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3339027 pc Jul 21, 2026 csoo Italy Documentazione parlamentare horizon scanning

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Italy Proposes Legislative Decree Implementing European Union Artificial Intelligence Regulation

On July 7, 2026, the Italian Parliament's Documentation Service announced a legislative decree schema designed to align Italy's national legislation with the European Union's Artificial Intelligence Regulation (EU) 2024/1689, adopted by the European Parliament and Council on June 13, 2024. The decree addresses two primary areas: the powers of national authorities in implementing the EU regulation, and the use of artificial intelligence (AI) in education and training. The EU regulation establishes harmonised rules governing AI systems across member states, requiring national governments to adapt their domestic legal frameworks to ensure compliance and effective enforcement. The legislative decree schema has been assigned to multiple parliamentary commissions for review and deliberation. The Transport Commission (Commission IX) and Production Activities Commission (Commission X) are jointly examining the proposal, alongside the Budget and Treasury Commission (Commission V) and the European Union Policies Commission (Commission XIV). This multi-commission approach reflects the cross-cutting nature of AI governance, which intersects transport, economic activity, fiscal matters, and EU policy coordination. Italy's adaptation of the EU regulation represents a significant step in establishing a comprehensive national AI governance framework. The focus on national authorities' powers ensures that Italian regulatory bodies possess adequate tools to oversee AI applications, particularly in sensitive sectors such as education and training. The decree aims to create consistent enforcement mechanisms across the EU while allowing member states to implement rules suited to their institutional structures. The parliamentary process began on July 7, 2026, when the decree was announced to the Assembly and subsequently assigned to the relevant commissions for detailed examination and recommendations before proceeding to legislative votes.

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Italy Proposes Legislative Decree Implementing European Union Artificial Intelligence Regulation

On July 20, 2026, the Italian Parliament published a draft legislative decree designed to align Italy's national legislation with the European Union's Artificial Intelligence Regulation (EU) 2024/1689 , adopted by the European Parliament and Council on June 13, 2024. The draft legislative decree introduces the following: National Oversight Authorities — the decree grants supervisory and enforcement powers to designated agencies: AgID (Agency for Digital Italy): Designated as the notifying authority, is responsible for promoting innovation and the development of AI and shall define the procedures and carry out the functions and tasks relating to the notification, assessment, accreditation and monitoring of bodies responsible for verifying the conformity of AI systems. Furthermore, it shall ensure the establishment and management of testing environments aimed at developing AI systems that comply with national and European Union legislation. ACN (National Cybersecurity Agency): Designated as the market surveillance authority and single point of contact with the institutions of the EU, is responsible for the supervision – including inspection and enforcement activities – of AI systems, in accordance with national and EU legislation, and for the promotion and development of artificial intelligence in relation to cybersecurity. AgID (Agency for Digital Italy): Designated as the notifying authority, is responsible for promoting innovation and the development of AI and shall define the procedures and carry out the functions and tasks relating to the notification, assessment, accreditation and monitoring of bodies responsible for verifying the conformity of AI systems. Furthermore, it shall ensure the establishment and management of testing environments aimed at developing AI systems that comply with national and European Union legislation. ACN (National Cybersecurity Agency): Designated as the market surveillance authority and single point of contact with the institutions of the EU, is responsible for the supervision – including inspection and enforcement activities – of AI systems, in accordance with national and EU legislation, and for the promotion and development of artificial intelligence in relation to cybersecurity. AI in Training & Education: The framework mandates AI literacy measures. This includes updating national education curricula, revising STEM guidelines, and training public administration staff to use AI responsibly. Regulatory Sandboxes: It establishes controlled "testing environments" (sandboxes) for developers to safely test AI innovations under real-world conditions with regulatory oversight.

3338919 pc Jul 21, 2026 pthandapani Israel Department of Justice - News horizon scanning

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Israel's Banking Supervision Department Publishes Virtual Asset Payment Services Regulation Update

On July 14, 2026, the Banking Supervision Department published for public comment a draft update to Proper Banking Management Directive 411 concerning anti-money laundering (AML) and counter-terrorism financing (CTF) risk management related to payment services for virtual asset activities. The update clarifies requirements for the banking system regarding acceptance of funds derived from virtual currency activities, while supporting the expansion of payment services in this sector and maintaining financial system stability. The Banking Supervision Department developed the amendments using a risk-based approach informed by experience within the banking system and international AML/CTF standards. Key amendments include: updating the definition of virtual currency pathways and removing certain restrictions; establishing that banks cannot refuse virtual asset payment services solely because the activity source involves virtual currencies; requiring banks to develop policies examining transaction profiles, considering the virtual asset service provider's identity, virtual asset characteristics, customer profile, transaction volume and complexity; mandating risk-based examination of virtual currency pathways where necessary through independent review, customer documentation, or qualified external expertise; establishing policies for accepting funds from virtual asset issuance activities, with banks examining issuance characteristics and the jurisdiction where the virtual asset was issued; identifying risk-reducing and risk-increasing factors for transaction profiling, including service provider licensing status, unregulated provider activities, anonymity-enhancing cryptocurrencies, and transaction path obfuscation technologies; removing the previous 100,000 New Israeli Shekel annual threshold requirement; and requiring clear, accessible disclosure to customers regarding virtual asset payment service conditions. The amendments take effect six months from publication. The public comment period details and submission procedures are available on the Bank of Israel website.

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Bank of Israel Seeks Feedback on Virtual Asset Payment Services Regulation Update

On July 14, 2026, the Bank of Israel published for public comment a draft update to Proper Banking Management Directive 411 concerning anti-money laundering (AML) and counter-terrorism financing (CTF) risk management related to payment services for virtual asset activities. The update clarifies requirements for the banking system regarding acceptance of funds derived from virtual currency activities, while supporting the expansion of payment services in this sector and maintaining financial system stability. Key amendments include: Updating the definition of virtual currency pathways and removing certain restrictions; Establishing that banks cannot refuse virtual asset payment services solely because the activity source involves virtual currencies; Requiring banks to develop policies examining transaction profiles, considering the virtual asset service provider's identity, virtual asset characteristics, customer profile, transaction volume and complexity; Mandating risk-based examination of virtual currency pathways where necessary through independent review, customer documentation, or qualified external expertise; establishing policies for accepting funds from virtual asset issuance activities, with banks examining issuance characteristics and the jurisdiction where the virtual asset was issued; Identifying risk-reducing and risk-increasing factors for transaction profiling, including service provider licensing status, unregulated provider activities, anonymity-enhancing cryptocurrencies, and transaction path obfuscation technologies; Removing the previous ILS100,000 (US$32,800) annual threshold requirement; and requiring clear, accessible disclosure to customers regarding virtual asset payment service conditions. Feedback on the draft may be submitted via email to Prudential@boi.org.il . No closing date for feedback has been stated.

3340907 pc Jul 21, 2026 arahman Turkey Turkey - Data protection authority horizon scanning

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Turkey's Data Protection Authority Issues Guidance on Using Third-Party Contact Information for Marketing

On July 21, 2026, Turkey's Personal Data Protection Authority (Kişisel Verileri Koruma Kurumu) published a public notice addressing the misuse of personal data obtained from third parties for advertising and marketing purposes. The authority received numerous complaints and reports from data controllers across various sectors using contact information—including telephone numbers and email addresses—obtained from third parties through referrals, brand ambassador schemes, customer recommendations, or similar methods. In many cases, data controllers conducted marketing activities via voice calls or SMS without providing required transparency information or obtaining explicit consent from the individuals concerned. The authority's investigations confirmed that personal data obtained from third parties is being used in advertising and marketing activities without proper legal basis or compliance with data protection obligations. The authority clarified that merely obtaining personal data from third parties does not provide data controllers with direct legal justification to process that data for advertising and marketing purposes. Under Turkey's Personal Data Protection Act (Law No. 6698), all personal data processing must comply with established conditions and controller obligations. The authority emphasised that data controllers must fulfil transparency obligations within reasonable timeframes, particularly when data is not obtained directly from the individual. Explicit consent must be obtained separately from transparency provision and cannot be inferred from passive behaviours such as continuing to listen to marketing calls, failing to end conversations, or not responding negatively to SMS messages. The authority stressed that implicit conduct alone does not constitute valid explicit consent under the law. Data controllers failing to comply with these obligations face administrative sanctions under Article 18 of Law No. 6698.

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Turkey's Data Protection Authority Publishes Guidance on Data Obtained by Third Parties for Advertising and Marketing

On July 21, 2026, the Personal Data Protection Authority (KVKK) published guidance on the use of personal data obtained from third parties for advertising and marketing purposes, in response to numerous reports and complaints regarding data controllers using contact information obtained from third parties. The guidance is as follows: In cases where personal data cannot be obtained directly from the data subject, the obligation to inform the customer must be fulfilled in a timely and proper manner. Individuals should be clearly, understandably and completely informed about the processes involved in the processing of their personal data. In personal data processing activities based on explicit consent, the explicit consent must be given freely, based on informed knowledge, and relating to a specific matter. The fact that individuals continue to listen to the campaign, do not end the conversation, request information or do not respond to the SMS message should not, by itself, constitute valid, explicit consent.

3340696 pc Jul 21, 2026 pthandapani Nigeria FCCPC - Press Releases financial services

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Nigeria's Federal Competition and Consumer Protection Commission Resumes Digital Lending Regulation Implementation

On July 20, 2026, the Federal Competition and Consumer Protection Commission (FCCPC) resumed implementation of the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations) following a court judgment. Justice A.L. Allagoa of the Federal High Court, Lagos, delivered the ruling in Suit No. FHC/L/CS/760/2026, dismissing the Wireless Application Service Providers Association of Nigeria Ltd/Gte (WASPAN) challenge to the regulations in their entirety. The court upheld the validity of the DEON Regulations, confirming that the FCCPC possessed the statutory and constitutional authority to issue them and that the specific provisions challenged were lawful and intra vires the Commission. The FCCPC had temporarily suspended implementation of the DEON Regulations in April 2026 after being served with an interim ex parte restraining order issued during WASPAN's legal challenge. The Commission immediately complied with the court directive in accordance with its commitment to the rule of law and judicial authority. The court's discharge of the interim order removed the legal impediment preventing the FCCPC from enforcing the regulations. The DEON Regulations aim to promote responsible lending, improve regulatory accountability, curb unfair and exploitative practices, and strengthen consumer protection in Nigeria's digital lending market. Ondaje Ijagwu, the FCCPC's Director of Corporate Affairs, said the Commission would continue discharging its statutory responsibilities faithfully and professionally, ensuring that innovation and financial inclusion flourish within a transparent, fair, and accountable regulatory framework. The regulations are now fully operational and enforceable across Nigeria's digital lending sector.

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Nigerian Federal Competition and Consumer Protection Commission Resumes Digital Lending Regulation Implementation

On July 20, 2026, the Federal Competition and Consumer Protection Commission (FCCPC) resumed implementation of the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations) following a court judgment. The court dismissed the Wireless Application Service Providers Association of Nigeria Ltd/Gte (WASPAN) challenge to the regulations in their entirety and upheld the validity of the DEON Regulations, confirming that the FCCPC possessed the statutory and constitutional authority to issue them and that the specific provisions challenged were lawful. The FCCPC had temporarily suspended implementation of the DEON Regulations in April 2026 after being served with an interim restraining order issued during WASPAN's legal challenge. The regulations are now fully operational and enforceable across Nigeria's digital lending sector.

3340271 gc Jul 21, 2026 apintea Belarus National Center of Legislation and Legal Information of the Republic of Belarus gamblingcompliance

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Belarus National Center of Legislation and Legal Information Opens Public Consultation on Personal Data Protection Law Amendments

On July 13, 2026, the National Center of Legislation and Legal Information of the Republic of Belarus opened a public consultation on a draft law amending personal data protection legislation. The consultation period runs until July 22, 2026, and has attracted 8,136 views and 88 comments from 22 participants as of the consultation deadline. The draft law proposes amendments to the Law of the Republic of Belarus of May 7, 2021, No. 99-Z "On the Protection of Personal Data" (Law No. 99-Z), as well as conforming amendments to other Belarusian legislation. The proposed changes aim to reduce administrative burden on organisations processing personal data; enhance protection of citizens' personal data when processed using modern technologies including video surveillance, audio recording, and automated data processing; codify established practices in applying Law No. 99-Z provisions; and clarify the functions of the National Center for Personal Data Protection regarding legal education of citizens and engagement with the professional community working on personal data protection in organisations. Key proposals under consultation include expanding grounds for processing personal data without consent, such as for contracts benefiting third parties and administrative procedures; establishing specific retention periods for video surveillance (15 calendar days for residential building common areas); prohibiting selective employee monitoring without written consent and collective agreement provisions; establishing appeal procedures for automated decisions within 10 working days; clarifying data processor cooperation arrangements; and extending the transition period for bringing contracts with authorised persons into compliance from one year to 18 months. Participants have submitted detailed suggestions addressing administrative burden reduction, technology-specific protections, codification of existing practices, and harmonisation of terminology across sectoral laws. The consultation closes on July 22, 2026. Submissions will be reviewed by site moderators but will not be treated as formal citizen petitions under Belarusian administrative procedure law.

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Belarus consults on amendments to Law on Personal Data Protection

On July 13, 2026, Belarus opened a public consultation on a draft law amending personal data protection legislation. The draft law proposes amendments to the Law of the Republic of Belarus of May 7, 2021, No. 99-Z "On the Protection of Personal Data" (Law No. 99-Z), as well as amendments to other Belarusian legislation. The proposed changes aim to reduce administrative burden on organisations processing personal data, enhance protection of citizens' personal data when processed using modern technologies including video surveillance, audio recording and automated data processing, codify established practices in applying Law No. 99-Z provisions, and clarify the functions of the National Center for Personal Data Protection. The consultation closes on July 22, 2026.

3338232 pc Jul 21, 2026 arahman European Union European Securities and Markets Authority horizon scanning

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European Securities and Markets Authority Publishes Follow-Up Report on Cross-Border Investment Services Supervision

On July 20, 2026, the European Securities and Markets Authority (ESMA) published a follow-up report assessing progress made by national competent authorities (NCAs) in implementing recommendations from its 2022 Peer Review on the supervision of cross-border activities of investment firms. The report covers six jurisdictions: the Netherlands, Germany, the Czech Republic, Luxembourg, Cyprus, and Malta. The follow-up report demonstrates that the peer review process has successfully driven improvements in supervisory practices across the EU Single Market. ESMA identified notable progress in three key areas: stronger authorisation controls, with NCAs enhancing assessments of firms' cross-border plans; data-driven and risk-based supervision, with NCAs increasingly using data to monitor cross-border activities and tailor supervisory action based on identified risks; and enhanced cooperation and enforcement, with NCAs undertaking more targeted supervisory actions and strengthening cooperation mechanisms. The report emphasises that effective supervision of cross-border activities remains essential to ensure investors receive consistent levels of protection regardless of where investment services are provided. ESMA encourages NCAs with significant outbound cross-border activities to ensure their supervisory and enforcement approaches match the scale and complexity of these activities and keep pace with evolving risks. ESMA will maintain its focus on fostering supervisory convergence and enhancing cooperation among national supervisors as retail cross-border investment services continue to expand. The authority aims to support data-driven, risk-based supervision to strengthen investor protection and contribute to the effective functioning of the EU Single Market. The full follow-up report is available on ESMA's website.

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European Securities and Markets Authority Publishes Follow-Up Report on Cross-Border Investment Services Supervision

On July 20, 2026, the European Securities and Markets Authority (ESMA) published a follow-up report assessing progress made by national competent authorities (NCAs) in implementing recommendations from its 2022 peer review on the supervision of cross-border activities of investment firms. The report covers six jurisdictions: the Netherlands, Germany, the Czech Republic, Luxembourg, Cyprus and Malta. The follow-up report demonstrates that the peer review process has successfully driven improvements in supervisory practices across the EU Single Market. ESMA identified notable progress in three key areas: stronger authorisation controls, with NCAs enhancing assessments of firms' cross-border plans; data-driven and risk-based supervision, with NCAs increasingly using data to monitor cross-border activities and tailor supervisory action based on identified risks; and enhanced cooperation and enforcement, with NCAs undertaking more targeted supervisory actions and strengthening cooperation mechanisms. The report emphasises that effective supervision of cross-border activities remains essential to ensure investors receive consistent levels of protection regardless of where investment services are provided. ESMA encourages NCAs with significant outbound cross-border activities to ensure their supervisory and enforcement approaches match the scale and complexity of these activities and keep pace with evolving risks. ESMA will maintain its focus on fostering supervisory convergence and enhancing cooperation among national supervisors as retail cross-border investment services continue to expand.

