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3303340 pc Jul 08, 2026 arahman European Union European Securities and Markets Authority horizon scanning
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European Securities and Markets Authority Convenes Stakeholder Group to Address Market Developments and Emerging Risks

On May 7, 2026, the European Securities and Markets Authority (ESMA) convened its Securities and Markets Stakeholder Group (SMSG) to discuss recent market developments, emerging risks, and policy priorities affecting EU financial markets. The meeting, held online, brought together representatives from market infrastructure operators, investor associations, financial institutions, and regulatory bodies to provide input on key supervisory and policy matters. ESMA staff briefed the SMSG on several critical developments, including cybersecurity vulnerabilities arising from artificial intelligence (AI) models, the growing relevance of prediction markets and their suitability under the Markets in Financial Instruments Directive (MiFID II), and the resilience of financial markets amid geopolitical tensions. The Group also discussed distributed ledger technology (DLT)-based capital markets, examining potential benefits such as operational efficiency and reduced post-trade costs, while identifying key challenges including interoperability, cybersecurity concerns, and links with traditional market infrastructures. The SMSG reviewed investor protection issues under the Markets in Crypto-Assets Regulation (MiCAR), focusing on white paper accessibility and gaps in disclosure frameworks. Members highlighted concerns regarding retail investor appeal to crypto-assets, particularly meme coins, and the balance between investor protection and market access. The Group also examined pre-close call practices, noting transparency concerns and information asymmetry affecting retail participation. Four working groups presented ongoing initiatives: revised Markets Abuse Regulation (MAR) Guidelines implementation; future market supervision frameworks; AI opportunities and risks in financial markets; and initial public offering (IPO) activity enhancement. Consensus was not achieved on whether ESMA should adopt a competitiveness mandate alongside its core investor protection objectives, with further deliberation required before finalising related advice. REFERENCES: European Securities and Markets Authority. (2026, July 7). *Summary of Conclusions Securities and Markets Stakeholder Group* (ESMA24-229244789-5579). Retrieved from https://www.esma.europa.eu/

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European Securities and Markets Authority Convenes Stakeholder Group to Address Market Developments and Emerging Risks

On July 7, 2026, the European Securities and Markets Authority (ESMA) published a summary of the conclusions of its Securities and Markets Stakeholder Group (SMSG) meeting. The group discussed recent market developments, emerging risks and policy priorities affecting EU financial markets. The meeting brought together representatives from market infrastructure operators, investor associations, financial institutions and regulatory bodies to provide input on key supervisory and policy matters. ESMA staff briefed the SMSG on several critical developments, including cybersecurity vulnerabilities arising from artificial intelligence (AI) models, the growing relevance of prediction markets and their suitability under the Markets in Financial Instruments Directive (MiFID II), and the resilience of financial markets amid geopolitical tensions. The group also discussed distributed ledger technology (DLT) based capital markets, examining potential benefits such as operational efficiency and reduced post-trade costs, while identifying key challenges including interoperability, cybersecurity concerns and links with traditional market infrastructures. The SMSG reviewed investor protection issues under the Markets in Crypto-Assets Regulation (MiCAR), focusing on white paper accessibility and gaps in disclosure frameworks. Members highlighted concerns regarding retail investor appeal to crypto-assets, particularly meme coins and the balance between investor protection and market access. The group also examined pre-close call practices, noting transparency concerns and information asymmetry affecting retail participation.
3302568 pc Jul 08, 2026 arahman European Union European Securities and Markets Authority horizon scanning
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European Securities and Markets Authority Supports Systemic Cyber Risk Warning on Frontier Artificial Intelligence Models

On July 7, 2026, the European Supervisory Authorities (ESAs)—comprising the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), and European Securities and Markets Authority (ESMA)—endorsed a warning from the European Systemic Risk Board (ESRB) regarding systemic cyber risks posed by frontier artificial intelligence (AI) models. The ESAs noted that recent advances in frontier AI models have significantly enhanced the ability of threat actors to identify and exploit high-severity vulnerabilities in information technology systems within very short timeframes. While the EU's regulatory framework—including the Digital Operational Resilience Act (DORA) and the AI Act—provides a foundation for managing cyber and AI-related risks, the speed and scale of these tools raise concerns that AI-enabled cyber-attacks could undermine the operational resilience of financial entities. The ESAs have engaged with EU competent authorities since the release of the first frontier AI models to ensure financial entities implement appropriate mitigation measures. In their first annual report on major information and communications technology (ICT)-related incidents under DORA, the ESAs encouraged financial entities to strengthen cybersecurity measures. The ESAs urge financial entities to make appropriate arrangements to adapt their cybersecurity capabilities and invite competent authorities to reflect these developments in their supervisory activities. The ESAs are working closely with the EU supervisory community to ensure financial entities across the EU proactively identify and mitigate these risks in line with DORA requirements. As Overseers of Critical ICT Third-Party Providers, the ESAs are engaging with these providers on measures they are taking to adapt to the situation and manage risks. The ESAs will continue to monitor the use and development of frontier AI models and assess their potential impact on the financial sector, working with national supervisors to clarify supervisory expectations and communicate them consistently to financial entities.

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European Supervisory Authorities Support Systemic Cyber Risk Warning on Frontier AI Models

On July 7, 2026, the European Supervisory Authorities (ESAs) endorsed a warning from the European Systemic Risk Board (ESRB) regarding systemic cyber risks posed by frontier artificial intelligence (AI) models. The ESAs noted that recent advances in frontier AI models have significantly enhanced threat actors' ability to identify and exploit high-severity vulnerabilities in information technology systems within very short timeframes. While the EU's regulatory framework, including the Digital Operational Resilience Act (DORA) and the AI Act, provides a foundation for managing cyber and AI-related risks, the speed and scale of these tools raise concerns that AI-enabled cyber-attacks could undermine the operational resilience of financial entities. The ESAs have engaged with EU competent authorities since the release of the first frontier AI models to ensure financial entities implement appropriate mitigation measures. The ESAs urge financial entities to make appropriate arrangements to adapt their cybersecurity capabilities and invite competent authorities to reflect these developments in their supervisory activities. The ESAs are working closely with the EU supervisory community to ensure financial entities across the EU proactively identify and mitigate these risks in line with DORA requirements. As overseers of critical ICT third-party providers, the ESAs are engaging with these providers on measures they are taking to adapt to the situation and manage risks. The ESAs will continue to monitor the use and development of frontier AI models and assess the potential impact on the financial sector, working with national supervisors to clarify supervisory expectations and communicate them consistently to financial entities.
3302379 pc Jul 08, 2026 tojuri Switzerland Swiss Financial Market Supervisory Authority FINMA financial services
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Switzerland's Financial Market Supervisory Authority Publishes Liquidity Regulation for Banks and Securities Firms

On July 7, 2026, the Swiss Financial Market Supervisory Authority (FINMA) published a new regulation governing liquidity risk management for banks and securities firms. The regulation, known as the FINMA Liquidity Regulation for Banks and Securities Firms (LiqV-FINMA), replaces the previous circular 2015/2 on liquidity risks for banks. This transition converts an existing circular into formal regulation to comply with proportionate regulatory requirements under Article 7, paragraph 1 of the Financial Market Supervision Act. FINMA conducted a consultation on the LiqV-FINMA from July 3, 2025 to September 29, 2025. The majority of respondents welcomed the conversion of the circular into regulation. The regulation includes limited substantive amendments addressing two key areas: information provision during emerging or existing liquidity shortfalls, and liquidity and financing planning. Both topics are newly incorporated into the Federal Council's liquidity regulation, which enters into force on January 1, 2027. FINMA will issue technical implementing provisions to support these requirements. The LiqV-FINMA applies to all Swiss banks and securities firms subject to FINMA's supervision. The regulation becomes effective on January 1, 2027, at which point FINMA will simultaneously repeal circular 2015/2. Banks and securities firms must ensure compliance with the new requirements by the effective date, particularly regarding enhanced liquidity planning and reporting obligations during periods of liquidity stress. REFERENCES: https://www.finma.ch/en/news/2026/07/20260707-mm-liqv-finma/

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Switzerland's Financial Market Supervisory Authority Publishes Liquidity Ordinance for Banks and Securities Firms

On July 7, 2026, the Swiss Financial Market Supervisory Authority (FINMA) published FINMA Ordinance on the liquidity of banks and securities firms (LiqO-FINMA). The ordinance replaces previous Circular 2015/2 on liquidity risks for banks. This transition converts the existing circular into a formal regulation to comply with proportionate regulatory requirements under Article 7, paragraph 1 of the Financial Market Supervision Act . The ordinance includes limited substantive amendments addressing two key areas: information provision during emerging or existing liquidity shortfalls; and liquidity and financing planning. FINMA will issue technical implementing provisions to support these requirements. The ordinance will enter into force on January 1, 2027, at which point FINMA will simultaneously repeal Circular 2015/2. Banks and securities firms must ensure compliance with the new requirements by the effective date, particularly regarding enhanced liquidity planning and reporting obligations during periods of liquidity stress.
3304114 pc Jul 08, 2026 tojuri Netherlands De Nederlandsche Bank financial services
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Netherlands Financial Stability Committee Emphasises Urgent Need for Enhanced Cybersecurity Against Advanced Artificial Intelligence Threats

On July 7, 2026, De Nederlandsche Bank (DNB) published a press release from the Financial Stability Committee (FSC) following its meeting on June 26, 2026. The FSC identified advanced artificial intelligence (AI) models as significantly altering the cyberthreat landscape and called for financial institutions to strengthen their cyber resilience accordingly. The FSC emphasised that while AI models present opportunities, they also enable existing vulnerabilities to be exploited faster, more cheaply, and at greater scale. These risks extend beyond individual institutions through chain dependencies, concentration risks, and reliance on critical third parties, potentially affecting the entire financial system. The committee highlighted particular concern regarding dependence on non-European technology and digital infrastructure, underscoring the importance of strengthening European digital autonomy. The FSC stressed that financial institutions must adapt their risk management to address AI-driven cyber risks, including earlier identification and faster remediation of vulnerabilities. However, rapid recovery may require institutions to temporarily restrict or suspend certain systems or services, necessitating clarity on how such decisions align with existing requirements for continuous availability of financial services. The committee welcomed warnings from the European Systemic Risk Board (ESRB) and the Dutch Authority for Financial Markets (AFM) containing similar findings. Enhanced cyber resilience requires not only increased investment but also improved collaboration, coordination, and information sharing at national and European levels, as well as across the financial sector and other critical economic sectors including energy and telecommunications. The FSC additionally noted concerns regarding rapid private credit growth, citing insufficient transparency and unclear interconnections with other financial sector components. The committee stressed the need for better data collection and risk management to understand private credit's behaviour during market downturns. The FSC's next meeting is scheduled for November 13, 2026.

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Dutch Financial Stability Committee Emphasises Urgent Need for Enhanced Cybersecurity Against Advanced Artificial Intelligence Threats

On July 7, 2026, the Dutch Central Bank (DNB) published a press release from the Financial Stability Committee (FSC) following its June 26, 2026 meeting. The FSC identified advanced artificial intelligence (AI) models as significantly altering the cyber threat landscape and called on financial institutions to strengthen their cyber resilience accordingly. The FSC emphasised that although AI models present opportunities, they also enable existing vulnerabilities to be exploited faster, more cheaply and at greater scale. These risks extend beyond individual institutions through chain dependencies, concentration risks and reliance on critical third parties, potentially affecting the entire financial system. The committee highlighted particular concern regarding dependence on non-European technology and digital infrastructure, underscoring the importance of strengthening European digital autonomy. The FSC stressed that financial institutions must adapt their risk management to address AI-driven cyber risks, including earlier identification and faster remediation of vulnerabilities. However, rapid recovery may require institutions to temporarily restrict or suspend certain systems or services, necessitating clarity on how such decisions align with existing requirements for continuous availability of financial services. Enhanced cyber resilience requires not only increased investment but also improved collaboration, coordination and information sharing at national and European levels, as well as across the financial sector and other critical economic sectors, including energy and telecommunications. The FSC also noted concerns about rapid private credit growth, citing insufficient transparency and unclear interconnections with other components of the financial sector. The committee stressed the need for better data collection and risk management to understand private credit's behaviour during market downturns.
3301478 gc Jul 07, 2026 gkaliraman
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Australian federal regulator issues warning to mixed martial arts fighter for promoting illegal online gambling

On July 7, 2026, the Australian Communications and Media Authority (ACMA) announced a formal warning for mixed martial arts fighter Jamie Mullarkey for breaching online gambling laws. An ACMA investigation revealed that in 2025, Mullarkey promoted an illegal offshore gambling service on Instagram using sponsored posts, promotional hashtags, and a hyperlink in his profile. Australian law strictly prohibits promoting illegal gambling platforms, which includes sharing links, hosting giveaways, or featuring the services in posts or live streams. ACMA member Carolyn Lidgerwood highlighted that this is the agency's first enforcement action against a social media influencer, putting other personalities on notice about their influence over audiences. The ACMA chose to issue a formal warning rather than pursue financial penalties due to Mullarkey’s cooperative response. The fighter promptly ended the sponsorship, swiftly removed the offending content, cooperated fully with investigators, and expressed genuine remorse and responsibility for his actions. The ACMA reiterated that individuals who promote illegal gambling services risk civil penalties of up to A$59,400, while those who facilitate access—such as providing hyperlinks—could face massive fines up to A$2.475m. The agency pledged to deploy its full regulatory toolkit against non-compliant influencers moving forward.
3302635 pc Jul 07, 2026 pdonofrio Delaware Newsroom - Department of State - State of Delaware horizon scanning
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Delaware Governor Signs Banking Modernization Package Establishing Digital Asset and Stablecoin Regulatory Framework

On July 7, 2026, Governor Matt Meyer signed a package of legislation modernizing Delaware's banking laws, marking the state's most significant update to its financial regulatory framework in more than 40 years. Sponsored by Senator Spiros Mantzavinos and Representative Bill Bush, the three bills—Senate Bills 16, 18 and 19—update Delaware's banking code to reflect the evolving financial services industry while establishing strong consumer protections for digital assets, virtual currency and stablecoins. Senate Bill 16, the Delaware Banking Modernization Act of 2026, updates Delaware's banking code to recognize digital assets and virtual currency, modernizes bank governance and interstate banking laws, and strengthens the regulatory authority of the Office of the State Bank Commissioner. Senate Bill 18, the Delaware Money Transmission and Virtual Currency Modernization Act, creates a comprehensive licensing and supervisory framework for money transmitters and virtual currency businesses, establishing financial safeguards, licensing standards and consumer protection requirements. Senate Bill 19, the Delaware Payment Stablecoins Act, establishes one of the nation's first state regulatory frameworks aligned with the federal GENIUS Act (Guaranteeing Essentials National Infrastructure in U.S. Stablecoins Act). The legislation authorizes Delaware to charter and supervise payment stablecoin issuers while requiring one-to-one reserve backing, monthly public attestations, anti-money laundering compliance and strong consumer protections. Together, the three measures reinforce Delaware's reputation as a national leader in banking and corporate law while creating a clear regulatory framework for financial technologies. The legislation pairs innovation with strong regulatory guardrails, ensuring consumer protection remains central to Delaware's approach. The package is designed to attract new investment, support high-quality jobs and ensure Delaware remains competitive as financial institutions and technology companies decide where to locate and grow.

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Delaware General Assembly Enacts Banking Modernization Legislative Package

On July 6, 2026, the Delaware General Assembly enacted a package of legislation modernizing Delaware's banking laws with respect to cryptocurrency and money transmission. SB 16 , the Delaware Banking Modernization Act, updates Delaware's banking code to recognize digital assets and virtual currency, modernizes bank governance and interstate banking laws and strengthens the regulatory authority of the Delaware Office of the State Bank Commissioner (OSBC). SB 18 , the Delaware Money Transmission and Virtual Currency Modernization Act, creates a comprehensive licensing and supervisory framework for money transmitters and virtual currency businesses, establishing financial safeguards, licensing standards and consumer protection requirements. SB 19 , the Delaware Payment Stablecoins Act, establishes one of the nation's first state regulatory frameworks aligned with the federal Guaranteeing Essentials National Infrastructure in US Stablecoins (GENIUS) Act . The legislation authorizes Delaware to charter and supervise payment stablecoin issuers while requiring one-to-one reserve backing, monthly public attestations, anti-money laundering (AML) compliance and strong consumer protections. According to the Governor of Delaware , together, the three measures aim to reinforce Delaware's reputation as a national leader in banking and corporate law while creating a clear regulatory framework for financial technologies. The legislative package is designed to pair innovation with strong regulatory guardrails, ensuring consumer protection remains central to Delaware's regulatory approach. The new laws are effective immediately , and must be implemented upon the earlier of one year post-enactment or the issuance of final regulations.
3303208 pc Jul 07, 2026 pdonofrio Tennessee TN DFI News Releases horizon scanning
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Tennessee Department of Financial Institutions Announces Maximum Effective Interest Rate for Home Loans

On July 7, 2026, the Tennessee Department of Financial Institutions (DFI) announced the maximum effective rate of interest per annum for home loans applicable in August 2026 is 10.49 percent. The Commissioner of Financial Institutions established this rate in accordance with Public Chapter 290, enacted by the General Assembly in 2025. The maximum effective rate is calculated by adding four percentage points to the average prime offer rate (APOR), as defined in 12 Code of Federal Regulations (CFR) 1026.35, that applies to a thirty-year fixed loan. The APOR is published by the Federal Financial Institutions Examination Council (FFIEC), or its successor federal entity. For the most recent APOR statistical data available preceding the announcement date, the calculated rate was 6.49 percent, resulting in the 10.49 percent maximum effective rate. The announcement applies to home loans subject to Tennessee's usury limitations. Persons affected by this rate should consult legal counsel regarding the implications of the Depository Institutions Deregulation and Monetary Control Act of 1980 (P.L. 96-221, as amended by P.L. 96-399) and associated federal regulations. State usury laws relating to certain loans made after March 31, 1980, may be preempted by federal law. Lenders and borrowers should ensure compliance with applicable federal and state regulations when entering into home loan agreements during August 2026 and subsequent periods, as the maximum effective rate may be adjusted monthly based on changes to the APOR.

