The framework will collect consistent, high-quality information on the use and performance of initial margin models and provide data necessary to calculate annual fees associated with pro forma model validation. A key feature of the proposal emphasises proportionality. The EBA has designed the scope, content, and frequency of reporting requirements to provide effective oversight while minimising compliance costs. Firms with less significant over-the-counter (OTC) trading activities will face substantially lighter reporting obligations, with annual reporting required only once per year. The framework will enable the EBA and competent authorities to monitor initial margin models for non-centrally cleared OTC derivative contracts used by financial counterparties and non-financial counterparties subject to initial margin requirements. The consultation period closes on November 2, 2026, and stakeholders can submit comments via the EBA's consultation page. Following consideration of feedback, the EBA intends to adopt a Decision by the end of 2026 establishing the information collection framework. The first reporting reference date is expected to be December 2027, with data collection occurring in the first quarter of 2028. The new requirements will be incorporated into EBA technical package version 4.4, Phase 2, with the final technical package expected in March 2027. REFERENCES: https://www.eba.europa.eu/news-and-events/news/eba-consults-reporting-framework-validation-and-monitoring-isda-standard-initial-margin-model

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European Banking Authority Consults on Reporting Framework for Initial Margin Model Validation

On August 5, 2026, the European Banking Authority (EBA) launched a consultation on a new reporting framework to support the validation and ongoing monitoring of initial margin models based on the Standard Initial Margin Model (SIMM) developed by the International Swaps and Derivatives Association (ISDA). The proposed reporting requirements will enable the EBA to perform this validation role effectively while ensuring a proportionate approach for reporting entities. The framework will collect consistent, high-quality information on the use and performance of initial margin models and provide data necessary to calculate annual fees associated with pro forma model validation. A key feature of the proposal emphasises proportionality. The EBA has designed the scope, content and frequency of reporting requirements to provide effective oversight while minimising compliance costs. Firms with less significant over-the-counter (OTC) trading activities will face substantially lighter reporting obligations, with annual reporting required only once per year. The framework will enable the EBA and competent authorities to monitor initial margin models for non-centrally cleared OTC derivative contracts used by financial counterparties and non-financial counterparties subject to initial margin requirements. The consultation period closes on November 2, 2026, and stakeholders can submit comments via the EBA's consultation page. Following consideration of feedback, the EBA intends to adopt a decision by the end of 2026 establishing the information collection framework. The first reporting reference date is expected to be December 2027, with data collection occurring in the first quarter of 2028. The new requirements will be incorporated into EBA technical package version 4.4, Phase 2, with the final technical package expected in March 2027.
3379984 gc Aug 06, 2026 gkaliraman Singapore Singapore Gambling Regulatory Authority gamblingcompliance
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Singapore Gambling Regulatory Authority Publishes Electronic Dice Tumblers Technical Standards

On July 13, 2026, the Singapore Gambling Regulatory Authority (GRA) published Version 1.0 of the Singapore Technical Standards for Electronic Dice Tumblers. The standards establish key technical requirements to ensure that electronic dice tumblers deployed in Singapore are secure, reliable, and auditable, thereby supporting honest gaming operations. The technical standards represent the culmination of extensive research conducted by the GRA, incorporating contributions and feedback from overseas regulatory counterparts and industry stakeholders engaged throughout the consultation process. The standards address the operational and security requirements necessary for electronic dice tumbler devices used in Singapore's gaming venues, establishing uniform technical benchmarks across the industry. All industry players must comply with Version 1.0 of the Singapore Technical Standards for Electronic Dice Tumblers effective from July 14, 2026. Casino operators and other businesses deploying electronic dice tumblers are required to ensure their devices meet the specified technical requirements by this date. The standards document is available for download from the GRA website in PDF format. REFERENCES: Singapore Gambling Regulatory Authority. (2026). Technical Standards for Electronic Dice Tumblers Version 1.0. Retrieved from https://www.gra.gov.sg/

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Singapore Gambling Regulatory Authority Publishes Electronic Dice Tumblers Technical Standards

On July 13, 2026, the Singapore Gambling Regulatory Authority (GRA) published Version 1.0 of the Singapore Technical Standards for Electronic Dice Tumblers. The GRA has published the standards to establish the technical standards for the design and operation of an electronic dice tumbler for the casino industry in Singapore and to provide guidance to certification testing bodies on such technical standards. The standards establish key technical requirements to ensure that electronic dice tumblers deployed in Singapore are secure, reliable, and auditable, thereby supporting honest gaming operations. The technical standards represent the culmination of extensive research conducted by the GRA, incorporating contributions and feedback from overseas regulatory counterparts and industry stakeholders engaged throughout the consultation process. The standards address the operational and security requirements necessary for electronic dice tumbler devices used in Singapore's gaming venues, establishing uniform technical benchmarks across the industry. All industry stakeholders must comply with Version 1.0 of the Singapore Technical Standards for Electronic Dice Tumblers effective from July 14, 2026.
3379047 pc Aug 06, 2026 rghosh US Track 3 U.S. Securities and Exchange Commission financial services
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U.S. Securities and Exchange Commission Obtains Final Judgment Against Investment Adviser for SEC Filing Misrepresentations

On August 3, 2026, the U.S. District Court for the District of Columbia entered a final judgment against Wisdom Capital Management Group Ltd., a purported investment adviser, for making material misrepresentations and unsubstantiated statements in filings submitted to the U.S. Securities and Exchange Commission (SEC). The judgment orders the defendant to pay a civil penalty of $1,152,316. The SEC filed its complaint on August 20, 2024, alleging that Wisdom made false claims in its December 2023 Form ADV filing. Specifically, Wisdom claimed it was an Exempt Reporting Adviser managing $10 million in private funds in the United States, advised two private funds, and operated from office space on Wall Street in New York City. The SEC alleged that these representations were materially false. The current business resident at the claimed New York office space had no knowledge of Wisdom or its management personnel. Additionally, the SEC found no evidence that a separate registered investment adviser had reported information about the two purported private funds, and searches of the SEC's public company database and filings yielded no information about Wisdom or the funds. Wisdom failed to respond to SEC requests for records to substantiate the information contained in its Form ADV filing. The final judgment, entered by default, enjoins Wisdom from future violations of Sections 204(a) and 207 of the Investment Advisers Act of 1940. The judgment also prohibits Wisdom, its owners, and executive officers from filing a Form ADV as an Exempt Reporting Adviser. The SEC's investigation, conducted by staff from the SEC's Boston Regional Office, remains ongoing.

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US Securities and Exchange Commission Obtains Final Judgment Against Wisdom Capital Management Group for SEC Filing Misrepresentations

On August 3, 2026, the US District Court for the District of Columbia entered a final judgment against Wisdom Capital Management Group Ltd., a purported investment adviser, for making material misrepresentations and unsubstantiated statements in filings submitted to the Securities and Exchange Commission (SEC). The judgment orders the defendant to pay a civil penalty of $1,152,316. The SEC filed its complaint on August 20, 2024, alleging that Wisdom made false claims in its December 2023 Form ADV filing. Specifically, Wisdom claimed it was an exempt reporting adviser managing $10m in private funds in the United States, advised two private funds and operated from office space on Wall Street in New York City. The SEC alleged that these representations were materially false. The current business resident at the claimed New York office space had no knowledge of Wisdom or its management personnel. Additionally, the SEC found no evidence that a separate registered investment adviser had reported information about the two purported private funds, and searches of the SEC's public company database and filings yielded no information about Wisdom or the funds. The final judgment, entered by default, enjoins Wisdom from future violations of Sections 204(a) and 207 of the Investment Advisers Act of 1940. The judgment also prohibits Wisdom, its owners and executive officers from filing a Form ADV as an exempt reporting adviser. The SEC's investigation, conducted by staff from the SEC's Boston Regional Office, remains ongoing.
3375492 pc Aug 06, 2026 rghosh Peru Superintendencia de Banca y Seguros Peru horizon scanning
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Peru's Banking and Insurance Superintendent Expands Corporate Governance and Risk Management Regulation

On August 4, 2026, the Superintendencia de Banca, Seguros y AFP (SBS) published Resolution SBS No. 01959-2026 in the Official Gazette, modifying the Regulation on Corporate Governance and Comprehensive Risk Management (Resolution SBS No. 272-2017). The amendment expands the scope of the regulation to strengthen consolidated supervision and align it with international standards. The modification clarifies that supervised entities responsible for submitting information for consolidated supervision purposes must ensure that entities within their financial group or consolidable group incorporate corporate governance and comprehensive risk management standards compatible with those established by the SBS. This requirement applies to financial and mixed conglomerates under the SBS's supervisory remit. The SBS evaluates risks faced by supervised entities as members of these conglomerates pursuant to Article 138 of Law No. 26702 (General Banking Law) and the Regulation for Consolidated Supervision of Financial and Mixed Conglomerates (Resolution SBS No. 11823-2010). The amendment represents the SBS's commitment to strengthening consolidated supervision by ensuring consistency in governance and risk management practices across financial groups. By requiring supervised entities to promote compatible standards throughout their groups, the SBS aims to mitigate conglomerate-level risks and enhance financial stability. Supervised entities and financial conglomerates should review their governance structures and risk management frameworks to ensure compliance with the expanded requirements outlined in the modified regulation. The resolution became effective upon publication in the Official Gazette on August 4, 2026.

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Peru's Banking and Insurance Superintendent Expands Corporate Governance and Risk Management Regulation

On August 4, 2026, the Superintendencia de Banca, Seguros y AFP (SBS) of Peru published Resolution SBS No. 01959-2026 in the official gazette , modifying the Regulation on Corporate Governance and Comprehensive Risk Management (Resolution SBS No. 272-2017). The amendment expands the scope of the regulation to strengthen consolidated supervision and align it with international standards. The modification clarifies that supervised entities responsible for submitting information for consolidated supervision purposes must ensure that entities within their financial group or consolidable group incorporate corporate governance and comprehensive risk management standards compatible with those established by the SBS. This requirement applies to financial and mixed conglomerates under the SBS's supervisory remit. The SBS evaluates risks faced by supervised entities as members of these conglomerates pursuant to Article 138 of Law No. 26702 (General Banking Law) and the Regulation for Consolidated Supervision of Financial and Mixed Conglomerates (Resolution SBS No. 11823-2010). The amendment represents the SBS's commitment to strengthening consolidated supervision by ensuring consistency in governance and risk management practices across financial groups. By requiring supervised entities to promote compatible standards throughout their groups, the SBS aims to mitigate conglomerate-level risks and enhance financial stability. Supervised entities and financial conglomerates should review their governance structures and risk management frameworks to ensure compliance with the expanded requirements outlined in the modified regulation. The resolution became effective upon publication in the Official Gazette on August 4, 2026.
3380000 pc Aug 06, 2026 csoo Italy Bank of Italy horizon scanning
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Italy's Bank of Italy Publishes Manual for Risk Centre Data Exchange Version 2.10

On August 26, 2026, the Bank of Italy (Banca d'Italia) published version 2.10 of its Manual for Reporters to the Risk Centre (Manuale per i Segnalanti Centrale dei rischi), establishing technical specifications for information exchange with the central credit risk database. The manual details the operational procedures for financial intermediaries to transmit and receive risk data through the Bank of Italy's application-to-application (A2A) interface. Key updates in version 2.10 include modifications to the list of first information request procedures and elimination of sections addressing uncertain outcomes and unregistered subjects in first information queries. The manual specifies four survey types: CRM (monthly periodic risk reporting), CRS (intra-monthly client status changes), CRR (intra-monthly payment regularisations and persistent overdraft recoveries under Article 8-bis of Decree-Law 70/2011), and CRI (interrogation services including first information and periodic information services). Data transmission requires compression, encryption, and qualified electronic signature under the eIDAS Regulation. Files must use XML format compliant with SDMX-ML standards. The Bank of Italy operates separate endpoints for production and certification environments. Intermediaries receive protocol notifications confirming receipt and must download output flows within five days; files are automatically deleted after 24 hours if not retrieved. The manual establishes data quality controls across three categories: conversion controls, formal controls, and deterministic controls. Messages exceeding defined error thresholds are rejected entirely. The Bank of Italy transmits output through six survey types (CROFR, CROPI, CROM, CROR, CROS) containing structured data cubes with specific variables for each reporting category. Intermediaries must ensure timestamp sequentiality across uploads and maintain coherence between metadata and message headers. Technical schemas (XSD), domain values, and XML examples are available on the Bank of Italy's website.

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Bank of Italy Publishes Updated Manual for Risk Centre Data Exchange Version 2.10

On August 6, 2026, the Bank of Italy published version 2.10 of its manual for the exchange of information with the Central Credit Register (CR), establishing technical specifications for information exchange with the central credit risk database. The manual details the operational procedures for financial intermediaries to transmit and receive risk data through the Bank of Italy's application-to-application (A2A) interface. The CR, managed by the Bank of Italy, is a database on household and firms' debts towards the banking and financial system. It is supplied with data that the participating intermediaries (banks, financial companies and other intermediaries) send in relation to loans and guarantees granted to their customers, to guarantees received from their customers and to loans or guarantees purchased from other intermediaries. There is a reporting threshold: a customer is reported if the sum to be repaid to the intermediary is equal to or over €30,000; this threshold is lowered to €250 if the customer has a bad debt. Version 2.10 covers the following areas: Modifications to the list of first information request procedures and elimination of sections addressing uncertain outcomes and unregistered subjects in first information queries. The manual specifies four survey types: CRM (monthly periodic risk reporting), CRS (intra-monthly client status changes), CRR (intra-monthly payment regularisations and persistent overdraft recoveries and CRI (interrogation services including first information and periodic information services). The manual establishes data quality controls across three categories: conversion controls, formal controls, and deterministic controls. Messages exceeding defined error thresholds are rejected entirely. The Bank of Italy transmits output through six survey types (CROFR, CROPI, CROM, CROR, CROS) containing structured data cubes with specific variables for each reporting category. Clarification that intermediaries must ensure timestamp sequentiality across uploads and maintain coherence between metadata and message headers. Technical schemas (XSD), domain values, and XML examples are available on the Bank of Italy's website.
3379190 pc Aug 06, 2026 rghosh Argentina Ministry of Justice and Human Rights financial services
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Argentina's National Securities Commission Modernises Capital Market Regulations for Financial Trusts and Closed-End Investment Funds

On July 22, 2026, Argentina's National Securities Commission (Comisión Nacional de Valores, CNV) published two regulatory guidelines modernising the automatic public offering regime applicable to financial trusts (fideicomisos financieros) and closed-end investment funds (fondos comunes de inversión cerrados, FCIC). Regulatory Guideline No. 1159 (RG No. 1159) simplifies the framework for financial trusts by eliminating the separate automatic public offering regimes for low-impact and medium-impact offerings, consolidating them into a single mandatory automatic regime for qualifying issuances. Regulatory Guideline No. 1160 (RG No. 1160) establishes uniform terminology across market instruments, renaming the automatic authorisation regime for FCIC as the "Automatic Public Offering Regime for Closed-End Investment Fund Quotas with Expanded Medium-Impact Automatic Authorisation." These modifications aim to streamline capital market access, reduce processing times for issuances, and optimise supervisory resources while maintaining the CNV's regulatory, supervisory, and control authority and investor protection standards. The guidelines reinforce participant responsibility for the quality and accuracy of information disclosed to investors. Repeated modifications arising from inconsistencies, inaccuracies, or errors attributable to market participants—excluding market circumstances—may trigger disciplinary measures. Roberto E. Silva, CNV chief executive, said the measures continue the commission's paradigm shift toward a more agile capital market with simplified and efficient processes, eliminating unnecessary bureaucracy without compromising supervision and investor protection standards. The automatic authorisation regimes have accelerated market access and reduced administrative burden since their implementation. Both regulatory guidelines are effective immediately upon publication.

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Argentina's National Securities Commission Modernises Capital Market Regulations for Financial Trusts and Closed-End Investment Funds

On July 22, 2026, Argentina's National Securities Commission (Comisión Nacional de Valores, CNV) published two regulatory guidelines modernising the automatic public offering regime applicable to financial trusts (fideicomisos financieros) and closed-end investment funds (fondos comunes de inversión cerrados, FCIC). Regulatory Guideline No. 1159 (RG No. 1159) simplifies the framework for financial trusts by eliminating the separate automatic public offering regimes for low-impact and medium-impact offerings, consolidating them into a single mandatory automatic regime for qualifying issuances. Regulatory Guideline No. 1160 (RG No. 1160) establishes uniform terminology across market instruments, renaming the automatic authorisation regime for FCIC as the "Automatic Public Offering Regime for Closed-End Investment Fund Quotas with Expanded Medium-Impact Automatic Authorisation." These modifications aim to streamline capital market access, reduce processing times for issuances, and optimise supervisory resources while maintaining the CNV's regulatory, supervisory, and control authority and investor protection standards. The guidelines reinforce participant responsibility for the quality and accuracy of information disclosed to investors. Repeated modifications arising from inconsistencies, inaccuracies, or errors attributable to market participants excluding market circumstances may trigger disciplinary measures. The automatic authorisation regimes have accelerated market access and reduced administrative burden since their implementation. Both regulatory guidelines are effective immediately upon publication.
3380001 pc Aug 06, 2026 csoo Italy Bank of Italy horizon scanning
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Italy's Bank of Italy Issues Guidance on Basic Bank Account Accessibility and Promotion

On August 5, 2026, the Bank of Italy (Banca d'Italia) issued supervisory guidance directing banks, Poste Italiane, and other payment service providers (PSPs) to promote knowledge and accessibility of basic bank accounts among consumers, particularly vulnerable populations. The Bank of Italy's analysis identified instances where access to basic bank accounts was being unjustifiably obstructed or discouraged. The guidance requires PSPs to adopt conduct compliant with applicable regulations and grounded in substantive fairness principles in customer relations. PSPs must review and amend rules, procedures, and practices to remove barriers to offering and accessing basic bank accounts. Basic bank accounts are payment or current accounts designed to facilitate financial inclusion, introduced under Directive 2014/92 to ensure access to essential payment services. These accounts provide simplified money management functionality with a more limited range of operations and services compared to standard accounts. European Union law recognises the right to obtain a basic bank account for consumers legally residing in the EU. For lower-income population segments, the account must be offered free of charge. PSPs remain obligated to offer basic bank accounts while complying with anti-money laundering and counter-terrorism financing requirements under applicable legislation. The Bank of Italy's guidance emphasises that PSPs should remove unjustified obstacles to basic account access and ensure transparent, fair treatment of customers seeking these products. This supervisory direction aims to strengthen financial inclusion and ensure vulnerable consumers can access fundamental payment services without unnecessary impediments.

