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3281771 pc Jun 30, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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Financial Conduct Authority Consults on Non-Handbook Guidance for COREPRU Overall Risk Assessment

On June 30, 2026, the Financial Conduct Authority (FCA) launched a consultation on non-Handbook guidance (NHG) to accompany Chapter 7 of COREPRU, the integrated prudential sourcebook covering core prudential requirements for FCA-regulated firms. The consultation, reference GC26/4, seeks feedback on guidance clarifying FCA expectations around the purpose and scope of the overall risk assessment—a continuous process firms must undertake to ensure they hold adequate financial resources. The overall risk assessment requires firms to scrutinise their business model, strategic direction, material risks, and resource requirements in an integrated manner. The proposed guidance sets out FCA expectations that firms should conduct a comprehensive assessment beginning with their business model and risk identification, articulate a clear risk appetite, evaluate whether systems and controls effectively mitigate risks, and assess whether additional financial resources are needed. The guidance covers assessment of adequate resources for both ongoing operations and orderly wind-down without causing material harm to customers or markets. It emphasises that assessments should be proportionate to the nature, scale and complexity of the firm's business, forward-looking, and embedded within strategic decision-making. The guidance also addresses documentation requirements, stress testing approaches, and the FCA's Supervisory Review and Evaluation Process (SREP), through which the FCA reviews firms' overall risk assessments and may impose corrective actions. The consultation period runs from June 30, 2026 until July 30, 2026. Responses should be submitted via the FCA's website or by email to gc26-4@fca.org.uk. The FCA plans to publish final non-Handbook guidance by September 30, 2026. This guidance builds on Policy Statement PS26/12, which finalised the prudential regime for cryptoasset firms.

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UK's Financial Conduct Authority Consults on Non-Handbook Guidance on COREPRU 7: Overall risk assessment

On June 30, 2026, the Financial Conduct Authority (FCA) published its consultation on developing non-Handbook guidance (NHG) to accompany the relevant sections on the overall risk assessment (Chapter 7) in the new prudential sourcebook, COREPRU. The guidance sets out the FCA's expectations around the purpose and scope of the overall risk assessment for COREPRU firms. It forms a part of the authority's wider strategy to enhance the accessibility of FCA rules by distinguishing supporting material from core Handbook content. In PS26/12: A prudential regime for cryptoasset firms , the FCA set out an integrated prudential sourcebook (COREPRU) covering the core prudential requirements common across different types of firms the FCA prudentially regulate. This new sourcebook initially applies only to firms carrying on regulated cryptoasset activities. Where necessary, COREPRU is supplemented with sector-specific prudential sourcebooks, such as CRYPTOPRU. This consultation is relevant to: Firms seeking authorisation and regulation for the Regulated Activities outlined in the Cryptoasset Regulations. Firms that participate in, or support the services of, regulated cryptoasset activities. Industry groups, law firms and trade bodies representing firms in the cryptoasset sector. Professional advisors in the cryptoasset sector and law firms. Consumers and groups representing consumer interests The FCA plans to open its gateway for firms to apply for cryptoasset permissions in September 2026. The consultation closes on July 30, 2026, and responses can be made through either the online form or by email to gc26-4@fca.org.uk .
3280781 pc Jun 30, 2026 tojuri Switzerland Swiss Financial Market Supervisory Authority FINMA financial services
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Swiss Financial Market Supervisory Authority Concludes Enforcement Proceedings Against Fund Managers for Conduct Breaches

On June 29, 2026, the Swiss Financial Market Supervisory Authority (FINMA) concluded enforcement proceedings against Swiss Fund Management AG in liquidation (SFM), BZ Berater Zentrum AG (BZ), and one individual for serious breaches of the rules of conduct under the Financial Services Act (FinSA). FINMA initiated the proceedings in 2024 following supervisory activities that revealed both institutions had invested approximately CHF 200 million in illiquid bonds with dubious value, primarily destined for financing overseas real estate development projects. The investigation established that SFM and BZ systematically breached their duty to avoid conflicts of interest and failed to adequately inform investors of inherent risks. The bond issuers were all affiliated with one another, and bond proceeds were transferred on an unsecured basis to real estate investment companies controlled by the individuals involved, contrary to advertising claims. FINMA determined that investor funds were invested in a non-diversified manner driven by financial self-interest, inconsistent with investors' risk profiles and unsuitable for pension provision objectives. During the period under review, BZ held approximately 2,000 asset management mandates. To protect investors and safeguard financial market reputation, FINMA revoked SFM's licence as a manager of collective assets and appointed Grant Thornton AG as liquidator. FINMA rejected BZ's application for authorisation as an independent portfolio manager, requiring it to cease asset management activities within 30 days of notification. FINMA imposed a multi-year industry ban on one responsible individual and confiscated over CHF 3 million in illegally generated commission accrued since the FinSA rules of conduct came into force. The ruling entered into legal effect on May 1, 2026, as the parties did not contest it within the appeal period. Approximately 150 individuals have initiated mediation proceedings against BZ with OFS Ombud Finance Switzerland.

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Swiss Financial Market Supervisory Authority Revokes Licence of Swiss Fund Management AG for Breaches of the Financial Services Act

On June 29, 2026, the Swiss Financial Market Supervisory Authority (FINMA) concluded enforcement proceedings against Swiss Fund Management AG, which is in liquidation, and BZ Berater Zentrum AG for serious breaches of the rules of conduct under the Financial Services Act (FinSA). FINMA initiated proceedings in 2024 following supervisory activities that revealed that both institutions had invested approximately CHF200m in illiquid bonds, primarily intended to finance overseas real estate development projects. The investigation established that Swiss Fund Management and Berater Zentrum systematically breached their duty to avoid conflicts of interest and failed to adequately inform investors of inherent risks. FINMA determined that investor funds were invested in a non-diversified manner driven by financial self-interest, inconsistent with investors' risk profiles and unsuitable for pension provision objectives. To protect investors and safeguard the financial market's reputation, FINMA revoked Swiss Fund Management's licence as a manager of collective assets. FINMA also rejected Berater Zentrum’s application for authorisation as an independent portfolio manager, requiring it to cease asset management activities within 30 days of notification. FINMA imposed a multi-year industry ban on one responsible individual and confiscated over CHF3m in illegally generated commission accrued since the FinSA rules of conduct came into force.
3280904 pc Jun 30, 2026 tojuri Greece ΒΟΥΛΗ ΤΩΝ ΕΛΛΗΝΩΝ horizon scanning
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Bill Implementing Revised Consumer Credit Directive and Others Submitted to Greek Parliament

A bill on “Strengthening consumer protection in the areas of credit agreements, financial services and distance, off-premises and electronic contracts” has been submitted to the Greek parliament. The bill aims to transpose various EU directives on consumer protection, including Directive (EU) 2023/2225 on credit agreements for consumers and Directive (EU) 2023/2673 as regards financial services contracts concluded at a distance. The purpose of the bill is to strengthen consumer protection in the areas of credit agreements, financial services and distance contracts by establishing rules on transparency, responsible credit provision and fair commercial practices, particularly in the digital environment. The law, among other things, will update the legislative framework for credit agreements concluded with consumers that take the form of a loan, an agreement for repayment of a debt at a later date or any other similar financial facility. The law will also enhance the protection of consumers who conclude distance or off-premises contracts or use online interfaces for goods, services and financial services.
3281888 pc Jun 30, 2026 adavies Norway Lovdata horizon scanning
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Norway's Financial Supervisory Authority Amends Capital Requirements and CRR/CRD National Adaptation Regulation

On June 26, 2026, Norway's Financial Supervisory Authority (Finanstilsynet) amended the Regulation on Capital Requirements and National Adaptation of CRR/CRD (CRR/CRD Regulation). The amendment modifies Section 2, subsection 2, number 85 of the original regulation from August 22, 2014, to incorporate updated European Union (EU) implementing technical standards for supervisory reporting. The amendment updates references to EU Commission Implementing Regulation (EU) 2024/3117 of November 29, 2024, concerning reporting to supervisory authorities and the repeal of implementing technical standards previously established under EU Commission Implementing Regulation (EU) 2021/451. The updated regulation further incorporates amendments made by EU Commission Implementing Regulation (EU) 2025/2475, which aligns Norwegian capital requirements framework with the latest EU standards under the Economic European Area (EEA) Agreement Annex IX, Chapter II, number 14azzt. The amendment affects financial institutions and financial groups subject to Norway's capital requirements regime, as the changes establish updated reporting obligations and supervisory standards. The regulation was adopted under the authority of the Financial Enterprises Act (finansforetaksloven) of April 10, 2015, and implementing delegation decision number 484 of March 29, 2022. The amendment entered into force immediately upon publication on June 29, 2026. Financial institutions should review the updated implementing technical standards and adjust their supervisory reporting procedures accordingly to ensure compliance with the revised requirements.

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Norwegian Government Amends Capital Requirements and CRR/CRD National Adaptation Regulation

On June 29, 2026, the Norwegian government published a regulation amending the Regulations on capital requirements and national adaptation of the CRR/CRD . The amendment adopts Commission Implementing Regulation (EU) 2024/3117 laying down implementing technical standards (ITS) with regard to supervisory reporting of institutions. The regulation enters into force immediately.
3281886 pc Jun 30, 2026 adavies Norway Lovdata horizon scanning
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Norway's Financial Supervisory Authority Amends Crypto-Assets Regulation

On June 26, 2026, Norway's Financial Supervisory Authority (Finanstilsynet) amended the Crypto-Assets Regulation (kryptoeiendelsforskriften) to align with European Union technical standards on asset-referenced tokens. The amendment adds a new provision to the existing Crypto-Assets Regulation (FOR-2025-06-25-1311) incorporating EU Regulation 2025/293 into Norwegian law. This regulation supplements EU Regulation 2023/1114 by specifying technical regulatory standards for requirements, templates, and procedures governing complaints concerning asset-referenced tokens. The amendment ensures Norway's regulatory framework remains consistent with European Economic Area (EEA) obligations under Annex IX of the EEA Agreement. Asset-referenced tokens are crypto-assets that aim to maintain a stable value by referencing one or more economic variables, baskets of assets, or a combination thereof. The updated standards establish harmonised complaint-handling procedures and requirements for service providers operating in this sector, enhancing consumer protection and operational clarity across the EEA. The amendment came into force immediately upon publication on June 26, 2026. The Financial Supervisory Authority adopted the regulation under authority granted by the Crypto-Assets Act (LOV-2025-05-27-20) and delegation decision 2022/484. The regulation was officially announced on June 29, 2026. REFERENCES: Lovdata. Forskrift om endring i forskrift til lov om kryptoeiendeler (kryptoeiendelsforskriften). FOR-2026-06-26-1395. Available at: https://lovdata.no/dokument/SF/forskrift/2026-06-26-1395

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Norwegian Government Amends Crypto-Assets Regulation

On June 29, 2026, the Norwegian government published a regulation amending the Crypto-Assets Regulation . The amendment adopts Commission Delegated Regulation (EU) 2025/293 providing regulatory technical standards (RTS) specifying the requirements, templates and procedures for the handling of complaints relating to asset referenced tokens. The regulation enters into force immediately.
3279572 pc Jun 30, 2026 adavies European Union European Banking Authority financial services
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European Banking Authority Publishes Roadmap for Revised Deposit Guarantee Schemes Directive Implementation

On June 29, 2026, the European Banking Authority (EBA) published a roadmap outlining how it will deliver its mandates under the revised Deposit Guarantee Schemes Directive (DGSD3). The roadmap sets out the EBA's role in implementing DGSD3 by developing regulatory products to strengthen depositor protection across the European Union ahead of the Directive's application in May 2028. The revised DGSD3, published on April 20, 2026, introduces over 100 operational improvements to the EU bank crisis management framework. Many of these improvements are based on five Opinions issued by the EBA to the European Commission between 2019 and 2021. To support implementation, the EBA will develop 12 regulatory products—comprising technical standards and guidelines—to be delivered in three batches over the next three years. These deliverables will improve how depositors are informed about their rights and protection; ensure faster repayment in both domestic and cross-border bank failures; strengthen cooperation between national deposit guarantee schemes and relevant authorities; and enhance stress-testing frameworks to ensure preparedness for crisis situations. The roadmap provides stakeholders with clarity on the sequencing of the EBA's work and demonstrates the EBA's contribution to strengthening the EU bank crisis management framework by enhancing depositor protection, supporting financial stability, and further harmonising protection standards across member states. Together, these measures will help ensure that bank failures can be managed effectively without jeopardising financial stability or causing contagion to the financial system. The roadmap is available on the EBA website, and stakeholders should monitor the EBA's publications for the delivery of the 12 regulatory products across the three-year implementation timeline leading to May 2028.

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European Banking Authority Publishes Roadmap for Revised Deposit Guarantee Schemes Directive Implementation

On June 29, 2026, the European Banking Authority (EBA) published a roadmap outlining how it will deliver its mandates under Directive (EU) 2026/804 (Deposit Guarantee Schemes Directive – DGSD3). The roadmap sets out the EBA's role in implementing DGSD3 by developing regulatory products to strengthen depositor protection across the European Union ahead of the Directive's application in May 2028. The revised DGSD3, published on April 20, 2026, introduces over 100 operational improvements to the EU bank crisis management framework. To support implementation, the EBA will develop 12 regulatory products—comprising technical standards and guidelines—to be delivered in three batches over the next three years. These deliverables will improve how depositors are informed about their rights and protection; ensure faster repayment in both domestic and cross-border bank failures; strengthen cooperation between national deposit guarantee schemes and relevant authorities; and enhance stress-testing frameworks to ensure preparedness for crisis situations.
3280925 pc Jun 30, 2026 kgurnani New Zealand Financial Markets Authority financial services
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New Zealand Financial Markets Authority Sets Out Regulatory Priorities for 2026/27

On June 30, 2026, the Financial Markets Authority (FMA) released its second annual Financial Conduct Report (FCR), outlining progress made over the past year and its regulatory priorities for 2026/27. The report reflects the FMA's commitment to improving outcomes for consumers, investors, and businesses across New Zealand's financial markets. FMA Chief Executive Samantha Barrass highlighted key achievements over the past year, including improving access to financial advice, supporting innovation through a regulatory sandbox pilot, stepping up response to scams, and taking strong enforcement action against misconduct. The FMA's priorities for 2026/27 focus on four cross-sector themes aimed at addressing key risks and lifting conduct standards: managing conflicts from remuneration structures; product design for new and redesigned products; complaints; and fraud detection and prevention. A significant development is the transfer of responsibility for consumer credit to the FMA from July 1, 2026, bringing it under a single conduct regulator for financial services. This addition strengthens consumer protection and enables more consistent oversight across the financial system. The FMA recognises technology transformation as an increasingly important driver across the sector, particularly the growing role of artificial intelligence (AI) in the financial system. While new technologies present opportunities to improve access and deliver better outcomes, the FMA's focus remains on supporting innovation while maintaining strong consumer protection and confidence in financial markets. The FMA operates in a global environment of significant uncertainty and heightened risk, reinforcing the importance of a robust, well-functioning financial system that supports New Zealanders and remains resilient. The full Financial Conduct Report 2026/27 is available on the FMA website, providing transparency on key risks and opportunities the regulator intends to address, enabling industry to understand FMA priorities and expectations.

