Global Regulation Tomorrow

On 26 October, the Financial Conduct Authority (FCA) published the results of its multi-firm review into how small-medium sized enterprises (SMEs) in the defence sector currently experience banking services and whether banks could improve their understanding and decision-making.

Background

The FCA set out that it has

On 26 October 2026, the Bank of England (BoE) and Financial Conduct Authority (FCA) jointly published a report on artificial intelligence (AI) in UK finance services (the Report).

Background

The BoE and FCA conducted a fourth survey on AI and machine learning in

Introduction

On 22 October 2026, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published consultation papers[1] setting out their long-awaited Phase 2 proposals for reforming the Senior Managers and Certification Regime (SM&CR). Together, the proposals represent the most substantial change

On 23 October 2026, the Council of the EU published its position at first reading (dated 21 October 2026) with a view to the adoption of the proposed Directive on payment services in the internal market amending Directive 98/26/EC and Regulation (EU) 2023/1114 and repealing Directives 2009/110/EC and (EU) 2015/2366.

On 23 October 2026, the Financial Conduct Authority (FCA) published Handbook Notice 145.

This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under their legislative and other statutory powers on 24 September 2026 and 22 October 2026.

On

On 23 October 2026, the Financial Conduct Authority (FCA) the findings from its multi-firm review of how firms identify, manage, mitigate and disclose conflicts of interest in private market assets.

Background

The FCA highlighted that this multi-firm review will be of interest to:  

• Asset managers.  
• Alternative investment

On 23 October 2026, there was published a statutory instrument (SI) The Over-the-Counter Derivatives (Intragroup Transactions) Regulations 2026 (the Regulations).

Background

The Regulations reform the UK framework for intragroup over-the-counter derivative transactions under the European Market Infrastructure Regulation (EMIR) as it forms part of UK

On 23 October 2026, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2026/1763 of 13 July 2026 amending the regulatory technical standards (RTS) laid down in Delegated Regulations (EU) 2017/583 as regards transparency requirements for trading venues and investment

On 22 October 2026, the European Securities and Markets Authority (ESMA) announced that it had updated its Questions and Answers (Q&As) on market structure under the Markets in Financial Instruments Directive II, the Market Abuse Regulation and the Short Selling Regulation, removing outdated, duplicative and no longer relevant

On 22 October 2026, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) issued consultation papers setting out proposed reforms to the Senior Managers and Certification Regime (SM&CR). The FCA published Consultation Paper 26/37: Senior Managers and Certification Regime (SM&CR) Review: Phase 2

On 21 October 2026, the Australian Securities and Investments Commission (ASIC) made the legislative instrument that will increase the net tangible assets (NTA) requirement for responsible entities of registered managed investment schemes. The legislative instrument is ASIC Corporations (Amendment) Instrument 2026/708 (NTA Instrument).

Earlier

On 21 October 2026, The Overseas Prudential Requirements Regime (Credit Institutions and Investment Firms) Regulations 2026 were made.

Background

The UK Capital Requirements Regulation (UK CRR) was revoked by the Financial Services and Markets Act 2023 subject to commencement by HM Treasury (HMT). This revocation allows

On 22 October 2026, there was published a statutory instrument (SI) The Building Societies Act 1986 (Assimilation to Company Law and Changes to Funding Limit) Order 2026 (the Order).

Background

The Building Societies Act 1986 (the Act) provides the legislative foundation for the business model of

On 21 October 2026, the European Parliament and the Council announced that they had reached agreement on the main parts of the review of the EU securitisation framework. The agreed compromise is a key step in the legislative process, which started with a European Commission (Commission) proposal in

Following the adoption of the negotiating position of the Council, the legislative review of the Market Integration and Supervision Package (MISP) is progressing in the European Parliament as well. The European Parliament Economic and Monetary Affairs (ECON) Committee is currently reviewing the European Commission’s proposals. Following

On 22 October 2026, the Financial Conduct Authority (FCA) published a user guide in relation to applications and notifications for UK Authorised Funds.

Background

The FCA sets out that this guide is suitable for the following applications:

• Applying for a new scheme to be authorised in the UK

On 22 October 2026, the Payment Systems Regulator (PSR) published Specific Direction 17 (Confirmation of Payee) (SD17).

The PSR introduced Confirmation of Payee (CoP) requirements through Specific Direction 10 in 2019, updated them through Specific Direction 11 in 2022, and expanded participation through SD17

On 21 October 2026, the FCA published Consultation Paper 26/36: Cryptoasset perimeter guidance (CP26/36).

Background

From 25 October 2027, the Financial Services and Markets Act (FSMA) 2000 (Cryptoassets) Regulations 2026 will introduce new regulated activities for cryptoassets into the FCA’s perimeter.

In September 2026, the FCA

On 21 October 2026, the Financial Conduct Authority (FCA) issued Guidance Consultation 26/7: Decentralised finance guidance (GC26/7).

Background

The FCA is aware that firms are increasingly using decentralised finance (DeFi) to provide financial services. It is now consulting on non-Handbook guidance to help firms

The FIA's European Agent-Trustee Model (EATM) represents one of the most significant recent developments in the European OTC derivatives clearing market. Launched at LCH Ltd in December 2025, the EATM offers clients and clearing members an alternative to the principal-to-principal clearing framework. In this Briefing Note, we