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Bank of Italy Issues Guidance on Basic Bank Account Accessibility with Remediation Deadline

On August 5, 2026, the Bank of Italy issued a supervisory guidance directing banks, and other payment service providers (PSPs) to promote knowledge and accessibility of basic bank accounts among consumers, particularly vulnerable populations. The Bank of Italy's analysis identified instances where access to basic bank accounts was being unjustifiably obstructed or discouraged. The guidance requires relevant entities to adopt conduct compliant with applicable regulations and grounded in substantive fairness principles in customer relations. The guidance covers the following material: Identification of main issues resulting in the low uptake of basic bank accounts among consumers even compared to other European Union countries. The main issues identified include failure to include basic accounts in the catalogue of products offerred, shortcomings in internal regulation and a lack of product knowledge amongst other shortcomings. Expectations of the Bank of Italy, covering the areas of internal policies, processes and procedures, methods of offering the product (e.g. adequate publicity and training programmes) and controls. Within the guidance, the Bank of Italy has stated that by November 30, 2026, relevant Compliance and Internal Audit functions (within the scope of their respective remits) must verify that the organisational structures, procedures and practices are fully consistent with regulatory requirements and the expectations of the Bank of Italy. It states that: An internal report on the findings of the assessments, highlighting any shortcomings and the resulting remedial actions, must be approved by its Board of Directors, or corresponding governing body. The Board of Directors shall inform this the Bank of Italy, by email to vic@pec.bancaditalia.it , of any remaining shortcomings as at  November 30, 2026, and shall attach the approved remedial plan.
3378349 pc Aug 06, 2026 csoo Malta Malta Financial Services Authority horizon scanning
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Malta Financial Services Authority Issues Circular on Frontier Artificial Intelligence Models and Cyber-Threat Risks

On August 5, 2026, the Malta Financial Services Authority (MFSA) issued a circular to all licence holders addressing cyber risks associated with frontier artificial intelligence models (FAIMs). The circular responds to recent European publications from the European Systemic Risk Board (ESRB), European Central Bank (ECB), and European Supervisory Authorities (ESAs) concerning the evolving threat landscape. FAIMs are advanced artificial intelligence models with capabilities that may materially affect offensive and defensive cyber operations. The MFSA highlighted that these models may enable cyber activity to be conducted with greater speed and sophistication, including through accelerated discovery of vulnerabilities and development of exploits. The authority emphasised that while FAIMs may support defensive capabilities, their development represents a material change in the cyber-threat landscape. The circular does not introduce separate supervisory expectations for FAIMs; rather, it reinforces the continued relevance of existing regulatory requirements and governance principles previously communicated by the MFSA, including through its Dear CEO Letter on Artificial Intelligence issued on June 4, 2026. The MFSA encouraged licence holders to consider FAIM-related developments within existing information and communications technology (ICT) risk management and operational resilience frameworks. Key areas of focus include asset visibility, vulnerability and patch management, security monitoring, incident detection and response, defence-in-depth, recovery capabilities and digital operational resilience testing. The authority emphasised that third-party dependencies and concentration risk warrant particular attention, as licence holders may rely on common cloud, technology, software, AI model and data providers, creating shared vulnerabilities and single points of failure. For licence holders falling within the scope of Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA), the authority noted that DORA remains the regulatory anchor for digital operational resilience. The MFSA may consider these developments as part of ongoing supervision concerning ICT risk, cybersecurity, digital operational resilience, third-party risk and artificial intelligence governance. Licence holders may request further information by contacting sirc@mfsa.mt.

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Malta Financial Services Authority Issues Circular on Frontier Artificial Intelligence Models and Cyber-Threat Risks

On August 5, 2026, the Malta Financial Services Authority (MFSA) issued a circular to all licence holders addressing cyber risks associated with frontier artificial intelligence models (FAIMs). The circular responds to recent European publications from the European Systemic Risk Board (ESRB), European Central Bank (ECB) and European Supervisory Authorities (ESAs) concerning the evolving threat landscape. FAIMs are advanced artificial intelligence models with capabilities that may materially affect offensive and defensive cyber operations. The MFSA encourages licence holders to consider FAIM-related developments within existing information and communications technology (ICT) risk management and operational resilience frameworks. The authority emphasises that these models may enable cyber activity to be conducted with greater speed and sophistication, including through accelerated discovery of vulnerabilities and development of exploits. The circular highlights the following: The authority encourages stakeholders to review the measures in the Joint ESA Statement and utilise its "Prevent, Detect and Manage" structure as a practical framework for evaluating the effectiveness of their existing risk management arrangements Key areas of focus for licence holders should include asset visibility, vulnerability and patch management, security monitoring, incident detection and response, defence-in-depth, recovery capabilities and digital operational resilience testing. The authority emphasises that third-party dependencies and concentration risk warrant particular attention, as licence holders may rely on common cloud, technology, software, AI model and data providers, creating shared vulnerabilities and single points of failure. The circular does not introduce separate supervisory expectations for FAIMs; rather, it reinforces the continued relevance of existing regulatory requirements and governance principles previously communicated by the MFSA, including through its Dear CEO Letter on Artificial Intelligence issued on June 4, 2026. For licence holders falling within the scope of Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA), the authority noted that DORA remains the regulatory anchor for digital operational resilience. Licence holders may request further information by contacting sirc@mfsa.mt.
3374955 pc Aug 05, 2026 kgurnani Australia Federal Register of Legislation horizon scanning
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Australia's Australian Securities and Investments Commission Declares Financial Requirements for Retail Over-the-Counter Derivatives Issuers

On July 7, 2026, the Australian Securities and Investments Commission (ASIC) issued the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705 under authority of the Corporations Act 2001. This legislative instrument establishes financial resource requirements applicable to issuers of retail over-the-counter (OTC) derivatives in Australia. The instrument declares what constitutes adequate financial resources for entities issuing retail OTC derivatives to Australian consumers. This requirement forms part of ASIC's regulatory framework designed to protect retail investors engaging in OTC derivatives markets by ensuring that derivative issuers maintain sufficient financial capacity to meet their obligations. The instrument is administered by the Department of the Treasury and operates under the Corporations Act 2001 framework. The legislative instrument came into force on July 7, 2026, and supersedes previous arrangements through its repeal provisions. Entities issuing retail OTC derivatives must ensure compliance with the financial resource requirements specified in the instrument. Market participants and derivative issuers should review the full legislative text to understand their specific obligations regarding financial adequacy and resource maintenance. The instrument is available on the Federal Register of Legislation and includes detailed definitions and preliminary provisions outlining the scope and application of the financial requirements. REFERENCES: Federal Register of Legislation. ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705. Available at: https://www.legislation.gov.au/

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Australian Securities and Investments Commission Declares Financial Requirements for Retail Over-the-Counter Derivatives Issuers

On July 7, 2026, the Australian Securities and Investments Commission (ASIC) issued the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705 under authority of the Corporations Act 2001 . This instrument imposes minimum capital, liquidity, financial-monitoring and reporting requirements on Australian financial services licence holders that issue over-the-counter derivatives to retail clients. This is largely a remake of the earlier ASIC Class Order CO 12/752 without significant substantive changes. Principal requirements include: Cash-flow forecasting: Each March, June, September and December, the licensee must prepare a cash-flow projection covering at least the next 12 months. The projections must: Use reasonable revenue and expense estimates. Be approved and certified in writing by the directors or other governing persons. Document the calculations and assumptions. Be updated where there are signs that the financial requirements may not be met. Be provided to ASIC when requested. 2. Net tangible assets (NTA): The licensee must continuously maintain net tangible assets equal to at least the greater of A$1 million or 10% of its average revenue. 3. Liquidity: At all times, the licensee must hold cash or cash equivalents equal to at least 50% of its required NTA and liquid assets equal to at least 50% of its required NTA. Client money or assets held to satisfy obligations to clients cannot be counted towards these requirements. 4. Annual reporting: The licensee must submit to ASIC an annual statement setting out its year-end NTA and how it was calculated and an annual audit opinion from a registered company auditor covering compliance with the financial and cash-flow requirements. The instrument comes into effect immediately.
3374953 pc Aug 05, 2026 kgurnani Australia Federal Register of Legislation horizon scanning
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Australia's Treasury Department Implements Financial Requirements for Custodial and Depository Service Providers

On July 7, 2026, the Australian Securities and Investments Commission (ASIC) published the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648, which came into force on the same date. The instrument, administered by the Department of the Treasury, establishes financial resource requirements for entities providing custodial or depository services under the Corporations Act 2001. The instrument declares adequate financial resources standards that custodial and depository service providers must maintain to ensure they can meet their obligations to clients and protect client assets. These requirements form part of ASIC's broader regulatory framework governing financial intermediaries and service providers in Australia's financial system. The financial requirements aim to enhance consumer protection by ensuring service providers maintain sufficient capital and liquidity to withstand operational challenges and safeguard client funds held in custody or deposit. The instrument replaces previous regulatory arrangements through its repeal provisions, consolidating financial requirements into a single legislative instrument. This streamlines the regulatory framework for custodial and depository service providers, clarifying their obligations under the Corporations Act 2001. The instrument applies to all entities operating as custodial or depository service providers within Australia's regulatory jurisdiction and seeking to maintain or obtain authorisation to provide these services. REFERENCES: Federal Register of Legislation: ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648 https://www.legislation.gov.au/

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Australia's Treasury Department Implements Financial Requirements for Custodial and Depository Service Providers

On July 7, 2026, the Australian Securities and Investments Commission (ASIC) published the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648, which came into force on the same date. The instrument: Repeals two earlier instruments governing: Investor Directed Portfolio Services (IDPSs) and IDPS-like services operated through registered managed investment schemes. Replaces references to those instruments across 11 other ASIC instruments with references to the new ASIC Corporations (Platforms—IDPSs and IDPS-like Schemes) Instrument 2026/395 . Updates related definitions, statutory cross-references and provisions concerning annual investor statements, quarterly reports, product disclosure and financial requirements. The amendments preserve recognition of annual investor statements and quarterly reports prepared under the repealed instruments while platform operators and responsible entities use the transitional reporting relief in the new Platforms Instrument. This is intended to prevent disruption during the move to the consolidated regime.
3378148 pc Aug 05, 2026 pdonofrio New York Department of Financial Services horizon scanning
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New York Department of Financial Services Secures Cybersecurity Settlement with Order Express, Inc.

On August 5, 2026, New York State Department of Financial Services (DFS) Acting Superintendent Kaitlin Asrow announced that Order Express, Inc., a licensed money transmitter, will pay a $250,000 penalty for violations of DFS's cybersecurity regulation (23 NYCRR Part 500). DFS investigators identified significant deficiencies in Order Express's cybersecurity program and controls. The violations included failure to maintain adequate cybersecurity policies for system updates and inadequate risk assessments, leaving the company exposed to vulnerabilities that could be exploited by threat actors. Acting Superintendent Asrow said: "New York's cybersecurity regulation sets the standard nationally, requiring financial institutions to maintain strong safeguards for New Yorkers' personal data. As bad actors grow more sophisticated, the Department remains committed to ensuring institutions are held accountable for protecting consumers." Order Express has since remediated the deficiencies identified during the investigation. Based on its limited revenue, Order Express is exempt from many of Part 500's requirements. DFS's cybersecurity regulation became effective in March 2017, with an updated amendment effective as of November 2023 designed to enhance cyber governance, mitigate risks, and strengthen protections for New York businesses and consumers against cyber threats. The regulation has served as a model for other regulators, including the U.S. Federal Trade Commission, multiple states, the National Association of Insurance Commissioners, and the Conference of State Bank Supervisors Nonbank Model Data Security Law. The consent order is available on the DFS website.

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New York State Department of Financial Services Secures $250,000 Cybersecurity Settlement with Order Express

On August 5, 2026, the New York State Department of Financial Services (DFS) announced a settlement agreement with Order Express, a licensed money transmitter in the state, for violations of the DFS' cybersecurity regulation: 23 New York Codes, Rules and Regulations (NYCRR) Part 500 . Specifically, the DFS identified significant deficiencies in Order Express' cybersecurity program and controls, including failure to maintain adequate cybersecurity policies for system updates and inadequate risk assessments, leaving the company exposed to vulnerabilities that could be exploited by threat actors. As part of the settlement agreement, Order Express is ordered to pay a $250,000 monetary penalty.
3378131 pc Aug 05, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning
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U.S. Office of Foreign Assets Control Removes Iraqi Airline From Sanctions List

On August 5, 2026, the U.S. Office of Foreign Assets Control (OFAC) removed Fly Baghdad Airlines Company and its related entities from the Specially Designated Nationals (SDN) List. The removal included the airline's alternate names—Fly Baghdad and Iraq Express—as well as two Boeing 737 aircraft (tail numbers YI-BAF and YI-BAN) previously operated by the company. Fly Baghdad Airlines Company, established in 2014, had been designated under Executive Order 13224, as amended by Executive Order 13886, due to secondary sanctions risk and alleged links to the Islamic Revolutionary Guard Corps (IRGC)-Qods Force. The airline operated passenger air transport services from locations in Baghdad, Iraq, including facilities in Hurriya Square and Jadriya. Concurrent with the removal of the airline, OFAC updated the SDN List entry for Basheer Abdulkadhim Alwan Al-Shabbani, an individual previously linked to Fly Baghdad Airlines Company. Al-Shabbani's designation was modified to reflect a new link to the Islamic Revolutionary Guard Corps (IRGC)-Qods Force rather than to the airline. Al-Shabbani, born May 1, 1986, holds Iraqi nationality and possesses Iraqi passport A14930891 (expiring January 27, 2027) and national identification number AA2889593 (expiring October 21, 2026). The delisting of Fly Baghdad Airlines Company and its aircraft represents a significant shift in U.S. sanctions policy toward Iraqi aviation entities previously connected to Iranian military interests. The modification of Al-Shabbani's designation indicates OFAC's reassessment of individual links within the sanctions network. These changes affect parties engaged in aviation operations, financial transactions, and trade with Iraqi entities previously subject to secondary sanctions restrictions.

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US Office of Foreign Assets Control Updates Iraq-Related Sanctions Designations

On August 5, 2026, the US Office of Foreign Assets Control (OFAC) updated its Iraq-related designations on its Specially Designated Nationals (SDN) list. Specifically, OFAC removed Iraqi-based Fly Baghdad Airlines Company, as well as updating the SDN list entry for Basheer Abdulkadhim Alwan Al-Shabbani, an individual previously linked to Fly Baghdad Airlines Company. Al-Shabbani's designation was modified to reflect a new link to the Islamic Revolutionary Guard Corps (IRGC), rather than to the airline.
3376608 pc Aug 05, 2026 arahman Montenegro Payment Operations and Payment Systems - CBCG horizon scanning
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Montenegro's Central Bank Amends Payment Order Requirements for National Payment Transactions

On July 17, 2026, the Council of the Central Bank of Montenegro (CBCG) passed a decision amending the Decision on Core Elements of the Payment Orders for Executing National Payment Transactions Via Transaction Accounts. The amendment modifies Annex 2, column 14 of the original decision (Official Gazette of Montenegro 48/14) to clarify requirements for the urgency indicator in payment orders. The urgency indicator identifies transfers processed through the payment system for instant credit transfers. Under the amended provisions, the payer may optionally populate the urgency indicator when initiating a transfer. When a payee requests execution through the Real-Time Gross Settlement (RTGS) system, the urgency indicator shall be entered in the designated field. The field remains optional for both payers and payees when transferring funds. The amendment specifies that the urgency indicator is a single character "X" and clarifies that it may be entered by either the payer or payee, depending on the circumstances of the transaction. This amendment addresses technical specifications for national payment transactions conducted through transaction accounts, ensuring clarity on how payment service providers and users should handle urgency indicators in payment orders. The modification aligns with the Central Bank's authority under Article 44, paragraph 2, item 3 of the Central Bank of Montenegro Law and Article 66 of the Payment System Law. The decision entered into force on the date of its publication in the Official Gazette of Montenegro. Payment service providers and other relevant parties should ensure compliance with the updated requirements for processing payment orders with urgency indicators.

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Central Bank of Montenegro Amends Payment Order Requirements for National Payment Transactions

On July 17, 2026, the Council of the Central Bank of Montenegro (CBCG) passed a decision amending the Decision on Core Elements of the Payment Orders for Executing National Payment Transactions Via Transaction Accounts. The amendment modifies Annex 2, column 14 of the original decision (Official Gazette of Montenegro 48/14) to clarify requirements for the urgency indicator in payment orders. The urgency indicator identifies transfers processed through the payment system for instant credit transfers. Under the amended provisions, the payer may optionally populate the urgency indicator when initiating a transfer. When a payee requests execution through the Real-Time Gross Settlement (RTGS) system, the urgency indicator shall be entered in the designated field. The field remains optional for both payers and payees when transferring funds. The amendment specifies that the urgency indicator is a single character "X" and clarifies that it may be entered by either the payer or payee, depending on the circumstances of the transaction. This amendment shall come into effect on the day of its publication in the official gazette.
3377269 pc Aug 05, 2026 ggallwey Japan Financial Services Agency financial services
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Japan's Financial Services Agency Publishes Analytical Report on IT Resilience in Financial Sector

On July 30, 2026, the Financial Services Agency (FSA) published its analytical report on information technology (IT) resilience in the financial sector. The FSA has continuously published analytical reports on system failures at financial institutions since 2019. In June 2025, the FSA reorganized this reporting framework and established the "Analytical Report on IT Resilience in the Financial Sector" as a dedicated publication series. The FSA prepared this year's report to enhance IT resilience across the financial sector, recognizing the growing complexity of operational risks. The report addresses escalating geopolitical, cyber, and third-party risks, alongside the increasing dependence of financial institutions' operations and customer services on IT and digital infrastructure. By analyzing system failures and resilience challenges, the FSA aims to support financial institutions in strengthening their IT systems and operational continuity. The report provides insights into vulnerabilities and best practices for managing IT-related risks in financial services. This initiative reflects the FSA's commitment to maintaining financial system stability amid evolving technological and security threats. The analytical framework enables financial institutions to benchmark their IT resilience practices and identify areas for improvement. The executive summary of the report is available on the FSA website. For further information, financial institutions and stakeholders can contact the Office of Policy Coordination for IT Risk, Cybersecurity and Economic Security within the FSA's Strategy, Development and Management Bureau at +81-(0)3-3506-6000 (extensions 3853 or 2581).

