Global Regulation Tomorrow

On 13 October 2026, the Joint Committee of the European Supervisory Authorities published its Annual Work Programme for 2027, setting out its priorities for addressing cross-sectoral risks and strengthening coordination across the European Union's financial sector. Key priorities include digital operational resilience, technological innovation, sustainable finance, securitisation and cross-sectoral

On 13 October 2026, there were published a draft of The Financial Services and Markets Act 2023 (Addition of Relevant Enactments) Regulations 2026, with an explanatory memorandum.

Background

HM Treasury (HMT) sets out in its explanatory memorandum that this instrument brings several additional pieces of legislation

On 13 October 2026, the Basel Committee on Banking Supervision (Basel Committee) published assessment reports on the implementation of its leverage ratio framework in Australia, Canada, Japan, Korea, Switzerland and the United Kingdom. The assessments form part of the Basel Committee’s Regulatory Consistency Assessment Programme, which evaluates the

3 September – 3 October 2026

Introduction

ESG is changing the landscape for financial institutions as stakeholders, including investors, increasingly expect them to make their operations more sustainable.

Financial services regulators also view ESG as a priority, embedding the principles of climate-related financial risks into their supervisory frameworks and dealing

On 12 October 2026, the Financial Stability Board (FSB) published a letter from its Chair, Andrew Bailey, to G20 Finance Ministers and Central Bank Governors, ahead of their meeting on 15 October.

Background

The letter highlights risks to the global financial system, including heightened volatility in sovereign bond

On 9 October 2026, the Financial Stability Board (FSB) issued a peer review report on its thematic review on public sector backstop funding (PBF) mechanisms.

Background

The FSB adopted the Key Attributes of Effective Resolution Regimes for Financial Institutions (KAs) in 2011, to make

On 12 October 2026, the European Securities and Markets Authority (ESMA) issued two additional thematic notes on sustainability-related claims. The additional notes cover impact claims and climate transition claims.

Background

The thematic notes do not create new regulatory requirements and should not be understood as prescribing a

On 9 October 2026, the European Banking Authority (EBA) issued a Final Report on draft regulatory technical standards (RTS) on amending Commission Delegated Regulation (EU) 2017/390 supplementing the Central Securities Depositories Regulation (CSDR) on prudential requirements for central securities depositories (CSDs) and

On 9 October 2026, the European Securities and Markets Authority (ESMA) issued a Call for Evidence on central counterparty (CCP) collateral tokenisation.

Background

The Call for Evidence seeks to gather evidence on the legal, market, operational and infrastructure issues raised by tokenised collateral arrangements. It sets

On 12 October 2026, the Council of the EU issued a note setting out the opening positions of the three EU institutions on the proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector, Regulation (EU)

On 12 October 2026, the Financial Conduct Authority (FCA) published its multi-firm review of governance arrangements at benchmark administrators.

Background

The FCA sets out that the review forms the final stage of supervisory work arising from risks identified in the FCA’s 2024 benchmarks portfolio letter and follows its

The Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a report on tokenisation of securities in the Netherlands. While European and Dutch law do not prohibit the use of distributed ledger technology

From 2030, master trusts and group personal pensions will generally need a main scale default arrangement holding at least £25 billion in assets under management to continue receiving automatic enrolment contributions. Our briefing explains how the new scale requirements are expected to work, the alternative pathways for schemes that do

Our podcast mini-series on 'Crypto under the FCA' examines the FCA's highly anticipated policy statements published on June 30, 2026, which collectively shape the new regulatory regime for cryptoassets in the United Kingdom. In this episode we unpack the authorisation process — what firms need to know, where the pitfalls lie,

On 9 October 2026, the Economic and Financial Affairs (ECOFIN) Council agreed on the key elements of the Market Integration and Supervision (MISP) package. The adoption of the negotiating position follows nine months of negotiations between Member States on possible amendments to the MISP legislative package, which was

On 8 October 2026, the Financial Conduct Authority (FCA) published a blog on how strong compliance functions can support trusted corporate finance markets, this follows on from a survey the FCA had conducted, which it considers found encouraging practice across corporate finance firms but also opportunities for more

On 8 October 2026, the Financial Conduct Authority (FCA) published a consultation paper in relation to fair redemption terms for authorised funds investing in illiquid assets (CP26/35).

Background

The FCA sets out that it has worked with the International Organization of Securities Commissions and the Financial

On 30 September 2026, the Australian Prudential Regulation Authority (APRA) issued a consultation paper and draft Prudential Standard SPS 530 Investment Governance for consultation.

Background

The policy reform in the consultation paper is the next phase of APRA’s multi-year work to strengthen investment governance. APRA is proposing

On 30 September 2026, the Australian Securities and Investments Commission (ASIC) issued ASIC Corporations (Managed Discretionary Account Services) Instrument 2026/720 which replaces ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968.

ASIC Instrument 2026/720 does not substantively change the terms of the relief for managed discretionary account (MDA

On 7 October 2026, the European Securities and Markets Authority (ESMA) issued a Public Statement regarding an extended transitional period for third-country central securities depositories (CSDs).

Background

CSDs established in a country outside of the European Union (third country CSDs) are allowed to provide notary services