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CFTC Exemptive Relief for Cross-Margining CME FICC Customer Positions

The CFTC issued an order providing exemptive relief from the Commodity Exchange Act and Commission regulations related to segregation and protection of futures customer funds. The order permits dually registered broker-dealer/futures commission merchants (BD-FCMs) that are joint clearing members of the Chicago Mercantile Exchange and the Fixed Income Clearing Corporation to hold futures customer funds in a commingled customer account at FICC.

MiCA Transition Period Ends July 1, 2026 for Estonian Crypto Firms

Finantsinspektsioon has reminded Estonian crypto asset service providers that the MiCA Regulation transition period ends on July 1, 2026. After this date, crypto asset services may only be provided in Estonia by companies with a licence from Finantsinspektsioon or the supervisory authority of another EU member state. The authority is currently processing 10 licence applications and advises that companies applying now or in coming months must include a wind-down plan with their application.

ESMA Guidelines on Crypto Company Staff Competence Requirements Under MiCA

Finantsinspektsioon has adopted ESMA's Guidelines for the criteria on the assessment of knowledge and competence under the Markets in Crypto-Assets Regulation (MiCA) as advisory guidelines. Providers of crypto asset services must ensure staff handling clients have appropriate qualifications and experience. Staff giving advice face higher knowledge requirements than those issuing information. Annual competency assessments and regular additional training are mandatory. The guidelines enter into force on 28 July 2026.

KNF Consults on WIBOR Benchmark Replacement for Polish Banks

The National Working Group on Benchmark Reform, coordinated by KNF Poland, has published a draft Recommendation on determining interest rates for new agreements and replacing the WIBOR reference rate in existing Polish Zloty (PLN) agreements. The consultation invites public participation on the proposed framework. This marks a significant step in Poland's benchmark rate reform, aligning with global efforts to transition away from IBOR-style reference rates to risk-free rates.

National Working Group Recommends WIBOR Replacement Rate for Debt Securities

The Steering Committee of the National Working Group on benchmark reform adopted a recommendation on the application of a replacement rate for the WIBOR reference rate in debt securities. This recommendation provides guidance on transitioning away from WIBOR, following international benchmark reform initiatives. Affected financial institutions in Poland should monitor ongoing developments regarding the implementation of the replacement rate for existing and new debt instruments.

FIAU REQ Group 3 Deadline Reminder April 2026

The FIAU Malta reminds all subject persons that the Risk Evaluation Questionnaire (REQ) 2026 submission deadline for Group 3 is April 21, 2026. Timely submission is a legal obligation, and failure to meet the deadline constitutes a late submission that may expose subject persons to administrative penalties. Financial institutions required to submit through the MFSA LH Portal are excluded from this reminder.

Aquinas Advisors and Laurie Ann McRay Reprimanded for Inspection Evasion

The Texas State Securities Board issued Disciplinary Order IC-26-CAF-01 against investment adviser Aquinas Advisors, LLC and its representative Laurie Ann McRay for repeatedly evading and ignoring routine inspection requests between October 2022 and March 2023, and again in February 2025. The order imposes a public reprimand and requires Respondents to produce outstanding records and retain an independent compliance consultant for three years. Non-compliance with the undertaking triggers consent to revocation of their registrations as investment adviser and representative with the Securities Commissioner.

Amends Rule 8210, Electronic Delivery via FINRA Gateway

FINRA filed SR-FINRA-2026-008 with the SEC proposing to amend paragraph (d) (Notice) of FINRA Rule 8210 (Provision of Information and Testimony and Inspection and Copying of Books). The amendment would specify that FINRA will deliver electronically its requests for information and testimony to member firms through FINRA Gateway.

Nasdaq Proposes Adding Class ETF Shares to ETP Definition

Nasdaq filed a proposed rule change with the SEC on April 7, 2026, to amend Equity 1, Section 1(a)(15) by adding Class ETF Shares (per Rule 5703) to the definition of Exchange-Traded Product. The change would allow issuers of Nasdaq-listed Class ETF Shares to optionally use the Initial ETP Open halt process on launch day, opening trading via the Nasdaq Halt Cross rather than at the start of Pre-Market Hours at 4:00 a.m. ET. This extends to Class ETF Shares the same optional launch-day functionality already available to other ETP issuers.

