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3355617 pc Jul 28, 2026 pthandapani India Reserve Bank of India horizon scanning
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India's Reserve Bank Issues Draft Securitisation Transaction Amendment Directions for Public Consultation

On July 27, 2026, the Reserve Bank of India (RBI) issued four draft amendment directions aimed at improving efficiency, liquidity, and transparency in the issuance and subsequent transfer of Securitisation Notes (SNs). The amendments apply to commercial banks, small finance banks, non-banking financial companies, and all India financial institutions. The RBI released the following draft directions for public consultation: Reserve Bank of India (Commercial Banks - Securitisation Transactions) Amendment Directions, 2026; Reserve Bank of India (Small Finance Banks - Securitisation Transactions) Amendment Directions, 2026; Reserve Bank of India (Non-Banking Financial Companies - Securitisation Transactions) Amendment Directions, 2026; and Reserve Bank of India (All India Financial Institutions - Securitisation Transactions) Amendment Directions, 2026. The amendments are designed to enhance the securitisation framework by addressing operational and market efficiency concerns. By broadening the scope of eligible participants and streamlining processes, the RBI aims to facilitate greater participation in securitisation markets and improve the functioning of secondary markets for securitised instruments. The consultation period closes on August 27, 2026. Stakeholders and members of the public can submit comments and feedback through the Connect2Regulate section on the RBI's website or by sending submissions to the Chief General Manager, Credit Risk Group, Department of Regulation, at the RBI's Central Office in Mumbai, or by email. All four financial institution categories covered by the amendments—commercial banks, small finance banks, non-banking financial companies, and all India financial institutions—should review the proposed changes and provide feedback during the consultation period.

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Reserve Bank of India Seeks Feedback on Draft Securitisation Transaction Amendment Directions for Commercial Banks

On July 27, 2026, the Reserve Bank of India (RBI) Reserve Bank of India (RBI) issued the Draft Reserve Bank of India (Commercial Banks - Securitisation Transactions) Amendment Directions, 2026. The draft amendment directions prescribe: Dematerialised format detailing the mandatory format for securitisation notes, which requires that their issuance, holding, and subsequent transfer under these directions shall only be conducted in a dematerialised form. Minimum ticket size mandating that the minimum ticket size, defined as the size of investment by a single investor, must be strictly maintained at INR10m (US$104,000) at the time of issuance as well as during any subsequent transfers. SPE agreement clauses prescribing a mandatory condition for the agreement between the originator and the Special Purpose Entity (SPE), requiring it to include a specific clause to ensure ongoing compliance with the minimum ticket size requirement by the SPE. Public offer classification establishing that an offer of securitisation notes shall be deemed to have been made to the public if it is offered to a number of persons that meets or exceeds the limits prescribed by Regulation 21 of the SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008. Feedback on the draft amendments may be submitted via the RBI's Connect2Regulate platform by August 27, 2026.
3356049 pc Jul 28, 2026 rghosh Brazil BCB - Standards horizon scanning
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Brazil's Central Bank Publishes Updated Operational Manual for Pix Transaction Account Identifier Directory

On July 27, 2026, the Central Bank of Brazil (BCB) issued Normative Instruction BCB No. 766, publishing version 8.5 of the Operational Manual for the Directory of Identifiers of Transaction Accounts (Diretório de Identificadores de Contas Transacionais, or DICT), which forms part of the Pix Regulation. The update introduces several significant modifications to Pix operations, including enhanced rules and functionalities related to the Special Refund Mechanism (Mecanismo Especial de Devolução, or MED) and the introduction of a new Funds Recovery Flow (Fluxo de Recuperação de Valores). Key changes include: the addition of transaction depth information within fraud notifications; expansion of the dispute period for refund transactions to 80 days; clarification regarding CNPJ key formatting to an alphanumeric standard; and automatic cancellation of linked fraud notifications when a parent notification is rejected during funds recovery processes. The manual also specifies that account monitoring is no longer required following partial refunds or rejection of refund requests marked as fraud. Additionally, the DICT will automatically finalize funds recovery processes if the refund stage is not initiated by the recovering participant within permitted timeframes. The instruction revokes Normative Instruction BCB No. 752 (July 1, 2026) and takes effect in two phases: sections 10.1 and 20.1.5 become effective August 10, 2026, while sections 20.1.1, 20.1.9, 20.2, and the revocation take effect September 1, 2026. The complete operational manual is available on the BCB website at https://www.bcb.gov.br/content/estabilidadefinanceira/pix/Regulamento_Pix/X_ManualOperacionaldoDICT.pdf. Payment service providers and Pix participants must implement these changes according to the specified effective dates.

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Central Bank of Brazil Publishes Version 8.5 of the Operational Manual for the Directory of Transactional Account Identifiers

On July 27, 2026, the Central Bank of Brazil (BCB) issued Normative Instruction No. 766, publishing version 8.5 of the Operational Manual for the Directory of Identifiers of Transaction Accounts (DICT), which forms part of the Pix regulation. The update introduces several modifications to Pix operations and repeals Normative Instruction BCB No. 752 , of July 1, 2026. Key changes include: The inclusion of transaction depth information within the infringement notification for refund requests (effective August 10, 2026). Extension of the deadline for contesting a refund transaction to 80 days, including the dispute of a fraudulent return transaction (effective September 1, 2026). Normative Instruction No. 766 takes effect in two phases: amendments to sections 10.1 and 20.1.5 take effect on August 10, 2026, while amendments to sections 20.1.1, 20.1.9, and 20.2 and the repeal of Normative Instruction BCB No. 752 taking effect September 1, 2026. The complete operational manual is available on the BCB website . Payment service providers and Pix participants must implement these changes according to the specified effective dates.
3357803 pc Jul 28, 2026 kgurnani Australia Federal Register of Legislation horizon scanning
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Australia's Financial Regulator Approves Substantial Holding Notice Forms Instrument

On July 28, 2026, the Australian Securities and Investments Commission (ASIC) published the ASIC Corporations (Substantial Holding Notice Forms Approval) Instrument 2026/595, which came into force on the same date. The instrument, administered by the Department of the Treasury, establishes the approved forms for substantial holding notices under the Corporations Act. The instrument formalises the forms that entities must use when notifying ASIC of substantial holdings in listed companies. Substantial holding notices are a key disclosure mechanism within Australia's securities regulation framework, requiring shareholders who acquire or dispose of significant interests in listed entities to provide timely notification to the market. These notices ensure transparency and allow other investors to make informed decisions based on material changes in share ownership. The approved forms specified in the instrument standardise the information that must be provided when filing substantial holding notices, including details of the holder's identity, the nature of the interest held, the number and class of securities involved, and the circumstances of the acquisition or disposal. By establishing consistent form requirements, the instrument promotes regulatory efficiency and ensures that ASIC receives notifications in a uniform format that facilitates market supervision and enforcement activities. The instrument is a notifiable instrument and has been registered on the Federal Register of Legislation. The full text is available in both Word and PDF formats on the Federal Register of Legislation website.

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Australia Securities and Investments Commission Approves Substantial Holding Notice Forms Instrument

On July 28, 2026, the Australian Securities and Investments Commission (ASIC) published the ASIC Corporations (Substantial Holding Notice Forms Approval) Instrument 2026/595, which came into force on the same date. The instrument, administered by the Department of the Treasury, establishes the approved forms for substantial holding notices under the Corporations Act 2001. Key provisions of the instrument include: ASIC approves a new electronic Substantial Holding Notice, including any required annexures, for submitting information under section 671B(3) of the Corporations Act. Transitional forms: ASIC also temporarily approves: Form 603 when a person first becomes a substantial holder; Form 604 when there is a disclosable change in an existing substantial holding; and Form 605 when a person ceases to be a substantial holder. Form 603 when a person first becomes a substantial holder; Form 604 when there is a disclosable change in an existing substantial holding; and Form 605 when a person ceases to be a substantial holder. The forms also cover certain situations involving bidders commencing a takeover bid. The new electronic form applies from commencement onward, while Forms 603, 604 and 605 may continue to be used only until 3 June 2027.
3356499 pc Jul 28, 2026 rghosh Argentina Ministry of Justice and Human Rights financial services
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Argentina's Ministry of Justice and Human Rights Clarifies Reporting Obligations for Primary Securities Offerings

On July 22, 2026, Argentina's National Securities Commission (Comisión Nacional de Valores — CNV), operating under the Ministry of Justice and Human Rights, issued Interpretive Criterion No. 102 clarifying reporting obligations applicable to securities brokers (Agentes de Negociación — AN), brokerage firms (Agentes de Bolsa y Casas de Bolsa — ALyC), and markets during primary securities offerings. The CNV clarified that AN and ALyC participants in primary offerings—whether acting as placement agents, submitting expressions of interest through other agents, or directly in market systems—must report to the CNV through the Financial Information Superhighway (Autopista de la Información Financiera — AIF) within 48 business hours following completion of the offering. This report must include a list of awarded bidders, encompassing both proprietary and third-party portfolios. The CNV extended these obligations to placement agents participating in primary offerings of securities issued by the Argentine national government, provincial governments, the Autonomous City of Buenos Aires, municipalities, autonomous entities, and multilateral credit organisations of which Argentina is a member. Although such securities fall outside the public offering regime established by the Capital Markets Law, participating agents must comply with the same transparency and integrity standards applicable to the broader market. Additionally, the CNV reaffirmed that markets must submit complete order book information for each offering to the CNV and maintain this information in their systems to enable proper supervisory oversight. This measure is temporary and issued to provide guidance while the public consultation process established by General Resolution No. 1157 proceeds.

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Argentina's National Securities Commission Clarifies Reporting Obligations for Primary Securities Offerings

On July 27, 2026, Argentina's National Securities Commission (CNV) issued Interpretive Criterion No. 102, clarifying and unifying the scope of reporting obligations applicable to Negotiating Agents (ANs), Clearing and Settlement Agents (ALyCs), and markets participating in primary placements of negotiable securities. The measure is transitional in nature and takes effect while a public consultation process under General Resolution No. 1157 is underway. Key provisions include: Reporting obligation on adjudicated offerors: Negotiating Agents and Clearing and Settlement Agents participating in a primary placement, whether as placing agents, through the submission of expressions of interest via other agents, or directly through the electronic systems of the markets, must report to the CNV, via the Financial Information Highway (AIF), the list of adjudicated offerors, both from proprietary portfolios and on behalf of third parties, within 48 business hours of the close of the placement. Extension to public sector securities: The reporting obligations apply equally to  Placing Agents participating in primary placements of securities issued by the national government, provinces, the Autonomous City of Buenos Aires, municipalities, autarchic entities, and multilateral credit organizations of which Argentina is a member. Although such securities fall outside the public offering regime under the Capital Markets Law, the CNV confirms that participating agents must meet the same transparency and integrity standards applicable to the broader market. Order book obligations of markets: Markets are required to remit to the CNV the complete order book information for each placement and to maintain that information available in their electronic systems to support the CNV's supervisory functions.
3352817 pc Jul 28, 2026 csoo Ireland Government Publications Office horizon scanning
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Ireland's Government Publications Office Implements European Union Restrictive Measures concerning Russia Regulations

On July 20, 2026, Ireland's Minister for Finance, Simon Harris, enacted the European Union (Restrictive Measures concerning Russia) (No. 7) Regulations 2026 (S.I. No. 349/2026) under the European Communities Act 1972. The statutory instrument gives full effect to Council Regulation (EU) No. 2024/1485 of May 27, 2024 and Council Regulation (EU) 2024/2642 of October 8, 2024, as amended by subsequent European implementing regulations. The regulations establish criminal offences for contraventions of specified provisions within the two Council Regulations. Persons who breach designated articles face penalties on summary conviction of a class A fine or imprisonment for up to 12 months, or both. On conviction on indictment, penalties increase to fines not exceeding €500,000 or imprisonment for up to three years, or both. Additional offences apply to those who fail to comply with written directions issued by competent authorities, attracting summary conviction penalties of a class A fine or imprisonment for up to six months, or both. The regulations extend Irish jurisdiction to offences committed outside the State, subject to consent from the Director of Public Prosecutions. Corporate bodies and their officers may be held liable where offences are committed with consent, connivance, or negligence. The regulations revoke the European Union (Restrictive Measures concerning Russia) (No. 6) Regulations 2026 (S.I. No. 272 of 2026). Notice of the statutory instrument's making was published in Iris Oifigiúil on July 24, 2026. The regulations incorporate amendments from eleven implementing regulations amending Council Regulation (EU) 2024/1485 and thirteen implementing regulations amending Council Regulation (EU) 2024/2642, spanning from May 2024 through July 2026. REFERENCES: S.I. No. 349/2026 - European Union (Restrictive Measures concerning Russia) (No. 7) Regulations 2026, Government Publications Office: https://www.irishstatutebook.ie/eli/2026/si/349/made/en/pdf

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Ireland's Parliament Implements European Union Restrictive Measures concerning Russia Regulations

On July 24, 2026, Ireland's Parliament published statutory instrument No. 349/2026 - European Union (Restrictive Measures concerning Russia) (No. 7) Regulations 2026 . The statutory instrument gives full effect to Council Regulation (EU) No. 2024/1485 of May 27, 2024 and Council Regulation (EU) 2024/2642 of October 8, 2024. The statutory instrument creates the following obligations: Penalties for Sanctions Breaches: Makes it a criminal offence to violate the specified EU sanctions against Russia or to breach the conditions of any authorisation granted under those EU rules. Summary conviction (minor offences): A Class A fine and/or up to 12 months in prison. Conviction on indictment (serious offences): A fine of up to €500,000 and/or up to 3 years in prison. Summary conviction (minor offences): A Class A fine and/or up to 12 months in prison. Conviction on indictment (serious offences): A fine of up to €500,000 and/or up to 3 years in prison. Enforcement Powers: Competent authorities in Ireland can issue legally binding written directions to individuals or entities to help administer and enforce these sanctions. Failing to comply with these directions is a separate offence (punishable by a Class A fine and/or up to 6 months in prison). Corporate Liability: If a company commits an offence with the consent, connivance, or neglect of its directors, managers, or officers, those individuals can be prosecuted and punished personally alongside the company. Extraterritorial Application: Irish citizens can be prosecuted in Ireland for breaching these sanctions even if the offence was committed outside of the State. It also includes protections against double jeopardy (being tried twice for the same crime) if the person has already been tried abroad. Revocation: It officially revokes and replaces the previous version of these rules ( S.I. No. 272 of 2026) .
3355735 pc Jul 28, 2026 pthandapani Hong Kong News - Securities and Futures Commission financial services
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Hong Kong Securities and Futures Commission Reprimands Bright Smart Securities for Internal Control Failures

On July 27, 2026, the Securities and Futures Commission (SFC) reprimanded and fined Bright Smart Securities International (H.K.) Limited (BSSIHK) HK$2.8 million for failing to implement adequate and effective internal control procedures to monitor and detect wash trades conducted by its clients. The SFC's investigation revealed that between November 1, 2023 and September 13, 2025, BSSIHK allowed execution of 1,021 pairs of wash trades involving 736 stocks and warrants through 615 clients' accounts due to inadequate internal controls. Prior to March 2024, BSSIHK relied primarily on post-trade monitoring and manual review to identify suspicious trading activities, enabling clients to conduct wash trades before detection. Although BSSIHK introduced a pre-trade interception arrangement in March 2024, the controls remained inadequate because the arrangement depended on manual intervention rather than automated controls. The manual-driven intervention to block trades was triggered only after a second instance of wash trading was detected. Additionally, multiple wash trades in the same client account within a single day were counted as a single instance, failing to capture repeated misconduct within the same trading day and allowing clients to execute multiple pairs of wash trades on a single day without restriction. The SFC determined that BSSIHK's failure to maintain adequate and effective internal control procedures breached the Code of Conduct and was contrary to the best interests of market integrity. In deciding the disciplinary sanction, the SFC considered that BSSIHK had previously been reminded to strengthen its relevant internal control systems and similar deficiencies were repeatedly identified in the firm's operations, yet it failed to fully rectify the deficiencies in each instance. BSSIHK has undertaken to enhance its systems and controls and engage an independent reviewer to verify the effectiveness of the enhanced measures. BSSIHK is licensed to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 7 (providing automated trading services) regulated activities.

