On 19 December 2025, the Payment Systems Regulator (PSR) issued a consultation paper, CP25/3, setting out changes that will give businesses more information on the card payment (scheme and processing) fees they pay and give the PSR a better understanding of how the level of these fees is set.
CP25/3 follows an
On 18 December 2025, there was published on Legislation.gov.uk, The Consumer Composite Investments (Designated Activities) (Amendment) Order 2025 together with an explanatory memorandum.
This Order amends the Consumer Composite Investments (Designated Activities) Regulations 2024 to provide temporary exemptions from the financial promotion restriction and the scheme promotion restriction, in sections 21(1) and 238(1) of the
On 15 December 2025, the Dutch Ministry of Finance has published the draft Act adjustment mutual fund for joint account (Wet aanpassing fonds voor gemene rekening, FGR Adjustment Act) for public consultation, which aims to revise the definition of the mutual fund for joint account (fonds voor gemene rekening, FGR
On 19 December 2025, the Financial Conduct Authority (FCA) published a policy statement (PS25/24) setting out changes to simplify the ancillary activities test (AAT) intended to give firms more legal certainty and reduce costs.
Background
In July 2025, HM Treasury published draft amending legislation, enabling the FCA to
On 18 December 2025, the Australian Securities and Investments Commission (ASIC) published updates to its guidance on Chapters 8A and 8B of the ASIC Market Integrity Rules (Securities Markets) 2017 and the ASIC Market Integrity Rules (Futures Markets) 2017 (together, the Resilience Rules). The updates are reflected in the following regulatory guides:
On 19 December 2025, the Financial Conduct Authority (FCA) published a statement setting out that greater flexibility is to be given for setting contactless limits.
Overview
The FCA set out that banks and payment providers with strong fraud controls will be able to set their own limit for contactless payments and that they
On 18 December 2025, European Banking Authority, the European Central Bank, national central banks and national supervisory authorities across the European Economic Area signed a Memorandum of Understanding to strengthen cooperation and information sharing in support of non-bank payment service providers’ access to central bank-operated payment systems.
On 17 December 2025, the European Commission approved in principle a draft Commission Notice on the interpretation and implementation of certain legal provisions of the Disclosures Delegated Act (Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021) under Article 8 of the EU Taxonomy Regulation (Regulation (EU) 2020/852), as amended by the Omnibus Delegated Act
On 18 December 2025, there was published on legislation.gov.uk The Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 together with an explanatory memorandum.
This Order brings the provision of an ESG rating into regulation under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO), by
On 18 December 2025, the Single Resolution Board (SRB) issued a report on the approach to simplification.
In the report the SRB outlines its ongoing work to simplify banking regulation. It sets out the SRB’s general principles in the ongoing debate on simplification and then outlines the actions that the SRB is considering