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New Zealand Financial Markets Authority Sets Out Regulatory Priorities for FY2026-27

On June 30, 2026, the Financial Markets Authority (FMA) released its second annual Financial Conduct Report (FCR), outlining progress made over the past year and its regulatory priorities for financial year 2026-27. The key broad-based priorities are: Regulatory burden and innovation: The FMA will look to reduce unnecessary compliance burden, support innovation through its regulatory sandbox, and progress work toward a single conduct licence. Emerging risks: The FMA will focus on private markets, virtual assets/tokenisation, and industry readiness for operational resilience. It notes that digitalisation and reliance on critical technology systems increase risks from outages, legacy systems and poor controls. Complaints and remediation: Firms are expected to make it easier for consumers to complain, explain dispute-resolution options, identify root causes of harm and remediate customers quickly. Scams and fraud: The FMA will continue work with banks, technology firms and other agencies to disrupt investment scams, improve information sharing and remove scam content. Client assets: The FMA will continue engaging with MBIE on reforms to strengthen protections for assets held in custody, citing weaknesses in New Zealand’s custody regime and lessons from past fraud cases. The FMA also laid out several sector-specific priorities: Banks and non-bank deposit takers: The FMA will focus on whether products and services remain suitable for customers, whether firms self-report material fair-treatment issues, and whether firms invest in technology and controls to address root causes of harm. It also plans to publish data on savings and lending product interest-rate changes to improve transparency. Financial advice providers: Priorities include vulnerable customers, mortgage and insurance-related misconduct, fees/commissions/incentives disclosure, custody of client money or property, and access to advice, including the potential role of AI and digital advice. Consumer credit: The FMA takes on consumer credit regulation from 1 July 2026. Reported focus areas include lender monitoring, motor vehicle finance, mortgage fraud, commission conflicts, affordability and suitability assessments, and add-on products. Capital markets and investment management: The FMA will focus on misleading wholesale-offer disclosures, ethical investment claims, insider conduct, continuous disclosure, fees and commissions, custody arrangements, liquidity risk management and related-party transaction controls.
3280040 pc Jun 30, 2026 adavies European Union European Central Bank financial services
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European Central Bank Imposes €3.255 Million Penalty on Banque Internationale à Luxembourg for Internal Models Breach

On June 29, 2026, the European Central Bank (ECB) imposed an administrative penalty of €3,255,000 on Banque Internationale à Luxembourg (BIL) for intentionally failing to apply its ECB-approved internal models when calculating expected loss for retail and corporate exposures in default. The breach resulted in BIL overstating its capital position for three consecutive quarters, from the fourth quarter of 2023 to the second quarter of 2024. Expected loss calculations derived from internal models are critical to determining the internal ratings-based shortfall—the difference between the model-calculated expected loss and the bank's provisions. When this shortfall exceeds provisions, it must be deducted from capital to ensure the bank's capital position accurately reflects its risk exposure. By failing to apply approved models, BIL could not accurately determine this shortfall and consequently reported higher capital ratios than warranted. Capital ratios are key indicators of a bank's capital strength and ability to absorb losses. The ECB classified this breach as "severe" under its penalty framework, which comprises five severity categories: minor, moderately severe, severe, very severe, and extremely severe. The ECB determined the penalty amount using its Guide to the Method of Setting Administrative Pecuniary Penalties. BIL may challenge the ECB's decision before the Court of Justice of the European Union (CJEU) under Article 263 of the Treaty on the Functioning of the European Union. The ECB's sanctioning authority derives from Article 18 of Council Regulation (EU) No 1024/2013, which confers specific prudential supervision tasks on the ECB concerning credit institutions.

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European Central Bank Imposes €3.255 Million Fine on Banque Internationale à Luxembourg for Internal Models Breach

On June 29, 2026, the European Central Bank (ECB) imposed an administrative penalty of €3.255m on Banque Internationale à Luxembourg (BIL) for intentionally failing to apply its ECB-approved internal models when calculating expected loss for retail and corporate exposures in default. The breach resulted in BIL overstating its capital position for three consecutive quarters, from the fourth quarter of 2023 to the second quarter of 2024. Expected loss calculations derived from internal models are critical to determining the internal ratings-based shortfall—the difference between the model-calculated expected loss and the bank's provisions. When this shortfall exceeds provisions, it must be deducted from capital to ensure the bank's capital position accurately reflects its risk exposure.By failing to apply approved models, BIL could not accurately determine this shortfall and consequently reported higher capital ratios than warranted. The ECB classified this breach as "severe" under its penalty framework.
3280922 pc Jun 30, 2026 rghosh Japan Japan Virtual Currency Exchange Dealers Association financial services
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Japan Virtual Currency Exchange Dealers Association Concludes Public Comment Period on Bylaws and Rules Amendments

On June 30, 2026, the Japan Virtual Currency Exchange Dealers Association (JVCEA) published the results of its public comment procedure on the establishment and amendment of bylaws and rules. The JVCEA conducted the consultation between May 26, 2026 and June 11, 2026, during which it received 16 comments from three companies. The JVCEA has reviewed all submissions and made minor revisions to certain provisions based on the feedback received. The association's responses to the comments, along with summaries of each submission, are available on the JVCEA's public comment page. The JVCEA's position on the comments, particularly regarding public comment number 021, provides additional detail on how the association addressed stakeholder concerns and the rationale for any modifications made to the proposed amendments. The amended bylaws and rules were formally adopted on June 15, 2026, with minor revisions incorporated following the consultation period. The amendments will take effect on June 30, 2026, following the JVCEA's ordinary general meeting of members scheduled for that date. The JVCEA encourages stakeholders to review the detailed public comment responses and the association's position statement for a comprehensive understanding of the amendments and the consultation outcomes.

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Japan Virtual Currency Exchange Dealers Association Publishes Consultation Response on Constitutional and Regulatory Amendments

Japan: Japan Cryptocurrency Exchange Association Publishes Public Comment Results on Articles of Incorporation and Self-Regulatory Rules On June 30, 2026, the Japan Cryptocurrency Exchange Association (JVCEA) published the results of its consultation on the enactment and amendment of its Articles of Incorporation and self-regulatory rules and guidelines. The consultation ran from May 26, 2026 to June 11, 2026, and the Association received a total of 16 comments from three companies. The relevant rules and guidelines were established or partially amended on June 15, 2026, and take effect following the Association's regular general meeting of shareholders on June 30, 2026. Key points raised by commentators and the Association's responses include: Advance collection of funds for electronic payment instruments: A request to clarify whether funds deposited "by the time the order is executed" can be treated as advance collection, consistent with current exchange practice, rather than requiring receipt strictly "at the time of execution," along with a request for a six-to-twelve-month system transition period. The Association noted this falls outside the scope of the current amendment and will be considered for future amendments. Purchase measures for foreign electronic payment instruments exceeding 1 million yen: A request for clearer, standardised criteria for triggering mandatory purchase measures where a user's holdings of foreign electronic payment instruments exceed 1 million yen, to reduce inconsistency across member firms. The Association deferred this to future amendments. Voluntary reporting under the Code of Ethics: A request to clarify the scope of "matters subject to voluntary reporting," given the subjectivity of the current standard. The Association deferred this to future deliberations. Reporting deadline for serious issues by intermediaries: A request to replace the current two-week reporting deadline with a two-stage process, allowing a preliminary report within two weeks followed by a more detailed report. The Association declined to amend the draft, noting that the necessary level of detail and any additional reporting should be assessed case-by-case, consistent with reporting obligations under Article 64 of the relevant Cabinet Office Ordinance. Scope of solicitation-related prohibitions in crypto-asset brokerage rules: The Association confirmed that whether an activity constitutes "solicitation" must be assessed case-by-case based on its substance, and added clarifying wording to Article 9, Paragraph 4, Item 6 of the Rules and Guidelines Concerning Crypto-Asset Brokerage Activities to confirm that the provision does not apply where, based on a business member's business model, the activity is not assessed as solicitation. Outsourcing of brokerage business: The Association confirmed that partial outsourcing of crypto-asset brokerage operations is permitted under the Payment Services Act, provided it does not contravene the prohibition on lending one's name, and that outsourcing the preparation and retention of books and records to an affiliated exchange operator is permissible provided the intermediary retains access at any time and ensures the accuracy, completeness, and appropriate management of those records. Scope of outsourcing rules: The Association confirmed that the Rules and Guidelines Concerning the Outsourcing of Crypto-Asset Brokerage Activities apply only to activities constituting crypto-asset brokerage business, and do not extend to activities such as customer introduction that do not result in a brokerage transaction. Advertising oversight for outsourced intermediary functions: The Association confirmed that affiliated crypto-asset exchange operators must review advertising content placed by intermediaries in advance, including content placed by third parties to whom the intermediary has outsourced advertising functions, and that intermediaries remain responsible for ensuring third-party contractors can respond to Association requests. Cover transactions and inter-company transfer limits: A request to exempt cover transactions between exchange operators and transactions with liquidity providers from the 1 million yen transfer limit, subject to appropriate risk management systems. The Association deferred this to future amendments. Disclosure of hedging counterparties in OTC transactions: A request to clarify whether disclosure of major hedging counterparties under Article 22 requires specific company names or a general overview of counterparty numbers, regions, and business types, given potential conflicts with NDA clauses in liquidity provider agreements. The Association deferred this to future amendments. Calculation of maintenance limits: A request for specific guidance on calculating the new "maintenance limit" concept, including valuation methodology and treatment of derivative positions such as CFDs. The Association deferred this to future amendments, to be addressed in separate guidance. Several minor drafting corrections were also accepted, including formatting errors in the Articles of Incorporation and clarifying wording in the Rules and Guidelines Concerning Crypto-Asset Intermediary Activities.
3280923 pc Jun 30, 2026 rghosh Japan Japan Virtual Currency Exchange Dealers Association financial services
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Japan Virtual Currency Exchange Dealers Association Completes Public Consultation on New Crypto-Asset Sales Rules

On June 30, 2026, the Japan Virtual Currency Exchange Dealers Association (JVCEA) announced the results of its public consultation on proposed amendments to rules governing the sale of new crypto-assets. The JVCEA published draft amendments to its "Rules on the Sale of New Crypto-Assets" and related guidelines from May 29, 2026 to June 17, 2026, inviting public comment. The consultation period closed on June 17, 2026. The JVCEA received no comments from the general public during the consultation window. However, the association received feedback from member institutions, which it has shared separately with all affected members alongside the JVCEA's responses to their submissions. The proposed amendments establish new regulatory standards for how member exchanges handle the introduction and sale of newly listed crypto-assets. This development reflects the JVCEA's ongoing efforts to maintain consistent standards across its membership and ensure appropriate market conduct in the crypto-asset trading sector in Japan. The JVCEA did not indicate a specific date for finalising or implementing the amended rules. Member institutions should monitor the JVCEA's official communications for announcements regarding the adoption and effective date of the final amended rules. REFERENCES: Japan Virtual Currency Exchange Dealers Association. "Results of Public Comment Procedure Regarding Partial Amendments to 'Rules on the Sale of New Crypto-Assets' and Other Matters." June 30, 2026. https://www.jvcea.or.jp/

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Japan Virtual Currency Exchange Dealers Association Publishes Consultation Response on New Crypto-Asset Sales Rules

On June 30, 2026, the Japan Virtual Currency Exchange Dealers Association (JVCEA) announced the results of its public consultation on proposed amendments to rules governing the sale of new crypto-assets. The JVCEA published draft amendments to its " Rules on the Sale of New Crypto-Assets " and related guidelines from May 29, 2026 to June 17, 2026, inviting public comment. The consultation period closed on June 17, 2026. The JVCEA received no comments from the general public during the consultation window. However, the association received feedback from member institutions, which it has shared separately with all affected members alongside the JVCEA's responses to their submissions. The proposed amendments establish new regulatory standards for how member exchanges handle the introduction and sale of newly listed crypto-assets. The JVCEA did not indicate a specific date for finalising or implementing the amended rules. Member institutions should monitor the JVCEA's official communications for announcements regarding the adoption and effective date of the final amended rules.
3280480 pc Jun 30, 2026 rghosh Israel Ministry of Finance - News horizon scanning
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Israel's Ministry of Finance and Capital Markets Authority Publish Stablecoin Regulation Bill for Public Comment

On June 29, 2026, Israel's Ministry of Finance and Capital Markets, Insurance and Savings Authority (CMISA) released a bill memorandum for public consultation establishing a regulatory framework for stablecoin issuance in Israel. The memorandum was developed over approximately one year through a comprehensive professional process led by CMISA with support from the Chief Economist's Office at the Ministry of Finance. The bill represents the first dedicated licensing and supervisory framework for stablecoin issuers in Israel, implementing Government Decision 204 on advancing digital asset regulation. The framework incorporates international standards from the U.S. Genius Act and the European Union's Markets in Crypto-Assets Regulation (MICA), adapted to Israel's regulatory environment. Stablecoins are digital assets whose value is pegged to an underlying asset such as the shekel or dollar. Globally, over 200 stablecoins operate with an estimated value exceeding $300 billion, supporting monthly transaction volumes of approximately $2 trillion and annual growth rates exceeding 40 percent. The development process included extensive consultation with relevant stakeholders, including the Bank of Israel and financial sector professionals. Finance Minister Bezalel Smotrich said the bill demonstrates Israel's commitment to fostering a modern regulatory environment enabling innovation and growth while maintaining financial stability and consumer protection. CMISA Supervisor Amit Gal noted that stablecoins represent a significant growth driver in digital finance and the framework will create regulatory certainty supporting market development in Israel. Beyond the public comment period, CMISA will conduct roundtable discussions and professional forums with financial institutions, technology companies, fintech entities, academics, and government bodies to thoroughly examine the bill's provisions and ensure the final regulation is professional, balanced, and aligned with technological and business developments. REFERENCES: Ministry of Finance – News: https://www.gov.il/he/departments/news/stablecoin_bill_2026

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Israel's Ministry of Finance and Capital Markets Authority Publish Draft Stablecoin Regulation Bill

On June 29, 2026, Israel's Ministry of Finance and Capital Markets, Insurance and Savings Authority (CMISA) released a bill memorandum for public consultation establishing a regulatory framework for stablecoin issuance in Israel. The bill represents the first dedicated licensing and supervisory framework for stablecoin issuers in Israel. The framework incorporates international standards from the U.S. Genius Act and the European Union's Markets in Crypto-Assets Regulation (MICA) , adapted to Israel's regulatory environment. The bill is built around four core principles: Licensing obligation and comprehensive supervision. Issuance of stable digital currencies is prohibited without a designated licence. Licensing, supervision, and regulatory authority is assigned to the Commissioner of the Capital Market, Insurance and Savings, acting as Supervisor of Currency Issuance. Applicants must meet honesty and integrity standards, demonstrate financial stability, and maintain appropriate technological and cyber infrastructure. Foreign issuers operating outside Israel may also be licensed, provided they are supervised in their country of origin and that jurisdiction's law provides adequate customer protection. Reserve backing and asset segregation. Issuers must maintain full and constant backing of issued coins by reserve assets at a ratio of no less than 100%. Reserve assets must be invested in low-risk, highly liquid instruments such as cash or short-term government bonds to enable rapid redemption during periods of stress. Reserve assets must be held in a legal structure fully segregated from the issuer's own assets, so that in the event of insolvency they are reserved exclusively for currency holders and protected from claims by other creditors. Redemption rights, transparency, and disclosure. Currency holders have a fundamental right to redeem their holdings at the value of the reference asset, promptly and on fixed terms, with no redemption fee permitted. Issuers must publish a disclosure document in Hebrew at least 30 days before issuance, setting out the currency's characteristics, its linkage and redemption mechanism, and associated technological, operational, and legal risks. Corporate governance. Issuers must maintain a board of directors of at least three members, a general manager, an auditor, and an independent compliance officer responsible for oversight of currency issuance activity. Comments on the proposed bill should be submitted by July 20, 2026.
3280321 pc Jun 30, 2026 csoo Italy Chamber of Deputies horizon scanning
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Italian Parliament Introduces Draft Legislative Decree Amending the Consolidated Law on Finance

On June 26, 2026, the Italian parliament introduced draft Legislative Decree amending the Consolidated Law on Finance (TUF) to bring it into line with Regulation (EU) 2024/3005 on Environmental, Social and Governance (ESG) ratings and introducing amendments to Legislative Decree 47/2026 on capital markets reform. The draft legislative decree introduces the following amendments: The ESG rating is a summary indicator that measures the level of sustainability and ethical responsibility of a company or a financial fund. ESG ratings provide an assessment of the sustainability profile of a company or a financial instrument, evaluating its impact on society and the environment and its exposure to risks associated with sustainability issues. Regulation (EU) No 2024/3005 aims to strengthen the reliability and comparability of ESG ratings by improving the transparency and integrity of the activities carried out by ESG rating providers and by preventing potential conflicts of interest. In particular, the amendments create the following obligations: ESG rating providers established in the Union will be required to be authorised by the European Securities and Markets Authority (ESMA), be subject to its supervision and comply with transparency obligations, particularly regarding the methodology used and the sources of information. ESG rating providers established outside the Union who wish to operate within the Union will have to have their ESG ratings endorsed by an authorised ESG rating provider in the EU, obtain recognition based on a quantitative criterion, or be included in the EU register of ESG rating providers on the basis of an equivalence decision. The amendments designate Consob as the competent authority to exercise the functions and powers provided for in Regulation (EU) No 2024/3005, concerning the transparency and integrity of ESG rating activities). ESG rating providers established in the Union will be required to be authorised by the European Securities and Markets Authority (ESMA), be subject to its supervision and comply with transparency obligations, particularly regarding the methodology used and the sources of information. ESG rating providers established outside the Union who wish to operate within the Union will have to have their ESG ratings endorsed by an authorised ESG rating provider in the EU, obtain recognition based on a quantitative criterion, or be included in the EU register of ESG rating providers on the basis of an equivalence decision. The amendments designate Consob as the competent authority to exercise the functions and powers provided for in Regulation (EU) No 2024/3005, concerning the transparency and integrity of ESG rating activities). The other amendments to the TUF provided for in Article 1 of the draft consist of corrections to internal cross references and coordination amendments made necessary by the changes introduced by Legislative Decree No. 47 of 2026, implementing the delegated powers for the comprehensive reform of the provisions governing capital markets. Article 2 amends Legislative Decree No 47 of 2026 in order to correct mere typographical errors and references to legislation. Article 3 corrects certain typographical errors contained in the provisions of the Civil Code, as amended by Legislative Decree No. 47 of 2026. Article 4 contains the financial invariance clause, stipulating that the administrations concerned shall implement this decree using the human, operational and financial resources available under current legislation and, in any event, without imposing any new or additional burdens on the public finances. Article 5 governs the entry into force of the Legislative Decree, on the day following its publication in the Official Gazette.
3280705 pc Jun 30, 2026 adavies European Union Press Releases and Publications - Authority for Anti-Money Laundering and Countering the Financing of Terrorism financial services
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European Union Anti-Money Laundering Authority Publishes Advisory Note on Money Laundering Risks