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Hong Kong Securities and Futures Commission Fines Bright Smart Securities International (H.K.) Limited HK$2.8m for Internal Control Failures

On July 27, 2026, the Hong Kong Securities and Futures Commission (SFC) imposed a fine of HK$2.8m (US$357,000) on Bright Smart Securities International (H.K.) Limited (BSSIHK) for the failure to implement effective internal control procedures to monitor and detect wash trades in breach of General Principle 2 and paragraph 4.3 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission . The SFC found that between November 1, 2023 and September 13, 2025, BSSIHK had allowed 615 clients to execute 1,021 pairs of wash trades, including 82 occasions where clients executed multiple pairs of wash trades within a single day without being restricted or suspended. The SFC further found that BSSIHK did not have in place any automated controls for preventing clients from executing wash trades or any systems to capture and address repeated wash trade misconduct by the same client within a single trading day. These failures, coupled with the SFC’s findings that BSSIHK failed to maintain adequate and effective pre-trade internal control procedures to monitor the clients it allowed to execute wash trades amounted to a breach of its responsibilities under the Code of Conduct.
3355890 pc Jul 28, 2026 msolomon Germany Federal Office for Information Technology horizon scanning
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Germany's Federal Office for Information Technology Publishes Revised Technical Guidance for Secure Financial Applications

On July 27, 2026, the Federal Office for Information Technology (BSI) published version 4.0 of Technical Guideline TR-03174 (Secure Applications in Financial Services), a comprehensive revision of its three-part technical guidance document. The updated guideline supports the development and testing of mobile applications, web applications, and associated backend systems in the financial sector. These include digital household and cash management tools, tax and financial calculators, credit calculators, and payment-enabled applications from retailers. The TR-03174 addresses a diverse, non-regulated audience of developers and service providers, offering a compact overview of technical information security measures applicable to financial applications. The revision reflects ongoing changes in the financial sector and evolving regulatory requirements. A significant enhancement in version 4.0 is the inclusion of a practical work table (Annex B), which supports software planning, implementation, and testing phases. This new tool provides practitioners with a structured approach to applying the guideline's security recommendations across all three document parts: mobile applications, web applications, and backend systems. The BSI has made all three parts of TR-03174 available for download, along with corresponding Annex B work tables in spreadsheet format. These resources are designed to enhance the practical applicability of the guidance for developers and organisations implementing secure financial applications. The revision ensures the guideline remains aligned with current industry practices and regulatory expectations in the financial services sector. **References:** BSI Press Release, July 27, 2026: https://www.bsi.bund.de/DE/Presse/Pressemitteilungen/Presse2026/TR-03174_ueberarbeitet_270726.html

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1203 chars · nid 94281

Germany's Federal Office for Information Security Publishes Revised Technical Guidance for Secure Financial Applications

On July 27, 2026, Germany's Federal Office for Information Security (BSI) published a revised version of the Technical Guideline on Requirements for Applications in the Financial Sector (TR-03174). These guidelines support the development and operation of applications and their associated back-end systems in the financial sector, including  digital household and cash management tools, tax and financial calculators, credit calculators, and payment-enabled applications from retailers. The revised version (version 4.0) updates the three-part technical guidance document and addresses developers and providers, both regulated and unregulated, and reflects ongoing changes in the financial sector and evolving regulatory requirements. The updated version includes a practical work table within Annex B, which supports software planning, implementation, and testing phases providing a structured approach to applying the guideline's security recommendations across all three document parts: mobile applications, web applications, and backend systems. The BSI has offered a certification procedure according to the Technical Guideline to demonstrate conformity with the described security requirements.
3356637 pc Jul 28, 2026 tojuri Netherlands Dutch Authority for the Financial Markets financial services
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Netherlands' Authority for the Financial Markets Urges Market Participants to Accelerate T+1 Settlement Preparations

On July 27, 2026, the Dutch Authority for the Financial Markets (AFM) called on market participants to accelerate preparations for the transition to T+1 settlement cycles. The European Commission has finalised the detailed technical rules for this transition, which will take effect across the European Union on October 11, 2027. T+1 settlement shortens the settlement cycle for listed securities transactions from two working days to one working day after the trade date. This change increases transaction efficiency and reduces risks in the settlement chain. The transition affects a substantial portion of the financial sector, including trading platforms, investment firms, banks, clearing houses, and securities depositories. The EU is aligning with international developments, as T+1 has already been implemented in markets such as the United States. The AFM identified December 7, 2026, as the first critical deadline, when new detailed requirements for faster transaction processing will take effect. Market participants must exchange data more rapidly and use standardised communication protocols. Financial institutions that delay T+1 preparations risk operational disruptions, elevated implementation costs, and service delivery problems for customers. The AFM recommends that market participants conduct impact analyses to identify gaps, establish implementation and testing plans, further automate and standardise settlement processes, assess vendor and market infrastructure partnerships, and improve the quality of reference data and settlement instructions. The AFM advised organisations without comprehensive implementation plans to begin immediately. The authority referenced guidance from the EU T+1 Industry Committee and the European Securities and Markets Authority (ESMA) to support implementation efforts.

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Dutch Authority for the Financial Markets Issues Notice on Market Participants' T+1 Settlement Preparations

On July 27, 2026, the Dutch Authority for the Financial Markets (AFM) called on market participants to accelerate preparations for the transition to T+1 settlement cycles. The European Commission has finalised the detailed technical rules for this transition, which will take effect across the European Union on October 11, 2027. T+1 settlement shortens the settlement cycle for listed securities transactions from two working days to one working day after the trade date. The transition will affect a substantial portion of the financial sector, including trading platforms, investment firms, banks, clearing houses and securities depositories. The first critical deadline is December 7, 2026, when the new detailed requirements for faster transaction processing will take effect. Market participants must exchange data more rapidly and use standardised communication protocols. The AFM encourages market participants to actively prepare and, where necessary, accelerate preparations. It advises them to: Conduct impact analyses and identify any shortcomings. Draw up implementation and test plans. Further automate and standardise settlement processes. Assess supplier and market infrastructure partnerships. Improve the quality of reference data and settlement instructions. Financial institutions that delay T+1 preparations risk operational disruptions, elevated implementation costs and service delivery problems for customers.
3355860 pc Jul 28, 2026 csoo Italy Documentazione parlamentare horizon scanning
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Italy's Parliamentary Documentation Service Publishes Report on Open Infringement Procedures Against Italy

On July 27, 2026, Italy's Parliamentary Documentation Service (Documentazione parlamentare) published a report detailing the infringement procedures currently open against Italy in relation to European Union (EU) law compliance. The report examines the status of infringement procedures initiated by the European Commission against Italy, providing parliamentary oversight of the country's compliance with EU obligations. Infringement procedures represent formal enforcement actions taken by the Commission when member states fail to fulfil their legal obligations under EU law. These procedures can relate to various policy areas, including environmental protection, consumer rights, competition law, and other regulatory domains. The report serves as a resource for Italian parliamentarians and stakeholders to understand which areas of Italian law or administrative practice are subject to EU scrutiny and potential sanctions. By documenting open procedures, the Parliamentary Documentation Service enables informed legislative debate and policy development aimed at resolving compliance gaps. The report is available in both PDF and HTML formats, facilitating accessibility for different users and platforms. This publication reflects Italy's commitment to transparency regarding its relationship with EU institutions and its compliance status with European legal frameworks. The document contributes to parliamentary accountability and supports the legislative process by providing detailed information on matters requiring potential legislative or administrative reform to bring Italian law and practice into alignment with EU requirements. REFERENCES: Documentazione parlamentare. "Le procedure di infrazione aperte nei confronti dell'Italia." July 27, 2026. Available at: Camera.it

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Italian Parliament Publishes Report on European Union's Open Infringement Procedures Against Italy

On July 27, 2026, the Italian Parliament published a report detailing the infringement procedures currently open against Italy in relation to European Union (EU) law compliance. The report examines the status of infringement procedures initiated by the European Commission against Italy, providing parliamentary oversight of the country's compliance with EU obligations. The report highlights the following: As of 24 July  24, 2026, 80 infringement proceedings were open against Italy, of which 61 were for breaches of EU law and 19 for failure to transpose directives within the prescribed time limits The majority of the proceedings at this stage were in the pre-litigation phase, including 43 cases at the "Messa in mora" (letter of formal notice) stage and 17 at the "Parere motivato" (reasoned opinion) stage. The environmental sector was responsible for both the highest number of infringement cases and the largest amount in fines paid by Italy. Across all Member States, the European Commission had a total of 1,899 infringement proceedings currently open. Spain had the highest number of pending procedures with 117 cases, while Italy ranked twentieth in ascending order.
3356762 pc Jul 28, 2026 tojuri France Autorité des Marchés Financiers horizon scanning
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France's Financial Markets Authority Updates Doctrine on Crypto-Asset Advisory Services for Investment Advisers

On July 27, 2026, the Autorité des Marchés Financiers (AMF) updated its guidance on crypto-asset advisory services provided by financial investment advisers (conseillers en investissements financiers, or CIF). The update addresses the application of the Markets in Crypto-assets Regulation (MiCA) and the end of its transitional period, which now requires crypto-asset advisory services to be subject to specific authorisation and compliance with European-level rules. The AMF clarified the circumstances under which a CIF must obtain the status of crypto-asset service provider (prestataire de services sur crypto-actifs, or PSCA) to provide crypto-asset advisory services. Previously, in 2022, the AMF had outlined rules for CIFs operating in digital assets, when such advisory was optional. Under MiCA, crypto-asset advisory services now require mandatory authorisation as a PSCA. However, CIFs are not eligible for the notification procedure available to certain already-authorised entities, such as investment service providers. The scope of crypto-asset advisory under MiCA is broader than investment advisory under the Markets in Financial Instruments Directive (MiFID 2), as it encompasses advice on both crypto-asset transactions and the use of crypto-asset services. The AMF added a new question-and-answer section to its position-recommendation DOC-2006-23, complementing guidance from the European Securities and Markets Authority (ESMA). The update provides non-exhaustive examples of situations where CIFs do or do not require PSCA status. CIFs do not need PSCA authorisation when providing non-personalised information about crypto-assets or PSCAs to the public, or when advising on financial instruments with crypto-asset underlyings, such as financial index assets or debt securities indexed to crypto-assets. The updated guidance is available in the AMF's position-recommendation DOC-2006-23.

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French Financial Markets Authority Updates Policy on Crypto-Asset Advisory Services for Investment Advisers

On July 27, 2026, the French Financial Markets Authority (AMF) updated its policy on crypto-asset advisory services provided by financial investment advisers (CIF). The update addresses the application of Regulation (EU) 2023/1114 (MiCA) and the end of its transitional period, which now requires crypto-asset advisory services to be subject to specific authorisation and compliance with European-level rules. The AMF clarified the circumstances under which a CIF must obtain the status of crypto-asset service provider (CASP) to provide crypto-asset advisory services. Under MiCA, crypto-asset advisory services now require mandatory authorisation as a CASP. However, CIFs are not eligible for the notification procedure available to certain already-authorised entities, such as investment service providers. The scope of crypto-asset advisory under MiCA is broader than investment advisory under the Markets in Financial Instruments Directive (MiFID 2), as it encompasses advice on both crypto-asset transactions and the use of crypto-asset services. To clarify the situation, the AMF has added a new question-and-answer section to its position-recommendation DOC-2006-23 , which echoes the European Securities and Markets Authority’s Q&A and supplements it with non-exhaustive examples of situations in which a CIF may or may not require CASP authorisation. The update also outlines the criteria to be considered when defining a personalised recommendation that falls within the scope of crypto-asset advice under MiCA, and provides examples of such advice. It also clarifies that CASP authorisation is not required when providing non-personalised information about crypto-assets or CASPs to the public, or when advising on financial instruments whose underlying assets are crypto-assets.
3357287 pc Jul 28, 2026 tojuri Spain Public Treasury horizon scanning
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Spain's Public Treasury Releases Comprehensive National Risk Assessment for Money Laundering and Terrorism Financing

On March 11, 2026, Spain's Public Treasury released the 2026 National Risk Analysis (Análisis Nacional de Riesgos de Blanqueo de Capitales y de Financiación del Terrorismo), a comprehensive evaluation of money laundering (ML) and terrorism financing (TF) threats, vulnerabilities, and residual risks across Spain's financial and non-financial sectors. The analysis identifies organized crime, drug trafficking, and economic crimes—particularly value-added tax (VAT) fraud and investment fraud—as primary ML threats. Terrorist financing remains characterized by decentralized operations, lone actors, and micropayments. Key vulnerabilities include high foreign population concentration in cash-intensive sectors, geographic exposure through Gibraltar and Ceuta-Melilla, extensive use of cash and cryptocurrency, and rapid financial digitalization. The assessment evaluates 24 sectors, including credit institutions (substantial/high residual risk for ML), money transfer services (substantial residual risk), real estate (substantial residual risk for ML), and electronic money entities (substantial residual risk). Lower-risk sectors include mutual guarantee societies and postal money orders (both low residual risk). The analysis emphasizes that while regulatory frameworks exist across sectors, implementation gaps persist—particularly in staff training, internal monitoring, and customer due diligence. The Public Treasury indicates these findings will inform Spain's National Strategy Against Money Laundering and the updated National Strategic Plan Against Terrorism Financing, ensuring coordinated prevention, detection, and investigation efforts across high-exposure areas.

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Spain's Public Treasury Releases Comprehensive National Risk Assessment for Money Laundering and Terrorism Financing

On July 28, 2026, Spain's Treasury published the 2026 National Risk Analysis. The risk analysis is a comprehensive evaluation of money laundering (ML) and terrorism financing (TF) threats, vulnerabilities and residual risks across Spain's financial and non-financial sectors. The analysis identifies organised crime, drug trafficking and economic crimes, particularly value-added tax (VAT) fraud and investment fraud, as primary ML threats. Terrorist financing remains characterised by decentralised operations, lone actors and micropayments. Key vulnerabilities include high foreign population concentration in cash-intensive sectors, geographic exposure through Gibraltar and Ceuta-Melilla, extensive use of cash and cryptocurrency and rapid financial digitalisation. The assessment evaluates 24 sectors, including credit institutions (substantial/high residual risk for ML), money transfer services (substantial residual risk) and electronic money entities (substantial residual risk). Lower-risk sectors include mutual guarantee societies and postal money orders (both low residual risk). The analysis emphasises that although regulatory frameworks exist across sectors, implementation gaps persist, particularly in staff training, internal monitoring and customer due diligence. The Public Treasury indicates these findings will inform Spain's National Strategy Against Money Laundering and the updated National Strategic Plan Against Terrorism Financing, ensuring coordinated prevention, detection and investigation efforts across high-exposure areas.
3355405 pc Jul 28, 2026 msolomon Ukraine National Bank of Ukraine (NBU) horizon scanning
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National Bank of Ukraine Proposes Changes to Instructions on User Accounts

On July 27, 2026, the National Bank of Ukraine proposed amendments to the "Instructions on the Procedure for Opening and Closing Accounts for Users by Payment Service Providers for Account Servicing". The draft resolution introduces the possibility for a financial inclusion bank to enable a commercial agent, where there is an appropriate agreement, to consult, offer, prepare and conclude account agreements on their behalf. Comments and suggestions to the draft resolution will be accepted until August 10, 2026.
3355438 pc Jul 28, 2026 arahman Slovenia Predlogi zakonov horizon scanning
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Slovenia's Government Proposes Amendments to Financial Instruments Market Act

On July 27, 2026, the Government of the Republic of Slovenia submitted a proposal to amend and supplement the Financial Instruments Market Act (Zakon o trgu finančnih instrumentov, or ZTFI) to the National Assembly for consideration. The proposal follows an abbreviated legislative procedure, which streamlines the parliamentary review process. The amendment represents a significant development in Slovenia's financial markets regulatory framework, as the ZTFI establishes the primary legal structure governing the operation and oversight of financial instruments markets within the country. The specific amendments and their objectives are not detailed in the available source material; however, the proposal includes multiple related documents and previous versions of the legislation, indicating comprehensive revisions to the existing framework. The National Assembly will review the proposed amendments through the abbreviated procedure. Interested parties and members of parliament can access the full text of the proposal and related documentation through the National Assembly's legislative portal. The proposal builds on numerous previous amendments to the ZTFI, with the legislative history indicating ongoing refinement of Slovenia's financial markets regulation. The government's submission initiates the formal parliamentary consideration process, during which amendments may be proposed and debated before a final vote determines whether the legislation advances to enactment. REFERENCES: Predlogi zakonov - Izbran predlog zakona 0204-X: https://www.dz-rs.si/

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Slovenia's Government Proposes Amendments to Financial Instruments Market Act

On July 27, 2026, the Slovenian government submitted a proposal to amend and supplement the Financial Instruments Market Act (ZTFI) to the National Assembly for consideration. The objective of the draft law is the timely and comprehensive transposition of Directive 2024/2811/EU and the relevant parts of Directive 2024/2810/EU into the legal order of the Republic of Slovenia, as well as ensuring the conditions for the implementation of Regulation 2024/2809/EU . The following amendments have been made in regard to investment research: The introduction of issuer-paid research (the EU Code of Conduct is being prepared by the European Securities and Markets Authority). The elimination of the existing issuer market capitalisation threshold below which combined payments for execution and research were permitted. New supervisory powers for the Securities Market Agency (ATVP) regarding research paid for by issuers. Other amendments include: The deletion of the reference to the repealed Directive 2001/34/EC. An alignment of the conditions for listing with Directive 2014/65/EU, which includes a minimum free float of 10 percent of the subscribed capital, minimum market capitalisation and provisions for convertible shares.
3355688 pc Jul 28, 2026 arahman European Union European Securities and Markets Authority horizon scanning
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European Securities and Markets Authority Authorises EuroCTP as Consolidated Tape Provider for Shares and Exchange-Traded Funds

On December 19, 2024, the European Securities and Markets Authority (ESMA) authorised EuroCTP as the Consolidated Tape Provider (CTP) for shares and exchange-traded funds (ETFs) in the European Union. A Consolidated Tape Provider aggregates and disseminates real-time trading data from multiple venues, creating a comprehensive market data feed that enhances market transparency and efficiency. This authorisation enables EuroCTP to collect, aggregate, and distribute post-trade transparency data for shares and ETFs across EU trading venues. The designation represents a significant development in EU market infrastructure, as it establishes an additional CTP operating alongside existing providers. ESMA's authorisation confirms that EuroCTP meets all regulatory requirements under the Markets in Financial Instruments Directive (MiFID II) and related implementing regulations. The CTP will be responsible for ensuring accurate, timely, and comprehensive dissemination of trade data to market participants, contributing to improved market transparency and price discovery. This authorisation applies to all EU member states and affects investment firms, trading venues, and other market participants reliant on consolidated market data for trading, risk management, and compliance purposes. The authorisation enables EuroCTP to commence operations as an approved CTP. Market participants can now utilise EuroCTP's services for accessing consolidated post-trade data on shares and ETFs. This development enhances competition in the EU market data landscape and provides market participants with additional options for obtaining real-time trading information. **Reference:** ESMA71-545613100-2975

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European Securities and Markets Authority Authorises EuroCTP as Consolidated Tape Provider for Shares and Exchange-Traded Funds