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Japan's Financial Services Agency Publishes Analytical Report on IT Resilience in Financial Sector

On July 30, 2026, Japan’s Financial Services Agency (FSA) published its Analytical Report on IT Resilience in the Financial Sector. The FSA has published reports analysing system failures at financial institutions since 2019. In June 2025, it reorganised the publication as a dedicated report on IT resilience, reflecting financial institutions’ increasing reliance on IT and digital infrastructure and the growth of geopolitical, cyber and third-party risks. The 2026 report analyses system failures and assesses the maturity of financial institutions’ IT governance. It also examines cybersecurity issues identified through inspections and monitoring, illustrative industry practices, cyber threats associated with artificial intelligence, third-party cybersecurity risk management, unauthorised access and fraudulent transactions involving customer accounts, and the conduct of cloud resilience exercises. The FSA states that increasingly complex IT environments, greater reliance on third parties, and more sophisticated cyberattacks could affect both individual institutions and the stability of the wider financial system. Financial institutions’ management should therefore treat IT and cyber risks as top priorities and continuously strengthen governance, risk management frameworks, investment, staff development and third-party risk management. The report also emphasises that institutions should assume that system disruptions and cyber incidents may occur despite preventive measures. Firms should strengthen their IT resilience to maintain critical operations, restore services promptly and limit the impact on customers. The FSA will continue supporting these efforts through inspections, monitoring, information sharing, guidance and resilience exercises. The report is informative and does not itself introduce new binding compliance obligations. The executive summary of the report is available on the FSA website .
3376626 pc Aug 05, 2026 csoo Malta Malta Financial Services Authority horizon scanning
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Malta Financial Services Authority Publishes Financial Crime Compliance Strategy 2026

On August 5, 2026, the Malta Financial Services Authority (MFSA) published its Financial Crime Compliance (FCC) Strategy 2026, establishing a forward-looking supervisory framework to strengthen Malta's approach to combating financial crime across the financial services sector. The Strategy outlines the MFSA's priorities for addressing emerging financial crime risks, enhancing supervisory effectiveness, and supporting Malta's alignment with evolving European Union anti-money laundering (AML) and counter-terrorist financing (CFT) requirements. The FCC Strategy 2026 is built on a risk-based and outcomes-driven supervisory model, ensuring that supervisory resources are directed towards higher-risk sectors and activities while promoting effective compliance outcomes. The Strategy adopts a lifecycle approach to oversight, covering the authorisation, supervision, and enforcement stages of regulated entities. It is structured around six strategic pillars: risk-based supervision; outcomes-based supervision; lifecycle oversight of authorised entities; streamlined regulatory coordination and oversight; stronger coordination and collaboration; and enhanced industry outreach and engagement. The Strategy reflects the MFSA's commitment to embedding financial crime compliance considerations throughout the regulatory lifecycle, thereby supporting the integrity, resilience, and soundness of Malta's financial services sector. As Malta's single regulator of financial services, the MFSA has a regulatory interest in preventing authorised persons from being used to facilitate financial crime. The Strategy prepares the MFSA and industry for significant developments at European level, including the implementation of the EU AML legislative package and the establishment of the Anti-Money Laundering Authority (AMLA). The MFSA will strengthen cooperation with domestic and international stakeholders, including competent authorities, law enforcement agencies, and industry participants, supported by enhanced information-sharing and coordination mechanisms. Kenneth Farrugia, MFSA chief executive, said the Strategy "sets out a clear and structured approach to strengthening financial crime compliance across the sector." REFERENCES: Malta Financial Services Authority. (2026). Financial Crime Compliance Strategy 2026. Available at: https://www.mfsa.mt/

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Malta Financial Services Authority Publishes Financial Crime Compliance Strategy 2026

On August 5, 2026, the Malta Financial Services Authority (MFSA) published its Financial Crime Compliance (FCC) Strategy 2026, establishing a forward-looking supervisory framework to strengthen Malta's approach to combating financial crime across the financial services sector. The FCC Strategy 2026  is structured around six strategic pillars: Risk-based supervision: Reaffirms the authority's commitment to proportionately allocating resources to higher-risk sectors which pose the greatest financial crime-related threats to consumers and financial market stability, and continuing to publish risk-based guidance to support financial institutions. Outcomes-based supervision: Reaffirms the authority's commitment to utilising supervisory exercises to evaluate the effectiveness of authorised entities in achieving objectives aligned with regulatory outcomes and a commitment to re-assess and measure improvements in previously identified regulatory outcomes. Lifecycle oversight of authorised entities : Emphasises the authority's expectation on entities  to maintain robust AML/CFT arrangements from the moment they are set up and throughout their entire business lifecycle. Streamlined regulatory coordination and oversight: Outlines the authority's commitment to enhancing regulatory coordination, collaboration and alignment with other competent authorities; ensuring holistic, timely, consistent, and proportionate supervision across key areas. Stronger coordination and collaboration : Outlines the authority's commitment to actively pursue opportunities to engage, collaborate and share expertise with both national and international regulatory bodies. Enhanced industry outreach and engagement: Outlines the authority's commitment to intensify its outreach efforts, actively seeking new ways to engage with the industry.
3372970 pc Aug 04, 2026 ataylor Florida Florida Office of Financial Regulation - Division of Administrative Hearings horizon scanning
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Florida Office of Financial Regulation Resolves Enforcement Action Against South Exchange, Inc. and Silvio Anspach

On August 3, 2026, the Florida Office of Financial Regulation (OFR) entered a Final Order resolving an enforcement action against South Exchange, Inc. and Silvio Anspach, the company's president and 90 percent owner. The OFR had issued an Administrative Complaint on March 11, 2025, following an examination of South Exchange's compliance with Chapter 560, Florida Statutes, which governs money services businesses. Under the Stipulation and Consent Agreement, South Exchange and Anspach consented to findings that they violated multiple provisions of Chapter 560 and related rules. The violations included failing to report aggregated cashed checks exceeding $1,000 to the Check Cashing Database (CCDB); failing to timely report changes in financial information; failing to maintain and deposit payment instruments into their own commercial account; failing to obtain and maintain required information for incoming and outgoing payment orders under their anti-money laundering (AML) manual; and failing to include all required provisions in vendor agreements. As settlement terms, South Exchange and Anspach agreed to cease and desist from violations of Chapter 560 and comply with all its provisions. The respondents also agreed not to cash checks totalling $1,500 or more in the aggregate for five years from the Final Order date. This restriction applies to individual checks of $1,500 or more and multiple checks from any single person or entity that aggregate to $1,500 or more on any given day. The OFR imposed an administrative fine of $10,000, which the respondents agreed to pay by wire, cashier's check, or money order. By consenting to the Final Order, South Exchange and Anspach waived their rights to an administrative hearing and appeal.

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Florida Office of Financial Regulation Fines South Exchange Inc. $10,000 for AML and Reporting Violations

On August 3, 2026, the Florida Office of Financial Regulation (OFR) entered a final order resolving an enforcement action against South Exchange, Inc. (South Exchange), a licensed money services business. The order follows an examination by the OFR to determine South Exchange's compliance with Chapter 560, Florida Statutes . Under the stipulation and consent agreement, South Exchange consented to findings that it violated multiple provisions of Chapter 560 and related rules. The violations included: failing to report aggregated cashed checks exceeding $1,000 to the Check Cashing Database (CCDB); failing to timely report changes in financial information; failing to maintain and deposit payment instruments into their own commercial account; failing to obtain and maintain required information for incoming and outgoing payment orders under their anti-money laundering (AML) manual; and failing to include all required provisions in vendor agreements. The OFR imposed an administrative fine of $10,000. South Exchange agreed to cease and desist from future violations of Chapter 560 and comply with all its provisions. South Exchange also agreed not to cash checks totaling $1,500 or more in the aggregate for five years from the final order date. This restriction applies to individual checks of $1,500 or more and multiple checks from any single person or entity that aggregate to $1,500 or more on any given day.
3372190 pc Aug 04, 2026 pthandapani Singapore Singapore FinTech Association horizon scanning
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Singapore FinTech Association Launches Payments Industry Code of Conduct

The Singapore FinTech Association (SFA) launched its Payments Industry Code of Conduct (the Code), establishing voluntary professional conduct and transparency standards for payment service providers (PSPs) operating in Singapore. The Code applies to holders of major payment institution licences, standard payment institution licences, money-changing licences, and exempt PSPs in relation to their regulated fiat currency payment services under the Payment Services Act 2019. The Code does not extend to digital payment token services. Adherence to the Code is voluntary and based on self-assessment. PSPs may become Code Adherents by assessing their policies, processes and systems against the Code's standards and publicly declaring compliance. Public declarations are valid for one year, after which renewed self-assessment is required. The Code crystallises best practices across multiple areas: pricing and transparency requiring PSPs to show customers the full transaction cost before commitment; prohibition of drip pricing and hidden mark-ups; fair marketing and advertising standards; fraud prevention and consumer protection frameworks; card dispute liability standards aligned with banking sector practices; data privacy and security compliance with the Personal Data Protection Act, including notification of notifiable data breaches within three calendar days; and operational resilience through stress-testing of critical systems including ledgers, wallets, payment gateways and authentication services. The Code is underpinned by core principles of fair treatment across customer segments, proportionality to provider size and risk profile, industry collaboration on systemic challenges, and robust anti-money laundering and counter-terrorism financing (AML/CTF) frameworks aligned with Monetary Authority of Singapore Notices. The SFA and industry players will review and update the Code regularly as Singapore's payments industry evolves. The Code complements, rather than replaces, existing obligations under the Payment Services Act and Monetary Authority of Singapore regulations. REFERENCES: Singapore FinTech Association. "Singapore FinTech Association launches Payments Industry Code of Conduct for Singapore." Accessed via Singapore FinTech Association official announcement.

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Singapore FinTech Association Launches Payments Industry Code of Conduct

On August 3, 2026, Singapore FinTech Association (SFA) has issued the Payments Industry Code of Conduct. The code prescribes: Scope and voluntary adherence establishing that the code applies to non-digital payment token services provided by various licensed and exempt payment service providers (PSPs) under the Payment Services Act 2019. Adherence is voluntary via self-assessment, and PSPs may publicly declare their status as a "Code Adherent" for a validity period of one year. Core principles committing code adherents to fair treatment of customers, proportionality in application based on their business model, structured industry collaboration on broad concerns like anti-money laundering (AML) and countering the financing of terrorism (CFT) risks, and maintaining robust AML/CFT frameworks aligned with MAS standards. Governance and operational resilience requiring code adherents to identify and stress-test critical systems, such as ledger systems and authentication services, and to adopt the MAS API framework for open banking. Where relevant, they must obtain mandatory cybersecurity certifications like ISO/IEC 27001 and MTCS SS 584. Pricing transparency and advertising mandating upfront disclosure of the total transaction cost, including all fees and exchange rates, and prohibiting "drip pricing". code adherents must not advertise services as "free" or "zero fee" if an exchange rate mark-up is applied without clear disclosure, and any comparisons with competitors must be fair and capable of substantiation. Consumer protection and data privacy obligating code adherents to implement documented fraud prevention frameworks and, for card issuers, to establish clear liability standards for transaction disputes in line with the ABS Code of Practice . Furthermore, they must ensure robust internal controls to protect data, comply with the Personal Data Protection Act 2012 (PDPA) , adhere to data minimisation principles, and notify affected users and the PDPC of significant data breaches within 3 calendar days
3374205 gc Aug 04, 2026 prandeo Isle of Man Isle of Man Gambling Supervision Commission - News gamblingcompliance
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Isle of Man Financial Intelligence Unit Publishes Sanctions Reporting Guidance

On August 3, 2026, the Isle of Man Financial Intelligence Unit (FIU) published new guidance on sanctions reporting. The guidance clarifies procedures for reporting suspected actual or attempted breaches of sanctions regulations, as well as reporting assets frozen following sanctions designations. Financial sanctions are prohibitions and restrictions implemented to maintain or restore international peace and security. They typically target specific individuals, entities, particular sectors, industries, or interests, which may be located in specific countries or territories. The Isle of Man implements all United Nations (UN) and UK sanctions regimes established under the UK Sanctions and Anti-Money Laundering Act 2018. All UN and UK sanctions designations take immediate effect in the Isle of Man, meaning any changes to UK or UN regimes apply automatically upon implementation. The Isle of Man also retains independent authority to make its own sanctions designations. The new guidance document provides clarification on reporting obligations for suspected breaches and frozen assets, supporting compliance with the jurisdiction's sanctions framework. The guidance is available on the Isle of Man FIU website. Additional information and links to relevant sanctions lists can be accessed through the Customs and Immigration Sanctions Lists webpage. REFERENCES: Isle of Man Financial Intelligence Unit (2026). "FIU Release New Sanctions Guidance (2026)." Available at: https://www.iom-fiu.gov.im

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Isle of Man gambling regulator publishes sanctions reporting guidance

On August 3, 2026, the Isle of Man Gambling Supervision Commission (GSC) announced that the Isle of Man Financial Intelligence Unit (FIU) had published new guidance on sanctions reporting. The guidance provides clarification on procedures for reporting suspected actual or attempted breaches of financial sanctions, as well as reporting assets frozen following sanctions designations. The Isle of Man implements all United Nations (UN) and UK sanctions regimes established under the UK Sanctions and Anti-Money Laundering Act 2018. All UN and UK sanctions designations take immediate effect in the Isle of Man, meaning any changes to UK or UN regimes apply automatically upon implementation. The Isle of Man also retains independent authority to make its own sanctions designations. The guidance is intended to assist regulated entities, including gambling licence holders, in complying with their sanctions reporting obligations and should be considered as part of firms' wider anti-money laundering and sanctions compliance frameworks.
3374094 pc Aug 04, 2026 pthandapani Singapore Ministry of Home Affairs horizon scanning
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Singapore's Ministry of Home Affairs Introduces Scams Countermeasures and Other Matters Bill

On August 4, 2026, Singapore's Ministry of Home Affairs (MHA) introduced the Scams (Countermeasures) and Other Matters Bill for First Reading in Parliament. The Bill amends the Protection from Scams Act, Online Criminal Harms Act, and other legislation to strengthen Singapore's capacity to detect, disrupt, and deter scams. The Bill introduces several key amendments. It enables and safeguards scam-related information exchange between the Police and service providers through the National Scams List (NSL), a platform developed by the Home Team Science and Technology Agency (HTX) and the Police. The Police will gain authority to issue Disclosure Orders requiring service providers to provide scam-related information, and Account Disabling Orders (ADOs) to disable accounts for up to 30 days, extendable for an additional 30 days. Persons whose accounts are disabled may appeal to the Commissioner of Police. The Bill strengthens the Facility Restriction Framework, which as of June 30, 2026, has placed 1,423 money mules, 1,439 SIM card mules, and 53 corporate mules under restrictions. The Police will gain power to issue Service Limitation Orders restricting service provision to identified persons for up to three years. The Bill introduces new offences targeting the misuse of online accounts for criminal activity, including unlawful provision of personal information for account registration, possession of accounts registered using another's information, and supplying or receiving accounts for criminal purposes. The Bill enhances the Online Criminal Harms Act by enabling authorities to issue directions using computer programmes and introducing financial penalties up to SGD 10 million for non-compliance with Codes of Practice and Implementation Directives. It also amends the Police Force Act to enable appointment of Civilian Specialist Officers with investigative powers similar to Commercial Affairs Officers. The Bill will proceed through Parliament's legislative process following First Reading.

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Singaporean Ministry of Home Affairs Introduces Scams Countermeasures and Other Matters Bill

On August 4, 2026, the Singaporean Ministry of Home Affairs (MHA) introduced the Scams (Countermeasures) and Other Matters Bill for its first reading in Parliament. The bill prescribes: Information exchange and disclosure enabling the police to safeguard scam-related information exchange with service providers through platforms such as the National Scams List (NSL). The police will be empowered to issue disclosure orders requiring service providers to provide information relating to specified accounts and scam-related activities. Account disabling orders (ADO) authorising the police to issue an ADO requiring service providers to disable specified accounts or accounts meeting prescribed disabling conditions for up to 30 days, which can be extended once for up to 30 more days. Affected persons can appeal the decision to the Commissioner of Police, whose decision is final. Facility restriction framework strengthening the application of restrictions on the provision of financial, telecommunications, and Singpass digital ID services to identified scam mules. These restrictions apply to individuals warned, prosecuted, convicted, or under investigation for mule-related offences and assessed to be at risk of further facilitating scams. Deterrence and operational enhancements introducing new offences to deter the misuse of online accounts, enhancing the Online Criminal Harms Act (OCHA), and improving the overall effectiveness of police operations to detect, disrupt, and deter scams. The bill will now go before parliament for consideration.
3374161 gc Aug 04, 2026 apintea Italy ADM new documents gamblingcompliance
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Italy's Customs and Monopolies Agency Redetermines Bingo Concession Fees Based on Revenue Brackets

On July 31, 2026, Italy's Agenzia delle Dogane e dei Monopoli (Customs and Monopolies Agency) issued a directorial determination redetermining the indemnities owed by bingo game concessionaires operating under extension arrangements for the period January 1, 2018 through December 31, 2026. The determination implements judicial guidance from the Court of Justice of the European Union (CJEU), which ruled on March 20, 2025 that Italy's unilateral extension of bingo concessions with fixed, flat-rate fees violated EU Directive 2014/23. The CJEU determined that fee structures must be linked to individual operator revenue rather than applied uniformly across all concessionaires. Italy's Council of State subsequently issued conforming judgments on October 6, 2025, directing the agency to recalculate indemnities based on actual turnover. The agency established 81 revenue brackets with monthly indemnities ranging from a minimum of €3,250 for operators with revenues of €1.2 million or less to a maximum of €9,000 for those exceeding €17 million. The minimum fee aligns with the €350,000 amount prescribed by Italian law for nine-year concession awards following public tender procedures. Indemnities are payable in full for each month or fraction exceeding 15 days, and at half rate for fractions of 15 days or fewer. The determination applies retroactively to all bingo concessionaires in extension status, not solely those involved in prior litigation, to prevent further disputes and ensure consistent treatment across the sector. The agency will address any financial adjustments between parties in subsequent administrative acts, accounting for payments already made under the previous fixed-fee regime.