3339787 pc Jul 21, 2026 arahman European Union Press Releases - Loan Market Association financial services

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Loan Market Association Publishes Practice Note for Assessing Pure Play Companies

On July 20, 2026, the Loan Market Association (LMA), together with the Asia Pacific Loan Market Association (APLMA) and the Loan Syndications and Trading Association (LSTA), published a Practice Note for the Assessment of Pure Play Companies. The guidance provides market participants with a practical framework for identifying and assessing pure play companies (PPCs) whose business activities are primarily focused on environmental or social objectives. The Practice Note establishes clear eligibility criteria and operational standards for PPC designation within sustainable finance transactions. A company may be designated as a PPC where at least 90 percent of its revenue or assets, or an appropriate alternative metric, are derived from eligible green or social activities. The framework permits flexibility in metrics—allowing the use of revenue, assets, or credible alternative metrics depending on the company's business model and stage of development. Companies must demonstrate the absence of significant harm and ensure that any non-eligible activities are not incompatible with PPC designation. The Practice Note requires annual reassessment and disclosure to support continued PPC status over the life of a transaction. The LMA emphasised that the Practice Note does not create a new loan label or amend existing Green, Social or Sustainability-Linked Loan Principles. Rather, it supports the analysis and structuring of sustainable loans by helping market participants better assess sustainability exposure at an entity level. This alignment supports internal frameworks, regulatory expectations, investor expectations, and broader market practice. The LMA and partner associations will continue to monitor market developments and update the Practice Note as appropriate to reflect evolving practices and standards.

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EU's Loan Market Association Publishes Practice Note for Assessing Pure Play Companies

On July 20, 2026, the Loan Market Association (LMA), together with the Asia Pacific Loan Market Association (APLMA) and the Loan Syndications and Trading Association (LSTA), published a Practice Note for the Assessment of Pure Play Companies. The guidance provides market participants with a practical framework for identifying and assessing pure play companies (PPCs) whose business activities are primarily focused on environmental or social objectives. The practice note establishes clear eligibility criteria and operational standards for PPC designation within sustainable finance transactions. A company may be designated as a PPC where at least 90 percent of its revenue or assets, or an appropriate alternative metric, are derived from eligible green or social activities. The framework permits flexibility in metrics, allowing the use of revenue, assets or credible alternative metrics depending on the company's business model and stage of development. Companies must demonstrate the absence of significant harm and ensure that any non-eligible activities are not incompatible with the PPC designation. The practice note requires annual reassessment and disclosure to support continued PPC status over the life of a transaction. The LMA emphasised that the practice note does not create a new loan label or amend existing green, social or sustainability-linked loan principles. Rather, it supports the analysis and structuring of sustainable loans by helping market participants better assess sustainability exposure at an entity level. This alignment supports internal frameworks, regulatory expectations, investor expectations and broader market practice. The LMA and partner associations will continue to monitor market developments and update the practice note as appropriate to reflect evolving practices and standards.

3338700 pc Jul 21, 2026 arahman European Union European Commission - News financial services

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European Commission Publishes Guidelines on Artificial Intelligence Transparency Obligations

On July 20, 2026, the European Commission published guidelines to assist providers and deployers of artificial intelligence (AI) systems in meeting transparency obligations under the AI Act (Artificial Intelligence Act), which commence on August 2, 2026. The guidelines clarify compliance requirements for interactive AI systems and the marking and labelling of AI-generated content. Under the AI Act, AI providers must design systems to inform users when they are directly interacting with AI and add machine-readable marks to enable detection of AI-generated or manipulated content. Deployers must inform people when exposed to deepfakes, AI-generated content on matters of public interest without human review or editorial control, and emotion recognition or biometric categorisation systems. These transparency obligations aim to help people recognise when they are interacting with AI or when content has been generated or altered by AI, reducing the risk of deception and manipulation. The guidelines address Article 50 of the AI Act and define the scope of transparency obligations applicable to both providers and deployers. The European Commission has published supplementary resources including a Questions and Answers document on transparency obligations, a fact page on transparency rules for AI systems, and a Code of Practice on Transparency of AI-Generated Content to support compliance efforts. Providers and deployers of AI systems must ensure compliance with these transparency obligations by August 2, 2026. The guidelines and supporting documentation are available on the European Commission's website.

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European Commission Publishes Guidelines on Artificial Intelligence Transparency Obligations

On July 20, 2026, the European Commission published guidelines to assist providers and deployers of artificial intelligence (AI) systems in meeting transparency obligations under the AI Act (Artificial Intelligence Act), which commence on August 2, 2026. The guidelines clarify compliance requirements for interactive AI systems and the marking and labelling of AI-generated content. Under the AI Act, AI providers must design systems to inform users when they are directly interacting with AI and add machine-readable marks to enable the detection of AI-generated or manipulated content. Deployers must inform people when exposed to deepfakes, AI-generated content on matters of public interest, without human review or editorial control, and emotion recognition or biometric categorisation systems. These transparency obligations aim to help people recognise when they are interacting with AI or when content has been generated or altered by AI, reducing the risk of deception and manipulation. The guidelines address Article 50 of the AI Act and define the scope of transparency obligations applicable to both providers and deployers. The European Commission has published supplementary resources including a Q&A document on transparency obligations, a fact page on transparency rules for AI systems and a Code of Practice on Transparency of AI-Generated Content to support compliance efforts. Providers and deployers of AI systems must ensure compliance with these transparency obligations by August 2, 2026. The guidelines and supporting documentation are available on the European Commission's website.

3340371 pc Jul 21, 2026 arahman Albania Albania Central Bank financial services

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Albania Central Bank Approves Regulation on Interchange Fees for Card-Based Payment Transactions

On an unspecified date in 2026, Albania's Central Bank Supervisory Council approved a regulation establishing interchange fee caps for card-based payment transactions conducted within Albania's territory. The regulation applies to domestic payment transactions where both the payer's and payee's payment service providers are located within Albania. The regulation establishes maximum interchange fees of 0.2 percent of transaction value for debit card transactions and 0.3 percent for credit card transactions involving consumers. These caps align with European Union (EU) standards under EU Regulation 2015/751. The regulation applies to payment service providers licensed to offer services under Albania's Payment Services Law and excludes certain transaction types, including those involving commercial cards, automated teller machine withdrawals, and three-party card payment schemes. The regulation introduces business rules requiring card payment schemes and payment processors to maintain operational independence and prohibits cross-subsidization between scheme and processing activities. It mandates co-badging arrangements allowing consumers to request multiple payment brands on a single card instrument and establishes non-discrimination requirements. Payment service providers must furnish merchants with itemized information on interchange fees and merchant service fees for individual transactions. The regulation also prohibits rules that force merchants to accept all cards within a scheme and permits merchants to steer consumers toward preferred payment instruments. The Albania Central Bank serves as the responsible authority for supervising implementation. Payment service providers must report on interchange fee compliance to the Central Bank as specified. The regulation remains in effect until Albania's accession to the European Union. Violations trigger supervisory measures and sanctions under Albania's Payment Services Law.

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Bank of Albania Publishes Draft Regulation on Interchange Fees for Card-Based Payment Transactions

On July 21, 2026, the Bank of Albania published the Draft Decision on the Approval of the Regulation "On Exchange Fees for Card-Based Payment Transactions". This regulation lays down uniform technical and business requirements for domestic card-based payment transactions carried out within the Republic of Albania, where both the payer's payment service provider and the payer are established within its territory. The regulation establishes maximum interchange fees of 0.2 percent of transaction value for debit card transactions and 0.3 percent for credit card transactions involving consumers. These caps align with European Union (EU) standards under EU Regulation 2015/751. The regulation applies to payment service providers licensed to offer services under Albania's Payment Services Law and excludes certain transaction types, including those involving commercial cards, automated teller machine withdrawals and three-party card payment schemes. The regulation introduces business rules requiring card payment schemes and payment processors to maintain operational independence and prohibits cross-subsidisation between scheme and processing activities. It mandates co-branding arrangements allowing consumers to request multiple payment brands on a single card instrument and establishes non-discrimination requirements. Payment service providers must provide merchants with itemised information on interchange fees and merchant service fees for individual transactions. The regulation also prohibits rules that force merchants to accept all cards within a scheme and permits merchants to steer consumers toward preferred payment instruments. The Bank of Albania serves as the responsible authority for supervising implementation.

3340369 pc Jul 21, 2026 arahman Albania Bank of Albania financial services

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Albania's Bank of Albania Adopts Digital Operational Resilience Regulation

On July 1, 2026, Albania's Bank of Albania (Banka e Shqipërisë) adopted Decision No. 30 approving the "Regulation on Digital Operational Resilience," which establishes comprehensive requirements for financial institutions to manage information and communication technology (ICT) risks and ensure the security of networks and information systems supporting their operations. The regulation applies to banks, payment institutions, electronic money institutions, account information service providers, crypto-asset token issuers, and third-party ICT service providers operating in Albania. It establishes unified requirements for ICT risk management, including governance frameworks, incident reporting procedures, testing protocols, and third-party service provider oversight. Financial institutions must implement robust systems to identify, assess, and mitigate ICT risks proportionate to their size and complexity. The regulation requires institutions to maintain business continuity plans, conduct regular security testing including penetration testing, and establish incident response procedures. Institutions must report major ICT-related incidents to the Bank of Albania within specified timeframes: initial notification within four hours of classification, intermediate reports within 72 hours, and final reports within one month. The regulation also requires institutions to voluntarily notify the Bank of significant cyber threats and to implement policies governing contracts with third-party ICT service providers supporting critical functions. The regulation enters into force on January 1, 2028. Until Albania's accession to the European Union, certain provisions concerning critical third-party ICT service provider oversight and cross-border incident reporting will not apply. Financial institutions must begin implementing the regulation's requirements and report progress to the Bank of Albania quarterly beginning January 1, 2027. The regulation supersedes the previous guidance on major incident reporting issued February 7, 2024.

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Bank of Albania Adopts Digital Operational Resilience Regulation

On July 21, 2026, the Bank of Albania adopted Decision 30/2026 on the Approval of the Regulation on Digital Operational Sustainability. The decision establishes unified requirements regarding the security of the networks and information systems that support the activities of financial entities. This decision aligns with Regulation (EU) 2022/2554 (DORA). The regulation contains requirements which include: Information and communications technology (ICT) risk management. Reporting of major ICT-related incidents and voluntary notification of significant cyber threats to the Bank of Albania. Digital operational resilience testing. The exchange of information and intelligence regarding cyber threats and vulnerabilities. Requirements regarding contractual arrangements when entering into agreements with third-party ICT service providers. Rules for the establishment and operation of the supervisory framework for critical third-party ICT service providers when providing services to financial institutions. The rules for cooperation between the Bank of Albania and other responsible authorities. This regulation enters into force on July 25, 2026.

3338303 pc Jul 21, 2026 tojuri Netherlands Official Gazette horizon scanning

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Netherlands Implements European Union Regulations on Capital Markets and Benchmarks Through Financial Supervision Law Amendment

On July 8, 2026, the Netherlands enacted the Implementation Act on Listings and Benchmarks (Implementatiewet noteringen en benchmarks), which amends the Financial Supervision Act (Wet op het financieel toezicht) to implement three European Union directives and regulations. The law transposes Directive (EU) 2024/2811, Regulation (EU) 2024/2809, and Regulation (EU) 2025/914 into Dutch law. The amendments introduce several key changes to Dutch financial market regulation. The Authority for the Financial Markets (Autoriteit Financiële Markten) gains enhanced powers to verify that investment firms have established organizational arrangements ensuring that issuer-financed investment research complies with the EU Code of Conduct for Issuer-Financed Research. The authority may suspend distribution of non-compliant research through directive orders. The law establishes a new category of "SME growth markets" (mkb-groeimarkten)—multilateral trading facilities or segments thereof registered as such—designed to make public capital markets more attractive to small and medium-sized enterprises and facilitate their access to capital. Market operators may now register segments of multilateral trading facilities as SME growth markets subject to specific governance and transparency requirements. The amendments also expand the authority's enforcement powers regarding market abuse violations, permitting it to impose trading bans for up to ten years in cases of repeated violations of Articles 14 or 15 of the Market Abuse Regulation. For offerings exempt from prospectus requirements, issuers must now prepare and distribute an information document complying with specified content standards. Additionally, issuers must submit issuer-financed investment research to the Authority for the Financial Markets, confirming compliance with the EU Code of Conduct. The law repeals Section 5.3.5 of the Financial Supervision Act and modifies related annexes accordingly. The law enters into force on a date to be determined by royal decree, which may vary for different provisions.

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Netherlands Publishes Implementation Act on Listings and Benchmarks

On July 20, 2026, the Netherlands published the Implementation Act on Listings and Benchmarks, which amends the Financial Supervision Act to implement three European Union directives and regulations. The law transposes Directive (EU) 2024/2811 , Regulation (EU) 2024/2809 and Regulation (EU) 2025/914 into Dutch law. The amendments introduce several key changes to Dutch financial market regulation. The Dutch Authority for the Financial Markets gains enhanced powers to verify that investment firms have established organisational arrangements ensuring that issuer-financed investment research complies with the EU Code of Conduct for Issuer-Financed Research. The authority may suspend distribution of non-compliant research through directive orders. The amendments also expand the authority's enforcement powers regarding market abuse violations, permitting it to impose trading bans for up to ten years in cases of repeated violations of Articles 14 or 15 of the Market Abuse Regulation . The law enters into force on a date to be determined by royal decree, which may vary for different provisions.

3338302 pc Jul 21, 2026 tojuri Netherlands Official Gazette horizon scanning

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Netherlands Implements Revised Markets in Financial Instruments Directive Through Financial Supervision Act Amendments

On July 8, 2026, the Netherlands enacted legislation implementing European Union Directive 2024/790, which revises the Markets in Financial Instruments Directive (MiFID II). The Implementation Act for the Revised MiFID II 2026 amends the Financial Supervision Act (Wet op het financieel toezicht) to transpose the revised directive into Dutch law. The amendments introduce several key changes affecting investment firms and market operators. These include revised definitions of multilateral systems and investment firms with systematic internalisation; enhanced order execution requirements, including disclosure obligations regarding execution venues; and strengthened data quality standards for multilateral trading facilities and organised trading facilities. The legislation expands position management controls to cover both commodity derivatives and emission rights derivatives, requiring market operators and investment firms to implement circuit breaker mechanisms that temporarily halt or limit trading during significant price movements or disorderly market conditions. Additional provisions require market operators to publish information on their websites detailing the circumstances triggering trading halts and the technical parameters used to determine them. The amendments also modify reporting requirements for commodity derivatives and emission rights derivatives, establishing weekly or bi-weekly reporting obligations depending on whether options are traded on the platform. Investment firms trading outside regulated venues must provide daily position breakdowns to central competent authorities or relevant supervisory bodies. The Authority for Financial Markets (Autoriteit Financiële Markten) gains enhanced powers to restore orderly market functioning when market operators fail to implement required trading halts. The legislation amends various provisions of the Financial Supervision Act, including modifications to conduct supervision sections and updates to regulatory scope definitions affecting non-financial entities engaged in hedging activities. The act enters into force on a date to be determined by royal decree, which may differ for various provisions.

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Netherlands Publishes Revised MiFID II Implementation Act

On July 20, 2026, the Netherlands published the Implementation Act revision MiFID II 2026, which implements Directive (EU) 2024/790, which implements the Markets in Financial Instruments Directive (MiFID II). The Implementation Act for the Revised MiFID II 2026 amends the Financial Supervision Act to transpose the revised directive into Dutch law. The amendments introduce several key changes affecting investment firms and market operators. These include revised definitions of multilateral systems and investment firms with systematic internalisation; enhanced order-execution requirements, including disclosure obligations regarding execution venues; and strengthened data-quality standards for multilateral trading facilities and organised trading facilities. The Dutch Authority for the Financial Markets gains enhanced powers to restore orderly market functioning when market operators fail to implement required trading halts. The act enters into force on a date to be determined by royal decree, which may differ for various provisions.

3338299 pc Jul 21, 2026 tojuri Netherlands Official Gazette horizon scanning

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Netherlands Official Gazette Publishes Implementation Law on Capital Requirements Directives

On June 18, 2026, the Netherlands Official Gazette published the Implementation Law on Capital Requirements 2026 (Implementatiewet kapitaalvereisten 2026), which transposes European Union Directive 2024/1619 and Directive 2024/2994 into Dutch law. The law amends the Financial Supervision Act (Wet op het financieel toezicht), the Banking Act 1998 (Bankwet 1998), and the Economic Offences Act (Wet op de economische delicten). Key changes include new prudential requirements for banks and investment firms, enhanced governance standards for key function holders, and expanded supervisory powers for the Dutch Central Bank (Nederlandsche Bank). The legislation introduces classifications for branches of third-country enterprises operating in the Netherlands—distinguishing between Class 1 and Class 2 branches—and establishes requirements for their licensing, capital adequacy, and liquidity management. The law also implements provisions addressing concentration risk from central counterparty exposures and environmental, social, and governance (ESG) risk management. Specific provisions address systemic relevance assessments of third-country branches and conditions under which such branches must obtain banking licenses. The legislation establishes new procedures for approvals of significant shareholdings, mergers, and divisions involving financial institutions. Enhanced requirements apply to key personnel, including financial directors and heads of internal control functions, with provisions for cooling-off periods following supervisory roles. The law introduces streamlined procedures for certain notifications and approvals, with specified decision timelines for the Dutch Central Bank and European Central Bank. The law enters into force on a date to be determined by royal decree, which may differ for various articles or provisions. Existing third-country branch permits must be reassessed by January 10, 2027, to ensure compliance with new requirements. Transitional provisions protect existing contractual arrangements concluded before July 11, 2026.