On July 27, 2026, the European Securities and Markets Authority (ESMA) authorised EuroCTP as the Consolidated Tape Provider (CTP) for shares and exchange-traded funds (ETFs) in the European Union. A Consolidated Tape Provider aggregates and disseminates real-time trading data from multiple venues, creating a comprehensive market data feed that enhances market transparency and efficiency. This authorisation enables EuroCTP to collect, aggregate and distribute post-trade transparency data for shares and ETFs across EU trading venues. The designation represents a significant development in EU market infrastructure, as it establishes an additional CTP operating alongside existing providers. ESMA's authorisation confirms that EuroCTP meets all regulatory requirements under the Markets in Financial Instruments Directive (MiFID II) and related implementing regulations. The CTP will be responsible for ensuring accurate, timely and comprehensive dissemination of trade data to market participants, contributing to improved market transparency and price discovery. This authorisation applies to all EU member states and affects investment firms, trading venues and other market participants reliant on consolidated market data for trading, risk management, and compliance purposes. The authorisation enables EuroCTP to commence operations as an approved CTP. Market participants can now utilise EuroCTP's services for accessing consolidated post-trade data on shares and ETFs. ESMA encourages data contributors and other market participants to maintain a high level of engagement with EuroCTP to ensure a smooth and timely launch of the consolidated tape activities.
3353078 pc Jul 28, 2026 pthandapani Hong Kong News - Securities and Futures Commission financial services
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Hong Kong Securities and Futures Commission Enhances Regulatory Framework for Daily Leveraged and Inverse Products

On July 24, 2026, the Securities and Futures Commission (SFC) issued a revised circular to enhance its regulatory framework for authorised leveraged and inverse products (L&I Products). The update provides product providers greater flexibility in managing their products while emphasising their nature as daily trading instruments to investors. Hong Kong's L&I Products market has expanded significantly since the beginning of 2026, particularly driven by growth in Single Stock L&I Products. This expansion has increased operational dependency on the broader ecosystem surrounding underlying stocks to maintain targeted leverage exposure. In response to this evolving market environment, the SFC now requires L&I Products with highly dynamic capacity dependent on market conditions to adopt a flexible leverage structure. Under this structure, the leverage factor may vary daily within existing caps of 2x for leveraged products and -2x for inverse products. This allows product providers greater room to manage L&I Products during high-volume trading sessions by lowering the targeted leverage factor when necessary, while maintaining effectiveness as daily trading and hedging instruments. The SFC requires L&I Products providers to publish the targeted leverage factor for the next trading day on their product websites and Hong Kong Exchanges and Clearing (HKEX) website after market close each day. Product names must indicate both the flexible leverage feature and maximum leverage factor. The daily variation in leverage factors—disclosed after market close—raises investor awareness of L&I Products' daily nature and that they are not intended for holding beyond one day. To enhance transparency and investor understanding, the SFC issued an infographic themed "D-A-I-L-Y" providing a checklist for investors. The SFC emphasised that investors should understand product features and associated risks, distinguish L&I Products from products designed for overnight or long-term holding, and carefully assess suitability before investing.

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Hong Kong Securities and Futures Commission Enhances Regulatory Framework for Daily Leveraged and Inverse Products

On July 24, 2026, the Hong Kong Securities and Futures Commission (SFC) revised the Circular on listed structured funds. The revised circular contains: Administrative measures detailing the product naming and identification requirements, stipulating that listed structured funds must be differentiated from conventional ETFs and specifically named as "Leveraged Product" or "Inverse Product" with their respective leverage factors and the word "daily" included. Specific rules mandating that Leveraged and Inverse (L&I) Products are generally subject to a maximum leverage factor of 2x to -2x, with specific exceptions such as a maximum -1x factor for inverse products referencing Mainland China equity indices. Regulations prescribing a mandatory upfront disclosure framework in the product key facts statement (Product KFS), requiring funds to explicitly outline key risks such as investment time horizons, futures-based return deviations, heightened volatility, and escalated derivative costs like roll costs. Provisions outlining the duty of product providers to continuously monitor their products' capacities, conduct extensive investor education, and ensure that at least one market maker is present at the commencement of trading and on an ongoing basis. Directives establishing robust contingency and defensive measures for single stock L&I Products, requiring product providers to implement business continuity plans, stop-loss mechanisms, and strict trading suspension rules if the underlying Hong Kong-listed shares are halted or suspended from trading. The revised circular takes immediate effect.
3352557 pc Jul 28, 2026 csoo Liechtenstein News - Financial Market Authority horizon scanning
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Liechtenstein Financial Market Authority Publishes Supervisory Practice Report for 2025

On July 24, 2026, the Financial Market Authority (FMA) of Liechtenstein published its supervisory practice report detailing decisions, orders, and rulings from the 2025 supervisory period. The report provides anonymised information on FMA decisions and orders, as well as determinations from the FMA Complaints Commission (FMA-BK) and other appeals bodies, demonstrating how the FMA applies and interprets supervisory law and establishing transparency and predictability for financial intermediaries. The report highlights several significant cases that will shape future supervisory practice. In one case, the FMA ordered a bank to restore lawful conditions under Article 63 of the Banking Act by ensuring an individual board member met fitness and propriety requirements through specified training and examinations in 2025 and 2026, and that the board collectively comprised at least one-third independent members. This marked the first time the FMA addressed both individual and collective fitness deficiencies of a board. In another case, the FMA determined that a wealth management company lacked an adequate domestic establishment with proper office facilities, finding that a shared office arrangement violated requirements under the Wealth Management Act (VVG). The FMA required separate, lockable office space with sufficient workstations and restricted access to client files. Additionally, the FMA revoked an insurance company's authorisation due to severe misconduct endangering policyholders' interests. The company's complaint to the FMA-BK and subsequent appeal to the Administrative Court (VGH) were both dismissed. During 2025, the FMA concluded 75 enforcement proceedings: 30 administrative procedures, 42 administrative penalty procedures, and three combined proceedings. Outcomes included 17 case dismissals, 34 orders via standard letter, seven final orders, seven submissions, and ten administrative or penalty orders. The FMA imposed fines totalling CHF 590,000 across 17 separate proceedings. REFERENCES: Financial Market Authority (FMA). "FMA informiert über ihre Aufsichtspraxis." July 24, 2026. Available at: https://www.fma.li/

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Liechtenstein's Financial Market Authority Publishes Supervisory Report for 2025

On July 24, 2026, the Financial Market Authority (FMA) of Liechtenstein published its supervisory report detailing decisions, orders, and rulings from the 2025 supervisory period. The report provides anonymised information on FMA decisions and orders, as well as determinations from the FMA Complaints Commission (FMA-BK) and other appeals bodies, demonstrating how the FMA applies and interprets supervisory law and establishing transparency and predictability for financial intermediaries. The publication spans a broad cross-section of the Liechtenstein financial market, categorising its guidance into four main areas: Banks and E-Money Institutions Asset Management and Markets Insurance and Pension Schemes Money Laundering Prevention and Other Financial Intermediaries Across these sectors, the report highlights several recurring regulatory themes, including: Corporate Governance: The individual and collective suitability of board members, independence requirements, and proper internal control systems. Licensing and Operations: The necessity of maintaining permanent, appropriate domestic physical offices and ensuring adequate, ongoing financial capitalisation. Sanctions and AML: The strict obligation to integrate international sanctions into risk management frameworks and adhere to due diligence and reporting laws. Third-Party Oversight: The liability of financial institutions for the actions of outsourced entities, including contractually bound intermediaries and delegated portfolio managers. Spectrum of Enforcement Measures: The document outlines the full range of supervisory tools the FMA utilises, scaling from low-level interventions to severe penalties. Judicial and Appellate Scope: The report comprehensively covers the entire lifecycle of enforcement. It details how FMA actions are reviewed and often upheld by higher appellate bodies, including the FMA-BK, the Higher Administrative Court (VGH), and the Constitutional Court. Clarification of Administrative Procedures: A significant portion of the report is dedicated to clarifying procedural law. It emphasises rulings which establish that interim procedural orders by the FMA—such as demands for documents, the initiation of fact-finding proceedings, or the publication of warning notices—cannot be separately appealed or delayed by legal challenges prior to a final decision.
3352719 pc Jul 28, 2026 msolomon Bulgaria Official Gazette horizon scanning
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Bulgaria's National Assembly Enacts Amendments to Credit Institutions Law Establishing Enhanced Supervisory Framework and Third-Country Branch Regulations

On July 24, 2026, Bulgaria's Official Gazette published Decree No. 233 from July 20, 2026, by which President Iliana Yotova promulgated amendments to the Law on Credit Institutions, adopted by the 52nd National Assembly on July 9, 2026. The amendments, which transpose Directive (EU) 2024/1619 and Directive (EU) 2024/2994, introduce significant changes to Bulgaria's banking regulatory framework. Key amendments establish a new supervisory structure for third-country branches, implementing categorization into Category 1 and Category 2 branches based on asset thresholds and deposit-taking activities. Category 1 branches must maintain minimum guarantee capital of 2.5 percent of average liabilities (minimum 10 million euros), while Category 2 branches must maintain 0.5 percent (minimum 5 million euros). The amendments introduce enhanced requirements for branch governance, including independent management committees for significant branches and mandatory registration of assets and liabilities. The law creates comprehensive provisions for merger and division procedures, establishing detailed evaluation criteria and procedural requirements for banking consolidations. New rules address environmental, social, and governance (ESG) risk management, requiring banks to assess climate-related and sustainability risks across short, medium, and long-term horizons. The amendments introduce periodic financial sanctions as enforcement tools, allowing regulators to impose daily penalties up to 5 percent of average daily net turnover to compel compliance with regulatory obligations. Significant governance enhancements include restrictions on board members' financial instrument trading, mandatory interest conflict declarations, and cooling-off periods for supervisory personnel transitioning to regulated entities. The amendments expand the Bulgarian National Bank's (BNB) supervisory powers over third-country branches, including authority to require their conversion to subsidiary status under specified conditions. Enhanced coordination mechanisms establish supervisory colleges for significant third-country branch groups operating across multiple European Union member states. The amendments become effective on January 11, 2027, with certain provisions regarding third-country branches and specific supervisory measures taking effect on that date. Transitional provisions allow existing third-country branch licensees until January 10, 2027, to demonstrate compliance with new requirements.

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Bulgaria Publishes Amendments to Credit Institutions Act

On July 24, 2026, the Law amending and supplementing the Credit Institutions Act was published in Bulgaria's Official Gazette. The amendments transpose Directive (EU) 2024/1619  (CRD VI) and Directive (EU) 2024/2994 and introduce changes to Bulgaria's banking regulatory framework. The amendments include the following: A new supervisory structure for third-country branches, implementing categorisation into Category 1 and Category 2 branches based on asset thresholds and deposit-taking activities. Category 1 branches must maintain minimum guarantee capital of 2.5 percent of average liabilities (minimum 10 million euros), while Category 2 branches must maintain 0.5 percent (minimum 5 million euros). Enhanced requirements for branch governance, including independent management committees for significant branches and mandatory registration of assets and liabilities. Detailed conditions for merger and division procedures, establishing detailed evaluation criteria and procedural requirements for banking consolidations. New rules requiring banks to assess climate-related and sustainability risks across short, medium, and long-term horizons as part of environmental, social, and governance (ESG) risk management. These amendments come into force on January 11, 2027.
3356068 pc Jul 27, 2026 pdonofrio US Track 2 Financial Crimes Enforcement Network horizon scanning
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U.S. Financial Crimes Enforcement Network Issues Enforcement Policy Statement Supporting Venezuela Relief Efforts

On July 27, 2026, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a statement of enforcement policy in support of economic recovery and earthquake relief efforts in Venezuela. The statement represents FinCEN's policy approach to enforcement matters related to humanitarian assistance and economic recovery activities in Venezuela. By issuing this enforcement policy statement, FinCEN provides clarity to financial institutions and other regulated entities on the agency's enforcement priorities and expectations regarding transactions and activities connected to Venezuela's relief and recovery initiatives. This approach allows FinCEN to balance its anti-money laundering and counter-terrorism financing (AML/CTF) obligations with the legitimate need to facilitate humanitarian assistance and economic support to Venezuela during a period of crisis. The enforcement policy statement serves to reduce compliance uncertainty for financial institutions, money services businesses, and other entities subject to FinCEN's jurisdiction that may engage in transactions related to Venezuela's earthquake relief and economic recovery efforts. By clarifying its enforcement stance, FinCEN enables regulated entities to support relief activities while maintaining appropriate AML/CTF controls and risk management procedures. Financial institutions and other regulated entities should review FinCEN's statement of enforcement policy to understand the agency's position on Venezuela-related transactions and ensure their compliance programmes align with FinCEN's current enforcement priorities. The full statement of enforcement policy is available on FinCEN's website.

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US Financial Crimes Enforcement Network Issues Enforcement Policy Statement on Venezuela Relief Efforts

On July 27, 2026, the US Financial Crimes Enforcement Network (FinCEN) issued a policy statement on its enforcement stance surrounding support of economic recovery and earthquake relief efforts in Venezuela. The statement serves to reduce compliance uncertainty for financial institutions, money services businesses (MSBs) and other entities subject to FinCEN's jurisdiction that may engage in transactions related to Venezuela's recovery and relief efforts. The statement provides clarity to financial institutions and other regulated entities on the its enforcement priorities and expectations regarding transactions and activities connected to Venezuela's recovery and relief initiatives. According to FinCEN, this approach allows it to balance its anti-money laundering and counter-terrorism financing (AML/CTF) obligations with the legitimate need to facilitate economic support and humanitarian assistance to Venezuela during a period of crisis. By clarifying its enforcement stance, FinCEN is enabling regulated entities to support recovery and relief activities while maintaining appropriate AML/CTF controls and risk management procedures.
3356032 pc Jul 27, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Department of the Treasury Removes Sanctions Designations in Second Modernization Initiative Action

On July 27, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) removed 84 individuals and entities from its Specially Designated Nationals and Blocked Persons List (SDN List) and improved identifying information for 22 additional list entries. This action represents the second major step in Treasury's sanctions modernization initiative, which Secretary of the Treasury Scott Bessent announced in May 2026. The removals target designations no longer considered U.S. national security or foreign policy priorities, including deceased individuals, defunct entities, and targets sanctioned more than 20 years ago that lack sufficient identifying information for effective compliance screening. OFAC conducted interagency review for each removal to ensure no harm to U.S. foreign policy or national security interests. The modernization effort aims to ensure U.S. sanctions remain targeted and effective, measuring success by impact rather than the number of designations. OFAC identified older sanctions entries that sometimes lack routine identifying information now standard for new actions. Where removal was not appropriate, OFAC updated entries by adding identifiers such as place and date of birth, unique identification numbers, nationality, and gender to reduce compliance screening burdens for financial institutions. The action also resolved 18 sets of duplicate entries where the same person or property appeared under separate list entries, removing extras and updating relevant identifiers. On June 29, 2026, OFAC launched an online Reconsideration Portal streamlining the delisting request process for persons and property on OFAC sanctions lists or their authorized representatives. The portal enables submission of delisting petitions and requests for information underlying sanctions determinations, requiring key biographic and baseline information to efficiently adjudicate petitions under 31 Code of Federal Regulations Section 501.807.

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US Office of Foreign Assets Control Removes Sanctions Designations in Second-Round Modernization Initiative

On July 27, 2026, the US Office of Foreign Assets Control (OFAC) removed 84 individuals and entities from its Specially Designated Nationals (SDN) list, as well as improving identifying information for 22 additional list entries. The action represents the second major step in OFAC's sanctions modernization initiative, which was first announced in May 2026. The removals target designations no longer considered US national security or foreign policy priorities, including deceased individuals, defunct entities and targets sanctioned more than 20 years ago that lack sufficient identifying information for effective compliance screening. According to OFAC , it conducted interagency review of each removal to ensure no harm to US foreign policy or national security interests. Where removal was not appropriate, OFAC updated entries by adding identifiers such as place and date of birth, unique identification numbers, nationality and gender to reduce compliance screening burdens for financial institutions. The action also resolved 18 sets of duplicate entries where the same person or property appeared under separate list entries.
3353107 pc Jul 27, 2026 pthandapani Hong Kong Hong Kong Monetary Authority financial services
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Hong Kong Monetary Authority Issues Code of Practice Chapters on Valuation in Resolution

On July 24, 2026, the Hong Kong Monetary Authority (HKMA) issued two Code of Practice chapters regarding valuation in resolution under the Financial Institutions (Resolution) Ordinance (Cap. 628) (FIRO). The chapters—"The HKMA's Approach to Valuation in Resolution" (VIR-1) and "Valuation in Resolution Capabilities" (VIR-2)—establish the HKMA's framework and expectations for how authorized institutions must conduct valuations during resolution proceedings. Valuation in resolution is a critical component of the HKMA's resolution planning and execution framework. These chapters set out the HKMA's methodology for assessing the value of failing or failed institutions and their assets during resolution, which is essential for determining the feasibility of resolution strategies and protecting depositors and creditors. The guidance applies to all authorized institutions in Hong Kong and forms part of the broader resolution standards and resolution planning requirements established under FIRO. VIR-1 outlines the HKMA's overarching approach to valuation methodology, principles, and standards that institutions must follow. VIR-2 addresses the operational and technical capabilities that authorized institutions must develop and maintain to support effective valuation processes during resolution scenarios. Together, these chapters ensure that institutions are adequately prepared to execute valuations that meet regulatory standards and support orderly resolution outcomes. The Code of Practice chapters supersede previous guidance and represent the current regulatory requirements for authorized institutions. All authorized institutions should review the guidance and ensure their valuation capabilities and processes align with the HKMA's expectations outlined in VIR-1 and VIR-2. REFERENCES: Hong Kong Monetary Authority. "Code of Practice Chapters Regarding Valuation in Resolution." July 24, 2026. Available at: https://www.hkma.gov.hk/

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Hong Kong Monetary Authority Issues Code of Practice Chapters on Valuation in Resolution

On July 24, 2026, the Hong Kong Monetary Authority (HKMA) issued a letter regarding Code of Practice chapters on valuation in resolution under the Financial Institutions (Resolution) Ordinance (FIRO). The issued letter contains: Administrative measures detailing the issuance of two new Code of Practice chapters, VIR-1 ("The HKMA's Approach to Valuation in Resolution") and VIR-2 ("Valuation in Resolution Capabilities"), following industry consultation, alongside an update to the existing chapter RA-1. Specific rules mandating that authorized institutions review the guidance in VIR-2, which outlines the capabilities and arrangements they should put in place to support timely and robust valuation in resolution, as well as the Monetary Authority's approach to implementation. regulations prescribing the framework for valuations under the FIRO as outlined in VIR-1, which sets out how these valuations are generally anticipated to be carried out, including the methodologies, processes, and expected outputs. Provisions outlining the duty of the Monetary Authority to incorporate appropriate comments received during the industry consultation into the new chapters and to ensure online access to these documents via the HKMA's public and Supervisory Communication websites. The updated codes of practice take immediate effect.
3355404 pc Jul 27, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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Financial Conduct Authority Publishes Outcomes Monitoring Review Identifying Good Practice and Improvement Areas

The Financial Conduct Authority (FCA) published findings from its review into how firms monitor consumer outcomes under the Consumer Duty. The review examined firms' approaches to identifying whether customers receive good outcomes across the four Consumer Duty outcomes: products and services, price and value, consumer understanding, and consumer support. The FCA identified that the strongest approaches to outcomes monitoring were structured and evidence-based, with clear frameworks aligned to customer journeys and defined outcome expectations. Effective firms used data and management information (MI) to identify risks, make decisions, and demonstrate how monitoring led to improved customer outcomes. The FCA found that firms monitoring specific stages of the customer journey, rather than relying on high-level indicators alone, built clearer pictures of how outcomes develop and identified where customers faced greater risk of harm. Governance arrangements that supported regular reviews, effective escalation routes, and clear accountability for action produced measurable improvements over time. The FCA also identified several areas where firms need to strengthen their approach. Many firms had monitoring frameworks that lacked clear focus on customer outcomes or risks of harm, with high-level descriptions that did not translate into specific outcome definitions at each customer journey stage. Some firms collected relevant MI but could not demonstrate how it led to decisions or improved outcomes. Governance structures, while formally described, often did not clearly show how issues moved through the organisation or how boards used information to challenge performance and drive improvements. The FCA noted that culture, while frequently emphasised through training, was often not reflected in actual behaviour, decision-making or staff incentives. The review applies to all firms subject to the Consumer Duty across all sectors, including manufacturers and distributors responsible for monitoring customer outcomes and senior management overseeing outcomes monitoring.

