Tracks financial services regulatory developments and provides insight and commentary
In recent years, diversity and inclusion (D&I) in the financial services sector has become a focus for regulators around the world. Individual regulators, however, have taken different approaches to D&I to reflect the local socio-economic environment.
Below, we provide a high-level summary of the position across a number of key jurisdictions updating our table published…
In the latest instalment of our Regulation Around the World series, Financial Services partners in 15 jurisdictions cover recent developments concerning anti-money laundering.
Our global updater is accompanied by further analysis and insights in our Regulation Around the World podcast which is available now to stream and download. The podcast features speakers from the…
In the summer of 2023, the European Commission issued a payment services legislative package which amends the existing Payment Services Directive 2 (PSD2). A new Directive, PSD3, was proposed together with a Regulation, the Payment Services Regulation (PSR). In addition, a further Regulation was proposed, a Regulation on a Framework for…
The Department of Justice (DOJ) announced on September 17, 2024 that it has withdrawn its 1995 Bank Merger Guidelines, effectively overhauling how it reviews M&A transactions involving banks and bank holding companies. According to the DOJ, the 2023 Merger Guidelines are its sole authoritative statement across all industries that identify the factors and…
Singapore has passed legislative amendments to enhance its anti-money laundering and countering the financing of terrorism (AML/CFT) regime. Such changes will, amongst other things, enable more effective prosecution of money laundering offences, enhance the enforcement and supervisory efforts of AML/CFT regulators, and align the city-state’s AML/CFT framework with international standards.
Read our new…
On August 28, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a final rule that will impose new anti-money laundering and countering terrorism financing (AML/CFT) program requirements on registered investment advisers and exempt reporting advisers (collectively, Covered IAs) by, among other things, including Covered IAs within the definition of “financial…
On 20 August 2024, the Financial Services Regulatory Authority (the FSRA), the financial services regulator in the Abu Dhabi Global Market, published Consultation Paper No. 7 of 2024 (CP7) on a proposed regulatory framework for the issuance of stablecoins that are backed by a fiat currency, or what CP7 refers to as…
In our latest Global Regulation Tomorrow Plus podcast, Jonathan Herbst, Hannah Meakin and Anita Edwards discuss PRA Consultation Paper 11/24, which sets out proposals updating the regulator’s approach to international banks.
Listen to the episode here.
In Episode 4 of our podcast series ‘Let’s talk asset management’ Jonathan Herbst, Hannah Meakin and Anita Edwards discuss the UK Financial Conduct Authority’s final rules for a new option to pay for investment research.
Listen to the episode here.
In Episode 3 of our podcast series ‘Let’s talk asset management’ Frank Herring and Simon Lovegrove discuss the EU Retail Investment Strategy.
Listen to the episode here.
On July 25, 2024, in the case of Federation of Americans for Consumer Choice, Inc., et al. v. United States Department of Labor, et al., (“Federation of Americans”) the United States District Court for the Eastern District of Texas issued an order staying the effective date of the DOL’s final fiduciary rule (and related amendments…
In PS24/9 (Payment optionality for investment research) the FCA sets out final rules for a new option to pay for investment research and sets out its feedback to its earlier consultation in CP24/7. To remind everyone, the new option will exist alongside those already available, i.e., payments for research from a firm’s own resources and…
Last week, two major stablecoin announcements were made to support Hong Kong’s efforts in facilitating the responsible development of its virtual asset ecosystem.[1] On 17 July 2024, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) jointly published consultation conclusions on the proposed regulatory…
On 12 December 2025, the European Banking Authority (EBA) published a Final Report on draft regulatory technical standards (RTS) on the treatment of structural foreign exchange (FX) positions under Article 104c of the Capital Requirements Regulation (CRR).
The structural FX provision in Article 352 of the CRR…
On 12 December 2025, the Council of the EU published its conclusions on simplifying the Union’s financial services regulation.
In the conclusions the Council calls on the European Commission to put forward ambitious simplification packages for the EU’s financial services regulation which should include clear priorities and timelines as well as planned initiatives. The Commission…
Following the announcement by HM Treasury in October that the Government has decided that the Financial Conduct Authority should become the single professional services supervisor for anti-money laundering/ countering the financing of terrorism (see our previous briefing), a Consultation Paper has now been published providing further details of the reform proposals and requesting responses…
On 12 December, the Financial Conduct Authority (FCA) published findings from its multi-firm review of how wholesale banks deliver best execution in UK listed cash equities.
Background
The FCA explained that it had last carried out a thematic review (TR14/13) of wholesale banks’ best execution practices in 2014 and that, in the context…
On 11 December 2025, the Financial Conduct Authority (FCA) published a new webpage setting out its expectations of firms promoting investment products, and common misconceptions about risk warnings.
Background
The FCA explained that it is currently supporting a review of risk warnings, led by the Investment Association and supported by HM Treasury, and…
On 12 December 2025, the Basel Committee on Banking Supervision (Basel Committee) and the International Organization of Securities Commissions (IOSCO) published a report that reviews the implementation of margin requirements for non-centrally cleared derivatives. The report concludes that the framework has been effectively implemented and finds no evidence of material issues.
On 12 December 2025, the European Central Bank (ECB) announced that it will be assessing 110 directly supervised banks on the management of geopolitical risk.
As a key driver of macroeconomic uncertainty, geopolitical risk remains at the centre of the ECB’s supervisory priorities for 2026-28.
Reverse geopolitical risk stress test
As part of…
On 12 December 2025, the National Audit Office (NAO) released a report which examined how the Bank of England (BoE) managed the Real-Time Gross Settlement (RTGS) renewal programme to achieve a new system resilient to future developments and risks.
Background
In 2016, the BoE established the RTGS renewal programme…
On 11 December 2025, the European Systemic Risk Board (ESRB) published a report (dated 31 October 2025) in which it identifies and lists the tasks assigned to it by EU legislation beyond the ESRB Regulation. It then categorises them from a content point of view, classifying them into four types according to their…