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Tennessee Department of Financial Institutions Announces Maximum Effective Rate of Interest for Home Loans for August

On July 7, 2026, the Tennessee Department of Financial Institutions (DFI) announced the maximum effective rate of interest for home loans for the month of August 2026: 10.49 percent per annum.
3300649 pc Jul 07, 2026 pdonofrio South Carolina SC DCA News Releases horizon scanning
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South Carolina Department of Consumer Affairs Finalizes Settlement with Internet Lender Cash Central

On May 13, 2026, the South Carolina Department of Consumer Affairs (SCDCA) finalized a settlement with Cash Central of South Carolina, LLC, a supervised lender. The settlement resolves disputed litigation stemming from the company's operations in South Carolina between 2013 and 2015. SCDCA filed suit against Cash Central in 2016, alleging it charged interest rates exceeding those permitted by law. The loans in question ranged from $750 to $5,000 with annual percentage rates (APRs) between 146 percent and 246 percent. Under South Carolina law, creditors may charge any interest rate they choose; however, if the rate exceeds 18 percent APR, the creditor must first file its rate chart with SCDCA and post the filed rate for public view. Cash Central disputed SCDCA's position, but both parties agreed to settle to avoid further litigation expenses and uncertainty. While Cash Central does not admit liability or wrongdoing under the settlement terms, the company agreed to provide refunds to affected consumers. SCDCA identified certain South Carolina consumers eligible for refunds and will contact these individuals over the course of the next year. SCDCA encourages consumers to research businesses before obtaining high-cost loans. Consumers can verify the maximum interest rates lenders assessing more than 18 percent APR are permitted to charge by visiting consumer.sc.gov, selecting "Fees and Licensee Lookup," then "Supervised Lenders" under the "Maximum Interest Rates" section. REFERENCES: South Carolina Department of Consumer Affairs. "SCDCA Reaches Settlement with Internet Lender." News Release, May 13, 2026. https://www.scconsumer.gov/

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South Carolina Department of Consumer Affairs Reaches Settlement with Cash Central

On May 13, 2026, the South Carolina Department of Consumer Affairs (SCDCA) finalized a settlement agreement with Cash Central LLC, a supervised lender. The settlement agreement resolves disputed litigation stemming from the company's operations in South Carolina between 2013 and 2015. SCDCA initially filed suit against Cash Central in 2016, alleging it charged interest rates exceeding those permitted by law. The loans in question ranged from $750 to $5,000 with annual percentage rates (APRs) between 146 percent and 246 percent. Under South Carolina law, lenders may charge any interest rate they choose; however, if the rate exceeds 18 percent APR, the lender must first file its rate chart with SCDCA and post the filed rate for public view. While Cash Central did not admit liability or wrongdoing under the settlement terms, the company agreed to provide refunds to affected consumers as part of the agreement.
3303250 gc Jul 07, 2026 zbirnbaum Ontario Alcohol and Gaming Commission of Ontario gamblingcompliance
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Ontario's Alcohol and Gaming Commission Orders $170,000 Penalty Against Great Canadian Entertainment

On July 7, 2026, the Alcohol and Gaming Commission of Ontario (AGCO) ordered Great Canadian Entertainment (GCE) to pay $170,000 in monetary penalties for failing to adequately identify, assess, and monitor high-risk patrons and report suspicious activity at Pickering Casino Resort. An AGCO compliance audit identified several failures by GCE to properly assess and track high-risk patrons that were not subject to required enhanced scrutiny. The review found that required Suspicious Transaction Reports were not filed in multiple cases where patrons displayed potential money laundering indicators. The violations contravened sections 6.1 and 6.3 of Ontario's gaming standards. Under section 6.1, GCE failed to implement mechanisms to reasonably identify and prevent unlawful activities, including by failing to conduct adequate risk assessments and appropriately monitor and analyze player transactions for possible unlawful activity. Under section 6.3, GCE failed to establish reasonable measures to identify and prevent suspected money laundering activities, including by failing to implement risk-based policies and procedures that provide escalating measures for patrons engaging in behaviour consistent with money laundering indicators. The AGCO emphasised that casino operators must maintain effective measures to identify and respond to suspicious activity, including reporting suspected money laundering. Dr. Karin Schnarr, AGCO chief executive and registrar, said the failure to properly monitor or report high-risk behaviour weakens important safeguards protecting the integrity of Ontario's gaming sector. GCE has the right to appeal the Order of Monetary Penalty within 15 days to the Licence Appeal Tribunal (LAT), an adjudicative body that is part of Tribunals Ontario and independent of the AGCO.

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Ontario regulator issues C$170,000 fine to Great Canadian Entertainment for AML violations

On July 7, 2026, the Alcohol and Gaming Commission of Ontario (AGCO) ordered Great Canadian Entertainment (GCE) to pay C$170,000 (approx. $119,831) in monetary penalties for AML violations. According to the press release, an AGCO compliance audit of Pickering Casino Resort identified several failures by GCE to properly assess and track high-risk patrons that were not subject to required enhanced scrutiny. The review also found that required Suspicious Transactions Reports were not filed in a number of cases where patrons showed potential money laundering indicators. GCE has the right to appeal the Registrar's action within 15 days to the Licence Appeal Tribunal (LAT), an adjudicative body that is part of Tribunals Ontario and independent of the AGCO.
3298465 pc Jul 07, 2026 rghosh Mexico Diario Oficial financial services
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Mexico's National Banking and Securities Commission Modifies General Provisions for Brokerage Houses

On July 6, 2026, Mexico's National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) published a resolution modifying the General Provisions applicable to brokerage houses (casas de bolsa). The modification streamlines procedures for authorizing special accounting criteria and special accounting records while reducing administrative timelines for brokerage house applications. The resolution amends Articles 171 and 171 Bis of the General Provisions originally published on September 6, 2004, and introduces Annex 20, which establishes standardized application formats. The changes address two key scenarios: authorization of special accounting criteria when competent authorities declare emergencies or natural disasters that could adversely affect the solvency or liquidity of supervised financial entities or the stability of the financial system; and authorization of special accounting records for brokerage houses undergoing financial restructuring or corporate reorganization processes. The resolution reduces the maximum response period for authorization requests from the Commission to 60 business days, calculated from the day following receipt of the application. Applications must be submitted using the format specified in Annex 20 and signed with either an autograph signature or Advanced or Reliable Electronic Signature by the legal representative of the brokerage house or authorized self-regulatory organizations. If the Commission does not issue or notify a resolution within the 60-business-day period, the request is deemed denied. During the pending period, brokerage houses must continue using accounting criteria established in Annex 5. The resolution entered into force on July 7, 2026. Brokerage houses that submitted authorization requests prior to the resolution's effective date will continue processing under the General Agreement on Administrative Simplification and Improvement Actions published on December 31, 2025. Previously authorized brokerage houses retain their existing authorizations until their expiration dates. REFERENCES: Diario Oficial de la Federación (July 6, 2026): https://www.dof.gob.mx/

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Mexico's National Banking and Securities Commission Modifies General Provisions for Brokerage Firms

On July 6, 2026, Mexico's National Banking and Securities Commission (CNBV) published a resolution in the Official Gazette of the Federation (DOF) amending the General Provisions applicable to brokerage firms. The current resolution implements the administrative simplification commitments set out in the General Agreement on simplification and administrative improvement for procedures before the CNBV, published in the DOF on December 31, 2025, and Article 24 of the National Law to Eliminate Bureaucratic Procedures . Key changes introduced by the resolution: Standardized application formats: A new Annex 20 is added to the General Provisions establishing mandatory standardized formats for submitting applications to the CNBV for authorization of special accounting criteria and special accounting records. Brokerage firms must use these formats for all such applications, and applications may be signed by the legal representative of the brokerage firm either with an autograph signature or by means of an advanced or reliable electronic signature in accordance with the Commercial Code. Where applicable, the legal representative of self-regulatory bodies recognized by the CNBV or trade association representation bodies may also sign. Reduced maximum response times: The CNBV's maximum period for resolving authorization requests under both Article 171 (special accounting criteria in the context of natural disasters) and Article 171 Bis (special accounting records for financial restructuring or corporate reorganization) is set at 60 business days from the day following receipt of the application. Negative resolution by default: Where the CNBV fails to issue or notify its resolution within the 60 business day period, the application is deemed denied. Until the resolution is notified, brokerage firms must continue using the accounting criteria established in Annex 5 of the General Provisions. The transitional provisions confirm that applications already submitted before the entry into force of the amending resolution will continue to be processed under the transitional rules of the December 31, 2025 General Agreement, and that existing authorizations already granted by the CNBV remain in force until their scheduled conclusion. This resolution comes into effect on July 7, 2026.
3300465 pc Jul 07, 2026 rghosh Panama SBP - News Releases horizon scanning
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Panama's Superintendency of Banks Establishes New Sanctioning Criteria for Anti-Money Laundering Non-Compliance

On June 25, 2026, the Board of Directors of the Superintendency of Banks of Panama (SBP) issued Rule No. 3-2026, dated May 29, 2026, establishing criteria for imposing and calibrating administrative sanctions on banks for non-compliance with the anti-money laundering, counter-terrorism financing, and proliferation financing of weapons of mass destruction (AML/CFT/CPF) preventive framework. The new regulation strengthens legal certainty, transparency, and objectivity in the SBP's application of administrative sanctions by providing clear parameters for assessing violations and determining corresponding enforcement measures. Rule No. 3-2026 applies to banking entities that fail to comply with the AML/CFT/CPF preventive framework through action or omission, with violations processed according to the sanctioning procedure established under Rule No. 9-2015. The Rule introduces a graduated framework for determining administrative sanctions, considering both the nature of the violation and any mitigating or aggravating circumstances applicable to each case. This approach ensures enforcement measures are proportionate to the severity of identified misconduct. Notably, the regulation establishes a five-year transitional implementation period for maximum sanction amounts. During the first year, sanctions are capped at 60 percent of the maximum amount established under the Rule, increasing by 10 percentage points annually until reaching 100 percent at the end of the fifth implementation year. The Rule enters into force upon publication in the Official Gazette, with maximum sanction amounts applied progressively according to the implementation schedule. The SBP reaffirms its commitment to strengthening the banking system, safeguarding financial integrity, and ensuring compliance with national and international standards for preventing financial crimes. The full text of Rule No. 3-2026 is available at www.superbancos.gob.pa.

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Panama's Superintendency of Banks Establishes New Sanctioning Criteria for Banks for Anti-Money Laundering Non-Compliance

On June 25, 2026, the Superintendency of Banks of Panama (SBP) issued Rule No. 3-2026, establishing the criteria for the imposition and calibration of administrative sanctions applicable to banks for non-compliance with the regulatory framework governing the prevention of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction (AML/CTF/CPF). The new regulation aims to strengthen legal certainty, transparency, and objectivity in the application of administrative sanctions by providing supervised banking entities with clear parameters for assessing violations, determining enforcement measures, and ensuring proportionality based on the severity of the identified misconduct. The implementation of the rule is organized into three main operational pillars: The first pillar introduces a graduated framework for determining administrative sanctions, which evaluates both the unique nature of the violation and any applicable mitigating or aggravating circumstances. The second pillar establishes a five-year transitional period for the implementation of maximum sanction amounts, capping penalties at 60 percent during the first year and increasing them by 10 percentage points annually until reaching 100 percent at the end of the fifth year. The third pillar outlines the timeline for enforcement, dictating that maximum sanction amounts will be applied progressively in accordance with the established implementation schedule. The rule enters into force upon publication in the official gazette, with maximum sanction amounts applied progressively according to the implementation schedule.
3300578 pc Jul 07, 2026 rghosh Brazil Administrative Council for Economic Defense financial services
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Brazil's Securities Commission Accepts Settlement Agreement with Pátria Investimentos and Director for R$ 1.89 Million

On June 30, 2026, the Collegiate Board of the Securities Commission (Comissão de Valores Mobiliários — CVM) accepted a settlement proposal from Pátria Investimentos Ltda. and Marcelo Santos Nogueira, its director responsible for portfolio management activities. The settlement resolves Administrative Process (PA) 19957.008954/2025-56 prior to potential formal sanction proceedings. The CVM's Specialized Federal Attorney's Office (Procuradoria Federal Especializada — PFE-CVM) confirmed no legal impediment existed for the agreement. Following negotiations with the Settlement Committee (Comitê de Termo de Compromisso — CTC), the parties committed to paying R$ 1.89 million: Pátria Investimentos Ltda. R$ 1.26 million and Marcelo Santos Nogueira R$ 630,000. The CTC recommended acceptance, which the Collegiate Board approved. The underlying administrative process was initiated by the Institutional Investors Supervision Superintendence (Superintendência de Supervisão de Investidores Institucionais — SIN) to investigate alleged breaches of fiduciary duty. Specifically, Pátria Investimentos and Nogueira allegedly failed to exercise due diligence by permitting use of "forced liquidation value" in evaluating fund assets. This conduct potentially violated Article 3, Section 1 of CVM Instruction 579 and Article 92, Section I of the then-applicable CVM Instruction 555. The settlement resolves these allegations without admission of wrongdoing. In the same June 30 meeting, the CVM's Collegiate Board also accepted three additional settlement agreements: with Inter Distribuidora de Títulos e Valores Mobiliários Ltda. and two directors (R$ 800,000); with Nicolas Aires de Paiva (R$ 280,000); and rejected a proposal from Maicon André Alves Pereira due to legal impediments and insufficient settlement terms. REFERENCES: Comissão de Valores Mobiliários (2026). Colegiado da CVM aceita proposta de Termo de Compromisso com Pátria Investimentos Ltda. e seu diretor no valor de R$ 1.890.000,00. Available at: https://www.gov.br/cvm/pt-br

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Brazilian Securities and Exchange Commission Fines Inter Distribuidora de Títulos e Valores Mobiliários Ltda. R$400,000 for Custody and Customer Service Failures

On July 6, 2026, Brazil's Securities Commission (CVM) announced that it had accepted a R$400,000 settlement proposal against Inter Distribuidora de Títulos e Valores Mobiliários Ltda (DTVM) for custody and client service failures. The CVM's Superintendency of Market and Intermediary Relations (SMI) brought the proceeding against DTVM in its capacity as a securities custody service provider. The alleged irregularities were: Failure to act with due diligence and loyalty toward investor interests under Article 13(I) of CVM Resolution 32. Failure to make fixed income trade notes available to clients in an adequate and timely manner under Article 14 of CVM Resolution 32. Failure to adopt adequate rules and procedures for distributing trade notes to clients under Article 16(I) and (II) of CVM Resolution 32. Failure to maintain written, verifiable, and CVM-accessible documentation of those rules and procedures under Article 16, paragraph 1, items I to III of CVM Resolution 32. Ignoring client complaints and only addressing the underlying issue following two formal letters from the CVM, in breach of Article 17, paragraph 3 of CVM Resolution 32. Omitting audit conclusions and corrective action plans from the 2025 internal audit report relating to 2024, in breach of Article 18(I) and (II) of CVM Resolution 32. In addition to the monetary payment, DTVM agreed to submit a report from an independent auditor registered with the CVM detailing the internal procedures adopted by the company to comply with CVM Resolution 32.
3300454 pc Jul 07, 2026 ataylor Canada Competition Bureau Canada horizon scanning
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Canada's Department of Finance Launches Pre-Budget Consultations for Budget 2026

On July 6, 2026, Canada's Department of Finance announced the launch of pre-budget consultations ahead of Budget 2026, which the government will deliver in the fall. Minister of Finance and National Revenue François-Philippe Champagne said the consultations will gather input on key priorities including boosting investment and competition, strengthening sovereignty, and addressing pressing economic challenges facing Canadians. The consultation process invites Canadians to share their input through an online portal at Canada.ca/yourbudget until September 8, 2026. Feedback gathered through this portal will inform policy decisions for Budget 2026 and shape the government's overall priorities. The government aims to position Canada for long-term prosperity while building a strong economy, diversifying trade, and ensuring responsible fiscal management. Over the summer, Minister Champagne, alongside Secretary of State responsible for the Canada Revenue Agency and Financial Institutions Wayne Long, and Parliamentary Secretary to the Minister of Finance and National Revenue Ryan Turnbull, will engage directly with Canadians through meetings and discussions across the country. These engagements will provide opportunities to hear from individuals, businesses, industry and labour organisations, community leaders, academics, Indigenous partners, non-profit groups, and other stakeholders about their experiences, concerns, and ideas for strengthening Canada's future. Stakeholders and interested parties should submit their input through the online consultation portal by September 8, 2026. The feedback collected will directly inform Budget 2026 and the government's policy priorities moving forward.

