AML Compliance

Digital Payments E-Mandate Framework 2026 Consolidates and Updates Existing Instructions

The Reserve Bank of India issued consolidated directions on Digital Payments – E-mandate framework, 2026, effective immediately on April 21, 2026. The directions consolidate all extant instructions on e-mandates and incorporate minor changes based on stakeholder feedback received by the regulator. All entities operating in India's digital payments ecosystem must immediately align with the updated framework.

State Securities Auction ₹16,900 Crore Accepted

The Reserve Bank of India conducted a yield/price based auction of state government securities on April 21, 2026, accepting the full ₹16,900 crore offered across five states. Andhra Pradesh raised ₹4,600 crore across three tranches (8-year at 7.63%, 16-year at 7.79%, 30-year at 7.81%), Maharashtra raised ₹4,000 crore across three tranches (8-year at 7.55%, 18-year at 7.77%, 28-year at 7.79%), Punjab raised ₹1,300 crore at 7.84% for 12 years, Rajasthan raised ₹4,000 crore across three tranches (10-year at 7.64%, re-issue of 7.99% SGS 2041 at 7.8205%, 23-year at 7.81%), and Telangana raised ₹3,000 crore across three tranches (7-year at 7.54%, 11-year at 7.70%, 21-year at 7.82%).

NCUA Proposes Tenth Round Deregulation for Credit Union Conversions and Mergers

NCUA announced its tenth round of deregulatory proposals under the Deregulation Project, targeting six specific amendments to 12 CFR Part 708A Subpart C governing credit union-to-bank conversions and mergers. The changes would remove the definition of 'clear and conspicuous' from 12 CFR 708a.301, eliminate a newspaper publishing requirement under 12 CFR 708a.303(b)(1), streamline due diligence reporting under 12 CFR 708a.304(d), and remove prescriptive formatting requirements under 12 CFR 708a.305(e)(2), plain language factors under 12 CFR 708a.305(f), and voting guidelines under 12 CFR 708a.312. The proposal aims to allow credit union boards greater flexibility to exercise fiduciary duties and business judgment rather than following rigid agency-defined processes. Comments are being accepted through June 8, 2026, at regulations.gov.

ABA Joins Request for Extended Genius Act Comment Period

The American Bankers Association joined three banking sector associations in requesting that the Treasury Department and FDIC extend the comment deadlines for three proposed rules implementing the Genius Act to 60 days after the OCC issues its final rule. The associations argue the proposals are substantively interdependent and a fragmented comment process with staggered deadlines will undermine regulatory consistency.

Warsh Testifies at Senate Hearing on Fed Chair Nomination

Kevin Warsh, nominated by President Trump to succeed Jerome Powell as Federal Reserve chairman, testified before the Senate Banking Committee on April 21, 2026. His nomination currently lacks the votes to advance after Sen. Thom Tillis (R-N.C.) said he would block the nomination until the Justice Department drops a criminal investigation into Powell and cost overruns related to Fed headquarters renovations. Warsh pledged to order a review of the data the central bank uses for monetary policy and stated that Fed independence 'has to be earned.'

FDIC Issues Regulatory Relief for Washington State Banks Affected by Storms and Flooding

The FDIC released guidance providing supervisory relief for financial institutions operating in Washington state areas affected by severe weather. The agency encouraged banks to work constructively with borrowers experiencing difficulties, including extending repayment terms, restructuring existing loans, or easing terms for new loans. Banks may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services supporting disaster recovery, and the FDIC will consider regulatory relief from certain filing and publishing requirements.

U.S. Retail Sales $752.1B, Up 1.7% in March

The U.S. Census Bureau reported advance estimates of retail and food services sales for March totaling $752.1 billion, up 1.7% from the previous month and up 4% year-over-year. Core retail sales, excluding automobiles, parts, and gasoline, increased 1.9% month-over-month and 4.2% year-over-year. This is an economic indicator report with no regulatory mandate or compliance obligation.

Pending Home Sales Index Hits 73.7, Up 1.5%

The ABA Office of the Chief Economist reported that the Pending Home Sales Index (PHSI) reached 73.7 in March 2026, a 1.5% increase from a revised 72.6 in February, exceeding market expectations of a 0.5% gain. Regional data showed strength in the Northeast (58.8, +4.4% MoM) and South (91.6, +3.9% MoM), while the Midwest (73.9, -1.3% MoM) and West (56.9, -2.6% MoM) declined. The ABA noted that increased inventory and pent-up demand are driving activity despite higher mortgage rates, though subdued turnover is expected to keep mortgage origination volumes muted for banks in the near term.