On June 29, 2026, the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) published an advisory note addressing money laundering and terrorist financing risks associated with the end of the Markets in Crypto-Assets Regulation (MiCAR) transitional period on July 1, 2026. The advisory note examines the compliance landscape as crypto-asset service providers transition from the transitional arrangements under MiCAR to full regulatory requirements. MiCAR, which entered into force in December 2023, established a comprehensive regulatory framework for crypto-assets and related service providers across the European Union. The transitional period, which permitted certain activities to continue under less stringent conditions, concludes on July 1, 2026, requiring all market participants to achieve full compliance with MiCAR's substantive provisions. AMLA's advisory note identifies key money laundering and terrorist financing vulnerabilities that may emerge during this transition, including potential gaps in compliance as service providers implement new operational and governance structures. The note provides guidance to competent authorities and market participants on managing these risks effectively during the transition period. The advisory note is intended to support member states' financial intelligence units and supervisory authorities in monitoring compliance and detecting suspicious activities. It also serves to alert crypto-asset service providers to their enhanced obligations under the full MiCAR regime, which include strengthened customer due diligence, transaction monitoring, and reporting requirements. Market participants should review the advisory note to ensure their compliance frameworks align with MiCAR's full requirements ahead of the July 1, 2026 deadline.

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Europe's Anti-Money Laundering Authority Publishes Advisory Note on Money Laundering Risks

On June 29, 2026, Europe’s Anti-Money Laundering Authority (AMLA) published an advisory note addressing money laundering and terrorist financing risks associated with the end of Regulation (EU) 2023/1114 (Markets in Crypto-Assets Regulation – MiCA) transitional period on July 1, 2026. The advisory note examines the compliance landscape as crypto-asset service providers transition from the transitional arrangements under MiCR to full regulatory requirements. MiCA, which entered into force in December 2023, established a comprehensive regulatory framework for crypto-assets and related service providers across the European Union. The transitional period, which permitted certain activities to continue under less stringent conditions, concludes on July 1, 2026, requiring all market participants to achieve full compliance with MiCA’s substantive provisions. AMLA's advisory note identifies key money laundering and terrorist financing vulnerabilities that may emerge during this transition, including potential gaps in compliance as service providers implement new operational and governance structures. The note provides guidance to competent authorities and market participants on managing these risks effectively during the transition period.
3278730 gc Jun 30, 2026 apintea Ukraine Official Gazette - Latest Arrivals gamblingcompliance
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Ukraine's Cabinet of Ministers Establishes Restrictions on Military Personnel Access to Gambling Facilities

On June 17, 2026, Ukraine's Cabinet of Ministers adopted Resolution No. 804, establishing a procedure to restrict military personnel from visiting gambling facilities and participating in gambling activities during the period of martial law in Ukraine, which was declared by Presidential Decree No. 64 on February 24, 2022. The restriction mechanism applies to all military personnel registered in the State Register of Military Personnel. The procedure establishes that military personnel receive the same access restrictions to gambling facilities and participation in gambling activities as civilians already registered in the Register of Persons with Restricted Access to Gambling Facilities and/or Participation in Gambling Activities, as defined under the Law on State Regulation of Gambling Activities. Restrictions are implemented through automated data exchange between the Register of Persons with Restricted Access and the State Register of Military Personnel. The procedure requires verified requests from gambling operators' online systems to the Register, confirmed by qualified electronic signatures. The Register then sends automated queries to the State Register of Military Personnel containing player information including surname, given name, patronymic, and taxpayer identification number. When data matches, gambling operators must deny the individual access to gambling facilities. If information exchange is temporarily unavailable or response times are exceeded, the individual is permitted access. All data processing must comply with Ukraine's data protection and information security legislation. The Cabinet of Ministers directed the State Agency PlayCity and Ministry of Defence to establish electronic information exchange between the registers within six months of publication, with results to be published on the State Agency PlayCity website. The Ministry of Digital Transformation, State Border Guard Administration, and State Agency PlayCity must also address information exchange regarding State Border Guard personnel within the same timeframe. The resolution takes effect upon publication of the verification report confirming successful electronic information exchange between the State Agency PlayCity and Ministry of Defence, except provisions regarding the six-month implementation deadlines, which take effect immediately. REFERENCES: https://zakon.rada.gov.ua/go/804-2026-%D0%BF

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Ukraine's procedure restricting military personnel from gambling published in the official gazette

On June 26, 2026, Ukraine's resolution establishing a procedure to restrict military personnel from visiting gambling facilities and participating in gambling activities during the period of martial law in Ukraine was published in the official gazette. The restriction mechanism applies to all military personnel registered in the State Register of Military Personnel. The procedure establishes that military personnel receive the same access restrictions to gambling facilities and participation in gambling activities as civilians already registered in the Register of Persons with Restricted Access to Gambling Facilities and/or Participation in Gambling Activities. Restrictions are implemented through automated data exchange between the Register of Persons with Restricted Access and the State Register of Military Personnel. The procedure requires verified requests from gambling operators' online systems to the Register, confirmed by qualified electronic signatures. The Register then sends automated queries to the State Register of Military Personnel containing player information including surname, given name, patronymic, and taxpayer identification number. When data matches, gambling operators must deny the individual access to gambling facilities. If information exchange is temporarily unavailable or response times are exceeded, the individual is permitted access. All data processing must comply with Ukraine's data protection and information security legislation. The Cabinet of Ministers directed the State Agency PlayCity and Ministry of Defence to establish electronic information exchange between the registers within six months of publication, with results to be published on the State Agency PlayCity website. The Ministry of Digital Transformation, State Border Guard Administration, and State Agency PlayCity must also address information exchange regarding State Border Guard personnel within the same timeframe. The resolution takes effect upon publication of the verification report confirming successful electronic information exchange between the State Agency PlayCity and Ministry of Defence, except provisions regarding the six-month implementation deadlines, which take effect immediately.
3280129 gc Jun 29, 2026 mschanke Ontario Alcohol and Gaming Commission of Ontario gamblingcompliance
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Ontario's Alcohol and Gaming Commission of Ontario Fines Great Canadian Entertainment for Unauthorized Gaming System Software

On June 29, 2026, the Alcohol and Gaming Commission of Ontario (AGCO) issued monetary penalties totalling $120,000 against Great Canadian Entertainment (GCE) for deploying unauthorized gaming system software across four Ontario casino sites. The AGCO identified 40 instances in which revoked or unapproved bill validator software had been installed between February 20 and March 15, 2025. Bill validators are components within gaming machines that accept and process cash and support anti-money laundering controls. The AGCO's Standards for Gaming require all gaming equipment and software to undergo independent testing and approval before deployment in casinos. Using unapproved software in a live casino environment represents a serious compliance failure that weakens safeguards designed to detect and prevent unlawful conduct, including money laundering, and can undermine public confidence in Ontario's regulated casino sector. Casino operators are responsible for ensuring that changes to gaming systems are properly reviewed, tested and authorized before implementation. Dr. Karin Schnarr, AGCO chief executive officer and Registrar, said the regulator requires casino operators to protect the integrity of their gaming systems by ensuring they are independently tested, approved and operating as intended. GCE has the right to appeal the monetary penalty order within 15 days to the Licence Appeal Tribunal (LAT), an adjudicative body that is part of Tribunals Ontario and operates independently of the AGCO. The AGCO stated it will continue to hold all casino operators accountable for meeting Ontario's high standards of gaming system integrity.

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Ontario regulator fines Great Canadian Entertainment $120,000 for unauthorized gaming system software

On June 29, 2026, the Alcohol and Gaming Commission of Ontario (AGCO) issued monetary penalties totaling C$120,000 against Great Canadian Entertainment for deploying unauthorized gaming system software across four Ontario casino sites. The AGCO identified 40 instances in which revoked or unapproved bill validator software had been installed between February 20 and March 15, 2025. The AGCO's Standards for Gaming require all gaming equipment and software to undergo independent testing and approval before deployment in casinos. Casino operators are responsible for ensuring that changes to gaming systems are properly reviewed, tested and authorized before implementation. Great Canadian Entertainment has the right to appeal the monetary penalty order within 15 days to the Licence Appeal Tribunal, an adjudicative body that is part of Tribunals Ontario and operates independently of the AGCO.
3279523 pc Jun 29, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning
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United States Office of Foreign Assets Control Removes Russia-Related Designations from Sanctions List

On June 29, 2026, the Office of Foreign Assets Control (OFAC) removed seven entities and individuals from its Specially Designated Nationals (SDN) List in connection with Russia-related sanctions under Executive Order 14024. The removals included five Turkish companies and two Turkish individuals. The companies removed were Megasan Elektronik Ticaret ve Sanayi Anonim Sirketi, based in Istanbul; SSGCTM CNC Takim Tezgahlari Makine Sanayi ve Ticaret Limited Sirketi, located in Konya; Minyon Kesici Takimlar Makine Sanayi ve Ticaret Limited Sirketi, also in Konya; Hidropark Hidrolik Pnomatik San ve Tic Ltd Sti, based in Istanbul; and AYTT CNC Takim Tezgahlari Makine Sanayi ve Ticaret Limited Sirketi (also known as AYTT CNC Machine Tools San Trade Ltd Sti), located in Konya. The individuals removed were Recep Cetin Aydin and Gurhan Aydin, both from Konya. All entities and individuals were designated under Section 11 of Executive Order 14024, which addresses secondary sanctions risks related to Russia. The removals affect entities and individuals previously subject to sanctions restrictions, meaning U.S. persons and entities may now engage in transactions with these designees, subject to other applicable laws and regulations. OFAC maintains the SDN List as a primary sanctions enforcement tool, and updates to the list are published regularly on OFAC's website. Entities and individuals should verify current designations before conducting transactions to ensure compliance with applicable sanctions regulations.

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US Office of Foreign Assets Control Removes Russia-Related Designations

On June 29, 2026, the US Office of Foreign Assets Control (OFAC) removed seven individuals and entities from its Specially Designated Nationals (SDN) list in connection with Russia-related sanctions under Executive Order 14024 . Specifically, the removals included two Turkish persons and five Turkish companies, all originally designated under Section 11 of Executive Order 14024, which addresses secondary sanctions risks related to Russia. The removals mean US individuals and entities may now engage in transactions with these former designees, subject to other applicable laws and regulations.
3275724 pc Jun 29, 2026 csoo Ireland Statutory Instruments - Irish Statute Book financial services
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Ireland's Central Bank Amends Minimum Competency Regulations to Include Crypto-Assets Services

On June 25, 2026, Ireland's Central Bank of Ireland published the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Minimum Competency) (Amendment) Regulations 2026 (S.I. No. 295/2026). The regulations amend the existing Minimum Competency Regulations 2017 to extend competency requirements to persons providing services related to crypto-assets under the Markets in Crypto Assets Regulation (MiCA). The amendments introduce new definitions and requirements specific to MiCA Services, defined as giving information on crypto-assets or crypto-asset services or providing advice on crypto-assets or crypto-asset services. Key changes include: introducing definitions for "appropriate experience" and "appropriate qualification" in relation to MiCA Services, with qualifications assessed against the European Securities and Markets Authority (ESMA) MiCA Guidelines; amending the definition of "consumer" to clarify coverage of natural persons, groups of natural persons, and incorporated bodies below specified turnover thresholds; and updating the definition of "qualified person" to encompass persons providing MiCA Services who hold appropriate qualifications and experience as set out in the ESMA MiCA Guidelines. The regulations also modify requirements for regulated firms regarding new entrants providing MiCA Services, requiring firms to establish plans for obtaining appropriate qualifications and experience, with documentation checks by qualified supervisors until competency standards are met. Additionally, firms must conduct annual internal reviews of employee qualifications and development needs, and where firms provide MiCA Services, must review the effectiveness of policies and procedures established to comply with MiCA Articles 68(5) and 81(7) and the ESMA MiCA Guidelines. The regulations come into operation on July 28, 2026.

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Ireland's Central Bank Amends Minimum Competency Regulations to Include Crypto-Assets Services

On June 26, 2026, Ireland's Central Bank of Ireland published the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Minimum Competency) (Amendment) Regulations 2026 (S.I. No. 295/2026). The regulations amend the existing Minimum Competency Regulations 2017 to extend competency requirements to persons providing services related to crypto-assets under the Markets in Crypto Assets Regulation (MiCA) . The amendments introduce: New definitions and requirements specific to MiCA Services, defined as giving information on crypto-assets or crypto-asset services or providing advice on crypto-assets or crypto-asset services. Key changes include: introducing definitions for "appropriate experience" and "appropriate qualification" in relation to MiCA Services, with qualifications assessed against the European Securities and Markets Authority (ESMA) MiCA Guidelines ; amending the definition of "consumer" to clarify coverage of natural persons, groups of natural persons, and incorporated bodies below specified turnover thresholds; and updating the definition of "qualified person" to encompass persons providing MiCA Services who hold appropriate qualifications and experience as set out in the ESMA MiCA Guidelines. Modify requirements for regulated firms regarding new entrants providing MiCA Services, requiring firms to establish plans for obtaining appropriate qualifications and experience, with documentation checks by qualified supervisors until competency standards are met. Additionally, firms must conduct annual internal reviews of employee qualifications and development needs, and where firms provide MiCA Services, must review the effectiveness of policies and procedures established to comply with MiCA Articles 68(5) and 81(7) and the ESMA MiCA Guidelines. The regulations come into operation on July 28, 2026.
3279478 pc Jun 29, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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Financial Conduct Authority Consults on Consumer Duty Scope and Proportionality Changes

On June 29, 2026, the Financial Conduct Authority (FCA) opened a consultation on targeted changes to the scope and proportionality of the Consumer Duty. The consultation proposes amendments to FCA rules and non-Handbook guidance to clarify the Duty's application across different market segments and distribution chains. The FCA is consulting on four key areas: removing business with non-UK customers from the Duty's scope; clarifying where the Duty applies and does not apply; explaining how firms can rely on each other in distribution chains and apply the Duty more proportionately; and clarifying the interaction between the Consumer Duty and other product governance rules. The FCA said these changes aim to give firms greater confidence in the Duty's scope while promoting a proportionate approach based on a firm's role. The proposals are intended to reduce unnecessary cost and complexity while maintaining strong protections for retail customers. The consultation is particularly relevant to regulated firms with roles early in distribution chains, including wholesale sector participants; firms that manufacture retail products or services with other firms; firms operating in complex distribution chains; and those conducting retail business for customers outside the UK. The Consumer Duty, which came into force in 2023, sets high standards of consumer protection across retail financial services using an outcomes-based approach. The FCA said evidence suggests the Duty is being applied more widely and intensively than intended, particularly in wholesale markets and complex distribution chains. The consultation closes on September 18, 2026. Responses can be submitted via the FCA's online response form or sent in writing to the Consumer Duty Policy Team at 12 Endeavour Square, London E20 1JN, or emailed to [email protected]. The FCA expects to publish a policy statement summarising responses and make any new rules in Q1 2027.