Alger Next Gen Growth Fund Seeks Co-Investment Exemptive Relief

The SEC has published notice of an application filed by Alger Next Gen Growth Fund, Fred Alger Management, LLC, Weatherbie Capital, LLC, and certain affiliated entities seeking an order under sections 17(d) and 57(i) of the Investment Company Act of 1940 and rule 17d-1 to permit certain registered closed-end management investment companies and business development companies to co-invest in portfolio companies with each other and with affiliated investment entities, in transactions otherwise prohibited by those statutory provisions. The application was filed September 25, 2025 and amended March 9, 2026. Interested persons may request a hearing on the application by May 12, 2026.

IEX Rule 11.240 Amendment for Odd-Lot Reporting Under Regulation NMS

The Investors Exchange LLC (IEX) filed a proposed rule change with the SEC on April 10, 2026, to amend IEX Rule 11.240 (Trade Execution, Reporting, and Dissemination of Quotations). The amendment would add subparagraph (b)(3) to conform the Exchange's odd-lot reporting obligations with recently approved amendments to Rules 600 and 603 of Regulation NMS. The proposed rule change was designated as non-controversial by the Exchange under Rule 19b-4(f)(6)(iii). The compliance date for odd-lot information dissemination by the SIPs is May 1, 2026.

Mandatory AML/CFT/CPF Checks for Financial Institutions and DNFBPs

The Financial Services Regulatory Commission (FSRC) of St. Kitts and Nevis has issued its January 2026 newsletter (Issue No. 139) reiterating that Anti-Money Laundering/Countering the Financing of Terrorism/Countering Proliferation Financing (AML/CFT/CPF) checks are mandatory for regulated Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs). The FSRC signals that by 2026, regulatory expectations will require firms to replace manual processes with automated, AI-driven systems for sanctions screening, PEP identification, adverse media checks, and transaction monitoring. Non-compliance with AML/CFT/CPF requirements can result in massive fines, suspension, or revocation of licences.

Pomelo Two US LLC Consent Order - Unlicensed Money Transmission

The New Hampshire Banking Department issued a Consent Order against Pomelo Two US LLC for conducting unlicensed money transmission activity in New Hampshire between July 2022 and February 2023. The company conducted a pilot test involving 8 transactions totaling $32,888 before obtaining its license, which was subsequently approved on February 10, 2025. Pomelo self-disclosed the activity and fully cooperated with the investigation.

Clarity Debt Resolution Consent Order - Debt Adjustment

The State of New Hampshire Banking Department issued a consent order against Clarity Debt Resolution, Inc. for charging New Hampshire consumers fees exceeding the statutory 15% maximum permitted under RSA 399-D:16. The Department ordered Clarity to remit $191,460.31 in total restitution to 133 affected consumers and to cease and desist from material violations of RSA Chapter 399-D. Failure to comply with the consent order may result in additional administrative action including license revocation and monetary penalties.

IEX Rule 11.240 Odd-Lot Information Reporting Amendment

The SEC published notice of IEX's proposed rule change to amend IEX Rule 11.240 to conform with recently approved amendments to Rules 600 and 603 of Regulation NMS concerning odd-lot information reporting and dissemination. IEX proposes to adopt subparagraph (c)(3) to address its odd-lot reporting obligations under the consolidated market data framework. The amendments to Rules 600 and 603 of Regulation NMS are to be implemented on May 1, 2026.

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.

AFSA Calls for Evidence on Further Enhancement of AIFC Asset Management Framework

The Astana Financial Services Authority (AFSA) has launched a Call for Evidence to gather stakeholder feedback on potential enhancements to the AIFC Asset Management Framework. The consultation covers Specialist Funds, emerging fund structures, fund operations, and investor protection. Comments are requested by 28 February 2026.