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Department of Finance Canada Launches Pre-Budget Consultations Ahead of Budget 2026

On July 6, 2026, the Minister of Finance and National Revenue announced the launch of pre-budget consultations for Budget 2026, which will be delivered this fall. The consultations invite individuals, businesses, financial institutions, industry organizations, and other stakeholders to share input on key priorities. Feedback gathered through the online portal and engagements will inform policy decisions for Budget 2026 and shape the government's overall budget priorities. Key consultation themes include boosting investment and competition, strengthening sovereignty and addressing economic challenges. The Minister of Finance, alongside the Secretary of State responsible for the Canada Revenue Agency and Financial Institutions will also engage directly with entities through meetings and discussions across the country over the summer. Responses can be submitted online through the consultation portal at Canada.ca/yourbudget by September 8, 2026.
3299656 pc Jul 07, 2026 arahman European Union European Securities and Markets Authority financial services
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European Securities and Markets Authority Publishes First Annual Report of Joint Monitoring Mechanism

The European Securities and Markets Authority (ESMA) published its first annual report of the Joint Monitoring Mechanism on the active account requirement for central counterparties (CCPs). The report evaluates the effectiveness and implementation of the active account requirement, which mandates that CCPs maintain active accounts with multiple clearing members to enhance resilience and reduce concentration risk. The Joint Monitoring Mechanism, established to oversee compliance with this requirement across European CCPs, assessed performance during its inaugural monitoring period. The report builds on the interim report of the effectiveness of the active account requirement, providing comprehensive analysis of how CCPs have adopted and maintained the active account framework. The mechanism monitors adherence to regulatory standards designed to strengthen the financial infrastructure and reduce systemic risk within the European clearing ecosystem. The findings contribute to ESMA's broader mandate to ensure consistent implementation of European Union financial services regulations and promote the stability and integrity of securities markets. The active account requirement represents a key element of post-financial crisis reforms aimed at reducing counterparty risk and improving market resilience. By requiring CCPs to maintain multiple active relationships with clearing members, the framework reduces dependency on single clearing members and enhances operational continuity during periods of market stress. The report is available on ESMA's website and serves as a reference document for market participants, competent authorities, and other stakeholders involved in central clearing operations across the European Union. **Reference:** ESMA91-1525761655-5414

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European Securities and Markets Authority Publishes First Annual Report of Joint Monitoring Mechanism

On July 6, 2026, the European Securities and Markets Authority (ESMA) published its first annual report of the Joint Monitoring Mechanism on the Active Account Requirement (AAR) for central counterparties (CCPs). The report evaluates the effectiveness and implementation of the Active Account Requirement, which mandates that CCPs maintain active accounts with multiple clearing members to enhance resilience and reduce concentration risk. The Joint Monitoring Mechanism (JMM), established to oversee compliance with this requirement across European CCPs, assessed performance during its inaugural monitoring period. Key findings include: The results of the JMM's Active Account Requirement monitoring activities form the preliminary findings presented in the report. An analysis of broader cross-border developments beyond the AAR, with a particular focus on the United States. The analysis confirms considerable cross-border dependencies, reflecting the global nature of EU and US cleared markets and their participants. A stocktaking exercise of existing EU-wide stress tests, with a view to exploring synergies with aspects related to the broader EU clearing ecosystem.
3299659 pc Jul 07, 2026 arahman European Union European Securities and Markets Authority financial services
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European Securities and Markets Authority Publishes Interim Assessment of Active Account Requirement Effectiveness

On July 6, 2026, the European Securities and Markets Authority (ESMA) published an interim report assessing the preliminary effectiveness of the Active Account Requirement (AAR), a measure introduced under the European Market Infrastructure Regulation 3 (EMIR 3) that entered into force on December 24, 2024. The AAR requires financial and non-financial EU counterparties with cleared positions above EUR 6 billion in over-the-counter interest rate derivatives (OTC IRD) and short-term interest rate (STIR) products to maintain active accounts and clear a representative volume of transactions at EU central counterparties (CCPs). ESMA developed this interim report in close cooperation with the European System of Central Banks (ESCB) and the European Systemic Risk Board (ESRB), and after consulting the Joint Monitoring Mechanism (JMM). The assessment aims to evaluate whether the AAR effectively mitigates financial stability risks arising from excessive reliance of EU counterparties on Tier 2 CCPs—specifically LCH Ltd SwapClear and ICE Clear Europe—offering services of substantial systemic importance. As of February 2026, approximately 500 entities across 89 groups had notified ESMA and national competent authorities (NCAs) of their AAR subject status, with nearly two-thirds exceeding the EUR 6 billion threshold. These notifying entities represent over 90 percent of notional held by EU entities in relevant OTC IRD and STIR markets. The report documents moderate but limited uptake of EU clearing, with notifying entities increasing their average share of clearing activity at EU CCPs during 2025, particularly among smaller entities. Initial margin data shows a gradual decline in the share posted at Tier 2 CCPs relative to EU CCPs, declining from 58 percent in Q4 2024 to 51 percent in Q4 2025. However, Tier 2 CCPs continue to dominate clearing in AAR-related products, in some cases accounting for more than 90 percent of cleared volumes. ESMA will develop a comprehensive assessment methodology by the end of 2026, potentially issuing a targeted data request to market participants. The final effectiveness assessment, including impact analysis of potential complementary measures, is scheduled for submission to the European Parliament, Council, and Commission in 2027.

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European Securities and Markets Authority Publishes Interim Assessment of Active Account Requirement Effectiveness

On July 6, 2026, the European Securities and Markets Authority (ESMA) published an interim report assessing the preliminary effectiveness of the Active Account Requirement (AAR), a measure introduced under the European Market Infrastructure Regulation 3 (EMIR 3) that entered into force on December 24, 2024. Key points include: As of February 2026, around 500 entities had notified ESMA and national competent authorities (NCAs) that they are subject to the AAR. No operational issues have been identified during the opening of accounts. The operational implementation of the AAR was discussed at the JMM Industry Roundtable (made up of NCAs), indicating that the opening of active accounts went generally smoothly. EMIR data indicates an increase in the average share of clearing activity in AAR-relevant products conducted at EU central counterparties (CCPs) by notifying entities during 2025. Generally, JMM observers confirmed that, following a gradual increase throughout 2025, the number of entities subject to the AAR has remained stable since early 2026. Next steps include: The development of a methodology for the AAR effectiveness assessment. A data request subject to the methodology as high-quality data is essential for conducting a robust analysis. Full assessment of the effectiveness of the AAR, which is planned to be sent to the European Parliament, Council and Commission for 2027.
3302573 pc Jul 07, 2026 csoo United Kingdom Bank of England horizon scanning
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United Kingdom Prudential Regulation Authority Clarifies Releasability of Other Systemically Important Institution Buffers

On July 7, 2026, the Prudential Regulation Authority (PRA) published a statement clarifying its approach to enhancing the usability and releasability of capital buffers in the United Kingdom banking system. The PRA endorsed a vision outlined by the Financial Policy Committee (FPC) in December 2025 for a simpler and more effective capital buffer framework centred on a single buffer that is releasable in stress and usable without automatic distribution restrictions. As a near-term step, the PRA clarified that it could release other systemically important institution (O-SII) buffers in the event of systemic stress by exercising its existing discretionary powers to vary O-SII buffer rates, including setting them to zero, under the Capital Buffers and Macro-prudential Measures Regulations 2025. Releasing the O-SII buffer would lower the level of capital at which automatic distribution restrictions apply during stress periods. The PRA's intention is to support banks' use of buffers to absorb losses during stress while reducing incentives for defensive actions such as restricting lending to creditworthy households and businesses, which can amplify adverse shocks to the real economy. Upon releasing the O-SII buffer, the PRA would provide an indicative period during which no increase would be expected, allowing released capital to be deployed effectively. The pace of return to normal-times O-SII buffer rates would depend on banks' ability to rebuild capital while continuing to lend to creditworthy UK households and businesses, consistent with current countercyclical capital buffer policy strategy. The PRA would consider factors including economic recovery expectations, prevailing financial conditions, and banks' capital outlooks. The PRA intends to consult in the second half of 2026 on proposed changes to its statement of policy regarding O-SII buffer implementation and related aspects of varying O-SII buffer rates during systemic stress. The consultation will include qualitative guidance on rebuild expectations and example scenarios based on different types of stress and recovery. The PRA will also consider greater clarity on PRA buffer usage outside systemic stress periods and further engagement with stakeholders including investors and rating agencies to support understanding of regulatory capital buffers.

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UK's Prudential Regulation Authority Clarifies Releasability of Other Systemically Important Institution Capital Buffers

On July 7, 2026, the Prudential Regulation Authority (PRA) published a statement clarifying its approach to enhancing the usability and releasability of capital buffers in the United Kingdom banking system. The PRA endorsed a vision outlined by the Financial Policy Committee (FPC) in December 2025 for a simpler and more effective capital buffer framework centred on a single buffer that is releasable in stress and usable without automatic distribution restrictions. The PRA's statement confirmed the following: As a near-term step, the PRA clarified that it could release other systemically important institution (O-SII) buffers in the event of systemic stress by exercising its existing discretionary powers to vary O-SII buffer rates, including setting them to zero, under the Capital Buffers and Macro-prudential Measures Regulations 2025 . Releasing the O-SII buffer would lower the level of capital at which automatic distribution restrictions apply during stress periods. The PRA intends to consult in the second half of 2026 on proposed changes to its statement of policy regarding O-SII buffer implementation and related aspects of varying O-SII buffer rates during systemic stress. The consultation will include qualitative guidance on rebuild expectations and example scenarios based on different types of stress and recovery. The PRA will also consider greater clarity on PRA buffer usage outside systemic stress periods . The PRA's intention is to support banks' use of buffers to absorb losses during stress while reducing incentives for defensive actions such as restricting lending to creditworthy households and businesses, which can amplify adverse shocks to the real economy. Upon releasing the O-SII buffer, the PRA would provide an indicative period during which no increase would be expected, allowing released capital to be deployed effectively. The pace of return to normal-times O-SII buffer rates would depend on banks' ability to rebuild capital while continuing to lend to creditworthy UK households and businesses, consistent with current countercyclical capital buffer policy strategy. The PRA would consider factors including economic recovery expectations, prevailing financial conditions, and banks' capital outlooks.
3302432 pc Jul 07, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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Financial Conduct Authority Publishes Second Enforcement Watch Newsletter Covering Consumer Duty Supervision and Enforcement

On June 4, 2026, the Financial Conduct Authority (FCA) published the second edition of Enforcement Watch, its newsletter covering insights and themes from enforcement work. The update focuses on the FCA's approach to supervising and enforcing the Consumer Duty, which the FCA introduced three years prior. The FCA outlined its enforcement activity regarding the Consumer Duty, reporting 11 open investigations examining potential breaches. The first investigation opened in August 2024, with investigations steadily increasing since then. The FCA's approach extends beyond enforcement powers to include publishing examples of good practice, conducting multi-firm thematic assessments, and commissioning skilled person reviews. The FCA has commissioned approximately 30 skilled person reviews referencing the Duty since its introduction. Last financial year, the FCA intervened 382 times through assertive supervision, ranging from conversations to imposing requirements on firms. The FCA distinguishes between supervisory interventions and formal enforcement investigations, using interventions to address harm before escalating to enforcement where serious misconduct is detected and enforcement is deemed necessary, proportionate, and likely to create industry-wide deterrence. The 11 open investigations span insurance, pensions, wealth management, consumer investments, peer-to-peer lending, and claims management sectors. Recent supervisory interventions include requiring an insurance firm to provide £200 million in redress to approximately 270,000 motorists following vehicle valuation reviews, and imposing voluntary requirements on claims management companies and wealth management firms. The FCA has also announced two enforcement investigations publicly into claims management companies operating in the motor finance sector: The Claims Protection Agency Limited (announced January 2026) and Consultation Claims Limited (announced June 4, 2026), allowing customers to consider their options regarding complaints. The FCA emphasised its expectation that firms consider customer outcomes and put customers' interests at the heart of their activities under Principle 12. The FCA will act where firms fail to meet this standard. REFERENCES: Financial Conduct Authority. (2026). Enforcement Watch 2. Retrieved from https://www.fca.org.uk/news/news-stories/enforcement-watch-2

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UK's Financial Conduct Authority Publishes Enforcement Insight Covering Consumer Duty Supervision

On July 7, 2026, the Financial Conduct Authority (FCA) published the its newsletter covering insights and themes from enforcement work. The update focuses on the FCA's approach to supervising and enforcing the Consumer Duty, which the FCA introduced three years prior, reporting 11 open investigations examining potential breaches. The 11 open investigations span the financial services sector and include the following: An investigation into a firm in the wealth management sector, where the FCA are concerned about financial promotions, high fees and the quality of engagement with the regulator. The FCA opened the investigation after a supervisory intervention aimed at stopping ongoing harm; and are looking into whether consumers may have paid more than is fair for what they received, potentially leaving them unable to save or invest more for their future. The FCA is also investigating whether those with vulnerable characteristics experienced heightened and/or foreseeable harm. The investigation is therefore centred around price and value, as well as consumer support. An investigation into a peer-to-peer lending platform. It is focused on the information provided to consumers, which included misleading or unclear communications, and financial promotions about products which prevented consumers from making an informed decision on how to invest their money. It also includes considering potentially poor conflicts of interest management over loans made to certain borrowers. An investigation into a small Independent Financial Advisor over whether it breached the Consumer Duty by not carrying out or documenting assessments to ensure it provided fair value to its customers. The firm agreed to several restrictions, including remediation steps, and agreed to cease regulated activity. The FCA open investigations where its Supervision team has detected serious misconduct and consider an enforcement investigation necessary, proportionate, and likely to create impactful deterrence across the industry. In assessing whether to open an enforcement investigation, the FCA considers factors including its regulatory priorities, the seriousness of the misconduct, the harm (or potential harm) it has caused, and whether other regulatory responses might be more effective.
3301729 pc Jul 07, 2026 arahman Armenia State Commission for the Protection of Economic Competition - Newsfeed horizon scanning
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Armenia's State Commission for Economic Competition Protection Presents New Consumer Rights Regulations

On June 24, 2026, the State Commission for the Protection of Economic Competition (SCPEC) presented new legislative regulations on consumer rights protection to business entities. The regulations were developed within the framework of the European Union-Armenia Comprehensive and Enhanced Partnership Agreement (CEPA) and will enter into force on July 1, 2026. The presentation meeting included SCPEC members Shushan Sargsyan and Tadevos Avetisyan, alongside representatives from the Ministry of Economy, business communities, non-governmental organisations, and other interested stakeholders. Sargsyan highlighted that the new regulations aim to advance the consumer rights protection system in line with international best practices, fostering a more predictable and transparent legal environment for economic activity. The regulations introduce new requirements governing unfair terms in adhesion contracts. Prohibited conditions now include those requiring consumers to perform actions they were unaware of before contract conclusion; unilateral modification of product or service characteristics by sellers, performers, or producers without justified cause; restrictions on consumers' rights to terminate contracts when businesses fail to meet obligations; limitations on consumers' access to extrajudicial, judicial, or other legally prescribed remedies; and unilateral interpretation rights granted to sellers, performers, or producers. Such terms are automatically void from the moment of contract execution and create no legal consequences for consumers. The regulations also establish new requirements for distance and off-premises contracts, requiring businesses to provide consumers with complete, clear, and comprehensible information; obtain explicit confirmation of payment obligations in electronic contracts; include appropriate labelling on payment buttons; and disclose identity and commercial purpose in telephone-concluded contracts. Consumers gain the right to withdraw from distance or off-premises contracts within 14 days without justification, except where legally prescribed exceptions apply. The legislative packages are available at http://www.parliament.am/drafts.php?sel=showdraft&DraftID=16109&Reading=1 and http://www.parliament.am/drafts.php?sel=showdraft&DraftID=16110&Reading=1.

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Armenia's State Commission for Economic Competition Protection Presents New Consumer Rights Regulations

On June 24, 2026, the State Commission for the Protection of Economic Competition (SCPEC) presented new legislative regulations on consumer rights protection to business entities. The regulations were developed within the framework of the European Union-Armenia Comprehensive and Enhanced Partnership Agreement (CEPA) and will enter into force on July 1, 2026. The regulations introduce new requirements governing unfair terms in adhesion contracts. Prohibited conditions now include those requiring consumers to perform actions they were unaware of before contract conclusion; unilateral modification of product or service characteristics by sellers, performers or producers without justified cause; restrictions on consumers' rights to terminate contracts when businesses fail to meet obligations; limitations on consumers' access to extrajudicial, judicial or other legally prescribed remedies; and unilateral interpretation rights granted to sellers, performers, or producers. Such terms are automatically void from the moment of contract execution and create no legal consequences for consumers. The regulations also establish new requirements for distance and off-premises contracts, requiring businesses to provide consumers with complete, clear and comprehensible information; obtain explicit confirmation of payment obligations in electronic contracts; include appropriate labelling on payment buttons; and disclose identity and commercial purpose in telephone-concluded contracts. Consumers gain the right to withdraw from distance or off-premises contracts within 14 days without justification, except where legally prescribed exceptions apply.
3300412 pc Jul 07, 2026 arahman Sweden News - Government horizon scanning
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Sweden's Ministry of Finance Proposes Legislation to Implement European Union Anti-Money Laundering Package

On July 6, 2026, Sweden's Ministry of Finance published a memorandum containing legislative proposals required to align Swedish law with the European Union's anti-money laundering package. The memorandum outlines comprehensive reforms to Sweden's anti-money laundering framework, affecting financial institutions, designated non-financial businesses, and professions. The proposals include repealing and replacing the Money Laundering Act (Penningtvättslagen), the Register Act (Registerlagen), and the Account and Safe Deposit Box System Act (Lagen om konto- och värdefackssystem) with new legislation. The reforms expand the scope of entities subject to obligations to combat money laundering, terrorism financing, and circumvention of targeted economic sanctions. Supervision and enforcement provisions will be consolidated within the new Money Laundering Act. The register of beneficial owners will be expanded to include additional information, with the Swedish Companies Registration Office (Bolagsverket) receiving enhanced responsibilities to ensure data accuracy. The Stockholm County Administrative Board (Länsstyrelsen i Stockholms län) will oversee anti-money laundering supervision of lawyers and law firms. The Swedish Police Authority's financial intelligence unit (Sveriges finansunderrättelseenhet) will gain expanded authority to share information with entities notwithstanding confidentiality obligations and to impose monitoring measures and account freezes on accounts and business relationships managed by regulated entities. A new register covering accounts, safe deposit boxes, virtual International Bank Account Numbers, and gaming accounts will replace the current account and safe deposit box system. The legislative changes are proposed to enter into force on July 10, 2027. The memorandum is available for download from the Swedish Government website.