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1583 chars · nid 94111

Netherlands Publishes Implementation Law on Capital Requirements Directives

On July 20, 2026, the Netherlands published the Capital Requirements Implementation Act 2026, which transposes Directive (EU) 2024/1619 and Directive (EU) 2024/2994 into Dutch law. The law amends the Financial Supervision Act , the Banking Act 1998 and the Economic Offences Act . Key changes include new prudential requirements for banks and investment firms, enhanced governance standards for key function holders and expanded supervisory powers for the Dutch Central Bank. The legislation introduces classifications for branches of third-country enterprises operating in the Netherlands and establishes requirements for their licensing, capital adequacy and liquidity management. The law also implements provisions addressing concentration risk from central counterparty exposures and environmental, social and governance (ESG) risk management. Specific provisions address systemic relevance assessments of third-country branches and conditions under which such branches must obtain banking licences. Existing third-country branch permits must be reassessed by January 10, 2027, to ensure compliance with new requirements. The legislation establishes new procedures for approvals of significant shareholdings, mergers, and divisions involving financial institutions. Enhanced requirements apply to key personnel, including financial directors and heads of internal control functions, with provisions for cooling-off periods following supervisory roles. The law enters into force on a date to be determined by royal decree, which may differ for various articles or provisions.

3338173 pc Jul 21, 2026 tojuri Malta Malta Financial Services Authority horizon scanning

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I appreciate you providing the instructions and style guide, but I must note that the webpage content you've provided does not contain substantive information about the amendments to subsidiary legislation for the partial transposition and implementation of Directive (EU) 2024/927. The content appears to be a navigation menu and footer structure from the Malta Financial Services Authority (MFSA) website, dated July 20, 2026, with no details about: - The specific amendments being made - Which subsidiary legislation is being amended - The content or requirements of Directive (EU) 2024/927 - Implementation timelines or effective dates - Which regulated entities or sectors are affected - The regulatory objectives or changes being introduced **To generate a compliant Horizon Scanning update, I would need:** 1. The actual circular, notice, or consultation document from the MFSA detailing the amendments 2. The specific provisions of Directive (EU) 2024/927 being transposed 3. Details of which subsidiary legislation is being modified 4. Implementation dates and any transitional provisions 5. Guidance on compliance requirements or affected parties If you can provide the substantive content from the MFSA's announcement, circular, or supporting documentation regarding these amendments, I will immediately generate a full Horizon Scanning update following all specified formatting and style requirements.

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Malta Financial Services Authority Issues Circular on Amendments to Legislation for the Partial Transposition and Implementation of Directive (EU) 2024/927

The Malta Financial Services Authority (MFSA) has issued a Circular on the amendments made to subsidiary legislation for the partial transposition and implementation of Directive (EU) 2024/927 . The main amendments relate to enhanced cross-border supervisory cooperation, reporting obligations, liquidity management, the depositary framework and consequential updates to terminology and legislative references. Amendments have been made to: Investment Services Act (Marketing of UCITS) Regulations. Investment Services Act (UCITS Management Company Passport) Regulations. Investment Services Act (Marketing of Alternative Investment Funds) Regulations. Investment Services Act (Alternative Investment Fund Managers) Regulations. Investment Services Act (Alternative Investment Fund Managers) (Third Country) Regulations. Investment Services Act (Custodians of Collective Investment Schemes) Regulations.

3338906 pc Jul 21, 2026 msolomon Ukraine National Bank of Ukraine (NBU) horizon scanning

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National Bank of Ukraine Proposes Amendments to the Regulation on the Transfer of Cash Reserves for Storage to Authorised Banks

On July 20, 2026, the National Bank of Ukraine proposed amendments to the Regulation on the transfer of cash reserves for storage to authorized banks and conducting transactions with them, approved by Resolution of the Board of the National Bank of Ukraine No. 95 of September 17, 2021 (as amended). Among the proposals, is repealing the regulations for authorised banks in the interbank market on the application of a tariff for cash withdrawal by banks not higher than the tariff established by the National Bank. This is due to the liberalisation of the National Bank's tariff policy in the field of cash services. Comments and suggestions to the draft Resolution will be accepted until July 29, 2026.

3334413 pc Jul 20, 2026 kgurnani Australia Australian Securities and Investments Comission horizon scanning

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Australian Securities and Investments Commission Suspends Prime Value Asset Management Financial Services Licence

On November 26, 2024, the Australian Securities and Investments Commission (ASIC) suspended the Australian financial services (AFS) licence of Prime Value Asset Management Limited (Prime Value) until August 7, 2026. ASIC suspended Prime Value's AFS licence (number 222055) because the firm failed to meet its statutory audit and financial reporting lodgement obligations for the financial years ending 2024 and 2025. ASIC also identified that Prime Value had previously failed to meet financial resource requirements and lodge compliance plan audit reports for some of its retail schemes, though Prime Value has since rectified these breaches. Prime Value is the responsible entity of eight registered managed investment schemes: Prime Value Diversified High Income Plus Fund, Prime Value Diversified High Income Fund, Prime Value Enhance Income Fund, Prime Value Emerging Opportunities Fund, Prime Value Microcap Fund, Prime Value Opportunities Fund, Prime Value Equity Income Fund, and Prime Value Growth Fund. Prime Value also acts as trustee of 53 unregistered managed investment schemes and provides a wholesale managed discretionary account service. The suspension conditions restrict Prime Value from issuing interests in its managed investment schemes to new investors. However, Prime Value may continue to provide financial services reasonably necessary for, or incidental to, the day-to-day operation or management of the schemes and reinvestment of income distributions by existing investors. Prime Value must continue to meet its licence obligations during the suspension period. Prime Value may apply to the Administrative Review Tribunal for a review of ASIC's decision. The suspension remains in effect until August 7, 2026, unless earlier revoked or varied by ASIC.

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Australian Securities and Investments Commission Suspends Prime Value Asset Management Financial Services Licence

On July 17, 2026, the Australian Securities and Investments Commission (ASIC) suspended the Australian financial services (AFS) licence of Prime Value Asset Management Limited (Prime Value) until August 7, 2026. ASIC suspended Prime Value's AFS licence because the firm failed to meet its statutory audit and financial reporting lodgement obligations for the financial years ending 2024 and 2025. ASIC also identified that Prime Value had previously failed to meet financial resource requirements and lodge compliance plan audit reports for some of its retail schemes, though Prime Value has since rectified these breaches. Prime Value is the responsible entity of eight registered managed investment schemes: Prime Value Diversified High Income Plus Fund, Prime Value Diversified High Income Fund, Prime Value Enhance Income Fund, Prime Value Emerging Opportunities Fund, Prime Value Microcap Fund, Prime Value Opportunities Fund, Prime Value Equity Income Fund, and Prime Value Growth Fund. Prime Value also acts as trustee of 53 unregistered managed investment schemes and provides a wholesale managed discretionary account service. The suspension conditions restrict Prime Value from issuing interests in its managed investment schemes to new investors. However, Prime Value may continue to provide financial services reasonably necessary for, or incidental to, the day-to-day operation or management of the schemes and reinvestment of income distributions by existing investors. Prime Value must continue to meet its licence obligations during the suspension period. Prime Value may apply to the Administrative Review Tribunal for a review of ASIC's decision. The suspension remains in effect until August 7, 2026, unless earlier revoked or varied by ASIC.

3338843 pc Jul 20, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning

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United States Office of Foreign Assets Control Updates Russia-Related Sanctions Designations

On July 20, 2026, the United States Office of Foreign Assets Control (OFAC) updated its Specially Designated Nationals (SDN) List with Russia-related designations under Executive Order 14024. OFAC added two entities to the SDN List. ATS Heavy Equipment and Machinery Spare Parts Trading LLC, based in Dubai, United Arab Emirates, was designated with a secondary sanctions risk designation. The entity, also known as Alwaha Alsafra General Trading L.L.C., holds Economic Register Number 10948598 and is subject to License 770917. Limited Liability Company Pitersnab, a Russian entity with multiple locations in Saint Petersburg, was also designated. Pitersnab holds Tax ID Number 7802894972 and Registration Number 1217800085470, with an organization establishment date of June 1, 2021. The entity operates from several addresses across Saint Petersburg, including St. Repishcheva 14R, 13 Moskovskoe Highway, and Parnas, 5th Upper Lane, 15. Both designations carry secondary sanctions risk as outlined in Section 11 of Executive Order 14024. These additions to the SDN List mean that U.S. persons are generally prohibited from engaging in transactions with these entities, and any assets they hold within U.S. jurisdiction or in the possession of U.S. persons are blocked. Financial institutions and other parties must screen their customers and transactions against OFAC's updated sanctions lists to ensure compliance. Entities already subject to OFAC sanctions or those seeking to engage in otherwise prohibited transactions may apply for specific licenses through OFAC's License Application Page. REFERENCES: Office of Foreign Assets Control. "Russia-related Designations Updates." July 20, 2026. https://ofac.treasury.gov/recent-actions

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776 chars · nid 94107

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

On July 20, 2026, the US Office of Foreign Assets Control (OFAC) updated its Specially Designated Nationals (SDN) list with Russia-related sanctions designations under Executive Order 14024 . Specifically, OFAC added two entities to the SDN list: ATS Heavy Equipment and Machinery Spare Parts Trading LLC, based in Dubai, United Arab Emirates; and Limited Liability Company Pitersnab, based in Saint Petersburg, Russia. Both designations carry secondary sanctions risk as outlined in Section 11 of Executive Order 14024. Their additions to the SDN list mean that US individuals and entities are generally prohibited from engaging in transactions with them, and that any assets they hold within US jurisdiction or in the possession of US individuals and entities are blocked.

3334415 pc Jul 20, 2026 kgurnani Australia Australian Securities and Investments Comission horizon scanning

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Australian Securities and Investments Commission Cancels Australian Fiduciaries Limited Financial Services Licence

On July 2, 2026, the Australian Securities and Investments Commission (ASIC) cancelled the Australian financial services (AFS) licence of Australian Fiduciaries Limited (In Liquidation) following a payment by the Compensation Scheme of Last Resort (CSLR). The Australian Financial Complaints Authority (AFCA) made a determination against Australian Fiduciaries on January 30, 2026, which the company failed to pay. On June 12, 2026, the CSLR made a payment of $150,000 for the AFCA determination and notified ASIC, triggering the mandatory licence cancellation. ASIC is required to cancel an AFS licence where a licensee fails to pay an AFCA determination and the CSLR subsequently pays compensation. The cancellation is not subject to discretion or merits review. Australian Fiduciaries was an AFS licensee based in Queensland and the responsible entity of three registered managed investment schemes: the Global Diversified Alpha Fund, the Global Multi-Strategy Fund, and the Global All Seasons Fund. The company engaged Compare Your Super Pty Ltd as an authorised representative to approach prospective investors about investing in these schemes between January 20, 2020 and January 27, 2021, after which Compare Your Super became an authorised representative of APT Strategy Pty Ltd until September 14, 2023. Despite the licence cancellation, ASIC has specified that Australian Fiduciaries must maintain its AFCA membership for a further 12 months, until June 19, 2027, to allow complaints to be lodged. AFCA will only consider complaints relating to personal financial advice falling within the CSLR scope. This cancellation represents the eleventh AFS licence ASIC has cancelled since the CSLR commenced operations in April 2024. ASIC maintains an ongoing investigation into Australian Fiduciaries and numerous related entities.

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Australian Securities and Investments Commission Cancels Australian Fiduciaries Limited Financial Services Licence

On July 17, 2026, the Australian Securities and Investments Commission (ASIC) cancelled the Australian Financial Services (AFS) licence of Australian Fiduciaries Limited following a payment by the Compensation Scheme of Last Resort (CSLR). The Australian Financial Complaints Authority (AFCA) made a determination against Australian Fiduciaries on January 30, 2026, which the company failed to pay. On June 12, 2026, the CSLR made a payment of A$150,000 for the AFCA determination and notified ASIC, triggering the mandatory licence cancellation. ASIC is required to cancel an AFS licence where a licensee fails to pay an AFCA determination and the CSLR subsequently pays compensation. The cancellation is not subject to discretion or merits review. Australian Fiduciaries was an AFS licensee based in Queensland and the responsible entity of three registered managed investment schemes: the Global Diversified Alpha Fund, the Global Multi-Strategy Fund, and the Global All Seasons Fund. Despite the licence cancellation, ASIC has specified that Australian Fiduciaries must maintain its AFCA membership for a further 12 months, until June 19, 2027, to allow complaints to be lodged. AFCA will only consider complaints relating to personal financial advice falling within the CSLR scope. This cancellation represents the eleventh AFS licence ASIC has cancelled since the CSLR commenced operations in April 2024.

3336772 pc Jul 20, 2026 rghosh US Track 3 Federal Register horizon scanning

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Federal Deposit Insurance Corporation Publishes Reporting Forms for Permitted Payment Stablecoin Issuers

On July 20, 2026, the Federal Deposit Insurance Corporation (FDIC) published reporting forms and instructions for permitted payment stablecoin issuers (PPSIs) supervised by the FDIC under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), which was enacted on July 18, 2025. The FDIC is seeking public comment on new weekly and quarterly reporting forms that would be required under proposed Part 350 to Title 12 of the Code of Federal Regulations, which implements certain requirements of the GENIUS Act. The FDIC proposes two weekly reporting forms: Form PS-01 for PPSIs with USD 1 billion or more in total outstanding issuance value or USD 100 million or more in average daily transaction volume in the prior month, and Form PS-01a for smaller PPSIs. Form PS-01 contains eight schedules collecting information on reserve assets, issuance and redemption activity, cash balances, U.S. Treasury securities, reverse repurchase agreements, money market mutual funds, and other instruments. Form PS-01a contains three abridged schedules. The FDIC also proposes Form PS-02, a quarterly reporting form applicable to all PPSIs, which would collect financial condition information including income statements, balance sheets, off-balance sheet items, capital elements, and operational backstop details. These reporting requirements would facilitate FDIC supervision of PPSIs, promote transparency regarding their financial condition, and provide information to assess compliance with reserve asset requirements. The FDIC estimates annual burden for weekly and quarterly reporting at 3,840 hours across approximately 20 respondents. Comments must be submitted by September 18, 2026. Interested parties may submit comments via the FDIC website at https://www.fdic.gov/resources/regulations/federal-register-publications/, by email to comments@fdic.gov, or by mail to Michelle Mire, Senior Attorney, MB-3072, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429. The FDIC also seeks comment on which structured data format—XML, JSON, or CSV/XBRL—would be most effective for PPSI submissions.

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US Federal Deposit Insurance Corporation Launches Consultation on Reporting Forms for Permitted Payment Stablecoin Issuers

On July 20, 2026, the US Federal Deposit Insurance Corporation (FDIC) issued a notice and request for comment on reporting forms and instructions associated iwth requirements and sntadards for permitted payment stablecoin issuers (PPSIs) supervised by the FDIC under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) . The FDIC is seeking public comment on new weekly and quarterly reporting forms that would be required under proposed Part 350 to Title 12 of the Code of Federal Regulations, which implements certain requirements of the GENIUS Act. The FDIC proposes two weekly reporting forms: Form PS-01 for PPSIs with USD 1bn or more in total outstanding issuance value or USD 100mn or more in average daily transaction volume in the prior month. Form PS-01a for smaller PPSIs. Form PS-01 contains eight schedules collecting information on reserve assets, issuance and redemption activity, cash balances, U.S. Treasury securities, reverse repurchase agreements, money market mutual funds, and other instruments. Form PS-01a for smaller PPSIs. Form PS-01 contains eight schedules collecting information on reserve assets, issuance and redemption activity, cash balances, U.S. Treasury securities, reverse repurchase agreements, money market mutual funds, and other instruments. The FDIC also proposes Form PS-02, a quarterly reporting form applicable to all PPSIs, which would collect financial condition information including income statements, balance sheets, off-balance sheet items, capital elements, and operational backstop details. These reporting requirements would facilitate FDIC supervision of PPSIs, promote transparency regarding their financial condition, and provide information to assess compliance with reserve asset requirements. Comments must be submitted by September 18, 2026. Interested parties may submit comments via the FDIC website , by email to comments@fdic.gov, or by mail to Michelle Mire, Senior Attorney, MB-3072, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429. The FDIC also seeks comment on which structured data format—XML, JSON, or CSV/XBRL—would be most effective for PPSI submissions.