House Advances ABA-Backed Bill to Ease Section 1071 Reporting Burden

The House Financial Services Committee voted 26-22 to advance H.R. 941, the Small Lender Act sponsored by Chairman French Hill (R-Ark.), which would exempt certain lenders from small-business lending data reporting under Section 1071 of the Dodd-Frank Act. The bill would exempt lenders that originated fewer than 2,500 small-business loans in each of the two preceding calendar years, as well as lenders with less than $10 billion in assets. The ABA supported the legislation, stating that the CFPB's Section 1071 rule 'dramatically overstepped its statutory authority.'

Waller Proposes Consolidating Fed HR, IT Across Reserve Banks

Federal Reserve Governor Christopher Waller proposed consolidating core internal functions such as HR and IT across the 12 Reserve Banks rather than each operating independently. Speaking at the Brookings Institution, Waller outlined two scenarios: maintaining the current 12-bank footprint while centralizing leadership, or physically relocating operations to lower-cost cities. The proposal aims to reduce operating costs through integration and standardization.

Bank Acquisitions Announced in Three States

Peoples Bancorp of Marietta, Ohio agreed to acquire Citizens National in Paintsville, Kentucky for $76.6 million in cash and stock, valuing the $686 million-asset target at 118% of tangible book value, with closing expected in H2 2026. United Community Banks of Greenville, South Carolina agreed to acquire Peach State Bancshares in Gainesville, Georgia for $100.8 million, valuing the $788 million-asset target at 194% of tangible book value, with closing expected in Q3 2026. Points West Community Bank of Windsor, Colorado applied to the FDIC to acquire State Bank of Downs in Kansas, a $140.3 million-asset institution, with price undisclosed.

CFPB Finalizes Rule to Revise ECOA Fair Lending Enforcement, Removes Disparate Impact

The Consumer Financial Protection Bureau issued a final rule on April 21, 2026 to remove disparate impact from enforcement of the Equal Credit Opportunity Act, clarifying the prohibition on discouraging prospective applicants and establishing new limits on special-purpose credit programs offered by for-profit lenders. The rule prohibits for-profit lenders from using race, sex, or national origin as qualification criteria for special-purpose credit programs and adds new restrictions on using common characteristics for determining eligibility. The American Bankers Association supported the changes in a letter to the CFPB, stating the framework would advance ECOA purposes and discourage arbitrary government enforcement.

SEC Settles Insider Trading Action Against Rakesh Ahuja

The SEC filed a settled enforcement action against Rakesh Ahuja, a former employee of an investment advisory firm, alleging insider trading based on confidential clinical trial data from biopharmaceutical companies researched by the firm. Ahuja allegedly caused a brokerage account in his relative's name to execute four trades across three publicly traded companies, generating approximately $65,000 in profits. Without admitting or denying the allegations, Ahuja consented to a permanent injunction, a two-year bar from acting as an investment adviser, broker, or dealer, and payment of disgorgement of $65,404.25, prejudgment interest of $12,289.01, and a civil penalty of $65,404.25.

SEC Charges Voyager Pacific Capital, Hardcastle, Giarmarco, and Medlock with Securities Fraud

The SEC filed a civil enforcement action in the Eastern District of California charging Voyager Pacific Capital Management LLC, CEO Roger David Hardcastle, former CFO John Giarmarco, and then-COO Vanessa Lung-Medlock with securities fraud. The complaint alleges that from September 2020 through March 2024, over $15 million in new investor money was misappropriated through Ponzi-like payments to existing investors, while millions more were diverted to entities controlled by Hardcastle and Giarmarco through undisclosed prohibited transactions. Hardcastle and Giarmarco have agreed to bifurcated settlements subject to court approval, while Medlock and the relief defendants continue to face the full complaint. A parallel criminal proceeding shows Hardcastle pleaded guilty to one count of conspiring to commit wire fraud.