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Italy's gambling regulator redetermines bingo concession fees

On July 31, 2026, Italy's Customs and Monopolies Agency (ADM) published a decision redetermining the indemnities owed by bingo game concessionaires operating under extension arrangements for the period January 1, 2018 through December 31, 2026. The determination implements judicial guidance from the Court of Justice of the European Union (CJEU), which ruled on March 20, 2025 that Italy's unilateral extension of bingo concessions with fixed, flat-rate fees violated EU Directive 2014/23 . The CJEU determined that fee structures must be linked to individual operator revenue rather than applied uniformly across all concessionaires. Italy's Council of State subsequently issued conforming judgments on October 6, 2025, directing the agency to recalculate indemnities based on actual turnover. The agency established 81 revenue brackets with monthly indemnities ranging from a minimum of €3,250 for operators with revenues of €1.2 million or less to a maximum of €9,000 for those exceeding €17 million. The minimum fee aligns with the €350,000 amount prescribed by Italian law for nine-year concession awards following public tender procedures. Indemnities are payable in full for each month or fraction exceeding 15 days, and at half rate for fractions of 15 days or fewer. The determination applies retroactively to all bingo concessionaires in extension status, not solely those involved in prior litigation, to prevent further disputes and ensure consistent treatment across the sector. The agency will address any financial adjustments between parties in subsequent administrative acts, accounting for payments already made under the previous fixed-fee regime.
3372805 pc Aug 04, 2026 pdonofrio US Track 2 Newsroom - Office of the Comptroller of the Currency (OCC) financial services
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Office of the Comptroller of the Currency Proposes Rules Regarding Disclosure of OCC Information

On August 3, 2026, the Office of the Comptroller of the Currency (OCC) issued a notice of proposed rulemaking to implement structural and substantive changes to its rules governing the disclosure of OCC information under 12 CFR 4. The proposed changes aim to improve the balance between protecting OCC confidential information from public disclosure—necessary for candid information exchange between supervised entities and the OCC that underpins effective supervision—and permitting disclosure in limited circumstances to support economical business operations, public confidence in the financial system, and transparency to hold the agency accountable. The proposed rule would establish a new subcategory of OCC nonpublic information called "confidential supervisory information" (CSI). Key changes include modifying the prior approval requirement for supervised entities to disclose CSI by expanding information-sharing exceptions for business efficiency, government accountability, and supervisory coordination purposes, with appropriate and tailored safeguards. The proposal also provides for the release of certain aged CSI, clarifies the OCC's position on referrals for criminal prosecution for unauthorized disclosure of OCC information, and provides for expedited processing of Freedom of Information Act (FOIA) requests. Additionally, the rule would establish procedures for requestors to appeal denials of expedited processing or fee waiver requests and would combine current subparts B and C of 12 CFR 4 into one streamlined subpart. The proposed rule would apply to all national banks, federal savings associations, federal branches and agencies of foreign banks, and community banks with up to $30 billion in assets. Interested parties should contact the OCC's Chief Counsel's Office at (202) 649-5400 for further information.

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US Office of the Comptroller of the Currency Proposes Rules Regarding Disclosure of Agency Information

On August 3, 2026, the US Office of the Comptroller of the Currency (OCC) issued proposed rules to implement structural and substantive changes governing the disclosure of OCC information under 12 Code of Federal Regulations (CFR) Part 4 . The proposed rules would apply to all national banks, federal savings associations, federal branches and agencies of foreign banks and community banks with up to $30bn in assets. According to the OCC , the proposed rules aim to improve the balance between protecting OCC confidential information from public disclosure, which is necessary for transparent information exchange between supervised entities and the OCC, and permitting disclosure in limited circumstances to support economical business operations, public confidence in the financial system, and agency accountability. The proposed rules would establish a new subcategory of OCC nonpublic information called "confidential supervisory information" (CSI). Key changes include modifying the prior approval requirement for supervised entities to disclose CSI by expanding information-sharing exceptions for business efficiency, government accountability and supervisory coordination purposes, with appropriate and tailored safeguards. The proposed rules would also provide for the release of certain aged CSI, clarify the OCC's position on referrals for criminal prosecution for unauthorized disclosure of OCC information and provide for expedited processing of Freedom of Information Act (FOIA) requests. Additionally, the proposed rules would establish procedures for requestors to appeal denials of expedited processing or fee waiver requests and would combine current Subparts B and C of 12 CFR Part 4 into one streamlined subpart. Interested parties may submit comments on the proposed rules until October 2, 2026 at this link .
3374906 pc Aug 04, 2026 rghosh US Track 3 News - Financial Industry Regulatory Authority (FINRA) financial services
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Financial Industry Regulatory Authority Fines UBS Financial $20 Million for Anti-Money Laundering Violations

On August 3, 2026, the Financial Industry Regulatory Authority (FINRA) fined UBS Financial Services Inc. (UBS Financial) $20 million for anti-money laundering (AML) violations. FINRA determined that UBS Financial failed to establish and implement an AML compliance program reasonably expected to detect and cause the reporting of suspicious transactions involving foreign currency wires. Additionally, UBS Financial did not reasonably implement its customer due diligence program with respect to certain retail customers and failed to timely detect and report suspicious money movements. Between January 2019 and June 2023, UBS Financial failed to reasonably monitor more than 60,000 foreign currency wires totaling more than $10 billion. This represented a repeat violation, as FINRA had previously fined UBS Financial $4.5 million in December 2018 for failing to reasonably monitor foreign currency wires. Despite this prior settlement, UBS Financial continued using an unreasonable legacy monitoring system through January 2021, which consisted of quarterly manual reviews of reports containing thousands of wires. This system did not reasonably allow identification of suspicious or unusual patterns and often omitted material information. When UBS Financial implemented an automated transaction monitoring tool in February 2021, it contained an incomplete data file and labeling change that omitted approximately 33 percent of foreign currency wires in retail customer accounts. The unmonitored wires involved high-risk geographic locations, excessive transfers, unusually large dollar amounts, and instances where UBS Financial had previously filed suspicious activity reports for similar activity by the same accounts. UBS Financial also failed to reasonably implement customer due diligence, incorrectly assigning lower risk ratings to certain retail customers with connections to higher-risk geographic locations, including Russia, unexplained changes in domicile and employment, material adverse media, and potential political exposure. Bill St. Louis, Executive Vice President and Head of Enforcement at FINRA, said the action underscores FINRA's approach to progressive discipline for recidivist misconduct. UBS Financial accepted FINRA's findings without admitting or denying them.

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US Financial Industry Regulatory Authority Fines UBS Financial $20m for Anti-Money Laundering Violations

On August 3, 2026, the US Financial Industry Regulatory Authority (FINRA) fined UBS Financial Services Inc. (UBS Financial) $20 million for anti-money laundering (AML) violations. FINRA determined that UBS Financial failed to establish and implement an AML compliance program reasonably expected to detect and cause the reporting of suspicious transactions involving foreign currency wires. Additionally, UBS Financial did not reasonably implement its customer due diligence program with respect to certain retail customers and failed to timely detect and report suspicious money movements. Between January 2019 and June 2023, UBS Financial failed to reasonably monitor more than 60,000 foreign currency wires totaling more than $10 billion. This represented a repeat violation, as FINRA had previously fined UBS Financial $4.5 million in December 2018 for failing to reasonably monitor foreign currency wires. Despite this prior settlement, UBS Financial continued using an unreasonable legacy monitoring system through January 2021, which consisted of quarterly manual reviews of reports containing thousands of wires. This system did not reasonably allow identification of suspicious or unusual patterns and often omitted material information. When UBS Financial implemented an automated transaction monitoring tool in February 2021, it contained an incomplete data file and labeling change that omitted approximately 33 percent of foreign currency wires in retail customer accounts. The unmonitored wires involved high-risk geographic locations, excessive transfers, unusually large dollar amounts, and instances where UBS Financial had previously filed suspicious activity reports for similar activity by the same accounts. UBS Financial also failed to reasonably implement customer due diligence, incorrectly assigning lower risk ratings to certain retail customers with connections to higher-risk geographic locations, including Russia, unexplained changes in domicile and employment, material adverse media, and potential political exposure. UBS Financial accepted FINRA's findings without admitting or denying them.
3373540 pc Aug 04, 2026 csoo Luxembourg Publications and data – CSSF horizon scanning
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Luxembourg's Financial Regulator Publishes Guidance on Material Operations Notification Process

On August 3, 2026, the Commission de Surveillance du Secteur Financier (CSSF) launched a dedicated webpage to clarify the notification and assessment process for material operations conducted by credit institutions and financial holding companies. The webpage follows the publication of the Law of May 5, 2026, which amended the Law of April 5, 1993 (LFS) and transposed Directive (EU) 2024/1619 (CRD VI). The new law introduces mandatory requirements for institutions to notify the CSSF prior to executing material operations and to obtain CSSF approval for operations likely to significantly impact the institution's prudential position or raise concerns regarding money laundering or terrorist financing. The CSSF's new webpage provides practical guidance on implementing the notification requirements and outlines the assessment criteria for three categories of material operations: acquisitions and divestitures of a material interest; material transfers of assets and liabilities; and mergers and divisions. The guidance is designed to assist market participants in understanding and complying with these new obligations. The webpage details the regulatory framework applicable to material operations and clarifies the process institutions must follow when planning such activities. This resource enables credit institutions and mixed financial holding companies to better navigate the notification requirements and understand how the CSSF will evaluate whether operations meet the threshold for significant prudential impact or present money laundering and terrorist financing concerns. The guidance is relevant for all credit institutions and financial holding companies operating in Luxembourg that undertake material operations.

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Luxembourg's Financial Regulator Publishes Guidance on Material Operations Notification Process

On August 3, 2026, the Commission de Surveillance du Secteur Financier (CSSF) launched a dedicated webpage to clarify the notification and assessment process for material operations conducted by credit institutions and financial holding companies. The webpage follows the publication of the Law of May 5, 2026 , which transposed Directive (EU) 2024/1619 (CRD VI) . The new law introduces mandatory requirements for institutions to notify the CSSF prior to executing material operations and to obtain CSSF approval for operations likely to significantly impact the institution's prudential position or raise concerns regarding money laundering or terrorist financing. The CSSF's new webpage provides practical guidance on implementing the notification requirements and outlines the assessment criteria for three categories of material operations: acquisitions and divestitures of a material interest; material transfers of assets and liabilities; and mergers and divisions. The guidance page provides further information on the notification and evaluation process, including the information required, the competent authority, a specific contact point and the assessment timeline. The guidance is relevant for all credit institutions and financial holding companies operating in Luxembourg that undertake material operations.
3373429 pc Aug 04, 2026 kgurnani Australia Australian Securities and Investments Comission horizon scanning
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Australian Securities and Investments Commission Proposes Enhanced Pre-IPO Advertising Flexibility

On August 26, 2026, the Australian Securities and Investments Commission (ASIC) released proposals to expand pre-initial public offering (IPO) advertising flexibility for companies listing on Australia's public market. The proposals extend ASIC's existing relief from Corporations Act restrictions, allowing companies greater advertising and publicity opportunities before lodging a prospectus. The changes respond to industry feedback received through ASIC's discussion paper on Australia's evolving capital markets, which identified that current IPO advertising and publicity rules do not reflect modern information-sharing practices. ASIC's proposals aim to modernise and simplify the pre-lodgement advertising framework by bringing rules in line with comparable international jurisdictions and other domestic fundraising regimes, such as crowd-sourced equity funding and product disclosure statement offers. The reforms allow offerors to communicate in a controlled and accountable way while helping companies gauge market interest and improve information quality. Under the proposed rules, companies could advertise unquoted securities provided they identify the issuer and seller, ensure a prospectus is made available by the time a security is listed, clarify where and when a prospectus will be made available, and direct investors to the disclosure document as the key source of information before making investment decisions. The proposals maintain core investor safeguards by reinforcing the prospectus as the primary disclosure document for investment decisions. ASIC Commissioner Simone Constant said the proposals strike the right balance between supporting capital raising and protecting investors, narrowing unnecessary gaps between public and private market rules while maintaining robust safeguards. ASIC is seeking feedback on its proposal by September 11, 2026. Responses can be submitted through ASIC's consultation webpage. The consultation paper, Consultation Paper 390: Proposed reform to the pre-lodgement advertising and publicity regime, is available on ASIC's website.

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1226 chars · nid 94404

Australian Securities and Investments Commission Proposes Enhanced Pre-IPO Advertising Flexibility

On August 4, 2026, the Australian Securities and Investments Commission (ASIC) released proposals to expand pre-initial public offering (IPO) advertising flexibility for companies listing on Australia's public market. The proposals outline the following: Extend ASIC's existing relief from Corporations Act restrictions, allowing companies greater advertising and publicity opportunities before lodging a prospectus. Modernise and simplify the pre-lodgement advertising framework by bringing rules in line with comparable international jurisdictions and other domestic fundraising regimes, such as crowd-sourced equity funding and product disclosure statement offers. Allow offerors to communicate in a controlled and accountable way while helping companies gauge market interest and improve information quality. Allow companies to advertise unquoted securities provided they identify the issuer and seller, ensure a prospectus is made available by the time a security is listed, clarify where and when a prospectus will be made available, and direct investors to the disclosure document as the key source of information before making investment decisions. ASIC is seeking feedback on its proposal by September 11, 2026.
3373657 gc Aug 04, 2026 apintea Czech Republic Ministry Of Finance gamblingcompliance
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Czech Republic's Ministry of Finance Publishes Interpretive Guidance on Gambling Winnings and Losses

On August 3, 2026, the Czech Republic's Ministry of Finance published an interpretive statement clarifying the definitions of winnings and losses under the Gambling Act No. 186/2016 (ZHH), as amended, and related regulations. The interpretive guidance follows a decision by the appellate administrative authority (the Minister of Finance) that prompted the Ministry to revise its administrative practice regarding the interpretation of winnings and losses under Section 3(1) of the ZHH. Although Czech courts hold exclusive authority to provide binding legal interpretations, the Ministry considers the appellate decision a basis for changing its established administrative practice to ensure consistency in decision-making across both levels of administrative proceedings. The Ministry clarifies that the revised interpretation of winnings and losses under Section 3(1) of the ZHH does not represent a substantive shift in how these terms are understood across the ZHH and related regulations. This statement aims to address potential interpretative ambiguities and maintain uniform application of gambling law across administrative decisions. The interpretive statement is available for download on the Ministry of Finance website and applies to the interpretation of winnings and losses in gambling operations regulated under Czech gambling law. This guidance is relevant to gambling operators, licensing authorities, and administrative bodies responsible for enforcing gambling regulations in the Czech Republic. REFERENCES: Ministry of Finance of the Czech Republic. (August 3, 2026). Výkladové stanovisko k výkladu pojmů výhry a prohry obsažených v zákoně č. 186/2016 Sb., o hazardních hrách. Retrieved from https://www.mfcr.cz/

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Czech Republic's Ministry of Finance publishes interpretive guidance on gambling winnings and losses

On August 3, 2026, the Czech Republic's Ministry of Finance published an interpretive statement clarifying the definitions of winnings and losses under the Gambling Act No. 186/2016 , as amended, and related regulations. The interpretive guidance follows a decision by the appellate administrative authority (the Minister of Finance) that prompted the Ministry to revise its administrative practice regarding the interpretation of winnings and losses under Section 3(1) of the act . Although Czech courts hold exclusive authority to provide binding legal interpretations, the Ministry considers the appellate decision a basis for changing its established administrative practice to ensure consistency in decision-making across both levels of administrative proceedings. The Ministry clarifies that the revised interpretation of winnings and losses under Section 3(1) of the act does not represent a substantive shift in how these terms are understood across the act and related regulations. This statement aims to address potential interpretative ambiguities and maintain uniform application of gambling law across administrative decisions. The interpretive statement is available for download on the Ministry of Finance website and applies to the interpretation of winnings and losses in gambling operations regulated under Czech gambling law. This guidance is relevant to gambling operators, licensing authorities, and administrative bodies responsible for enforcing gambling regulations in the Czech Republic.
3373656 gc Aug 04, 2026 apintea Czech Republic Ministry Of Finance gamblingcompliance
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Czech Republic's Ministry of Finance Automatically Registers Welfare Benefit Recipients in Gaming Exclusion Registry

On August 3, 2026, the Ministry of Finance of the Czech Republic announced that recipients of "super-allowance" (superdávka) with a subsistence component, along with all members of their shared household, are now automatically registered in the Registry of Persons Excluded from Playing Gambling Games (Rejstřík osob vyloučených z hraní hazardních her). The registration occurs automatically based on data from the information system of the Ministry of Labour and Social Affairs. Once registered, individuals are legally prohibited from accessing land-based gambling establishments and casinos, as well as online betting and gaming machines. The Ministry of Finance and gambling operators cannot influence or reverse this registration. The prohibition remains in effect for the entire period during which the super-allowance recipient or household member receives the subsistence component. Upon cessation of benefit receipt, the individual is automatically removed from the exclusion registry. The automatic registration mechanism ensures that vulnerable populations receiving welfare support are protected from potential gambling-related harms. This measure aligns with consumer protection objectives by preventing individuals in financial hardship from engaging in gambling activities that could exacerbate their economic circumstances. Individuals seeking further information about the Registry of Persons Excluded from Playing Gambling Games can access additional details through the Ministry of Finance's official channels.