3337962 pc Jul 20, 2026 pthandapani Taiwan The Executive Yuan Gazette Online horizon scanning

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Taiwan's Financial Supervisory Commission Amends Fraud Crime Prevention Regulations for Virtual Asset Service Providers

On July 20, 2026, Taiwan's Financial Supervisory Commission (FSC) published an amendment to the "Regulations Governing Fraud Crime Hazard Prevention by Financial Institutions and Businesses or Personnel Providing Virtual Asset Services." The amendment updates regulatory requirements for fraud crime prevention applicable to financial institutions and entities or individuals providing virtual asset services. The FSC established these regulations to establish standardised hazard prevention measures across the financial sector and virtual asset service providers, addressing the growing risks associated with fraud in these industries. The update reflects the FSC's commitment to strengthening consumer protection and maintaining the integrity of Taiwan's financial system as virtual asset services continue to expand. Financial institutions, virtual asset service providers, and relevant personnel must review the amended regulations to ensure compliance with the new requirements. The amendment became effective on July 20, 2026. Entities subject to these regulations should implement necessary operational and procedural changes to align with the updated fraud prevention standards. For further information or clarification on the specific amendments, stakeholders can contact the FSC at +886(2)23924146 or via email at [email protected]. **References:** Executive Yuan Gazette Online, Vol. 032 No. 131 (July 20, 2026)

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Taiwanese Financial Supervisory Commission Amends Fraud Crime Prevention Regulations for Virtual Asset Service Providers

On July 20, 2026, the Taiwanese Financial Supervisory Commission issued the Regulations Governing Anti-Fraud Measures for Financial Institutions and Virtual Asset Service Providers. The issued regulations contain: Administrative measures detailing the criteria for identifying suspicious transactions across deposit, electronic payment, credit card, and virtual asset accounts, and establishing a centralized anti-fraud platform for information sharing. Specific rules mandating that institutions must implement enhanced customer due diligence, suspend relevant transaction functions, and block or earmark suspected fraudulent funds upon identifying abnormal activity or receiving alerts. Regulations prescribing a mandatory obligation to preserve customer identity verification documents, contract files, and comprehensive abnormal transaction records to facilitate the reconstruction of individual illicit activities for evidence. Provisions outlining the duty of financial institutions and virtual asset service providers to maintain a 24-hour joint defense reporting mechanism to actively trace, notify, and intercept fraudulent transfers across multiple entities. Directives establishing the detailed procedures for identifying victims and sequentially returning the remaining blocked funds or virtual assets upon receiving written notification from law enforcement agencies. The regulations enter into immediate effect.

3335813 pc Jul 20, 2026 kgurnani United Arab Emirates Central Bank of the UAE horizon scanning

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United Arab Emirates Central Bank Publishes Small to Medium Sized Enterprises Customer Protection Regulation

On September 13, 2026, the Central Bank of the United Arab Emirates (CBUAE) brings into force Regulation C 2/2026 on Small to Medium Sized Enterprises (SME) Customer Protection. The regulation establishes a comprehensive framework for protecting SMEs as customers of financial institutions and enhancing their access to financial products and services across the UAE. The regulation applies to all banks and finance companies licensed by the CBUAE, including Islamic financial institutions. It sets requirements across eight key areas: governance and institutional oversight; disclosure and transparency; responsible conduct; responsible financing practices; complaint management and resolution; customer data protection; Shari'ah compliance for Islamic institutions; and reporting obligations to the CBUAE. Key provisions include mandatory disclosure in plain language in both English and Arabic at all stages of the customer relationship; a requirement to open bank accounts within three business days for low-risk customers; prohibition of tied selling and bundling of products; fair and reasonable fee structures proportionate to customer size; and establishment of accessible complaint resolution processes with acknowledgment within two business days. Financial institutions must provide customers with Key Facts Statements prior to offering products, maintain staff training and qualification standards, and support customers experiencing financial difficulties through restructuring and counselling services. The regulation prohibits discriminatory practices, anti-competitive conduct, and barriers to customer mobility between institutions. Data protection requirements mandate a minimum five-year retention period and immediate notification of significant breaches to affected customers and the CBUAE. The regulation cancels the previous SME Market Conduct Regulation (Circular No. 1/2021, dated January 26, 2021). Financial institutions must comply with all provisions by the effective date. Violations may result in supervisory action, administrative action, or financial sanctions imposed by the CBUAE.

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United Arab Emirates Central Bank Publishes Small- to Medium-Sized Enterprises Customer Protection Regulation

On February 16, 2026, the Central Bank of the United Arab Emirates (CBUAE) issued Regulation C 2/2026 on Small to Medium Sized Enterprises (SME) Customer Protection. The regulation establishes a comprehensive framework for protecting SMEs as customers of financial institutions and enhancing their access to financial products and services across the UAE. The regulation applies to all banks and finance companies licensed by the CBUAE, including Islamic financial institutions. It sets requirements across eight key areas: Governance and institutional oversight Disclosure and transparency; Responsible conduct Responsible financing practices Complaint management and resolution Customer data protection Shari'ah compliance for Islamic institutions Reporting obligations to the CBUAE. Key provisions include: Mandatory disclosure in plain language in both English and Arabic at all stages of the customer relationship A requirement to open bank accounts within three business days for low-risk customers Prohibition of tied selling and bundling of products Fair and reasonable fee structures proportionate to customer size Establishment of accessible complaint resolution processes with acknowledgment within two business days. Financial institutions must provide customers with Key Facts Statements prior to offering products, maintain staff training and qualification standards, and support customers experiencing financial difficulties through restructuring and counselling services. The regulation prohibits discriminatory practices, anti-competitive conduct, and barriers to customer mobility between institutions. Data protection requirements mandate a minimum five-year retention period and immediate notification of significant breaches to affected customers and the CBUAE. The regulation cancels the previous SME Market Conduct Regulation. The regulations come into effect on September 13, 2026. Financial institutions must comply with all provisions by the effective date. Violations may result in supervisory action, administrative action, or financial sanctions imposed by the CBUAE.

3338273 gc Jul 20, 2026 prandeo Netherlands News - Dutch Gambling Authority gamblingcompliance

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Netherlands Gambling Authority Fines Casino Zoetermeer for Permitting Excluded Players

On a recent date, the Netherlands Gambling Authority (Kansspelautoriteit) imposed a fine of €21,500 on Casino Zoetermeer B.V. for permitting players registered in Cruks to access its gaming facilities. Cruks, also known as Gokstop, is the Dutch national self-exclusion register that prevents individuals from accessing online gambling, gaming machine halls, and casinos throughout the Netherlands. The authority initially imposed a fine of €25,000 following an investigation conducted in 2022. The investigation revealed that Casino Zoetermeer failed to adequately identify and verify player identities before granting access, which is a mandatory requirement for all gambling operators offering online or high-risk physical gambling services. During the investigation, the authority received reports from two individuals indicating that Casino Zoetermeer had not properly conducted Cruks checks. Subsequent examination confirmed that the operator had permitted two players who were registered in Cruks at the time of their visits to access the gaming hall. Casino Zoetermeer initially obtained a preliminary court order halting publication of the fine. However, after the authority rejected the operator's objections, Casino Zoetermeer appealed the decision. A court recently upheld the authority's substantive grounds for the fine but reduced the penalty to €21,500 on procedural grounds, finding that the reasonable timeframe for proceedings had been exceeded. Approximately 118,000 individuals are currently registered in Cruks. The authority emphasises that proper Cruks verification is essential for protecting players against gambling harm and supporting those who have chosen self-exclusion. The authority stated it will continue to monitor compliance rigorously and impose sanctions where necessary.

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Dutch Gambling Authority Fines €21,500 Casino Zoetermeer for Permitting Excluded Players

On July 20 2026, the Netherlands Gambling Authority (KSA) imposed a fine of €21,500 on Casino Zoetermeer B.V. for permitting players registered in Cruks to access its gaming facilities. Cruks is the Dutch national self-exclusion register that prevents individuals from accessing online gambling, gaming machine halls, and casinos throughout the Netherlands. The authority initially imposed a fine of €25,000 following an investigation conducted in 2022. The investigation revealed that Casino Zoetermeer failed to adequately identify and verify player identities before granting access, which is a mandatory requirement for all gambling operators offering online or high-risk physical gambling services. During the investigation, the authority received reports from two individuals indicating that Casino Zoetermeer had not properly conducted Cruks checks. Subsequent examination confirmed that the operator had permitted two players who were registered in Cruks at the time of their visits to access the gaming hall. Casino Zoetermeer initially obtained a preliminary court order halting publication of the fine. However, after the authority rejected the operator's objections, Casino Zoetermeer appealed the decision. A court recently upheld the authority's substantive grounds for the fine but reduced the penalty to €21,500 on procedural grounds, finding that the reasonable timeframe for proceedings had been exceeded. Approximately 118,000 individuals are currently registered in Cruks. The authority emphasises that proper Cruks verification is essential for protecting players against gambling harm and supporting those who have chosen self-exclusion. The authority stated it will continue to monitor compliance rigorously and impose sanctions where necessary.

3335901 pc Jul 20, 2026 arahman Belarus National Center of Legislation and Legal Information of the Republic of Belarus - Documents horizon scanning

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Belarus Council of Ministers and National Bank Issue Cryptocurrency Bank Remote Client Identification Procedures

On July 16, 2026, the Council of Ministers of the Republic of Belarus and the National Bank of the Republic of Belarus issued a joint resolution establishing procedures for cryptocurrency banks to conduct remote client identification. The resolution, numbered 363/15, addresses the operational requirements for cryptobanks operating in Belarus to implement remote identification mechanisms for their clients. This development reflects the regulatory framework governing cryptocurrency banking activities within the jurisdiction, establishing standardized protocols for customer identification processes conducted at a distance rather than through in-person verification. Remote client identification procedures are essential for cryptocurrency banking operations, as they enable financial institutions to comply with anti-money laundering and know-your-customer requirements while accommodating the digital nature of cryptocurrency transactions. The resolution provides cryptobanks with formal guidance on acceptable remote identification methodologies, ensuring consistency across the sector and maintaining compliance with Belarus's financial regulatory standards. The joint issuance by both the Council of Ministers and the National Bank of the Republic of Belarus demonstrates coordinated regulatory oversight of the cryptocurrency banking sector. This approach ensures that monetary policy considerations and governmental administration align on cryptocurrency banking supervision. The resolution became effective on July 16, 2026. **Reference:** Council of Ministers of the Republic of Belarus and National Bank of the Republic of Belarus Resolution 363/15 (July 16, 2026), available through the National Center of Legislation and Legal Information of the Republic of Belarus (ETALON-ONLINE system).

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Belarus Publishes Decree on Specific Issue of Control Regarding Digital Tokens in the Official Legal Database

On January 16, 2026, the Decree of the President of the Republic of Belarus on Cryptobanks and Specific Issues of Control in the Field of Digital Tokens was published in the official legal database of Belarus. Key points include: Joint-stock companies that are residents of the High-Tech Park (HTP) and included in the register of cryptobanks of the National Bank (hereinafter referred to as the register) have the right to combine activities using digital signs (tokens) with the performance of banking, payment and other related financial transactions in accordance with the Regulation on the activities of cryptobanks . Control over compliance by residents of the High-Tech Park, carrying out activities using digital signs (tokens), with the legislation regulating their activities using digital signs (tokens), including legislation on the prevention of money laundering, the financing of terrorist activities and the financing of the proliferation of weapons of mass destruction, as well as decisions of the HTP Supervisory Board on issues of activities using digital signs (tokens) is carried out by the Secretariat of the HTP Supervisory Board, taking into account the features established by legislative acts regulating the activities of cryptobanks. The HTP Supervisory Board has the right to send mandatory instructions to professional participants in the token market, such as: An order to introduce a ban on certain types of transactions with digital tokens. A requirement for a temporary (for a period of no more than three calendar months) limitation on the total volume of transactions (operations) with digital tokens carried out by professional participants in the token market during a calendar month.

3336406 pc Jul 20, 2026 arahman European Union European Parliament horizon scanning

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European Parliament Begins Examination of European Commission Delegated Act on Securities Clearing Thresholds

On July 14, 2026, the European Parliament initiated examination of a delegated act from the European Commission (C(2026)04861) concerning clearing thresholds and the mechanisms triggering their review in securities and financial markets. The delegated act supplements Regulation (EU) 2010/0250(COD) and falls under the delegated acts procedure (DEA). The European Parliament's Committee on Economic and Monetary Affairs (ECON) has assumed responsibility for the matter. The examination period runs for three months from the publication date, during which the Parliament will assess the Commission's proposal before determining whether to approve, reject, or request amendments to the delegated act. Clearing thresholds establish the point at which certain financial instruments and transactions must be cleared through authorised central counterparties. The review mechanisms embedded in this delegated act will determine how and when these thresholds are reassessed to reflect evolving market conditions and regulatory objectives. This development is significant for market participants, including investment firms, credit institutions, and central counterparties, as changes to clearing requirements directly affect operational compliance obligations and risk management frameworks. The Parliament's ECON Committee will lead the technical assessment of the proposal. The three-month initial examination period provides the Parliament with an opportunity to scrutinise the Commission's rationale for the proposed thresholds and review mechanisms before the procedure advances to subsequent stages. Stakeholders should monitor the Parliament's documentation gateway and committee proceedings for further developments, including any proposed amendments or formal positions adopted by the ECON Committee during this preparatory phase.

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European Parliament Begins Examination of European Commission Delegated Act on Securities Clearing Thresholds

On July 14, 2026, the European Parliament initiated examination of a delegated act from the European Commission (C(2026)04861) concerning clearing thresholds and the mechanisms triggering their review in securities and financial markets. The delegated act supplements Regulation (EU) 2010/0250(COD) and falls under the delegated acts procedure (DEA). The European Parliament's Committee on Economic and Monetary Affairs (ECON) has assumed responsibility for the matter. The main elements of the proposed compromise are the following: The obligation to report all derivative contracts to trade repositories (i.e., central data centres) and the clearing of standardised over-the-counter (OTC) derivative contracts through central counterparties (CCPs) in order to reduce counterparty risk (i.e. the risk of default by one party to the contract). If a contract is not eligible for clearing by a CCP, the draft regulation would require the application of different risk management techniques, including, for instance, exchange of collateral and the holding of additional capital. Trade repositories would have to publish aggregate positions by class of derivatives, thereby offering market participants a clearer view of the OTC derivatives market. The European Securities and Markets Authority (ESMA) would be responsible for the surveillance of trade repositories and for granting and withdrawing their registration. ESMA would be responsible for the identification of contracts subject to the clearing obligation, while national competent authorities, in coordination with a college of supervisors, would be responsible for authorising and supervising CCPs, except in the case of CCPs from third countries, which would have to be recognised by ESMA provided they meet certain conditions. The regulation is in its final stages, with only technical revisions and formal approval by the European Parliament and the Council remaining before adoption.

3335751 pc Jul 20, 2026 arahman Sweden Swedish Bankers Association horizon scanning

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Sweden's Bankers Association Welcomes European Commission Report on Banking Sector Competitiveness

On July 17, 2026, the European Commission published a report examining how to strengthen competitiveness in the European banking sector as part of broader efforts to enhance the European Union's economic growth. The Swedish Bankers Association (Svenska Bankföreningen) welcomed the initiative. The report concludes that the EU banking system is stable and profitable but faces structural impediments from excessive and complex regulation, particularly in capital adequacy requirements. Banks struggle to operate cross-border within the EU without navigating divergent national regulatory frameworks, resulting in a fragmented market. These factors create unnecessarily high costs, weaken competitiveness relative to banks outside the EU, and prevent the economy from reaching its full potential. The Commission proposes three primary solutions: reducing regulatory fragmentation in the EU's internal banking services market; aligning Basel implementation more effectively with the EU's banking model; and simplifying regulations to eliminate unnecessary complexity. Hans Lindberg, Swedish Bankers Association chief executive, said: "We welcome the European Commission's report which identifies the structural problems in the EU's internal market. For Europe to strengthen its competitiveness and generate higher economic growth, a robust banking market is needed that can more efficiently meet the economy's financial services requirements while maintaining financial stability." The Commission will gather feedback before commencing work on legislative proposals scheduled for presentation in the first quarter of 2027. The Swedish Bankers Association will actively collaborate with its members to ensure the resulting legislative proposals are as appropriate as possible. REFERENCES: European Commission, "Competitiveness of the Banking Sector and the Single Market in Banking" (2026)

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European Commission Publishes Report on Competitiveness of the Banking Sector and the Single Market

On July 17, 2026, the European Commission published a report examining how to strengthen the competitiveness of the European banking sector as part of broader efforts to boost the European Union's economic growth. The report states that the EU banking system is stable and profitable, but that the sector is structurally hampered by overly extensive and complex regulation; for example, in the area of capital adequacy. Banks find it difficult to operate cross-border within the EU without dealing with different national regulations, which leads to a fragmented market. All this leads to unnecessarily high costs and weak competitiveness compared to banks outside the EU, and means that the economy does not exploit its full potential. The report proposes three main solutions: Reduce regulatory fragmentation in the single market for banking services. Better align Basel implementation with the EU banking model. Simplify the regulatory framework and reduce unnecessary complexity. The next step is for the European Commission to collect views and then begin work on the legislative proposals to be presented in the first quarter of 2027.