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Sweden's Ministry of Finance Proposes Legislation to Implement European Union Anti-Money Laundering Package

On July 6, 2026, Sweden's Ministry of Finance published a memorandum containing legislative proposals required to align Swedish law with the European Union's anti-money laundering package. The memorandum outlines comprehensive reforms to Sweden's anti-money laundering framework, affecting financial institutions, designated non-financial businesses and professions. The proposals include repealing and replacing the Money Laundering Act (Penningtvättslagen), the Register Act (Registerlagen) and the Account and Safe Deposit Box System Act (Lagen om konto- och värdefackssystem) with new legislation. The reforms expand the scope of entities subject to obligations to combat money laundering, terrorism financing and circumvention of targeted economic sanctions. Supervision and enforcement provisions will be consolidated within the new Money Laundering Act. The register of beneficial owners will be expanded to include additional information, with the Swedish Companies Registration Office (Bolagsverket) receiving enhanced responsibilities to ensure data accuracy. The Stockholm County Administrative Board (Länsstyrelsen i Stockholms län) will oversee anti-money laundering supervision of lawyers and law firms. The Swedish Police Authority's financial intelligence unit (Sveriges finansunderrättelseenhet) will gain expanded authority to share information with entities notwithstanding confidentiality obligations and to impose monitoring measures and account freezes on accounts and business relationships managed by regulated entities. A new register covering accounts, safe deposit boxes, virtual International Bank Account Numbers and gaming accounts will replace the current account and safe deposit box system. The legislative changes are proposed to enter into force on July 10, 2027.
3301694 pc Jul 07, 2026 arahman Denmark Financial Supervisory Authority horizon scanning
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Denmark's Financial Supervisory Authority Issues Enforcement Action Against Saxo Bank on Product Governance

On July 6, 2026, Denmark's Financial Supervisory Authority (FSA) published an inspection report following a functional inspection of Saxo Bank A/S conducted in March 2026. The inspection focused on the bank's product governance and suitability assessment practices for customers. The FSA examined the bank's compliance with product governance requirements, which mandate that credit institutions establish arrangements ensuring that financial products offered are compatible with the needs and characteristics of their target market. These requirements also obligate institutions to only offer and recommend products when doing so serves the customer's interest. For complex products sold without advice, institutions must obtain information about the customer's knowledge and experience, assess product suitability, and alert customers if a product is unsuitable. Saxo Bank's business model is characterised by a high-risk profile and extensive offering of complex and risky financial products to retail investors through non-advised trading. The inspection revealed significant deficiencies in the bank's management reporting and analysis of sales to customers outside the intended target market. The FSA determined that the bank's reporting was insufficiently accurate to enable effective monitoring and implementation of measures limiting mis-selling. This creates risk that the bank sells high-risk products to customers with limited risk tolerance without appropriate safeguards. The FSA issued an enforcement order requiring Saxo Bank to strengthen its product governance framework. The bank must accurately measure sales to customers outside product target markets, follow up on mis-selling incidents, and ensure products are sold to appropriate customer segments. This order references the Product Approval Procedures Regulation (BEK no. 245 of March 7, 2023), Sections 17(1) and 17(5).

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Denmark's Financial Supervisory Authority Issues Remedial Action to Saxo Bank on Consumer Protection Failures

On July 6, 2026, Denmark's Financial Supervisory Authority (FSA) published an inspection report following a functional inspection of Saxo Bank A/S conducted in March 2026. The inspection focused on the bank's product governance and suitability assessment practices for customers. The FSA examined the bank's compliance with product governance requirements, which mandate that credit institutions establish arrangements ensuring that financial products offered are compatible with the needs and characteristics of their target market. These requirements also obligate institutions to only offer and recommend products when doing so serves the customer's interest. For complex products sold without advice, institutions must obtain information about the customer's knowledge and experience, assess product suitability and alert customers if a product is unsuitable. Saxo Bank's business model is characterised by a high-risk profile and extensive offering of complex and risky financial products to retail investors through non-advised trading. The inspection revealed significant deficiencies in the bank's management reporting and analysis of sales to customers outside the intended target market. The FSA determined that the bank's reporting was insufficiently accurate to enable effective monitoring and implementation of measures limiting mis-selling. This creates risk that the bank sells high-risk products to customers with limited risk tolerance without appropriate safeguards. The FSA ordered Saxo Bank to strengthen its product governance framework. The bank must accurately measure sales to customers outside product target markets, follow up on mis-selling incidents and ensure products are sold to appropriate customer segments.
3301696 pc Jul 07, 2026 arahman Denmark Financial Supervisory Authority horizon scanning
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Denmark's Financial Supervisory Authority Issues Enforcement Actions Against Jyske Bank on Suitability Assessment and Product Governance

On July 6, 2026, Denmark's Financial Supervisory Authority (FSA) published an inspection report on Jyske Bank A/S following a functional inspection conducted in March 2026. The FSA examined the bank's product governance and suitability assessment procedures for customers, focusing on the bank's sale of complex products to retail investors through non-advised trading channels. The inspection identified significant deficiencies in the bank's suitability assessment procedures. The FSA found that Jyske Bank's procedures were insufficient to properly identify customers' actual knowledge and experience regarding specific product characteristics and risks. Additionally, the bank failed to provide adequate warnings to customers when products were deemed unsuitable for them. The FSA also determined that the bank's internal controls were inadequate to prevent unsuitable product sales. These deficiencies create a risk that customers gain access to products inappropriate for their circumstances. The FSA issued two enforcement orders. First, the bank must ensure its suitability assessments genuinely establish whether customers possess the necessary knowledge and experience for specific products, and must provide sufficient warnings when products are unsuitable. This requirement derives from the Investor Protection in Securities Trading Regulation (BEK no. 760 of June 14, 2024) and Commission Delegated Regulation (EU) 2017/565 Article 55. Second, the bank must strengthen its product governance to accurately measure sales to customers outside target groups, follow up on misaligned sales, and ensure products reach appropriate customers. This requirement stems from the Product Approval Procedures Regulation (BEK no. 245 of March 7, 2023). The inspection formed part of a thematic examination involving four credit institutions. The bank must implement these corrective measures to comply with the FSA's orders and protect customers from unsuitable product sales.

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Denmark's Financial Supervisory Authority Issues Remedial Action to Jyske Bank for Consumer Protection Failures

On July 6, 2026, Denmark's Financial Supervisory Authority (FSA) published an inspection report on Jyske Bank A/S following a functional inspection conducted in March 2026. The FSA examined the bank's product governance and suitability assessment procedures for customers, focusing on the bank's sale of complex products to retail investors through non-advised trading channels. The inspection identified significant deficiencies in the bank's suitability assessment procedures. The FSA found that Jyske Bank's procedures were insufficient to properly identify customers' actual knowledge and experience regarding specific product characteristics and risks. Additionally, the bank failed to provide adequate warnings to customers when products were deemed unsuitable for them. The FSA also determined that the bank's internal controls were inadequate to prevent unsuitable product sales. These deficiencies create a risk that customers gain access to products inappropriate for their circumstances. The FSA ordered that the bank must ensure its suitability assessments genuinely establish whether customers possess the necessary knowledge and experience for specific products, and must provide sufficient warnings when products are unsuitable. The bank has also been ordered to strengthen its product governance to accurately measure sales to customers outside target groups, follow up on misaligned sales and ensure products reach appropriate customers.
3301695 pc Jul 07, 2026 arahman Denmark Financial Supervisory Authority horizon scanning
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Denmark's Financial Supervisory Authority Issues Inspection Report on Ringkjøbing Landbobank's Suitability Assessment Procedures

On July 6, 2026, Denmark's Financial Supervisory Authority (FSA) published an inspection report on Ringkjøbing Landbobank A/S following a functional inspection conducted in March 2026. The inspection examined the bank's product governance and suitability assessment procedures for customers, as part of a thematic inspection covering four financial institutions. The FSA identified significant deficiencies in the bank's approach to suitability assessments for complex products offered to retail investors through non-advised trading. Product governance requirements mandate that financial institutions establish arrangements ensuring that products offered align with the target market's needs and characteristics. Suitability assessment requirements require institutions to obtain information about customers' knowledge and experience before selling complex products without advice, then assess whether the product is suitable for the customer and provide appropriate warnings if it is not. The inspection revealed that Ringkjøbing Landbobank's procedures for conducting suitability assessments were insufficient to establish customers' actual knowledge and experience regarding a product's characteristics and risks. Additionally, the bank failed to provide adequate warnings when it determined a product was unsuitable for a customer. The bank's internal controls were also inadequately comprehensive. These deficiencies create a risk that customers may access products inappropriate for their circumstances. The FSA has directed the bank to ensure suitability assessments genuinely establish whether customers possess the necessary knowledge and experience for specific products' characteristics and risks, and to provide sufficient warnings when products are unsuitable. These requirements derive from the Investor Protection Regulation (BEK no. 760 of June 14, 2024) Section 12 and Commission Delegated Regulation (EU) 2017/565 Article 55.

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Denmark's Financial Supervisory Authority Issues Remedial Action Order to Ringkjøbing Landbobank for Consumer Protection Failures

On July 6, 2026, Denmark's Financial Supervisory Authority (FSA) published an inspection report on Ringkjøbing Landbobank A/S following a functional inspection conducted in March 2026. The inspection examined the bank's product governance and suitability assessment procedures for customers, as part of a thematic inspection covering four financial institutions. The FSA identified significant deficiencies in the bank's approach to suitability assessments for complex products offered to retail investors through non-advised trading. Product governance requirements mandate that financial institutions establish arrangements ensuring that products offered align with the target market's needs and characteristics. The inspection revealed that Ringkjøbing Landbobank's procedures for conducting suitability assessments were insufficient to establish customers' actual knowledge and experience regarding a product's characteristics and risks. Additionally, the bank failed to provide adequate warnings when it determined a product was unsuitable for a customer. The bank's internal controls were also inadequately comprehensive. These deficiencies create a risk that customers may access products inappropriate for their circumstances. The FSA has ordered the bank to ensure that suitability assessments genuinely establish whether customers possess the necessary knowledge and experience for specific products' characteristics and risks, and to provide sufficient warnings when products are unsuitable.
3301846 pc Jul 07, 2026 arahman European Union European Securities and Markets Authority financial services
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European Securities and Markets Authority Issues Supervisory Briefing on Triangular Passporting

The European Securities and Markets Authority (ESMA) published a supervisory briefing on triangular passporting, addressing a complex cross-border regulatory scenario within the European Union's investment services framework. Triangular passporting refers to situations where investment firms established in one EU member state provide services to clients in another member state while utilising infrastructure, services, or arrangements provided by entities in a third member state. This structure creates layered regulatory obligations across multiple jurisdictions, requiring coordination between national competent authorities and ESMA to ensure consistent investor protection and market integrity. The briefing clarifies ESMA's supervisory expectations for firms engaging in triangular passporting arrangements. It addresses the application of relevant EU financial services legislation, including the Markets in Financial Instruments Directive (MiFID II) and associated regulations, to these multi-jurisdictional scenarios. The guidance covers key areas including: the allocation of regulatory responsibilities among competent authorities; compliance obligations for firms operating across borders; risk management and governance requirements; and investor protection measures that must be maintained throughout the arrangement. The briefing emphasises that firms must ensure they meet all applicable regulatory requirements in each relevant jurisdiction, regardless of the complexity of their operational structure. National competent authorities should coordinate effectively to prevent regulatory arbitrage and ensure consistent supervision. This supervisory briefing provides practical guidance for investment firms, national regulators, and other market participants seeking to understand their obligations in triangular passporting scenarios. Firms should review their existing arrangements against the principles outlined in this briefing to ensure full compliance with EU investment services legislation. **Reference:** ESMA35-243228190-8065

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European Securities and Markets Authority Issues Supervisory Briefing on Triangular Passporting

On July 7, 2026, the European Securities and Markets Authority (ESMA) published a supervisory briefing on triangular passporting, addressing a complex cross-border regulatory scenario within the European Union under the Directive on markets in financial instruments (Directive 2014/65/EU, “MiFID II”). Triangular passporting is the practice of authorised investment firms using a branch or tied agent established through the freedom of establishment (Article 35, MiFID II) in a host member state (Member State B) to provide investment services in accordance with the freedom to provide investment services and activities (Article 34, MiFID II) in another host member state (Member State C). This structure creates layered regulatory obligations across multiple jurisdictions, requiring coordination between national competent authorities and ESMA to ensure consistent investor protection and market integrity. The briefing clarifies ESMA's supervisory expectations for firms engaging in triangular passporting arrangements. It addresses the application of relevant EU financial services legislation, including MiFID II and associated regulations, to these multi-jurisdictional scenarios. The guidance covers key areas: The allocation of regulatory responsibilities among competent authorities. Compliance obligations for firms operating across borders; risk management and governance requirements. Investor protection measures that must be maintained throughout the arrangement.
3299704 pc Jul 07, 2026 arahman European Union European Banking Authority horizon scanning
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European Banking Authority's Banking Stakeholder Group Convenes to Address Regulatory Simplification and Market Developments

On February 17, 2026, the European Banking Authority (EBA) Banking Stakeholder Group (BSG) held its regular meeting at EBA premises to discuss ongoing regulatory developments, market risks, and institutional priorities. The BSG welcomed two new members: Mathilde Bonneau, representing financial institutions, and Michael Troege, representing independent top-ranking academics. The group's technical working groups provided updates on their respective areas. The Capital & Liquidity Recovery & Resolution working group submitted a response to the EBA's consultation paper on supervisory review and evaluation process procedures and supervisory stress testing. The Governance & Supervision working group contributed to this response and expressed interest in commenting on amendments to guidelines on the Systemic Risk Buffer. The Payments working group noted expectations regarding finalisation of mandates under the Payment Services Directive 3 (PSD3) and Payment Services Regulation (PSR). The Financial Innovation & Digitalisation working group discussed white labelling developments and proposed future discussions on proportionality and cost-benefit analysis. The EBA Executive Director provided substantive updates on key developments. On January 1, 2026, the EBA and the newly established Anti-Money Laundering Authority (AMLA) completed the transfer of all anti-money laundering and counter-terrorism financing mandates, functions, and tools, including the EuReCa database. The EBA launched two new data portals: the European Data Access Portal, providing centralised access to supervisory data including the Risk Dashboard, and the Pillar 3 data hub, which made prudential information from all European Economic Area institutions publicly accessible from January 26, 2026. The BSG discussed emerging risks including geopolitical volatility, cybersecurity threats, and potential regulatory changes in the United States. The group reviewed the EBA's proposals for simplifying the EU-wide stress testing framework, including integration with supervisory reporting and development of top-down credit risk models. A climate risk module is planned for the 2027 stress test. The BSG also examined the EBA's Discussion Paper on simplification of the credit risk framework, with responses due by May 10, 2026. Consultations on regulatory technical standards remain open through March and April 2026. REFERENCES: European Banking Authority. (2026). *Banking Stakeholder Group Minutes of the meeting on 17 February 2026*. EBA/BSG 2026 015 rev. 1.