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Czech Ministry of Finance announces expansion of registration in gaming exclusion registry

On August 3, 2026, the Ministry of Finance of the Czech Republic announced that recipients of "super-allowance" (superdávka) with a subsistence component, along with all members of their shared household, are now automatically registered in the registry of persons excluded from playing gambling games. The registration occurs automatically based on data from the information system of the Ministry of Labour and Social Affairs. Once registered, individuals are legally prohibited from accessing land-based gambling establishments and casinos, as well as online betting and gaming machines. The Ministry of Finance and gambling operators cannot influence or reverse this registration. The prohibition remains in effect for the entire period during which the super-allowance recipient or household member receives the subsistence component. Upon cessation of benefit receipt, the individual is automatically removed from the exclusion registry. The automatic registration mechanism ensures that vulnerable populations receiving welfare support are protected from potential gambling-related harms. This measure aligns with consumer protection objectives by preventing individuals in financial hardship from engaging in gambling activities that could exacerbate their economic circumstances.
3372737 pc Aug 04, 2026 arahman European Union European Securities and Markets Authority financial services
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European Securities and Markets Authority Publishes Stakeholder Group Report on Future Financial Markets Supervision

The European Securities and Markets Authority (ESMA) published an own initiative report from its Securities and Markets Stakeholder Group (SMSG) examining the future of supervision for EU financial markets. The report, referenced as ESMA24-229244789-5709, represents the SMSG's independent assessment of supervisory developments and priorities across European securities and markets regulation. The SMSG, which comprises representatives from market participants, investors, and other stakeholders, conducted this analysis to provide forward-looking guidance on supervisory approaches and institutional frameworks governing EU financial markets. The report addresses evolving challenges and opportunities within the regulatory landscape, including considerations for how supervision can effectively balance market integrity, investor protection, and financial stability while supporting market competitiveness and innovation. The SMSG's own initiative reports serve as advisory documents to ESMA, offering stakeholder perspectives on regulatory priorities and supervisory strategies. These assessments inform ESMA's policy development and help ensure that supervisory approaches reflect the needs and concerns of diverse market participants and other interested parties across the EU financial services sector. The report is available on ESMA's official website in English and provides detailed analysis and recommendations regarding the supervisory framework's future direction. Market participants, regulators, and other stakeholders may reference this document when considering developments in EU financial markets supervision and regulatory strategy. REFERENCES: https://www.esma.europa.eu/sites/default/files/library/esma24-229244789-5709_smsg_own_initiative_report_on_the_future_of_supervision_for_eu_financial_markets.pdf

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1490 chars · nid 94402

European Securities and Markets Authority Publishes Stakeholder Group Report on Future Financial Markets Supervision

On August 3, 2026, the European Securities and Markets Authority (ESMA) published an own initiative report from its Securities and Markets Stakeholder Group (SMSG) examining the future of supervision for EU financial markets. The report represents the SMSG's independent assessment of supervisory developments and priorities across European securities and markets regulation. The SMSG, which comprises representatives from market participants, investors and other stakeholders, conducted this analysis to provide forward-looking guidance on supervisory approaches and institutional frameworks governing EU financial markets. The SMSG recognises the rationale set out in the proposed Market Integration and Supervision Package (MISP) for enhanced EU supervision to address market integration, cross-border activities and risks of supervisory arbitrage, while stressing that reform should be proportionate, evidence-based and market-driven. The report underlines the importance of the extension of ESMA’s direct or coordinating powers at Level 1 of the package, being accompanied by a clear allocation of responsibilities and robust cooperation with national competent authorities (NCAs), so that overlaps and duplications are avoided. The SMSG stresses that retail investors should be at the centre of ESMA's strategic priorities and that potential expansion of supervisory powers should also be assessed in light of improving investor protection and participation in EU capital markets.
3372315 pc Aug 04, 2026 arahman European Union European Banking Authority horizon scanning
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European Banking Authority Issues Opinion on Trading Book and Banking Book Boundary Framework Application

On August 3, 2026, the European Banking Authority (EBA) issued Opinion EBA/Op/2026/08 addressing the application of provisions relating to the boundary between trading book and banking book under the Fundamental Review of the Trading Book (FRTB) framework. The opinion responds to the European Commission's adoption of a third Delegated Act on June 4, 2026, which postponed full implementation of the FRTB framework to January 1, 2027, and introduced targeted operational relief measures and multipliers applicable through December 31, 2029. Article 495v of Regulation (EU) No 575/2013 permits institutions to apply a multiplier to their own funds requirements for market risk under specified conditions. The EBA clarifies that institutions applying this multiplier should determine their own funds requirements based on the boundary framework as it existed prior to June 28, 2023 (the "CRR2 boundary framework"), rather than the newer FRTB boundary framework, to avoid excessive operational complexity and fragmentation. The EBA recommends that institutions not applying the multiplier should receive equivalent flexibility by also being permitted to use the CRR2 boundary framework to ensure a level playing field within the Union. The opinion addresses reporting obligations under Commission Implementing Regulation (EU) 2024/3117, recommending that reporting on trading book composition and reclassifications between books remain suspended until own funds requirement calculations are based on the FRTB boundary framework. Until the earlier of December 31, 2029, or when legislative measures take effect, the EBA recommends that competent authorities should not prioritise supervisory or enforcement action regarding FRTB boundary framework compliance. The EBA notes the European Commission's intention to introduce a legislative proposal in the first quarter of 2027 to provide necessary legal certainty.

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European Banking Authority Publishes No-Action Letter and Technical Considerations Regarding Market Risk Framework

On August 3, 2026, the European Banking Authority (EBA) published a no-action letter on the boundary between the banking book and the trading book and shared technical clarifications on issues linked to the European Commission's Delegated Act on amendments to the Basel III Market Risk Rules . The European Commission adopted a third delegated act on June 4, 2026, which postponed full implementation of the Fundamental Review of the Trading Book (FRTB) framework to January 1, 2027. The no-action letter and clarfications are intended to facilitate a consistent and proportionate implementation of the revised framework. The no-action letter sets out the EBA's recommendations that competent authorities do not prioritise supervisory or enforcement action in relation to the FRTB framework governing the boundary between the banking book and the trading book, as well as certain related reporting requirements. ​Without these clarifications, institutions applying the institution-specific multiplier introduced by the delegated act would face an operationally complex and costly implementation of multiple versions of the boundary framework. Making all other institutions apply a different boundary framework from that of the "multiplier banks" would raise level-playing-field concerns within the Union. The EBA's consideration of the application of the FRTB discusses issues identified so far for which clarifications on the regulatory approach are considered necessary. The EBA recommends that institutions inform their competent authorities of any additional issues identified, particularly where they are material.
3373132 pc Aug 04, 2026 arahman European Union Document Library - European Insurance and Occupational Pensions Authority financial services
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European Insurance and Occupational Pensions Authority Publishes Final Report on Uncleared Over-the-Counter Derivatives Standards

On August 3, 2026, the European Insurance and Occupational Pensions Authority (EIOPA) published a final report on draft Regulatory Technical Standards (RTS) concerning uncleared over-the-counter (OTC) derivatives. The report proposes amendments to simplify the bilateral margin requirements established under the European Commission's Delegated Regulation (EU) 2016/2251. The proposed amendments target the bilateral margin framework applicable to counterparties subject to initial margin requirements that fall below the €8 billion threshold for exchanging initial margin under the European Market Infrastructure Regulation (EMIR). The simplification aims to reduce compliance complexity for smaller market participants while maintaining appropriate risk management standards. By streamlining the bilateral margin requirements, the RTS seeks to make the regulatory framework more proportionate and accessible for entities that do not meet the higher threshold for mandatory initial margin exchange. The final report represents the culmination of the European Supervisory Authorities' work on this technical standard. The proposed RTS will now proceed through the European Commission's formal adoption process. Market participants, particularly those operating below the €8 billion threshold, should monitor developments regarding the implementation timeline and any subsequent guidance from EIOPA and other relevant supervisory authorities. The final report is available for download from EIOPA's document library. **Reference:** European Insurance and Occupational Pensions Authority. Final Report on draft RTS on uncleared OTC derivatives. August 3, 2026. Available at: https://www.eiopa.europa.eu/

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European Supervisory Authorities Adopt Final Report on Uncleared Over-the-Counter Derivatives Standards

On August 3, 2026, the European supervisory authorities (ESAs) adopted a final report on draft Regulatory Technical Standards (RTS) concerning uncleared over-the-counter (OTC) derivatives. The proposed amendments aim to simplify the bilateral margin framework for counterparties subject to initial margin requirements and below the €8bn threshold for exchanging initial margin under the European Market Infrastructure Regulation (EMIR) . In the current framework, counterparties below the threshold are exempt from exchanging initial margin on new uncleared OTC derivative contracts but continue to exchange initial margin on existing contracts. Under the proposed amendments, counterparties would no longer be required to exchange initial margin on either new or existing contracts if the contracts are below the threshold. The simplification aims to reduce compliance complexity for smaller market participants while maintaining appropriate risk management standards. By streamlining the bilateral margin requirements, the RTS seeks to make the regulatory framework more proportionate and accessible for entities that do not meet the higher threshold for mandatory initial margin exchange. The final report has been submitted to the European Commission together with the draft RTS for endorsement. Following the European Commission's review and adoption process, the RTS will be subject to scrutiny by the European Parliament and the Council before being published in the Official Journal of the European Union.
3372991 pc Aug 04, 2026 rghosh US Track 3 Enforcement Actions - Commodity Futures Trading Commission (CFTC) financial services
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Commodity Futures Trading Commission Orders UBS Financial Services Inc. to Pay Eight Million Dollars for Supervision Failures

On August 3, 2026, the Commodity Futures Trading Commission (CFTC) announced an enforcement order against UBS Financial Services Inc., a registered futures commission merchant, for failing to diligently supervise its anti-money laundering (AML) transaction monitoring systems for wire transfers denominated in foreign currencies (FX). Under the order, UBS Financial Services Inc. must pay an $8 million civil monetary penalty and cease and desist from further violations of the Commodity Exchange Act and CFTC regulations. The CFTC found that from January 2019 through June 2023, deficiencies in UBS Financial Services Inc.'s configuration of surveillance tools and data governance practices resulted in thousands of FX wires sent or received through retail customer commodity accounts being either insufficiently monitored or omitted from AML transaction monitoring entirely. During part of this period, UBS Financial Services Inc. used a manually generated report that failed to capture all relevant FX wires and was not tailored to identify suspicious activity patterns. The firm was aware of these vulnerabilities, as they had been identified in prior enforcement proceedings by other government agencies and a self-regulatory organization. In 2021, UBS Financial Services Inc. transitioned to an automated system for monitoring wire transactions; however, it failed to properly configure the data flowing into the new system, which continued to impair its suspicious activity monitoring function. The Financial Crimes Enforcement Network (FinCEN), the Securities and Exchange Commission (SEC), and the Financial Industry Regulatory Authority (FINRA) simultaneously filed and settled related enforcement actions against UBS Financial Services Inc. The CFTC acknowledged the firm's remediation efforts in connection with this matter.

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1839 chars · nid 94395

US Commodity Futures Trading Commission Fines UBS Financial Services Inc $8m for Supervision Failures

On August 3, 2026, the US Commodity Futures Trading Commission (CFTC) announced an enforcement order against UBS Financial Services Inc., a registered futures commission merchant, for failing to diligently supervise its anti-money laundering (AML) transaction monitoring systems for wire transfers denominated in foreign currencies (FX). Under the order, UBS Financial Services Inc. must pay an $8m civil monetary penalty and cease and desist from further violations of the Commodity Exchange Act and CFTC regulations . The CFTC found that from January 2019 through June 2023, deficiencies in UBS Financial Services Inc.'s configuration of surveillance tools and data governance practices resulted in thousands of FX wires sent or received through retail customer commodity accounts being either insufficiently monitored or omitted from AML transaction monitoring entirely. During part of this period, UBS Financial Services Inc. used a manually generated report that failed to capture all relevant FX wires and was not tailored to identify suspicious activity patterns. The firm was aware of these vulnerabilities, as they had been identified in prior enforcement proceedings by other government agencies and a self-regulatory organization. In 2021, UBS Financial Services Inc. transitioned to an automated system for monitoring wire transactions; however, it failed to properly configure the data flowing into the new system, which continued to impair its suspicious activity monitoring function. The Financial Crimes Enforcement Network (FinCEN), the Securities and Exchange Commission (SEC), and the Financial Industry Regulatory Authority (FINRA) simultaneously filed and settled related enforcement actions against UBS Financial Services Inc. The CFTC acknowledged the firm's remediation efforts in connection with this matter.
3368877 pc Aug 04, 2026 rghosh Massachusetts Division of Banks | News horizon scanning
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1668 chars · nid 94393

Massachusetts Division of Banks Issues Regulatory Notice on Money Transmitter Licensing Requirements

On July 31, 2026, the Massachusetts Division of Banks issued a regulatory notice reminding businesses engaged in money transmission involving Massachusetts residents of their licensing obligations under Massachusetts General Laws (MGL ), in particular, the Money Transmission Law , which became effective January 1, 2026. The notice confirms that the transitional deadline of July 1, 2026 has passed and sets out the consequences for entities that have not yet complied. The Division began accepting money transmitter licence applications through the Nationwide Multistate Licensing System and Registry (NMLS) on July 1, 2025. All entities engaged in licensable money transmission activity were required to submit an application through the NMLS by July 1, 2026, unless they held an existing Foreign Transmittal Agency and/or Check Seller licence as of December 31, 2025, in which case they were required to transition to the new money transmitter licence by filing a transition request through NMLS during the renewal period beginning November 1, 2025. Any person or entity required to hold a money transmitter licence under MGL c. 169B that did not submit an application or file a timely transition request by July 1, 2026 must immediately cease all licensable activity and is prohibited from engaging in money transmission in Massachusetts until the required licence has been granted. Engaging in money transmission without the required licence may result in the imposition of civil penalties. Entities that have not yet filed an application are directed to immediately review their activities, determine whether licensure is required, and take steps to comply.
3368899 pc Aug 03, 2026 ataylor US Track 1 Federal Deposit Insurance Corporation financial services
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Federal Deposit Insurance Corporation Proposes Increased Lending Thresholds for Insiders

On July 31, 2026, the Federal Deposit Insurance Corporation (FDIC) released a notice of proposed rulemaking seeking public comment on adjustments to lending thresholds for executive officers and other insiders of FDIC-supervised institutions. The proposed rule would increase certain dollar-based thresholds and establish an indexing methodology to align the FDIC's requirements with those proposed by the Board of Governors of the Federal Reserve (FRB) under Regulation O of the Federal Reserve Act. Specifically, the FDIC proposes to increase the maximum amount of credit an FDIC-supervised institution may extend to one executive officer, for purposes other than those specifically authorized by statute, from $100,000 to $400,000. The proposal also raises the maximum amount of credit an institution may extend to one insider, with any aggregate lending beyond this limit requiring board of directors approval, from $500,000 to $2,000,000. The FDIC would establish an indexing methodology to automatically adjust these thresholds every five years to reflect cumulative changes in economic growth and inflation since the prior adjustment. The proposal also simplifies the method for determining applicable lending limits for a given institution. The FDIC said these changes will reduce compliance burden on FDIC-supervised institutions, as existing thresholds have become increasingly restrictive over time. Aligning thresholds with the FRB's proposed standards will standardize compliance requirements and eliminate disparate treatment between FDIC-supervised institutions and other insured depository institutions. The comment period closes 60 days after publication in the Federal Register. Comments can be submitted through the Federal Register notice referenced in the FDIC's announcement.