3335840 pc Jul 20, 2026 arahman Slovenia eUprava - Predlogi predpisov ( Proposed Legislation) horizon scanning

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Slovenia's Ministry of Finance Proposes Accessibility and Payment Means Legislation

On July 17, 2026, Slovenia's Ministry of Finance published a proposed law on the accessibility and use of payment means for public consultation. The proposed legislation, registered under government act number 2026-1611-0063, aims to establish regulatory requirements governing how payment methods are made accessible to the public. The proposal is currently in preparation within the ministry and is available for public review through Slovenia's eUprava (e-Government) portal. The legislative document, which measures 658 kilobytes, addresses accessibility standards and the practical application of payment instruments in Slovenia. The consultation seeks to gather feedback from stakeholders and the public on the proposed framework before it advances through the legislative process. The Ministry of Finance is accepting public comments on the proposed legislation until August 17, 2026. Following the consultation period, the proposal is scheduled to progress through the government's legislative timeline, with anticipated deadlines for draft completion, government committee review, and full government approval set for 2027. The final adoption of the legislation is targeted for the second quarter of 2027. Members of the public and interested parties can submit comments through the eUprava portal. The ministry has also provided tools to assess the potential impacts of the proposed regulatory changes, allowing stakeholders to calculate effects and attach their analyses to formal submissions. REFERENCES: eUprava - Predlogi predpisov. Zakon o dostopnosti in uporabi plačilnih sredstev. Available at: https://e-uprava.gov.si/

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Slovenia's Ministry of Finance Consults on Accessibility and Payment Means Legislation

On July 17, 2026, Slovenia's Ministry of Finance published a proposed law on the accessibility and use of payment means for public consultation. Key points include: Establishes an obligation to accept cash at points of sale, with clearly defined exceptions, while also obliging providers of goods and services, including digital content providers, to accept at least one electronic payment method. Banks will be required to maintain a sufficient network of cash points, ATMs and branches to ensure adequate geographical coverage and density. In settlements with more than 1,000 inhabitants, an ATM will have to be available within a maximum distance of five kilometres from the centre of the settlement, and similar criteria will also apply to branches in larger settlements. Sets out limits on fees for cash withdrawals and deposits, requirements for continuous infrastructure operation, and measures to manage operational risks to ensure that access to cash remains reliable even in emergency situations. In light of concerns about social inclusion, stipulates that consumers who receive regular payments (for example, salary, pension, unemployment benefit or scholarship) in their payment or basic payment account will have the right to a free package of basic payment services. This will include opening and managing an account, a debit card, online and mobile banking, unlimited inflows, cash transactions at their own bank, at least five free withdrawals per month at other banks' ATMs, and payments with a debit card. For vulnerable groups and pensioners, additional free credit payments, standing orders and direct debits. Comments and feedback are welcome up until August 17, 2026 and can be submitted here .

3336573 pc Jul 20, 2026 msolomon Russia Bank of Russia financial services

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Russia's Bank of Russia Mandates Complete Product and Service Information Disclosure by Credit Institutions

On July 17, 2026, the Bank of Russia announced that the Federation Council approved legislation requiring credit institutions to provide comprehensive information about their products and services. The law, developed with the Bank of Russia's participation, establishes requirements for the order, method, form, and timelines for disclosing product and service information through a Standard for Credit Organization Activities. The Bank of Russia identified a significant gap in current practices. Analysis of complaints received by the regulator revealed that consumers frequently do not receive complete information when opening deposits, taking loans, or accessing other financial services through mobile applications or bank websites. Credit institutions typically emphasize attractive product features while downplaying or incompletely disclosing risks and special conditions. Additionally, consumers often struggle to immediately understand which product or service is being offered. The Bank of Russia noted instances where banks present broker services and asset management company services within savings sections, despite investment products not guaranteeing returns. Because such information does not constitute advertising, existing advertising regulations do not apply to it. The new legislation addresses these disclosure gaps by regulating the content of standards governing client information procedures across credit institution offices, websites, and applications. This measure aims to increase consumer awareness and eliminate the practice of banks using "dark patterns"—design techniques that manipulate customer behavior. The law enters into force on September 1, 2027, providing credit institutions approximately 14 months to implement compliant disclosure procedures across all distribution channels.

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Russia Approves Law Requiring Banks to Disclose Information on their Products and Services

On July 17, 2026, the Bank of Russia announced the approval of a law requiring banks to disclose full information on their products and services. The law includes requirements for the procedure, method, form, and timing of posting information about bank products and services. It regulates the standard for informing clients in offices, websites, and apps of credit institutions, with the aims of increasing consumer awareness and eliminate banks' use of "dark patterns" that manipulate client behavior. The law will come into force on September 1, 2027.

3335798 pc Jul 20, 2026 msolomon Ukraine All News - NBU financial services

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National Bank of Ukraine Proposes Amendments to the Procedure for Monitoring Payment Transactions

On July 17, 2026, the National Bank of Ukraine proposed introducing unified standardised approaches to the procedure for monitoring and reconciling payment transactions by payment service providers. As part of the draft resolution, the following is included: Principles of implementing measures to control payment transactions. The possibility of involving third parties in the implementation of certain processes within the framework of the payment transaction monitoring function. The National Bank's assessment of the effectiveness of measures to control payment transactions. Requirements for payment service providers to organise measures to control payment transactions. Control measures within the framework of monitoring payment transactions. The National Bank is accepting comments and suggestions until July 31, 2026. Discussion begins on the To You can find the materials for discussion at the following links: Draft resolution; Project impact analysis.

3335365 gc Jul 17, 2026 nsairam Uruguay Uruguay | DNLQ Noticias gamblingcompliance

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Uruguay's National Lottery and Betting Authority Authorizes Web-Based Lottery Sales Channel

On July 15, 2026, Uruguay's National Lottery and Betting Authority (Dirección Nacional de Loterias y Quinielas, DNLQ) issued Resolution No. 134/2026 authorizing a new web-based sales channel for lottery tickets through the platform www.labanca.com.uy, operated by the Collective Betting Bank Agencies (Bancas de Cubierta Colectiva de Quinielas). The DNLQ modernized lottery commercialization to address the absence of web-based distribution, which currently represents the only gap in the authority's product offerings. The new platform incorporates enhanced identity validation and authentication mechanisms, including in-person identification (Level 3) and remote biometric verification with "Proof of Life" procedures (Level 2). The platform includes responsible gaming tools such as self-exclusion options and deposit limits. Lottery tickets and fractions eligible for digital sale may be purchased up to 60 minutes before draw commencement, matching existing electronic ticket sales procedures. The DNLQ retains authority to suspend, modify, or rescind the channel for public interest, market ordering, or cybersecurity reasons, with no acquired rights granted to operators. Prizes exceeding 500,000 Uruguayan pesos are paid directly by the DNLQ through a Prize Payment Certificate. Smaller prizes are deposited immediately into user accounts and may be withdrawn via bank transfer or physical agency locations. All transactions are recorded in the DNLQ's central information system with digital signatures and timestamps. The authority will evaluate the measure's impact over a minimum 120-day period and implement corrective measures as necessary. The new web channel operates simultaneously with existing printed ticket and electronic coupon sales, without affecting current distribution arrangements. Implementation applies to all lottery draws commencing from the resolution's effective date.

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Uruguay publishes regulations allowing the purchase of lottery products online

On July 15, 2026, Uruguay's Directorate of Lotteries and Pools (DNLQ) published a resolution that permits the vending and purchasing of lottery products online. Under Resolution No. 134/2026, the following is outlined: Lottery products can be sold on the labanca.com.uy platform and its associated mobile app. Lottery activities can be marketed through through all physical, computer-based, telematic, mobile, or interactive media available on the market to consumers. In order for bets to be accepted, the bets must be registered and validated in the DNLQ’s Central Computer System. All lottery games are subject to this new resolution, and be able to be marketed online. This resolution comes into effect immediately .

3334903 pc Jul 17, 2026 pdonofrio Peru Central Reserve Bank of Peru horizon scanning

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Peru's Central Reserve Bank Establishes Rules for Instant Payments with Aliases to Strengthen Security and Interoperability

On July 17, 2026, the Central Reserve Bank of Peru (BCRP) approved Circular N° 0017-2026-BCRP, establishing the Regulation of the Instant Payment Service with Aliases. This regulation sets out provisions applicable to instant payment services regardless of the infrastructure processing them, aiming to reinforce security, efficiency, and interoperability within Peru's National Payment System. Instant payments with aliases—primarily using mobile phone numbers—have become the primary low-value digital payment instrument offered by an increasing and diverse range of payment service providers across multiple infrastructures. An alias is a validated identifier linked to a user's account that can be a mobile phone number, national identification number, or another identifier approved by the BCRP. Users can send or receive instant payments without entering the beneficiary's interbank account code; instead, they identify the beneficiary through an alias or by scanning a QR code from their digital wallet or application. Key aspects of the regulation include: payments in Peruvian soles available 24 hours daily, 365 days annually; a maximum transaction amount of 30,000 soles, though entities may establish lower or cumulative limits based on risk policies; mandatory interoperability and reciprocity requiring payment service providers to enable users to send and receive interoperable instant payments without unjustifiably degrading, blocking, or delaying operations; user service channels with maximum response times of 15 business days for complaints and disputes; and an authorization regime for Directory Providers and Managers based on risk management, information security, operational continuity, and technological resilience. The regulation applies to Payment Service Providers, Payment Infrastructures, and Critical Technology Service Providers, including Directory Providers and Managers. The regulation enters into force 60 calendar days after publication on September 13, 2026. Entities already operating as Directory Providers or Managers must submit authorization requests by December 31, 2026, and may continue operating while the BCRP evaluates their applications.

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Central Reserve Bank of Peru Issues Regulation for Instant Payments with Aliases to Strengthen Security and Interoperability

On July 17, 2026, the Central Reserve Bank of Peru (BCRP) approved a regulation that establishes the governs instant payment services using aliases (i.e., validated identifiers linked to a user's account, such as a mobile phone number, national identification number or another identifier approved by the BCRP). The regulation sets out provisions applicable to instant payment services regardless of the infrastructure processing them, aiming to reinforce security, efficiency and interoperability within Peru's national payments system. With aliases, users can send or receive instant payments without entering the beneficiary's interbank account code; instead, they can identify the beneficiary through an alias or by scanning a QR code from their digital wallet or other digital application. Key aspects of the regulation include, but are not limited to: Payments in Peruvian soles using aliases can be made 24 hours daily, 365 days annually. A maximum transaction amount of 30,000 Peruvian soles is set for payments using aliases, though entities may establish lower or cumulative limits based on internal risk policies. Mandatory interoperability and reciprocity requires payment service providers to enable users to send and receive interoperable, alias-based payments without unjustifiably degrading, blocking or delaying operations. User service channels are mandatory with maximum response times of 15 business days for complaints and disputes. An authorisation regime is established for directory providers and managers based on risk management, information security, operational continuity and technological resilience. The regulation applies to payment service providers, payment infrastructure and critical technology service providers, including directory providers and managers. The regulation takes effect on on September 13, 2026 . Entities already operating as directory providers and managers must submit authorisation requests by December 31, 2026, but may continue operating while the BCRP evaluates their applications.

3334765 pc Jul 17, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning

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United States Office of Foreign Assets Control Updates Hong Kong-Related Sanctions Designations and Removals

On July 17, 2026, the Office of Foreign Assets Control (OFAC) published updates to its sanctions lists following the expiration of the national emergency declared in Executive Order 13936 on July 14, 2026. The expiration does not repeal or affect the Hong Kong Human Rights and Democracy Act of 2019 (HKHRDA) or the Hong Kong Autonomy Act of 2020 (HKAA), which remain in effect. OFAC removed individuals from the Specially Designated Nationals and Blocked Persons List (SDN List) whose property had been blocked solely under the International Emergency Economic Powers Act. Persons remaining sanctioned under the HKAA have been transferred to OFAC's Non-SDN Menu-Based Sanctions List (NS-MBS List), with previously blocked assets remaining blocked. OFAC added 47 individuals to the NS-MBS List pursuant to the HKAA, including Hong Kong Chief Executive Carrie Lam, Secretary for Justice Teresa Cheng, Commissioner of Police Chris Tang, and Secretary for Security John Ka-chiu Lee. The list also includes Chinese officials holding positions such as Vice-Chairpersons of the 13th National People's Congress Standing Committee and directors of Hong Kong-related government offices. OFAC removed 24 individuals from the SDN List, including Stephen Lo, Paul Ting Kwok Lam, and others designated under Executive Order 13936. OFAC intends to amend the Hong Kong-Related Sanctions Regulations (31 CFR part 585) in a future Federal Register publication to reflect the national emergency expiration. OFAC is reviewing and will update relevant frequently asked questions and guidance associated with its Hong Kong-related sanctions program. **Reference:** Office of Foreign Assets Control, "Hong Kong-related Designations Updates and Removals," July 17, 2026, https://ofac.treasury.gov/recent-actions/20260717

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US Office of Foreign Assets Control Updates Hong Kong-Related Sanctions Designations

On July 17, 2026, the US Office of Foreign Assets Control (OFAC) published updates to its sanctions lists following the expiration of the national emergency declared under Executive Order 13936 . Though the expiration does not repeal or affect the Hong Kong Human Rights and Democracy Act (HKHRDA) or Hong Kong Autonomy Act (HKAA), which remain in effect, OFAC removed 24 targets from its Specially Designated Nationals (SDN) list whose property had been blocked solely under the International Emergency Economic Powers Act (IEEPA). Individuals and entities remaining sanctioned under the HKAA have been transferred to OFAC's non-SDN, menu-based sanctions list, with previously blocked assets remaining blocked. OFAC added 47 targets to this list pursuant to the HKAA, including Hong Kong Chief Executive Carrie Lam, Secretary for Justice Teresa Cheng, Commissioner of Police Chris Tang and Secretary for Security John Ka-chiu Lee. The list also includes Chinese officials holding positions such as Vice-Chairpersons of the National People's Congress Standing Committee and directors of Hong Kong-related government offices. According to OFAC, it also intends to amend the Hong Kong-Related Sanctions Regulations (31 CFR Part 585) in a future Federal Register publication to reflect the national emergency expiration.

3334844 pc Jul 17, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning

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United States Office of Foreign Assets Control Issues Venezuela-Related Frequently Asked Question

On July 17, 2026, the Department of the Treasury's Office of Foreign Assets Control (OFAC) issued a new Venezuela-related Frequently Asked Question, designated as FAQ 1263. OFAC administers and enforces economic sanctions programs targeting foreign countries, entities, and individuals. The Venezuela sanctions program imposes restrictions on transactions and dealings involving Venezuelan nationals, entities, and assets. OFAC's Frequently Asked Questions provide guidance to regulated entities, financial institutions, and other stakeholders on compliance obligations under these sanctions regimes. FAQ 1263 addresses a specific compliance question related to Venezuela sanctions, though the precise content of the question and guidance provided is not detailed in this announcement. These FAQs serve as interpretive guidance to help market participants understand their obligations under OFAC's sanctions programs and reduce compliance risks. The issuance of new FAQs reflects OFAC's ongoing effort to provide clarity on sanctions requirements as circumstances evolve or as compliance questions arise from regulated entities. Regulated entities, financial institutions, and other organisations operating in jurisdictions subject to Venezuela sanctions should review FAQ 1263 to ensure their compliance frameworks adequately address the guidance provided. The full text of FAQ 1263 is available on OFAC's website alongside other Venezuela-related sanctions guidance and resources. Organisations should integrate this guidance into their sanctions compliance procedures and training programmes to mitigate enforcement risk. REFERENCES: Office of Foreign Assets Control. "Issuance of Venezuela-related Frequently Asked Question." U.S. Department of the Treasury. July 17, 2026. https://ofac.treasury.gov/

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US Office of Foreign Assets Control Issues Venezuela-Related FAQs

On July 17, 2026, the US Office of Foreign Assets Control (OFAC) issued a new Venezuela-related frequently asked question (FAQ) document: FAQ 1263 . FAQ 1263 addresses specific compliance questions related to OFAC's Venezuela sanctions program, specifically those surrounding whether the recently issued General License No. 60 requires that payments to the Venezuelan government be made into the Foreign Government Deposit Funds Account (FGDF).

3328064 gc Jul 17, 2026 mschanke Pennsylvania Pennsylvania State Gaming Board gamblingcompliance

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Pennsylvania Gaming Control Board Proposes Comprehensive Updates to Compulsive and Problem Gambling Regulations

On July 11, 2026, the Pennsylvania Gaming Control Board (board) published a proposed rulemaking to amend its regulations governing compulsive and problem gambling requirements across multiple gaming sectors, including casinos, interactive gaming, video gaming, and fantasy contests. The proposed amendments update nine regulatory chapters to clarify board expectations for licensees implementing responsible gaming programs and to modernise terminology related to gambling disorder. Key revisions include extending the review period for compulsive and problem gambling plans from 30 to 60 days, allowing the board adequate time to assess compliance before licensees commence operations. The amendments introduce a new "responsible gaming page" requirement consolidating gambling assistance resources, treatment information, and self-exclusion details into a single, easily accessible webpage that does not require account login. Licensees must provide self-imposed limit tools for deposit amounts, spending limits, wager limits, and session duration across all gaming platforms. The board clarifies that cashless gaming accounts cannot circumvent voluntary credit suspension lists and establishes requirements for timely distribution of win-loss tax documentation to players. The amendments strengthen self-exclusion program protections by prohibiting licensees from marketing to formerly self-excluded individuals until those individuals proactively request communications. Advertising standards are tightened to require commercially reasonable means to limit exposure to underage individuals and to provide all Commonwealth residents with opt-out mechanisms for directed gaming marketing. Employee training requirements are expanded to specify which employee classes must complete annual reinforcement training, with records maintained by licensees. The board also introduces new reporting requirements for interactive gaming operators, including monthly updates on self-imposed limits and responsible gaming metrics. The public comment period closes 30 days after publication in the Pennsylvania Bulletin. Interested parties should submit comments to Robert Wood, Senior Counsel, Pennsylvania Gaming Control Board, 303 Walnut Street, 5th Floor, Harrisburg, PA 17101, or by email to PGCBregs@pa.gov, referencing Regulation # 125-258. The Independent Regulatory Review Commission (IRRC) will review comments within 30 days of the close of the public comment period. The rulemaking will become effective upon final-form publication in the Pennsylvania Bulletin.

