International

South Korea Overhauls PIPA with 10% Turnover Fines and CEO Accountability

South Korea has significantly amended its Personal Information Protection Act (PIPA), introducing fines up to 10% of total turnover and assigning direct supervisory liability to CEOs. These changes, effective September 11, 2026, aim to strengthen deterrence and promote proactive data protection investment.

ISO 20022 Payments Standard Deadline Approaching

SWIFT has issued a notice reminding financial institutions that the ISO 20022 standard for cross-border payments will become mandatory on November 22, 2025, ending the coexistence period with older MT formats. Institutions must complete their migration and testing to avoid disruptions and potential charges.

ISO 20022: AI for Structured Postal Data Transition

SWIFT is providing an open-source AI solution to help financial institutions transition from unstructured to structured postal data for ISO 20022 payment messages. This is a mandatory change required by November 2026 to avoid message rejection and ensure data integrity for AML efforts.

ISO 20022 Becomes Standard for Cross-Border Payments

As of November 22, 2025, ISO 20022 is the mandatory standard for cross-border payments, replacing the MT message format. This change aims to enhance efficiency, data richness, and compliance for financial institutions worldwide, supporting G20 goals for international payments.

ISDA and EMTA Publish 2026 FX Definitions for Derivatives

ISDA and EMTA have published the 2026 FX Definitions, consolidating previous documentation and updating market practices for FX derivatives. The new definitions aim to enhance market safety and efficiency, with an implementation target of November 2027.

ISDA Recommendations to Simplify EU Regulation

The International Swaps and Derivatives Association (ISDA) has submitted a paper to the European Commission with eight recommendations to simplify EU derivatives regulation. The proposals aim to reduce operational complexity and compliance costs while maintaining high regulatory standards and enhancing the EU's attractiveness for derivatives activity.

FAQ: New Selection Process for Standard Reference Obligations (SROs)

The International Swaps and Derivatives Association (ISDA) has published a new FAQ document detailing a revised selection process for Standard Reference Obligations (SROs). This FAQ provides guidance on the updated procedures for selecting SROs within the derivatives market.

ISDA: Safe, Efficient Markets for SFTs

The International Swaps and Derivatives Association (ISDA) has published a paper outlining structural and regulatory drivers impacting Securities Financing Transactions (SFTs). The paper identifies advocacy priorities to support resilient SFT markets and addresses differences in frameworks for SFTs and derivatives.

UK BMR Reform Consultation Response

ISDA, GFXD, UK Finance, and LMA have jointly responded to HM Treasury's consultation on reforming the UK Benchmark Regulation (BMR). The response supports replacing the current UK BMR with a new regime that would regulate only benchmarks posing systemic risks.

BCBS 239 Principles for Risk Data Aggregation and Reporting

The Basel Committee on Banking Supervision (BCBS) published a newsletter on January 6, 2026, summarizing key themes and challenges in implementing the BCBS 239 principles for risk data aggregation and reporting. The newsletter highlights the ongoing importance of these principles for banks, particularly systemically important banks (SIBs), and discusses evolving implementation practices.