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US Federal Deposit Insurance Corporation Proposes Adjustments to Insider Lending Thresholds

On July 31, 2026, the Federal Deposit Insurance Corporation (FDIC) published a notice of proposed rulemaking that would adjust certain quantitative thresholds for extensions of credit to executive officers, directors, principal shareholders, and their related interests (collectively, insiders) of FDIC-supervised institutions. The proposal would update thresholds under the Federal Reserve Act , which restrict lending to insiders, to account for economic growth and inflation. The proposed changes would align FDIC thresholds with those recently proposed by the Board of Governors of the Federal Reserve under Regulation O . Key provisions of the proposed rule include: Increased lending thresholds: The proposal would increase the maximum amount of credit that an FDIC-supervised institution may extend to one of its executive officers for purposes other than those specifically authorized by statute (e.g., residential mortgages or education loans) from $100,000 to $400,000. It would also increase the maximum amount of credit that an institution may extend to any insider without prior board approval from $500,000 to $2m, with any aggregate lending beyond this limit requiring approval by a majority of disinterested board members. Indexing methodology: The proposal would establish a five-year indexing methodology to automatically adjust the thresholds using nominal gross domestic product, ensuring they keep pace with changing economic conditions. The FDIC would publish updated thresholds every five years, rounded to simplify compliance. No adjustment would be made if nominal GDP declined during the intervening period. Streamlined calculation: The proposal would simplify the method for determining the applicable lending limit for a given institution by eliminating the three-pronged approach (minimum threshold, sliding scale, and maximum threshold) in favor of a two-pronged approach using a percentage of capital and a dollar-based maximum. The FDIC estimates that up to 1,457 FDIC-supervised institutions could be directly affected by the proposed changes. Comments on the proposal are due 60 days after publication in the Federal Register. The proposal is available on the FDIC's website.
3372326 pc Aug 03, 2026 tojuri Malta Malta Financial Services Authority horizon scanning
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Malta Financial Services Authority Publishes Supervisory Expectations on MiFID II Sustainability Requirements

On August 3, 2026, the Malta Financial Services Authority (MFSA) issued a circular communicating findings from the European Securities and Markets Authority's (ESMA) Common Supervisory Action (CSA) on the integration of sustainability requirements within investment firms' suitability assessments and product governance arrangements under the Markets in Financial Instruments Directive (MiFID II). The CSA, conducted during 2024-2025, assessed how investment firms implemented sustainability-related requirements introduced through amendments to the MiFID II Delegated Acts and related ESMA Guidelines on suitability and product governance. ESMA's findings identified several areas requiring further enhancement across investment firms' sustainability practices. Key deficiencies include inadequate collection and assessment of clients' sustainability preferences, particularly regarding the granularity, neutrality and consistency of questionnaires and processes; insufficient provision of clear information on sustainability concepts enabling informed decision-making; inconsistent categorisation and governance of financial instruments with sustainability characteristics; incomplete integration of sustainability preferences within suitability assessments, including portfolio-based approaches and handling of preference adaptations when suitable products are unavailable; and inadequate record-keeping, controls and governance arrangements relating to sustainability preferences and product matching. The MFSA's circular aligns with its May 21, 2025 Dear CEO Letter outlining expectations for MiFID II sustainability compliance. The Authority expects all investment firms and credit institutions providing investment advice and portfolio management services to conduct thorough gap analyses against ESMA's observations and supervisory expectations. Investment firms must implement necessary remedial actions to address identified shortcomings and ensure compliance with applicable regulatory obligations. The MFSA encourages firms to remain informed of ongoing regulatory developments and proactively adapt their frameworks to reflect evolving requirements and supervisory expectations.

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2198 chars · nid 94389

Malta Financial Services Authority Publishes Supervisory Expectations on MiFID II Sustainability Requirements

On August 3, 2026, the Malta Financial Services Authority (MFSA) issued a circular communicating findings from the European Securities and Markets Authority's (ESMA) Common Supervisory Action (CSA) on the integration of sustainability requirements within investment firms' suitability assessments and product governance arrangements under the Markets in Financial Instruments Directive (MiFID II). The CSA, conducted during 2024-2025, assessed how investment firms implemented sustainability-related requirements introduced through amendments to the MiFID II Delegated Acts and related ESMA Guidelines on suitability and product governance. ESMA's findings identified several areas requiring further enhancement across investment firms' sustainability practices. Key deficiencies include: Inadequate collection and assessment of clients' sustainability preferences, particularly regarding the granularity, neutrality and consistency of questionnaires and processes. Insufficient provision of clear information on sustainability concepts enabling informed decision-making. Inconsistent categorisation and governance of financial instruments with sustainability characteristics. Incomplete integration of sustainability preferences within suitability assessments, including portfolio-based approaches and handling of preference adaptations when suitable products are unavailable. Inadequate record-keeping, controls and governance arrangements relating to sustainability preferences and product matching. The MFSA's circular aligns with its May 21, 2025 Dear CEO Letter outlining expectations for MiFID II sustainability compliance. The Authority expects all investment firms and credit institutions providing investment advice and portfolio management services to conduct thorough gap analyses against ESMA's observations and supervisory expectations. Investment firms must implement necessary remedial actions to address identified shortcomings and ensure compliance with applicable regulatory obligations. The MFSA encourages firms to remain informed of ongoing regulatory developments and proactively adapt their frameworks to reflect evolving requirements and supervisory expectations.
3372362 pc Aug 03, 2026 pdonofrio US Track 2 Financial Crimes Enforcement Network horizon scanning
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United States Financial Crimes Enforcement Network Assesses Historic $125 Million Penalty Against UBS Financial Services

On August 3, 2026, the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) assessed a $125,000,000 civil money penalty against UBS Financial Services Inc. (UBSFS) for willful violations of the Bank Secrecy Act (BSA). This represents the largest penalty ever imposed against a broker-dealer for BSA violations. The enforcement action follows FinCEN's December 2018 Consent Order against UBSFS, which assessed a $14.5 million penalty for similar BSA failures. Despite assurances of remediation, UBSFS failed to adequately monitor over 50,000 foreign currency wires valued at more than $10 billion due to weaknesses in its automated monitoring system. The firm also failed to comply with customer due diligence (CDD) obligations, particularly regarding high-risk customers with ties to Russia and Latin America. UBSFS did not appropriately consider money laundering risks associated with customers' source of wealth or negative news reports linking customers to corruption, fraud, and money laundering. These deficiencies resulted in UBSFS failing to timely report hundreds of suspicious activity reports (SARs), depriving law enforcement of critical information. FinCEN Director Andrea Gacki said the action sends "a clear message that recidivist financial institutions will face severe repercussions." As part of its resolution, UBSFS must complete a third-party lookback to identify and report previously undetected suspicious transactions and undergo an independent review of its anti-money laundering (AML) program. The review will focus on priority illicit finance risks including the U.S. Southwest border and narcotics trafficking, Iran, Russia, and Venezuela. Upon satisfactory completion and implementation of recommendations, FinCEN will waive up to $15 million of the penalty for expenses incurred in connection with this undertaking. FinCEN coordinated this enforcement action with the Commodity Futures Trading Commission, U.S. Securities and Exchange Commission, and the Financial Industry Regulatory Authority.

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US Financial Crimes Enforcement Network Fines UBS Financial Services $125m for Bank Secrecy Act Violations

On August 3, 2026, the US Financial Crimes Enforcement Network (FinCEN) issued a consent order against UBS Financial Services (UBSFS), which includes a $125m civil money penalty, for the broker-dealer's willful violations of the Bank Secrecy Act (BSA). The consent order represents the largest penalty ever imposed against a broker-dealer for BSA violations, and follows FinCEN's December 2018 consent order against UBSFS, which assessed a $14.5m penalty for similar BSA failures. According to the consent order, despite assurances of remediation, UBSFS failed to adequately monitor over 50,000 foreign currency wires valued at more than $10bn due to weaknesses in its automated monitoring system. UBSFS also failed to comply with customer due diligence (CDD) obligations, particularly regarding high-risk customers with ties to Russia and Latin America. Additionally, UBSFS did not appropriately consider money laundering risks associated with customers' source of wealth or negative news reports linking customers to corruption, fraud and money laundering. These deficiencies resulted in UBSFS failing to timely report hundreds of suspicious activity reports (SARs), depriving law enforcement of critical information. Per the terms of the consent order, UBSFS must complete a third-party look-back to identify and report previously undetected suspicious transactions and undergo an independent review of its anti-money laundering (AML) program. The review will focus on priority illicit finance risks including the US southwest border and narcotics trafficking, Iran, Russia and Venezuela. Upon satisfactory completion and implementation of its recommendations, FinCEN will waive up to $15m of the penalty for expenses incurred by UBSFS.
3370041 pc Aug 03, 2026 pdonofrio US Track 2 Newsroom - Office of the Comptroller of the Currency (OCC) financial services
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Office of the Comptroller of the Currency Issues Enforcement Policy Supporting Venezuela Relief Efforts

On July 31, 2026, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration issued a joint statement of enforcement policy supporting U.S. government efforts to facilitate humanitarian relief and promote financial stability following earthquakes that struck Venezuela on June 24, 2026. The joint statement provides that eligible U.S. financial institutions providing authorized financial services to persons or entities in Venezuela will not be subject to supervisory action, violation citations, or enforcement action by the agencies related to Bank Secrecy Act (BSA) requirements. The commitment applies to authorized financial services provided from July 31, 2026, through January 29, 2027. The agencies recognised that regulatory uncertainty can impair the timely provision of humanitarian aid and committed to support institutions exercising reasonable care to avoid BSA violations in support of Venezuela's economic recovery and earthquake relief efforts. To rely on this enforcement policy commitment, OCC-supervised institutions must currently comply with applicable BSA compliance program requirements; continue engaging in reasonable efforts to comply with applicable BSA requirements, taking into account the government's interests in rapidly providing humanitarian relief; have not been subject to a final enforcement action involving BSA violations by FinCEN or the OCC within the prior 24 months; and remain compliant with applicable Office of Foreign Assets Control-administered sanctions regulations and authorizations. The joint statement recognises that financial institutions are not penalized for actions other than knowing, willful, or intentional violations of BSA requirements. The policy reinforces a substantively similar statement issued by the Department of Treasury's Financial Crimes Enforcement Network (FinCEN) on July 27, 2026. REFERENCES: Office of the Comptroller of the Currency, "OCC Bulletin 2026-36: Notification: Statement of Enforcement Policy in Support of Venezuela's Economic Recovery and Earthquake Relief Efforts," July 31, 2026, https://www.occ.gov/news-issuances/bulletins/2026/bulletin-2026-36.html

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US Federal Regulators Issue Joint Enforcement Policy Supporting Venezuela Recovery and Relief Efforts

On July 31, 2026, the US Office of the Comptroller of the Currency (OCC), US Federal Deposit Insurance Corporation (FDIC), US Federal Reserve Board (FRB) and US National Credit Union Administration (NCUA) issued a joint statement of enforcement policy supporting US government efforts to facilitate humanitarian relief and promote financial stability following earthquakes that struck Venezuela in June 2026. The joint statement provides that eligible US financial institutions providing authorized financial services to individuals or entities in Venezuela will not be subject to supervisory action, violation citations or enforcement action by the agencies related to Bank Secrecy Act (BSA) requirements. The joint statement applies to authorized financial services provided from July 31, 2026, through January 29, 2027. According to a news release , the federal regulators involved recognize that regulatory uncertainty can impair the timely provision of humanitarian aid, and are committed to support institutions exercising reasonable care to avoid BSA violations in support of Venezuela's economic recovery and earthquake relief efforts. To rely on this enforcement policy commitment, supervised institutions must currently comply with applicable BSA compliance program requirements; these institutions will not be penalized for actions other than knowing, willful or intentional violations of BSA requirements.
3372541 pc Aug 03, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning
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United States Treasury Department Office of Foreign Assets Control Issues Amended Venezuela-Related General License

On August 3, 2026, the Office of Foreign Assets Control (OFAC), a division of the U.S. Department of the Treasury, issued Venezuela-related General License 5Y, "Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After September 17, 2026." The amended general license permits specified transactions involving the Petróleos de Venezuela, S.A. (PDVSA) 2020 8.5 percent bond, effective from September 17, 2026 onwards. This authorization represents a modification to OFAC's existing Venezuela sanctions regime, which has been in place to restrict financial dealings with designated Venezuelan entities and individuals. The issuance of this general license provides regulated entities, financial institutions, and other market participants with explicit authorization to engage in otherwise prohibited transactions involving this specific PDVSA bond instrument, subject to the terms and conditions outlined in the license. Alongside the general license, OFAC issued an amended Venezuela-related Frequently Asked Question (FAQ 595), which provides clarification and guidance to stakeholders regarding the implementation and application of the new authorization. This FAQ addresses common questions and operational considerations for entities seeking to comply with the amended sanctions framework. The general license and accompanying FAQ are available on OFAC's official website. Entities engaged in international finance, investment management, and sanctions compliance should review the full terms of General License 5Y and FAQ 595 to ensure adherence to the updated regulatory requirements. The effective date of September 17, 2026 marks the commencement of permitted transactions under this authorization.

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US Office of Foreign Assets Control Issues Amended Venezuela-Related General License

On August 3, 2026, the US Office of Foreign Assets Control (OFAC) issued Venezuela-related General License 5Y , which authorizes certain transactions related to the Petróleos de Venezuela SA (PDVSA) 2020 8.5 percent bond. The amended general license permits specified transactions involving the PDVSA bond, effective from September 17, 2026 onwards. This authorization represents a modification to OFAC's existing Venezuela sanctions regime, which has been in place to restrict financial dealings with designated Venezuelan individuals and entities. The general license provides regulated entities, financial institutions and other market participants with explicit authorization to engage in otherwise prohibited transactions involving this specific PDVSA bond instrument, subject to the terms and conditions outlined in the license. Alongside the general license, OFAC issued an amended Venezuela-related frequently asked question (FAQ) document: FAQ 595 . The new FAQ document provides clarification and guidance to stakeholders regarding the implementation and application of the authorization under General License 5Y.
3371736 pc Aug 03, 2026 pthandapani South Africa South African Reserve Bank financial services
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South African Reserve Bank Publishes Draft Crypto Assets Manual for Cross-Border Activities

On August 3, 2026, the South African Reserve Bank (SARB) and National Treasury jointly released a draft Crypto Assets Manual for cross-border activities (draft Manual) for public consultation. The draft Manual complements the draft Capital Flow Management Regulations, 2026, which the authorities published for public comment on April 17, 2026. The draft Manual provides practical guidance on implementing regulations regarding cross-border crypto asset transactions. It addresses the application and adjudication process for Authorised Crypto Asset Service Providers (CASPs), permissions and conditions applicable to cross-border crypto asset transactions, administrative responsibilities, and reporting requirements to the Financial Surveillance Department (FinSurv). The SARB adopted an activity-based approach to identify when crypto asset transactions trigger cross-border reporting obligations. The trigger point arises when crypto assets are transferred between a domestic Authorised CASP and an offshore CASP, or from a domestic Authorised CASP to a non-custodial wallet. At this stage, only individuals will be permitted to externalise crypto assets via Authorised CASPs in terms of their single discretionary allowance or foreign capital allowance. The proposed regulatory measures aim to minimise regulatory arbitrage between entities conducting cross-border activities and enhance FinSurv's ability to detect, deter and disrupt illicit financial flows. These measures complement existing regulatory oversight by the Financial Sector Conduct Authority, Financial Intelligence Centre and South African Revenue Service. The SARB emphasised that the draft Manual has not yet incorporated comments received during the public consultation on the draft Regulations due to timing and volume considerations. Both documents remain subject to refinement following consideration of all public comments and stakeholder engagement. The comment period closes on September 30, 2026, at close of business. Interested parties must submit written comments to SARB-FinSurvDocuments@resbank.co.za in the format prescribed in Annexure A of the joint statement.

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South African Reserve Bank Publishes Draft Crypto Assets Manual for Cross-Border Activities

On August 3, 2026, the South African Reserve Bank (SARB) issued the draft "Crypto Asset Manual for cross-border activities" to govern the operations of Authorised Crypto Asset Service Providers (CASPs). The issued draft manual contains: Regulations prescribing the classification of Authorised CASPs into three categories, covering the facilitation of specific remittance transactions subject to limits like ZAR5,000 (US$302) per day and ZAR25,000 (US$1,510) per month, the offering of South African custodial wallets for cross-border transactions, or a combination of both services. Specific rules mandating strict capital requirements, dictating that an Authorised CASP must continuously maintain a minimum unimpaired capital amount equal to the higher of ZAR5m (US$302,000) or 15% of its average positive annual gross income from the preceding three years. Administrative measures detailing the rigorous application and adjudication process, which requires prospective CASPs to submit comprehensive business plans, Risk Management and Compliance Programmes, and undergo 'fit and proper' assessments for key personnel. Provisions outlining individual transfer limits, permitting resident individuals to transfer crypto assets abroad within a single discretionary allowance of ZAR2m (US$120,800) per calendar year, or up to a foreign capital allowance of ZAR10m (US$604,000) per calendar year subject to a verified Tax Compliance Status (TCS). Directives establishing stringent data and reporting frameworks, requiring CASPs to use the FinSurv Reporting System for all cross-border transactions and imposing rigid conditions for offshoring and cloud computing, such as explicitly prohibiting data storage in sanctioned jurisdictions. Feedback on the draft manual may be submitted via email to SARB-FinSurvDocuments@resbank.co.za by September 30, 2026.
3368056 pc Aug 03, 2026 pdonofrio US Track 2 Newsroom - Office of the Comptroller of the Currency (OCC) financial services
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United States Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation Issue Joint Proposal Amending Community Reinvestment Act Rules

On July 31, 2026, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) jointly proposed targeted amendments to their Community Reinvestment Act (CRA) rules. The proposal seeks to better align with the CRA's statutory mandate, ensure community development grants reach intended beneficiaries, reduce compliance burden for banks—particularly community banks—and provide greater clarity on obtaining CRA consideration. The CRA requires the agencies to assess banks' records of meeting credit needs across entire communities, including low- and moderate-income neighbourhoods, consistent with safe and sound operations. The proposed rulemaking retains key elements of the regulatory framework applied since 1995 while introducing substantive, technical, and process-oriented changes. The agencies adopted final CRA rules on October 24, 2023; however, the U.S. District Court for the Northern District of Texas enjoined those rules before implementation, prompting this new proposal. The proposed amendments increase focus on lending and ensure community development grants and donations benefit intended communities rather than being diverted to other activities or excessive operating costs. The rulemaking narrows retail banking services considered under CRA to focus on credit services, excluding deposit services. Banks with $10 billion or less in assets would be exempt from data collection, maintenance, and reporting requirements and would receive more flexible supervision. The proposal also streamlines other requirements and increases clarity, transparency, and objectivity in CRA evaluations for banks of all sizes. The comment period closes 60 days after publication in the Federal Register. Interested parties can submit responses during this window.