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Pennsylvania regulator proposes comprehensive updates to compulsive and problem gambling regulations

On July 11, 2026, the Pennsylvania Gaming Control Board (PGCB) published a proposed rulemaking to amend its regulations governing compulsive and problem gambling requirements across multiple gaming sectors, including casinos, interactive gaming, video gaming, and fantasy contests. The proposed amendments update nine regulatory chapters to clarify PGCB expectations for licensees implementing responsible gaming programs and to modernize terminology related to gambling disorder. Key revisions include: Extending the review period for compulsive and problem gambling plans from 30 to 60 days, allowing the board adequate time to assess compliance before licensees commence operations. Introducing a new responsible gaming page requirement consolidating gambling assistance resources, treatment information, and self-exclusion details into a single, easily accessible webpage that does not require account login. Requiring licensees to provide self-imposed limit tools for deposit amounts, spending limits, wager limits, and session duration across all gaming platforms. Clarifying that cashless gaming accounts cannot circumvent voluntary credit suspension lists and establishes requirements for timely distribution of win-loss tax documentation to players. Strengthening self-exclusion program protections by prohibiting licensees from marketing to formerly self-excluded individuals until those individuals proactively request communications. Tightening advertising standards to require commercially reasonable means to limit exposure to underage individuals and to provide all state residents with opt-out mechanisms for directed gaming marketing. Expanding employee training requirements to specify which employee classes must complete annual reinforcement training, with records maintained by licensees. Introducing new reporting requirements for interactive gaming operators, including monthly updates on self-imposed limits and responsible gaming metrics. The public comment period closes 30 days after publication in the Pennsylvania Bulletin ( August 10, 2026 ). Interested parties should submit comments to Robert Wood, Senior Counsel, Pennsylvania Gaming Control Board, 303 Walnut Street, 5th Floor, Harrisburg, PA 17101, or by email to PGCBregs@pa.gov, referencing Regulation # 125-258. The Independent Regulatory Review Commission (IRRC) will review comments within 30 days of the close of the public comment period. The rulemaking will become effective upon final-form publication in the Pennsylvania Bulletin.

3325196 pc Jul 17, 2026 pdonofrio Paraguay Central Bank of Paraguay financial services

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Paraguay's Central Bank of Paraguay Establishes Tariff Regulation for National Payments System

On July 14, 2026, the Central Bank of Paraguay (BCP) approved a tariff regulation for payment services designed to enhance transparency, order the market, and provide greater protection to merchants, users, and participants in the National Payments System (Sistema Nacional de Pagos). The regulation addresses information asymmetries, low cost comparability, risks of ambiguous or duplicate charges, and potential competitive distortions that existed under the previous framework. The measure implements Law No. 7,503/2025 on the National Payments System and Law No. 5,476/2015, establishing transparent information rules, authorised charge denominations, and tariff caps for commissions, fees, and penalties linked to payment services. The new framework applies to participants and providers operating payment services processed through Paraguay's Payment System (SIPAP), card acquiring, networks and processing, proprietary systems, and other authorised payment services. Key tariff caps include: Payment Initiation Service Providers (PISP), payment requests, direct debits, and interbank transfers on proprietary systems capped at 1.5 percent of transaction amount including value-added tax; sponsoring participants capped at 1 percent of transaction amount with a maximum of ₲5,500. Quick response (QR) code payments using underlying credit transfers are subject to a maximum commission of 1.5 percent of transaction amount including value-added tax, regardless of whether they operate on public or private infrastructure, ensuring equal conditions for comparable services. The regulation mandates transparency as its central principle: providers must publish updated tariffs, clearly disclose commissions, fees and penalties, technically justify charges, and ensure each charge is verifiable and corresponds to an actual service. The BCP adopted this framework through Resolution No. 7 and Resolution No. 8, both dated July 13, 2026.

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Central Bank of Paraguay Establishes Tariff Regulation for National Payments System

On July 14, 2026, the Central Bank of Paraguay (BCP) approved a tariff regulation for payment services designed to enhance transparency, order the market and provide greater protection to merchants, users and other participants in the National Payments System (SNP). The regulation addresses information asymmetries, low cost comparability, risks of ambiguous or duplicate charges and potential competitive distortions that existed under the previous framework by implementing Law No. 7,503 and Law No. 5,476 , which establish transparent information rules, authorised charge denominations and tariff caps for commissions, fees and penalties linked to payment services. The new framework applies to participants and providers operating payment services processed through card acquiring, networks and processing, proprietary systems and other authorised payment services. Key tariff caps include: Payment initiation service providers, payment requests, direct debits and interbank transfers on proprietary systems capped at 1.5 percent of transaction amount including value-added tax. Sponsoring participants capped at 1 percent of transaction amount with a maximum of 5,500 Paraguayan guaranis. QR code payments using underlying credit transfers are subject to a maximum commission of 1.5 percent of transaction amount including value-added tax, regardless of whether they operate on public or private infrastructure, ensuring equal conditions for comparable services. The regulation also mandates transparency as a central principle, with providers required to publish updated tariffs, clearly disclose commissions, fees and penalties, technically justify charges and ensure each charge is verifiable and corresponds to an actual service.

3334319 pc Jul 17, 2026 pdonofrio Paraguay MEF - News Releases horizon scanning

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Paraguay's Ministry of Economy and Finance Reactivates Financial Inclusion Committee and Approves 2026–2031 Strategy

On July 17, 2026, Paraguay's Ministry of Economy and Finance (MEF) reactivated the National Committee for Financial Inclusion (CNIF) and approved the National Financial Inclusion Strategy (ENIF) 2026–2031 during the committee's first ordinary session of the year. The MEF, which chairs the CNIF under Decree No. 1971/2014, led the meeting with participation from Carlos Carvallo, president of the Central Bank of Paraguay (BCP), and Carlos Romero Roa, president of the National Institute of Cooperativism (INCOOP). Oscar Lovera, MEF minister, presided over the session. The ENIF 2026–2031 represents the first comprehensive update to Paraguay's financial inclusion policy in over a decade. Building on achievements from the previous ENIF 2014–2018, the new strategy broadens its scope beyond access to emphasise effective use, service quality, and improved opportunities for individuals and businesses. The strategy incorporates financial education and consumer protection components alongside actions designed to reduce access barriers, strengthen formal savings and financing, expand digital payments, and promote complementary physical and digital infrastructure channels. The CNIF approved initial guidelines for establishing working groups to coordinate implementation, articulate public and private sector institutions, and establish monitoring mechanisms to convert the strategy into concrete commitments and verifiable results. The committee designated Vivian Ocampos, general director of Financial Inclusion at the Vice-Ministry of Economy and Planning (VEP), as executive secretary of the CNIF. Ocampos will facilitate coordination and dialogue between public and private sector institutions to ensure participatory and coordinated strategy implementation.

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Paraguayan Ministry of Economy and Finance Reactivates National Committee for Financial Inclusion and Approves 2026–2031 Strategy

On July 17, 2026, the Paraguayan Ministry of Economy and Finance (MEF) reactivated the National Committee for Financial Inclusion (CNIF) and approved the National Financial Inclusion Strategy (ENIF) 2026–2031 during the committee's first ordinary session of the year. According to the MEF, the ENIF 2026–2031 represents the first comprehensive update to Paraguay's financial inclusion policy in over a decade. Building on achievements from the previous ENIF 2014–2018, the new strategy broadens its scope beyond access to emphasise effective use, service quality and improved opportunities for individuals and businesses. The strategy incorporates financial education and consumer protection components alongside actions designed to reduce access barriers, strengthen formal savings and financing, expand digital payments and promote complementary physical and digital infrastructure channels. The CNIF approved initial guidelines for establishing working groups to coordinate implementation, articulate public and private sector institutions and establish monitoring mechanisms to convert the strategy into concrete commitments and verifiable results.

3332104 pc Jul 17, 2026 pdonofrio US Track 2 Newsroom - Office of the Comptroller of the Currency (OCC) financial services

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Office of the Comptroller of the Currency Issues Revised Allowances for Credit Losses Handbook Booklet

On July 16, 2026, the Office of the Comptroller of the Currency (OCC) issued version 2.0 of the "Allowances for Credit Losses" booklet of the Comptroller's Handbook. The booklet provides guidance to examiners regarding allowances for credit losses (ACL) under Accounting Standards Codification (ASC) Topic 326, "Financial Instruments—Credit Losses." The revised booklet reflects significant developments in accounting and regulatory guidance since the previous version was issued in April 2021. Key updates include the confirmation that the adoption date of the current expected credit losses (CECL) methodology under ASC Topic 326 has passed for all banks, incorporation of the April 2023 revisions to the "Interagency Policy Statement on Allowances for Credit Losses," and amendments to U.S. generally accepted accounting principles. The booklet also reflects changes in OCC regulations, organizational structure, and new or rescinded OCC and interagency issuances. The revised guidance applies to national banks, federal savings associations, and federal branches and agencies of foreign banking organizations of all sizes, with emphasis on ranges of practices tailored to varying sizes, complexities, and risk profiles. The OCC rescinded version 1.0 of the "Allowances for Credit Losses" booklet, OCC Bulletin 2021-20 which transmitted that version, the "Allowance for Loan and Lease Losses" booklet, and the July 1996 cover letter that transmitted the earlier booklet. The Comptroller's Handbook is designed to inform examiners about supervisory subject matter, guide consistent and high-quality bank supervision, and provide transparency into the OCC's supervisory process. For further information, contact the Credit Risk Division at (202) 649-6220 or the Office of the Chief Accountant at (202) 649-6280.

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US Office of the Comptroller of the Currency Revises Handbook on Allowances for Credit Losses

On July 16, 2026, the Office of the Comptroller of the Currency (OCC) issued Version 2.0 of the “ Allowances for Credit Losses ” booklet of the Comptroller’s Handbook. The revised booklet provides updated guidance for examiners evaluating allowances for credit losses across varying bank sizes, complexities and risk profiles. Specifically, the revised booklet incorporates the April 2023 revisions to the Interagency Policy Statement on Allowances for Credit Losses; integrates recent updates to US generally accepted accounting principles, new and rescinded interagency issuances and regulatory changes since April 2021; and rescinds outdated materials, including Version 1.0 of the booklet and the older "Allowance for Loan and Lease Losses" booklet. The revised booklet also reflects that the adoption deadline for the current expected credit losses methodology under Topic 326 has officially passed for all banks.

3333871 pc Jul 17, 2026 csoo Gibraltar Gibraltar Financial Services Commission - Guidance Notes (general) horizon scanning

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Gibraltar Financial Services Commission Publishes Guidance on Material Change Consent Requirements

On July 16, 2026, the Gibraltar Financial Services Commission (GFSC) published version 4 of its Guidance Note on Section 83A of the Financial Services Act 2019 (FSA 2019). The guidance clarifies the obligation for regulated firms to obtain GFSC consent before implementing material changes to their business plan, financial resources, or corporate governance arrangements that may affect their continuing satisfaction of threshold conditions. The guidance establishes that firms must submit a consent application under Section 83A(1)(a) if a proposed change creates a genuine and realistic prospect of impacting their compliance with threshold conditions, even if the firm cannot conclusively determine the impact will occur. Material changes requiring consent include business restructuring, expansion into new jurisdictions, new product or service offerings, significant changes to business mix or operating model, material outsourcing arrangements, changes to legal structure, significant growth in existing business lines, and actions resulting in material deterioration of capital adequacy or solvency. For insurers specifically, material changes include portfolio transfers, reinsurance programme changes, and opening or closing cells in Protected Cell Company structures. The GFSC assesses each application on a case-by-case basis and will consider cumulative effects where a series of changes, individually minor, may collectively trigger the requirement. The GFSC expects firms to conduct proper evaluation of proposed changes and contact the GFSC as soon as reasonably practicable to arrange a pre-application meeting before making internal or external commitments. Pre-application meetings allow the GFSC to clarify whether the proposed change falls within Section 83A scope, requires a variation of permission under Section 68 FSA 2019 instead, or falls outside both requirements. Applicable fees are listed in Schedule 3 to the Financial Services (Fees) Regulations 2020, and applications remain incomplete until fees are paid. The GFSC will apply fair and proportionate responses to firms that fail to submit required consent applications, considering factors including evidence of due process, repeated failures, practical consequences, and fitness and propriety implications.

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Gibraltar Financial Services Commission Publishes Guidance on Material Change Consent Requirements

On July 16, 2026, the Gibraltar Financial Services Commission (GFSC) published version 4 of its Guidance Note on Section 83A of the Financial Services Act 2019 (FSA 2019). The note explains when Gibraltar-regulated firms must obtain the GFSC's prior consent to material changes under Section 83A of the Financial Services Act 2019. It confirms and details the following: Consent is needed for material changes to a firm's business plan, financial resources or corporate governance arrangements that may affect its continued satisfaction of the threshold conditions. The test is precautionary; firms must apply where a change creates a realistic prospect of affecting compliance, even without certainty, and several smaller changes can trigger the requirement in combination. The guidance gives a broad, non-exhaustive list of examples, covering restructurings and expansions, new products or jurisdictions, changes to operating models, outsourcing or client profiles, significant business growth, and actions weakening capital or solvency positions, with additional examples for insurers. It also covers changes designated by ministerial regulation as automatically material, and applications to exercise UK market access rights, which always require consent. Firms remain responsible for assessing materiality themselves; changes judged immaterial do not need consent but should still be disclosed to the GFSC under its general openness principle. Consent must be obtained before implementing a change, and the process begins with a pre-application meeting with the GFSC.

3326973 pc Jul 17, 2026 pthandapani South Korea Financial Services Commission horizon scanning

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South Korea's Financial Services Commission Amends Electronic Finance Supervision Rules

On July 15, 2026, South Korea's Financial Services Commission (FSC) approved amendments to the Electronic Finance Supervision Rules (전자금융감독규정) to strengthen merchant protection and promote market soundness in the payment gateway (PG) sector. The amendments address two key areas. First, the FSC clarifies merchant fee disclosure obligations for financial companies and electronic finance businesses. Previously, regulations specified only the method of disclosure but not the content or timing. Under the revised rules, electronic finance businesses must now separately identify and disclose payment processing fees when establishing, renewing, or modifying merchant contracts. When fee structures change unfavourably to merchants, businesses must provide notice at least one month in advance. This enhancement aims to enable small business owners to make informed decisions about service providers and encourage competitive fee reductions. Second, the amendments introduce risk assessment obligations for prepaid payment service providers and upper-tier PG operators regarding their lower-tier PG operators. As multi-tiered PG structures have proliferated with online payment market growth, some operators have engaged in illegal transaction processing. The revised rules mandate that upper-tier operators assess lower-tier operators' financial soundness and legal compliance risk during contract formation, renewal, and periodically during the contract term. Assessment criteria include PG registration status, compliance with management guidelines, financial condition, settlement fund management, and financial penalties or illegal activity history within the past year. During the first year of implementation (October 1, 2026 to September 30, 2027), assessments occur semi-annually; thereafter, quarterly assessments are required. Upper-tier operators must maintain assessment records for five years and take necessary action—including contract non-renewal, termination, or corrective measures—against high-risk lower-tier operators. The amended rules take effect immediately following FSC approval, except risk assessment provisions, which commence October 1, 2026, to allow industry preparation time. The Financial Supervisory Service (금감원) plans to conduct explanatory sessions in July 2026.

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South Korea's Financial Services Commission Amends Electronic Finance Supervision Rules

On July 15, 2026, the Financial Services Commission (FSC) issued the Partial Amendment to the Electronic Financial Supervisory Regulation. The issued amendment contains: Administrative measures detailing merchant fee notification obligations, which mandate that financial companies and electronic financial business operators must separately notify payment fees upon contract signing, renewal, or when fee criteria change. Specific rules mandating that if payment fee criteria are changed unfavorably for merchants, the notification must be provided one month prior to the change date to enhance merchant protection. Regulations prescribing the risk assessment of lower-tier Payment Gateway (PG) operators, requiring prepaid business operators and upper-tier PG operators to evaluate the financial soundness and illegal act risks of lower-tier PGs upon contract signing, renewal, and regularly during the contract period. Provisions outlining the required actions following risk evaluations, establishing that upper-tier operators must take necessary actions such as contract non-renewal, correction demands, or termination against high-risk lower-tier PG operators, and must maintain evaluation records for five years. The amendment enters into effect immediately, with the exception of the risk assessment provisions for lower-tier PG operators, which come into force on October 01, 2026.

