Deadline Looms for Digital Asset Businesses to Apply for a Licence
The Australian Securities and Investments Commission (ASIC) has warned digital‑asset service providers that they must decide by 30 June 2026 whether to obtain a new Australian Financial Services (AFS) licence or amend an existing one, after which its no‑action relief expires. ASIC’s updated INFO 225 guidance also clarifies relief for certain stablecoins and wrapped tokens during the transition. The upcoming Corporations Amendment (Digital Assets Framework) Act 2026 will launch on 9 April 2027, bringing digital‑asset platforms (DAPs) and tokenised custody platforms (TCPs) under a formal licensing regime. Firms applying now will likely need to add DAP and TCP authorisations once the new framework takes effect.
EBA Amends Guidelines on the Definition of Default
On 7 May 2026, the European Banking Authority issued a final report amending its Guidelines on the definition of default. The amendments clarify the past‑due treatment of non‑recourse factoring and align the guidelines with changes introduced by the Capital Requirements...
FCA Updates Guidance on Its Role Under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011
On 7 May 2026 the Financial Conduct Authority issued version 8 of its approach document covering the Payment Services Regulations 2017 and the Electronic Money Regulations 2011. The revision incorporates the latest safeguarding and resolution‑pack rules from CASS 15 and 10A, plus new audit and monthly‑return requirements...
FCA Launches Review of Claims Management Practices
On 6 May 2026 the Financial Conduct Authority announced a comprehensive review of the UK claims management market after mounting evidence that some claims management companies and law firms are failing consumers. The review will probe aggressive marketing, misleading advertising,...
Joint Regulatory Taskforce to Tackle Poor Practice in Motor Finance Claims
On May 6, 2026 the FCA announced a joint regulatory taskforce to address poor handling of motor‑finance claims by certain claims management companies and law firms. The taskforce brings together the FCA, Solicitors Regulation Authority, Information Commissioner’s Office and Advertising Standards Authority...
CPMI-IOSCO Consult on Updated Guidance and Public Disclosures to Implement Initial Margin Proposals
On 6 May 2026 the BIS Committee on Payments and Market Infrastructures (CPMI) and IOSCO launched a consultation on amending the CCP resilience guidance and the public quantitative disclosure standards (PQDs). The proposals embed Basel Committee recommendations on initial‑margin transparency,...
APRA Finalises Targeted Amendments to CPS 230 Operational Risk Management
On 30 April 2026, APRA finalized targeted amendments to prudential standard CPS 230, practice guide CPG 230, and the material service provider register. The changes introduce a list‑based exemption mechanism for non‑traditional service providers such as central banks, regulators, and government agencies,...
ESMA Guidelines on Internal Controls for Benchmark Administrators, Credit Rating Agencies and Market Transparency Infrastructures
On 5 May 2026 ESMA released official translations of new Guidelines on Internal Controls for benchmark administrators, credit rating agencies (CRAs) and market transparency infrastructures. The rules set out the internal control mechanisms required to meet specific EU regulations, including...
SFDR 2 – Draft ECON Report
On May 4, 2026 the European Parliament’s Economic and Monetary Affairs (ECON) Committee issued a draft report on the European Commission’s proposal to amend the Sustainable Finance Disclosure Regulation (SFDR) and the PRIIPs regulation, while repealing Delegated Regulation 2022/1288. The draft outlines tighter...
PRA CP8/26: Funded Reinsurance
The Prudential Regulation Authority has issued consultation paper CP8/26 proposing stricter rules for funded reinsurance to curb systemic risk in the UK pension‑risk‑transfer market. The plan would lift the capital charge from roughly 2‑4% to about 10% of the liability...
Commission Delegated Regulation Supplementing EMIR by Specifying the Method for the Determination of Fees Charged by the EBA for the...
On 5 May 2026 the European Commission adopted a Delegated Regulation that supplements EMIR by defining how the European Banking Authority will calculate and collect fees for validating pro forma models used in OTC‑derivatives collateral calculations. The rule sets out...
ESMA Consults on a New Simplified Approach to Updating MMF Stress Test Parameters
On 5 May 2026 ESMA released a consultation proposing a streamlined method for updating money‑market‑fund (MMF) stress‑test parameters. Instead of revising the full Guidelines each year, the regulator would publish the calibrated figures on a dedicated webpage, making them instantly applicable. The...
