On 29 October 2025, the European Commission (Commission) adopted a communication which provides guidance on how banks can benefit from more favourable prudential treatment under the Capital Requirements Regulation (CRR) when investing in equity through legislative programmes – structured public investment schemes established under EU or national law.
Subject to the
Shifting geopolitical dynamics have seen a wave of changes across the international investigations and enforcement landscape. In this edition, we focus on some of the most significant of these changes – from the issue of new cooperation guidelines by the Serious Fraud Office (SFO) to the abandonment by the Financial Conduct Authority (
On 28 October 2025, the Basel Committee on Banking Supervision issued a technical amendment to the Basel Framework which relates to the circumstance where a bank uses a guarantee or credit derivative to hedge the counterparty credit risk of a derivative exposure subject to the standardised approach to counterparty credit risk or the internal models
On 29 October 2025, the European Commission (Commission) adopted a Commission Delegated Regulation amending Delegated Regulation (EU) 2022/805 as regards fees for the supervision by the European Securities and Markets Authority (ESMA) of benchmark administrators endorsing third country benchmarks.
The draft Delegated Regulation updates Delegated Regulation (EU) 2022/805 to include supervisory
On 29 October 2025, the European Commission (Commission) adopted a Commission Delegated Regulation supplementing the European Market Infrastructure Regulation with regard to regulatory technical standards (RTS) specifying the operational conditions, the representativeness obligation and the reporting requirements related to the active account requirement.
The Commission’s adoption of the Delegated Regulation follows
On 28 October 2025, APRA Member Suzanne Smith delivered a speech titled “A time‑tested approach for a new world of technological risks,” outlining APRA’s observations and expectations on cyber security, legacy systems, cloud and third‑party risk, data management, and the responsible adoption of AI.
Cyber security
In APRA’s latest stakeholder survey, 91% of banks, insurers
On 28 October 2025, the Australian Securities and Investments Commission (ASIC) published a speech by Commissioner Alan Kirkland titled “Keeping the customer front and centre.”
Commissioner Kirkland underscored that putting the customer first is not optional for financial services firms. Many aspects of this obligation are embedded in law, with the design and
Introduction
The Australian Government has released exposure draft legislation that, if passed, will significantly transform the regulatory framework in the digital assets space. The proposals aim to bring digital asset and tokenised custody platforms within the financial services regulatory perimeter under the Corporations Act 2001 (Cth) (Corporations Act), requiring operators of them to
On 27 October 2025, there was published on legislation.gov.uk a draft of the Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 together with an explanatory memorandum.
The draft Order brings the provision of an Environmental, Social or Governance (ESG) rating into regulation under the Financial Services and Markets Act
On 28 October 2025, the Prudential Regulation Authority (PRA) published Policy Statement 18/25 ‘Retiring the refined methodology to Pillar 2A (near–final)’ (PS18/25).
PS18/25 provides feedback to responses the PRA received to the following chapters of consultation paper (CP) 9/24 – Streamlining the Pillar 2A capital framework and the capital