- Strengthening Transparency and Access to Market
FCA Primary Market Bulletin 65
HMT announces proposal for a new objective for the BoE
On 27 August 2026, HM Treasury (HMT) announced that it intends to give the Bank of England (BoE) a new responsibility to support innovation in payment systems and emerging forms of digital money, whilst continuing to prioritise financial stability.
Summary
HMT sets out in its announcement that, at present, the BoE
EBA publishes draft RTS on operational risk management framework
On 26 August 2026, the European Banking Authority (EBA) published a consultation Paper proposing draft Regulatory Technical Standards (RTS) on operational risk management frameworks under Article 323 of the Capital Requirements Regulation (CRR), as amended by the EU Banking Package implementing the final Basel III reforms.
Background
The RTS are intended
BaFin publishes final WpI MaRisk for small and medium-sized investment firms
On 24 August 2026, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) published Circular 09/2026 (WA), setting out the Minimum Requirements for the Risk Management of Investment Firms (WpI MaRisk).
For the first time, BaFin has adopted a targeted regulatory approach specifically designed for smaller and medium-sized investment firms, replacing
EBA publishes consultation paper on three draft RTS on the reclassification of investment firms into credit institutions
On 25 August 2026, the European Banking Authority (EBA) published consultation paper on three draft Regulatory Technical Standards (RTS) concerning the reclassification of investment firms as credit institutions.
Background
Under the Capital Requirements Directive (CRD) framework, Markets in Financial Instruments Directive (MiFID) investment firms whose total assets
BaFin published “Five Points to Note for Influencers”
In its factsheet Finfluencer – Tipps für verantwortungsvolle Werbung, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht or Bafin) previously emphasised that advising others as to which investments they should make, or refrain from making, may amount to regulated investment advice.
By way of background, finfluencers will not ordinarily satisfy the statutory
European Commission publishes request to ESMA for advice on the Retail Investment Strategy
On 24 August 2026, the European Commission (the Commission) published its request to the European Securities and Markets Authority (ESMA) to provide technical advice on implementing key aspects of the Retail Investment Strategy (RIS). The RIS is designed to encourage greater retail participation in EU capital markets while ensuring stronger investor protection
Treasury: Protecting Consumers and the Promise of Superannuation in an Evolving Financial Ecosystem
- For APRA-regulated funds,
Commission decides not to endorse EBA amendments to RTS on own funds and eligible liabilities under the CRR
On 19 August 2026, the Council of the EU published a letter from the European Commission (Commission) to the European Banking Authority (EBA) (dated 20 July 2026) regarding endorsement of the draft regulatory technical standards (RTS) amending Commission Delegated Regulation (EU) No 241/2014 on the timing for the application
Fraud Without Borders: Key Takeaways from the DOJ’s New Enforcement Memorandum
Overview
On August 13, 2026, Colin M. McDonald, Assistant Attorney General of the U.S. Department of Justice’s (DOJ) National Fraud Enforcement Division (the Fraud Division or the Division), issued a memorandum (the Memorandum) to all Fraud Division personnel setting out the Division’s enforcement priorities. According to the Memorandum, the Department intends