Strengthening the Macroprudential Lens in the Regulation of NBFI
On 5 May 2026 the European Central Bank released a report titled “Strengthening the macroprudential lens in the regulation of non‑bank financial intermediation.” The paper outlines a handful of targeted policy proposals aimed at tightening macroprudential oversight of the NBFI...
New Notice in a Nutshell Briefing: FCA Prohibits Chief Executive of Online Trading Firm From Working in Financial Services Due...
The UK Financial Conduct Authority issued a Final Notice in March 2026 prohibiting Kasim Garipoglu, chief executive of an online trading firm, from working in any UK financial‑services role. The FCA concluded he was not fit and proper due to repeated...
New UK Law Makes Companies Liable for Criminal Acts of Senior Managers: Four Key Implications
The Crime and Policing Bill 2025 received Royal Assent on 29 April 2026, expanding corporate criminal liability to any offence committed by a senior manager acting within actual or apparent authority. The new regime supersedes the Economic Crime and Corporate Transparency Act...
Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026 Published
On 30 April 2026 the UK government published the Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026, accompanied by an explanatory memorandum. The instrument restates key definitions—such as CRR firm, investment firm and financial institution—currently found in the UK Capital Requirements...
FCA Announces that Cryptoasset Firms Can Request Pre-Application Meetings From 11 May 2026 and Publishes New Webpage on Preparing for...
The FCA announced that from 11 May 2026 crypto‑asset firms can request free pre‑application meetings through its Pre‑Application Support Service (PASS), with meetings scheduled from July 2026. The authorisation gateway opens on 30 Sept 2026 and the new crypto‑asset regulatory regime launches on 25 Oct 2027. A...
ESMA Statement on Transitional Provisions Under the BMR Review
On April 30, 2026, ESMA issued a public statement outlining transitional provisions for its Benchmarks Regulation (BMR) review. The document sets a review timeline and lists pending applications from third‑country benchmark administrators awaiting ESMA’s decision. It also identifies administrators currently...
ESMA Announces Sixth Stress Test Exercise for CCPs
On 30 April 2026 ESMA announced the launch of its sixth stress‑test exercise for central counterparties, covering 16 entities – all authorized EU CCPs and two UK Tier 2 CCPs. The test uses an adverse market scenario supplied by the European Systemic Risk...
ESMA Statement on the End of Transitional Periods Under MiCA
On 17 April 2026, the European Securities and Markets Authority (ESMA) issued a statement clarifying supervisory expectations as the EU’s Markets in Crypto‑Assets Regulation (MiCA) transitional period ends on 1 July 2026. After that date, any crypto‑asset service provider operating without a MiCA licence...
ESMA Consults on Guidelines on Endorsement Under the ESG Ratings Regulation
On 29 April 2026 ESMA launched a public consultation on draft guidelines governing the endorsement of ESG ratings under the EU’s ESG Ratings Regulation. The guidelines clarify expectations for Article 11(1) and specify the data ESG rating providers must submit in Annex IV of...
SMCR Reform: Key Aspects of Firm and Individual Notifications
The PRA and FCA issued Phase 1 SMCR reforms on 21 April, largely effective 24 April, to give firms more flexibility and cut administrative load. Highlights include extending criminal‑record‑check validity to six months, a revised 12‑week rule that lets senior managers act while...
FCA Primary Market Bulletin 63
On 27 April 2026 the FCA released Primary Market Bulletin 63, outlining a series of regulatory updates for the public offers and admissions to trading regime. The bulletin finalised Technical Note 717.3 on sponsor record‑keeping, launched a consultation on revised working‑capital disclosure guidance in...
New Notice in a Nutshell Briefing: FCA Fines Dinosaur Merchant Bank £338,000 for Market Abuse Surveillance Failures in Its CFD...
On 24 March 2026 the UK Financial Conduct Authority issued a Final Notice to Dinosaur Merchant Bank Limited, levying a £338,000 (approximately $430,000) penalty for failing to detect and report suspicious orders in its contract‑for‑difference (CFD) business. The FCA found...
Published in OJ – Commission Implementing Regulation (EU) 2026/905 of 24 April 2026 Supplementing BMR by Establishing a List of...