AFSA Introduces New FinTech Lab Authorisation Approach

The Astana Financial Services Authority has introduced a Class Modification Notice establishing a new single-stage assessment approach for FinTech Lab authorisation, replacing the previous two-stage pre-application and application model. The change takes effect on February 16th and consolidates eligibility assessment of business models, proposed candidates, and financial and non-financial resources into one streamlined process. Applicants will no longer undergo policies and procedures assessment at authorisation stage but must submit AML/CFT policy and procedures.

Exemptive Relief for Cross-Margining Positions at FICC

The CFTC issued an order pursuant to Section 4(c) of the Commodity Exchange Act permitting broker-dealer/futures commission merchants (BD-FCMs) that are joint clearing members of CME and FICC to hold futures customer funds in a commingled customer account at FICC. The order modifies existing segregation requirements to enable customer cross-margining and is effective April 15, 2026. Five comment letters were received during the consultation period, and the order was issued subject to specified conditions.

Restrictions on INR Derivative Contracts with Related Parties

The Reserve Bank of India has withdrawn A.P. (DIR Series) Circular No. 03 dated April 01, 2026 and imposed new restrictions on Authorised Dealers regarding foreign exchange derivative contracts involving Indian Rupees (INR) with related parties. Authorised Dealers are now prohibited from undertaking any such contracts with related parties except for cancellation and rollover of existing contracts, or back-to-back transactions with non-related non-resident users under the Master Direction - Risk Management and Inter-Bank Dealings. The definition of 'related parties' follows Ind AS 24 or IAS 24 accounting standards. The instructions are effective immediately.

CFTC and SEC Jointly Propose Amendments to Strengthen Disclosure and Reduce Private Fund Reporting Burdens

The CFTC and SEC jointly proposed amendments to Form PF, raising the private fund adviser filing threshold from $150 million to $1 billion in assets under management and the large hedge fund adviser threshold from $1.5 billion to $10 billion. The proposal would eliminate quarterly and current reporting requirements for smaller hedge fund advisers and streamline other Form PF requirements, reducing burdens for approximately two-thirds of current quarterly filers while maintaining information on over 80% of hedge fund gross assets.

New Intraday Margin Standards Replace Day Trading Rules

FINRA has adopted amendments to Rule 4210 establishing new intraday margin standards to replace in their entirety the outdated day trading margin requirements. The amendments take effect June 4, 2026, with an 18-month phase-in period ending October 20, 2027. The new rule eliminates the $25,000 pattern day trader minimum equity requirement and pattern day trader designation, replacing them with a system based on real-time intraday margin deficit calculations.

Key Tronic Corporation Cease-and-Desist Order - Inventory Misconduct

The SEC instituted cease-and-desist proceedings against Key Tronic Corporation, CFO Brett R. Larsen, and Senior VP of U.S. Operations Nicholas S. Fasciana for improper expense management at the company's Oakdale, Minnesota manufacturing facility. From approximately July to December 2020, employees generated false entries in the inventory system that falsely indicated inventory was undergoing manufacturing, which inflated inventory value, decreased manufacturing expenses, and improperly increased reported income. Fasciana was aware of and directed portions of this misconduct. The company discovered the scheme via an internal complaint hours before releasing quarterly earnings in January 2021, investigated immediately, and recorded nearly $1 million in corrections. The SEC found violations of Section 21C of the Securities Exchange Act of 1934.

Minister of Finance Requests Safeguard Inquiry on Wood Imports

Finance Minister François-Philippe Champagne has directed the Canadian International Trade Tribunal to conduct a safeguard inquiry into global imports of solid and engineered wood cabinets and vanities, hardwood flooring, and engineered wood storage furniture. The inquiry responds to a formal request from the Canadian Wood Products Alliance. The Tribunal has 270 days to determine whether increased imports are causing or threatening serious injury to Canadian wood product manufacturers, and to recommend appropriate remedies. If the Tribunal finds safeguard measures are warranted, the government will act in accordance with international trade rules.