Hyun Song Shin Inaugural Address: Four Policy Priorities 2026-2030

Hyun Song Shin, newly appointed Governor of the Bank of Korea, delivered his inaugural address on April 21, 2026, outlining four policy priorities for 2026-2030: (1) prudent and flexible monetary policy amid supply-side shocks from Middle East conflict and elevated financial market volatility; (2) strengthened financial stability frameworks incorporating market-based indicators and non-bank sector analysis; (3) Korean won internationalization through 24-hour forex market operations, offshore won settlement systems, and expanded CBDC and tokenized deposits via Project Hangang Phase 2 and Project Agorá; and (4) engagement with structural reform challenges including demographics, polarization, real estate, and household debt.

Lagarde Warns of Euro Area Economic Risks at IMF Meeting

ECB President Christine Lagarde delivered remarks at the IMF International Monetary and Financial Committee meeting in Washington DC on April 17, 2026, outlining the economic outlook for the euro area amid heightened uncertainty from the war in the Middle East. ECB staff projections baseline forecasts real GDP growth of 0.9% in 2026, 1.3% in 2027, and 1.4% in 2028, while headline inflation is expected to average 2.6% in 2026 before moderating to 2.0% in 2027 and 2.1% in 2028. The Governing Council decided to keep key ECB interest rates unchanged in March, with risks to the growth outlook tilted to the downside and inflation risks to the upside, particularly in the near term.

Already Here, Not Yet Everywhere: Shaping the Economic Impact of Artificial Intelligence

Deutsche Bundesbank President Joachim Nagel delivered a keynote address at the International Economic Symposium in Rome on 21 April 2026, exploring how artificial intelligence may shape economic growth, inflation, and financial stability. The speech examines whether Europe is well-positioned in the global AI race, noting that unlike earlier general-purpose technologies such as electricity, AI could spread significantly more quickly and have a massive impact on the global economy. The address includes an analysis of AI's strengths and weaknesses in the current economic context. This content was published by the BIS Central Banker Speeches database.

Iceland Deputy Governor Financial Supervision Day Speech

The Central Bank of Iceland published a speech by Deputy Governor Björk Sigurgísladóttir covering 2025 supervisory activities focused on systemically important and high-risk entities. Key topics included responsible business practices in pension insurance distribution, payment fraud data showing over 1 billion Icelandic krónur in fraudulent fund transfers between mid-2024 and mid-2025, and a thematic review of 14 entities' international sanctions screening systems. The speech also addressed SREP capital requirements and both EU and domestic regulatory simplification initiatives.

RCMP Dismantles Multi-Million Dollar Cannabis Distribution Network, 3 Arrested

The RCMP Federal Policing – Central Region Serious and Organized Crime Unit conducted a 2-month investigation that dismantled a multi-million dollar illegal cannabis distribution network operating across multiple jurisdictions in Canada. On March 10, 2026, officers executed two search warrants at Ottawa south residences, seizing 485 kg of dried cannabis, 36 kg of hash, 18 kg of Psilocybin, over 7000 cannabis-infused edibles and vapes, and unstamped tobacco with a total street value exceeding $5.5 million, along with $115,360 in Canadian currency. Three Ottawa residents—Julie Michelle Langevin (41), Deepak Parmar (33), and Isha Bhardwaj (33)—were arrested and charged with multiple offences under the Cannabis Act, Controlled Drugs and Substances Act, and Criminal Code, and were released on an undertaking to appear in Ottawa court on May 5, 2026.

Bank of Korea Announces Regular MSB Fixed Rate Tender Issuance

The Bank of Korea issued a Regular MSB Fixed Rate Tender Issuance Announcement on April 21, 2026. The announcement pertains to Monetary Stabilization Bond issuance conducted through competitive bidding and electronic bidding as part of open market operations. Market Operations Team can be contacted at 02-759-4564. The announcement includes attached .hwp and .pdf files with full details.

Waller Speech on Modernizing Federal Reserve Operations

Federal Reserve Governor Christopher J. Waller delivered a speech at the Brookings Institution in Washington, D.C. on April 21, 2026, discussing the modernization of Federal Reserve operations. The speech addressed the Fed's decentralized structure rooted in the 1913 Federal Reserve Act, the balance between local Reserve Bank activities and system-wide functions, and ongoing efforts to reduce costs, manage risk, and deliver value to the American taxpayer. Waller outlined how the Federal Reserve System, with approximately 20,000 employees across 12 regional Reserve Banks, has evolved from a local-service model to one requiring national coordination as finance and banking became more national in scope.