On 27 April 2026 the EU published Commission Implementing Regulation (EU) 2026/905 in the Official Journal. The regulation amends the Benchmark Regulation (EU) 2016/1011 by creating a list of spot foreign‑exchange benchmarks that are exempt from BMR requirements. The exemption aims to streamline oversight...
FCA Publishes Consultation in Relation to Changes to Information Flows for UK Equity IPOs
On 27 April the FCA released consultation paper CP26/14 proposing key changes to UK equity IPO information flows. The draft seeks to remove the 7‑day cooling‑off period for connected research, require syndicate banks to share the same research data with unconnected...
Prediction Markets in the Spotlight: Key Legal Issues in the UAE
Prediction markets are gaining global traction, with analysts forecasting trading volumes could reach $1 trillion by 2030. In the United Arab Emirates, the rapid rise has exposed a murky regulatory environment, prompting questions about licensing, gambling classifications, securities law, and anti‑money‑laundering...
Ofgem’s “Transformation”: Key Takeaways From the DESNZ Announcement
On 22 April 2026 the Department for Energy Security and Net Zero announced a package of reforms to "transform" Ofgem. The proposals give the regulator stronger direct consumer‑law enforcement powers, a potential ban on executive bonuses for energy firms, and...
Legal Implications of the Iran Conflict for Energy and Commodity Traders
The Iran‑region conflict that erupted on February 28, 2026 has sent crude, refined products and natural‑gas benchmarks into sharp volatility, while physical supply chains across the Middle East face material disruptions. Energy traders are now navigating not only commercial risk...
FCA Publishes Cyber Co-Ordination Group Insights
On 24 April 2026 the UK Financial Conduct Authority released insights from its 2025 Cyber Coordination Group, which convenes up to 140 financial firms to share best practices on cyber resilience. The FCA emphasized senior‑level involvement in incident‑response drills, live‑environment testing, and...
Podcast | Let’s Talk Asset Management: Episode 23 – FCA Authorisation Under the Microscope: What the FCA Expects From Asset...
The Financial Conduct Authority (FCA) released new guidance aimed at tightening asset‑management authorisation applications. The regulator highlighted common pitfalls, such as weak governance and insufficient risk documentation, and offered best‑practice recommendations. Firms are urged to engage early with the FCA,...
New Briefing Note: AI & Privilege: Part One, Internal Investigations – Key Considerations for Professional Services and Financial Services Firms
Norton Rose Fulbright released a briefing note on AI and privilege, focusing on internal investigations for professional and financial services firms. The note reviews core privilege principles and how they intersect with generative AI tools. It highlights key considerations for...
FCA Handbook Notice 140
On 24 April 2026 the Financial Conduct Authority released Handbook Notice 140, outlining a suite of regulatory updates. The notice adds the 2026/27 management‑expenses levy limit for the Financial Services Compensation Scheme and introduces a new UK short‑selling framework that...
ESG Ratings Regulation – Commission Adopts Delegated Acts on Fees and Penalties
On 24 April 2026 the European Commission adopted two delegated regulations that flesh out the EU ESG Ratings Regulation. One sets out the exact fee structure ESMA will charge ESG rating providers, detailing fee types, amounts and reimbursement mechanisms for competent authorities....
New Briefing Note: The New ‘ODSE Regime’ for English Men’s Football
The Football Governance Act 2025 introduces a new Owners, Directors and Senior Executives (ODSE) regime for clubs in England’s top five men’s leagues. The Independent Football Regulator will enforce detailed disclosure, governance and compliance standards on club leadership. Clubs must...
Council Issues ‘I’ Item Note on PSD3
On 23 April 2026 the EU Council issued an ‘I’ Item Note on the draft Payment Services Directive 3 (PSD3) and the accompanying Payment Services Regulation (PSR). The Council simultaneously published final compromise texts for both the Directive and the...
Low Impact Amendments Finalisation 2026
On 23 April 2026 the Prudential Regulation Authority released a set of low‑impact amendments to its rulebook. The changes update fee invoice due dates for firms paying £50,000 (about $62,500) or more, delete obsolete MODR references in the Skills, Knowledge and Expertise...