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European Banking Authority Publishes Minutes of Meeting of the Banking Stakeholder Group

On June 6, 2026, the European Banking Authority (EBA) published the minutes of the meeting held by the Banking Stakeholder Group (BSG). The EBA outlined its ongoing work to evolve the EU-wide stress testing framework following the latest EU-wide stress test, which confirmed the resilience of the EU banking sector under adverse scenarios. Building on lessons learned and the EBA's wider efficiency agenda, the proposed reforms seek to simplify the stress testing framework, improve usability and enhance synergies with supervisory reporting. The proposed changes include simplifying the bottom-up framework by streamlining data templates and integrating stress reporting with supervisory reporting for starting points, alongside developing top-down credit risk models based on supervisory reporting. The EBA also intends to improve infrastructure for collaboration between supervisors and banks through the NII platform and a collaboration platform for supervisory models. Potential applications of the top-down model include benchmarking, assessing the impact of shocks on the banking sector, identifying common risks and vulnerabilities and exploring targeted scenarios beyond solvency. In addition, it plans to introduce a climate risk module into the 2027 EU-wide stress test and will consult on reporting changes in Q2 2026 and on the revised stress test methodology in July 2026.
3299621 pc Jul 07, 2026 arahman European Union European Central Bank horizon scanning
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European Central Bank Publishes Sixth Progress Report on Digital Euro Scheme Rulebook Development

On July 2026, the European Central Bank (ECB) published its sixth progress report on the digital euro scheme's Rulebook Development Group (RDG), detailing work conducted between November 1, 2025, and April 30, 2026. The report updates stakeholders on the development of the digital euro scheme rulebook, which will establish standardised rules, procedures and technical standards for digital euro payments across the euro area. Between July and October 2025, the ECB concluded a four-month market consultation on the interim draft rulebook (version 0.9), receiving 4,009 comments from RDG members and their constituents. The RDG comprises senior representatives from European retail payments market associations representing consumers, merchants, payment service providers (PSPs) and third-party service providers, alongside euro area national central banks and observers from EU institutions. Of the comments received, 68 percent have been addressed through amendments to the draft rulebook or clarifications provided. A further 28 percent relate to ongoing work scheduled for 2026, while only 1 percent were ultimately disregarded where they conflicted with design decisions or the draft Digital Euro Regulation. The ECB released an updated interim draft rulebook (version 0.91) incorporating market feedback, with improvements to functional requirements, technical specifications, user journeys and minimum user experience requirements. The rulebook now integrates user journeys, wireframes and minimum user experience requirements into the functional requirements section, providing PSPs with comprehensive guidance on digital euro services. In April 2026, the ECB signed agreements with three European standardisation bodies—the European Card Payment Cooperation (ECPC), nexo and the Berlin Group—to leverage existing open technical standards for digital euro payments. The ECB is pursuing a similar agreement with the European Payments Council (EPC). In March 2026, the RDG launched two new workstreams: workstream B1 to develop a certification and approval framework, and workstream G5 to develop implementation specifications for automated teller machines (ATMs) and payment terminals. The ECB anticipates these workstreams will commence work in May 2026. The final rulebook will be completed following adoption of the Digital Euro Regulation by co-legislators. REFERENCES: European Central Bank. "Update on the work of the digital euro scheme's Rulebook Development Group Sixth progress report, July 2026." Available at: https://www.ecb.europa.eu/euro/digital_euro/timeline/rulebook/html/index.en.html

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European Central Bank Publishes Sixth Update on Work of the Digital Euro Scheme's Rulebook Development Group

On June 6, 2026, the European Central Bank publishes the sixth progress report on the work of the digital euro scheme's Rulebook Development Group (RDG). Key points include: The European Central Bank (ECB) is developing the draft rulebook in close collaboration with representatives of the European retail payments market through the digital euro scheme’s Rulebook Development Group (RDG). Since the last update in October 2025, the Eurosystem has concluded its four-month consultation on the comprehensive interim draft rulebook (version 0.9) delivered to the RDG and its constituents in June 2025. Between July and October 2025, the RDG members and their constituents conducted a comprehensive review of the latest draft version of the digital euro scheme rulebook delivered on June 30, 2025. Overall, on behalf of their constituents, RDG members welcomed the substantial progress made since the previous interim draft rulebook, and identified aspects that will need further refinement and consideration. All 4,009 comments received have been assessed, reviewed and answered by the ECB. Overall, 68 percent of the comments have already been addressed in the new draft version or have received the requested clarification.
3301008 pc Jul 07, 2026 arahman European Union Media - EU Anti-Money Laundering Authority horizon scanning
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European Union Anti-Money Laundering Authority Consults on Cross-Border Financial Intelligence Unit Information Exchange Standards

On July 6, 2026, the European Union Anti-Money Laundering Authority (AMLA) launched a public consultation on draft standards governing cross-border information sharing between Financial Intelligence Units (FIUs) across the EU. Currently, FIU information sharing relies on practices that have developed over time, with approaches varying significantly between member states. This creates delays, legal uncertainty, and inconsistent cooperation in combating financial crime. AMLA's draft standards aim to harmonise these practices by establishing clear, objective criteria for determining when a suspicious activity report concerns another EU country and should be shared with that country's FIU. The draft rules provide practical guidance on cross-border information sharing mechanisms. Reports can be shared in full as cross-border reports or as focused datasets known as cross-border disseminations. Importantly, the criteria are objective and based on structured data, enabling automated application within FIU.net—the secure network FIUs already use for information exchange. This automation reduces reliance on case-by-case judgement, accelerates cooperation, and helps prevent both over-sharing and under-sharing of information. AMLA is seeking input from a broad range of stakeholders, including FIUs, European institutions, the Egmont Group, the Financial Action Task Force (FATF), and law enforcement, prosecutorial, and judicial authorities. While the rules place no direct obligations on private companies, practitioners with relevant experience are invited to participate. The public consultation is now open. Stakeholders can access the consultation and submit their views through AMLA's consultation portal. Further details are available on AMLA's website.

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EU Anti-Money Laundering Authority Consults on Cross-Border Financial Intelligence Unit Information Exchange Standards

On July 6, 2026, the Anti-Money Laundering Authority (AMLA) launched a public consultation on draft standards governing cross-border information sharing between financial intelligence units (FIUs) across the EU. Currently, FIU information sharing relies on practices that have developed over time, with approaches varying significantly between member states. This creates delays, legal uncertainty and inconsistent cooperation in combating financial crime. AMLA's draft standards aim to harmonise these practices by establishing clear, objective criteria for determining when a suspicious activity report concerns another EU country and should be shared with that country's FIU. The draft rules provide practical guidance on cross-border information sharing mechanisms. Reports can be shared in full as cross-border reports or as focused datasets known as cross-border disseminations. The criteria are objective and based on structured data, enabling automated application within FIU.net, the secure network FIUs already use for information exchange. This automation reduces reliance on case-by-case judgement, accelerates cooperation and helps prevent both over-sharing and under-sharing of information. AMLA is seeking input from a broad range of stakeholders, including FIUs, European institutions, the Egmont Group, the Financial Action Task Force (FATF) and law enforcement, prosecutorial and judicial authorities. Although the rules place no direct obligations on private companies, practitioners with relevant experience are invited to participate. The public consultation is now open. Comments and feedback are welcome up until October 6, 2026 and can be submitted here .
3302434 pc Jul 07, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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Financial Conduct Authority Publishes Basic Bank Account Mystery Shopping Findings and Industry Improvement Commitments

On an unspecified date, the Financial Conduct Authority (FCA) published findings from mystery shopping exercises conducted with Basic Bank Account (BBA) providers and announced industry-wide commitments to improve access to these simplified accounts. The FCA completed 298 mystery shops across the nine designated BBA providers under the Payment Accounts Regulations 2015 (PARs): Barclays UK, The Co-operative Bank, HSBC UK, Lloyds Banking Group, Nationwide Building Society, NatWest Group, Santander UK, TSB, and Virgin Money UK. The assessment revealed significant inconsistencies in how firms support consumers seeking BBAs. Only 28 percent of interactions were rated as good or very good, while 34 percent were rated as poor or very poor. The FCA identified three key problems: firms did not consistently identify and discuss BBAs early enough; firms created avoidable barriers for consumers with non-standard identification or no fixed address; and staff did not consistently recognise and respond to characteristics of vulnerability or adapt support accordingly. In 36 percent of mystery shops, consumers risked leaving interactions unaware that a BBA was an option. In 69 percent of interactions involving consumers with non-standard identification or no fixed address, consumers risked rejection or delay due to how firms handled identification requirements. In almost 70 percent of interactions, staff did not properly acknowledge or respond to indicators of vulnerability. The FCA has required all nine designated firms to develop remedial plans with clear accountability and measurable improvements. Through UK Finance, the industry trade body, firms have committed to three priority areas: identifying and offering BBAs promptly; removing barriers for consumers with non-standard identification or no fixed address; and recognising and responding to characteristics of vulnerability. UK Finance will lead a sector-wide review process, with progress assessments after six months and a broader review after twelve months. The FCA will monitor progress closely and take further action if improvements prove insufficient.

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UK's Financial Conduct Authority Publishes Good and Poor Practice Findings on Basic Bank Account Providers

On July 7, 2026, the Financial Conduct Authority (FCA) published findings from mystery shopping exercises conducted with Basic Bank Account (BBA) providers and announced industry-wide commitments to improve access to these simplified accounts. Basic Bank Account (BBA) are simplified accounts that support financial inclusion by helping people who might struggle to use mainstream banking. BBAs provide essential everyday banking features without overdrafts or fees, so people can receive wages and benefits, pay bills and participate in everyday economic life. 10 percent of the 1.3m adults who recalled applying for a BBA said they were declined, and this also does not take into account customers who didn't get as far as making an application in the first place. Therefore, further action is needed to ensure that those who remain unbanked can access the right account. Under the Payment Accounts Regulations 2015 (the PARs), the nine largest standard personal current account providers in the UK must offer BBAs to legally resident consumers who either do not have a UK bank account or are not eligible for all other payment accounts. The FCA's findings revealed three clear thematic areas for improvement: Firms didn’t consistently mention and discuss BBAs early enough in the conversation. For consumers who did not have standard identification or a fixed address, staff often did not clearly explain what alternative evidence of identification consumers could use or what next steps they needed to take. Staff often did not recognise and respond to characteristics of vulnerability, or adapt their approach for consumers who needed help to complete a standard or digital journey. The firms have now made a set of commitments to address the key issues found, and produce better, more consistent outcomes for consumers who might need a BBA. Designated firms have committed to: Identifying consumers for whom a BBA may be suitable and to clearly communicate the eligibility criteria when relevant circumstances are identified. Providing a clear explanation of the BBA application process where a BBA may be suitable. Ensuring that where dual standard personal current account and BBA pathways are used, customers are supported towards an appropriate outcome without unnecessary friction or avoidable delays. Designated firms recognise that firms operate a range of customer journeys and account opening models. The focus of industry activity will therefore be on supporting good customer outcomes, removing unnecessary friction and ensuring customers understand the options available to them, rather than prescribing a single approach to account opening. Regularly monitoring and testing outcomes to ensure firms are identifying and offering BBAs promptly.
3301862 pc Jul 07, 2026 ggallwey Japan Financial Services Agency financial services
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Japan's Financial Services Agency Expands Travel Rule Designation to Five Additional Jurisdictions

On July 7, 2026, the Financial Services Agency (FSA) finalized a partial amendment to the designation of countries and regions under Articles 17-2 and 17-3 of the Order for Enforcement of the Act on Prevention of Transfer of Criminal Proceeds following public consultation. Japan has imposed notification obligations, commonly referred to as the "travel rule," on cryptoasset exchange service providers and electronic payment instrument exchange service providers (collectively referred to as "VASPs") to submit information on originators and beneficiaries when transferring cryptoassets and electronic payment instruments, including stablecoins. This requirement enables authorities to track transaction routes across these digital assets. However, the effectiveness of the travel rule depends on equivalent regulatory requirements existing in counterparty jurisdictions. To address this, Japan has limited the scope of the travel rule to transfers to foreign VASPs located in jurisdictions that have implemented regulations equivalent to Japan's travel rule requirements. In response to the implementation status of travel rules across different jurisdictions, the FSA has added five jurisdictions to the scope of the travel rule requirements. This expansion reflects growing global alignment on cryptoasset and stablecoin regulation, ensuring that Japanese VASPs can conduct cross-border transfers with greater confidence that beneficiary information will be properly tracked and reported in receiving jurisdictions. The finalized amendment takes effect on August 3, 2026. Financial institutions and VASPs subject to these requirements should ensure compliance with the expanded designation framework by this date. Further information on Japan's travel rule requirements is available through the FSA's official channels.

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Japan Finalises Expansion of Recognised Travel Rule Jurisdictions for Crypto Assets and Stablecoins

On July 7, 2026, the Japanese Financial Services Agency (FSA) published the final amendment to the Designation of a Country or Region under Articles 17-2 and 17-3 of the Order for Enforcement of the Act on Prevention of Transfer of Criminal Proceeds, following a public consultation. The amendment expands the list of foreign jurisdictions recognised as having travel rule requirements equivalent to those in Japan. Under the amendment, Anguilla, Botswana, the Commonwealth of Dominica, Cuba and Oman have been added to the list of recognised jurisdictions. As a result, Cryptoasset Exchange Service Providers and Electronic Payment Instrument Exchange Service Providers must comply with Japan's travel rule framework when transferring cryptoassets and electronic payment instruments (stablecoins) to regulated service providers located in those jurisdictions. The measure supports the international application of Japan's travel rule by recognising additional jurisdictions with equivalent regulatory frameworks, strengthening anti-money laundering and counter-terrorism financing (AML/CFT) controls by facilitating the exchange of originator and beneficiary information in cross-border cryptoasset and stablecoin transfers. The amendment enters into force on August 3, 2026.
3301084 pc Jul 07, 2026 ggallwey South Africa Reserve Bank of South Africa horizon scanning
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South Africa's Reserve Bank Publishes QR+ Standard Version 1.2 for Digital Payment Initiation

On July 7, 2026, the South African Reserve Bank (SARB) published version 1.2 of the QR+ Standard under its Payments Ecosystem Modernisation (PEM) Programme. The QR+ Standard enables interoperable digital payment initiation across multiple form factors, including QR codes, barcodes and digital links, and is not limited to QR-based payments alone. The QR+ Standard aims to support interoperability across payment service providers (PSPs), payment rails and stores of value, thereby reducing fragmentation in the market and enabling a consistent and seamless payment experience for consumers and merchants. By standardising presentation interfaces while limiting unnecessary variation within specific formats, QR+ seeks to reduce complexity, lower barriers to entry and support financial inclusion across South Africa's payments ecosystem. Version 1.2 introduces targeted enhancements to support integration with the PayShap payment rail. Central to this update is the introduction of the PayShap payload, which facilitates structured data exchange between the QR+ application programming interface (API) and the underlying payment rail. QR+ itself does not form part of payment execution; rather, it enables the transfer of standardised payment initiation data to the selected payment rail, which then processes the transaction. This enhancement strengthens alignment between QR+ and domestic real-time payment capabilities and enables expanded use cases, including richer payer-presented experiences. The SARB intends to promote interoperability through the introduction of technical standards and rules, supporting the widespread adoption of accessible and user-friendly digital payments. The QR+ Standard will continue to evolve through ongoing industry participation, simulator testing and the introduction of additional payment schemes and use cases as the ecosystem matures.

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South African Reserve Bank Publishes Updated QR+ Standard for Digital Payment Initiation

On July 7, 2026, the South African Reserve Bank (SARB) published Version 1.2 of the QR+ Standard under its Payments Ecosystem Modernisation (PEM) Programme . The updated standard introduces enhancements to support interoperability between the QR+ payment initiation framework and the PayShap real-time payment rail. QR+ provides a standardised framework for interoperable digital payment initiation across multiple presentation methods, including QR codes, barcodes and digital payment links. The standard is intended to support interoperability across payment service providers (PSPs), payment rails, and stores of value by reducing fragmentation and enabling a consistent payment experience for consumers and merchants. Version 1.2 introduces a PayShap payload that enables structured data exchange between the QR+ application programming interface (API) and the PayShap payment rail. Although QR+ does not execute payment transactions, it standardises the transfer of payment initiation data to the selected payment rail for processing. According to the SARB, the update strengthens alignment between QR+ and South Africa's domestic real-time payments infrastructure while supporting additional payment initiation use cases, including enhanced payer-presented payment experiences. The SARB indicated that the QR+ Standard will continue to evolve through industry participation, simulator testing and the introduction of additional payment schemes and use cases. Payment service providers and other organisations implementing the QR+ Standard should review the revised technical specifications and assess whether updates to payment initiation interfaces, API integrations and PayShap connectivity are required.
3300074 pc Jul 07, 2026 tojuri Malta Malta Financial Services Authority horizon scanning
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Malta Financial Services Authority Extends Consultation Period on Decentralised Finance Discussion Paper

On July 6, 2026, the Malta Financial Services Authority (MFSA) announced an extension to the consultation period for its Discussion Paper on Decentralised Finance. The consultation period now expires on July 31, 2026. The MFSA's Discussion Paper on Decentralised Finance seeks stakeholder feedback on regulatory approaches and supervisory considerations related to decentralised finance (DeFi) activities and platforms operating within Malta's jurisdiction. This consultation is part of the MFSA's broader efforts to develop a comprehensive regulatory framework that addresses the evolving risks and opportunities presented by DeFi technologies and business models. The extension provides additional time for regulated firms, industry participants, and other stakeholders to submit detailed responses and engage with the MFSA's proposed supervisory priorities and policy positions in this emerging area. Stakeholders wishing to participate in the consultation should submit their feedback by July 31, 2026. Responses should be directed to the MFSA through the channels specified in the consultation documentation. The MFSA will review all submissions received during the extended consultation period and will subsequently publish a Feedback Statement outlining how stakeholder input has informed the authority's final position on decentralised finance regulation and supervision. This consultation forms part of the MFSA's commitment to maintaining effective financial supervision while supporting innovation in Malta's financial services sector. **Reference:** Malta Financial Services Authority, Note regarding the Extension of the Consultation Period – Discussion Paper on Decentralised Finance, July 6, 2026, Reference Number 03-2026.

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Malta Financial Services Authority Extends Consultation Period on Decentralised Finance Discussion Paper

On July 6, 2026, the Malta Financial Services Authority (MFSA) announced an extension to the consultation period for its Discussion Paper on Decentralised Finance. The consultation period now expires on July 31, 2026. The MFSA's Discussion Paper on Decentralised Finance seeks stakeholder feedback on regulatory approaches and supervisory considerations related to decentralised finance (DeFi) activities and platforms operating within Malta's jurisdiction. Stakeholders wishing to participate in the consultation should submit their feedback by July 31, 2026, via email to spi_consultations@mfsa.mt .
3299633 pc Jul 07, 2026 tojuri France National Agency for Information Systems Security horizon scanning
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France's National Agency for Information Systems Security Signs Financial Sector Cybersecurity Cooperation Agreement

On July 3, 2026, the National Agency for Information Systems Security (ANSSI), the Prudential Supervision and Resolution Authority (ACPR), and the Banque de France signed a cooperation agreement to strengthen information sharing and coordination in response to cyber threats affecting the financial sector. The agreement, announced on July 6, 2026, aligns with the requirements of the Network and Information Systems Directive 2 (NIS 2) and the Digital Operational Resilience Act (DORA). Under the agreement, the ANSSI will lead technical incident response actions for cybersecurity incidents affecting financial entities through the National and Governmental Centre for Monitoring, Alert and Response to Computer Attacks (CERT-FR). The ACPR will ensure compliance with DORA regulations across all financial sector entities, while the Banque de France will oversee the resilience of financial infrastructure. The three institutions will collaborate on cyber incidents and threats, mutual controls and assistance, cyber crisis management, and threat-led penetration testing (TLPT) to assess the robustness of information systems. This agreement renews cooperation that began in 2018 between the three authorities and reflects their commitment to anticipating the escalating cyber risk landscape in France's financial sector. The enhanced coordination is driven by European regulatory requirements and aims to protect the financial system through strengthened information exchange on cyber incidents and crisis management protocols. Vincent Strubel, chief executive of the ANSSI, underscored the importance of this renewed cooperation in addressing the evolving cyber threat environment.