3333582 pc Jul 17, 2026 csoo Italy CONSOB financial services

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Italy's Financial Markets Authority Launches Consultation on Investment Services and Collective Asset Management Regulatory Amendments

On July 17, 2026, the Commissione Nazionale per le Società e la Borsa (CONSOB) opened a consultation on a comprehensive package of amendments to its Markets, Intermediaries, and Issuers Regulations. The consultation aims to achieve two objectives: transposing European regulatory innovations from the Markets in Financial Instruments Directive (MiFID II), Alternative Investment Fund Managers Directive (AIFMD), Undertakings for Collective Investment in Transferable Securities Directive (UCITSD), and Markets in Financial Instruments Regulation (MiFIR); and reducing operational burdens on market participants while enhancing regulatory efficiency and alignment with market evolution. The proposed amendments address market infrastructure, intermediary obligations, collective asset management, and financial research. On market infrastructure, CONSOB proposes updating rules for systematic internalizers—intermediaries executing client orders outside trading venues—by replacing quantitative thresholds with enhanced reporting requirements to CONSOB. The consultation also revises position limits, pre- and post-trade transparency rules, and market data provision requirements. For intermediaries, a significant simplification involves eliminating the annual publication requirement for the five main execution venues and execution quality information. The amendments also modernise financial research regulation following the Listing Act framework, permitting separate remuneration for research services under revised conditions. For collective asset management, the proposals expand permitted activities for Organismi di Investimento Collettivo in Valori Mobiliari (UCITS) and Fondi di Investimento Alternativi (AIFs) managers, harmonise liquidity management instruments, update AIFs lending rules, and address conflicts of interest. Additional provisions address retail marketing procedures for European AIFs and Insurance-Based Investment Products (IBIPs) distributed by CONSOB-regulated intermediaries. The consultation period remains open for 60 days from publication. Responses must be submitted using the dedicated form available on CONSOB's website.

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Italy's Consob Consults on Investment Services and Collective Asset Management Regulatory Amendments

On July 17, 2026, the Commissione Nazionale per le Società e la Borsa (Consob) consulted on a comprehensive package of amendments to its Markets, Intermediaries, and Issuers Regulations. The consultation aims to achieve two objectives: Transposing European regulatory innovations from the Markets in Financial Instruments Directive (MiFID II), Alternative Investment Fund Managers Directive (AIFMD), Undertakings for Collective Investment in Transferable Securities Directive (UCITSD), and Markets in Financial Instruments Regulation (MiFIR). Reducing operational burdens on market participants while enhancing regulatory efficiency and alignment with market evolution. The proposed amendments address market infrastructure, intermediary obligations, collective asset management, and financial research. On market infrastructure, Consob proposes updating rules for systematic internalisers—intermediaries executing client orders outside trading venues—by replacing quantitative thresholds with enhanced reporting requirements to Consob. The consultation also revises position limits, pre- and post-trade transparency rules, and market data provision requirements. For intermediaries, a significant simplification involves eliminating the annual publication requirement for the five main execution venues and execution quality information. The amendments also modernise financial research regulation following the Listing Act framework, permitting separate remuneration for research services under revised conditions. For collective asset management, the proposals expand permitted activities for UCITS and AIFs managers, harmonise liquidity management instruments, update AIFs lending rules, and address conflicts of interest. The consultation closes on September 15, 2026, and responses can be submitted by completing the consultation response form and submitting it through Consob's online portal .

3333517 pc Jul 17, 2026 pthandapani India Reserve Bank of India financial services

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India's Reserve Bank Issues Third Amendment Directions on Non-Banking Financial Company Income Recognition

On July 16, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Non-Banking Financial Companies Income Recognition, Asset Classification and Provisioning) Third Amendment Directions, 2026. The amendment modifies prudential norms applicable to all non-banking financial companies (NBFCs) and addresses income recognition requirements for specified non-financial assets (SNFAs). The amendment introduces new provisions governing how NBFCs must treat accrued but unrealised interest and charges from extinguished exposures when acquiring SNFAs. Under the new rules, such accrued but unrealised interest and charges from periods prior to SNFA acquisition shall not be recognised as income upon acquisition. For any SNFA outstanding in an NBFC's books as of September 30, 2026, where such income has already been recognised, the NBFC must reverse it through the profit and loss account by September 30, 2027, to the extent it remains unrealised on that date. The amendment also establishes that any income received from an SNFA must be recognised in the income statement as "non-interest or other income" in the financial year in which it is realised. Similarly, any expenses incurred towards upkeep of an SNFA must be accounted for in the income statement in the financial year in which they are incurred. These provisions apply to all NBFCs, including those regulated under the National Housing Bank Act, 1987 and the Factoring Regulation Act, 2011. The amendment comes into force with effect from October 1, 2026. NBFCs must ensure compliance with these new income recognition requirements by the specified effective date and implement necessary accounting adjustments for any SNFAs already held on their books.

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Reserve Bank of India Issues Third Amendment Directions on Non-Banking Financial Company Income Recognition

On July 16, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Non-Banking Financial Companies Income Recognition, Asset Classification and Provisioning) Third Amendment Directions, 2026. The issued amendment directions contain: Administrative measures detailing the income recognition rules for acquired Specified Non-Financial Assets (SNFA), which mandate that any accrued but unrealized interest or charges from an extinguished exposure pertaining to periods prior to the acquisition of an SNFA shall not be recognized as income upon acquisition. Specific rules mandating that where such income has been recognized in respect of any SNFA outstanding in the books of a Non-Banking Financial Company (NBFC) as of September 30, 2026, it must be reversed through the Profit and Loss account by September 30, 2027, to the extent it remains unrealized on that date. Regulations prescribing the treatment of new income, requiring that any income received from an SNFA be recognized in the income statement as 'non-interest / other income' in the financial year in which it is realized. Provisions outlining the accounting of expenses, establishing that any expense incurred towards the upkeep of an SNFA must be accounted for in the income statement in the financial year in which it is incurred. The amendment directions come into force with effect from October 01, 2026.

3333521 pc Jul 17, 2026 pthandapani India Reserve Bank of India financial services

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India's Reserve Bank Issues Second Amendment Directions on Commercial Bank Income Recognition

On July 16, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Commercial Banks – Income Recognition, Asset Classification and Provisioning) Second Amendment Directions, 2026. The amendment modifies existing directions governing how commercial banks recognise and account for income related to specified non-financial assets (SNFA). The amendment introduces new provisions in Chapter V – Income Recognition, specifically sections 139C and 139D. Under section 139C, accrued but unrealised interest and charges from extinguished exposures prior to acquisition of an SNFA cannot be recognised as income upon acquisition. For any such income already recognised on the bank's books as of September 30, 2026, banks must reverse it through their profit and loss account by September 30, 2027, to the extent it remains unrealised on that date. Section 139D establishes that any income received from an SNFA must be recognised as non-interest or other income in the financial year in which it is realised. Similarly, expenses incurred for upkeep of an SNFA must be accounted for in the financial year in which they are incurred. These amendments apply to all commercial banks regulated by the RBI and affect how banks classify and report income from non-financial assets on their financial statements. The RBI exercised its powers under sections 21 and 35A of the Banking Regulation Act, 1949 to issue these directions, determining them necessary and expedient in the public interest. The amendment directions come into force effective October 1, 2026, providing banks with a transition period to align their accounting practices and systems with the new requirements.

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Reserve Bank of India Issues Second Amendment Directions on Commercial Bank Income Recognition

On July 16, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Commercial Banks - Income Recognition, Asset Classification and Provisioning) Second Amendment Directions, 2026. The issued amendment directions contain: Administrative measures detailing the income recognition rules for acquired Specified Non-Financial Assets (SNFA), which mandate that any accrued but unrealized interest or charges from an extinguished exposure prior to the acquisition of an SNFA shall not be recognized as income upon acquisition. Specific rules mandating that where such income has been recognized in respect of any SNFA outstanding in the books of a bank as of September 30, 2026, it must be reversed through the Profit and Loss account by September 30, 2027, to the extent it remains unrealized on that date. Regulations prescribing the treatment of new income, requiring that any income received from an SNFA be recognized in the income statement as 'non-interest / other income' in the financial year in which it is realized. Provisions outlining the accounting of expenses, establishing that any expense incurred towards the upkeep of an SNFA must be accounted for in the income statement in the financial year in which it is incurred. The amendment directions enter into force with effect from October 01, 2026.

3333948 pc Jul 17, 2026 pthandapani India Reserve Bank of India financial services

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India's Reserve Bank Issues Third Amendment Directions on Commercial Bank Stressed Asset Resolution

On July 16, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Commercial Banks – Resolution of Stressed Assets) Third Amendment Directions, 2026, amending the Reserve Bank of India (Commercial Banks – Resolution of Stressed Assets) Directions, 2025. The amendment introduces prudential norms governing the acquisition and disposal of specified non-financial assets (SNFAs), including non-banking assets (NBAs), by commercial banks. The amendment defines SNFAs as immovable assets acquired by banks in satisfaction or partial satisfaction of claims on borrowers. Banks must incorporate suitable clauses in their policies specifying limits on SNFAs as a share of total assets, eligibility criteria, delegation matrices, recovery efforts before acquisition, and maximum disposal periods not exceeding seven years. SNFAs may only be acquired when a bank's exposure to a borrower is classified as non-performing and must be acquired on a non-recourse basis. Upon acquisition, SNFAs are recorded at the lower of the net book value of the extinguished exposure or the distress sale value determined by at least two independent external valuers. Banks must dispose of SNFAs within their policy-defined periods, subject to a maximum of seven years, primarily through public auction in accordance with the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. SNFAs cannot be sold back to borrowers or their related parties. For disclosure purposes, SNFAs are excluded from gross non-performing assets, net non-performing assets, and stressed exposures calculations, and must be reported separately in balance sheets as non-banking assets acquired in satisfaction of claims. The directions apply to all SNFAs, including those acquired through bilateral acquisitions or SARFAESI mechanisms. Legacy SNFAs outstanding as of September 30, 2026, must achieve compliance by September 30, 2027. The amendment comes into force on October 1, 2026.

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Reserve Bank of India Issues Third Amendment Directions on Commercial Bank Stressed Asset Resolution

On July 16, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Commercial Banks – Resolution of Stressed Assets) Third Amendment Directions, 2026. The issued amendment directions contain: Administrative measures detailing the requirement for banks to establish a board-approved policy for the acquisition and disposal of specified non-financial assets (SNFAs), specifying limits on SNFAs as a share of total assets, eligibility criteria, recovery efforts to be explored, and a maximum disposal period not exceeding seven years. Specific rules mandating that SNFAs must be recorded on the balance sheet at the lower of the net book value of the extinguished exposure or the distress sale value determined by at least two independent external valuers, with subsequent carrying amounts adjusted based on notional provisions. Regulations prescribing a mandatory condition that SNFAs can only be acquired if the bank's exposure to the borrower is classified as non-performing, requiring clear transfer of asset title, and establishing that partial extinguishment of exposure shall be treated as restructuring. Provisions outlining the duty of banks to make all efforts to dispose of SNFAs at the earliest through public auction in adherence to the SARFAESI Act, 2002, while strictly prohibiting the sale of the asset back to the borrower or its related parties under any circumstances. Directives establishing that SNFAs must not be included in the total stock of residual exposure or non-performing asset metrics, requiring them to be disclosed in the balance sheet as 'non-banking assets acquired in satisfaction of claims' and reported as per Annex-2 formats in the CIMS portal. The amendment directions enter into effect from October 1, 2026, with a mandated compliance deadline of September 30, 2027 for legacy SNFAs outstanding as of September 30, 2026.

3332622 pc Jul 17, 2026 pthandapani Singapore Monetary Authority of Singapore horizon scanning

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Singapore's Monetary Authority Publishes Audit Guidelines for Payment Service Providers

On July 16, 2026, the Monetary Authority of Singapore (MAS) published Guidelines on Audit of Payment Service Providers [PS-G04] under the Payment Services Act. The guidelines establish MAS's expectations for annual audits conducted by all payment service providers, including Standard Payment Institutions, Major Payment Institutions, and Money-changing Licensees. The guidelines specify the reports that payment service providers must submit to MAS, outline baseline and mandatory coverage areas for audits, and detail audit coverage requirements for newly licensed entities and newly licensed payment services. The guidelines aim to ensure consistent audit standards and robust financial oversight across Singapore's payment services sector. By establishing clear audit expectations, MAS seeks to strengthen the governance and risk management frameworks of payment service providers, protecting both the integrity of the payment system and consumer interests. The guidelines will take effect for annual audits with financial years ending December 31, 2026 onwards. Form 4 submissions—the auditor's report for licensed payment service providers—will be due from June 30, 2027 onwards. MAS will make the revised Form 4 available on MAS-Tx during the second quarter of 2027. A specimen copy of the revised Form 4 is currently accessible on the MAS website to allow payment service providers time to prepare for compliance. Payment service providers should review the guidelines and begin implementing the required audit procedures in preparation for the June 30, 2027 submission deadline.

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Monetary Authority of Singapore Publishes Audit Guidelines for Payment Service Providers

On July 16, 2026, the Monetary Authority of Singapore (MAS) issued the guidelines on audit of payment service providers (PSPs). The issued guidelines contain: Administrative measures detailing the annual audit requirement, which mandates that payment service providers (PSPs) appoint a suitably qualified external auditor and submit an audit report in Form 4 within six months of their financial year end. Specific rules mandating that annual audits must cover mandatory areas, including the safeguarding of customer assets, the accuracy of reported figures in PSN04, compliance with base capital requirements, and the remediation of prior audit findings. Regulations prescribing a mandatory end-to-end review for newly licensed payment service providers (PSPs) or those offering new services, requiring a comprehensive assessment of their anti-money laundering and countering the financing of terrorism (AML/CFT) and technology risk controls one year after commencing operations. Provisions outlining the duty of external auditors and payment service providers (PSPs) to immediately report serious breaches to the Monetary Authority of Singapore (MAS), such as a failure to segregate customer funds, capital falling below minimum requirements, or conducting regulated activities without a license. Directives establishing that the external auditor's management letter must be submitted as part of Form 4, clearly setting out the audit coverage areas, sample testing processes, and any findings or observations regarding the licensee's compliance and risk management frameworks. The guidelines enter into effect for the or annual audits with financial year ending December 31, 2026 which equates to submissions from June 30, 2027 onwards.

3331284 pc Jul 17, 2026 arahman European Union European Banking Authority financial services

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European Banking Authority Holds Public Hearing on Taxonomy Disclosure Requirements and Key Performance Indicators

On July 16, 2026, the European Banking Authority (EBA) held a public hearing to discuss a discussion paper addressing potential simplifications and improvements to certain key performance indicators (KPIs) and other aspects of the Disclosures Delegated Act under Article 8 of the Taxonomy Regulation. The hearing examined six substantive issues and other potential improvements identified through a call for advice received in March 2026, with a final response deadline of October 2026. The EBA presented preliminary advice on six key issues: the Fees and Commissions KPI, which currently covers 22 percent of total operating income but would narrow to six percent if limited to capital-market-related services; the Trading Book KPI, which affects only 17 percent of banks with trading portfolios above the 10 percent materiality threshold; the Investment Firms' Other Services KPI, which the EBA proposes narrowing to four capital-market-related activities; grandfathering rules for financial exposures, which the EBA recommends aligning with the European Union Green Bond Regulation by extending the period from five to seven years; group-level reporting requirements, where the EBA proposes clarifying existing requirements rather than introducing new aggregation methods; and the use of operational expenditure (OpEx) in financial KPIs, where the EBA recommends against explicit requirements but allowing voluntary use. The EBA also invited feedback on other potential simplifications, including alignment of assets under management KPIs and consolidation of disclosure templates. Stakeholders were invited to submit feedback until August 12, 2026. The European Commission intends to draft amendments to the Delegated Regulation based on the EBA's final opinion, with adoption anticipated in the first quarter of 2027. The consultation process remains open to all stakeholders, including preparers and users of sustainability information.

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European Banking Authority Holds Public Hearing on Taxonomy Disclosure Requirements and Key Performance Indicators

On July 16, 2026, the European Banking Authority (EBA) held a public hearing to discuss a discussion paper addressing potential simplifications and improvements to certain key performance indicators (KPIs) and other aspects of the Disclosures Delegated Act under Article 8 of the Taxonomy Regulation. The hearing examined six substantive issues and other potential improvements identified through a call for advice received in March 2026, with a final response deadline of October 2026. The EBA presented preliminary advice on six key issues: The Fees and Commissions KPI, which currently covers 22 percent of total operating income but would narrow to 6 percent if limited to capital-market-related services. The Trading Book KPI, which affects only 17 percent of banks with trading portfolios above the 10 percent materiality threshold. The Investment Firms' Other Services KPI, which the EBA proposes narrowing to four capital market-related activities. Grandfathering rules for financial exposures, which the EBA recommends aligning with the European Union Green Bond Regulation by extending the period from five to seven years. Group-level reporting requirements, where the EBA proposes clarifying existing requirements rather than introducing new aggregation methods. The use of operational expenditure (OpEx) in financial KPIs, where the EBA recommends against explicit requirements but allowing voluntary use. The EBA also invited feedback on other potential simplifications, including alignment of assets under management KPIs and consolidation of disclosure templates. Stakeholders were invited to submit feedback until August 12, 2026. The European Commission intends to draft amendments to the delegated regulation based on the EBA's final opinion, with adoption anticipated in the first quarter of 2027. The consultation process remains open to all stakeholders, including preparers and users of sustainability information.