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UK's Financial Conduct Authority Consults on Consumer Duty Scope and Proportionality Changes

On June 29, 2026, the Financial Conduct Authority (FCA) published a consultation paper (CP26/23) on targeted changes to the scope and proportionality of the Consumer Duty . These changes are intended to clarify when the Duty applies, and when it doesn’t, to give firms greater confidence in its scope. They also promote a more proportionate approach based on a firm’s role, helping reduce unnecessary cost and complexity while preserving strong protections for retail customers. CP26/23 proposes a targeted package of changes to FCA's rules and non-Handbook guidance to: Remove business with non-UK customers from the Duty's scope. Make it clearer where the Duty applies and where it doesn’t. Clarify when and how firms can rely on each other when they work together in distribution chains, and how they can apply the Duty more proportionately. Explain the interaction between the Duty and other product governance rules. The FCA expects to publish a policy statement summarising responses and make any new rules in Q1 2027. The consultation closes on September 18, 2026. Responses can be submitted via the FCA's online response form or by email to cp26-23@fca.org.uk .
3276917 pc Jun 29, 2026 rghosh Nigeria Feed - The Statehouse, Abuja horizon scanning
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Nigeria's President Signs National Identity Management Commission Act 2026 Into Law

On June 26, 2026, President Bola Ahmed Tinubu signed the National Identity Management Commission (NIMC) Act 2026 into law at the State House in Abuja. The signing ceremony was attended by senior government officials including Senate President Godswill Akpabio, Deputy Speaker of the House of Representatives Benjamin Kalu, Attorney General Prince Lateef Fagbemi, Minister of Interior Dr Olubunmi Tunji-Ojo, and NIMC Director-General Dr Abisoye Coker-Odusote. The new Act modernises Nigeria's identity management framework, which had remained largely unchanged for 19 years. It aims to strengthen national security, improve public service delivery, enhance the integrity of the National Identification Number (NIN) system, and support digital economy development. The legislation establishes a modern legal framework for trusted digital identity and seamless access to government and private-sector services. Minister Tunji-Ojo highlighted that the NIMC database integration has already yielded security benefits, revealing that seven Boko Haram and Islamic State West Africa Province (ISWAP) commanders were arrested at Katsina airport on June 19, 2026, upon returning from pilgrimage, as the NIMC system is now connected with immigration databases and Interpol systems. The Act accelerates harmonisation of identity databases across government agencies, enhances inter-agency collaboration, and strengthens Nigeria's capacity to combat identity theft, terrorism, and financial crimes. Previously, obtaining a Nigerian passport or driving permit operated independently from the NIMC database; the new framework integrates these systems. Senate President Akpabio noted the legislation reflects the National Assembly's commitment to addressing Nigeria's evolving security and developmental needs, while Deputy Speaker Kalu described it as a transformative reform supporting national development through credible identity management. Director-General Coker-Odusote committed NIMC to implementing the Act's provisions in collaboration with government institutions, development partners, and the private sector to deliver a world-class digital identity system. The Act is now in effect following presidential assent.

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Nigeria Enacts National Identity Management Commission Act 2026

On June 26, 2026, Nigeria enacted the National Identity Management Commission Act 2026 (NIMC Act 2026) replacing the NIMC Act of 2007 and establishing a modernised legal framework for Nigeria's national identity management system. The NIMC Act 2026 is intended to modernise identity management, enhance national security, improve public service delivery, and deepen Nigeria's digital economy. Key provisions include: Accelerating the harmonisation of identity databases across government agencies. Enhancing the integrity of the National Identity Number (NIN) system, reinforcing it as the cornerstone of identity verification and authentication nationwide. Improving inter-agency collaboration, including connectivity between the NIMC database, the immigration database, and Interpol on a 24/7 basis. Strengthening Nigeria's capacity to combat identity theft, terrorism, financial crimes, and other security threats. Laying the foundation for trusted identity and seamless access to both government and private-sector services. Establishing a modern legal framework for Nigeria's digital public infrastructure responsive to the current digital landscape.
3276091 pc Jun 29, 2026 arahman Ukraine National Bank of Ukraine (NBU) horizon scanning
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National Bank of Ukraine Consults on Amendments Regarding Financial Secrecy

On June 26, 2026, the National Bank of Ukraine launched a consultation on amendments to regulatory legal acts that regulate the disclosure of banking secrecy, payment service provider secrecy and financial secrecy. The draft provides for updating the procedure for banks to disclose information constituting banking secrecy by bringing the Rules for the Storage, Protection, Use and Disclosure of Banking Secrecy into line with updated legislative requirements, as well as unifying the norms regarding the procedure for the National Bank to obtain confidential information from persons supervised by it. The amendments are proposed to be made to the following regulations~: Rules for the Storage, Protection, Use and Disclosure of the Secrecy of the Payment Service Provider . Financial Service Confidentiality Regulations . Comments and feedback are welcome up until July 6, 2026.
3276312 pc Jun 29, 2026 arahman Sweden Finansinspektionen financial services
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Sweden's Financial Supervisory Authority Updates Annual Anti-Money Laundering Reporting Requirements

On June 26, 2026, Finansinspektionen (FI), Sweden's financial supervisory authority, announced major changes to its annual anti-money laundering (AML) reporting requirements. FI is updating the periodic AML reporting framework with a new set of questions that will replace the current reporting questionnaire. The updated reporting requirements will apply to all obliged entities subject to the Swedish Money Laundering Act and under FI's supervision. This includes banks, insurance companies, payment service providers, and other financial institutions operating in Sweden's financial markets. The changes represent a significant revision to FI's AML compliance monitoring framework, reflecting evolving regulatory expectations and supervisory priorities in combating money laundering and terrorism financing risks. All affected obliged entities must complete the revised annual AML report using the new questions. The changes will enter into force on January 1, 2027, providing entities with a transition period to familiarize themselves with the updated reporting framework and adjust their compliance procedures accordingly. Obliged entities should begin preparing for these changes immediately to ensure timely and accurate submission of reports under the new requirements when the effective date arrives. REFERENCES: Finansinspektionen. "2026 Major changes in periodic AML reporting." Published June 26, 2026. https://www.fi.se/en/

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Sweden's Financial Supervisory Authority Updates Annual Anti-Money Laundering Reporting Requirements

On June 26, 2026, Sweden's financial supervisory authority (FI) announced major changes to its annual anti-money laundering (AML) reporting requirements. FI is updating the periodic AML reporting framework with a new set of questions that will replace the current reporting questionnaire. The updated reporting requirements will apply to all obliged entities subject to the Swedish Money Laundering Act and under FI's supervision. This includes banks, payment service providers, and other financial institutions operating in Sweden's financial markets. The changes represent a significant revision to FI's AML compliance monitoring framework, reflecting evolving regulatory expectations and supervisory priorities in combating money laundering and terrorism financing risks. All affected obliged entities must complete the revised annual AML report using the new questions. The changes will enter into force on January 1, 2027, providing entities with a transition period to familiarise themselves with the updated reporting framework and adjust their compliance procedures accordingly. Obliged entities should begin preparing for these changes immediately to ensure the timely and accurate submission of reports under the new requirements when the effective date arrives.
3276322 pc Jun 29, 2026 arahman Bosnia and Herzegovina Banking By Laws - Banking Agency of Fed financial services
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Bosnia and Herzegovina Banking Agency Issues Decision on Special Support Measures for Bank Clients

On June 26, 2026, the Banking Agency of the Federation of Bosnia and Herzegovina (FBA) issued a decision establishing special measures to support bank clients during periods of external disruption. The decision was published in the Official Gazette of the Federation of Bosnia and Herzegovina (Službene novine Federacije BiH), Issue 47/26. The decision introduces a framework of protective measures designed to safeguard banking customers when external disturbances or disruptions affect normal banking operations. These measures aim to ensure continuity of essential banking services and maintain client access to their accounts and funds during periods of systemic or operational challenges. The FBA's action reflects regulatory commitment to maintaining financial stability and protecting consumer interests within the Federation's banking sector. The decision applies to all licensed banks operating within the Federation of Bosnia and Herzegovina and establishes obligations for these institutions to implement support protocols for their clients. The measures represent an important regulatory development for both banking institutions and their customers, establishing clear expectations for operational resilience during external disruptions. The decision became effective upon publication in the Official Gazette on June 26, 2026. Banks operating in the Federation of Bosnia and Herzegovina should review the decision to ensure compliance with the newly established support requirements for their clients. **Reference:** Official Gazette of the Federation of Bosnia and Herzegovina (Službene novine Federacije BiH), Issue 47/26, June 26, 2026

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Bosnia and Herzegovina Banking Agency Adopts Decision on Special Support Measures for Bank Clients

On June 22, 2026, the Banking Agency of the Federation of Bosnia and Herzegovina (FBA) adopted a decision establishing special measures to support bank clients during periods of external disruption. The decision introduces a framework of protective measures designed to safeguard banking customers when external disturbances or disruptions affect normal banking operations. These measures aim to ensure continuity of essential banking services and maintain client access to their accounts and funds during periods of systemic or operational challenges. A bank may grant clients one or a combination of the following special measures: A moratorium or a deferral of loan repayments with the suspension of interest and additional fees on the loan amount for the duration of the moratorium. The introduction of a grace period for the loan repayment of principal on credit obligations for loans repaid in annuities for a period of up to 12 months. An extension of the final maturity date for loans repaid in annuities. This decision shall enter into force the day after its publication in the official gazette.
3276413 pc Jun 29, 2026 adavies Norway Lovdata horizon scanning
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Norway's Ministry of Finance Amends Financial Undertakings and Financial Groups Regulation

On June 25, 2026, Norway's Ministry of Finance (Finansdepartementet) amended the Regulation on Financial Undertakings and Financial Groups (Finansforetaksforskriften), introducing new provisions governing the financing of assistance provided by the Banks' Guarantee Fund (Bankenes sikringsfond) to the Financial Supervisory Authority of Norway (Finanstilsynet). The amendment adds a new section, § 20-18a, to the regulation, establishing a mechanism to finance assistance costs incurred by the Banks' Guarantee Fund when supporting Finanstilsynet. Under the new provision, two per mille of the total annual contribution to the crisis management fund, as determined under the Financial Undertakings and Financial Groups Act (Finansforetaksloven) § 20-51, must be set aside and placed in a dedicated account before the contribution is transferred to the crisis management fund. These costs may be charged to the account following an agreement between Finanstilsynet and the Banks' Guarantee Fund. If the balance in the dedicated account exceeds Norwegian krone (NOK) 5 million at year-end, the excess amount must be transferred to the crisis management fund. Additionally, if the crisis management fund falls below the minimum requirement specified in Finansforetaksloven § 20-50, the set-aside provision must be suspended until the minimum requirement is met again. The amendment takes effect on July 1, 2026. Financial undertakings and financial groups subject to Norwegian financial supervision will need to ensure compliance with the new financing arrangements for assistance provided to Finanstilsynet.

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Norwegian Government Amends Financial Undertakings and Financial Groups Regulation

On June 26, 2026, the Norwegian government published a Regulation amending the Regulations on Financial Undertakings and Financial Groups . The Regulations introduce new provisions governing the financing of assistance provided by the Banks' Guarantee Fund to the Financial Supervisory Authority of Norway (FSA). The amendment adds a new section, §20-18a to the regulation, establishing a mechanism to finance assistance costs incurred by the Banks' Guarantee Fund when supporting the FSA. The amendment takes effect on July 1, 2026.
3274953 pc Jun 26, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning
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United States Office of Foreign Assets Control Designates Individuals and Entities Linked to Sudan's Civil War

On June 26, 2026, the United States Office of Foreign Assets Control (OFAC) added five individuals and four entities to its Specially Designated Nationals (SDN) List in response to networks fueling Sudan's civil war and exacerbating the humanitarian crisis. The designated individuals include Alok Choudhari, based in Raipur, Chhattisgarh, India, linked to SBL Energy Limited; Jack Peter Derman Guzman and Fredy Alejandro Lopez Ocampo, both Panama-based and connected to Talent Bridge, S.A.; Tariq Hussain Muhammad Madani from Sudan, associated with Target Multiactivities Company Ltd; and Enrique Daniel Palacios Quintanilla from Panama City, also linked to Talent Bridge, S.A. The designated entities comprise Ports Engineering Company Ltd, a state-owned enterprise based in Port Sudan established in 1998 and engaged in civil engineering construction; SBL Energy Limited, an India-registered company established in 2002 and linked to Target Multiactivities Company Ltd; Target Multiactivities Company Ltd, a Khartoum-based entity established in 2009 engaged in chemicals and allied products wholesale; and Sudan Master Technology. All designations fall under Executive Order 14098 (SUDAN-EO14098), which authorizes sanctions targeting those responsible for or complicit in actions threatening Sudan's peace, security, or stability. OFAC's SDN List designations prohibit U.S. persons from engaging in transactions with listed individuals and entities, and any assets held within U.S. jurisdiction are frozen. The designations target networks supplying resources to parties involved in Sudan's ongoing conflict. Individuals and entities seeking removal from the SDN List may submit petitions to OFAC demonstrating that their designation was made in error or that circumstances have changed materially.

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US Office of Foreign Assets Control Sanctions Network Involved in Sudanese Civil War

On June 26, 2026, the US Office of Foreign Assets Control (OFAC) imposed sanctions on a network of eight individuals and entities linked to procurement and recruitment operations fueling the civil war in Sudan. According to OFAC , the targeted network has actively facilitated military procurement for the Sudanese Armed Forces (SAF) and foreign mercenary recruitment for the paramilitary Rapid Support Forces (RSF). The new sanctions designations block all US-based property of these targets and generally prohibit US individuals and entities from engaging in transactions with them, unless expressly authorized by OFAC.
3271767 pc Jun 26, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning
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United States Treasury Office of Foreign Assets Control Issues Venezuela-Related General License for Earthquake Relief

On June 25, 2026, the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) issued Venezuela-related General License 60, "Authorizing Transactions Related to Earthquake Relief Efforts in Venezuela." General License 60 authorizes specific transactions related to earthquake relief activities in Venezuela. The license permits entities and individuals to engage in otherwise prohibited transactions with Venezuela to support humanitarian relief efforts following the earthquake. This authorization allows for the provision of goods, services, and financial transactions necessary to deliver emergency assistance, medical supplies, and humanitarian aid to affected populations in Venezuela. The issuance of this general license reflects OFAC's approach to balancing sanctions compliance with humanitarian imperatives. General licenses issued by OFAC provide blanket authorization for categories of transactions that would otherwise violate sanctions regulations, eliminating the need for individual license applications for qualifying activities. This mechanism enables organizations engaged in legitimate humanitarian work to operate without seeking case-by-case approval from OFAC. Entities seeking to conduct transactions under General License 60 must ensure their activities fall within the scope of authorized earthquake relief efforts and comply with all other applicable sanctions regulations and export control laws. Organizations should review the full text of the license to understand specific eligibility criteria, transaction limitations, and reporting requirements. The license is effective immediately upon issuance and remains in effect unless subsequently revoked or modified by OFAC. Entities conducting transactions under this authorization should maintain detailed records of all activities for potential compliance verification.

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

On June 25, 2026, the US Office of Foreign Assets Control (OFAC) issued Venezuela-related General License No. 60 , which authorizes specific transactions related to earthquake relief activities in Venezuela. The general license permits individuals and entities to engage in otherwise prohibited transactions with Venezuela to support humanitarian relief efforts following an earthquake in the country. This authorization allows for the provision of goods, services and financial transactions necessary to deliver emergency assistance, medical supplies and humanitarian aid to affected populations in Venezuela. Individuals and entities seeking to conduct transactions under the general license must ensure their activities fall within the scope of authorized earthquake relief efforts, and comply with all other applicable sanctions regulations. The general license is effective immediately and remains in effect unless subsequently revoked or modified by OFAC.
3273045 pc Jun 26, 2026 pdonofrio US Track 3 Federal Deposit Insurance Corporation financial services
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Federal Deposit Insurance Corporation Proposes Raising Asset Threshold for Deposit Insurance Assessments

On June 25, 2026, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a notice of proposed rulemaking to adjust deposit insurance assessment thresholds, rate schedules, and related provisions affecting insured depository institutions (IDIs). The FDIC proposes raising the asset threshold used to define small and large institutions from $10 billion to $30 billion, effective upon finalisation of the rule. The proposal includes a pre-determined indexing methodology to adjust this threshold every four years. Concurrently, the FDIC would decrease initial base deposit insurance assessment rate schedules by 2 basis points for small institutions and by 1 basis point for large and highly complex institutions, while the reserve ratio remains below 2 percent. The proposal introduces a downward resolution readiness adjustment (RRA) of up to 1 basis point to assessment rates for large and highly complex institutions. This adjustment recognises expected reductions in losses to the Deposit Insurance Fund (DIF) in the event of a bank failure. Institutions may receive 0.5 basis points for successfully populating a virtual data room (VDR) with information usable for marketing the bank in failure scenarios, and an additional 0.5 basis points for providing the FDIC access to service providers and internal systems to obtain data needed for marketing or receivership management. The proposal also removes obsolete provisions from existing regulations. The FDIC has prepared assessment rate calculators available on its website to help institutions estimate their assessment rates under the proposed changes. The comment period extends for 60 days following publication in the Federal Register. All FDIC-insured financial institutions are subject to these proposed changes.