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France's National Agency for Information Systems Security Signs Financial Sector Cybersecurity Cooperation Agreement

On July 6, 2026, the National Agency for Information Systems Security (ANSSI), the Prudential Supervision and Resolution Authority (ACPR) and the Bank of France announced the signing of a cooperation agreement to strengthen information sharing and coordination in response to cyber threats affecting the financial sector. The agreement aligns with the requirements of the Network and Information Systems Directive 2 (NIS2) and the Digital Operational Resilience Act (DORA). Under the agreement, the ANSSI will lead technical incident response actions for cybersecurity incidents affecting financial entities through the National and Governmental Centre for Monitoring, Alert and Response to Computer Attacks (CERT-FR). The ACPR will ensure compliance with DORA regulations across all financial sector entities, while the Banque de France will oversee the resilience of financial infrastructure. The three institutions will collaborate on cyber incidents and threats, mutual controls and assistance, cyber crisis management and threat-led penetration testing (TLPT) to assess the robustness of information systems.
3300821 pc Jul 07, 2026 tojuri Greece ΒΟΥΛΗ ΤΩΝ ΕΛΛΗΝΩΝ horizon scanning
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Bill Implementing Artificial Intelligence Act Submitted to Greek Parliament

A bill on “Measures implementing Regulation (EU) 2024/1689 of the European Parliament and of the Council of 13 June 2024 (Regulation on artificial intelligence) – Amendment of Law 4961/2022 (A’ 146) and other provisions” has been submitted to the Greek parliament. The aim of the law is to establish a framework for the supervision of AI systems to ensure a high level of protection of health, safety and fundamental rights when using such systems, while also supporting innovation, through the adoption of measures under domestic law to transpose into national law Regulation (EU) 2024/1689 (the AI Act). The bill designates the Hellenic Data Protection Authority (HDPA) as the competent market surveillance authority and the single point of contact. The bill also aims to establish the Coordination and Expertise Centre for AI within the Hellenic Telecommunications and Post Commission, which will support the HDPA and other competent market surveillance authorities.
3299957 pc Jul 06, 2026 pdonofrio Colombia Super Financiera financial services
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Colombia's Super Financiera Updates Anti-Money Laundering Supervision and Control Tools

On July 6, 2026, Colombia's Super Financiera (SFC) launched an updated web module for the Sistema de Administración de Riesgo de Lavado de Activos, Financiación del Terrorismo y Financiación de la Proliferación de Armas de Destrucción Masiva (SARLAFT), which translates to the System for Managing the Risk of Money Laundering, Terrorism Financing, and Financing of the Proliferation of Weapons of Mass Destruction. The updated module provides supervised entities and the general public with tools, guides, and information to strengthen the prevention and management of money laundering, terrorism financing, and weapons proliferation financing risks within Colombia's financial system. The module is organised into three main sections. The first section, Technical Compliance, contains the regulatory and legal foundations applicable to supervised entities for preventing money laundering, terrorism financing, and weapons proliferation financing. The second section, Effectiveness, presents the conceptual framework for monitoring and evaluating SARLAFT, including methodologies, guides, indicators, and technical instruments to assess design dimensions, implementation, institutional environment, and external factors within supervised entities. The third section, Documents of Interest, provides reference materials for analysing money laundering, terrorism financing, and weapons proliferation financing risks, including guides, institutional cooperation mechanisms, and publications on best practices and typologies. The module is primarily directed at supervised entities, particularly compliance officers and risk management personnel, though it remains accessible to public and private entities, citizens, and other interested parties. Supervised entities can access the module through the SFC website at www.superfinanciera.gov.co by selecting the blue button for "Supervised and Controlled Entities" and navigating to the SARLAFT section, or by using the direct link provided on the SFC website.

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Financial Superintendency of Colombia Updates Anti-Money Laundering Supervision and Control Tools

On July 6, 2026, the Financial Superintendency of Colombia (SFC) launched an updated web module for the Risk Management System for Money Laundering, Terrorism Financing and the Financing of the Proliferation of Weapons of Mass Destruction (SARLAFT). The new module provides supervised entities and the general public with tools, guides and information to strengthen the prevention and management of money laundering, terrorism financing and weapons proliferation financing risks within Colombia's financial system, and is organised into three main sections. The first section, "Technical Compliance", contains the regulatory and legal foundations applicable to supervised entities for preventing money laundering, terrorism financing and weapons proliferation financing. The second section, "Effectiveness", presents the conceptual framework for monitoring and evaluating SARLAFT, including methodologies, guides, indicators and technical instruments to assess design dimensions, implementation, institutional environment and external factors within supervised entities. The third section, "Documents of Interest", provides reference materials for analysing money laundering, terrorism financing and weapons proliferation financing risks, including guides, institutional cooperation mechanisms and publications on best practices and typologies.
3299912 pc Jul 06, 2026 pdonofrio Peru Superintendencia de Banca y Seguros Peru horizon scanning
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Peru's Banking and Insurance Superintendency Regulates Banking as a Service Model for Financial Innovation

On July 3, 2026, the Superintendencia de Banca, Seguros y AFP (SBS) published regulations governing the Banking as a Service (BaaS) model through SBS Resolution No. 01747-2026, published in the official gazette El Peruano. The regulation establishes general conditions, policies, and procedures for BaaS operations as part of Peru's Open Finance System roadmap, which aims to create a more innovative, competitive, and inclusive financial system. Under the BaaS model, regulated financial institutions and electronic money issuers can make their infrastructure available to unsupervised companies—including technology firms—and supervised entities to offer financial products and services such as accounts, loans, payments, and transfers through digital connections and integrations. This approach expands access to financial services for traditionally underserved populations. The regulation clarifies that financial service providers remain responsible to customers and to the SBS for all BaaS offerings. The framework incorporates safeguards requiring compliance with existing SBS standards on information security, risk management, anti-money laundering and counter-terrorism financing, and market conduct. The regulation also establishes clear responsibilities for BaaS service providers to ensure transparency to users regarding service delivery. The SBS emphasised its commitment to supporting the financial system's technological transformation and promoting competitive product and service alternatives for citizens through progressive implementation of the Open Finance System across Peru. The regulation represents a significant step in Peru's regulatory approach to fintech innovation, balancing market development with consumer protection and financial system stability. REFERENCES: Superintendencia de Banca, Seguros y AFP (SBS). "SBS reglamenta el modelo BaaS que permitirá a entidades financieras ofrecer productos y servicios digitales innovadores." Press Release, July 3, 2026. https://www.sbs.gob.pe/

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Peruvian Superintendency of Banking and Insurance Issues Banking as a Service Model Regulation

On July 3, 2026, the Peruvian Superintendency of Banking and Insurance (SBS) published Resolution No. 01747-2026 governing the banking as a service (BaaS) model. The resolution establishes general conditions, policies and procedures for BaaS operations as part of Peru's open finance framework, which aims to create a more innovative, competitive and inclusive financial system. Under the BaaS model, regulated financial institutions and electronic money issuers can make their infrastructure available to unsupervised companies, including technology firms, and supervised entities to offer financial products and services such as accounts, loans, payments and transfers through digital connections and integrations. According to the SBS , this approach aims to expand access to financial services for traditionally underserved populations. The resolution clarifies that financial service providers remain responsible to customers and to the SBS for all BaaS offerings, with it also incorporating safeguards requiring compliance with existing SBS standards on information security, risk management, anti-money laundering and counter-terrorism financing (AML/CTF) and market conduct. The resolution additionally establishes clear responsibilities for BaaS service providers to ensure transparency to users regarding service delivery. The resolution takes effect on December 30, 2026 .
3298217 gc Jul 06, 2026 nsairam Brazil Brazil | News Site gamblingcompliance
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Brazil's Ministry of Finance Prohibits Student Financing Fund Debtors from Accessing Online Betting Platforms

On June 30, 2026, Brazil's Secretariat for Prizes and Betting of the Ministry of Finance (SPA/MF) published two regulations prohibiting beneficiaries of Student Financing Fund (FIES) debt renegotiation from accessing fixed-odds betting platforms. The regulations—Normative Instruction SPA/MF No. 8 and Ordinance SPA/MF No. 1.638, both signed on June 26, 2026, by Secretary Daniele Correa Cardoso—restrict both the opening of new betting accounts and the use of existing ones by FIES beneficiaries. The regulations require fixed-odds betting operators to consult the Betting Management System (SIGAP), a database managed by SPA/MF containing blocked Brazilian taxpayer identification numbers (CPF). Operators must conduct mandatory consultations at two points: account opening and first daily login. If a CPF is marked "Blocked – FIES Renegotiation," operators must deny account opening. For existing accounts, operators must notify users within one day of detection, providing two days for voluntary fund withdrawal. If funds remain, operators must suspend the account within three days and transfer remaining funds to a registered bank or payment account authorised by Brazil's Central Bank. Open bets must be cancelled with full refunds. Operators must document all communications for a minimum of five years. The restriction applies only while a beneficiary's CPF remains in SIGAP's database and ceases automatically upon removal. Account reactivation requires updated registration information and absence of other legal impediments. FIES beneficiaries join other prohibited groups including Bolsa Família Program beneficiaries and Novo Desenrola Brasil participants. Operators must implement procedures within ten days of publication and conduct retroactive screening of all registered CPF numbers within fifteen days. Non-compliance triggers sanctions under SPA/MF Ordinances No. 1.225 and No. 1.233, pursuant to Articles 41 and 42 of Law No. 14.790.

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Brazil's prohibits student financing fund debtors from accessing online betting platforms

On July 3, 2026, Brazil's Secretariat for Prizes and Betting of the Ministry of Finance (SPA/MF) published two regulations prohibiting beneficiaries of Student Financing Fund (FIES) debt renegotiation from accessing fixed-odds betting platforms. The regulations—Normative Instruction SPA/MF No. 8 and Ordinance SPA/MF No. 1.638, restrict both the opening of new betting accounts and the use of existing ones by FIES beneficiaries. The regulations require fixed-odds betting operators to consult the Betting Management System (SIGAP), a database managed by SPA/MF containing blocked Brazilian taxpayer identification numbers (CPF). Operators must conduct mandatory consultations at two points: account opening and first daily login. If a CPF is marked "Blocked – FIES Renegotiation," operators must deny account opening. For existing accounts, operators must notify users within one day of detection, providing two days for voluntary fund withdrawal. If funds remain, operators must suspend the account within three days and transfer remaining funds to a registered bank or payment account authorised by Brazil's Central Bank. Open bets must be cancelled with full refunds. Operators must document all communications for a minimum of five years. The restriction applies only while a beneficiary's CPF remains in SIGAP's database and ceases automatically upon removal. Account reactivation requires updated registration information and absence of other legal impediments. FIES beneficiaries join other prohibited groups including Bolsa Família Program beneficiaries and Novo Desenrola Brasil participants. Operators must implement procedures within ten days of publication and conduct retroactive screening of all registered CPF numbers within fifteen days. Non-compliance triggers sanctions under SPA/MF Ordinances No. 1.225 and No. 1.233, pursuant to Articles 41 and 42 of Law No. 14.790. While the documents were assigned to be on the July 1 Official Gazette, the announcement only became available to the public on July 3.
3299416 pc Jul 06, 2026 csoo United Kingdom Financial Conduct Authority financial services
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Financial Conduct Authority Publishes Landmark Review into Artificial Intelligence Impact on Retail Financial Services

On July 6, 2026, the Financial Conduct Authority (FCA) published The Mills Review, a comprehensive assessment of how artificial intelligence (AI) will reshape retail financial services for consumers, firms, markets and regulators by 2030 and beyond. Led by FCA executive director Sheldon Mills and commissioned by the FCA Board, the review represents the first work of its kind initiated by a regulator globally. The Mills Review identifies four major AI-driven shifts likely to impact retail financial services: the transformation of firm operations; the evolution of consumer journeys; the reshaping of competition and market power; and the amplification of fraud and cyber risks. Research commissioned by the FCA and conducted by Yonder Consulting surveyed more than 5,000 UK retail financial services consumers in April 2026, revealing that one-fifth of people—equivalent to 11 million UK adults—are likely to use agentic AI capable of acting autonomously within pre-set goals. However, consumers expressed concerns about trust and control of AI systems. The review outlines seven recommendations for the FCA Board and Executive, including securing and adapting the regulatory perimeter; strengthening system-wide coordination and oversight; monitoring the transition to autonomous models; scaling up the FCA's AI Lab; enabling foundations for agentic finance; building an AI-enabled agentic supervisory model; and developing a trusted public-interest AI-enabled financial capability service. While AI presents significant opportunities for improving access, personalisation and efficiency, the review warns it could amplify risks associated with fraud, cybersecurity, consumer harm and market concentration. FCA Chair Ashley Alder said the recommendations build on existing FCA work, including allowing firms to test AI applications and the regulator's own use of AI to enhance supervisory effectiveness. The FCA will launch an AI good and poor practice publication later in 2026, drawing on direct engagement with firms to identify working practices, challenges and areas requiring further clarity. REFERENCES: Financial Conduct Authority. "FCA publishes landmark review into impact of AI on retail financial services." Press Release, July 6, 2026. https://www.fca.org.uk/news/press-releases/fca-publishes-landmark-review-impact-ai-retail-financial-services

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UK's Financial Conduct Authority Publishes Landmark Review into Artificial Intelligence Impact on Retail Financial Services

On July 6, 2026, the Financial Conduct Authority (FCA) published The Mills Review, a comprehensive assessment of how artificial intelligence (AI) will reshape retail financial services for consumers, firms, markets and regulators by 2030 and beyond. The Mills Review identifies four major AI-driven shifts likely to impact retail financial services: the transformation of firm operations; the evolution of consumer journeys; the reshaping of competition and market power; and the amplification of fraud and cyber risks. The review outlines seven recommendations for the FCA Board and Executive: Securing and adapting the regulatory perimeter. Strengthening system-wide coordination and oversight . Monitoring the transition to autonomous models. Scaling up the FCA's AI Lab. Enabling foundations for agentic finance. Building an AI-enabled agentic supervisory model. Developing a trusted public-interest AI-enabled financial capability service. While AI presents significant opportunities for improving access, personalisation and efficiency, the review warns it could amplify risks associated with fraud, cybersecurity, consumer harm and market concentration. FCA Chair Ashley Alder said the recommendations build on existing FCA work, including allowing firms to test AI applications and the regulator's own use of AI to enhance supervisory effectiveness. The FCA will launch an AI good and poor practice publication later in 2026, drawing on direct engagement with firms to identify working practices, challenges and areas requiring further clarity.
3296383 pc Jul 06, 2026 arahman European Union European Financial Reporting Advisory Group - News horizon scanning
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European Commission Publishes Delegated Act on Revised European Sustainability Reporting Standards

On July 3, 2026, the European Commission published a delegated act establishing revised European Sustainability Reporting Standards (ESRS) and a voluntary sustainability reporting standard. The revised ESRS simplify and streamline sustainability reporting requirements for organisations subject to the Corporate Sustainability Reporting Directive (CSRD). The revised ESRS will apply to financial years beginning on or after January 1, 2027, with early adoption permitted for the financial year 2026 once the delegated act enters into force. The publication follows the European Commission's request for technical advice from the European Financial Reporting Advisory Group (EFRAG) on the revision of the ESRS. EFRAG submitted its technical advice in December 2025, after which the Commission published a draft delegated act for public consultation in May 2026. Concurrently, the European Commission adopted and published a delegated act establishing a voluntary sustainability reporting standard for optional use by organisations not subject to mandatory CSRD requirements or seeking additional reporting frameworks. Both delegated acts have been transmitted to the European Parliament and the Council of the European Union for scrutiny in accordance with the EU legislative process. The acts will enter into force following publication in the Official Journal of the European Union, provided neither the Parliament nor the Council rejects them during the scrutiny period. Organisations should review the revised standards to assess implementation timelines and determine whether early adoption for the 2026 financial year aligns with their reporting strategies. The simplified ESRS and voluntary standard documentation, including staff working documents and annexes in all EU languages, are available on EFRAG's website.