OFAC Sanctions Iranian Missile and UAV Procurement Networks

OFAC designated 7 individuals and 4 entities operating Iranian missile and unmanned aerial vehicle (UAV) procurement networks under Executive Order 13224 (Counter Terrorism) and weapons of mass destruction nonproliferation authorities on April 21, 2026. The action targets procurement agents, trading companies, and aviation entities including Mahan Air-linked operators, with 2 Boeing 777-200ER aircraft operated by Mahan Air added to the SDN List. All property and interests in property of designated parties blocked.

FDIC Seeks Comment on Bank Info Collection Renewal

The FDIC, under the Paperwork Renewal Act of 1995, seeks public comment on the renewal of two existing information collections (OMB Control Nos. 3064-0029 and 3064-0177). Collection 1 covers Notification of Performance of Bank Services (Form 6120/06) for insured state nonmember banks and state savings associations. Collection 2 covers securitization disclosures required under 12 CFR 360.6 for insured depository institutions. Estimated annual burden hours total 313 and 7,008 respectively. Comment deadline is June 22, 2026.

REQ Submission Deadline Group 3 April 2026

The Financial Intelligence Analysis Unit (FIAU) Malta has issued a reminder to all subject persons regarding the approaching deadline for submission of the 2026 Risk Evaluation Questionnaire (REQ). The notice emphasises that timely REQ submission is a legal obligation, and failure to meet the indicated deadlines constitutes a late submission. Subject persons who fail to comply may be liable to an administrative penalty under Malta's AML/CFT framework.

Cuban Illegal Alien With Decades-Long Rap Sheet Detained

ICE Miami took custody of Cuban criminal illegal alien Eledoro Valenzuela Rodriguez on March 24, 2026, from the Miami-Dade Turner Guilford Knight Correctional Center. Valenzuela Rodriguez, who had a final removal order dating back to 1980, faces pending charges for cocaine possession with intent to sell, being a felon possessing a firearm and ammunition, and trespassing. ICE Director Todd M. Lyons criticized sanctuary jurisdiction policies, stating they enabled serial offenders to prey on innocent Americans.

Council Adds Euromore and Pravfond to Russia Sanctions List Under Decision (CFSP) 2024/2643

The Council of the European Union adopted Decision (CFSP) 2026/884 on 21 April 2026, adding two legal persons to the EU sanctions list under Decision (CFSP) 2024/2643 concerning restrictive measures in view of Russia's destabilising activities. The two entities added are Euromore (aka Euroview, Euroview Media), a Brussels-based media platform operating within pro-Kremlin information architecture, and the Foundation for the Support and Protection of the Rights of Compatriots Living Abroad (Pravfond), a Russian foundation registered in Moscow since 2011. Both entities are listed for supporting or facilitating actions that undermine or threaten stability or security in the Union through information manipulation and interference. The Decision entered into force on the date of its publication in the Official Journal.

Removes Four Persons from Sudan Sanctions List

The Council of the European Union adopted Decision (CFSP) 2026/886 on 21 April 2026, removing four persons from the EU sanctions list maintained under Decision (CFSP) 2023/2135 concerning Sudan. The deleted entries are Abdelrahim Hamdan DAGALO, Elfateh Abdullah Idris ADAM, Tijani Ibrahim Moussa MOHAMED, and Gedo HAMDAN. The decision enters into force on the day following its publication in the Official Journal of the European Union.

Two Russian Disinformation Entities Added to EU Sanctions List

The Council of the European Union has adopted Implementing Regulation (EU) 2026/885, amending Annex I to Regulation (EU) 2024/2642 to add two Russian disinformation entities to the EU restrictive measures list. The entities designated are Euromore (also known as Euroview or Euroview Media), a Brussels-based media platform that amplifies Kremlin narratives targeting European audiences, and the Foundation for the Support and Protection of the Rights of Compatriots Living Abroad (Pravfond), a Moscow-based organisation. Both entities are listed for undermining stability or security through information manipulation and interference. The regulation enters into force on the date of publication in the Official Journal and is binding in its entirety across all Member States.

Council Removes Four Sudan Sanctions Listings Under EU Restrictive Measures

The Council of the European Union has removed four natural persons from the EU sanctions list for Sudan (Annex I to Regulation (EU) 2023/2147). The deleted entries are: Abdelrahim Hamdan DAGALO (entry 13), Elfateh Abdullah Idris ADAM (entry 15), Tijani Ibrahim Moussa MOHAMED (entry 17), and Gedo HAMDAN (entry 18). These persons were originally added to the UN Security Council list on 24 February 2026 and subsequently transposed into EU law via Implementing Regulation (EU) 2026/531 of 5 March 2026. The Regulation enters into force the day following its publication in the Official Journal.

