- Eliminates the concept of the Qualified
A Historic Milestone – Saudi Arabia’s Capital Market Opens to All Foreign Investors
UAE SCA Renamed CMA, and Other Landmark Legislations
On 1 January 2026, Federal Decree-Law No. (32) of 2025 and Federal Decree-Law No. (33) of 2025 took effect which establish the regulatory framework for the capital markets sector and the Capital Market Authority (CMA) in the UAE.
This step is part of the UAE’s ongoing programme to modernize the sector’s legislative and
ESMA publishes principles on risk-based supervision
On 9 January 2026, the European Securities and Markets Authority (ESMA) issued non-binding principles for risk-based supervision which are intended to support a common and effective EU-wide supervisory culture and strengthen the EU Single Market.
The principles apply to Member State competent authorities and ESMA when carrying out direct supervision. They are intended
EBA final report amending Guidelines on the equivalence of confidentiality regimes
On 22 December 2025, the European Banking Authority (EBA) issued a final report containing Guidelines amending Guidelines EBA/GL/2022/04 on the equivalence of confidentiality regimes.
Regulation (EU) No 1093/2010 mandates that the EBA support Member States in ensuring third-country confidentiality and professional secrecy frameworks meet EU standards. Similarly, certain sectoral legislation like the
ESMA final report on guidelines on internal controls for benchmark administrators, credit rating agencies and market transparency infrastructures
On 22 December 2025, the European Securities and Markets Authority (ESMA) issued a final report on guidelines on internal controls for benchmark administrators (BAs), credit rating agencies (CRAs) and market transparency infrastructures. The final report follows an earlier consultation paper that ESMA issued on 19 December 2024.
In the
Merry Christmas and a Happy New Year to our readers
To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year.
We will resume posting material following the festive period on 6 January 2026 although if there are any significant developments we will endeavour to provide an update.
Benchmarks regime reform proposals
On 17 December 2025, HM Treasury published plans to reform the UK’s benchmark regime on the basis that it is no longer proportionate to the risks it sought to address. The proposals would reduce the scope of regulation by 80-90% to include only a small number of benchmarks and administrators. The FCA has
FCA publishes policy statement on the ancillary activities test
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
ASIC improves and simplifies technological and operational resilience guidance
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:
FCA statement on contactless limits
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