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UK's Financial Conduct Authority Publishes Good Practice and Improvement Areas for Monitoring Consumer Outcomes

On July 27, 2026, the Financial Conduct Authority (FCA) published the findings of its review into how firms monitor consumer outcomes under the Consumer Duty, highlighting good practices and areas for improvement. The review examined firms' approaches to identifying whether customers receive good outcomes across the four Consumer Duty outcomes: products and services, price and value, consumer understanding, and consumer support. Key findings from the FCA include: Good practice Firms defined good outcomes product by product and stage by stage across the customer journey, rather than issuing a single broad statement. Thresholds and targets were evidenced, reviewed at least annually and sometimes set above historic performance to drive improvement. Stronger firms triangulated complaints, customer feedback, performance data and outcomes-based testing rather than relying on a single measure. Monitoring produced demonstrable change. Examples included ending two affiliate relationships after rejected-applicant testing, and cutting average first response time from 22 hours to under two minutes after introducing in-app chat. Governance showed clear senior accountability, escalation routes and action trackers with named owners and target dates, with outcomes reported to the board throughout the year. Firms monitored outsourced and distribution chain arrangements on a proportionate, risk-based basis, recognising they remain responsible for customer outcomes. Areas for improvement Frameworks were often high level, with no clear definition of good and poor outcomes and no evidence behind thresholds. Operational activity metrics such as conversion rates were used as proxies for customer outcomes. Firms relied on lagging indicators and lacked complete audit trails from issue identification through to action and outcome. Remedies were agreed but not tested, so it was unclear whether repeat contact or unresolved journeys had actually reduced. Vulnerability MI was aggregated rather than segmented by drivers such as health, financial resilience or life events. Boards reviewed and approved reports rather than challenging them. Firms described governance structures rather than how they operate day to day ( PRIN 2A.8.4R and 2A.8.5R ). Culture was described and supported by training but not evidenced in behaviour, accountability or incentives.
3353343 pc Jul 27, 2026 rghosh US Track 3 Notices | FINRA financial services
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Financial Industry Regulatory Authority Requests Comment on Modernizing Best Execution Guidance

On July 24, 2026, the Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 26-15, requesting comment on modernizing its best execution guidance under FINRA Rule 5310. The notice seeks input on how FINRA can update its interpretive guidance to ensure Rule 5310 remains effective as market structures evolve, particularly in light of the Securities and Exchange Commission's (SEC) proposal to rescind the trade-through rule under Regulation NMS Rule 611 and related locked and crossed market provisions under Rule 610(e). FINRA's best execution rule requires broker-dealers to use reasonable diligence to ascertain the best market for customer orders and execute them at the most favorable prices under prevailing market conditions. The SEC's proposed rescission of Rule 611 and Rule 610(e) would eliminate structural protections that have operated alongside broker-dealers' best execution obligations for over two decades. FINRA seeks comment on nine key areas: best execution standards post-rescission of Rules 611 and 610(e); access fees and transaction costs; best execution review standards; institutional orders; introducing and receiving firm obligations; extended trading hours; held and not held orders; listed options; and emerging technologies including artificial intelligence and tokenized securities. The notice requests specific feedback on venue connection decisions, benchmarking execution quality without protected quotations, order routing standards, and compliance oversight approaches. FINRA also seeks input on whether safe harbors should be developed for certain activities and how best execution obligations should apply to algorithmic trading, block trades, and orders handled through request-for-quote platforms or single dealer platforms. The comment period expires on September 25, 2026. Comments must be submitted through FINRA's online comment form, email, or hard copy mail to Jennifer Piorko Mitchell, Office of the Corporate Secretary, FINRA, 1700 K Street, NW, Washington, DC 20006. All comments received will be made publicly available on the FINRA website.

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US Financial Industry Regulatory Authority Requests Comment on Modernizing Best Execution Guidance

On July 24, 2026, the Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 26-15, requesting comment on modernizing its best execution guidance under FINRA Rule 5310 . The notice seeks input on how FINRA can update its interpretive guidance to ensure Rule 5310 remains effective as market structures evolve, particularly in light of the Securities and Exchange Commission's (SEC) proposal to rescind the trade-through rule under Regulation NMS Rule 611 and related locked and crossed market provisions under Rule 610(e). FINRA's best execution rule requires broker-dealers to use reasonable diligence to ascertain the best market for customer orders and execute them at the most favorable prices under prevailing market conditions. The SEC's proposed rescission of Rule 611 and Rule 610(e) would eliminate structural protections that have operated alongside broker-dealers' best execution obligations for over two decades. F FINRA seeks comment on nine key areas: Best execution standards post-rescission of Rules 611 and 610(e). Access fees and transaction costs. Best execution review standards. Institutional orders. Introducing and receiving firm obligations. Extended trading hours. Held and not held orders. Listed options. Emerging technologies including artificial intelligence and tokenized securities. The notice requests specific feedback on venue connection decisions, benchmarking execution quality without protected quotations, order routing standards, and compliance oversight approaches. FINRA also seeks input on whether safe harbors should be developed for certain activities and how best execution obligations should apply to algorithmic trading, block trades, and orders handled through request-for-quote platforms or single dealer platforms. The comment period expires on September 25, 2026. Comments must be submitted through FINRA's online comment form, email , or hard copy mail to Jennifer Piorko Mitchell, Office of the Corporate Secretary, FINRA, 1700 K Street, NW, Washington, DC 20006. All comments received will be made publicly available on the FINRA website.
3352322 gc Jul 27, 2026 mschanke Massachusetts Massachusetts - Proposed Rulemaking gamblingcompliance
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Massachusetts Gaming Commission Proposes Amendments to Baccarat Table Game Regulations

On August 18, 2026, the Massachusetts Gaming Commission (MGC) will convene a public hearing to gather comments on proposed amendments to 205 CMR 146.18, which governs physical characteristics of baccarat, midi-baccarat, mini-baccarat, and baccarat-chemin de fer tables. The MGC promulgated these regulations pursuant to Massachusetts General Law Chapter 23K, Sections 4 and 5. The proposed amendments aim to increase clarity surrounding gameplay and wagering procedures for specific baccarat game variations. The regulation also introduces a new subsection detailing payout odds for additional wagers at gaming tables, developed in accordance with the MGC's authorized rules. These changes reflect the Commission's ongoing efforts to refine gaming regulations and ensure consistency across table game operations in Massachusetts. The amendments will affect gaming operators and venues licensed to offer baccarat and its variations, as well as players and the broader gaming public. The proposed changes represent a technical refinement to existing regulatory frameworks rather than a substantive policy shift. The public hearing will take place on Tuesday, August 18, 2026, at 9:30 AM EST via remote collaboration technology using Microsoft Teams (Meeting ID: 244 636 090 631 919; Passcode: Xh9Gg64M). Interested parties may also dial in by phone at (213) 631-9908 using Conference ID: 191 944 468#. Written comments must be submitted to Judith.Young@massgaming.gov by 5:00 PM EST on August 17, 2026, with "Regulation Comment" in the subject line. Individuals wishing to present oral comments should email the same address to request a virtual hearing link. Draft regulations are available at www.massgaming.com under 'Regulations and Compliance' and 'Proposed Rulemaking'.

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Massachusetts regulator proposes amendments to baccarat table game regulations

On July 25, 2026, the Massachusetts Gaming Commission (MGC) published proposed amendments to 205 CMR 146.18 , which governs physical characteristics of baccarat, midi-baccarat, mini-baccarat, and baccarat-chemin de fer tables. The proposed amendments aim to increase clarity surrounding gameplay and wagering procedures for specific baccarat game variations. The regulation also introduces a new subsection detailing payout odds for additional wagers at gaming tables, developed in accordance with the MGC's authorized rules. The amendments will affect gaming operators and venues licensed to offer baccarat and its variations, as well as players and the broader gaming public. The MGC will hold a public hearing on the proposed amendments, which will take place on Tuesday, August 18, 2026 , at 9:30 AM EST. Written comments must be submitted to Judith.Young@massgaming.gov by 5:00 PM EST on August 17, 2026, with "Regulation Comment" in the subject line. Individuals wishing to present oral comments should email the same address to request a virtual hearing link.
3352156 pc Jul 27, 2026 ataylor Maryland Industry Advisories - Office of the Commissioner of Financial Regulation horizon scanning
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Maryland Office of Financial Regulation Adopts Earned Wage Access Reporting Regulations

On July 24, 2026, the Maryland Office of Financial Regulation (OFR) adopted amendments to Regulation .01 and new Regulation .06 under the Credit and Other Regulations section of the Code of Maryland Administrative Regulations (COMAR .09.03.10). The final rule took effect on July 20, 2026, and was published in the Maryland Register, Volume 53, Issue 14, Page 638 on July 10, 2026. The regulatory changes implement reporting requirements for earned wage access providers, following the Maryland Legislature's adoption of Chapter 847 (House Bill 1294), Acts of 2025. The new regulations establish the OFR's process for earned wage access provider reporting by defining previously undefined terms used by earned wage access providers and specifying the information earned wage access providers must submit to the OFR. These definitions and submission requirements create a standardised framework for compliance across the state's earned wage access sector. The OFR published an advisory with detailed specifications regarding the reporting process on May 5, 2026, providing earned wage access providers with guidance on implementation. Earned wage access providers operating in Maryland must now comply with the new reporting requirements under the amended and newly adopted regulations. For additional information or clarification regarding the advisory and reporting obligations, interested parties may contact Assistant Commissioner Clifford Charland at 410-230-6167 or [email protected].

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Maryland Office of Financial Regulation Adopts Earned Wage Access Reporting Regulations

On July 10, 2026, the Maryland Office of the Commissioner of Financial Regulation (OFR) published a Notice of Final Action in the Maryland Register (Volume 53, Issue 14, Page 638) regarding changes to earned wage access (EWA) reporting regulations. The final rule, which took effect on July 20, 2026, implements the reporting requirements created by Chapter 847 (House Bill 1294), Acts of 2025 . The OFR previously published an advisory with specifics regarding the reporting process on May 5, 2026. This action establishes the Office of Financial Regulation’s process for reporting with: Definitions for EWA providers: The rule establishes definitions for certain undefined terms used by earned wage access providers. Reporting requirements: The rule describes the specific information that earned wage access providers must submit to the OFR to comply with the statutory reporting obligation. Questions regarding the advisory may be directed to Assistant Commissioner Clifford Charland at 410-230-6167 or clifford.charland@maryland.gov.
3354353 gc Jul 27, 2026 gkaliraman Middle East & Africa Nigeria Gaming Regulator gamblingcompliance
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Nigeria's Lagos State Lotteries and Gaming Authority Enforces Regulatory Jurisdiction Through High Court Judgments

The Lagos State Lotteries and Gaming Authority (LSLGA) released a public notice affirming its statutory mandate following landmark High Court judgments that reaffirmed the regulator's authority over all gaming operators servicing Lagos residents. The High Court of Lagos State determined that all gaming operators—whether physical, online, or remote—must comply with state licensing, registration, and tax obligations under the Lagos State Lotteries and Gaming Authority Law 2021. The court rulings establish several key regulatory principles. The LSLGA possesses full legal authority to assess, impose, and recover all license fees, penalties, and the statutory Good Causes Levy on gross gaming revenue. Operating, maintaining, or promoting sports betting, casino, or online gaming services in Lagos State without a valid LSLGA operating license is unlawful. Operators cannot bypass Lagos laws by locating administrative offices or servers outside the state; acceptance of wagers from Lagos residents establishes full regulatory jurisdiction. The LSLGA is legally authorized to access, inspect, and audit all operational and financial records of gaming operators to ensure precise fee assessment. The High Court issued perpetual injunctions restraining non-compliant operators from continuing business until full compliance is met. Three operators faced enforcement action in 2026: Zegaming Nigeria Limited (suit LD/5131CMW/2024), Africa Betting Company Nigeria Ltd. (suit LD/5129CMW/2024), and Mozzartbet Services Limited (suit LD/718CM/2024). The court declared their operations illegal and imposed compliance orders and financial penalties. The LSLGA directed all unlicensed sports betting, casino, lottery, and gaming platforms offering services within Lagos State to immediately suspend non-compliant activities and initiate regularization. Continued defiance will attract enforcement action, back-dated levy recovery, court injunctions, and prosecution under Section 85 of the law.

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Nigeria's Lagos State Lotteries and Gaming Authority enforces regulatory jurisdiction through High Court judgments

On July 25, 2026, the Lagos State Lotteries and Gaming Authority (LSLGA) released a public notice affirming its statutory mandate following landmark High Court judgments that reaffirmed the regulator's authority over all gaming operators servicing Lagos residents. The High Court of Lagos State determined that all gaming operators—whether physical, online, or remote—must comply with state licensing, registration, and tax obligations under the Lagos State Lotteries and Gaming Authority Law 2021. The court rulings establish several key regulatory principles. The LSLGA possesses full legal authority to assess, impose, and recover all license fees, penalties, and the statutory Good Causes Levy on gross gaming revenue. Operating, maintaining, or promoting sports betting, casino, or online gaming services in Lagos State without a valid LSLGA operating license is unlawful. Operators cannot bypass Lagos laws by locating administrative offices or servers outside the state; acceptance of wagers from Lagos residents establishes full regulatory jurisdiction. The LSLGA is legally authorisd to access, inspect, and audit all operational and financial records of gaming operators to ensure precise fee assessment. The High Court issued perpetual injunctions restraining non-compliant operators from continuing business until full compliance is met. The following three operators faced enforcement actions: Zegaming Nigeria Limited: The entity's operations were declared illegal, requiring them to immediately register, submit financial statements and pay outstanding levies, while being restrained by perpetual injunction. Africa Betting Company Nigeria Ltd.: The entity's operations were deemed to be unlicensed and unlawful, following which they were directed to regularise licensing, remit back-dated levies, produce financial records, and cease operations. Mozzartbet Services Limited: The entity's preliminary objection was dismissed, with their operations being declared illegal and a NGN500,000 (US$370) penalty awarded. The LSLGA directed all unlicensed sports betting, casino, lottery, and gaming platforms offering services within Lagos State to immediately suspend non-compliant activities and initiate regularisation. Continued defiance will attract enforcement action, back-dated levy recovery, court injunctions, and prosecution under Section 85 of the law.
3354352 gc Jul 27, 2026 gkaliraman Middle East & Africa Nigeria Gaming Regulator gamblingcompliance
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Lagos State Lotteries and Gaming Authority Mandates Technical Compliance Overhaul for All Gaming Operators

On July 20, 2026, the Lagos State Lotteries and Gaming Authority (LSLGA) published a public notice requiring all licensed gaming operators, business-to-business (B2B) providers, and financial partners to transition their technical certifications and systems to comply with the state's updated regulatory framework. The notice follows a November 2024 Supreme Court judgment affirming exclusive state jurisdiction over gaming operations in Lagos State. The LSLGA has modernized its technical framework to establish fiscal transparency, strengthen anti-money laundering (AML) safeguards, and ensure complete traceability of financial flows. Effective July 2026, Global Lab joined the LSLGA's ecosystem as an accredited testing laboratory. The authority clarified that legacy technical certifications issued by non-authorized entities must align with the updated state regulatory framework. Operators submitting applications backed by non-compliant testing facilities will face compliance flags, and existing license holders must rapidly transition their platforms and physical hardware through the recognized framework to maintain operational validity. The LSLGA warned that uncertified systems will be disconnected immediately upon expiration, resulting in license revocation. The LSLGA established a six-month transition roadmap. During months one and two, operators, B2B software and platform providers, and payment service providers (PSPs) must complete mandatory registry census and self-declare active systems. Months three through five require formal submission of game source codes, random number generators (RNGs), online platforms, land-based video lottery terminal (VLT) and automated video player (AVP) hardware, and payment gateways for technical audit. In month six, the LSLGA will issue final certificates of homologation. Operators and providers must initiate census registration and prepare technical records immediately to avoid operational disruption.