Low Impact Amendments Consultation 2026
On 23 April 2026 the Prudential Regulation Authority released a consultation proposing a suite of low‑impact rule amendments. The changes clarify that firms must apply proportional consolidation when voting rights create participation, replace references to additional own‑funds with a Pillar 2A...
Geopolitical Risk and the CRD 6 / CRR 3
The EU’s revised banking framework, CRR 3 and CRD 6, does not create a stand‑alone capital charge for geopolitical risk but weaves the risk into several regulatory expectations. Heightened prudential standards now require banks to factor geopolitical and trade risks into capital...
Draft Delegated Act – Market Risks – Own Funds Requirements
On 21 April 2026 the European Commission released a draft delegated act amending the Capital Requirements Regulation to provide temporary, targeted relief for market‑risk capital. The proposal modifies both the alternative internal model and the standardized approaches, and adds an overall multiplier...
Podcast | Let’s Talk Asset Management: Episode 22 – Unpacking the FCA’s Wholesale Buy Side Regulatory Priorities 2026
The Financial Conduct Authority released its Wholesale Buy Side Regulatory Priorities report in March 2026, and the latest Let’s Talk Asset Management podcast dissects its implications for buy‑side firms. Hosts Hannah Meakin, Lucy Dodson, Saaraa Alimahomed and Simon Lovegrove explore...
European Commission Adopts Delegated Regulation on RTS Specifying the Measures and Safeguards to Be Implemented by ESG Rating Providers
On 21 April 2026 the European Commission adopted a draft Delegated Regulation that adds regulatory technical standards to the EU ESG Rating Regulation (2024/3005). The new standards require ESG rating providers to create distinct organisational structures for rating activities, submit regular self‑declarations,...
HMT Issues Policy Note and Draft SI on Amendments to the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026
On 21 April 2026 HM Treasury released a policy note and draft statutory instrument amending the 2026 Cryptoassets Regulations. The draft removes UK‑issued qualifying stablecoins (UKQS) from the crypto‑dealing perimeter to smooth the path for payment‑service providers, while keeping lending and borrowing...
FCA Sets Out Good and Poor Practice in Relation to Managing Potential Risks From Inactive Appointed Representatives
On 21 April 2026 the FCA published a review outlining good and poor practice in supervising inactive appointed representatives (ARs). It flagged gaps in reporting AR regulated revenue, insufficient engagement with dormant ARs, lax monitoring of consumer‑facing materials, and non‑compliant...
Prediction Markets at a Crossroads: Preemption, Enforcement and Rulemaking
A new Norton Rose Fulbright briefing notes that U.S. regulators are at a pivotal moment for prediction markets. The CFTC has released a draft framework outlining how event‑based contracts could be regulated, while lawmakers debate whether existing securities laws preempt...
Saudi Arabia’s Capital Market Opens to All Foreign Investors: Key Reforms and Action Points
On 1 February 2026 the Saudi Capital Market Authority amended its foreign‑investment rules, allowing any foreign investor to purchase Saudi equities directly on Tadawul. The reforms dissolve the Qualified Foreign Investor classification, strip away the swap‑agreement framework, and create a single, unified...
CMDI Legislation Published in the OJ
On 20 April 2026 the EU published Regulation 2026/808 and Directives 2026/806 and 2026/804 in the Official Journal, amending the bloc’s bank crisis‑management and deposit‑insurance framework. The measures introduce new early‑intervention powers, clearer funding rules for resolution actions and broaden the scope of deposit guarantees,...
FCA Publishes Findings in Relation to Market Soundings in UK Equity Capital Markets
The FCA released a review of market soundings in UK equity capital markets, analysing transactions over £50 million (about $63 million) that ran between January 2023 and June 2025. It found that trading volumes fell roughly 13% during the sounding window, while key quality...
TSC Publishes Regulator Responses to Its Report on AI in Financial Services
On 16 April 2026 the Treasury Select Committee published regulator responses to its AI in financial services report, featuring input from HM Treasury, the Bank of England and the Financial Conduct Authority. HM Treasury reiterated that existing technology‑risk rules already...
BoE’s Fees Regime for FMI Supervision 2026/27
The Bank of England released a proposal to set supervisory fees for financial market infrastructure (FMI) in 2026‑27. Fees for UK central counterparties (CCPs) will be trimmed by 3.2%, while charges for central securities depositories (CSDs) rise 7.7% to fund...