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US Federal Deposit Insurance Corporation Proposes Raising Asset Threshold for Deposit Insurance Assessments

On June 25, 2026, the US Federal Deposit Insurance Corporation (FDIC) issued a proposed rule to adjust deposit insurance assessment thresholds, rate schedules and related provisions affecting insured depository institutions (IDIs). The FDIC proposes raising the asset threshold used to define small and large institutions from US$10bn to US$30bn, effective upon finalization of the rule. The proposed rule includes a pre-determined indexing methodology to adjust this threshold every four years. Concurrently, the FDIC would decrease initial base deposit insurance assessment rate schedules by two basis points for small institutions and by one basis point for large and highly complex institutions, while the reserve ratio remains below two percent. The proposed rule also introduces a downward resolution readiness adjustment (RRA) of up to one basis point to assessment rates for large and highly complex institutions. This adjustment recognises expected reductions in losses to the Deposit Insurance Fund (DIF) in the event of a bank failure. Institutions may receive 0.5 basis points for successfully populating a virtual data room (VDR) with information usable for marketing the bank in failure scenarios, and an additional 0.5 basis points for providing the FDIC access to service providers and internal systems to obtain data needed for marketing or receivership management. Additionally, the proposed rule moves obsolete provisions from existing regulations. The FDIC has prepared assessment rate calculators available on its website to help institutions estimate their assessment rates under the proposed changes. Interested parties may submit comments on the proposed rule until August 24, 2026 at this link .
3273046 pc Jun 26, 2026 pdonofrio US Track 3 Federal Deposit Insurance Corporation financial services
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Federal Deposit Insurance Corporation Proposes Amendments to Resolution Submission Requirements for Large Insured Depository Institutions

On June 25, 2026, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a notice of proposed rulemaking that would revise resolution submission requirements for insured depository institutions (IDIs) with $50 billion or more in total assets under the IDI Rule. The proposal significantly streamlines filing requirements by focusing on information that directly supports the FDIC's readiness to resolve institutions cost-effectively. Key changes include raising the dollar threshold from $50 billion to $100 billion, with automatic future adjustments through indexing methodology. The FDIC would move all covered IDIs to a three-year filing cycle, replacing interim supplements with notices of extraordinary events for material changes. The proposal eliminates more than half of existing content requirements, including hypothetical resolution strategies, scenario analyses, and capability testing. It removes the public section of submissions and eliminates the FDIC's credibility determinations and feedback approach identifying "material weaknesses" or "significant findings." The proposal maintains essential informational requirements including financial data, corporate structure, key personnel, and information systems. It adds new content requirements to enhance FDIC resolution planning and execution, such as information technology architecture mapping, deposit activity details, and qualified financial contract information. The FDIC exempted all IDIs subject to the IDI Rule from filing requirements in October 2026 and 2027 pending the rulemaking process. Initial submissions under the final rule would be due no earlier than 270 days after the effective date. The comment period closes 60 days after publication in the Federal Register. A concurrent proposal for a Resolution Readiness Adjustment to the deposit insurance assessment framework is being published separately for notice and comment.

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US Federal Deposit Insurance Corporation Proposes Amendments to Resolution Submission Requirements for Large Insured Depository Institutions

On June 25, 2026, the US Federal Deposit Insurance Corporation (FDIC) issued a proposed rule that would revise resolution submission requirements for insured depository institutions (IDIs) with US$50bn or more in total assets under the IDI Rule . The proposed rule intends to significantly streamline filing requirements by focusing on information that directly supports the FDIC's readiness to resolve institutions cost-effectively. Key changes include raising the dollar threshold from US$50bn to US$100bn, with automatic future adjustments through indexing methodology. The FDIC would move all covered IDIs to a three-year filing cycle, replacing interim supplements with notices of extraordinary events for material changes. The proposed rule also eliminates more than half of existing content requirements, including hypothetical resolution strategies, scenario analyses and capability testing, as well as removing the public section of submissions and eliminating the FDIC's credibility determinations and feedback approach identifying "material weaknesses" or "significant findings". The proposed rule maintains essential informational requirements including financial data, corporate structure, key personnel and information systems, but adds new content requirements to enhance FDIC resolution planning and execution, such as information technology architecture mapping, deposit activity details and qualified financial contract information. The FDIC exempted all IDIs subject to the IDI Rule from filing requirements in October 2026 and 2027, pending the rulemaking process. Initial submissions under the final rule would be due no earlier than 270 days after its effective date. Interested parties may submit comments on the proposed rule until August 24, 2026 at this link .
3273924 pc Jun 26, 2026 rghosh Japan Financial Services Agency horizon scanning
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Japan's Financial Services Agency Amends Anti-Money Laundering Rules to Establish Fraudulent Account Information Sharing Framework

On June 26, 2026, Japan's Financial Services Agency (FSA) published amendments to the Order for Enforcement of the Act on Prevention of Transfer of Criminal Proceeds (犯罪による収益の移転防止に関する法律施行規則). The FSA conducted a public consultation from March 27, 2026 to April 27, 2026, receiving 54 comments from 19 organisations. The amendments implement measures outlined in the "Comprehensive Countermeasures 2.0 to Protect Citizens from Fraud," adopted by the Cabinet Ministers' Meeting on Crime Countermeasures on April 22, 2025. The revisions establish a framework enabling deposit-taking financial institutions to share information regarding fraudulently used accounts. The amendments introduce new efforts obligations for deposit-taking business operators. Financial institutions must identify accounts suspected of being used for or having the potential to be used for criminal activity or transfer of criminal proceeds. Institutions must establish measures for appropriate handling and secure management of such information, then provide necessary information to other deposit-taking business operators when conducting customer identification procedures. Additionally, institutions must organise and analyse received information and implement necessary measures to prevent transfer of criminal proceeds where appropriate. The FSA simultaneously amended comprehensive supervisory guidelines for major financial institutions, regional and small-to-medium-sized financial institutions, cooperative financial institutions, and fisheries cooperative credit operations. These guidelines now require financial institutions participating in the information-sharing framework to provide information regarding fraudulently used accounts and implement appropriate risk-reduction measures using the shared information. The amendments take effect on April 1, 2027. The FSA published detailed amendments and public comment summaries alongside this announcement.

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Japan's Financial Services Agency Amends Anti-Money Laundering Rules

On June 26, 2026, Japan's Financial Services Agency (FSA) published the results of the public consultation on draft amendments to the Order for Enforcement of the Act on Prevention of Transfer of Criminal Proceeds and confirmed the promulgation of the finalised amendments alongside related supervisory guideline revisions. The amendments establish a framework for deposit-taking financial institutions to share information on fraudulently used accounts. Key provisionss include: Deposit-taking institutions are placed under a new best-efforts obligation to share information on accounts identified as used, or at risk of being used, for criminal proceeds transfers with other deposit-taking institutions, subject to appropriate information handling and security management measures, when conducting customer due diligence and related procedures. Deposit-taking institutions receiving such shared information are required to organise and analyse it and, where necessary, take appropriate measures to prevent criminal proceeds transfers. Revised supervisory guidelines for major banks, regional and small and medium-sized financial institutions, cooperative financial institutions, and fishery cooperative credit operations introduce new expectations for financial institutions to participate in the information-sharing framework, provide information on fraudulently used accounts, and use received information to implement appropriate risk-reduction measures. The amendments take effect on April 1, 2027.
3273044 pc Jun 26, 2026 pdonofrio US Track 3 Federal Deposit Insurance Corporation financial services
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Federal Deposit Insurance Corporation Proposes Rule Amending Confidential Information Disclosure Requirements

On June 25, 2026, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a notice of proposed rulemaking that would amend the FDIC's Rules and Regulations governing the disclosure of confidential supervisory information. The proposed rule aims to provide insured depository institutions (IDIs) with greater flexibility to share confidential information for appropriate business purposes while simplifying and clarifying the FDIC's disclosure rules under the Freedom of Information Act (FOIA) and in connection with litigation. The proposed rule would authorize IDIs, IDI parent holding companies, and other entities to disclose FDIC confidential information to their affiliates, attorneys, auditors, accountants, and other service providers without seeking prior FDIC approval, subject to certain conditions. IDI service providers that are subject to FDIC examination would also be permitted to share confidential information with partner IDIs without obtaining prior approval. Additionally, the rule would permit IDIs to disclose confidential information in connection with prospective mergers or the hiring of a senior executive officer for whom an offer of employment has been made, subject to specified limitations. The proposed rule would reorganize, simplify, and clarify the FDIC's regulations governing FOIA disclosures and align the FDIC's protections for confidential commercial information with Executive Order 12600. The rule would clarify the FDIC's process for providing notice to submitters of commercial information before such information may be disclosed in response to a FOIA request. The proposal would also revise, reorganize, and simplify regulations governing service of process on the FDIC and disclosure of confidential information in connection with legal proceedings when the FDIC is not a party. The comment period for the proposed rule extends for 60 days after publication in the Federal Register. Responses should be submitted in accordance with the Federal Register notice.

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US Federal Deposit Insurance Corporation Proposes Rule Amending Confidential Information Disclosure Requirements

On June 25, 2026, the US Federal Deposit Insurance Corporation (FDIC) Board of Directors issued a proposed rule that would amend the FDIC's rules and regulations governing the disclosure of confidential supervisory information. The proposed rule aims to provide insured depository institutions (IDIs) with greater flexibility to share confidential information for appropriate business purposes while simplifying and clarifying the FDIC's disclosure rules under the Freedom of Information Act (FOIA), and in connection with litigation. The proposed rule would authorize IDIs, IDI parent holding companies and other entities to disclose FDIC confidential information to their affiliates, attorneys, auditors, accountants and other service providers without seeking prior FDIC approval, subject to certain conditions. IDI service providers that are subject to FDIC examination would also be permitted to share confidential information with partner IDIs without obtaining prior approval. Additionally, the rule would permit IDIs to disclose confidential information in connection with prospective mergers or the hiring of a senior executive officer for whom an offer of employment has been made, subject to specified limitations. The proposed rule would also reorganize, simplify and clarify the FDIC's regulations governing FOIA disclosures and align the FDIC's protections for confidential commercial information with Executive Order 12600 , as well as clarifying the FDIC's process for providing notice to submitters of commercial information before such information may be disclosed in response to a FOIA request. Interested parties may submit comments on the proposed rule until August 24, 2026 at this link .
3274605 pc Jun 26, 2026 pdonofrio Brazil Central Bank of Brazil financial services
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Central Bank of Brazil Announces Extrajudicial Liquidation of Sefer Investimentos Distribuidora de Títulos e Valores Mobiliários Ltda.

On June 26, 2026, the Central Bank of Brazil (BCB) ordered the extrajudicial liquidation of Sefer Investimentos Distribuidora de Títulos e Valores Mobiliários Ltda. According to the announcement, the decision was motivated by the severe compromise of the institution's financial situation, as well as by serious violations of legal and regulatory rules governing the activities of entities operating within the National Financial System (SFN). The BCB will continue to take all appropriate measures to investigate responsibilities within its legal powers, which may lead to the application of administrative sanctions and notifications to the competent authorities. Additionally, the assets of the controllers and former administrators of the institution are immediately decreed frozen.
3271752 pc Jun 26, 2026 pdonofrio Brazil Administrative Council for Economic Defense financial services
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Brazil's Monetary Council Issues Resolution on Blocking Accounts of Unauthorised Betting Operators

On June 25, 2026, Brazil's National Monetary Council (Conselho Monetário Nacional — CMN) approved Resolution 5320, which mandates the blocking of accounts and prevention of financial transactions for individuals and entities operating fixed-quota lottery betting without authorisation under Brazilian law. The resolution implements provisions from Law 15,358 (the Legal Framework for Combating Organised Crime in Brazil), published on March 24, 2026, and Decree 13,033, issued on June 19, 2026. The Secretariat for Prizes and Betting (Secretaria de Prêmios e Apostas — SPA) within Brazil's Ministry of Finance holds authority to issue irregularity findings when unauthorised fixed-quota lottery betting operations are detected. Following such findings, the SPA notifies financial institutions and payment service providers of illegal operators requiring account blocking. The resolution requires all financial institutions and payment institutions participating in Brazil's Payment System to block all deposit accounts, savings accounts, prepaid payment accounts, and settlement accounts within 24 hours of receiving the SPA's blocking notification. Once blocked, funds become unavailable. The resolution also mandates rejection of transactions to these accounts where funds are detected as being destined, directly or indirectly, for betting activities. Accounts may be unblocked following a final administrative decision favouring the account holder in forfeiture proceedings, after conversion of blocked funds into judicial deposits. If a court decision confirms forfeiture, institutions must close the accounts. Forfeited amounts transfer to the National Public Security Fund under the Ministry of Justice and Public Security. The resolution enters into force on August 28, 2026. REFERENCES: Resolução CMN nº 5.320, de 25 de junho de 2026 Decreto nº 13.033, de 19 de junho de 2026 Lei nº 15.358, de 24 de março de 2026

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Brazilian National Monetary Council Blocks Accounts of Unauthorised Betting Operators

On June 25, 2026, the Brazilian National Monetary Council (CMN) approved CMN Resolution No. 5,320 , which establishes rules for blocking the accounts and impeding the financial transactions of unauthorised fixed-odds betting operators. The objective of the new resolution is to enforce compliance with recent anti-organised crime legislation and curb illicit gambling activities within the national financial system. The resolution requires financial and payment institutions operating within the Brazilian Payment System (SPB) to block all checking, savings, prepaid payment and registration accounts tied to targeted operators within 24 hours of receiving a notification from the Secretariat of Prizes and Bets (SPA). Once these blocks are implemented, any funds deposited in the accounts will become immediately unavailable. Additionally, the resolution stipulates that institutions must reject any incoming transactions directed toward these blocked accounts whenever they detect funds intended, either directly or indirectly, for placing bets. Furthermore, financial institutions must manage account restorations and closures based on specific legal outcomes; accounts may only be unblocked following definitive favourable administrative decisions or judicial deposits, whereas confirmed asset forfeitures will require institutions to permanently close the accounts and transfer the remaining funds to the National Public Security Fund. The resolution takes effect on August 28, 2026 .
3274889 pc Jun 26, 2026 msolomon Lithuania Lithuanian Bank horizon scanning
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Lithuanian Bank Concludes Administrative Agreement with TransferGo Lithuania and Approves Board Appointments

On June 25, 2026, the Lithuanian Bank's Financial Markets Supervision Committee concluded an administrative agreement with TransferGo Lithuania, an e-money institution, following a targeted compliance inspection. The Lithuanian Bank conducted a planned inspection of TransferGo Lithuania to assess its compliance with client funds protection requirements and related internal control standards. The inspection identified certain violations and deficiencies in the institution's operations. TransferGo Lithuania subsequently requested the opportunity to enter into an administrative agreement with the Lithuanian Bank, confirming it had remedied all identified breaches and implemented the bank's recommendations. The institution committed to submitting an independent audit report confirming these corrections by August 5, 2026. The Lithuanian Bank determined that an administrative agreement was appropriate. It imposed enforcement measures comprising a public announcement regarding deficiencies in implementing client funds protection requirements and counterparty credit risk assessment obligations. Additionally, the Lithuanian Bank imposed a EUR 42,000 enforcement measure for the institution's failure to consistently use payment accounts compliant with legal requirements when executing payment operations. In separate decisions, the Lithuanian Bank approved two personnel appointments. It authorised Agne Duksiene to serve as a member of the board of European Merchant Bank UAB, and Darius Burdaitis to serve as chief executive and board member of RATO Bank UAB. Both appointments were approved following the respective financial institutions' requests and the Lithuanian Bank's review of submitted information. REFERENCES: Lithuanian Bank Financial Markets Supervision Committee Decisions: https://www.lb.lt/en/financial-markets-supervision-committee-decisions