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Nigeria's Lagos state gambling regulator mandates technical compliance overhaul for all gaming operators

On July 20, 2026, the Lagos State Lotteries and Gaming Authority (LSLGA) published a public notice requiring all licensed gaming operators, business-to-business (B2B) providers, and financial partners to transition their technical certifications and systems to comply with the state's updated regulatory framework. The notice follows a November 2024 Supreme Court judgment affirming exclusive state jurisdiction over gaming operations in Lagos State. The LSLGA has modernised its technical framework to establish fiscal transparency, strengthen anti-money laundering (AML) safeguards, and ensure complete traceability of financial flows. Furthermore, effective July 2026, Global Lab joined the LSLGA's ecosystem as an accredited testing laboratory. The authority clarified that legacy technical certifications issued by non-authorised entities must align with the updated state regulatory framework. Operators submitting applications backed by non-compliant testing facilities will face compliance flags, and existing license holders must rapidly transition their platforms and physical hardware through the recognized framework to maintain operational validity. The LSLGA established a six-month transition roadmap. During months one and two, operators, B2B software and platform providers, and payment service providers (PSPs) must complete mandatory registry census and self-declare active systems, via Global Lab. Months three through five require formal submission of game source codes, random number generators (RNGs), online platforms, land-based video lottery terminal (VLT) and automated video player (AVP) hardware, and payment gateways for technical audit. In month six, the LSLGA will issue final certificates of homologation. The LSLGA warned that uncertified systems will be disconnected immediately upon expiration, resulting in license revocation. Operators and providers must initiate census registration and prepare technical records immediately to avoid operational disruption.
3354432 gc Jul 27, 2026 apintea France ANJ (regulator) (check manually) gamblingcompliance
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France's National Gambling Authority Adopts Technical Requirements for Data Provision to Operators

On July 21, 2026, France's Autorité Nationale des Jeux (ANJ) adopted Decision No. 2026-158, establishing comprehensive technical requirements for operators to make gaming data available to the regulator. The decision, which takes effect November 30, 2026, repeals two prior decisions (2021-212 and 2023-187) and applies to data deposited from the effective date forward. The technical requirements address two primary areas. First, they establish specifications for the Material Archiving Support (Support Matériel d'Archivage), the secure system operators must use to collect, store, and preserve all player-operator data exchanges in real time. Requirements cover governance, access controls, encryption standards, system hardening, and data storage architecture. Operators must implement high-availability systems with redundancy, secure interconnection mechanisms, and robust access controls distinguishing four user roles: depositor, reader, technical administrator, and functional administrator. The ANJ must be the sole entity capable of decrypting archived data, and any data alteration must be detectable by ANJ agents. Second, the decision specifies technical requirements for data itself—covering player account events, gaming activity, point-of-sale identification, and symbolic currency declarations. Data must be recorded in XML format, timestamped, chained, and sealed to prevent undetectable modification. Requirements encompass player account management (opening, modification, closure), financial movements, gaming events across sports betting, horse racing, poker, and lottery products, and periodic or on-demand data submissions to the ANJ. Operators must declare their Material Archiving Support operational before commencing activity and obtain certification within six months. The decision applies to all licensed online gaming operators and operators holding exclusive rights for lottery games and physical network distribution activities in France.

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France's National Gambling Authority adopts technical requirements for data submission

On July 24, 2026, France's Autorité Nationale des Jeux (ANJ) published Decision No. 2026-158 , establishing comprehensive technical requirements for operators to make gaming data available to the regulator. The decision relates to both the architecture of information systems and to the format and content of the data concerned. The decision, which takes effect November 30, 2026, repeals two prior decisions (2021-212 and 2023-187) and applies to data submitted from the effective date forward. The technical requirements address two primary areas. First, they establish specifications for the material archiving support ("support matériel d'archivage"), the secure system operators must use to collect, store, and preserve all player-operator data exchanges in real time. Requirements cover governance, access controls, encryption standards, system hardening, and data storage architecture. Operators must implement high-availability systems with redundancy, secure interconnection mechanisms, and robust access controls distinguishing four user roles: depositor, reader, technical administrator, and functional administrator. The ANJ must be the sole entity capable of decrypting archived data, and any data alteration must be detectable by ANJ agents. Second, the decision specifies technical requirements for data itself—covering player account events, gaming activity, point-of-sale identification, and symbolic currency declarations. Data must be recorded in XML format, timestamped, chained, and sealed to prevent undetectable modification. Requirements encompass player account management (opening, modification, closure), financial movements, gaming events across sports betting, horse racing, poker, and lottery products, and periodic or on-demand data submissions to the ANJ. Operators must declare their material archiving support operational before commencing activity and obtain certification within six months. The decision applies to all licensed online gaming operators and operators holding exclusive rights for lottery games and physical network distribution activities in France.
3352295 pc Jul 27, 2026 arahman Turkey T.C. Resmî Gazete horizon scanning
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Central Bank of Turkey Revokes Licence of Vezne24 Collection Systems for Conduct of Business Violations

On July 25, 2026, the Central Bank of Turkey revoked the payment institution licence of Vezne24 Collection Systems and Payment Services Inc for violations under Article 16(1) of the Law on Payment and Securities Settlement Systems .
3353199 pc Jul 27, 2026 arahman Finland Ministry of Justice horizon scanning
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Finland's Ministry of Justice Seeks Consultation on United Nations Sanctions Implementation Legislation

On the consultation service Lausuntopalvelu.fi, Finland's Ministry of Justice, acting through the Foreign Ministry, opened a consultation on a government proposal to parliament regarding the implementation of certain United Nations sanctions. The consultation reference number is VN/35821/2025, with responses due by September 10, 2026, at 4:15pm. The proposed legislation aims to modernise Finland's sanctions framework by updating the existing sanctions act (laki eräiden Suomelle Yhdistyneiden Kansakuntien ja Euroopan unionin jäsenenä kuuluvien velvoitusten täyttämisestä), which currently contains outdated provisions for implementing UN sanctions. The new framework would enable Finland to implement UN personal and entity sanctions at the national level without delay, serving as an interim procedure until the European Union incorporates UN Security Council sanctions into its union sanctions regulations. The proposal includes amendments to the sanctions act and the enforcement code, and certain UN Security Council resolutions will be implemented nationally. The legislation is intended to enter into force in winter 2027. The primary objective is to prevent circumvention of asset-freezing obligations contained in UN sanctions and ensure effective national implementation. UN sanctions address terrorism and weapons of mass proliferation, requiring the freezing of assets and economic resources of listed persons and entities. Delays in national implementation allow listed entities to transfer, sell, conceal, or use assets before freezing takes effect, undermining sanction effectiveness. The proposal also aims to fulfil Financial Action Task Force (FATF) recommendations 6 and 7 regarding the prompt implementation of asset-freezing obligations under UN sanctions. Responses can be submitted through the consultation service or by email to the ministry's registry at [email protected], referencing case number VN/35821/2025. All submitted opinions will be published on the government project pages (valtioneuvosto.fi/hankkeet, reference UM019:00/2025), though private individuals' responses will only be published online upon written request.

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Finland's Ministry of Foreign Affairs Consults on United Nations Sanctions Implementation Legislation

On July 24, 2026, the Ministry of Foreign Affairs opened a consultation on a government proposal to parliament regarding the implementation of certain United Nations sanctions. The proposed legislation aims to modernise Finland's sanctions framework by updating the existing sanctions act, which currently contains outdated provisions for implementing UN sanctions. The new framework would enable Finland to implement UN personal and entity sanctions at the national level without delay, serving as an interim procedure until the European Union incorporates UN Security Council sanctions into its Union sanctions regulations. The proposal includes amendments to the sanctions act and the enforcement code, and certain UN Security Council resolutions will be implemented nationally. The legislation is intended to enter into force in the winter of 2027. The primary objective is to prevent circumvention of asset-freezing obligations contained in UN sanctions and ensure effective national implementation. UN sanctions address terrorism and weapons of mass proliferation, requiring the freezing of assets and economic resources of listed persons and entities. Delays in national implementation allow listed entities to transfer, sell, conceal or use assets before freezing takes effect, undermining sanction effectiveness. The proposal also aims to fulfil Financial Action Task Force (FATF) Recommendations 6 and 7 regarding the prompt implementation of asset-freezing obligations under UN sanctions. Comments and feedback is welcome up until September 10, 2026 and can be submitted here or via email to kirijaamo.um@gov.fi.
3353062 pc Jul 27, 2026 tojuri France Autorité des Marchés Financiers financial services
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France's Financial Markets Authority Publishes Updated Guide for UCITS and Alternative Investment Fund Depositaries

On July 24, 2026, the Autorité des Marchés Financiers (AMF) published an updated version of its guide for undertakings for collective investment in transferable securities (UCITS) and alternative investment funds (AIFs) depositaries. The AMF originally issued this guide in November 2018 to support market participants in applying provisions from the UCITS V Directive. The updated version reflects significant operational and regulatory changes affecting depositaries' activities, particularly those related to tokenisation of financial assets and the emergence of crypto-assets following the entry into application of the European regulation on markets in crypto-assets (MiCA). The updated guide addresses key developments in financial innovation and provides clarity on depositaries' obligations in several areas. It sets out the missions of depositaries managing collective investment undertakings (CIUs) invested in crypto-assets, CIUs invested in financial instruments recorded using distributed ledger technology (DLT), and CIUs using DLT for liability account keeping. Notably, the guide specifies the conditions under which CIUs can authorise the settlement of subscription and redemption orders in e-money tokens (EMTs). Since early 2025, the AMF has collaborated with European counterparts on EMT settlement issues, positioning France as a pioneer in this regulatory area. The guide includes a final section assisting depositaries in developing escalation procedures and informing the AMF where applicable. The updated guidance reflects practical experience from AMF supervisory missions, which highlighted the need for additional clarifications on certain depositaries' obligations. The guide's publication coincides with the launch on June 30, 2026, of the first European Union money market UCITS allowing settlement of subscription and redemption orders in EMT, demonstrating the AMF's commitment to supporting financial innovation within a regulated framework.

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France's Financial Markets Authority Publishes Updated Guide for UCITS Depositaries

On July 24, 2026, the French Financial Markets Authority (AMF) published an updated version of its guide for undertakings for collective investment in transferable securities (UCITS) and alternative investment funds (AIFs) depositaries. The AMF originally issued the guide in November 2018 to support market participants in applying provisions from the UCITS V Directive . The updated version reflects significant operational and regulatory changes affecting depositaries' activities, particularly those related to the tokenisation of financial assets and the emergence of crypto-assets following the entry into application of Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA). The updated guide addresses key developments in financial innovation and provides clarity on depositaries' obligations in several areas. It sets out the missions of depositaries managing collective investment undertakings (CIUs) invested in crypto-assets, CIUs invested in financial instruments recorded using distributed ledger technology (DLT) and CIUs using DLT for liability account keeping. The guide also specifies the conditions under which CIUs can authorise the settlement of subscription and redemption orders in e-money tokens (EMTs). The guide includes a final section assisting depositaries in developing escalation procedures and informing the AMF where applicable. The updated guidance reflects practical experience from AMF supervisory missions, which highlighted the need for additional clarifications on certain depositaries' obligations.
3348174 gc Jul 25, 2026 nsairam Brazil Brazil | News Site gamblingcompliance
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Brazil's Prizes and Betting Secretariat Fines Blaze R$ 2.3 Million for Irregular Child-Targeted Advertising

On July 20, 2026, Brazil's Prizes and Betting Secretariat of the Ministry of Finance (SPA-MF) fined betting operator Blaze R$ 2.3 million for broadcasting advertising featuring children and adolescents. The penalty addresses 33 irregular advertising videos produced in partnership with influencer João Caetano and broadcast between March and July 2025. The content violated Brazil's betting regulations, responsible gaming ordinance, and the Statute of Children and Adolescents, which prohibit minors from being targeted by or participating in online betting promotion campaigns. SPA-MF assigned the penalty to Blaze rather than the influencer, determining that the operator bears responsibility for compliance and oversight of its commercial distribution chain. The regulatory body found that Blaze's contract with Caetano stipulated adherence to briefings and standards defined by the betting company, indicating the influencer acted under direct coordination and control rather than autonomously. SPA-MF further noted that the 33 irregular videos remained online for four months, demonstrating a failure in the company's duty of oversight. Blaze's assertion that it terminated the contract upon discovering irregularities did not mitigate the penalty. Blaze, operated by Foggo Entertainment, has ten days from formal notification to file an administrative appeal. The company stated it does not comment on ongoing legal proceedings and emphasised its commitment to compliance with applicable laws and regulations. Separately, the Public Prosecutor's Office of the Federal District and Territories (MPDFT) filed a public civil action against Blaze on July 8, 2026, alleging misleading and abusive advertising practices. The MPDFT seeks R$ 120 million in collective moral damages, with funds directed toward social programs addressing gambling addiction. The original complaint was filed by Instituto Alana, a non-governmental organisation dedicated to promoting children's and adolescents' rights.

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Brazil's fines Blaze (Foggo Entertainment) US$452,444 for irregular child-targeted advertising

On July 20, 2026, Brazil's Prizes and Betting Secretariat of the Ministry of Finance (SPA-MF) fined betting operator Blaze BRL$2.3 million (approx. US$450,000) for broadcasting advertising featuring children and adolescents. The penalty addresses 33 irregular advertising videos produced in partnership with influencer João Caetano and broadcast between March and July 2025. The content violated Brazil's betting regulations, responsible gaming ordinance, and the Statute of Children and Adolescents, which prohibit minors from being targeted by or participating in online betting promotion campaigns. The SPA-MF assigned the penalty to Blaze rather than the influencer, determining that the operator bears responsibility for compliance and oversight of its commercial distribution chain. The regulatory body found that Blaze's contract with Caetano stipulated adherence to briefings and standards defined by the betting company, indicating the influencer acted under direct coordination and control rather than autonomously. SPA-MF further noted that the 33 irregular videos remained online for four months, demonstrating a failure in the company's duty of oversight. Blaze's assertion that it terminated the contract upon discovering irregularities did not mitigate the penalty. Blaze, operated by Foggo Entertainment, has ten days from formal notification to file an administrative appeal. Separately, the Public Prosecutor's Office of the Federal District and Territories (MPDFT) filed a public civil action against Blaze on July 8, 2026, alleging misleading and abusive advertising practices. The MPDFT seeks BRL$120 million (approx. US$23,605,812) in collective moral damages, with funds directed toward social programs addressing gambling addiction.
3348775 pc Jul 24, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Department of the Treasury Designates Muslim Brotherhood and Hamas Financial Network Operatives

On July 23, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated one senior Egyptian Muslim Brotherhood (EMB) official, three individuals, and three entities for providing material support to Hamas. The action targets a multi-layered financial network that uses charitable facades and underground banking services to move funds across jurisdictions in support of Hamas's military operations. OFAC designated Mahmoud al-Abyari, a United Kingdom-based Secretary General of the Muslim Brotherhood General Secretariat, for acting on behalf of the EMB, which OFAC designated as a Specially Designated Global Terrorist in January 2026. Al-Abyari supported fundraising for U.S.-designated institutions and provided financial assistance to Hamas. OFAC also designated two sham charities created by Hamas: Indonesia-based Tujah Bulah Global (operating under the alias Seven Spikes Global) and Gaza-based Madad Palestine Charitable Society, both of which funneled funds to Hamas's military wing despite collecting donations ostensibly for civilian purposes. Additionally, OFAC designated Turkey-based El-Kahira for General Trading and its owner Khuldun Khamis Zakaria Alden, along with shareholders Zaid Issam Ahmed Al-Jebouri and Abdullah Issam Ahmad Al-Jebouri, for providing underground banking services in fiat and cryptocurrencies to Hamas and organized crime groups including Sweden-based Foxtrot Network. Treasury Secretary Scott Bessent said the administration will "relentlessly pursue terrorists and those who finance them." This action builds on prior OFAC designations announced on March 12, 2026 and January 21, 2026, and reflects coordination with the Federal Bureau of Investigation, Drug Enforcement Administration, and Customs and Border Protection. All designated persons' property and interests in the United States are blocked, and U.S. persons are prohibited from conducting transactions involving the designated entities unless authorized by OFAC.