Multibank MHCs Draw Fresh Attention in Banking

The ABA Banking Journal reports that multibank mutual holding companies (MHCs) are gaining attention as mutual banks seek scale while preserving local identity. Fewer than a dozen exist nationwide per FDIC data, yet recent mergers suggest the model is quietly rising. First Mutual Holding Co. in Lakewood, Ohio, which formed in 2015, now has five mutual banks under its umbrella with $3.3 billion of total assets and has seen combined noninterest expense fall from 3% of assets pre-pandemic to 2.1% today.

John C. Williams: The Cosmos — Economic Outlook and Labor Market

Federal Reserve Bank of New York President John C. Williams delivered remarks at the Federal Home Loan Bank of New York's 2026 Member Symposium on April 16, 2026, discussing the economic outlook, labor market conditions, and the Fed's monetary policy stance amid heightened uncertainty from the Middle East conflict. Williams noted that the FOMC maintained the target range for the federal funds rate at 3-1/2 to 3-3/4 percent at its March meeting, describing the current stance as well positioned to balance risks to the dual mandate goals of maximum employment and price stability. The speech highlighted mixed signals in labor market data with the unemployment rate at 4.3 percent, and crosscurrents in inflation with PCE at 2.8 percent as of February, driven partly by tariffs and energy price increases.

One Transitory Shock After Another: US Economic Outlook, Iran Conflict, Monetary Policy

Christopher J Waller, Member of the Board of Governors of the Federal Reserve System, delivered the David Kaserman Memorial Lecture at Auburn University on April 17, 2026, discussing the US economic outlook amid multiple shocks. The speech addresses the Iran conflict's disruption of energy production in the Middle East and soaring global energy prices, and how these supply shocks compound earlier tariff-related price increases. Waller also highlights a significant shift in labor market dynamics, noting that net immigration fell from 2.3 million in 2024 to approximately 400,000 in 2025 and is projected near zero in 2026, which combined with population aging has reduced labor force growth to near zero, requiring little to no net job creation to maintain employment levels.

Slovakia's Economic Transformation, Euro Adoption, Monetary Policy Lessons

Peter Kažimír, Governor of the National Bank of Slovakia, delivered a speech at the Central Bank of Uzbekistan in Tashkent on March 4, 2026, sharing Slovakia's three-decade economic transformation experience. The speech outlines lessons from transition economies, including the adoption of the euro in 2009, the importance of macroeconomic stability as a precondition for growth, and the need for openness, credibility, and banking sector health. Kažimír also discusses current global challenges including inflation volatility, supply-side shocks, and fiscal-monetary alignment.

World Bank Group Reforms and Development Priorities Statement by Fabio Panetta

Fabio Panetta, Governor of the Bank of Italy, delivered a statement on behalf of the Italy-Albania-Greece-Malta-Portugal-San Marino-Timor-Leste constituency at the 113th Meeting of the World Bank Group Development Committee on April 16, 2026. The statement addresses ongoing global challenges including geopolitical tensions, supply chain disruptions, elevated energy and food prices, and the particular vulnerability of developing countries facing high debt and limited fiscal space. Panetta endorsed the WBG's reform agenda focused on outcomes, integrated sector strategies, knowledge functions, private capital mobilization, and risk management. Specific positions included support for the Jobs Strategy's business-enabling environment pillar, emphasis on payment infrastructure as a development priority, and commendation of WBG leadership on Ukraine resilience including 100 million euro in Italian co-financing for IFC's Economic Resilience Action program.

New Zealand Governor on Iran Conflict Impact: Near-Term Inflation to Rise, Growth to Weaken

RBNZ Governor Dr Anna Breman delivered a keynote speech to Business NZ's CEO Forum in Auckland on March 24, 2026, assessing how the ongoing Middle East conflict could affect New Zealand's economic outlook. The Governor projected near-term headline inflation will rise above target while growth momentum weakens, citing elevated uncertainty and household and business hardship. The OCR currently stands at 2.25% following a series of rate cuts, with core inflation steady at 2.4%. Financial stability risks include potential global funding cost increases for New Zealand banks, though recent stress tests indicate banks hold strong capital and liquidity buffers to withstand severe geopolitical shocks.