3331547 pc Jul 17, 2026 arahman European Union European Banking Authority horizon scanning

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European Banking Authority Launches Consultation on Methodology for Setting Fines Under Markets in Crypto Assets Regulation

On July 16, 2026, the European Banking Authority (EBA) held a public hearing to present its proposed methodology for setting fines under the Markets in Crypto Assets Regulation (MiCA). The consultation paper outlines a structured approach to determining administrative penalties for issuers of significant asset-referenced tokens and e-money tokens that breach MiCA requirements. The EBA's methodology comprises two primary steps. Step 1 establishes a basic fine amount based on infringement severity, categorising breaches as high, medium, or low. High-severity infringements—including conflicts of interest, organisational failures, and operational breaches—attract a basic fine of 5 percent of annual turnover. Medium-severity infringements relating to disclosure and transparency provisions incur 3 percent of annual turnover, while low-severity obstacles to supervisory activities incur 2 percent. Step 2 adjusts the basic amount using aggravating and mitigating factors. Aggravating factors include infringements lasting more than six months (coefficient 1.5), repeated breaches (1.1 per repetition), financial crime facilitation (2.0), and intentional violations (2.0). Mitigating factors include senior management demonstrating reasonable preventive measures (0.7), rapid disclosure to the EBA (0.4), and voluntary remedial action (0.6). The methodology caps fines at 12.5 percent of annual turnover or twice profits gained or losses avoided for asset-referenced token issuers, and 10 percent of annual turnover or twice profits gained or losses avoided for e-money token issuers. The EBA Board of Supervisors retains discretion to adjust final amounts where disproportionality concerns arise, considering deterrent effects and supervisory objectives. The consultation period runs until September 30, 2026. Stakeholders may submit written comments addressing six consultation questions covering infringement classification, percentage levels, aggravating and mitigating factors, coefficients, flexibility mechanisms, and maximum amount application. The EBA intends to finalise the methodology in Q4 2026.

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European Banking Authority Launches Consultation on Methodology for Setting Fines Under MiCA

On June 26, 2026, the European Banking Authority (EBA) launched a consultation on the proposed methodology for setting fines under the Markets in Crypto Assets Regulation (MiCA). The EBA has proposed a methodology for calculating fines imposed on issuers of significant asset-referenced tokens (s-ARTs) and significant e-money tokens (s-EMTs) under the Markets in Crypto-Assets Regulation (MiCA). While MiCA sets the maximum levels of financial penalties, the methodology is intended to ensure that the EBA determines the actual amount of a fine in a consistent, transparent and proportionate manner on a case-by-case basis. Under the proposed approach, the EBA would first establish a basic amount for the sanction and then adjust it to reflect any aggravating or mitigating circumstances. The final amount may also be further modified where necessary to support the EBA's supervisory and consumer protection objectives, provided it remains within MiCA's statutory maximum limits. Comments and feedback are welcome up until September 28, 2026. After a consultation period of three months, the EBA will finalise and publish the methodology.

3332138 pc Jul 17, 2026 arahman Bosnia and Herzegovina Current Events - Government of the Federation of Bosnia and Herzegovina horizon scanning

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Federation of Bosnia and Herzegovina Government Approves Consumer Protection and E-Commerce Legislation

On July 16, 2026, the Government of the Federation of Bosnia and Herzegovina approved a Proposed Law on Consumer Protection and a Draft Law on E-Commerce, which it forwarded to parliament for further legislative procedure. Both measures were developed on the recommendation of the Federal Ministry of Trade. The Proposed Law on Consumer Protection establishes a comprehensive framework governing consumer rights and trader obligations across the Federation of Bosnia and Herzegovina. The legislation addresses fundamental consumer protections including product labelling, warranties, price transparency, distance selling contracts, digital content delivery, and collective consumer interests. It establishes procedures for consumer complaints, sets out responsibilities for consumer protection bodies, and includes enforcement and penalty provisions. The law aims to achieve a high level of consumer protection, improve internal market functioning, reduce informal economic activity, and enhance legal certainty for both consumers and traders in the digital marketplace. The Draft Law on E-Commerce creates a legal framework defining rights, obligations, and responsibilities for all participants in electronic commerce. The legislation requires information society service providers to furnish complete and accurate information about themselves and their products, and mandates that users be given simple mechanisms to withdraw from purchases. The draft incorporates modern privacy and personal data protection standards, aligning Bosnia and Herzegovina's domestic legal framework with European Union standards and international practices. The government anticipates that both laws will facilitate cross-border commerce, strengthen competitiveness of domestic businesses globally, support small and medium-sized enterprises through reduced costs and simplified market access, and enhance consumer choice while promoting balanced economic development across regions. REFERENCES: Government of the Federation of Bosnia and Herzegovina official website: https://www.fbih.gov.ba

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Federation of Bosnia and Herzegovina Government Adopts Consumer Protection Legislation

On July 16, 2026, the Government of the Federation of Bosnia and Herzegovina adopted the Draft Law on Consumer Protection, which it forwarded to parliament for further legislative procedure. Both measures were developed on the recommendation of the Federal Ministry of Trade. The proposed Law on Consumer Protection establishes a comprehensive framework governing consumer rights and trader obligations across the Federation of Bosnia and Herzegovina. The legislation addresses fundamental consumer protections, including price transparency, distance selling contracts, digital content delivery,and collective consumer interests. It establishes procedures for consumer complaints, sets out responsibilities for consumer protection bodies and includes enforcement and penalty provisions. The law aims to achieve a high level of consumer protection, improve internal market functioning, reduce informal economic activity and enhance legal certainty for both consumers and traders in the digital marketplace.

3331691 pc Jul 17, 2026 tojuri International Financial Action Task Force horizon scanning

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Financial Action Task Force Publishes Seventh Targeted Update on Virtual Assets Implementation

On July 16, 2026, the Financial Action Task Force (FATF) published its seventh targeted update assessing progress in implementing Recommendation 15 (R.15) across the FATF Global Network. The update evaluates how FATF and Financial Sector Reform Bodies (FSRBs) jurisdictions, including those with materially important virtual asset service provider (VASP) activity, are regulating and supervising the virtual asset (VA) and VASP sector following the extension of FATF's anti-money laundering and counter-terrorism financing (AML/CFT) standards to these areas. Since the 2025 targeted update, jurisdictions have advanced implementation of R.15 by conducting VA/VASP risk assessments, developing regulatory approaches, licensing or registering VASPs, implementing the Travel Rule, and taking supervisory and enforcement action. However, the FATF identified significant implementation gaps, including the failure to translate risk assessments into effective mitigation measures, the inability to operationalise licensing or registration frameworks in practice, difficulties identifying persons or entities conducting VASP activities, and insufficient risk-based supervision and enforcement. The update highlights emerging and increasing illicit finance risks involving virtual assets, including the industrialisation of VA-enabled fraud by organised crime groups, misuse of stablecoins, risks from peer-to-peer transactions through unhosted wallets, offshore VASPs operating without effective regulatory oversight, and ongoing challenges related to decentralised finance (DeFi) arrangements. In response, the FATF sets out recommendations for public and private sectors to strengthen R.15 implementation, improve risk mitigation, and enhance domestic, international, and public-private cooperation. The report is available on the FATF website, with a press release accompanying the publication outlining the FATF's call for closing regulatory gaps as virtual asset illicit finance risks become more complex.

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Financial Action Task Force Publishes Seventh Targeted Update on Implementation of Recommendation 15 on Virtual Assets

On July 16, 2026, the Financial Action Task Force (FATF) published its seventh targeted update on the implementation of the FATF Standards on virtual assets and virtual asset service providers (VASPs). The update assesses progress and remaining gaps in implementing Recommendation 15 concerning new technologies across the FATF Global Network, following the extension of FATF’s AML/CTF Standards to virtual assets and VASPs. Since the 2025 targeted update, jurisdictions have advanced implementation of Recommendation 15 by conducting VA/VASP risk assessments, developing regulatory approaches, licensing or registering VASPs, implementing the Travel Rule, and taking supervisory and enforcement action. However, FATF highlights the need for further work on regulation, licensing and registration and that jurisdictions continue to face difficulties identifying persons or entities conducting VASP activities, with many yet to translate legal frameworks into effective supervision and enforcement in practice. FATF also noted that jurisdictions still report challenges with mitigating the risk of offshore VASPs and in assessing and mitigating risks associated with decentralised finance (DeFi) platforms, as regulated entities expand their engagement with DeFi platforms. The update highlights emerging and increasing illicit finance risks involving virtual assets, including the industrialisation of VA-enabled fraud by organised crime groups, misuse of stablecoins, risks from peer-to-peer transactions through unhosted wallets, offshore VASPs operating without effective regulatory oversight and ongoing challenges related to DeFi arrangements. In response, FATF sets out recommendations for public and private sectors to strengthen Recommendation 15 implementation, improve risk mitigation and enhance domestic, international and public-private cooperation, such as: Developing a clear and thorough understanding of the money laundering (ML), terrorist financing (TF) and proliferation financing (PF) risks posed by virtual assets and VASPs in order to allocate supervisory and enforcement resources proportionate to the national risk and context. Relying on a broad range of credible resources to conduct the virtual asset and VASP risk assessment. Substantially strengthen collaboration with foreign counterparts and relevant private-sector stakeholders to ensure that criminal activities linked to existing and emerging ML/TF/PF risks can be effectively disrupted. VASPs, including stablecoin issuers, should establish robust anti-money laundering (AML) and counter-terrorist financing (CTF) compliance frameworks and implement the Travel Rule in line with the requirements of Recommendation 15.

3325279 pc Jul 16, 2026 ataylor Florida Florida Office of Financial Regulation - Division of Administrative Hearings horizon scanning

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Florida Office of Financial Regulation Approves Settlement with RealPage Payments Services LLC

On July 11, 2026, the Florida Office of Financial Regulation (OFR) approved a Final Order settling enforcement action against RealPage Payments Services LLC, doing business as ResidentDirect, resolving violations identified during a regulatory examination. RealPage Payments Services LLC, a Part II Money Services Business licensed in Florida (license number FT230000324), consented to findings of non-compliance with Florida's money services regulations. The OFR identified four categories of violations: failure to timely report the closing of one bank account and opening of another in violation of Rule 69V-560.201(2), Florida Administrative Code; failure to timely renew FinCEN Registration by December 31, 2022, as required by 31 C.F.R. Section 1022.380(b)(2); failure to implement an effective anti-money laundering program by failing to verify customer identity through passport or social security number and obtain customer addresses in violation of 31 C.F.R. Section 1022.210(a); and failure to maintain required daily records, specifically addresses for transmitters in 75 instances and taxpayer identification numbers or passport numbers with countries of issuance in eight instances, in violation of Rule 69V-560.703(2), Florida Administrative Code. Under the Stipulation and Consent Agreement, RealPage Payments Services LLC agreed to pay an administrative fine of $8,725.00 and cease future violations of Chapter 560, Florida Statutes. The company must comply with all provisions of Florida's money services regulations going forward. The settlement resolves the matter without formal litigation, and the Final Order constitutes final agency action. Non-compliance with the agreement's terms may result in issuance of an emergency cease and desist order.

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Florida Office of Financial Regulation Fines RealPage Payments Services $8,725 for AML and Recordkeeping Violations

On July 14, 2026, the Florida Office of Financial Regulation (OFR) issued a final order approving a stipulation and consent agreement with RealPage Payments Services LLC (RealPage), a licensed money services business. The agreement resolves violations identified during an examination of the company's compliance with Chapter 560, Florida Statutes , and federal anti-money laundering (AML) requirements 31 C.F.R. § 1022 and § 1010 . Key findings of the OFR include: Failure to timely report bank account changes: RealPage failed to timely report the closing of one bank account and the opening of another. Failure to timely renew FinCEN registration: RealPage failed to timely renew its Financial Crimes Enforcement Network registration by December 31, 2022. Failure to implement effective AML program: RealPage failed to implement an effective anti-money laundering program by failing to verify the identity of all customers through obtaining passports or social security numbers and failing to obtain all customer addresses. Failure to maintain daily records: RealPage failed to maintain daily records, including failing to maintain addresses for transmitters in 75 instances and taxpayer identification numbers or passport numbers with countries of issuance in 8 instances. The OFR imposed an administrative fine of $8,725. RealPage agreed to cease and desist from future violations of Chapter 560 and federal law as well as comply with all provisions of the law and corresponding rules.

3325285 pc Jul 16, 2026 ataylor Florida Florida Office of Financial Regulation - Division of Administrative Hearings horizon scanning

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Florida Office of Financial Regulation Approves Settlement with Envios 22-24, Inc. and Francisco Ortega

On July 10, 2026, the Florida Office of Financial Regulation (OFR) approved a Final Order resolving enforcement action against Envios 22-24, Inc. and Francisco Ortega, the company's chief executive and sole owner. The settlement concludes an examination of the money services business, which had operated under license number FT20800044 pursuant to Chapter 560, Florida Statutes. Envios surrendered its Money Services Business license on May 1, 2026. Under the Stipulation and Consent Agreement, Envios and Ortega consented to findings of four violations. The company failed to place customer property in segregated accounts at federally insured institutions, in violation of Section 560.208(4), Florida Statutes. Envios provided inaccurate money transmission volume information on its Form OFR-560-07, violating Rule 69V-560.402, Florida Administrative Code, and Section 560.114(1)(a), Florida Statutes. The company failed to maintain the required surety bond amount at all times, violating Rule 69V-560.402, Florida Administrative Code, and Section 560.209(5), Florida Statutes. Additionally, Envios failed to submit its annual financial audit report within 120 days after the end of the 2024 fiscal year, violating Section 560.209(2), Florida Statutes. As part of the settlement, Envios and Ortega agreed to cease and desist from violations of Chapter 560, Florida Statutes, and comply with all provisions thereof. The respondents are prohibited from acting as affiliated parties of any money services business licensed or required to be licensed by the OFR, and cannot apply for any license pursuant to Chapter 560, Florida Statutes, for 15 years from the Final Order's entry date. Both parties waived their rights to an administrative hearing and appeal.

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Florida Office of Financial Regulation Imposes 15-Year Prohibition on Envios for Regulatory Reporting and Prudential Standards Violations

On July 14, 2026, the Florida Office of Financial Regulation (OFR) issued a final order approving a stipulation and consent agreement with Envios 22-24 Inc. (Envios), a licensed money services business. The agreement resolves violations identified during an examination of the company's business records and operations under Chapter 560, Florida Statutes . On May 1, 2026, Envios surrendered its money services business license. Key findings of the OFR include: Failure to segregate customer funds: Envios failed to place customer property in a segregated account in a federally insured institution. Inaccurate money transmission volume reporting: Envios failed to provide accurate money transmission volume information on its Form OFR-560-07. Insufficient surety bond: Envios failed to maintain the surety bond in the required amount at all times. Failure to submit annual financial audit: Envios failed to submit its annual financial audit report within 120 days after the end of the 2024 fiscal year. The OFR imposed a 15-year prohibition on Envios from acting as an affiliated party of any money services business licensed or required to be licensed by the OFR, and from applying for any license pursuant to Chapter 560. Envios agreed to the prohibition and future compliance with Chapter 560.

3325290 pc Jul 16, 2026 ataylor Florida Florida Office of Financial Regulation - Division of Administrative Hearings horizon scanning

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Florida Office of Financial Regulation Issues Final Order Against Brazjet Express Inc. for Compliance Violations

On July 10, 2026, the Florida Office of Financial Regulation (OFR) issued a Final Order resolving enforcement action against Brazjet Express Inc., a Part II Money Services Business licensed in Florida under license number FT230000343. The OFR conducted an examination covering the period April 1, 2023 through March 31, 2025, identifying three compliance violations. Brazjet Express Inc., wholly owned by Braz Center Services, Inc. and led by President and Responsible Person Paula Pereira Da Silva, consented to findings that the company failed to timely submit its annual financial audit report for fiscal year 2025 in violation of Rule 69V-560.606(2), Florida Administrative Code, and section 560.209(2), Florida Statutes. The company also failed to implement its anti-money laundering program (BSA/AML) as it relates to conducting annual independent reviews, violating section 560.114(1)(y), Florida Statutes, and failed to timely report bank accounts, violating section 560.126(2), Florida Statutes. Under the Stipulation and Consent Agreement incorporated into the Final Order, Brazjet Express Inc. must pay an administrative fine of eight thousand dollars ($8,000.00) in two equal payments of four thousand dollars ($4,000.00) each. The first payment was due upon execution of the agreement, with the second payment due within thirty days of the Final Order's issuance. The company must cease and desist from future violations of chapter 560, Florida Statutes, and comply with all provisions of the statute and its implementing rules. By consenting to the Final Order, the company waived its right to an administrative hearing and appeal.

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Florida Office of Financial Regulation Fines Brazjet Express Inc. $8,000 for AML and Reporting Violations

On July 14, 2026, the Florida Office of Financial Regulation (OFR) issued a final order approving a stipulation and consent agreement with Brazjet Express Inc. (Brazjet), a licensed money services business. The agreement resolves violations identified during an examination covering April 2023 through March 2025, relating to compliance with Chapter 560, Florida Statutes . Key findings of the OFR include: Failure to timely submit annual financial audit report: Brazjet failed to submit its annual financial audit report for fiscal year 2025 by the required deadline. Failure to implement AML program requirements: Brazjet failed to conduct annual independent reviews as required by its anti-money laundering program. Failure to timely report bank accounts: Brazjet failed to timely report bank accounts to the OFR. The OFR imposed an administrative fine of $8,000, payable in two equal installments of $4,000. Brazjet agreed to pay the fine and future compliance with Chapter 560.

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