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Bank of Lithuania Issues €42,000 Fine to TransferGo Lithuania

On June 25, 2026, the Bank of Lithuania announced it had imposed a €42,000 fine to TransferGo Lithuania for deficiencies in the protection of client funds. Following an inspection assessing their compliance with client funds protection requirements, violations and deficiences were identified in  the institution's operations. TransferGo Lithuania subsequently requested the opportunity to enter into an administrative agreement with the Bank of Lithuania, confirming it had remedied all identified breaches and implemented their recommendations. TransferGo committed to submitting an independent audit report confirming the corrections by August 5, 2026. In light of this, the Bank of Lithuania imposed a €42,000 fine  for the institution's failure to consistently use payment accounts compliant with legal requirements when executing payment operation. They also issued a public announcement regarding deficiencies in implementing client funds protection requirements and counterparty credit risk assessment obligations.
3274403 gc Jun 26, 2026 prandeo United Kingdom UK Gambling Commission gamblingcompliance
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UK Gambling Commission seeks industry proposals to reduce regulatory burdens

On June 26, 2026, the UK Gambling Commission invited gambling industry stakeholders to submit proposals identifying opportunities to reduce unnecessary regulatory burdens while maintaining consumer protections and supporting the licensing objectives of the Gambling Act 2005. The initiative, announced as part of the Commission's 2026/27 Business Plan, seeks feedback on how regulatory requirements, guidance and operational processes could be streamlined or improved. Stakeholders are invited to submit proposals relating to the Licence Conditions and Codes of Practice (LCCP), Remote Technical Standards, reporting requirements and broader regulatory interactions. The Commission stated that the exercise aims to ensure compliance costs remain proportionate to the risks posed to consumers while continuing to prevent crime, ensure gambling is conducted fairly and openly, and protect children and vulnerable persons from gambling-related harm. Industry stakeholders are invited to submit proposals through the Commission's online submission form by the end of September 2026. The initiative will also be discussed at the next Operators Engagement Forum scheduled for July 2, 2026.
3274443 pc Jun 26, 2026 adavies Norway Financial Supervisory Authority financial services
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Norway's Financial Supervisory Authority Launches Consultation on Flag Message Reporting Transfer

On an unspecified date in 2026, Norway's Financial Supervisory Authority (Finanstilsynet) launched a consultation on proposed amendments to the Regulation of December 6, 2007 No. 1359 concerning submission and publication in connection with flag-duty securities trading, and delegation of authority to exempt from language requirements under the Securities Trading Act. The Financial Supervisory Authority proposes to repeal sections 1 and 2 of the regulation, which currently assign the task of receiving and publishing flag messages to Oslo Børs. Under the proposed change, flag messages would instead be received and published by the Financial Supervisory Authority in accordance with the main rule of the Securities Trading Act. The transfer reflects a broader shift in responsibilities from Oslo Børs to the Financial Supervisory Authority, including the transfer of supervision over information and offer obligations and certain assessments related to implementation of the ESAP regulatory framework. The consultation applies to securities market participants and other stakeholders subject to flag-duty reporting requirements under Norwegian securities law. This development is significant as it consolidates regulatory functions under a single authority, potentially streamlining compliance procedures for market participants while enhancing regulatory oversight. The Financial Supervisory Authority is seeking comments from consultation bodies by September 14, 2026. Submissions should be sent digitally to post@finanstilsynet.no, marked with case number 25/9961. All interested parties may submit comments, regardless of whether they appear on the official list of consultation bodies. Consultation responses will be published on the Financial Supervisory Authority's consultation page in accordance with Norwegian public disclosure requirements.

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Norway's Financial Supervisory Authority Launches Consultation on Reporting Associated with Securities Trading

On June 26, 2026, Norway's Financial Supervisory Authority (FSA) launched a consultation on proposed amendments to Regulation No. 1359 on the submission and publication of reports in connection with securities trading. The FSA proposes to repeal sections 1 and 2 of the regulation, which currently assign the task of receiving and publishing flag messages to Oslo Børs. Under the proposed change, flag messages would instead be received and published by the FSA. The transfer reflects a broader shift in responsibilities from Oslo Børs to the Financial Supervisory Authority, including the transfer of supervision over information and offer obligations and certain assessments related to implementation of the European Single Access Point (ESAP) regulatory framework. The FSA is seeking feedback on its consultation by September 14, 2026, which can be submitted via email to post@finanstilsynet.no .
3274390 pc Jun 26, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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United Kingdom Financial Conduct Authority Consults on Listing Rules Changes for Closed-Ended Investment Funds

On June 26, 2026, the Financial Conduct Authority (FCA) published a consultation paper proposing targeted changes to the UK Listing Rules for closed-ended investment funds, with a focus on strengthening the management of conflicts of interest and shareholder protections. Closed-ended investment funds operate as both listed companies and investment vehicles, with shareholders appointing boards that oversee appointed investment managers. The FCA's review, announced in March 2026 as part of its broader work on UK Listing Rules, stress-tested how existing rules would operate under different hypothetical scenarios to ensure they remain robust as markets evolve. Through this exercise, the FCA identified three specific adjustments to ensure consistent rule application. First, the proposals would extend protections currently applied to arrangements with existing investment managers to situations where new managers are being appointed, ensuring consistent protections for all changes to investment manager fees and strategies. Second, the rules would recognise the association between a director and a substantial shareholder that proposed them for board appointment, strengthening board independence from any investment manager. Third, the FCA would recognise conflicts arising where a substantial shareholder is also an investment manager and votes on material changes to investment policies, ensuring minority shareholder protections. Jon Relleen, director of infrastructure and exchanges – supervision, policy and competition division at the FCA, said the changes reflect the central role of the investment management relationship for these companies and represent forward-looking adjustments to conflicts of interest management. The FCA is welcoming views on these proposals until August 14, 2026, with the intention to finalise the rules before the end of 2026. Alongside this consultation, the FCA is publishing good practice guidance to support retail investors in exercising their voting rights as part of its broader work promoting effective shareholder engagement.

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UK's Financial Conduct Authority Consults on Targeted Changes to Listing Rules for Closed-Ended Investment Funds

On June 26, 2026, the Financial Conduct Authority (FCA) published a consultation paper (CP26/21) on proposed changes to its UK Listing Rules for closed‑ended investment funds, focused on the management of conflicts of interest. CP26/21 contains the following proposals: Bringing proposed investment managers within the scope of the UKLR relevant related party provisions in UKLR 11 . These currently apply to incumbent investment managers and seek to prevent a related party from taking advantage of its position and to prevent any perception that it may have done so. The proposal seeks to ensure that there are consistent protections for all changes to investment manager fees. Ensuring that the association between a director and a substantial shareholder that proposed them for a board appointment is adequately accounted for in the UKLRs in order to strengthen the integrity of a board being able to act independently of any investment manager. Where a substantial shareholder is also an investment manager of the closed-ended investment fund, recognising the conflict arising by preventing the substantial shareholder from voting in material changes to the investment policy. This consultation will be of particular relevance to: Listed closed-ended investment funds, including their boards and directors. Investment managers of listed closed-ended investment funds, including proposed investment managers. Substantial shareholders (those holding 20% or more of voting rights) in listed closed-ended investment funds. Sponsor firms that provide fair and reasonable confirmations on related party transactions. Investors in closed-ended investment funds, including retail investors. The FCA aims to publish its policy statement and finalise its rules before the end of the year. The deadline for this consultation is August 14, 2026, responses can be made through the online form or by email to cp26-21@fca.org.uk
3271537 gc Jun 26, 2026 zbirnbaum United States of America Commodities Futures Trading Commission gamblingcompliance
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Commodities Futures Trading Commission Seeks Public Comment on Event Contracts Data Reporting Requirements

On June 25, 2026, the Commodities Futures Trading Commission (CFTC) published a Notice of Proposed Rulemaking (NPRM) seeking public comment on amendments to Parts 15, 16, and 17 of its regulations concerning data reporting requirements for certain event contracts. The proposal establishes an alternate framework for reporting data related to fully collateralized event contracts, which have operated under staff no-action letters since 2017. The amendments would require certain reporting markets, futures commission merchants, clearing members, and foreign brokers to report certain event contracts pursuant to regulations in Parts 15 through 18, rather than the reporting regulations contained in certain sections of Parts 38, 39, 43, and 45. The CFTC said the proposal aims to replace the existing patchwork of no-action letters with clear, workable regulations that provide a sustainable long-term framework for event contracts. The proposal would add a new section 16.03, titled "Covered Event Contracts" to Part 16, concerning "Reports by Contract Markets and Swap Execution Facilities." This section would provide for reporting pursuant to sections 16.00, 16.01, Part 17, and Part 18 of the CFTC's regulations. CFTC Chairman Michael S. Selig said the proposal represents an important step in future-proofing the regulatory framework for event contracts and reflects the Commission's commitment to providing clear regulations rather than relying on temporary no-action letter guidance. The CFTC is accepting public comment on the NPRM. Interested parties should submit responses through the Federal Register. The specific comment deadline and submission procedures are available on the CFTC website.

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CFTC issues Notice of Proposed Rulemaking concerning data reporting requirements

On June 25, 2026, the Commodity Futures Trading Commission (CFTC) issued a Notice of Proposed Rulemaking seeking public comment on amendments to Parts 15, 16, and 17 of the CFTC's regulations concerning data reporting requirements for certain event contracts. According to the CFTC's press release, the proposal sets forth an alternate framework for reporting of data for certain fully collateralized event contracts, previously the subject of staff no-action letters. The amendments would require certain markets, futures commission merchants, clearing members, and foreign brokers to report certain event contracts pursuant to requirements in Parts 15 through 18 rather than reporting requirements contained in Parts 38, 39, 43, and 45 of the CFTC's regulations. Furthermore, the proposal would add a new section regarding Covered Event Contract, and would specifically outline reporting requirements concerning reports by contract markets and swap execution facilities. Interested stakeholders may submit public comments to the CFTC by any of the outlined methods by July 25, 2026 .
3273342 pc Jun 26, 2026 kgurnani Australia Australian Competition and Consumer Commission horizon scanning
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Australian Competition and Consumer Commission Grants Interim Authorisation for Commercial Cash Distribution Joint Venture

On June 26, 2026, the Australian Competition and Consumer Commission (ACCC) granted interim authorisation to Australia and New Zealand Banking Group Limited (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank Limited and National Australia Investment Capital Pty Ltd (together, NAB), and Westpac Banking Corporation (Westpac) to commence preparatory steps toward establishing a joint venture for commercial cash distribution in Australia. The applicants seek authorisation to establish a single joint cash pool and bailment structure through an incorporated operating entity (JVCo) to supply commercial cash in Australia. Each applicant will acquire a 25 percent shareholding in JVCo and a 25 percent interest in the joint cash pool. The ACCC's interim authorisation permits the four major Australian banks to take certain preparatory steps while the full authorisation application is assessed. This interim authorisation is distinct from a separate notification of acquisition filed with the ACCC, which relates to each applicant's equity stake in the proposed joint venture. The interim authorisation commenced immediately and may be reviewed at any time. The ACCC has clarified that interim authorisation should not be interpreted as indicative of whether final authorisation will be granted. The applicants and interested parties should monitor the ACCC's public register and acquisitions register for further developments. The ACCC will continue to assess the full authorisation application, which will determine whether the proposed joint venture structure meets competition law requirements. Stakeholders seeking additional information can access the interim authorisation decision and related documentation on the ACCC's registers.

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Australian Competition and Consumer Commission Grants Interim Authorisation for Commercial Cash Distribution Joint Venture

On June 26, 2026, the Australian Competition and Consumer Commission (ACCC) granted interim authorisation to Australia and New Zealand Banking Group Limited (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank Limited and National Australia Investment Capital Pty Ltd (together, NAB), and Westpac Banking Corporation (Westpac) to commence preparatory steps toward establishing a joint venture for commercial cash distribution in Australia. The applicants seek authorisation to establish a single joint cash pool and bailment structure through an incorporated operating entity (JVCo) to supply commercial cash in Australia. Each applicant will acquire a 25 percent shareholding in JVCo and a 25 percent interest in the joint cash pool. The ACCC's interim authorisation permits the four major Australian banks to take certain preparatory steps while the full authorisation application is assessed. This interim authorisation is distinct from a separate notification of acquisition filed with the ACCC, which relates to each applicant's equity stake in the proposed joint venture. The interim authorisation commenced immediately and may be reviewed at any time. The ACCC has clarified that interim authorisation should not be interpreted as indicative of whether final authorisation will be granted. The applicants and interested parties should monitor the ACCC's public register and acquisitions register for further developments. The ACCC will continue to assess the full authorisation application, which will determine whether the proposed joint venture structure meets competition law requirements. Stakeholders seeking additional information can access the interim authorisation decision and related documentation on the ACCC's registers.
3273645 pc Jun 26, 2026 pthandapani India Reserve Bank of India financial services
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India's Reserve Bank Issues Master Direction on Credit Derivatives Effective Immediately

On June 25, 2026, the Reserve Bank of India (RBI) issued the Master Direction – Reserve Bank of India (Credit Derivatives) Directions, 2026, establishing a comprehensive regulatory framework for credit derivative transactions in Indian financial markets. The directions come into force with immediate effect and supersede previous guidance issued in February 2022. The framework permits credit default swaps (CDS) and total return swaps (TRS) on over-the-counter (OTC) markets and recognised stock exchanges. Eligible market-makers include scheduled commercial banks (excluding small finance banks, payment banks, local area banks and regional rural banks), standalone primary dealers, non-bank financial companies (NBFCs) in the upper and middle layers, and specified development financial institutions. Users are classified as retail or non-retail, with non-retail status available to NBFCs, insurance companies, pension funds, mutual funds, alternative investment funds, resident companies meeting minimum net worth or turnover thresholds, and foreign portfolio investors (FPIs). The directions establish restrictions on eligible reference entities and obligations. Reference obligations must be rated or unrated Indian rupee corporate bonds and debentures, or money market debt instruments. Asset-backed securities, mortgage-backed securities, and structured obligations are prohibited. Retail users may only buy CDS protection for hedging purposes, while non-retail users face no restrictions. FPIs selling CDS protection are subject to a 5 percent limit on the outstanding stock of corporate bonds. The Fixed Income Money Market and Derivatives Association of India (FIMMDA) must establish a Credit Derivatives Determinations Committee to determine credit events, settlement procedures, and auction mechanisms. Market-makers must report all transactions to the Clearing Corporation of India Ltd. (CCIL) within 30 minutes. The framework incorporates prudential norms, capital requirements, and accounting standards applicable to respective regulators.