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1621 chars · nid 94352

US Office of the Comptroller of the Currency and US Federal Deposit Insurance Corporation Issue Joint Proposal Amending Community Reinvestment Act Rules

On July 31, 2026, the US Office of the Comptroller of the Currency (OCC) and US Federal Deposit Insurance Corporation (FDIC) jointly issued a proposed rule making targeted amendments to their respective Community Reinvestment Act (CRA) rules. According to a news release , the proposal seeks to better align with the CRA's statutory mandate, ensure community development grants reach intended beneficiaries, reduce compliance burden for banks (particularly community banks) and provide greater clarity on obtaining CRA consideration. The CRA requires the OCC and FDIC to assess banks' records of meeting credit needs across communities, including low- and moderate-income communities, consistent with safe and sound operations. The proposal retains key elements of the CRA's regulatory framework applied since 1995 while introducing substantive, technical and process-oriented changes, including but not limited to: Increasing focus on lending and ensuring community development grants and donations benefit intended communities rather than being diverted to other activities or excessive operating costs. Narrowing retail banking services considered under CRA to focus on credit services, excluding deposit services. Exempting banks with $10bn or less in assets from data collection, maintenance and reporting requirements, and generally providing more flexible supervision. The proposal also streamlines other requirements and increases clarity, transparency and objectivity in CRA evaluations for banks of all sizes. Interested parties may submit comments on the proposal until September 29, 2026 at this link .
3371006 pc Aug 03, 2026 kgurnani Australia Australian Securities and Investments Comission horizon scanning
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Australian Securities and Investments Commission Proposes Extension of Financial Reporting Relief for Wholly-Owned Companies

On an unspecified date, the Australian Securities and Investments Commission (ASIC) announced its proposal to remake ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 (ASIC Instrument 2016/785), which provides financial reporting relief for wholly-owned companies. The instrument is scheduled to expire on October 1, 2026. ASIC proposes extending the relief for five years while the Australian Government progresses law reform for simplified reporting relief for group entities, as announced in the Whole-of-Government Regulatory Reform Agenda in the 2026/27 Budget. Under ASIC's proposal, the relief will continue to apply to financial years ending before January 1, 2027, with a new instrument applying to financial years ending on or after this date. This ensures entities maintain continued financial reporting relief under their existing arrangements. ASIC Instrument 2016/785 provides relief for certain wholly-owned entities from financial reporting obligations under Chapter 2M of the Corporations Act 2001 (Corporations Act). The proposal includes minor technical changes to the instrument and related documents, including Pro Forma 24 Deed of cross guarantee (PF 24). The remake will maintain existing relief while broader government law reform progresses, preventing a gap in relief availability for affected entities. ASIC is consulting on the proposal and invites feedback from interested parties. Submissions should be sent to rri.consultation@asic.gov.au by 5pm Australian Eastern Standard Time (AEST) on August 28, 2026. Further information is available in ASIC consultation paper CS 61 Proposed remake of wholly-owned companies relief.

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Australian Securities and Investments Commission Proposes Extension of Financial Reporting Relief for Wholly-Owned Companies

On August 3, 2026, the Australian Securities and Investments Commission (ASIC) announced its proposal to remake ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 (ASIC Instrument 2016/785), which provides financial reporting relief for wholly-owned companies. The instrument is scheduled to expire on October 1, 2026. ASIC proposes extending the relief for five years while the Australian Government progresses law reform for simplified reporting relief for group entities, as announced in the Whole-of-Government Regulatory Reform Agenda in the 2026/27 Budget. The principal proposed changes include: Clarifying that a “closely-held subsidiary” must be a party to the deed of cross guarantee. Removing the exclusion applying to wholly-owned companies that issue debentures to sophisticated or professional investors. Removing consolidation requirements already covered by accounting standard AASB 10. Introducing Administrative Review Tribunal review where ASIC excludes a company from the relief. Removing requirements to lodge original documents. Making technical changes to the deed of cross guarantee, including allowing an alternative trustee to be added or substituted. Submissions should be sent to rri.consultation@asic.gov.au by 5pm Australian Eastern Standard Time (AEST) on August 28, 2026.
3372196 pc Aug 03, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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United Kingdom Financial Conduct Authority Amends Markets in Financial Instruments Record Keeping and Transaction Reporting Rules

On July 30, 2026, the Financial Conduct Authority (FCA) published the Markets in Financial Instruments (Record Keeping, Transaction Reporting and Financial Instrument Reference Data) Instrument 2026 (FCA 2026/52), which amends the FCA Handbook to consolidate and update regulatory technical standards for transaction reporting, record keeping, and financial instrument reference data requirements. The instrument comes into force on April 3, 2028. The FCA introduced three new chapters to the Market Conduct sourcebook (MAR). MAR 13 establishes record-keeping requirements for transaction reporting firms and operators of qualifying trading venues, requiring maintenance of order and transaction records for at least five years. MAR 14 sets out comprehensive transaction reporting obligations, requiring transaction reporting firms to report complete and accurate details of transactions in reportable financial instruments to the FCA no later than 23:59:59 UTC of the following working day. MAR 15 imposes obligations on operators of qualifying trading venues to submit financial instrument reference data to the FCA on or before 20:00 UTC each day the venue is open for trading. The instrument updates definitions in the Glossary, including new terms such as "financial instrument reference data," "negotiated transaction," "qualifying trading venue," "reportable financial instrument," and "transaction reporting firm." It establishes detailed requirements for identifying relevant parties in orders, recording trading capacity and liquidity provision activities, maintaining date and time records with specified accuracy levels, and assigning unique identification codes for orders and transactions. Transaction reports must include standardised fields covering trader and algorithm identification, client details, trading venue information, and instrument specifications, submitted in electronic, machine-readable form using ISO 20022 methodology. The amendments also amend the Supervision manual (SUP) chapter 17A to align with the new transaction reporting and reference data requirements, clarifying application to transaction reporting firms, qualifying trading venues, and third country investment firms, and establishing connectivity requirements with FCA systems.

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UK's Financial Conduct Authority Publishes Policy Statement on the Transaction Reporting Regime

On August 3, 2026, the Financial Conduct Authority (FCA) published policy statement (PS26/15) on improving the UK transaction reporting regime. PS26/15 confirms the final rules which make changes to the scope, content and operation of the transaction reporting regime. The rules are designed to simplify firms’ reporting obligations, reduce duplicative or low-value reporting and improve consistency in how key fields are populated. These changes include: Reducing the number of transaction reporting fields from 65 to 52. Removing reporting obligations for seven million financial instruments which are only tradeable on European Union (EU) trading venues. Removing foreign exchange (FX) derivatives from the scope of reporting requirements, reducing costs for over 400 UK firms. Reducing the default back reporting period from five to three years; lowering the number of transaction reports that need to be resubmitted to the FCA by a third. PS26/15 is relevant to investment firms, operators of trading venues, approved reporting mechanisms (ARMs) and other market participants involved in submitting transaction reports, instrument reference data and order book data. The FCA will publish a draft schema, validation rules and new guidelines for consultation in October 2026.  The new regime will come into force on  April 3, 2028. The FCA take a flexible supervisory approach to some areas from August 3, 2026 until that date.
3370006 pc Aug 03, 2026 rghosh US Track 3 FINRA -Guidance financial services
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Financial Industry Regulatory Authority Issues Cybersecurity Alert on Critical Exim Mail Vulnerabilities

On November 22, 2025, the Financial Industry Regulatory Authority (FINRA) issued a cybersecurity alert warning member firms of two critical vulnerabilities in Exim Mail software that could allow unauthorized system access and data compromise. The National Institute of Standards and Technology (NIST) disclosed the vulnerabilities—identified as CVE-2025-26794 (SQL injection) and CVE-2025-67896 (heap-based buffer overflow)—affecting Exim Mail, free, open-source email server software used on Unix and Linux systems. The vulnerabilities, when exploited in combination, allow threat actors to corrupt system memory and gain remote control of mail servers. Attackers can embed fraudulent database records with inflated file sizes, causing Exim to write excessive data beyond allocated memory space, potentially crashing systems and enabling remote code execution. CVE-2025-26794 carries a Common Vulnerability Scoring System (CVSS) score of 9.8 with a 72 percent Exploit Prediction Scoring System (EPSS) probability of exploitation within 30 days. CVE-2025-67896 also scores 9.8 on CVSS but shows only 0.1 percent EPSS probability, affecting Exim version 4.99 and earlier releases. FINRA recommends member firms with Unix or Linux systems immediately identify whether they use Exim Mail and take protective action. Recommended mitigation steps include applying latest security patches and upgrades, establishing robust vulnerability management programs with continuous scanning and asset inventory, implementing network segmentation and access controls, deploying Web Application Firewalls (WAF) or Intrusion Prevention Systems (IPS), hardening system configurations, and implementing security monitoring and alerting. Firms should consult Exim's website for specific patching instructions and test patches in non-production environments first. Member firms identifying data breaches should report incidents to FINRA, the Securities and Exchange Commission (SEC), and the Federal Bureau of Investigation (FBI).

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2058 chars · nid 94359

US Financial Industry Regulatory Authority Issues Cybersecurity Alert on Critical Exim Mail Vulnerabilities

On January 7,2026  the Financial Industry Regulatory Authority (FINRA) issued a cybersecurity alert warning member firms of two critical vulnerabilities in Exim Mail software that could allow unauthorized system access and data compromise. The National Institute of Standards and Technology (NIST), on November 22, 2025 disclosed the vulnerabilities identified as CVE-2025-26794 (SQL injection) and CVE-2025-67896 (heap-based buffer overflow) affecting Exim Mail, free, open-source email server software used on Unix and Linux systems. The vulnerabilities, when exploited in combination, allow threat actors to corrupt system memory and gain remote control of mail servers. FINRA warned firms that attackers can embed fraudulent database records with inflated file sizes, causing Exim to write excessive data beyond allocated memory space, potentially crashing systems and enabling remote code execution. CVE-2025-26794 carries a Common Vulnerability Scoring System (CVSS) score of 9.8 with a 72 percent Exploit Prediction Scoring System (EPSS) probability of exploitation within 30 days. CVE-2025-67896 also scores 9.8 on CVSS but shows only 0.1 percent EPSS probability, affecting Exim version 4.99 and earlier releases. FINRA recommends member firms with Unix or Linux systems immediately identify whether they use Exim Mail and take protective action. Recommended mitigation steps include: Applying latest security patches and upgrades. Establishing robust vulnerability management programs with continuous scanning and asset inventory. Implementing network segmentation and access controls. Deploying Web Application Firewalls (WAF) or Intrusion Prevention Systems (IPS). Hardening system configurations. Implementing security monitoring and alerting. Firms should consult Exim's website for specific patching instructions and test patches in non-production environments first. Member firms identifying data breaches should report incidents to FINRA, the Securities and Exchange Commission (SEC), and the Federal Bureau of Investigation (FBI).
3361835 pc Aug 03, 2026 msolomon Ukraine National Bank of Ukraine (NBU) horizon scanning
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971 chars · nid 94373

National Bank of Ukraine Proposes Amendments to the Management System of Payment Service Providers

On July 29, 2026, the National Bank of Ukraine proposed amendments to the Regulations on Requirements for the Governance System of Financial Payment Service Providers. The amendments propose expanding the requirements of the Regulation to: Financial companies that combine the activity of providing payment services for transferring funds without opening an account and/or acquiring payment instruments exclusively with the provision of financial services for trading in currency values ​​in cash. Pawnshops that combine the main activity of a pawnshop with the activity of providing financial payment services for transferring funds without opening an account and/or acquiring payment instruments. The draft also provides for improving the procedure for familiarising employees of the payment services provider with internal documents on the management system. The National Bank will accept comments and suggestions on the proposed amendments until August 12, 2026.
3370032 gc Aug 03, 2026 nsairam Brazil Brazil | News Site gamblingcompliance
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Brazil's Finance Ministry Extends Novo Desenrola Debt Renegotiation Program Until August 2026

On August 1, 2026, Brazil's Minister of Finance, Dario Durigan, signed a decree extending the Novo Desenrola program, a debt renegotiation initiative, until August 31, 2026. The extension was published in an extra edition of the Official Gazette of the Union. The program, originally scheduled to conclude on August 3, 2026, aims to benefit approximately 10 million people through debt restructuring with financial institutions. The extension maintains a critical restriction: participants in the Novo Desenrola program are prohibited from placing bets on online betting platforms. Upon signing a renegotiation contract with their bank, participants automatically authorize the blocking of their CPF (Brazilian taxpayer ID) on all regulated betting platforms. The restriction applies for 12 months under traditional debt renegotiation methods and six months for the "Desenrola Adimplentes" program, which targets informal workers with accounts in good standing. Banco do Brasil centralizes data from the Guarantee Fund for Operations (FGO), and financial institutions are prohibited from authorizing transactions, including Pix or card payments, directed to betting sites from beneficiaries' accounts. This measure prevents financial relief from being redirected toward online gambling. Since the program's launch in May 2026, 2.5 million people have renegotiated and fully paid their bank debts, while 1.6 million have renegotiated and continue paying in installments. An additional 5 million people have had negative credit records cleared for amounts up to R$100. Durigan stated the extension will have no fiscal impact on the Union, as mobilized resources are sufficient to sustain renegotiations. The extension applies exclusively to financial institutions that entered at least one thousand credit operations guaranteed by the FGO by July 30, 2026.

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Brazil extends debt renegotiation program maintaining the prohibition of gambling provisions

On August 1, 2026, Brazil's Minister of Finance, signed a decree extending the Novo Desenrola program, a debt renegotiation initiative, until August 31, 2026. The program, originally scheduled to conclude on August 3, 2026, aims to benefit approximately 10 million people through debt restructuring with financial institutions. The extension maintains a critical restriction: participants in the Novo Desenrola program are prohibited from placing bets on online betting platforms . Upon signing a renegotiation contract with their bank, participants automatically authorize the blocking of their CPF (Brazilian taxpayer ID) on all regulated betting platforms. The restriction applies for 12 months under traditional debt renegotiation methods and six months for the "Desenrola Adimplentes" program, which targets informal workers with accounts in good standing. Banco do Brasil centralizes data from the Guarantee Fund for Operations (FGO), and financial institutions are prohibited from authorizing transactions, including Pix or card payments, directed to betting sites from beneficiaries' accounts. This measure prevents financial relief from being redirected toward online gambling. The extension applies exclusively to financial institutions that entered at least one thousand credit operations guaranteed by the FGO by July 30, 2026. Furthermore, the extension comes into effect immediately .
3369287 pc Aug 03, 2026 csoo Italy CONSOB horizon scanning
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Italy's CONSOB Launches Consultation on Reporting Obligations for Supervised Intermediaries

On July 31, 2026, the Commissione Nazionale per le Società e la Borsa (CONSOB) launched a public consultation on proposed amendments to the Manual of Reporting Obligations for Supervised Subjects, adopted by CONSOB Resolution n. 17297 of April 28, 2010, and subsequent amendments. The consultation aims to simplify and update reporting obligations for intermediaries by eliminating duplications and overlaps, leveraging information already available from other sources, and aligning reporting flows with evolving regulatory and technological frameworks. The initiative forms part of CONSOB's broader administrative burden reduction programme, consistent with recent European guidance on rationalising information flows between operators and supervisory authorities under the "report once" principle. CONSOB proposes amendments across three main areas: total or partial removal of certain reporting obligations; simplification of content, frequency, and transmission methods for reports; and introduction of new reporting flows to address specific supervisory needs or new regulatory requirements. A preliminary regulatory impact analysis indicates a net reduction in reporting requirements for supervised entities, resulting from elimination or simplification of numerous existing flows. Proposed removals or reductions include obligations relating to shareholdings and shareholder agreements, composition of corporate bodies, managed portfolios, management mandates, and extraordinary transactions. Simplifications also address reporting on activities of financial advisors authorised for off-premises distribution, distribution of insurance investment products, and real estate collective investment scheme portfolios. New obligations are limited to specific supervisory needs regarding EU investment firms with branches in Italy and third-country intermediaries without branches. CONSOB also proposes requiring notification of changes to internet domain names used for investment services and transmission of compliance function reports to management bodies when material compliance risks are identified. The consultation applies to intermediaries and other supervised subjects including banks, investment firms, asset management companies, investment companies, EU investment enterprises, third-country intermediaries, EU management companies, and partnership entities. Responses must be submitted by September 29, 2026, via the SIPE (Sistema Integrato Per l'Esterno) system using the designated form available on CONSOB's website.

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1381 chars · nid 94369

Italy's Consob Consults on Reporting Obligations for Supervised Intermediaries

On July 31, 2026, the Commissione Nazionale per le Società e la Borsa (Consob) launched a public consultation on proposed amendments to the Manual of Reporting Obligations for Supervised Subjects, adopted by Consob Resolution no. 17297 of April 28, 2010, and subsequent amendments. The consultation aims to simplify and update reporting obligations for intermediaries by eliminating duplications and overlaps. The consultation proposes amendments to the manual on the reporting obligations of supervised entities referred to in Consob Resolution No. 17297 of 28 April 2010, with proposals on : The total or partial removal of some information obligations. Simplification of the content, frequency and methods of transmission of reports. The introduction of new information flows to respond to specific supervisory needs or new regulatory requirements. The consultation is aimed at intermediaries and other supervised entities subject to the disclosure requirements set forth in Resolution No. 17297/2010, including banks, investment firms, asset management companies, SICAVs, SICAFs, European Union investment firms, third-country intermediaries, European Union management companies and AIFMs, and partnerships. This consultation closes on September 29, 2026, and responses should be submitted via the SIPE (Sistema Integrato Per l'Esterno) system using the designated form .
3365111 pc Aug 03, 2026 msolomon Russia Bank of Russia financial services
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Bank of Russia Plans Loan Reservation Amendments and Capital Adequacy Updates

On July 30, 2026, the Bank of Russia announced upcoming regulatory changes aimed at strengthening the banking sector's financial stability and credit quality. The central bank plans to complete work on amendments to loan reservation procedures during the third quarter of 2026, with implementation expected to commence in January 2027. The proposed changes introduce stricter requirements for assessing borrower creditworthiness. For individuals, only official documents will be accepted to verify income, while for large companies, the presence of International Financial Reporting Standards (IFRS) financial statements will be considered when evaluating risks. These measures aim to enhance the quality of banks' credit portfolios through improved reliability of financial analysis information. The Bank of Russia also plans to update requirements for banks' internal capital adequacy assessment procedures (ВПОДК). Under the new framework, the ВПОДК surcharge will become part of the minimum capital adequacy ratio and will be more differentiated, ranging from zero to five percent. This differentiated approach is designed to incentivise banks to improve risk management practices and strengthen their overall financial resilience. Additionally, the Bank of Russia intends to consult with the banking community on a potential new foreign currency liquidity standard, which would encourage banks to accumulate adequate liquidity reserves in advance to manage potential outflows of funds. The central bank has also published several completed regulatory initiatives, including a new concept for credit concentration risk regulation, an updated methodology for assessing banks' economic positions, new minimum capital requirements, a concept for subordinated instrument regulation, and changes to group-level regulatory ratio approaches following market consultation.