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US Office of Foreign Assets Control Designates Muslim Brotherhood and Hamas Financial Network Operatives

On July 23, 2026, the US Office of Foreign Assets Control (OFAC) designated one senior Egyptian Muslim Brotherhood (EMB) official, as well as three individuals and three entities for providing material support to Hamas. The action builds on prior OFAC designations announced in March 2026 and January 2026, respectively. According to OFAC , the action targets a multi-layered financial network that uses charitable facades and underground banking services to move funds across jurisdictions in support of Hamas' military operations. As a result of the new sanctions designations, all US-based property and interests of the targeted individuals and entities are blocked, and US individuals and entities are generally prohibited from engaging in transactions with them, unless expressly authorized by OFAC.
3348774 pc Jul 24, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Department of the Treasury Sanctions Over 50 Individuals and Entities Linked to Cartel de Jalisco Nueva Generacion

On July 23, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated over 50 Mexican individuals and entities linked to the Cartel de Jalisco Nueva Generacion (CJNG), a violent cartel and Foreign Terrorist Organization (FTO) based in Mexico but active globally. This represents the largest enforcement action the Treasury has taken against CJNG to date. The designations target CJNG's leadership, drug trafficking cells, and illicit finance networks operating across multiple Mexican states. Among those sanctioned is Juan Carlos Gonzalez, also known as "Pelon," who became CJNG's new leader following the death of founder Ruben Oseguera Cervantes, known as "El Mencho," in February 2026. Gonzalez faces a U.S. federal drug trafficking indictment, and the U.S. State Department is offering up to $5 million for information leading to his arrest or conviction. Treasury Secretary Scott Bessent said the action "strikes Cartel de Jalisco Nueva Generacion's leadership, financiers, and criminal networks, denying the cartel the resources it uses to traffic fentanyl, terrorize communities, and threaten American lives." CJNG is responsible for a significant proportion of fentanyl and other deadly drugs trafficked into the United States. The cartel employs sophisticated money laundering methodologies and alternative revenue streams, including fuel theft, smuggling, and timeshare fraud. Today's action was taken pursuant to Executive Order 14059, targeting the international proliferation of illicit drugs, and Executive Order 13224, as amended, targeting terrorists and their supporters. OFAC coordinated this action with Mexico's financial intelligence unit, the Unidad de Inteligencia Financiera, and multiple U.S. federal agencies including the Federal Bureau of Investigation, Homeland Security Investigations, and the Drug Enforcement Administration. All property and interests in property of the designated individuals and entities in the United States or in possession or control of U.S. persons are blocked. Violations of U.S. sanctions may result in civil or criminal penalties. Financial institutions and other persons risk exposure to sanctions for engaging in transactions involving designated persons.

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US Office of Foreign Assets Control Sanctions Cártel de Jalisco Nueva Generación Network

On July 23, 2026, the US Office of Foreign Assets Control (OFAC) designated over 50 Mexican individuals and entities linked to the Cártel de Jalisco Nueva Generación (CJNG), a criminal cartel and foreign terrorist organization (FTO) based in Mexico but active globally. The action was taken pursuant to Executive Order 14059 , targeting the proliferation of illicit drugs, and Executive Order 13224 , targeting terrorist activities. The designations target CJNG's leadership, drug trafficking cells and illicit finance networks operating across multiple Mexican states. Among those sanctioned is Juan Carlos Gonzalez, also known as "Pelon", who became CJNG's new leader following the death of founder Ruben Oseguera Cervantes, known as "El Mencho", in February 2026. According to OFAC , CJNG is responsible for a significant proportion of fentanyl and other deadly drugs trafficked into the United States, with the cartel employing sophisticated money laundering methodologies and alternative revenue streams, including fuel theft, smuggling and timeshare fraud. As a result of the new sanctions designations, all US-based property and interests of the targeted individuals and entities are blocked, and US individuals and entities are generally prohibited from engaging in transactions with them, unless expressly authorized by OFAC.
3351743 pc Jul 24, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Department of the Treasury Designates Four Individuals and Nine Entities Supporting Iranian Financier Zanjani's Sanctions Evasion Network

On July 24, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated four individuals and nine entities that form key components of Babak Zanjani's broader Iranian sanctions evasion network. The action targets Zanjani's Iran-based operations under the "Dot One" conglomerate and companies outside Iran that have supported his flagship OFAC-designated digital asset exchanges, Zedcex Exchange Limited (Zedcex) and Zedxion Exchange Limited (Zedxion). OFAC designated Zanjani and his two largest digital asset projects on January 30, 2026. Following his death sentence commutation in 2024, Zanjani re-emerged as a backer of regime-linked economic projects by 2025. The Dot One conglomerate comprises multiple Iran-based companies across diverse industries including logistics, telecommunications, aviation, transportation, and digital assets. OFAC designated Dot One Value Creation Group and Dot One Gold Company as primary holding entities, alongside Dot One Rail Company, Dot One Barter Company, Dot One Airlines Company, and Dot One Trip. Supporting entities designated include Istanbul-based Zedpay Finansal Sistem Ve Hizmetleri Anonim Sirketi (Zedpay), Dubai-based Zedx DMCC (Zedx), and Dubai-based BZ Diamond FZCO (BZ Diamond). Four individuals were designated: Mehdi Rezazadeh, chairperson of Zedpay; Sukhrob Oimakhmadov, manager of Zedx; Bahareh Morteza Zanjani, Zanjani's sister and manager of BZ Diamond; and Solmaz Bani, Zanjani's significant other. All property and interests in property of designated persons within the United States or in possession or control of U.S. persons are blocked. U.S. persons are generally prohibited from engaging in transactions involving designated persons unless authorized by OFAC license. Violations may result in civil or criminal penalties. Non-U.S. persons are prohibited from causing U.S. persons to violate sanctions or engaging in conduct that evades U.S. sanctions. Individuals providing information about sanctions violations to the Financial Crimes Enforcement Network's whistleblower incentive program may be eligible for awards if enforcement actions result in monetary penalties exceeding $1,000,000.

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US Office of Foreign Assets Control Sanctions Network Supporting Iranian Financier Babak Zanjani

On July 24, 2026, the US Office of Foreign Assets Control (OFAC) designated four individuals and nine entities that form key components of Babak Zanjani's broader Iranian sanctions evasion network. According to OFAC , the action targets Zanjani's Iran-based operations under the "Dot One" conglomerate and companies outside Iran that have supported his flagship OFAC-designated digital asset exchanges, Zedcex Exchange Ltd. and Zedxion Exchange Ltd. OFAC previously designated Zanjani and his two largest digital asset companies in January 2026. As a result of the new sanctions designations, all US-based property and interests of the targeted individuals and entities are blocked, and US individuals and entities are generally prohibited from engaging in transactions with them, unless expressly authorized by OFAC.
3351646 pc Jul 24, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Department of the Treasury's Financial Crimes Enforcement Network Issues Alert on Federal Student Aid Fraud Schemes

On July 24, 2026, the Financial Crimes Enforcement Network (FinCEN), part of the U.S. Department of the Treasury, issued an alert urging financial institutions to detect, prevent, and report suspicious activity connected to fraud schemes targeting federal student aid programs. The alert addresses schemes in which fraudsters use stolen and fraudulent identities to enroll in educational institutions and unlawfully acquire funds from federal student aid programs. FinCEN identified two primary fraud methodologies. First, fraudsters create "ghost students" by illegally obtaining personally identifiable information (PII) to impersonate identity theft victims or by using artificial intelligence and other tools to generate synthetic identities combining stolen PII with fabricated details. Second, fraudsters leverage complicit "straw students"—individuals who provide their PII in exchange for a fee—and enroll them at educational institutions to collect financial aid refunds. Corrupt staff at educational institutions may also act as insiders, recruiting straw students and manipulating educational records. These schemes result in losses to federal student aid programs and, in some cases, prevent legitimate students from enrolling in classes due to fraudulent enrollments. Financial institutions can identify suspicious activity by monitoring deposits made directly by educational institutions or intermediaries. Student aid refund payments typically occur via Automated Clearing House transfers with transaction references including the term "refund" and the educational institution's name or abbreviation. After obtaining student aid refunds, fraudsters may launder funds through money mules, shell companies, and fraudulent accounts. The alert supports Executive Order 14249, Protecting America's Bank Account Against Fraud, Waste, and Abuse, and reflects Treasury's commitment to eliminating government benefits fraud.

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1652 chars · nid 94240

US Financial Crimes Enforcement Network Issues Alert on Federal Student Aid Fraud Schemes

On July 24, 2026, the Financial Crimes Enforcement Network (FinCEN) issued an alert urging financial institutions to detect, prevent and report suspicious activity connected to fraud schemes targeting federal student aid programs. The alert supports Executive Order 14249 ("Protecting America's Bank Account Against Fraud, Waste and Abuse"). The alert addresses schemes in which fraudsters use stolen and fraudulent identities to enroll in educational institutions and unlawfully acquire funds from federal student aid programs. These schemes result in losses to federal student aid programs and, in some cases, prevent legitimate students from enrolling in classes due to fraudulent enrollments. After obtaining student aid refunds, fraudsters may launder funds through money mules, shell companies and fraudulent accounts. FinCEN identified two primary fraud methodologies. First, fraudsters create "ghost students" by illegally obtaining personally identifiable information (PII) to impersonate identity theft victims or by using artificial intelligence (AI) and other tools to generate synthetic identities combining stolen PII with fabricated details. Second, fraudsters leverage complicit "straw students" (individuals who provide their PII in exchange for a fee) and enroll them at educational institutions to collect financial aid refunds. According to FinCEN, staff at educational institutions may also act as insiders, recruiting straw students and manipulating educational records. FinCEN encourages financial institutions to identify suspicious activity by monitoring deposits made directly by educational institutions or intermediaries.
3350913 pc Jul 24, 2026 ggallwey Japan Financial Services Agency horizon scanning
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Japan's Financial Services Agency Opens Consultation on Financial Instruments Act Definitions

On July 24, 2026, Japan's Financial Services Agency (FSA) opened a public consultation on proposed amendments to cabinet office ordinances relating to definitions under the Financial Instruments and Exchange Act (FIEA). The FSA seeks feedback on three key regulatory amendments designed to support domestic financial market development and startup internationalisation. The first amendment relaxes regulations governing corporate bond solicitation by group companies. Where group company solicitation of bonds can be considered equivalent to solicitation by the issuing company, it will be excluded from the definition of financial instruments business. This change aims to promote efficient group management from a corporate perspective. The second amendment eases investment management regulations for overseas venture fund (VF) connections. To facilitate domestic startup expansion abroad, the FSA proposes relaxing requirements for foreign fund exemptions when domestic VFs invest in overseas VFs. The third amendment clarifies that rights displayed on depositary receipts constitute securities even when physical certificates are not issued, with corresponding updates to securities registration statement formats. The consultation period closes on August 24, 2026, at 5:00pm Japan Standard Time. Responses can be submitted by post to the FSA's Market Division, Planning and Markets Bureau, or via the e-Gov website. Respondents must provide their name, occupation, contact information, and reasoning. Individual responses will not be provided, though comments may be disclosed upon request, with personal and commercially sensitive information redacted. Following the consultation period, the FSA will proceed through required procedures before publication and implementation of the amended ordinances.

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Japan's Financial Services Agency Opens Consultation on Financial Instruments Act Definitions

On July 24, 2026, the Financial Services Agency of Japan (FSA) published a public consultation on a draft Cabinet Office Ordinance to amend the "Cabinet Office Ordinance Concerning the Definitions Stipulated in Article 2 of the Financial Instruments and Exchange Act " (FIEA). The FSA seeks feedback on three key regulatory amendments designed to support domestic financial market development and startup internationalisation: Relaxing regulations governing corporate bond solicitation by group companies. Where group company solicitation of bonds can be considered equivalent to solicitation by the issuing company, it will be excluded from the definition of financial instruments business. This change aims to promote efficient group management from a corporate perspective. Easing investment management regulations for overseas venture fund (VF) connections. To facilitate domestic startup expansion abroad, the FSA proposes relaxing requirements for foreign fund exemptions when domestic VFs invest in overseas VFs. Clarifying that rights displayed on depositary receipts constitute securities even when physical certificates are not issued, with corresponding updates to securities registration statement formats. The consultation period closes on August 24, 2026. Responses can be submitted by post to the FSA's Market Division, Planning and Markets Bureau, or via the e-Gov website . Following the consultation period, the FSA will proceed through required procedures before publication and implementation of the amended ordinances.
3350535 pc Jul 24, 2026 ggallwey Japan Financial Services Agency financial services
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Japan's Financial Services Agency Publishes Supplementary Guidelines for Supervision of High Speed Traders

On July 2026, the Financial Services Agency (FSA) published comprehensive supplementary guidelines for the supervision of high speed traders (HST). The guidelines establish a framework for supervisory bureaus and regional finance offices to oversee high speed trading activities, which involve the automated ordering, modification, and cancellation of financial instruments at extremely high speed using algorithms. The FSA recognises that high speed trading provides liquidity to financial markets and benefits general investors through narrower bid-offer spreads. However, the guidelines address concerns regarding market stability, fairness among investors, price formation, and system vulnerabilities. The guidelines apply to high speed traders who are not classified as financial instruments business operators, reflecting the FSA's intent to calibrate supervisory requirements proportionately to their business characteristics, size, and complexity. The guidelines establish supervisory evaluation points across three key areas: governance, appropriateness of business operations, and administrative procedures. On governance, supervisors examine officer eligibility, adequate staffing levels, and the control environment. Regarding business operations, the FSA requires high speed traders to establish internal rules, implement control mechanisms to prevent abnormal operations and unfair trading practices, and develop trading criteria to prevent market manipulation. The guidelines specify examination items for registration, including assessment of human resources management systems, staff expertise and experience, and qualifications of officers and employees. Regional Finance Bureaus and FSA divisions implement supervisory processes based on these guidelines. Directors-general of Regional Finance Bureaus must consult with the FSA Commissioner before refusing registration, issuing administrative dispositions, dismissing officers, or conducting investigations. The guidelines establish procedures for registration, including application requirements, supporting documentation, registration numbering, and registry management. Supervisors may require submission of reports, issue business improvement orders, or suspend operations where serious violations are identified.

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Japan's Financial Services Agency Publishes Supplementary Guidelines for Supervision of High Speed Traders

On July 24, 2026, the Financial Services Agency (FSA) published its supplementary Guidelines for Supervision of High Speed Traders. The document sets out the supervisory concepts, evaluation criteria and administrative procedures applied by the FSA and Regional Finance Bureaus when supervising High Speed Traders (HSTs) under the Financial Instruments and Exchange Act (FIEA). The guidance explains how supervisors will assess compliance with existing requirements addressing risks to market stability, fairness among investors and the resilience of algorithmic trading systems. Key elements of the supervisory framework include: Governance and staffing Supervisors will assess whether HSTs maintain adequate management expertise, compliance oversight and staffing. Compliance functions should be independent of investment decision-making functions. Officers and key personnel are also assessed against eligibility criteria concerning previous breaches of financial laws, criminal convictions and connections with organised crime groups. Operational and system controls To prevent market disruption and abnormal operations, supervisors will assess whether HSTs maintain appropriate controls, including hard and soft order limits, order-monitoring mechanisms, kill switches capable of cancelling abnormal orders, system capacity testing and contingency plans. Prevention of unfair trading HSTs should maintain internal controls, trading criteria and screening arrangements designed to prevent insider trading, market manipulation and other unfair trading practices. Internal control functions should periodically assess the effectiveness of these arrangements and revise them where necessary. Registration and strategy categorisation Applicants must clearly describe the basic mechanisms of their trading strategies in their operational procedures documents. Strategies should be categorised as market-making, arbitrage, directional or other. The guidance also establishes procedures for inspecting the Registry of High Speed Traders in person or by email. Cross-border supervision For foreign corporate and individual applicants, supervisors will determine whether the relevant home-state regulator is a signatory to the International Organization of Securities Commissions Multilateral Memorandum of Understanding . Where it is not, the FSA may contact the foreign regulator to assess its ability to cooperate with Japanese investigations. The guidelines also describe the supervisory actions available where deficiencies are identified. Depending on the seriousness of the issue, the FSA may request reports, conduct in-depth hearings, issue a business improvement or suspension order, require the dismissal of an officer, or revoke an HST’s registration. The FSA states that these criteria will be applied proportionately rather than mechanically or uniformly to every firm.
3350915 pc Jul 24, 2026 ggallwey Japan Financial Services Agency horizon scanning
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Japan's Financial Services Agency Publishes FinTech Proof-of-Concept Hub Experiment Results on Cryptocurrency Anti-Money Laundering

On July 24, 2026, Japan's Financial Services Agency (FSA) published the results of a proof-of-concept experiment conducted under its FinTech Proof-of-Concept Hub scheme, which was established in September 2017 to reduce barriers to innovation by fintech companies and financial institutions undertaking unprecedented experimental projects. The experiment, which ran from March to May 2026, was led by Hitachi Ltd. and involved 13 participating organisations including Aozora Bank, JPYC, GMO Coin, Chainalysis Japan, and others. The experiment verified the effectiveness and legal implications of a new framework enabling private-sector entities to share information collaboratively on anti-money laundering (AML) measures targeting crypto-assets and electronic payment methods. The framework involved three key components: a monitoring system providing risk assessments of blockchain addresses based on shared suspicious address data, transaction information, risk categories, and risk scores; an AML Joint Center conducting investigations on high-risk transactions; and technology providers supplying analytical tools and sanctions-related information. The monitoring system was tested across three functions: post-transaction monitoring for continuous risk evaluation, online real-time assessment of transfer destination addresses before transaction execution, and token monitoring enabling electronic payment method issuers to track holdings and transfers. Results confirmed that cross-industry information sharing identified suspicious address patterns difficult for individual entities to detect alone. The combination of list-matching and machine learning processes enhanced detection of both known sanctions and crime-related entities and previously unknown risk indicators. All three monitoring system functions demonstrated operational feasibility. However, alerts alone proved insufficient for determining suspicious transaction reporting, trading restrictions, or token freezing decisions, requiring supplementary investigation of fund flows, public information, and related addresses. The FSA advised that individual entities retain responsibility for suspicious transaction reporting and trading restrictions, with monitoring system alerts never being the sole basis for decisions. The FSA and the Personal Information Protection Commission provided guidance on data sharing consent requirements, data quality assurance, correction procedures, and privacy impact assessments. Applicants must establish internal rules, contracts, and operational procedures addressing data governance, detection logic improvements, access controls, audit logging, and complaint handling procedures.