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Reserve Bank of India Issues Directions on Credit Derivatives

The Reserve Bank of India (RBI) has issued the Master Direction - Reserve Bank of India (Credit Derivatives) Directions, 2026. The issued directions contain: New definitions for key terms including "Credit Default Swap (CDS)", "Total Return Swap (TRS)", "Future on credit indices", "Market-maker", "Credit event", "Deliverable obligation", "Reference asset", and the specific frameworks classifying market participants as retail or non-retail users. Regulations prescribing permitted products and participants for credit derivatives, stipulating that resident retail users can only buy protection for hedging purposes, whereas non-retail users and market-makers can engage in CDS and TRS contracts without purpose restrictions. Specific rules mandating market-makers to report all OTC credit derivative transactions to the Clearing Corporation of India Ltd. (CCIL) trade repository within 30 minutes, ensure at least one party to a transaction is a market-maker or authorized central counterparty, and strictly avoid offering CDS or TRS contracts to individuals. Provisions outlining user eligibility and investment limits, entitling resident companies with a minimum net worth of INR 5bn crore (US$52,800,038) or a minimum turnover of INR 10bn (US$105,600,077) to be classified as non-retail users, while capping the notional amount of CDS protection sold by all Foreign Portfolio Investors (FPIs) at 5 percent of the outstanding stock of corporate bonds. Administrative measures detailing the establishment of a Credit Derivatives Determinations Committee by FIMMDA to make factual determinations regarding credit, substitution, or succession events—and establishing standardized procedures for the cash and auction settlement of CDS contracts. Directives requiring exchanges to obtain prior RBI approval for the product design of CDS and futures contracts on credit indices, and prohibiting market participants from undertaking credit derivative transactions involving reference entities that are related parties. The directions take immediate effect.
3273048 pc Jun 26, 2026 arahman Russia Bank of Russia financial services
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Bank of Russia Publishes Refined Methodology for Assessing Banks' Economic Position

On June 1, 2026, the Bank of Russia released a consultation report detailing a refined approach to evaluating the economic position of banks (OEP), which will replace the existing methodology currently in use. The updated framework introduces significant structural and operational changes designed to improve risk sensitivity and provide clearer differentiation between financial and qualitative risk factors. The primary innovation in the quantitative score involves abandoning the complex point-weighted system in favour of direct calculation of risk impact on capital. Under the previous methodology, risks were assessed in points from zero to 100 and averaged using weighted formulas, which could obscure true financial vulnerabilities. The new approach calculates losses in monetary terms for each identified risk—including credit risk, interest rate risk, currency risk, and concentration risk—and evaluates their cumulative impact on capital adequacy. This shift means risks now accumulate rather than average, preventing low scores in one area from being offset by high scores elsewhere. The quantitative score comprises two blocks: Capital and Liquidity. The Capital block consolidates all factors affecting capital adequacy, including stress sensitivity analysis, regulatory assessments of risk management systems (VPODK), financial recovery plans (PVFU), and business model quality. The Liquidity block assesses whether banks maintain sufficient high-quality liquid assets to cover potential outflows. The qualitative score now uses a composite rating system combining a numerical score (one to five) with a letter grade (A to G), replacing the previous single-number classification. This allows regulators to distinguish between banks with weak financial positions and those with governance deficiencies, as these require different supervisory responses. The qualitative assessment evaluates anti-money laundering and counter-terrorism financing compliance, misconduct risks, information security, ownership structure transparency, internal control quality, and compensation systems—drawing from existing supervisory procedures rather than creating parallel assessments. The Bank of Russia plans to implement the new methodology in phases, with the regulatory act expected in 2028 and full application beginning in 2029, allowing banks time to adapt. During the transition period, the existing methodology will remain in effect for regulatory purposes while the new OEP is calculated for supervisory monitoring only. The consultation period closes on July 25, 2026, with responses to be submitted to surveys_DBRA@cbr.ru.

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Central Bank of Russia Consults on Assessing the Economic Condition of Banks

On June 25, 2026, the Central Bank of Russia (CBR) launched a consultation on a refined approach for assessing the economic condition of banks. The following proposals include: The CBR plans to issue regulatory acts with the assessment (OEP) methodology, which is scheduled for release in 2028, giving banks time to adapt to the new rules. The CBR expects that, starting in 2029, banks will be assessed using the new methodology. A revision to the requirements and procedures for evaluating the internal control system, including with regard to: A proportionate approach regarding the frequency and depth of the assessment. Increasing the risk sensitivity of the assessment. A proportionate approach regarding the frequency and depth of the assessment. Increasing the risk sensitivity of the assessment. A revision to the methodology for evaluating the compensation system, including with regard to: The proportional approach to frequency and the depth of the assessment. Increasing the risk sensitivity of the assessment, including restrictions on bonus payments to management in the event of a deterioration in the financial position of the bank. The proportional approach to frequency and the depth of the assessment. Increasing the risk sensitivity of the assessment, including restrictions on bonus payments to management in the event of a deterioration in the financial position of the bank. Comments and feedback are welcome up until July 25, 2026 and can be sent via email to surveys_DBRA@cbr.ru .
3272115 pc Jun 26, 2026 pthandapani Taiwan Financial Supervisory Commission - Banking Bureau financial services
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Taiwan's Financial Supervisory Commission Penalises Hua Nan Commercial Bank for Employee Misconduct and Internal Control Failures

On June 25, 2026, Taiwan's Financial Supervisory Commission (FSC) imposed an administrative penalty of NTD 8 million on Hua Nan Commercial Bank (Hua Nan Bank) for violations of banking regulations. The penalty addresses systematic failures in internal controls that enabled employees across multiple branches to misappropriate customer funds and unlawfully retain settlement surplus amounts totalling NTD 4.6286 million. The misconduct occurred across three branches: Jicui, Shilin, and Tainan. Affected employees engaged in fraudulent practices including forging customer seals and signatures to withdraw deposits in both New Taiwan dollars and foreign currency, privately retaining settlement surplus funds, and altering recipient account information for overseas remittances. Nine customers were affected by these incidents. The FSC determined that Hua Nan Bank violated Article 45-1(1) of the Banking Act and provisions of the Financial Holding Company and Banking Internal Control and Audit System Implementation Rules. The violations stemmed from inadequate employee behaviour monitoring systems, insufficient foreign exchange and deposit-withdrawal controls, and poor implementation of internal control procedures. Supervisory staff failed to properly verify transaction documentation and reconcile system records with payment vouchers before approving transactions. The FSC directed Hua Nan Bank to conduct a comprehensive review of transaction systems, operational procedures, and supervisory mechanisms; strengthen integrity culture through management practices and disciplinary systems; review supervisory personnel accountability; pursue legal action against employees involved; and report the three employees to the Joint Credit Information Centre in accordance with Banking Association requirements.

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Taiwan's Financial Supervisory Commission Fines Hua Nan Commercial Bank NT$8m for Employee Misconduct and Internal Control Failures

The Taiwanese Financial Supervisory Commission (FSC) has fined Hua Nan Commercial Bank NT$8m (US$250,000) for inadequate internal controls and monitoring mechanisms which enabled employees to misappropriate client funds and privately retain checkout surplus funds. The FSC’s investigation found that, over an extended period of nearly eight years, Hua Nan Commercial Bank failed to implement effective safeguards across 3 of its branches for: Detecting abnormal transactions despite having monitoring systems in place. Executing standard operational processes and internal control procedures. Implementing effective verification and oversight mechanisms. These deficiencies breached Article 129, Subparagraph 7 of the Banking Act and enabled 3 employees to facilitate NT$4.62m (US$145,000) in misappropriation operations involving 9 clients. In addition to the fine, the FSC has also requested that Hua Nan Commercial Bank: Comprehensively review relevant transaction information systems, operational processes, and verification mechanisms, and strengthen the investigation procedures and handling mechanisms under the three-line model. Strengthen the corporate integrity culture, ensuring strict implementation through daily management and reward and punishment systems. Comprehensively review the responsibilities of head office supervisory personnel involved in the violation based on a responsibility map. Evaluate the legal responsibilities of the involved employees' fraudulent behavior and hold them accountable according to the law. Report the three offending personnel to the Joint Credit Information Center (JCIC) in accordance with the Bankers Association's regulations.
3272145 pc Jun 26, 2026 arahman Ukraine National Bank of Ukraine (NBU) horizon scanning
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National Bank of Ukraine Consults on Requirements for the Work of Authorised Banks

On June 25, 2026, the National Bank of Ukraine (NBU) launched a consultation to propose updating the requirements for the work of authorised banks that may be involved in the storing of the NBU's cash reserves and conducting transactions with them. The amendments include: To optimise the calculation process and simplify the control procedure, the requirement for authorised banks to maintain a minimum amount of cash reserves held by the NBU in custody has been changed. In particular, the algorithm for calculating the minimum average monthly balance has been replaced with the minimum daily actual balance of cash reserves. To provide for an additional type of transport container (safe package) for the export of cash from cash reserves in storage at the NBU. To etermine the procedure for creating and certifying electronic copies of documents sent by an authorised bank to the NBU with an electronic signature. To change the deadline for the authorised bank to provide information on the estimated amounts of cash received for investment in cash reserves for the next month. To establish for an authorised bank a maximum limit on the share of unmarketable cash in the total cash reserves held by the bank. Comments and feedback are welcome up until July 4, 2026.
3273082 pc Jun 26, 2026 arahman Ukraine Regulatory Documents financial services
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Ukraine's National Bank Amends Required Reserves Regulation Decision

On June 24, 2026, the National Bank of Ukraine (NBU) Board adopted Decision No. 192-рш, which amends Decision No. 752-рш from November 23, 2017, concerning the formation and storage of mandatory reserves. The amendment modifies the existing regulatory framework governing how financial institutions in Ukraine must establish and maintain required reserve holdings. The original decision from 2017 established the foundational requirements for mandatory reserve management. This update reflects the NBU's ongoing refinement of reserve management procedures to ensure alignment with current operational standards and regulatory objectives. The amended decision remains applicable to all credit institutions and other financial entities subject to NBU reserve requirements. The modification ensures that reserve management practices continue to support monetary policy implementation and financial system stability. The decision became effective on June 24, 2026. Financial institutions should review the amended requirements and ensure compliance with any updated procedures or parameters outlined in the modification.

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National Bank of Ukraine Amends Required Reserves Covered by Banks

On June 24, 2026, the National Bank of Ukraine (NBU) Board adopted the Decision on Amending Decision No. 752-rsh of the Board of the NBU. The NBU has updated the list of benchmark domestic government bonds through which banks can cover part of the volume of required reserves. This decision is aimed at supporting the activity of banks at auctions of the Ministry of Finance of Ukraine for the placement of government bonds, which is important for ensuring financing of the state budget exclusively on a non-issue basis. As of June 25, 2026, the following securities can be covered: UA4000228043 UA4000228381 UA4000228811 UA4000229116 UA4000232177 UA4000232607 UA4000232615 UA4000232896 UA4000232912 UA4000233613 UA4000234140 UA4000234553 UA4000234934 UA4000235642 UA4000236418 UA4000236632 UA4000237564 UA4000238844 UA4000238984 UAUA4000239057 The decision enters into force on June 25, 2026.
3272135 pc Jun 26, 2026 arahman Russia Bank of Russia financial services
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Bank of Russia Publishes Consultative Report on Stablecoin Market Development

On June 25, 2026, the Bank of Russia published a consultative report examining the prospects for developing a market for ruble-denominated stablecoins. The report presents potential regulatory pathways and invites market participants to provide feedback on key policy questions. The global stablecoin market has more than doubled in size over the past two years. Stablecoins are crypto-assets whose value is pegged to real assets, typically fiat currencies. While dollar-denominated stablecoins currently dominate, regulators worldwide are increasingly focusing on national stablecoins to protect monetary sovereignty and establish clear rules to mitigate associated risks. Russian legislation does not currently define "stablecoin," but permits the issuance of digital financial assets (ЦФА) with stablecoin characteristics. These can function as investment instruments or tools for cross-border settlements, though they cannot be used for domestic transactions. To date, no such digital financial assets have been issued in practice. Some market participants believe that introducing specific regulation for ruble stablecoins would highlight their distinctive features and increase their utility for cross-border payments. The Bank of Russia's report addresses several regulatory considerations, including denomination and maturity requirements, collateral quality and sufficiency standards, and financial stability norms for issuers. Importantly, the report proposes maintaining the prohibition on using digital financial assets and stablecoins for transactions between residents, as this could fragment the payments market. The Bank of Russia seeks market participant responses to questions posed in the report to determine whether separate stablecoin rules are necessary and what form they should take. Market participants can submit responses, comments, and proposals until September 1, 2026 (inclusive).

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Central Bank of Russia Publishes Consultative Report on Stablecoin Market Development

On June 25, 2026, the Central Bank of Russia (CBR) published a consultative report examining the prospects for developing a market for ruble-denominated stablecoins. Possible approaches to the further development of stablecoin regulation in Russia include: Taking into account the proposed comprehensive regulation of the circulation of cryptocurrencies and digital rights in Russia, the question remains open as to whether it is necessary to establish a separate definition and regulation of stablecoins as a type of digital financial asset under Russian legislation on digital currencies and digital rights, or whether this is redundant, given that exporters and importers may use any digital financial asset in cross-border settlements, regardless of the terms of their issuance and the issuer’s reliability. The paper reiterates that the ruble is Russia's sole legal tender, making stablecoins unsuitable as a legal means of payment within Russia. Although Russian law permits certain non-monetary instruments (such as promissory notes) to be used as consideration in transactions, it prohibits digital financial assets, cryptocurrencies and other monetary assets from being used in this way. According to the CBR, wider domestic use of stablecoins would create significant risks to price stability and financial stability, requiring regulation similar to that adopted in jurisdictions such as Hong Kong, the United States, the EU and the UAE. If Russia decides to introduce dedicated stablecoin requirements for cross-border payments, the paper outlines three possible approaches: Providing flexible, non-binding guidance. Allowing requirements to be tested under regulatory supervision. Permanent regulation, which takes longer to establish and is less adaptable. Providing flexible, non-binding guidance. Allowing requirements to be tested under regulatory supervision. Permanent regulation, which takes longer to establish and is less adaptable. Comments and feedback are welcome up until September 1, 2026 and can be sent via email to dsrfr_innovations@cbr.ru .
3270941 pc Jun 26, 2026 tojuri International Publications - BIS horizon scanning
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Bank for International Settlements Publishes Global Cryptoasset and Stablecoin Implementation Review

On June 25, 2026, the Financial Stability Board (FSB) published an executive summary assessing the implementation of its global regulatory framework for cryptoasset activities and stablecoins across FSB member jurisdictions and participating non-FSB jurisdictions. The review, which built on the FSB Crypto Framework published in July 2023, examined progress in implementing regulatory frameworks for cryptoasset service providers (CASPs), stablecoin issuers, data reporting mechanisms, and cross-border cooperation arrangements. The review revealed significant implementation gaps and inconsistencies that pose risks to financial stability. As of August 2025, only 11 jurisdictions had finalised comprehensive regulatory frameworks for cryptoasset activities, while only five had done so for stablecoins. Critical gaps include insufficient coverage of leverage and liquidity risks associated with cryptoasset borrowing, lending, and margin trading activities—only two jurisdictions comprehensively regulate these activities. Supervisory and enforcement mechanisms lag behind regulatory development in many jurisdictions. For stablecoins, few tailored frameworks align fully with FSB recommendations, with particular deficiencies in risk management requirements, capital buffers, and recovery and resolution planning. Data and reporting frameworks remain fragmented, with authorities relying heavily on commercial data providers rather than comprehensive regulatory reporting from licensed entities. Cross-border cooperation remains inconsistent and insufficient to address the inherently global nature of cryptoasset markets, with existing mechanisms rarely extending beyond enforcement and licensing to broader supervisory objectives or financial stability monitoring. The FSB issued eight recommendations addressing jurisdictions and international standard-setting bodies to strengthen implementation consistency, enhance supervisory tools, establish comprehensive data reporting requirements, and improve cross-border coordination mechanisms. These recommendations aim to reduce regulatory arbitrage opportunities and create a more resilient digital asset ecosystem aligned with the principle of "same activity, same risk, same regulation." REFERENCES: Financial Stability Board. Implementation of global regulatory framework for cryptoassets and stablecoins – Executive Summary. June 25, 2026. Available at: https://www.bis.org/fsi/fsisummaries.htm

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Bank for International Settlements Publishes Executive Summary on Implementation of Global Regulatory Framework for Cryptoassets and Stablecoins

The Financial Stability Institute (FSI) of the Bank for International Settlements has published an executive summary on the Implementation of a global regulatory framework for crypto-assets and stablecoins based on the Financial Stability Board’s (FSB) Thematic Review on FSB Global Regulatory Framework for Crypto-Asset Activities . The review assessed progress by FSB members and participating non-FSB jurisdictions in implementing regulatory frameworks for crypto-asset service providers (CASPs) and stablecoin issuers, as well as in data reporting and cross-border cooperation mechanisms. While the review highlighted notable progress, it also revealed significant gaps and inconsistencies that could pose risks to financial stability and hinder the development of a resilient digital asset ecosystem. Implementation of the FSB's Crypto Framework varies significantly across jurisdictions, reflecting their different legal systems, institutional capacities and policy priorities. This uneven implementation creates challenges for the effective oversight of inherently global crypto-asset markets. Key implementation gaps were identified in relation to CASPs, stablecoin arrangements, data, disclosure and regulatory reporting, and cross-border cooperation and coordination. Based on the findings of the FSB's thematic review, the FSI has made eight recommendations to jurisdictions as they develop their regulatory regimes, covering areas such as: Implementation progress. Comprehensiveness of regulator frameworks. Consistency. Cross-border cooperation and coordination.
3272146 pc Jun 26, 2026 arahman Ukraine National Bank of Ukraine (NBU) horizon scanning
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Ukraine's National Bank Updates Authorization Requirements for Financial Service Providers

On June 25, 2026, the National Bank of Ukraine (NBU) updated authorization requirements for financial service providers and financial payment service providers (including limited payment service providers). The updates introduce several key changes to the authorization framework. The NBU revised procedures for assessing the financial and property status of participants and shareholders of financial companies and pawn shops that make additional capital contributions of up to one percent. The NBU now requires pawn shops authorized to conduct currency trading activities to develop and submit business plans covering 2027 to 2029 to the NBU by December 31, 2026. The requirements for individual investors from whom financial institutions may attract subordinated debt funds have been expanded. The NBU established new indicators of poor business reputation, including connections to sanctioned legal entities and companies resident in aggressor states. The NBU clarified procedures for modifying the scope of financial services licenses and their revocation. The NBU introduced a restriction limiting key personnel of insurers, financial payment service providers, and consolidated and significant credit unions to serve in such roles for no more than six consecutive months. The NBU also refined authorization conditions in accordance with Ukraine's Law on Amendments to Certain Legislative Acts Regarding Financial Inclusion Development. The NBU incorporated these changes into the Regulation on Authorization of Financial Service Providers and Conditions for Their Activities and the Regulation on Authorization Procedures for Financial Payment Service Providers and Limited Payment Service Providers. The NBU's Board approved the amendments through Resolution 69 on June 24, 2026, which took effect on June 26, 2026. However, amendments regarding annual business plan updates by pawn shops conducting currency trading activities take effect on January 1, 2027.