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

The Financial Services Commission has approved revisions to the Enforcement Decree of the Financial Investment Services and Capital Markets Act, allowing single-stock exchange-traded funds (ETFs) and single-stock ETNs for the first time in Korea. The rules take effect April 28, 2026, with leveraged ETFs capped at 200% (2x) exposure and tracking only blue-chip stocks meeting strict criteria including minimum market cap ratio of 10%, minimum trading volume of 5%, investment grade rating, and minimum derivatives trading volume of 1%.

SEC, CFTC Propose Raising Form PF Filing Thresholds

The SEC and CFTC jointly proposed amendments to Form PF that would significantly raise filing thresholds. The filing threshold would increase from $150 million to $1 billion in private fund assets under management, affecting advisers with assets between those levels. The proposal would also raise the exposure reporting threshold for large hedge fund advisers from $1.5 billion to $10 billion in hedge fund assets. The agencies state that Form PF would continue to collect information on over 90 percent of private fund gross assets. The public comment period will remain open until 60 days after publication in the Federal Register.

SEC Staff Guidance on Broker-Dealer Registration for Crypto Covered User Interfaces

The SEC Division of Trading and Markets issued a staff statement on April 13 providing its views on when providers of crypto asset securities interfaces must register as broker-dealers under Section 15(a) of the Securities Exchange Act of 1934. The statement defines 'Covered User Interfaces' as software that assists users in initiating self-custodial crypto asset securities transactions on blockchain protocols, and identifies six conditions under which such interface providers would not require broker-dealer registration. The statement requires compliant interfaces to disclose their role, fee structure, cybersecurity practices, conflicts of interest, and fraud/fee-manipulation policies, and to implement appropriate policies and controls.

ESMA Guidelines on Financial Information Supervision Translation

ESMA published guidelines on financial information supervision under the Transparency Directive, establishing 18 supervisory guidelines covering scope, supervision objectives, European Supervisory Authorities' roles, pre-clearance procedures, selection methods, analysis procedures, supervisory actions, European coordination, emerging issues, and reporting. These guidelines apply to all EU member state competent authorities responsible for supervising financial information disclosures by issuers whose securities are admitted to trading on regulated markets. The guidelines enter into force two months after publication in all EU official languages.

MV Realty Settlement Voiding 700+ Nevada Homeowner Benefit Agreements

The Nevada Attorney General and Nevada Consumer Affairs Unit announced a settlement with MV Realty resolving investigations into deceptive trade practices. All 700+ MV Realty Homeowner Benefit Agreements in Nevada are declared null and void, and encumbrances recorded against affected properties must be removed within 30 days. MV Realty must cease all collection efforts, provide $200,000 in restitution to consumers who paid early termination fees, and waive repayment of promotional fees received.

Farmers Insurance Group Stipulation Consent Order, Docket 26-008-I

Vermont Department of Financial Regulation issued a Stipulation and Consent Order against Farmers Insurance Group in Docket 26-008-I, dated April 17, 2026. The specific regulatory violations cited and any associated penalties are contained in the attached consent order document. Insurance companies operating in Vermont should monitor for updates related to this enforcement action.

SICVECA Credit Data Fourth Version Effective January 2024

SUGEF CR published Circular SGF-2599-2023 on October 4, 2023, requiring supervised financial entities to implement the fourth version of SICVECA credit and guarantee data documentation effective January 1, 2024. The new data classes 51 (Credit) and 52 (Guarantees) replace legacy classes 3 and 15, with updated XML/XSD schemas and validation rules. Entities must also adopt the CIIU 4 Industrial Classification code catalog starting January 2024 data submissions.

Investor Alerts: Unregulated Forex, Binary Options, and Crypto Entities

The Financial Services Commission Anguilla (FSC Anguilla) has published consolidated investor alerts page listing over 40 entities that appear to offer forex, binary options, and cryptocurrency trading services without being licensed, authorised, or regulated by FSC Anguilla. The most recent alert targets INFINOX Global Limited (23 September 2025), with earlier alerts spanning entities including Notesco Int Limited (trading as FXGiants and IronFX), NUMERA INTERNATIONAL Limited, Blink Trade Ltd, Teth Stake Plc, SeaDex Verse Plc, Coin Trust Capitals, and numerous binary options and forex firms dating from 2015 through 2025.