Smart Money Talks: 2026 Financial Literacy Week Launch Remarks

Dr Denny H Kalyalya, Governor of the Bank of Zambia, delivered remarks at the launch of the 2026 Financial Literacy Week in Chipata on March 16, 2026, themed "Smart Money Talks". The speech highlighted that despite 13 years of financial literacy programs, a significant portion of the Zambian population still lacks basic financial knowledge, citing ongoing incidents of financial scams and over-indebtedness. The Governor announced that National Strategy on Financial Education Phase III is being developed with completion expected by end 2026, with provincial campaigns running March 17-22, 2026 across all ten provinces.

OFAC Designations: 7 Individuals and 3 Entities Under Nicaragua Sanctions Program

OFAC added 7 individuals and 3 entities to the Specially Designated Nationals and Blocked Persons List under Executive Order 13851. Designations include Nicaraguan government officials, gold sector miners, and associated companies operating in Nicaragua. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.

FDIC Requests Comment on PRA Renewal of Bank Services Notification and Securitization Disclosure Collections

The FDIC invites public comment on the renewal of two existing information collections under the Paperwork Reduction Act: OMB Control No. 3064-0029 covering bank service company notifications (Form 6120/06, 313 annual burden hours) and OMB Control No. 3064-0177 covering securitization disclosure requirements for assets transferred in connection with securitizations or participations after September 30, 2010 (7,008 annual burden hours). Neither collection involves changes to substance or methodology. Comments are due June 22, 2026.

EU Extends Moldova Sanctions to April 2027

The Council of the European Union extended restrictive measures targeting those undermining Moldova's sovereignty until 29 April 2027. The sanctions regime, first introduced in April 2023 at Moldova's request, currently covers 23 individuals and 5 entities subject to asset freezes, prohibitions on making funds or economic resources available, and EU travel bans. The extension responds to intensified Russian destabilization efforts, including hybrid attacks targeting Moldova's democratic institutions and EU border security.

Restrictions on INR Derivative Contracts with Related Parties

RBI Circular No. 07 withdraws A.P. (DIR Series) Circular No. 03 dated April 01, 2026 and imposes new restrictions on Authorised Dealers, prohibiting them from entering foreign exchange derivative contracts involving INR with their related parties except for cancellation and rollover of existing contracts, and back-to-back transactions with non-related non-resident users. The circular defines 'related parties' in accordance with Indian Accounting Standard (Ind AS) 24 or International Accounting Standard (IAS) 24. These instructions are effective immediately and issued under Sections 10(4), 11(1) and 11(2) of FEMA, 1999.

CFTC and SEC Jointly Propose Raising Form PF Filing Thresholds to $1 Billion

The CFTC and SEC jointly proposed amendments to Form PF on April 20, 2026, raising the filing threshold from $150 million to $1 billion in private fund assets under management for all advisers, and from $1.5 billion to $10 billion for large hedge fund advisers. The proposal would eliminate filing requirements for smaller advisers representing almost half of current Form PF filers, while continuing to obtain information on over 90% of private fund gross assets. The public comment period will remain open until 60 days after Federal Register publication.

Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company

The Federal Reserve published a notice inviting public comments on applications under the Change in Bank Control Act. The Dierberg Milne Foundation and Dierberg Family Foundation seek to join the Dierberg Family Control Group to acquire voting shares of FB Corporation, which would indirectly acquire voting shares of The San Francisco Company and First Bank in Missouri. Comments are due by May 6, 2026.

Single-Stock ETFs and 2x Leverage Approved for Korean Market

The Financial Services Commission announced that revisions to the Enforcement Decree of the Financial Investment Services and Capital Markets Act (FSCMA) have been approved by the cabinet meeting on April 21, 2026, allowing the introduction of single-stock ETFs and ETNs tracking blue-chip stocks with maximum 200 percent (2x leverage). The revisions will be promulgated and effective from April 28. To be eligible, underlying stocks must meet criteria including 10 percent market cap ratio, 5 percent trading volume, investment grade rating, and 1 percent derivatives trading volume. Single-stock leveraged ETFs will become listed for trading from as early as May 22 after going through securities registration and listing review. KOFIA has updated its rules to require an additional hour of intensive prior learning session for investors in these products and to apply the KRW 10 million base deposit rate to overseas listed leveraged ETFs and ETNs.