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1942 chars · nid 94366

Bank of Russia Publishes Banking Regulation Review for Q2 2026

On July 30, 2026, the Bank of Russia published their Banking Regulation Review for Q2 2026 , where they announced plans for upcoming regulatory changes aimed at strengthening the banking sector's financial stability and credit quality. The Bank announced that they plan to complete work on amendments to loan reservation procedures during the third quarter of 2026, with implementation expected to commence in January 2027. The proposed changes introduce stricter requirements for assessing borrower creditworthiness. For individuals, only official documents will be accepted to verify income, while for large companies, the presence of International Financial Reporting Standards (IFRS) financial statements will be considered when evaluating risks. These measures aim to enhance the quality of banks' credit portfolios through improved reliability of financial analysis information. The Bank also plans to update requirements for banks' internal capital adequacy assessment procedures (ICAAP). Under the new framework, the ICAAP surcharge will become part of the minimum capital adequacy ratio and will be more differentiated, ranging from zero to five percent. This differentiated approach is designed to incentivise banks to improve risk management practices and strengthen their overall financial resilience. Additionally, the Bank of Russia intends to consult with the banking community on a potential new foreign currency liquidity standard, which would encourage banks to accumulate adequate liquidity reserves in advance to manage potential outflows of funds. The Bank has also published several completed regulatory initiatives, including a new concept for credit concentration risk regulation, an updated methodology for assessing banks' economic positions, new minimum capital requirements, a concept for subordinated instrument regulation, and changes to group-level regulatory ratio approaches following market consultation.
3369998 pc Aug 03, 2026 arahman Bosnia and Herzegovina Current Events - Government of the Federation of Bosnia and Herzegovina horizon scanning
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Federation of Bosnia and Herzegovina Launches Capital Market Reform with New Legislation

On July 31, 2026, the Government of the Federation of Bosnia and Herzegovina launched public consultation on draft legislation to comprehensively regulate its capital markets and virtual asset services for the first time. The Federal Ministry of Finance released the Draft Law on Capital Markets and the Draft Law on Virtual Asset Service Providers (VASP), alongside a proposed amendment to the Law on Factoring. The Draft Law on Capital Markets aligns the Federation's regulatory framework with contemporary European standards, strengthening the role of capital markets as a financing source for the economy. The legislation establishes clearer operational rules, enhanced investor protection, and increased investor confidence. The Draft Law on VASP establishes the Federation's first comprehensive regulatory framework for virtual asset service providers, following European and global trends in digital finance. This framework defines service provider obligations, operational conditions, and regulatory oversight to increase user security and legal certainty in digital finance development. The Federal Ministry of Finance is also finalising a new Law on the Securities and Market Capital Commission, which will complete the capital markets reform. This legislation will strengthen regulator independence and effectiveness through clearer supervisory powers, enhanced institutional capacity, and application of European best practices. The proposed amendments to the Law on Factoring aim to remove administrative barriers and strengthen factoring as an alternative financing source, particularly for micro, small, and medium-sized enterprises. These reforms form part of the broader agenda to reduce business burdens, increase financing accessibility, and improve the business environment. Following the public consultation period, all three laws are scheduled for submission to further legislative procedures during September 2026.

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2151 chars · nid 94361

Federation of Bosnia and Herzegovina Launches Capital Market Reform with New Legislation

On July 31, 2026, the Government of the Federation of Bosnia and Herzegovina launched a public consultation on draft legislation to comprehensively regulate its capital markets and virtual asset services for the first time. The Federal Ministry of Finance submitted the Draft Law on Capital Markets and the Draft Law on Virtual Asset Service Providers (VASPs), alongside a proposed amendment to the Law on Factoring, for public discussion. The Draft Law on Capital Markets aligns the federation's regulatory framework with contemporary European standards, strengthening the role of capital markets as a financing source for the economy. The legislation establishes clearer operational rules, enhanced investor protection and increased investor confidence. The Draft Law on VASPs establishes the federation's first comprehensive regulatory framework for virtual asset service providers, following European and global trends in digital finance. This framework defines service provider obligations, operational conditions and regulatory oversight to increase user security and legal certainty in digital finance development. The Federal Ministry of Finance is also finalising a new Law on the Securities and Market Capital Commission, which will complete the capital markets reform. This legislation will strengthen regulator independence and effectiveness through clearer supervisory powers, enhanced institutional capacity and application of European best practices. The proposed amendments to the Law on Factoring aim to remove administrative barriers and strengthen factoring as an alternative financing source, particularly for micro, small and medium-sized enterprises. These reforms form part of the broader agenda to reduce business burdens, increase financing accessibility and improve the business environment. Following the public consultation period, all three laws are scheduled for submission to further legislative procedures in September 2026. At this current time, the Federation of Bosnia and Herzegovina has not published the official consultation. Vixio will update this information once further information becomes available.
3368715 pc Aug 03, 2026 arahman Finland Financial Supervisory Authority financial services
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Finland's Financial Supervisory Authority Reports European Central Bank Geopolitical Risk Reverse Stress Test Results

On July 31, 2026, the European Central Bank (ECB) published the results of its 2026 thematic reverse stress test on geopolitical risks, covering 110 euro area banks directly supervised by the ECB. The exercise forms part of the ECB's broader supervisory work on geopolitical risk, designated as a supervisory priority for 2026-28. The aim is to strengthen banks' forward-looking risk management and stress-testing capabilities in an environment of heightened geopolitical uncertainty. The reverse stress test required banks to identify plausible geopolitical scenarios severe enough to materially affect their capital positions, with a target Common Equity Tier 1 (CET1) ratio depletion of 300 basis points. Banks developed diverse geopolitical narratives including military conflicts, trade disruptions, energy and supply chain disruptions, economic sanctions, macroeconomic shocks and cyber incidents. Banks generally demonstrated ability to produce economically meaningful stress scenarios reflecting their individual vulnerabilities. However, the exercise highlighted areas requiring improvement: granularity and sensitivity of risk assessments, consistency between scenario narratives and their translation into solvency and liquidity impacts, realism of mitigating actions under systemic crisis situations, and articulation of solvency-liquidity interactions in stress-testing frameworks. Credit risk and profitability pressures emerged as common channels through which geopolitical stress translated into capital impacts. Impairment losses on loans were frequently highlighted, particularly in sectors vulnerable to geopolitical developments such as manufacturing, energy and transport. Cyber incidents and disruption of services from third-party providers emerged as the most prominent non-financial risks. The ECB identified cases where management actions appeared overly optimistic, such as assuming loan portfolios could be sold or capital raised at ambitious prices under adverse market conditions. Results will feed into ongoing supervisory dialogue with banks and may inform qualitative assessments in the Supervisory Review and Evaluation Process (SREP), though the exercise will not lead to adjustments in Pillar 2 guidance or leverage ratio Pillar 2 guidance.

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2300 chars · nid 94363

European Central Bank Publishes Results of 2026 Geopolitical Risk Reverse Stress Test

On July 31, 2026, the European Central Bank (ECB) published the results of its 2026 thematic reverse stress test on geopolitical risks, covering 110 euro area banks directly supervised by the ECB. The exercise forms part of the ECB's broader supervisory work on geopolitical risk, designated as a supervisory priority for 2026-28. The aim is to strengthen banks' forward-looking risk management and stress-testing capabilities in an environment of heightened geopolitical uncertainty. The reverse stress test required banks to identify plausible geopolitical scenarios severe enough to materially affect their capital positions, with a target depletion of the Common Equity Tier 1 (CET1) ratio of 300 basis points. Banks developed diverse geopolitical narratives, including military conflicts, trade disruptions, energy and supply chain disruptions, economic sanctions, macroeconomic shocks and cyber incidents. Banks generally demonstrated the ability to produce economically meaningful stress scenarios reflecting their individual vulnerabilities. However, the exercise highlighted areas requiring improvement: granularity and sensitivity of risk assessments; consistency between scenario narratives and their translation into solvency and liquidity impacts; realism of mitigating actions under systemic crisis situations; and articulation of solvency-liquidity interactions in stress-testing frameworks. Credit risk and profitability pressures emerged as common channels through which geopolitical stress translated into capital impacts. Impairment losses on loans were frequently highlighted, particularly in sectors vulnerable to geopolitical developments such as manufacturing, energy and transport. Cyber incidents and disruption of services from third-party providers emerged as the most prominent non-financial risks. The ECB identified cases where management actions appeared overly optimistic, such as assuming loan portfolios could be sold or capital raised at ambitious prices under adverse market conditions. The results will feed into ongoing supervisory dialogue with banks and may inform qualitative assessments in the Supervisory Review and Evaluation Process (SREP), although the exercise will not lead to adjustments in Pillar 2 guidance or leverage ratio Pillar 2 guidance.
3371080 pc Aug 03, 2026 arahman European Union European Banking Authority horizon scanning
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European Banking Authority Releases Data Point Model 2.1 With Enhanced Standardisation Features

The European Banking Authority (EBA) released Data Point Model (DPM) 2.1, introducing eight key enhancements to its data reporting framework. DPM 2.1 builds upon existing DPM 2.0 capabilities while preserving complete continuity with the current framework. The new version supports the convergence of EBA and European Central Bank (ECB) reporting ecosystems and extends DPM's ability to accommodate both supervisory and statistical reporting requirements. Key enhancements include regex-based property validation, which allows users to define regular expression patterns directly on properties to enforce value constraints, providing a simpler alternative to creating multiple validation rules and improving data quality. Item versioning on names and descriptions enables users to track the full history of item definitions and regulatory references across releases. Enhanced compound property support allows DPM to explicitly represent compound properties and their underlying base properties, supporting more sophisticated business modelling scenarios. Organisational hierarchies can now be explicitly represented, allowing DPM to model different domains, departments, or units within the same organisation and define their hierarchical relationships. Logical and physical frameworks can be explicitly classified, helping users distinguish conceptual models from implementation models. Modules can be classified according to their origin or purpose as reported, calculated, or disseminated, providing greater transparency regarding how each module is used and managed. Naming consistency improvements standardise field names by replacing "Label" with "Name" in selected entities. Additionally, each module version can include its JSON taxonomy directly in the DPM database, making glossary usage and taxonomy information readily available to users. These enhancements support the broader objective of developing and maintaining a shared data dictionary while improving consistency and harmonisation of naming and labelling conventions across supervisory, resolution, and statistical reporting.

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European Banking Authority Releases Data Point Model 2.1 New Features

On July 31, 2026, the European Banking Authority (EBA) released new features to Data Point Model (DPM) 2.1, introducing eight key enhancements to its data reporting framework. DPM 2.1 builds upon existing DPM 2.0 capabilities while preserving complete continuity with the current framework. The new version supports the convergence of EBA and European Central Bank (ECB) reporting ecosystems and extends DPM's ability to accommodate both supervisory and statistical reporting requirements. Key enhancements include: Regex-based property validation, which allows users to define regular expression patterns directly on properties to enforce value constraints, providing a simpler alternative to creating multiple validation rules and improving data quality. Item versioning on names and descriptions enables users to track the full history of item definitions and regulatory references across releases. Enhanced compound property support allows DPM to explicitly represent compound properties and their underlying base properties, supporting more sophisticated business modelling scenarios. Organisational hierarchies can now be explicitly represented, allowing DPM to model different domains, departments or units within the same organisation and define their hierarchical relationships. Logical and physical frameworks can be explicitly classified, helping users distinguish conceptual models from implementation models. Modules can be classified according to their origin or purpose as reported, calculated or disseminated, providing greater transparency regarding how each module is used and managed. Naming consistency improvements standardise field names by replacing "Label" with "Name" in selected entities. Additionally, each module version can include its JSON taxonomy directly in the DPM database, making glossary usage and taxonomy information readily available to users. These enhancements support the broader objective of developing and maintaining a shared data dictionary while improving consistency and harmonisation of naming and labelling conventions across supervisory, resolution and statistical reporting.
3368908 pc Aug 03, 2026 arahman European Union News - European Insurance and Occupational Pensions Authority financial services
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European Union Supervisory Authorities Call for Enhanced Governance to Mitigate Artificial Intelligence Information and Communications Technology Risks

On July 31, 2026, the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), and European Securities and Markets Authority (ESMA)—collectively known as the European Supervisory Authorities (ESAs)—published a statement calling for enhanced governance and consistent supervision to mitigate information and communications technology (ICT) risks stemming from frontier artificial intelligence (AI) models in the European Union financial sector. The statement establishes a cross-sectoral, risk-based supervisory approach aligned with existing regulatory requirements, the European Commission's Action Plan on Cybersecurity and Artificial Intelligence, and recent publications from the European Systemic Risk Board (ESRB), the European Union Agency for Cybersecurity (ENISA), the Single Supervisory Mechanism (SSM), and other competent authorities. The ESAs emphasise that financial entities must implement robust governance and risk management frameworks to strengthen operational resilience against cyber risks linked to frontier AI models. The statement prioritises prevention, detection, and management of these risks. Additionally, the ESAs outline updates to ongoing and planned Digital Operational Resilience Act (DORA) oversight activities for critical ICT third-party providers (CTPPs) to address frontier AI-related risks. The ESAs encourage financial entities and competent authorities to use the statement as a foundation for supervisory dialogue, integrating existing supervisory expectations. This collaborative approach aims to ensure the EU financial system maintains resilience against risks driven by frontier AI technologies.

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1525 chars · nid 94358

European Supervisory Authorities Call for Enhanced Governance to Mitigate Artificial Intelligence Information and Communications Technology Risks

On July 31, 2026, the European Supervisory Authorities (ESAs) published a statement calling for enhanced governance and consistent supervision to mitigate information and communications technology (ICT) risks stemming from frontier artificial intelligence (AI) models in the European Union financial sector. The statement calls for the establishment of a cross-sectoral, risk-based supervisory approach aligned with existing regulatory requirements, the European Commission's Action Plan on Cybersecurity and Artificial Intelligence and recent publications from the European Systemic Risk Board (ESRB), the European Union Agency for Cybersecurity (ENISA), the Single Supervisory Mechanism (SSM) and other competent authorities. The ESAs emphasise that financial entities must implement robust governance and risk management frameworks to strengthen operational resilience against cyber risks linked to frontier AI models. The statement prioritises prevention, detection and management of these risks. Additionally, the ESAs outline updates to ongoing and planned Digital Operational Resilience Act (DORA) oversight activities for critical ICT third-party providers (CTPPs) to address frontier AI-related risks. The ESAs encourage financial entities and competent authorities to use the statement as a foundation for supervisory dialogue, integrating existing supervisory expectations. This collaborative approach aims to ensure the EU financial system maintains resilience against risks driven by frontier AI technologies.
3344938 pc Aug 03, 2026 tojuri Malta Untitled horizon scanning
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Malta's Anti-Money Laundering Authority Launches Data Collection for Direct Supervision Eligibility

On July 21, 2026, the Anti-Money Laundering Authority (AMLA) officially launched a data collection process to identify provisionally eligible obliged entities that may qualify for direct supervision from 2028, in accordance with Article 12(7) of Regulation (EU) 2024/1620. The Financial Intelligence Analysis Unit (FIAU) is coordinating this initiative at the national level as part of preparations for implementing the European Union's new anti-money laundering and countering the financing of terrorism (AML/CFT) supervisory framework. The FIAU is collecting eligibility data from credit institutions, financial institutions, and groups operating across multiple EU Member States. Eligible entities for this assessment are those operating in six or more EU Member States, including their home Member State, either through establishments, branches, subsidiaries, or the freedom to provide services (FPS), provided they meet materiality thresholds set out in draft Regulatory Technical Standards. The reporting package distributed to identified entities includes a standardised reporting template and an interpretative note providing detailed guidance. All information must reflect the reference date of December 31, 2025, covering the reporting period from January 1 to December 31, 2025. AMLA has clarified two distinct reporting roles: the reporting obliged entity, responsible for submitting data on a standalone basis, and the designated reporting obliged entity, responsible for submitting consolidated group-level data. This exercise is not a supervisory assessment but solely aims to identify entities provisionally eligible for AMLA's direct supervision. The first formal selection cycle is expected in 2027, with potential commencement of direct supervision in 2028. Entities contacted by the FIAU are encouraged to review the reporting package carefully and ensure timely submission of requested information. Supporting materials and resources are available on AMLA's website. In June 2026, AMLA held a public webinar providing an overview of the selection methodology and a walkthrough of the reporting package.

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Malta Financial Intelligence Analysis Unit Issues Update on AMLA Data Collection for Identifying Eligible Entities for Direct Supervision

The Malta Financial Intelligence Analysis Unit (AMLA) has issued an update on the Anti-Money Laundering Authority’s (AMLA) process to identify provisionally eligible subject persons that may qualify for direct supervision from 2028 in accordance with Article 12(7) of Regulation (EU) 2024/1620 . The FIAU has confirmed that it is coordinating the process at the national level and collecting the required eligibility data from credit institutions, financial institutions and groups operating across multiple EU member states. Subject Persons in Malta identified as falling within the scope of this phase have been contacted directly by the FIAU. The reporting package distributed to the identified entities includes: A standardised reporting template. An interpretative note containing detailed guidance to support the accurate completion of the reporting template. All information must reflect the reference date of 31 December 2025, covering the reporting period from 1 January to 31 December 2025. The scope of the data collection focuses on collecting information exclusively on: Presence through establishments, branches, and subsidiaries. The provision of services under the freedom to provide services (FPS) framework. The first formal selection cycle is expected to take place in 2027. The FIAU will continue to support national implementation efforts by facilitating communication between AMLA and Maltese Subject Persons throughout this exercise.
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