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European Commission Publishes Delegated Act on Revised European Sustainability Reporting Standards

On July 3, 2026, the European Commission adopted a delegated act establishing revised European Sustainability Reporting Standards (ESRS) and a voluntary sustainability reporting standard. The revised ESRS simplify and streamline sustainability reporting requirements for organisations subject to the Corporate Sustainability Reporting Directive (CSRD). The revised ESRS will apply to financial years beginning on or after January 1, 2027, with early adoption permitted for the financial year 2026 once the delegated act enters into force. The publication follows the European Commission's request for technical advice from the European Financial Reporting Advisory Group (EFRAG) on the revision of the ESRS. EFRAG submitted its technical advice in December 2025, after which the commission published a draft delegated act for public consultation in May 2026. Concurrently, the European Commission adopted and published a delegated act establishing a voluntary sustainability reporting standard for optional use by organisations not subject to mandatory CSRD requirements or seeking additional reporting frameworks. Both delegated acts have been provided to the European Parliament and the Council of the European Union for scrutiny in accordance with the EU legislative process. The acts will enter into force following publication in the Official Journal of the European Union, provided neither the Parliament nor the Council rejects them during the scrutiny period. Organisations should review the revised standards to assess implementation timelines and determine whether early adoption for the 2026 financial year aligns with their reporting strategies.
3296223 pc Jul 06, 2026 arahman Ukraine Regulatory Documents financial services
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Ukraine's National Bank Amends Regulatory Provisions Through Board Resolution

On July 2, 2026, the National Bank of Ukraine (NBU) Board adopted Resolution No. 75, which amends Resolution No. 43 originally adopted on April 3, 2025. The resolution represents a regulatory update to previously established provisions under the NBU's governance framework. As an amendment to an existing resolution, this action reflects the NBU's ongoing refinement of its regulatory approach to financial services supervision and administration. The specific amendments introduced through Resolution No. 75 modify the terms and conditions established under the April 2025 resolution, though the detailed substantive changes are not specified in the available source material. The NBU Board's adoption of this amendment demonstrates the central bank's continued engagement in updating its regulatory framework to address evolving financial services requirements. Such amendments typically reflect changes in market conditions, operational needs, or compliance requirements within Ukraine's financial system. The resolution is now in effect as of its adoption date, July 2, 2026. Financial institutions and market participants subject to NBU regulation should review the full text of Resolution No. 75 to understand how the amendments affect their compliance obligations and operational requirements.

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National Bank of Ukraine Adopts Resolution on Amendments to Resolution No. 43

On July 2, 2026, the National Bank of Ukraine (NBU) Board adopted Resolution No. 75, which amends Resolution No. 43 originally adopted on April 3, 2025. Banks should calculate the minimum amount of credit risk-weighted exposures as of the reporting dates of August 1, August 11, August 21, September 1, September 11 and September 19, 2026. The information on results shall be submitted to the NBU no later than August 6, August 14, August 27, September 4, September  17 and September 24, 2026. This resolution shall enter into force on the day following the date of its official publication.
3295778 pc Jul 06, 2026 arahman Russia The central Bank of Russian Federation horizon scanning
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Russia's Central Bank of the Russian Federation Opens Public Consultation on Six Regulatory Proposals

The Central Bank of the Russian Federation (CBR) opened public consultation on six regulatory proposals across financial services, capital requirements, and insider information disclosure. The consultation period runs through July 2026, with individual comment deadlines ranging from July 5 to July 16, 2026. The proposals address key areas of financial regulation. The first proposal establishes minimum information requirements that credit organisations must provide to individuals when conducting securities transactions, entering into derivative financial instrument contracts, or providing financial services on behalf of non-credit financial organisations. This includes disclosure of service conditions, associated risks, and the format and methods for providing such information. The second and third proposals amend existing CBR regulations on capital requirements. One modifies CBR Regulation No. 511-П from December 3, 2015, while the other amends CBR Regulation No. 646-П from July 4, 2018, concerning the methodology for determining own funds (capital) of credit organisations under Basel III standards. The fourth proposal updates the list of insider information maintained by the CBR, modifying CBR Instruction No. 5140-У from May 6, 2019. The fifth and sixth proposals introduce amendments to CBR Instruction No. 5514-У from July 27, 2020, and CBR Instruction No. 6876-У from September 30, 2024, respectively, though specific details on these amendments are not provided in the consultation materials. Stakeholders can submit comments to designated CBR email addresses corresponding to each proposal. The CBR will evaluate regulatory impact as part of the consultation process. All proposals are available on the CBR website alongside explanatory notes and a recommended format for submitting feedback.

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Central Bank of Russia Consults on Minimum Information Requirements for Credit Institutions

On July 4, 2026, the Central Bank of Russia (CBR) launched a consultation on the Draft Instruction "On Minimum Requirements for the Volume and Content of Information Provided by a Credit Institution Acting on Its Own Behalf When Concluding a Transaction With an Individual on the Sale of Securities for a Fee". Key proposals include: A credit institution acting on its own behalf when entering into a transaction with an individual involving the transfer of securities for consideration, or when concluding agreements constituting derivative financial instruments, is required to provide such an individual with accurate information regarding the specified transaction. A credit institution acting on behalf of and/or at the direction of a broker, manager or investment advisor when entering into, with an individual, respectively, a brokerage services contract, a trust management contract, or an investment advisory contract with an individual, is required to provide such an individual with accurate information regarding the specified contract. If a credit institution additionally provides information to an individual orally, such information must correspond to the information regarding the agreement provided to the individual, in writing on paper or in electronic form. Comments and feedback are welcome up until July 16, 2026 and can be sent via email to arapchorom@cbr.ru .
3295893 pc Jul 06, 2026 arahman Denmark Denmark's national bank financial services
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Denmark's National Bank Publishes Operational Resilience Stress Test Results

On July 3, 2026, Danmarks Nationalbank published the results of a sector-level stress test of operational resilience conducted in 2025. The test was jointly conducted by the Danish Financial Supervisory Authority (DFSA) and Danmarks Nationalbank in collaboration with 11 key actors in the financial sector. The stress test focused on the securities area and examined how the sector as a whole could manage an extreme yet plausible information and communications technology (ICT) incident affecting critical societal functions. The test assessed operational resilience across the financial sector by simulating scenarios designed to test participants' ability to respond to and recover from significant ICT disruptions. The report presents the test's methodology, the scenario used, and key learnings derived from the exercise. By conducting this sector-level assessment, the DFSA and Danmarks Nationalbank aimed to identify vulnerabilities in operational resilience and strengthen the financial sector's preparedness for ICT-related incidents that could impact critical infrastructure and market functioning. The publication of these results provides the financial sector with insights into best practices and areas for improvement in managing operational risks. The findings are intended to inform financial institutions' internal risk management frameworks and help them develop more robust contingency plans. This stress test represents an important component of Denmark's broader financial stability framework and demonstrates the supervisory authorities' commitment to ensuring the resilience of the Danish financial system against emerging operational threats.

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Denmark's National Bank Publishes Operational Resilience Stress Test Results

On July 3, 2026, Danmarks Nationalbank published the results of a sector-level stress test of operational resilience conducted in 2025. The test was jointly conducted by the Danish Financial Supervisory Authority (DFSA) and the central bank in collaboration with 11 key actors in the financial sector. The stress test focused on the securities area and examined how the sector as a whole could manage an extreme yet plausible information and communications technology (ICT) incident affecting critical societal functions. The test assessed operational resilience across the financial sector by simulating scenarios designed to test participants' ability to respond to and recover from significant ICT disruptions. Based on the test, three new initiatives have been launched: Development of a joint playbook with practical guidelines for a scenario involving a breakdown in the securities area. Strengthening coordinated external crisis communication across the financial sector and authorities. Strengthening collective contingency across relevant scenarios.
3298582 gc Jul 06, 2026 gkaliraman Australia ACMA gamblingcompliance
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Australia's Communications and Media Authority Secures $24 Million in Federal Court Penalties for Illegal Online Gambling

On July 6, 2026, the Australian Communications and Media Authority (ACMA) announced that the Federal Court imposed $24.24 million in penalties against providers and promoters of prohibited online poker services operated under the names PPPfish, Shuffle Gaming, and Redraw Poker. The penalties were imposed for contraventions of the Interactive Gambling Act 2001 (IGA). The Court ordered the following pecuniary penalties: Brisbane Poker Pty Ltd received $15 million; Rhys Edward Jones received $9 million; and Brenton Lee Buttigieg received $240,000. These penalties bring the total penalties imposed in the proceedings to $29.24 million, including a $5 million penalty imposed on Diverse Link Pty Ltd in March 2023. The Federal Court found in November 2025 that Jones and Brisbane Poker Pty Ltd provided prohibited interactive gambling services in contravention of Section 15(2A) of the IGA. Buttigieg admitted to contravening Section 15(2A) by aiding and abetting the provision of the services. The services allowed members of the public to play online poker against other players using virtual chips that could be purchased and sold for real money. In addition to penalties, the Court restrained Jones from providing a prohibited interactive gambling service and restrained Buttigieg from aiding or abetting the provision of such a service for a period of five years. Jones and Brisbane Poker were ordered to pay the ACMA's costs for the proceedings. ACMA Chair Nerida O'Loughlin said the decision sends a clear warning that offering online poker to Australians is illegal and there are serious consequences for breaching the law. The ACMA commenced proceedings in April 2022 following an investigation into online poker services offered to Australians and indicated it will continue taking action against those who target prohibited gambling services at Australian consumers.

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Australia's federal regulator announces A$24M in Federal Court penalties for illegal online gambling

On July 6, 2026, the Australian Communications and Media Authority (ACMA) announced that the Federal Court imposed A$24.24 million in penalties against providers and promoters of prohibited online poker services operated under the names PPPfish, Shuffle Gaming, and Redraw Poker. The penalties were imposed for contraventions of the Interactive Gambling Act 2001 (IGA). The Court ordered the following pecuniary penalties: Brisbane Poker Pty Ltd received A$15 million; Rhys Edward Jones received A$9 million; and Brenton Lee Buttigieg received A$240,000. These penalties bring the total penalties imposed in the proceedings to $29.24 million, including a $5 million penalty imposed on Diverse Link Pty Ltd in March 2023. The Federal Court found in November 2025 that Jones and Brisbane Poker Pty Ltd provided prohibited interactive gambling services in contravention of Section 15(2A) of the IGA. Buttigieg admitted to contravening Section 15(2A) by aiding and abetting the provision of the services. The services allowed members of the public to play online poker against other players using virtual chips that could be purchased and sold for real money. In addition to penalties, the Court restrained Jones from providing a prohibited interactive gambling service and restrained Buttigieg from aiding or abetting the provision of such a service for a period of five years. Jones and Brisbane Poker were ordered to pay the ACMA's costs for the proceedings. ACMA Chair Nerida O'Loughlin said the decision sends a clear warning that offering online poker to Australians is illegal and there are serious consequences for breaching the law. The ACMA commenced proceedings in April 2022 following an investigation into online poker services offered to Australians and indicated it will continue taking action against those who target prohibited gambling services at Australian consumers.
3296224 pc Jul 06, 2026 arahman Ukraine Regulatory Documents financial services
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Ukraine's National Bank Approves Changes to Cash Processing and Storage Entity Interaction Procedures

On July 2, 2026, the Board of the National Bank of Ukraine (NBU) approved Resolution No. 74, which amends the regulations governing how legal entities engaged in cash processing and storage operations interact with other legal entities. The resolution updates the existing procedure for interaction between cash-handling entities and other organisations. The amendments address operational protocols for entities that conduct cash processing and storage activities, establishing clearer frameworks for how these entities must coordinate with counterparties. The changes follow a consultation period that commenced on April 23, 2026, during which stakeholders were invited to provide feedback on the proposed amendments to the interaction procedures. The updated regulations will take effect on July 4, 2026. Cash processing and storage entities operating in Ukraine must ensure compliance with the new interaction procedures by this date. The NBU's amendments reflect efforts to strengthen operational standards and coordination mechanisms within Ukraine's cash management infrastructure, ensuring that entities handling cash operations maintain consistent and transparent interaction protocols with other legal entities in the financial system. **Reference:** National Bank of Ukraine Board Resolution No. 74 of July 2, 2026

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National Bank of Ukraine Approves Changes to Cash Processing and Storage Entity Interaction Procedures

On July 2, 2026, the National Bank of Ukraine (NBU) approved Resolution No. 74, which amends the regulations governing how legal entities engaged in cash processing and storage operations interact with other legal entities, including banks. Key amendments include: The NBU shall, at least once every three years, monitor the compliance of cash collection and processing companies with Ukrainian legislation. A cash company has the right to credit clients' collected cash to their accounts before transferring it. A cash company is not permitted to receive cash directly from a client on the premises of the company. Cash proceeds are defined as the amount of cash deposited by business entities for crediting to the business entity's bank account in accordance with a contract. This resolution shall enter into force on the day following its official publication.
3299148 pc Jul 06, 2026 arahman Montenegro Press releases - CBCG horizon scanning
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Montenegro's Central Bank Confirms Infrastructure Ready for Instant Payments Launch on July 20

On July 3, 2026, the Council of the Central Bank of Montenegro (CBCG), chaired by Governor Irena Radović, held a session confirming that the CBCG and the banking sector have completed all key infrastructure, technical, and operational activities required to launch the national instant payment system—TIPS Clone—scheduled to become operational on July 20, 2026. The TIPS Clone system represents the next phase of payment modernisation following Montenegro's accession to the Single Euro Payments Area (SEPA) in October 2025, which enabled citizens and businesses to make cross-border payments under the same rules as individuals and companies in the European Union. The instant payments system will make domestic payments faster and more cost-effective. However, the CBCG emphasised that completion of the legislative procedure is necessary, specifically the adoption of the Law Amending the Payment System Law, which was before Parliament at the time of the Council meeting. The Council also adopted two draft laws aligned with European Union banking regulations. The Draft Law Amending the Law on Credit Institutions refines provisions governing credit institution operations by aligning them with the latest EU banking regulatory package (CRD VI and CRR III) and requirements underpinning the Single Supervisory Mechanism and European Central Bank's close cooperation framework. The Draft Law Amending the Law on Resolution of Credit Institutions further aligns legislation with EU acquis in bank resolution, particularly regarding the Single Resolution Mechanism and Single Resolution Fund. Application of provisions relating to the future regime upon Montenegro's accession to the Single Resolution Mechanism has been deferred to ensure uninterrupted application of the existing national resolution framework. Additionally, the Council maintained the countercyclical capital buffer rate at 1 percent, following its regular assessment of systemic risks. REFERENCES: Central Bank of Montenegro. "CBCG Council Meeting: Infrastructure in Place for Introducing Instant Payments on 20 July." Press Release, July 3, 2026. https://www.cbcg.me/en/news/cbcg-council-meeting-infrastructure-place-introducing-instant-payments-20-july

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Montenegro's Central Bank Confirms Infrastructure Ready for Instant Payments Launch on July 20

On July 3, 2026, the Council of the Central Bank of Montenegro (CBCG) held a session confirming that the CBCG and the banking sector have completed all key infrastructure, technical and operational activities required to launch the national instant payment system, TIPS Clone, scheduled to become operational on July 20, 2026. The TIPS Clone system represents the next phase of payment modernisation following Montenegro's accession to the Single Euro Payments Area (SEPA) in October 2025, which enabled citizens and businesses to make cross-border payments under the same rules as individuals and companies in the European Union. The instant payments system will make domestic payments faster and more cost-effective. However, the CBCG emphasised that completion of the legislative procedure is necessary, specifically the adoption of the Law Amending the Payment System Law, which was before parliament at the time of the Council meeting. The Council also adopted two draft laws aligned with European Union banking regulations. The Draft Law Amending the Law on Credit Institutions refines provisions governing credit institution operations by aligning them with the latest EU banking regulatory package (CRD VI and CRR III) and requirements underpinning the Single Supervisory Mechanism and European Central Bank's close cooperation framework. The Draft Law Amending the Law on Resolution of Credit Institutions further aligns legislation with EU acquis in bank resolution, particularly regarding the Single Resolution Mechanism and Single Resolution Fund. Application of provisions relating to the future regime upon Montenegro's accession to the Single Resolution Mechanism has been deferred to ensure uninterrupted application of the existing national resolution framework. Additionally, the Council maintained the countercyclical capital buffer rate at 1 percent, following its regular assessment of systemic risks.
3299089 pc Jul 06, 2026 rghosh Japan Financial Services Agency financial services
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Japan's Financial Services Agency Publishes Anti-Money Laundering and Financial Crime Initiatives Report

On July 3, 2026, the Financial Services Agency (FSA) published the "Initiatives and Challenges in Anti-Money Laundering and Countering Financial Crime (July 2026)" report. The publication summarises the FSA's anti-money laundering and counter-terrorism financing (AML/CTF) initiatives, the status of responses by financial institutions, and global trends in AML/CTF and countering financial crime measures. The report primarily covers the situation and initiatives since July 2025, providing a comprehensive overview of Japan's approach to combating financial crime. It consolidates information on the FSA's regulatory efforts, institutional compliance responses, and international developments in AML/CTF enforcement. The publication serves as a reference document for stakeholders including financial institutions, regulators, and other entities engaged in financial crime prevention and detection. The report is available in Japanese and includes an executive summary. For further information or inquiries regarding the publication, the FSA's Financial Crimes Office, Risk Analysis Division, Strategy Development and Management Bureau can be contacted at +81-(0)3-3506-6000. REFERENCES: Financial Services Agency. "Publication of the 'Initiatives and Challenges in Anti-Money Laundering and Countering Financial Crime (July 2026)'." July 3, 2026. Available at: https://www.fsa.go.jp/

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Japan's Financial Services Agency Publishes Anti-Money Laundering and Financial Crime Initiatives Report

On July 3, 2026, the Financial Services Agency (FSA) published the "Initiatives and Challenges in Anti-Money Laundering and Countering Financial Crime (July 2026)" report. The publication summarises the FSA's anti-money laundering and counter-terrorism financing (AML/CTF) initiatives, the status of responses by financial institutions (FIs), and global trends in AML/CTF and countering financial crime measures. The report primarily covers the initiatives since July 2025, providing a comprehensive overview of Japan's approach to combating financial crime. It consolidates information on the FSA's regulatory efforts, institutional compliance responses, and international developments in AML/CTF enforcement. The publication serves as a reference document for stakeholders including financial institutions, regulators, and other entities engaged in financial crime prevention and detection.  Key measures going forward include: Measures to prevent victimisation: The FSA is taking measures against illegal operators conducting financial instruments business without registration, and against fraudulent Social Networking Service (SNS) advertisements and displays targeting investors. The FSA is addressing the growth of online casinos and strengthening countermeasures against phishing and unauthorised access leading to fraudulent transactions. 2. Measures to deprive criminals of their tools: The FSA issued requests for internet banking countermeasures and is conducting follow-up on their implementation. Tougher penalties for account trading have been introduced, along with new penalties for remittance-related crimes. FIs are being required to enhance their ability to detect fraudulent transactions, with financial and regulatory support for system development for information sharing on fraudulently used accounts commencing from April 2027. The FSA is promoting information sharing both among FIs and between FIs and the police, noting that financial crime prevention is a collaborative domain requiring strengthened public-private and private-private cooperation. Stricter identity verification requirements are being implemented. 3. Governance and implementation The FSA emphasised that building a company-wide AML/CFT implementation framework with board-level commitment is critical, noting varying degrees of progress among FIs in areas including personnel and budget allocation, cross-divisional coordination, and internal audit effectiveness. Key areas identified as requiring further work include the Risk-Based Approach (RBA), effectiveness verification frameworks, and the joint implementation of AML/CFT measures using Funds Transfer Transaction Analysis Service Providers.
3298420 pc Jul 06, 2026 rghosh Israel Department of Justice - News horizon scanning
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Israel's Security Minister Imposes Sanctions Against Digital Wallets Used to Finance Terrorism

On July 1, 2026, Israel's Security Minister, acting on the recommendation of the National Headquarters for Economic Warfare Against Terrorism (MATAL), issued an administrative seizure order targeting 37 digital wallets suspected of facilitating terrorist financing. The wallets are alleged to have formed a central part of the funding infrastructure for Iran's Islamic Revolutionary Guard Corps and Hezbollah. The seized wallets contained cryptocurrency totalling more than 24 million Israeli New Shekels (ILS). According to Israeli authorities, the wallets were used to transfer funds to Iran-backed terrorist organisations, particularly Hezbollah, which has faced financial strain following military operations against Israel. Investigation findings indicate that millions of dollars were transferred through these wallets to terrorist organisations over several years. The seizure order represents an additional layer in Israel's economic campaign against terrorism, resulting from combined intelligence, operational, and legal activities conducted by MATAL, the Ministry of Defence, and other security agencies. Under Section 56(b) of the Counter-Terrorism Law 5776-2016, the order permits the seizure of digital wallets classified as terrorist organisation assets or assets used in serious terrorist offences as defined by law. This seizure serves as a preliminary step toward asset forfeiture. The seizure order remains in effect for two years from its execution or until a forfeiture order is issued for the seized assets. The announcement was published on July 5, 2026.