Scam Alert: Fraudulent Bank Websites and Login Screens

The HKMA issued a scam alert on 20 April 2026 warning the public about fraudulent websites and internet banking login screens impersonating Shanghai Commercial Bank Limited and Chong Hing Bank Limited. The alert clarifies that legitimate banks will not send SMS or emails with embedded hyperlinks directing customers to their websites to conduct transactions, nor will they request sensitive information such as login passwords or One-Time Passwords by phone, email, or SMS. Members of the public who have provided personal information or conducted financial transactions through these scams are advised to contact the relevant bank and report the matter to the Hong Kong Police Force Crime Wing Information Centre at 2860 5012.

Tentative HKD and RMB Institutional Bond Issuance Schedule April–September 2026

The Hong Kong Monetary Authority (HKMA) published a tentative issuance schedule for HKD and RMB institutional Government Bonds under the Infrastructure Bond Programme and Government Sustainable Bond Programme for the six-month period April to September 2026. The schedule covers tentative tenors, tender dates, issuance sizes, issue dates, and methods of issuance for individual bond issues offered by competitive tendering. All information is expressly tentative and subject to adjustment based on market conditions, with final details to be confirmed via tender notices.

Tender of 3-Year RMB Institutional Government Bonds via Re-opening, RMB1bn

The HKMA, as representative of the HKSAR Government, announced on 20 April 2026 a competitive re-opening tender of 3-year RMB Institutional Government Bonds under the Infrastructure Bond Programme, offering RMB1.0 billion of additional units of existing issue 05GB2912002. The Bonds carry a 2.37% per annum coupon payable semi-annually, mature on 10 December 2029, and settle on 27 April 2026. Tender results will be published no later than 3:00 pm on 23 April 2026.

HK$1.25B 7-Year HKD Institutional Government Bond Re-Opening Tender, 22 April 2026

The HKMA, as representative of the HKSAR Government, announced a tender of 7-year HKD Institutional Government Bonds through re-opening of issue 07GB3302001 under the Infrastructure Bond Programme, to be held on 22 April 2026 for settlement on 23 April 2026. An additional HK$1.25 billion of bonds will be on offer, maturing on 7 February 2033 with an interest rate of 2.91% per annum payable semi-annually. The indicative pricing on 20 April 2026 was 102.45 with an annualised yield of 2.531%. Tender is open only to Primary Dealers appointed under the Infrastructure Bond Programme; each tender must be for HK$50,000 or integral multiples thereof.

HKMA Tenders HK$1.0B 15-Year HKD Institutional Bonds via Re-opening

The HKMA, on behalf of the HKSAR Government, announces a competitive tender of an additional HK$1.0 billion of 15-year HKD institutional Government Bonds (issue no. 15GB3912001) under the Infrastructure Bond Programme. The tender will be held on Wednesday, 22 April 2026 (settlement 23 April 2026). The bonds mature on 5 December 2039, carry a 3.75% per annum coupon payable semi-annually, and have an indicative price of 106.35 yielding 3.197% annualised as of 20 April 2026. The tender is open exclusively to appointed Primary Dealers, with minimum applications of HK$50,000 in multiples thereof.

RMB 10-Year Bond Tender, RMB1.5bn, 23 Apr

The HKMA, acting as representative of the HKSAR Government, announced a re-opening tender of 10-year RMB Institutional Government Bonds under the Infrastructure Bond Programme. An additional RMB1.5 billion of issue 10GB3505001 will be offered on 23 April 2026 for settlement on 27 April 2026. The bonds carry an interest rate of 2.29% per annum payable semi-annually, with indicative pricing at 102.99 yielding 1.929% semi-annually. The tender is open to appointed Primary Dealers only, with a minimum application amount of RMB50,000.

HK$0.75B 3-Year HKD Institutional Government Bond Re-Opening Tender

The HKMA announced a re-opening tender of 3-year HKD Institutional Government Bonds (issue no. 05GB2912001) under the Infrastructure Bond Programme on 22 April 2026, with HK$0.75 billion on offer. The Bonds carry an interest rate of 3.23% per annum payable semi-annually, maturing on 5 December 2029, and indicative pricing on 20 April 2026 was 103.42 with an annualised yield of 2.254%.