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Japan's Financial Services Agency Publishes FinTech Proof-of-Concept Hub Experiment Results

On July 24, 2026, the Financial Services Agency of Japan (FSA) published the experimental results of Project No. 13 under its " FinTech Proof-of-Concept Hub " scheme. Originally announced on February 27, 2026 , and conducted between March and May 2026, the demonstration experiment was led by Hitachi, Ltd. alongside participating financial institutions, crypto asset exchange service providers (CAESPs), technology providers, and audit firms, including Aozora Bank, GMO Coin, Bitbank, Rakuten Wallet, NEC Corporation, Chainalysis Japan, and Azusa Audit Corporation. The experiment examined the technical effectiveness and legal feasibility of an industry-wide joint information-sharing framework to enhance anti-money laundering (AML) and countering the financing of terrorism (CFT) measures targeting crypto assets and electronic payment instruments (e.g., stablecoins). Key findings and structural details from the demonstration include: Information Sharing Scope Participants shared data points including suspicious addresses, transaction hashes, risk categories (sanctions, fraud, transaction similarity), risk scores (urgent, high, moderate, low), detection rationale, and timestamps to conduct joint analysis and risk assessments. Core Functions Verified Practical operational feasibility was confirmed across three functions: Post-event monitoring for continuous customer due diligence (CDD) and transaction monitoring; Online instant evaluation to verify destination address risks prior to executing withdrawals; and Token monitoring to enable electronic payment instrument issuers to track ownership and execute freezes/cancellations of illicit tokens. Post-event monitoring for continuous customer due diligence (CDD) and transaction monitoring; Online instant evaluation to verify destination address risks prior to executing withdrawals; and Token monitoring to enable electronic payment instrument issuers to track ownership and execute freezes/cancellations of illicit tokens. Operational Results Cross-company sharing enabled the identification of risk indicators that individual entities could not detect in isolation. While combining list-matching with machine learning (AI) improved threat detection, system-generated alerts were found to be insufficient on their own to justify administrative actions (e.g., filing suspicious transaction reports or freezing assets) without additional human-led contextual investigations. The FSA, in consultation with the Personal Information Protection Commission (PPC) , clarified that business operators must ensure explainability and transparency in AI risk-scoring logic to avoid unfair customer detriment. Furthermore, third-party personal data sharing under Article 27 of the Personal Information Protection Act is permitted based on valid consent (including historical data) or under property protection exemptions where obtaining consent is unfeasible or carries a risk of tipping off criminal suspects.
3349376 pc Jul 24, 2026 arahman Bulgaria Official Gazette horizon scanning
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Bulgaria's National Assembly Amends Law on Credit Institutions

On July 24, 2026, Bulgaria's National Assembly published amendments to the Law on Credit Institutions in the Official Gazette (issue 67). The amendments represent legislative modifications to the existing framework governing credit institutions operating within Bulgaria's financial system. The Law on Credit Institutions establishes the regulatory requirements and operational standards for credit institutions in Bulgaria. The specific nature of the amendments published in the Official Gazette has not been detailed in the source material; however, such legislative modifications typically address regulatory updates, operational requirements, supervisory procedures, or institutional governance matters affecting credit institutions. These amendments may impact credit institutions' compliance obligations, licensing requirements, or operational procedures. The amendments have been formally published in the Official Gazette, which serves as Bulgaria's official publication vehicle for legislative acts. This publication in the Official Gazette represents the formal notification of the legislative changes to the public and relevant stakeholders. Credit institutions and their compliance teams should review the amendments to understand any changes to their regulatory obligations or operational requirements under Bulgarian law. The effective date of these amendments, if different from the publication date, should be confirmed by reviewing the full text of the legislative act in the Official Gazette. REFERENCES: Държавен вестник (Official Gazette), Issue 67, July 24, 2026

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Bulgaria's National Assembly Amends Law on Credit Institutions

On July 24, 2026, Bulgaria's National Assembly published amendments to the Law on Credit Institutions in the Official Gazette (Issue 67). The Law on Credit Institutions establishes the regulatory requirements and operational standards for credit institutions in Bulgaria. Key amendments include: A bank and a branch from a third country shall be managed and represented jointly by at least two persons, at least one of whom is fluent in Bulgarian. They may not assign the overall management and representation of the bank or the branch to one of them, but may authorise third parties to perform individual actions. The conditions under which the members of the management board, respectively of the board of directors, the members of the supervisory board and the procurators may participate in the composition of the management or control bodies of other legal entities, as well as the additional requirements that they must comply with in the exercise of their functions, shall be determined by a regulation of the Bulgaria National Bank (BNB). At least one of the members of the supervisory board or of the non-executive members of the board of directors of a bank must be independent. A member of a management board, a board of directors, as well as a procurator, with the exception of one whose authorisation is only for the activities of a branch of a bank licensed in the Republic of Bulgaria, may be a person who: Has higher education with an acquired educational and qualification degree not lower than a masters. Has a good reputation. Is capable of working with honesty, integrity and independence to effectively assess and challenge the decisions of the management board. Has higher education with an acquired educational and qualification degree not lower than a masters. Has a good reputation. Is capable of working with honesty, integrity and independence to effectively assess and challenge the decisions of the management board.
3349648 pc Jul 24, 2026 arahman Czech Republic Law Gazette 2025 horizon scanning
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Czech Republic's Law Gazette Amends Investment Company and Investment Fund Legislation

On July 8, 2026, the Czech Parliament adopted Law 130/2026 Sb., which amends the Act on Investment Companies and Investment Funds (Law 240/2013 Sb.) and related legislation. The law takes effect September 1, 2026, with certain provisions effective April 16, 2027. The amendment introduces comprehensive requirements for fund managers and administrators overseeing alternative investment funds that acquire loan receivables. Key provisions establish a 20 percent capital limit on exposure to single borrowers, prohibit acquisitions from related parties, and require managers to retain 5 percent of transferred loan receivables. The law defines "loan receivables" and establishes leverage limits of 175 percent for open-ended alternative funds and 300 percent for closed-ended alternative funds. The amendment introduces liquidity management tools for open-ended funds, including suspension of issuance and redemptions, redemption restrictions, extended redemption periods, redemption fees, anti-dilution fees, swing pricing, dual pricing, in-kind redemptions, and asset segregation. Managers must disclose at least two liquidity management tools in fund statutes and establish procedures for their use. The law strengthens governance requirements by mandating at least two key management personnel with EU residency, establishes suitability assessments for key personnel, and introduces conflict-of-interest management procedures. It expands the Czech National Bank's supervisory authority and introduces new reporting obligations for fund managers regarding fund acquisitions, liquidity tools, and cross-border activities. The amendment also modifies provisions on fund division, enabling splitting, separation, and carve-out operations with specific procedural requirements. Transitional provisions allow existing funds established before April 15, 2024, extended compliance periods until April 16, 2029, with certain exemptions for funds not acquiring additional capital. REFERENCES: Law Gazette 2025, Issue 130/2026 Sb. (Czech Republic)

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Czech Republic Amends Investment Company and Investment Fund Legislation

On July 23, 2026, the Act amending Act No. 240/2013 Coll. on Investment Companies and Investment Funds was published in the official gazette. The fitness and propriety requirements for a manager of an investment fund have been amended. The requirements shall include: No fact has arisen that is an obstacle to the performance of the function of a member of an elected body of a business corporation who is elected, appointed or otherwise called to the position. Acts in a trustworthy manner. Professionally competent and has sufficient knowledge and experience to properly perform this function. Suitable from the point of view of the proper and prudent performance of the activities of the investment fund manager or foreign investment fund in which they may perform the function of a manager. Professional, business or other similar activity, for example, activity for a person with a similar business, is not prevented from performing their duties properly. Has sufficient experience in managing the assets on which the investment strategy of the managed investment fund or foreign investment fund is focused. These amendments come into effect on September 1, 2026.
3347791 pc Jul 24, 2026 arahman Lithuania Lithuanian Bank horizon scanning
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Lithuanian Bank Revokes AlphaPay Payment Institution Licence Due to Multiple Regulatory Breaches

On July 22, 2026, the Lithuanian Bank revoked the payment institution licence of AlphaPay, UAB (formerly NovaPay, UAB) due to multiple serious regulatory violations and its inability to maintain safe, reliable, and stable operations. The Lithuanian Bank determined that AlphaPay failed to meet licence requirements across several critical areas. The institution's internal control systems and information and communications technology infrastructure were inadequate, and it failed to ensure proper protection of payment service users' funds. Additionally, AlphaPay did not meet own capital requirements and failed to submit audited 2025 annual financial statements, audit opinions, and general shareholders' meeting resolutions on profit or loss distribution within the prescribed timeframes. In April 2026, the Lithuanian Bank suspended AlphaPay's licence and restricted access to accounts holding client funds. The regulator subsequently issued orders requiring the institution to remedy identified breaches of legal requirements and provide accurate data on its activities and financial condition. AlphaPay failed to comply with these directives. Following assessment of all circumstances, the Lithuanian Bank concluded the institution could not ensure safe, reliable, and stable operations, creating a threat to client interests. The revocation means AlphaPay cannot provide any financial services. According to the Lithuanian Bank, the institution is insolvent, lacking sufficient funds to meet its obligations and holding negative own capital. Consequently, the Lithuanian Bank will petition the court to initiate insolvency proceedings against AlphaPay. The Lithuanian Bank also approved the reorganisation of insurance company Gjensidige by merger with ERGO Insurance SE, with a six-month transition period for transferring rights and obligations.

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Bank of Lithuania Revokes AlphaPay Payment Institution Licence for Consumer Protection Violations

On July 22, 2026, the Bank of Lithuania revoked the payment institution licence of AlphaPay, UAB (formerly NovaPay, UAB) due to multiple serious regulatory violations and its inability to maintain safe, reliable and stable operations. The Bank of Lithuania determined that AlphaPay failed to meet licence requirements across several critical areas. The institution's internal control systems and information and communications technology infrastructure were inadequate, and it failed to ensure proper protection of payment service users' funds. Additionally, AlphaPay did not meet own capital requirements and failed to submit audited 2025 annual financial statements, audit opinions and general shareholders' meeting resolutions on profit or loss distribution within the prescribed timeframes. In April 2026, the Bank of Lithuania suspended AlphaPay's licence and restricted access to accounts holding client funds. The regulator subsequently issued orders requiring the institution to remedy identified breaches of legal requirements and provide accurate data on its activities and financial condition. AlphaPay failed to comply with these directives. Following assessment of all circumstances, the Bank of Lithuania concluded the institution could not ensure safe, reliable and stable operations, creating a threat to client interests. The revocation means AlphaPay cannot provide any financial services. According to the Bank of Lithuania, the institution is insolvent, lacking sufficient funds to meet its obligations and holding negative own capital. Consequently, the Bank of Lithuania will petition the court to initiate insolvency proceedings against AlphaPay.
3347645 pc Jul 24, 2026 arahman European Union European Banking Authority financial services
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European Banking Authority Launches Consultation on Information Exchange Standards for Deposit Guarantee Schemes

On July 23, 2026, the European Banking Authority (EBA) published a consultation paper on draft Implementing Technical Standards (ITS) specifying information exchange procedures between credit institutions, deposit guarantee schemes (DGSs), designated authorities, and the EBA under Directive 2026/804/EU (DGSD3). The consultation addresses three key information flows. First, credit institutions must provide DGSs with minimum data for stress testing and deposit repayment preparedness, including depositor identification, eligible deposit amounts, and indicators for specific cases such as cross-border deposits, client funds, money laundering or terrorist financing (ML/TF) suspensions, and accounts subject to Union restrictive measures. The ITS proposes that DGSs set submission deadlines not exceeding three working days from request. Second, DGSs must submit annual reports to the EBA by March 31 on covered deposits and available financial means, with the EBA publishing consolidated, data-extractable tables. Third, designated authorities must notify the EBA without undue delay of deposit unavailability determinations, DGS fund usage, alternative funding arrangements, and changes to DGS operations, enabling the EBA to develop a transparent public database on bank failures. The draft ITS builds on existing practices and aims to harmonise requirements across Member States without imposing unnecessary burden. Notably, the EBA does not prescribe uniform file formats or templates, instead allowing national implementation flexibility. For cross-border deposits, credit institutions must identify accounts opened via branches or passported services, with specific criteria outlined for determining freedom to provide services arrangements. The consultation includes nine questions addressing specific proposals on dormant accounts, client funds identification, contact details, and publication procedures. The public consultation closes on October 23, 2026. Responses should be submitted via the EBA's consultation portal. The EBA will consider feedback before finalising the ITS.

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European Banking Authority Launches Consultation on Information Exchange Standards for Deposit Guarantee Schemes

On July 23, 2026, the European Banking Authority (EBA) published a consultation paper on draft Implementing Technical Standards (ITS) specifying information exchange procedures between credit institutions, deposit guarantee schemes (DGSs), designated authorities and the EBA under Directive 2026/804/EU (DGSD3). This draft ITS proposes the following: A minimum list of data to be provided by credit institutions to DGSs for the purpose of stress testing and payout preparedness, including basic depositor identification data, information about the amount of eligible deposits held by the credit institutions, and indicators for specific cases, such as cross‑border deposits, client funds and ML/TF-related suspensions. The indicators proposed build on current best practices among the EU DGSs. A timely procedure for the provision of requested information from credit institutions to DGSs, requiring DGSs to set and communicate a deadline not exceeding three working days from receipt of the request. Requirements concerning annual reporting by DGSs to the EBA on covered deposits and available financial means, largely building on existing reporting, with limited additional data points to support comparability and annual publication by the EBA that are in a consolidated, data-extractable format and subject to confidentiality safeguards. Notifications by designated authorities to the EBA on cases when deposits become unavailable, including payouts and other DGS‑funded measures, alternative funding arrangements and changes to DGSs, using specified templates, with the aim of the EBA making the information publicly available on its website. Comments and feedback are welcome up until October 23, 2026.
3347644 pc Jul 24, 2026 arahman European Union European Banking Authority financial services
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European Banking Authority Publishes Consultation on Depositor Information Standards Under Deposit Guarantee Schemes Directive

On July 23, 2026, the European Banking Authority (EBA) launched a public consultation on draft Implementing Technical Standards (ITS) specifying depositor information requirements under Directive 2026/804/EU on deposit guarantee schemes (DGSD3). The consultation period runs until October 23, 2026. The draft ITS addresses two key components mandated by DGSD3: the content and format of depositor information sheets, and procedures for communicating with depositors in five specific situations. The EBA proposes redesigning the current information sheet to include a clear introduction explaining the sheet's purpose and key deposit protection elements, with simplified language and removal of footnotes. Credit institutions will retain flexibility to incorporate their visual identity while maintaining content consistency. The EBA also proposes requiring credit institutions to publish detailed deposit protection information on their websites to ensure accessibility for artificial intelligence systems and interested depositors. For specific situations, the draft ITS establishes procedures for communicating about client funds treatment, suspension of reimbursement, determination of deposit unavailability, mergers affecting coverage, and changes in deposit guarantee scheme membership. The standards require deposit guarantee schemes (DGS) to publish information about client fund protection and to respond to depositor inquiries regarding suspensions or deferrals. Upon determination of unavailability of deposits, DGSs and designated authorities must publish coordinated information within 24 hours, with DGSs providing credit institutions with standardised messaging to ensure consistency. For mergers and DGS membership changes, credit institutions must provide DGSs with proposed depositor communications for review within a seven-working-day window. Responses to the consultation must be submitted by October 23, 2026. The EBA will assess feedback and finalise the ITS accordingly. The standards are scheduled to apply from May 11, 2028.

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European Banking Authority Publishes Consultation on Depositor Information Standards Under Deposit Guarantee Schemes Directive

On July 23, 2026, the European Banking Authority (EBA) launched a public consultation on draft Implementing Technical Standards (ITS) specifying depositor information requirements under Directive 2026/804/EU on deposit guarantee schemes (DGSD3). This consultation paper proposes to: Amend the currently used information sheet that credit institutions provide to prospective and current depositors. The proposals aim to ensure that depositors receive the most important information they should be aware of, in a language that is easy to understand. It also requires credit institutions and the deposit guarantee schemes (DGSs) to publish more detailed information on their websites. Outline what formats and channels should be used by credit institutions to communicate with depositors to ensure that information is easily accessible, and thus, depositors are aware of deposit protection. This includes the proposal to offer more flexibility to the credit institutions to use their own visual identity when providing the information sheet in comparison to the rigid template in use currently. Specify the content and procedures for communicating with depositors and in specific situations where depositors require timely, accurate and consistent information and clear communication on the consequences and next steps, such as the treatment of client funds, the suspension or deferral of reimbursement, the determination of the unavailability of deposits, mergers or conversions affecting coverage and changes in DGS membership. Comments and feedback are welcome up until October 23, 2026.
3348224 pc Jul 24, 2026 arahman European Union European Banking Authority horizon scanning
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European Banking Authority Consults on Regulatory Technical Standards for Deposit Guarantee Scheme Payouts

On July 23, 2026, the European Banking Authority (EBA) launched a consultation on Regulatory Technical Standards (RTS) governing payouts of client funds deposits under the Deposit Guarantee Schemes Directive (DGSD). The consultation aims to establish harmonised rules across the European Union to further improve depositor protection mechanisms. The RTS will set out technical requirements for how deposit guarantee schemes must process and execute payouts to depositors when a credit institution fails. This includes establishing clear procedures, timelines, and operational standards that deposit guarantee scheme administrators must follow to ensure consistent and efficient compensation of eligible deposits across member states. The standards will address key operational aspects including verification of depositor claims, calculation of payable amounts, and the mechanics of fund distribution. By establishing these technical standards, the EBA seeks to enhance the speed and reliability of depositor compensation, reducing uncertainty and strengthening confidence in the EU banking system. The consultation is particularly significant given the revised DGSD framework, which has introduced enhanced protections and updated requirements for deposit guarantee schemes operating across the EU. The consultation period runs from July 23, 2026 to October 23, 2026, with responses due by 23:59 on October 23, 2026. Stakeholders, including credit institutions, deposit guarantee scheme administrators, and other interested parties, are invited to submit their feedback on the proposed RTS. All contributions received will be published following the consultation closure, unless respondents request confidentiality. The consultation paper and draft RTS are available on the EBA website.