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Israel Imposes Sanctions Against Digital Wallets Used to Finance Terrorism

On July 5, 2026, Israel's Security Minister, acting on the recommendation of the National Headquarters for Economic Warfare Against Terrorism (MATAL), issued an administrative seizure order targeting 37 digital wallets suspected of facilitating terrorist financing. The wallets are alleged to have formed a central part of the funding infrastructure for Iran's Islamic Revolutionary Guard Corps and Hezbollah. The seized wallets contained cryptocurrency totalling more than 24 million Israeli New Shekels (ILS). According to Israeli authorities, the wallets were used to transfer funds to Iran-backed terrorist organisations, particularly Hezbollah, which has faced financial strain following military operations against Israel. Investigation findings indicate that millions of dollars were transferred through these wallets to terrorist organisations over several years. Under Section 56(b) of the Counter-Terrorism Law 5776-2016 , the order permits the seizure of digital wallets classified as terrorist organisation assets or assets used in serious terrorist offences as defined by law. This seizure serves as a preliminary step toward asset forfeiture. The seizure order remains in effect for two years from its execution or until a forfeiture order is issued for the seized assets. The announcement was published on July 5, 2026.
3299072 pc Jul 06, 2026 rghosh United Arab Emirates Central Bank of UAE financial services
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Central Bank of UAE Imposes Financial Sanction on Foreign Bank Branch for Regulatory Violation

On July 6, 2026, the Central Bank of the UAE (CBUAE) imposed a financial sanction of 1,820,000 on a branch of a foreign bank licensed to operate in the UAE. The sanction was issued pursuant to the Federal Decree-Law No. (6) of 2025 Regarding the Central Bank, Regulation of Financial Institutions and Activities, and Insurance Business. The CBUAE imposed the sanction following examinations that revealed the foreign bank branch's failure to issue a liability letter within the mandated seven-day period. This breach violated the CBUAE's Market Conduct and Consumer Protection Regulations and Standards. The violation relates to the bank's non-compliance with specific procedural requirements established by the CBUAE to maintain operational standards within the UAE financial system. The sanction reflects the CBUAE's enforcement approach to ensure all licensed banks, their leadership, and employees adhere to UAE laws and CBUAE regulations. The action underscores the regulator's commitment to safeguarding transparency and integrity across the banking sector and broader UAE financial system through its supervisory and regulatory mandates. This enforcement action demonstrates the CBUAE's active monitoring of foreign bank branches operating in the UAE and its willingness to impose financial penalties for non-compliance with procedural requirements. Banks operating in the UAE should ensure their operations align with all CBUAE regulations and standards, particularly regarding timelines for issuing required documentation and correspondence.

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652 chars · nid 93737

Central Bank of UAE Imposes AED1.82m Fine on Foreign Bank Branch for Regulatory Violations

On July 6, 2026, the Central Bank of the UAE (CBUAE) imposed a financial sanction of AED1.82m (approximately US$ 495575) on a branch of a foreign bank licensed to operate in the UAE. The bank was licensed to operate in the UAE pursuant to the Federal Decree-Law No. (6) of 2025 Regarding the Central Bank, Regulation of Financial Institutions and Activities, and Insurance Business . The CBUAE imposed the sanction following examinations that revealed the foreign bank branch's failure to issue a liability letter within the mandated seven-day period. This breach violated the CBUAE's Market Conduct and Consumer Protection Regulations and Standards .
3296464 pc Jul 06, 2026 tojuri France Autorité des Marchés Financiers financial services
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France's Financial Markets Authority Publishes 2026 Markets and Risk Outlook

On July 3, 2026, the Autorité des Marchés Financiers (AMF) published its 2026 Markets and Risk Outlook, assessing key developments and emerging risks across French and global financial markets. The outlook confirms previously identified risks, particularly geopolitical and cyber threats, while noting that financial markets have remained broadly orderly and resilient despite a market correction and heightened volatility following the outbreak of conflict with Iran. The AMF identifies geopolitical instability as a defining structural feature of current financial markets. Ongoing trade tensions, uncertainties surrounding tariff policies, and the continuing Russia-Ukraine conflict continue to weigh on the global economic outlook. The Middle East conflict has further exacerbated this environment, with energy markets serving as the primary transmission channel. This has driven sharp rises in energy prices, renewed market volatility, and reignited inflationary pressures. Despite these challenges, equity markets rebounded swiftly and some have returned to or exceeded record highs. However, the AMF highlights certain vulnerabilities: high asset valuations, concentration of market performance on a limited number of major technology stocks, and significant debt levels at certain companies. The outlook also addresses emerging concerns including rapid expansion of private assets, crypto-asset market corrections, and operational and cyber risks. The AMF emphasises that artificial intelligence development, particularly advanced frontier models, presents both opportunities and increased cyber vulnerabilities. The European Regulation on digital operational resilience in the financial sector (DORA) provides a key framework for strengthening security and operational resilience. Additionally, the AMF notes rising fraud schemes involving identity theft and manipulation tactics, particularly affecting younger investors under 35. The Authority remains focused on ensuring investor protection amid these evolving risks. The full 2026 Markets and Risk Outlook is available on the AMF website.

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1786 chars · nid 93736

France's Financial Markets Authority Publishes 2026 Markets and Risk Outlook

On July 3, 2026, the French Financial Markets Authority (AMF) published its 2026 Markets and Risk Outlook, assessing key developments and emerging risks across French and global financial markets. The report confirms the continued presence of previously identified risks, particularly those relating to geopolitics and cyber threats. It also notes that, despite a market correction and heightened volatility following the outbreak of conflict with Iran, financial markets have remained broadly orderly and resilient. The AMF identifies geopolitical instability as a defining feature of the current financial landscape. It does, however, note that investment funds continue to benefit from favourable valuation effects, driven in particular by rising equity markets and trends in key interest rates. Inflows remained positive in France, with no significant impact from recent geopolitical tensions. The report also addresses emerging concerns, including the rapid expansion of private assets, corrections in the crypto-asset market, and operational and cyber risks. The AMF emphasises that the development of artificial intelligence, particularly advanced frontier models, presents both opportunities and increased cyber vulnerabilities. In this context, the Digital Operational Resilience Act (DORA) is a key framework for strengthening security and operational resilience; however, the challenge lies in adapting prevention and response systems to limit systemic risks and safeguard financial stability. Additionally, the AMF has observed an increase in fraud schemes involving identity theft and manipulation tactics, which are particularly affecting younger investors under the age of 35. The AMF confirms its commitment to ensuring investor protection amid these evolving risks.
3297156 pc Jul 06, 2026 tojuri Belgium Central Bank financial services
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Belgium's Central Bank Publishes Report on Financial Market Infrastructure Resilience

On July 3, 2026, the National Bank of Belgium (NBB) released its 2026 report on financial market infrastructures and payment service providers, emphasising that operational resilience is critical to financial stability amid an evolving threat landscape. The report identifies increasing cyber threats, evolving fraud patterns, greater dependence on third-party technology providers, and heightened geopolitical and physical security risks as key challenges facing the sector. The NBB highlights that robust governance, effective crisis communication, and regular testing of contingency arrangements are essential to ensure the continuity of critical services during severe stress scenarios. Recent sector-wide crisis simulations demonstrated that resilience depends not only on technology but also on people, governance, and well-tested procedures. The report notes that operational resilience can no longer be viewed exclusively through a digital lens, with growing attention required for physical security, insider threats, critical site protection, and the resilience of data centres and other essential facilities. Payment fraud continues to evolve rapidly, with the digitalisation of payments, rise of remote payment methods, and increasingly sophisticated social engineering techniques driving a sharp increase in fraud, particularly relating to online credit transfers and card payments. The report also highlights a key development: Belgian legislation strengthening oversight of financial messaging service providers, such as Swift, entered into force this year. This new law grants the NBB stronger oversight powers, which it will apply in cooperation with other G10 central banks. The NBB emphasises that financial market infrastructure operators, payment service providers, and messaging services must identify emerging vulnerabilities early, maintain effective internal controls, and ensure essential services remain secure, reliable, and functional during periods of heightened stress.

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1692 chars · nid 93738

National Bank of Belgium Publishes Report on Financial Market Infrastructure Resilience

On July 3, 2026, the National Bank of Belgium (NBB) released its 2026 report on financial market infrastructures and payment service providers, emphasising that operational resilience is critical to financial stability amid an evolving threat landscape. The report identifies increasing cyber threats, evolving fraud patterns, greater dependence on third-party technology providers, and heightened geopolitical and physical security risks as key challenges facing the sector. The NBB highlights that robust governance, effective crisis communication and regular testing of contingency arrangements are essential to ensure the continuity of critical services under severe stress. Recent sector-wide crisis simulations demonstrated that resilience depends not only on technology but also on people, governance and well-tested procedures. The report notes that operational resilience can no longer be viewed exclusively through a digital lens, with growing attention required for physical security, insider threats, critical site protection and the resilience of data centres and other essential facilities. Payment fraud continues to evolve rapidly, with the digitalisation of payments, the rise of remote payment methods and increasingly sophisticated social engineering techniques driving a sharp increase in fraud, particularly relating to online credit transfers and card payments. The NBB emphasises that financial market infrastructure operators, payment service providers and messaging services must identify emerging vulnerabilities early, maintain effective internal controls, and ensure essential services remain secure, reliable and functional during periods of heightened stress.
3294795 gc Jul 03, 2026 gkaliraman Sweden Regulator - news gamblingcompliance
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Sweden's Gaming Inspectorate Enforces Anti-Money Laundering Sanctions Against Three Operators

On July 3, 2026, Sweden's administrative court upheld enforcement actions by the Gaming Inspectorate (Spelinspektionen) against three gaming operators for serious breaches of anti-money laundering regulations. Betsson Nordic Ltd, Snabbare Ltd, and Spooniker Ltd each received warnings and financial sanctions for failing to implement adequate know-your-customer (KYC) procedures. The court determined that all three operators had committed serious violations of Sweden's anti-money laundering ruleset through insufficient customer due diligence measures. The Gaming Inspectorate's enforcement decisions, which included both warnings and monetary penalties, were upheld in full by the administrative court. The ruling confirms that gaming operators operating in Sweden must maintain robust KYC controls to comply with anti-money laundering and counter-terrorism financing (AML/CTF) obligations. Inadequate customer identification and verification procedures represent a material compliance failure under Swedish gaming regulations. The court's decision reinforces the Gaming Inspectorate's authority to impose sanctions on operators that fail to meet these fundamental requirements. The enforcement actions serve as a reminder to all licensed gaming operators in Sweden of the importance of implementing and maintaining effective AML/CTF compliance frameworks, particularly regarding customer due diligence procedures. **Reference:** Gaming Inspectorate (Spelinspektionen), July 3, 2026, https://www.spelinspektionen.se/

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1533 chars · nid 51708

Sweden's Administrative Court upholds gambling regulator's sanctions three operators

On July 3, 2026,  the Swedish Gambling Authority (Spelinspektionen) announced that the Administrative Court had upheld enforcement actions by the Gaming Inspectorate (Spelinspektionen) against three gaming operators for serious breaches of anti-money laundering regulations. In May 2025, the Authority sanctioned Betsson Nordic Ltd (SEK6.5m), Snabbare Ltd (SEK5.5m), and Spooniker Ltd (SEK10m) with warnings and financial penalties, for failing to implement adequate know-your-customer (KYC) procedures. The Authority's decisions were appealed by the operators. The court determined that all three operators had committed serious violations of Sweden's anti-money laundering ruleset through insufficient customer due diligence measures. The regulator's enforcement decisions were upheld in full by the administrative court. The ruling confirms that gaming operators operating in Sweden must maintain robust KYC controls to comply with anti-money laundering and counter-terrorism financing (AML/CTF) obligations. Inadequate customer identification and verification procedures represent a material compliance failure under Swedish gaming regulations. The court's decision reinforces Spelinspektionen's authority to impose sanctions on operators that fail to meet these fundamental requirements. The enforcement actions serve as a reminder to all licensed gaming operators in Sweden of the importance of implementing and maintaining effective AML/CTF compliance frameworks, particularly regarding customer due diligence procedures.
3294205 pc Jul 03, 2026 pthandapani Indonesia Bank Indonesia financial services
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Indonesia's Bank Indonesia Amends Macroprudential Intermediation Ratio and Liquidity Buffer Requirements for Commercial Banks

On June 30, 2026, Bank Indonesia issued Regulation of Governing Board Members Number 18 of 2026 (PADG 18/2026), which amends the macroprudential intermediation ratio (RIM) and macroprudential liquidity buffer (PLM) requirements for conventional commercial banks, Islamic banks, and Islamic business units. The regulation takes effect on July 1, 2026. The amendment strengthens Bank Indonesia's macroprudential policy framework to support financial system stability and sustainable economic growth. It expands the scope of securities eligible for RIM calculations by including additional corporate securities held by banks and securities issued by banks, as determined by Bank Indonesia. The regulation permits securities to be offered through public offerings and private placements. Bank Indonesia adjusted data sources for securities calculations to include securities reports and LBUT (Laporan Berkala Utama) positions from two reporting periods prior, submitted monthly to Bank Indonesia. The regulation clarifies that financing received by Islamic banks and Islamic business units in rupiah and foreign currency—including mudharabah profit-sharing arrangements and other Islamic financing structures—qualifies as funding sources. Notably, corporate securities involved in interbank repurchase transactions are no longer recognized in RIM calculations. The regulation updates Annexes I, III, IV, V, and VI of the original framework. The changes apply to all conventional commercial banks, Islamic banks, and Islamic business units operating in Indonesia. These amendments represent Bank Indonesia's continued refinement of macroprudential instruments to optimize funding sources beyond customer deposits and enhance financing activities beyond traditional credit distribution. Banks must ensure compliance with the new requirements effective July 1, 2026. Additional guidance and frequently asked questions are available through Bank Indonesia's official documentation.

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1599 chars · nid 93732

Bank Indonesia Amends Macroprudential Intermediation Ratio and Liquidity Buffer Requirements for Commercial Banks

Bank Indonesia has issued the Regulation of the Members of the Board of Governors (PADG) number 18 of 2026 concerning the second amendment to the Regulation of the Members of the Board of Governors (PADG) number 23 of 2025 regarding the macroprudential intermediation ratio (RIM) and macroprudential liquidity buffer for conventional commercial banks. The amended regulation contains: Regulations prescribing the expansion of the macroprudential intermediation ratio (RIM) calculation components to include corporate securities held by banks and securities issued by banks. Specific rules mandating the criteria for eligible corporate securities, requiring them to be issued by non-bank corporations and residents, offered publicly or privately, hold an investment grade rating, and be administered by authorized depositories. Provisions outlining the treatment of repurchase agreements (repo), stipulating that securities used in interbank repurchase agreements (repo) transactions or open market operations with Bank Indonesia cannot be recognized in the macroprudential intermediation ratio (RIM) calculation. Administrative measures detailing the reporting obligations for conventional commercial banks (BUK) requiring them to submit monthly securities reports until the end of October 2026. Directives establishing the implementation timeline for repurchase agreements (repo) transaction rules, which take effect starting with the July 2026 securities reports used for the September 2026 macroprudential intermediation ratio (RIM) calculation. The amendments take effect on July 1, 2026.
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