Registrar of Companies (Compliance Measures) Bill, 2026

The Anguilla Financial Services Commission has published for public consultation the draft Registrar of Companies (Compliance Measures) Bill, 2026, introducing supervisory and enforcement powers for the Registrar of Companies to perform regulatory oversight and support Anguilla's international obligations. The consultation invites written comments from financial services market participants by 16 February 2026.

Consultation on Proposed CSD Regulatory Framework

The Monetary Authority of Singapore published Consultation Paper P006-2026 seeking public comment on proposals to update and enhance the regulatory regime for central securities depositories. The consultation opened on 19 March 2026 and closed on 20 April 2026. This framework update targets market infrastructure providers operating as CSDs within Singapore's financial system.

Commercial Sales-Based Financing Rules Proposal and Adopted Rules

The Texas Office of Consumer Credit Commissioner published proposed rules for commercial sales-based financing providers and brokers implementing Chapter 398 of the Texas Finance Code and HB 700 (2025). The rules require registration through NMLS, specific disclosures, recordkeeping, and prohibit unfair, deceptive, abusive practices and certain automatic debits. The OCCC is authorized to investigate and take enforcement actions including injunctions, penalties, and revocations. A separate pawnshop rule review accepts comments until May 3, 2026.

Law on National Bank of Serbia, Consolidated Version

The National Bank of Serbia (NBS) published a consolidated version of its founding Law, incorporating amendments from 2003 through 2025. The Law establishes NBS as an autonomous and independent central bank, primary objective of price stability, and enumerates powers including monetary policy, banking supervision, payment systems, insurance supervision, and financial system stability. The consolidated text brings together all amendments into a single reference document.

Administrative Penalties Rs. 3M on Indian Bank and Amana Takaful Life, Nov-Dec 2024

The Sri Lanka Financial Intelligence Unit imposed administrative penalties totaling LKR 3 million on two reporting institutions for violations of the Financial Transactions Reporting Act. Indian Bank was penalized LKR 2 million for failure to report EFT transactions exceeding LKR 1 million and failure to maintain updated designated persons lists. Amana Takaful Life PLC was penalized LKR 1 million for failure to maintain updated UN sanctions lists and failure to verify customers against updated designated lists under CDD Rules.

Updated Model Risk Management Guidance for OCC-Supervised Institutions

The OCC, in coordination with the Federal Reserve Board and FDIC, issued updated model risk management guidance for OCC-supervised institutions, rescinding three prior OCC bulletins and the Model Risk Management booklet of the Comptroller's Handbook. The guidance is non-enforceable and establishes risk-based, tailored principles commensurate with an institution's size and complexity. It applies most directly to banking organizations with over $30 billion in total assets and explicitly excludes generative AI and agentic AI models from its scope.

Final Rule Eliminates Reputation Risk from Bank Supervision Programs

The Office of the Comptroller of the Currency issued a final rule eliminating reputation risk as a basis for supervisory action. The rule, developed jointly with the FDIC, removes reputation risk from OCC supervisory programs and implements the President's fair banking Executive Order. National banks and federal thrifts are affected by this structural change to supervisory standards, which aims to prevent denial of banking services based on political, religious, or lawful business activity considerations.

Agencies Issue Revised Model Risk Management Guidance

The FDIC, OCC, and Federal Reserve jointly issued revised model risk management guidance for banking organizations. The guidance clarifies that model risk management should be tailored to the size, complexity, and model risk profile of each organization, covering model development and use, validation, monitoring, governance, and third-party/vendor product considerations. The agencies explicitly state the guidance does not create enforceable standards or prescriptive requirements, and non-compliance will not result in supervisory criticism. FDIC simultaneously rescinded two prior guidance letters: FIL-22-2017 and FIL-27-2021.

FDIC Board Addresses GENIUS Act Stablecoin, AML Proposals

The FDIC Board of Directors met in open session on April 7, 2026, to address three items: two proposed rulemakings and one final rule. The Board considered a Notice of Proposed Rulemaking on GENIUS Act requirements and standards for FDIC-supervised permitted payment stablecoin issuers and insured depository institutions, and a separate Notice of Proposed Rulemaking on Anti-Money Laundering and Countering the Financing of Terrorism Programs. The Board also adopted a Final Rule prohibiting the use of reputation risk by regulators.