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European Banking Authority Consults on Regulatory Technical Standards for Deposit Guarantee Scheme Payouts

On July 23, 2026, the European Banking Authority (EBA) launched a consultation on Regulatory Technical Standards (RTS) governing payouts of client funds deposits under the Deposit Guarantee Schemes Directive (DGSD). The consultation aims to establish harmonised rules across the European Union to further improve depositor protection mechanisms. The RTS will set out technical requirements for how deposit guarantee schemes must process and execute payouts to depositors when a credit institution fails. The EBA proposes that the draft RTS: Require credit institutions to ensure they receive accurate and complete client-level information from financial institutions by means of contractual arrangements with those financial institutions or other means permitted under national law, including for stress testing to ensure accurate protection of clients who are beneficiaries of client funds deposits. Include provisions to ensure that the transmission of personal information from the financial institutions to the credit institutions and then to the DGS does not create competition issues for the financial institutions or data protection issues for the clients. Require the transmission of that information to the DGS in accordance with templates and procedures set by the DGS. Establish the criteria that result in a repayment to be made to the account holder for the benefit of each client, unless specific circumstances apply in which direct repayment to the client is required to ensure adequate depositor protection. Establish coordination, communication and confirmation requirements between the DGS, the financial institution and the relevant body representing the credit institution, to prevent multiple claims or duplicate repayments to the same beneficiary in the case of bank insolvency. Comments and feedback are welcome up until October 23, 2026.
3349260 pc Jul 24, 2026 arahman European Union Official Gazette horizon scanning
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European Union Adopts 21st Sanctions Package Against Russia

On July 23, 2026, the European Commission announced the adoption by EU Member States of the 21st sanctions package against Russia. The package aims to further restrict Russia's ability to fund its war in Ukraine and carry out attacks on Ukrainian civilians and infrastructure. The package contains measures across five key sectors. Energy measures include suspending oil price cap adjustments for one year until July 2027, expanding infrastructure bans to cover refineries processing Russian oil (including the Kulevi refinery, with a six-month implementation delay), introducing notification obligations for liquified natural gas (LNG) tanker sales to third countries, and designating 41 additional vessels for port access and service bans. Financial measures substantially strengthen the sanctions framework by expanding lists of third-country and Russian banks subject to transaction bans, bringing the total to more than 100 Russian banks, and creating dedicated bans on crypto-asset services and crypto platforms. The package also extends prohibitions preventing Russian nationals from owning, controlling, or serving on boards of crypto services companies. Trade measures expand export and import restrictions targeting Russia's military-industrial complex, including bans on metal powders, alloys used in aerospace and drone production, and certain metal ore imports. Anti-circumvention measures add 51 entities to sanctions lists, including 24 in Russia and 27 in third countries across China, Türkiye, Kyrgyzstan, India, Kazakhstan, and the United Arab Emirates. The package introduces visa restrictions establishing the basis for a comprehensive ban on Russian combatants and ex-combatants entering the European Union, with implementation details to follow within three months. The package contains 218 additional listings—the highest number since the war began—including 48 individuals and 170 entities subject to asset freezes and travel bans.

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European Union Adopts 21st Sanctions Package Against Russia

On July 23, 2026, the European Commission announced the adoption by EU member states of the 21st sanctions package against Russia. The package aims to further restrict Russia's ability to fund its war in Ukraine and carry out attacks on Ukrainian civilians and infrastructure. Financial measures substantially strengthen the sanctions framework by expanding lists of third-country and Russian banks subject to transaction bans, bringing the total to more than 100 Russian banks, and creating dedicated bans on crypto-asset services and crypto platforms. The package also extends prohibitions preventing Russian nationals from owning, controlling or serving on boards of crypto services companies. Anti-circumvention measures add 51 entities to sanctions lists, including 24 in Russia and 27 in third countries across China, Türkiye, Kyrgyzstan, India, Kazakhstan and the United Arab Emirates. The package introduces visa restrictions, establishing the basis for a comprehensive ban on Russian combatants and ex-combatants entering the European Union, with implementation details to follow within three months. The package contains 218 additional listings, the highest number since the war began, including 48 individuals and 170 entities subject to asset freezes and travel bans.
3348181 pc Jul 24, 2026 tojuri France Bank of France horizon scanning
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France's Prudential Control and Resolution Authority Aligns with European Banking Authority Guidelines on Third-Country Branch Instruments

On July 23, 2026, the Autorité de contrôle prudentiel et de résolution (ACPR), France's Prudential Control and Resolution Authority, announced its compliance with guidelines issued by the European Banking Authority (EBA) concerning instruments available to third-country branches that can be used immediately and without restriction to cover risks or losses. The ACPR declared conformity with EBA/GL/2026/03, which implements Article 48 sexies, paragraph 2, point c) of Directive 2013/36/UE (Capital Requirements Directive IV). These guidelines establish requirements for third-country branches operating in France, specifically those referenced in Article L. 511-10 of the French Monetary and Financial Code. The guidelines govern which instruments third-country branches may utilise for immediate and unrestricted risk and loss coverage purposes. The guidelines become effective on January 11, 2027. All affected institutions must take all necessary measures to comply with these orientations in accordance with Article 16 of Regulation (EU) No. 1093/2010, which established the European Banking Authority. The ACPR's alignment ensures consistent application of EBA standards across France's regulatory framework and reinforces prudential oversight of third-country branch operations. Third-country branches operating in France should review the full EBA guidelines and assess their current instruments and risk management practices to ensure compliance ahead of the January 2027 effective date.

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France's Prudential Control and Resolution Authority Adopts EBA Guidelines on Third-Country Branch Instruments

On July 23, 2026, the Prudential Supervision and Resolution Authority (ACPR) announced it had adopted the European Banking Authority’s (EBA) Guidelines on instruments available for third country branches for unrestricted and immediate use to cover risks or losses under Article 48e(2)(c) of Directive 2013/36/EU ( EBA/GL/2026/03 ). These guidelines establish requirements for third-country branches operating in France, specifically those referenced in Article L. 511-10 of the French Monetary and Financial Code . The guidelines govern which instruments third-country branches may utilise for immediate and unrestricted risk and loss coverage purposes. The ACPR's alignment ensures consistent application of EBA standards across France's regulatory framework and reinforces prudential oversight of third-country branch operations. Third-country branches operating in France should review the full EBA guidelines and assess their current instruments and risk management practices to ensure compliance ahead of the January 2027 effective date. The guidelines become effective on January 11, 2027.
3348183 pc Jul 24, 2026 tojuri France Bank of France horizon scanning
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France's Prudential Supervision and Resolution Authority Adopts European Banking Authority Retail Client Diversification Guidelines

On July 23, 2026, the Prudential Supervision and Resolution Authority (ACPR) announced it has adopted guidelines issued by the European Banking Authority (EBA) on proportionate retail client diversification methods under Article 123(1) of Regulation (EU) No 575/2013 (EBA/GL/2026/02). The EBA guidelines establish proportionate approaches for credit institutions to diversify their retail client base. These guidelines apply to all institutions under the direct supervision of the ACPR, including banks and investment firms operating in France. The ACPR's adoption ensures consistency with European regulatory standards and reinforces prudential oversight of credit risk concentration in retail banking activities. All supervised institutions must take all necessary measures to comply with these guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010, which established the EBA. The guidelines are binding on the ACPR and its supervised entities, requiring implementation of the specified diversification methodologies to manage concentration risk effectively within retail customer portfolios. The ACPR has published a notice confirming its compliance with the EBA guidelines, along with links to the full text of the EBA guidance. Supervised institutions should review the guidelines and implement necessary changes to their retail client diversification strategies to ensure full compliance with the new framework.

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France's Prudential Supervision and Resolution Authority Adopts EBA Retail Diversification Guidelines

On July 23, 2026, the Prudential Supervision and Resolution Authority (ACPR) announced it had adopted the European Banking Authority’s (EBA) Guidelines on proportionate retail diversification methods under Article 123(1) of Regulation (EU) No. 575/2013 ( EBA/GL/2026/02 ). The EBA guidelines establish proportionate approaches for credit institutions to diversify their retail exposures. These guidelines apply to all institutions under the direct supervision of the ACPR, including banks and investment firms operating in France. The ACPR's adoption ensures consistency with European regulatory standards and reinforces prudential oversight of credit risk concentration in retail banking activities. Supervised institutions should review the guidelines and implement necessary changes to their retail client diversification strategies to ensure full compliance with the new framework. The ACPR also confirms that the guidelines are extended to cover finance companies that do not fall within the definition of “financial institutions” referred to in Article 4(1) of Regulation (EU) No. 1093/2010, but to which the requirements of Directive 2013/36/EU and Regulation (EU) No 575/2013 apply. The guidelines apply from May 19, 2026.
3348185 pc Jul 24, 2026 tojuri France Bank of France horizon scanning
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France's Prudential Supervision and Resolution Authority Aligns with European Banking Authority Guidelines

On July 23, 2026, the Autorité de contrôle prudentiel et de résolution (ACPR), France's prudential regulator, declared its compliance with European Banking Authority (EBA) guidelines (EBA/GL/2026/01) that clarify criteria for identifying activities under Article 4(1)(18) of Regulation (EU) No. 575/2013. The EBA guidelines establish standardised criteria for identifying specific activities that fall within the scope of the Capital Requirements Regulation (CRR). By declaring compliance, the ACPR commits to implementing and enforcing these guidelines across all institutions under its direct supervision. The guidelines apply to all credit institutions, investment firms, and other entities regulated by the ACPR. These organisations must take all necessary steps to comply with the guidelines in accordance with Article 16 of Regulation (EU) No. 1093/2010, which established the EBA as the EU's banking regulator. The ACPR's alignment with the EBA guidelines ensures consistency in how French prudential authorities identify and classify regulated activities across the EU banking sector. This harmonisation supports a level playing field for financial institutions operating across member states and strengthens prudential oversight by applying uniform standards for activity classification. All institutions under the ACPR's direct supervision must ensure full compliance with the EBA guidelines. The ACPR has published a notice confirming its adoption of these guidelines, which are now binding on supervised entities. Institutions should review their operations to confirm alignment with the activity identification criteria set out in the EBA guidance.

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France's Prudential Supervision and Resolution Authority Adopts EBA Guidelines on Ancillary Service Undertakings

On July 23, 2026, the Prudential Supervision and Resolution Authority (ACPR) announced it had adopted the European Banking Authority’s (EBA) Guidelines that clarify criteria for identifying activities under Article 4(1)(18) of Regulation (EU) No. 575/2013 ( EBA/GL/2026/01 ). The EBA guidelines establish clear, simple and consistent criteria for the identification of activities that fall under the definition of ancillary service undertakings in accordance with Article 4(1)(18) of Regulation (EU) No. 575/2013 . By declaring compliance, the ACPR commits to implementing and enforcing these guidelines across all institutions under its direct supervision. The guidelines apply to all credit institutions, investment firms and other entities regulated by the ACPR. All institutions under the ACPR's direct supervision must ensure full compliance with the EBA guidelines. The ACPR also confirms that the guidelines are extended to cover finance companies that do not fall within the definition of “financial institutions” referred to in Article 4(1) of Regulation (EU) No. 1093/2010, but to which the requirements of Directive 2013/36/EU and Regulation (EU) No 575/2013 apply. The guidelines apply from May 4, 2026.
3349371 pc Jul 24, 2026 tojuri Netherlands Dutch Authority for the Financial Markets horizon scanning
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Netherlands Authority for the Financial Markets Publishes Compliance and Internal Audit Guidance for Investment Managers

On July 23, 2026, the Dutch Authority for the Financial Markets (AFM) published findings from its examination of compliance and internal audit functions at Dutch investment managers. The AFM conducted this review as part of a European Common Supervisory Action (CSA) coordinated by the European Securities and Markets Authority (ESMA). The AFM identified three key areas requiring improvement. First, compliance documentation often lacks currency, completeness, or specificity to individual organisations' risk profiles. Planning, monitoring, and reporting activities frequently fail to align effectively, creating risks that deficiencies may not be identified or addressed promptly. Second, many investment managers outsource compliance or internal audit functions to external parties while maintaining insufficient oversight. The AFM observed that organisations sometimes rely heavily on external providers, reducing visibility of risks and potentially compromising control effectiveness. Investment managers must retain adequate internal knowledge and actively manage the execution of outsourced activities. Third, investment managers frequently apply proportionality principles—such as combining functions or restructuring internal audit arrangements—without adequate documentation. The AFM expects managers to clearly articulate how chosen arrangements align with their organisation's nature, scale, and complexity. The AFM also emphasises the importance of maintaining clear separation between operational activities and control functions to support sound and ethical business conduct. The AFM will incorporate these findings into its ongoing supervision of investment managers and expects managers to use the research outcomes to strengthen their compliance and internal audit functions. The broader ESMA CSA report examining compliance and internal audit function arrangements across European investment managers is available on the ESMA website.

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Dutch Authority for the Financial Markets Publishes Compliance and Internal Audit Guidance for Investment Managers

On July 23, 2026, the Dutch Authority for the Financial Markets (AFM) published findings from its examination of compliance and internal audit functions at Dutch investment fund managers. The AFM conducted this review as part of a European Common Supervisory Action (CSA) coordinated by the European Securities and Markets Authority (ESMA). The AFM identified areas for attention within the compliance function and the internal audit function. The areas for attention and AFM expectations for the compliance function include: Insufficiently up-to-date and organisation-specific compliance documentation - the AFM expects fund managers to have detailed written compliance documentation. Insufficiently integrated design and implementation of the compliance cycle - the AFM expects fund managers to have a well-integrated compliance cycle in place to promote effective control and the timely identification of risks. Insufficient assurance and embedding of the outsourced compliance function - the AFM expects fund managers that outsource the compliance function to ensure that compliance activities and reporting are aligned with the organisation's specific circumstances and needs. Unclear separation between the first and second line of defence - the AFM expects fund managers to position the compliance function in the second line of defence, with a primary monitoring role. The areas for attention and AFM expectations for the internal audit function include: Insufficiently structured audit plans - the AFM expects fund managers to have audit plans in place that clearly set out which priorities are set and why. Internal audit activities performed by a third party - the AFM expects fund managers to ensure that sufficient internal knowledge and expertise are present within the organisation, even when internal audit activities are performed by a third party. Insufficient follow-up of reports - the AFM expects fund managers to clearly document the extent to which recommendations from the internal audit function have been followed. Insufficiently robust governance for effectiveness assessment - the AFM expects fund managers to conduct a thorough assessment of the internal audit function's effectiveness. The AFM emphasises the importance of maintaining clear separation between operational activities and control functions to support sound and ethical business conduct. The AFM will incorporate these findings into its ongoing supervision of investment managers and expects managers to use the research outcomes to strengthen their compliance and internal audit functions.
3350548 pc Jul 24, 2026 pthandapani Vietnam The State Bank Of Vietnam financial services
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Vietnam's State Bank Amends Banking Document Retention Requirements Through Circular 37/2026

On July 19, 2026, the State Bank of Vietnam (SBV) issued Circular 37/2026/TT-NHNN, which amends and supplements provisions of Circular 04/2025/TT-NHNN dated May 15, 2025. The amendment modifies regulations governing the retention periods for banking sector files and documents. Circular 04/2025/TT-NHNN originally established comprehensive requirements for document retention across Vietnam's banking industry. The SBV's latest amendment updates specific provisions within this framework, though the detailed modifications are contained within the circular's full text. The circular applies to all banking sector organisations operating in Vietnam, including commercial banks, policy banks, non-bank credit institutions, microfinance organisations, and other financial entities subject to SBV oversight. Document retention requirements are critical compliance obligations that ensure banking institutions maintain adequate records for regulatory examination, audit purposes, and legal proceedings. Banking institutions must review Circular 37/2026 to identify which retention periods have been modified and ensure their document management systems comply with the updated requirements. Failure to maintain records in accordance with SBV-mandated retention periods constitutes a regulatory violation and may result in enforcement action. The circular became effective upon publication on July 19, 2026. All banking sector entities should implement necessary changes to their records management procedures to align with the amended requirements. Questions regarding specific retention obligations should be directed to the SBV's relevant departments.

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State Bank of Vietnam Amends Banking Document Retention Requirements Through Circular 37/2026

On July 19, 2026, the State Bank of Vietnam (SBV) issued Circular No. 37/2026/TT-NHNN amending and supplementing Circular No. 04/2025/TT-NHNN regarding the retention period for records and documents in the banking sector. The issued circular contains: Administrative measures detailing the requirement for credit institutions, foreign bank branches, and intermediary payment service providers that are dissolving, going bankrupt, or terminating operations to transfer all payment account, e-wallet, and Anti-Money Laundering (AML) records to the SBV prior to their license expiration or revocation. Specific rules mandating a 10-year retention period for payment account and e-wallet opening or closing records, as well as transaction documents and payment orders, calculated from the closing year or the end of the annual accounting period. Regulations prescribing a mandatory 10-year archive period for high-level AML and counter-terrorist financing (CFT) records, including suspicious transaction reports processed by the SBV, IT system designs, data preservation procedures, risk assessments, internal audits, and internal rules. Provisions outlining the duty of reporting entities to retain customer identification data, transaction analyses, and specific transaction reports—such as large value, suspicious, or electronic transfer reports—for 5 years from the end of the transaction, account closure, or termination of the business relationship. Directives establishing that the SBV must preserve transferred records from terminated institutions for a minimum of 5 years, while ensuring that any information shared with other state agencies strictly complies with information confidentiality and personal data protection laws. The circular enters into effect from July 19, 2026. The circular takes immediate effect.
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