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National Bank of Ukraine Updates Authorisation Requirements for Financial Service Providers

On June 25, 2026, the National Bank of Ukraine (NBU) updated authorisation requirements for financial service providers and financial payment service providers (including limited payment service providers). The amendments include: Expands the requirements for an investor (an individual from whom a financial institution has the right to raise funds on the terms of subordinated debt). Establishes new signs of a person's less-than-impeccable business reputation due to the presence of influence on sanctioned legal entities and companies resident in the aggressor state. Clarifies the procedure for changing the scope of a licence to provide financial services and its revocation. Introduces restrictions on the performance of duties of a key person of a financial payment services provider for no more than six consecutive months. Clarifies authorisation conditions in accordance with the Law of Ukraine "On Amendments to Certain Legislative Acts of Ukraine Regarding the Development of Financial Inclusion in Ukraine ". The amendments were made through the following legislation: Regulations on the authorisation of financial service providers and the conditions for their activities in the provision of financial services . Regulations on the procedure for authorising the activities of providers of financial payment services and limited payment services . The amendments come into force on June 26, 2026.
3274050 pc Jun 26, 2026 kgurnani Australia Federal Register of Legislation horizon scanning
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Australia's Prudential Regulation Authority Fixes Regulatory Charges for 2026

On June 25, 2026, the Australian Prudential Regulation Authority (APRA) published an instrument fixing charges for the 2026 financial year. The instrument, authorised under the Australian Prudential Regulation Authority Act 1998, establishes the regulatory fees that APRA-regulated entities must pay to support the regulator's supervisory operations. APRA regulates Australia's deposit-taking institutions, insurance companies, and superannuation funds. The annual charges instrument sets out the fees applicable to these regulated entities based on their classification and size. These charges fund APRA's regulatory activities, including prudential supervision, policy development, and enforcement functions. The instrument came into force on June 25, 2026, and applies to the 2026 financial year commencing July 1, 2026. Regulated entities should review the instrument to determine their applicable charges and ensure timely payment to APRA. The full details of the charges, including any category-specific fees and payment arrangements, are contained in the legislative instrument and accompanying explanatory statement, both available on the Federal Register of Legislation. REFERENCES: Federal Register of Legislation. (2026). Australian Prudential Regulation Authority instrument fixing charges No.1 of 2026. Retrieved from https://www.legislation.gov.au/

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Australia's Prudential Regulation Authority Fixes Regulatory Charges for 2026

On June 25, 2026, the Australian Prudential Regulation Authority (APRA) published an instrument fixing charges for financial year 2025-26. It fixes the fees payable by certain authorised deposit-taking institutions (ADIs) for APRA’s assessment of applications and ongoing supervision under the models-based capital adequacy approach. In practice, this relates to banks that use, or seek to use, APRA-approved internal models for capital adequacy rather than only standardised capital rules. The charges are non-refundable and exclusive of GST: A$716,000 each: ANZ, Commonwealth Bank, NAB and Westpac A$528,000: Macquarie Bank A$302,000: ING Bank (Australia) A$76,000: Bendigo and Adelaide Bank The charge is payable 14 days after receipt of APRA’s invoice, and APRA may issue the invoice any time after the date of the instrument.
3270936 pc Jun 26, 2026 tojuri Luxembourg Regulatory framework – CSSF horizon scanning
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Luxembourg Financial Sector Commission Issues Guidance on Anti-Money Laundering Authority Direct Supervision Eligibility

On June 25, 2026, the Commission de Surveillance du Secteur Financier (CSSF) issued Circular CSSF 26/914 to identify obliged entities eligible for direct supervision by the European Authority for anti-money laundering and countering the financing of terrorism (AMLA). The circular addresses credit institutions, investment firms, investment fund managers, payment institutions, electronic money institutions, and crypto-asset service providers incorporated under Luxembourg law. The guidance applies to ultimate parent undertakings in the European Union with branches, subsidiaries, or freedom to provide services, as well as solo entities and designated reporting entities for groups without an EU parent undertaking. AMLA is collecting data to identify entities meeting the eligibility criteria under Article 12(1) of Regulation (EU) 2024/1620. This data collection supports two purposes: the selection process for entities to be directly supervised by AMLA in 2027, and the determination of obliged entities subject to fees under Article 77(1) of Regulation (EU) 2024/1620. The CSSF has made available an AMLA template and accompanying interpretative note on AMLA's website to facilitate this process. Obliged entities must submit the completed template to the CSSF by July 22, 2026. The CSSF will open a dedicated eDesk campaign for submissions on July 20, 2026, with notification to registered compliance officers. Submissions must be made by either the compliance officer responsible for controlling compliance with professional obligations or the person responsible for compliance with professional obligations, though completion may be delegated to other employees or third parties. AMLA hosted a webinar on June 10, 2026, providing practical guidance on template completion, with recordings, slides, and pre-filled examples available on AMLA's website.

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Luxembourg's Commission de Surveillance du Secteur Financier Issues Circular on AMLA Direct Supervision Eligibility

On June 25, 2026, the Commission de Surveillance du Secteur Financier (CSSF) issued Circular CSSF 26/914 on the identification of obliged entities eligible for direct supervision by the European Anti-Money Laundering Authority (AMLA). The circular is addressed to credit institutions, investment firms, investment fund managers, payment institutions, electronic money institutions and crypto-asset service providers that are incorporated under Luxembourg law. The CSSF confirms that AMLA is collecting data to identify entities that meet the eligibility criteria set out in Article 12(1) of Regulation (EU) 2024/1620 . This data collection serves two purposes: selecting entities for direct AMLA supervision in 2027 and determining obliged entities subject to fees under Article 77(1) of Regulation (EU) 2024/1620. Obliged entities must submit the completed AMLA template to the CSSF by July 22, 2026. The CSSF will launch a dedicated eDesk campaign for submissions on July 20, 2026 and will notify registered compliance officers. Submissions must be made either by the compliance officer responsible for ensuring compliance with professional obligations, or by the person responsible for ensuring compliance with professional obligations.
3272124 pc Jun 26, 2026 tojuri Belgium News and Warnings - FSMA horizon scanning
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Belgium's Financial Services and Markets Authority Announces End of Crypto-Asset Service Provider Transition Period

On June 25, 2026, the Financial Services and Markets Authority (FSMA) announced that the transitional period for crypto-asset service providers (CASPs) expires on July 1, 2026. From this date, all CASPs operating in Europe must hold authorization as a CASP. Those without such authorization must cease offering crypto-asset services. The Markets in Crypto-Assets Regulation (MiCA) entered into force on December 30, 2024, establishing a harmonized framework for crypto-asset markets across the European Union. MiCA imposes operational, organizational, and prudential requirements on CASPs to mitigate potential risks to investor protection, market integrity, and financial stability. The regulation requires all service providers to obtain authorization to conduct their activities. CASPs already operating under existing national regimes benefited from a transitional period until June 30, 2026 to secure MiCA authorization. The European Securities and Markets Authority (ESMA) published a statement on April 17, 2026, reiterating expectations for compliance with the authorization requirement. As of the announcement date, no CASP holds authorization issued by the FSMA in Belgium, though some CASPs may obtain authorization before the July 1, 2026 deadline. CASPs that fail to secure authorization by this date must discontinue their operations in Europe. The FSMA's announcement serves as a final notice to market participants regarding the mandatory compliance deadline and the consequences of operating without proper authorization under MiCA.

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Belgium's Financial Services and Markets Authority Announces End of MiCA Transition Period

On June 25, 2026, the Belgian Financial Services and Markets Authority (FSMA) announced that the transitional period for crypto-asset service providers (CASPs) expires on July 1, 2026. From this date, all CASPs operating in Europe must hold a CASP authorisation. Those without such authorisation must cease offering crypto-asset services. CASPs already operating under existing national regimes benefited from a transitional period until June 30, 2026 to secure MiCA authorisation. The European Securities and Markets Authority (ESMA) published a statement reiterating expectations for compliance with the authorisation requirement. As of the announcement date, no CASP holds authorisation from the FSMA in Belgium.
3271528 pc Jun 26, 2026 tojuri Malta Financial Intelligence Analysis Unit horizon scanning
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Malta's Financial Intelligence Analysis Unit Imposes Remediation Directive on Investment Services Provider

On June 25, 2026, the Financial Intelligence Analysis Unit (FIAU) imposed a Remediation Directive on an investment services provider following a full-scope compliance examination conducted in 2022. The directive was issued under Regulation 23(1)(c) of the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) and addresses multiple breaches of anti-money laundering and counter-terrorism financing (AML/CTF) obligations. The FIAU's Compliance Monitoring Committee identified significant deficiencies across the company's AML/CTF framework. Key findings included: the absence of timely Board-approved Business Risk Assessments (BRA) from January 1, 2018 onwards; inadequate and overly subjective Customer Risk Assessment (CRA) methodology lacking objective scoring criteria; failure to conduct Customer Due Diligence (CDD) at onboarding in certain instances; insufficient verification of Source of Wealth and Source of Funds, particularly for high-risk customers; incomplete ongoing transaction monitoring that did not adequately assess consistency with customer profiles; lapses in periodic review and updating of customer documentation; and deficient record-keeping systems resulting in data omissions and inconsistencies. The Committee determined these breaches were of generally low materiality, affecting a limited number of customer files rather than being systematic. The Committee acknowledged that many issues were historical and that the company had already undertaken remediation efforts prior to the directive's imposition. The Remediation Directive requires the company to strengthen its BRA, implement consistent risk assessment methodologies, ensure proper customer identification and verification, enhance transaction monitoring frameworks, and maintain consolidated and retrievable client records. The company must demonstrate sufficient tangible progress within stipulated timeframes. Failure to comply may result in administrative penalties under Regulation 21(1) of the PMLFTR.

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1595 chars · nid 93517

Malta's Financial Intelligence Analysis Unit Imposes Remediation Directive on Investment Services Provider For AML Breaches

In a decision dated June 25, 2026, the Financial Intelligence Analysis Unit (FIAU) imposed a remediation directive on an investment services provider for multiple breaches of the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) and the FIAU Implementing Procedures - Part 1 . The FIAU's Compliance Monitoring Committee identified significant deficiencies across the company's AML/CTF framework, which include: The absence of timely board-approved business risk assessments from January 1, 2018, onwards. Inadequate and overly subjective customer risk assessment (CRA) methodology, lacking objective scoring criteria. Failure to conduct customer due diligence (CDD) at onboarding in certain instances. Insufficient verification of the source of wealth and the source of funds, particularly for high-risk customers. Incomplete ongoing transaction monitoring that did not adequately assess consistency with customer profiles. Lapses in periodic review and updating of customer documentation. Deficient record-keeping systems resulting in data omissions and inconsistencies. The remediation directive requires the company to strengthen its business risk assessments, implement consistent risk assessment methodologies, ensure proper customer identification and verification, enhance transaction monitoring frameworks, and maintain consolidated and retrievable client records. The company must demonstrate sufficient tangible progress within the stipulated timeframes. Failure to comply may result in administrative penalties under Regulation 21(1) of the PMLFTR.
3272153 pc Jun 26, 2026 tojuri Malta Malta Financial Services Authority horizon scanning
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Malta Financial Services Authority Issues Guidance on Virtual Asset Service Provider Transition to Crypto Asset Service Provider Licensing

On June 25, 2026, the Malta Financial Services Authority (MFSA) and the Financial Intelligence Analysis Unit (FIAU) issued guidance to Virtual Asset Service Providers (VASPs) regarding the expiration of transitional measures under the Markets in Crypto-Assets Act (MiCA). The transitional period under Article 143(3) of MiCA, as implemented in Article 66 of the Virtual Financial Assets Act, Cap. 590, expires on June 30, 2026. Operational VASPs with existing clients must obtain a Crypto Asset Service Provider (CASP) licence from the MFSA before July 1, 2026, to continue operations. From July 1, 2026, VASP clients will no longer benefit from MiCA safeguards, including rules protecting client assets. VASPs unable to meet this deadline must initiate orderly wind-down procedures. During wind-down, VASPs must immediately cease onboarding new clients, halt marketing activities, and limit service provision to actions necessary for selling or transferring crypto-assets and closing positions. Custody of client crypto-assets may only continue for the period strictly necessary to complete an orderly exit. The MFSA requires VASPs to communicate clearly and repeatedly with retail and institutional clients about wind-down plans and asset protection measures, including deadlines for closing residual positions. VASPs must maintain full compliance with anti-money laundering and counter-terrorism financing (AML/CTF) obligations during wind-down, with particular attention to sanction screening, Travel Rule requirements, and self-hosted wallet obligations. Suspected money laundering or terrorism financing transactions must be reported to the FIAU. The MFSA also reminded CASPs onboarding clients from winding-down VASPs of their obligations under MiCA, including customer due diligence and AML/CTF requirements. CASPs are prohibited from outsourcing or delegating custody services to unauthorised entities. Operational VASPs unable to meet these obligations must contact the MFSA within 24 hours of receiving the letter. Non-operational VASPs with pending applications must reconfirm in writing that they have no clients and will not onboard any until obtaining CASP licensing.

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2474 chars · nid 93511

Malta Financial Services Authority Issues Dear CEO Letter on End of MiCA Transition Period

On June 25, 2026, the Malta Financial Services Authority (MFSA) and the Financial Intelligence Analysis Unit (FIAU) issued a joint "Dear CEO" letter to virtual asset service providers (VASPs) regarding the end of the transition period under the Markets in Crypto-Assets Act (MiCA). The transitional period under MiCA expires on June 30, 2026. To continue operations, operational VASPs with existing clients must obtain a crypto-asset service provider (CASP) licence from the MFSA before July 1, 2026. From July 1, 2026, VASP clients will no longer benefit from MiCA safeguards, including rules protecting client assets. VASPs unable to meet this deadline must initiate orderly wind-down procedures. During this process, they must immediately cease onboarding new clients, halt marketing activities and limit service provision to actions necessary for selling or transferring crypto-assets and closing positions. Custody of client crypto-assets may only continue for the period strictly necessary to complete an orderly exit. The MFSA requires VASPs to clearly and repeatedly communicate with their retail and institutional clients about their wind-down plans and asset protection measures, including the deadlines for closing residual positions. During the wind-down process, VASPs must maintain full compliance with anti-money laundering and counter-terrorism financing (AML/CTF) obligations, paying particular attention to sanction screening, Travel Rule requirements and self-hosted wallet obligations. Any suspected money laundering or terrorism financing transactions must be reported to the FIAU. The MFSA has also reminded CASPs to onboard clients from VASPs that are winding down their obligations under MiCA, including customer due diligence and AML/CTF requirements. CASPs are prohibited from outsourcing or delegating custody services to unauthorised entities. Any operational VASPs unable to meet these obligations must contact the MFSA within 24 hours of receiving this letter. All non-operational VASPs with a pending application to the MFSA who will not obtain a CASP licence by July 1, 2026 are not expected to wind down. However, they must reconfirm in writing that they have no clients and intend to continue their application process under MiCA after the transitional period. They must also confirm that they will not onboard any clients until they obtain their CASP licence. This reconfirmation must be made within 24 hours of receipt of the letter.
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