Global Regulation Tomorrow

On 28 October 2026, HM Treasury published a letter from the Chancellor of the Exchequer, John Healey MP to the Bank of England Governor, Andrew Bailey. The letter sets out the remit, recommendations and priorities for the Financial Policy Committee (FPC) for 2026/27.

Among other things, the letter

In this latest edition of Regulation Around the World, we examine the anti-money laundering and counter-terrorist financing (AML/CFT) landscape through the lens of eight questions, drawing on insights from Norton Rose Fulbright practitioners across our global network.

The questions are:

1. What are the most significant recent or forthcoming changes to

On 21 October 2026, the Dutch Central Bank (De Nederlandsche Bank, DNB) published its Good Practice on the evaluation of insurers’ governance systems (the Good Practice). The Good Practice is intended to give insurers practical guidance on the periodic internal evaluation of their governance system that

On 23 October 2026, the Financial Conduct Authority (FCA) published a Consultation Paper (CP26/38) in relation to proposed changes to its Financial Crime Guide (the Guide).

Background

Since the Guide was last updated, the UK's sanctions regime has evolved, cryptoasset regulation has developed and firms

On 27 October 2026, there was published a draft statutory instrument (SI) The Securitisation (Amendment and Miscellaneous Provisions) Regulations 2026 (the Regulations).

Background

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published consultation papers on reforming the securitisation framework in

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