FDIC Rescinds Supervisory Guidance on Multiple Re-Presentment NSF Fees

The FDIC has rescinded Financial Institution Letter FIL-32-2023, which described the agency's supervisory approach for FDIC-supervised institutions that assess multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction. The rescission is effective immediately. This action applies to all FDIC-supervised financial institutions.

National Payments System Vision and Strategy Framework 2026-2030

The Reserve Bank of Malawi has published the National Payments System Vision and Strategy Framework for 2026 to 2030, establishing five strategic objectives: strengthening regulatory oversight, modernising payment infrastructure, mitigating cyber and fraud risks, fostering digital adoption, and embracing emerging financial technologies including central bank digital currency and virtual assets. The Framework addresses ongoing challenges including high transaction costs, cybersecurity threats, infrastructure gaps, and cash dominance while seeking to align Malawi's payments ecosystem with regional integration in SADC and COMESA.

Blacklist: 287 Companies and Directors for Export Earnings Repatriation Failures

The Central Bank of Myanmar has published a blacklist of 287 companies and their directors for failing to repatriate export earnings within legally mandated timeframes under the Foreign Exchange Management Law (FEML) Section 38-C. The review covered the period January 1, 2021 to March 31, 2025, with the blacklist published on April 3, 2026. Export earnings must be repatriated within 30 days for Asian countries and 60 days for other countries.

Industry Circular 9: FATF AML/CFT Compliance Due Diligence - October 2025

The British Virgin Islands Financial Services Commission issued Industry Circular 9 (2026) advising that FATF issued its October 2025 public statements identifying jurisdictions with strategic AML/CFT deficiencies. The Commission directs all persons subject to the Anti-Money Laundering Regulations, 2008 and the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 to apply appropriate due diligence measures when dealing with customers or transactions connected to FATF-identified jurisdictions. For jurisdictions under increased monitoring, standard enhanced CDD applies; for high-risk jurisdictions subject to a FATF call for action, enhanced CDD and countermeasures are required.

Launch of Legitimate Interest Transactions and Request to Inspect BO Register

The BVI Financial Services Commission announces the launch of Legitimate Interest (LI) transaction functionality on 1 April 2026, establishing new timelines for BO Register inspections: Registered Agents have 5 days to file a Notice of Objection, a further 5 days to file an Application Opposing Disclosure, 3 days to file Intent to Appeal, and 21 days thereafter to file a Notice of Appeal. Filing links for all registers are extended to 31 May 2026. The maximum total Transitional Penalty per entity is $1,400 (USD 600 for months 1-3, USD 800 for months 4-6), with an additional filing fee of USD 125.00 applicable after 31 March 2026.

Eighth Judicial District Court Appoints Receiver for Elemental Financial Technologies and Subsidiaries

The Nevada Financial Institutions Division secured a court order appointing John Guedry as permanent receiver for Elemental Financial Technologies, Inc. (formerly Fortress Blockchain Technologies) and its subsidiaries including Fortress Trust, LLC. The receiver now has full authority over all company assets including financial accounts, digital assets, customer records, software systems, and intellectual property. All officers, employees, agents, and affiliates are prohibited from transferring or disposing of assets without receiver approval, and creditors and investors are barred from interfering with the receivership. The receiver must file an inventory of company assets within 45 days.

Regulation on Submission and Fees for Administrative Determinations

The Office of the Commissioner of Financial Institutions (OCIF) of Puerto Rico has published a Public Notice proposing a new Regulation establishing a uniform procedure for the submission, review, and issuance of Administrative Determinations under any law or regulation within OCFI's jurisdiction. The proposed Regulation also authorizes OCFI to establish fees for processing such requests by Circular Letter. A 30-day public comment period is open from the publication date.

ASIC Roadmap for Digital Assets Law Reform Implementation

ASIC has released its 18-month implementation roadmap for the Corporations Amendment (Digital Assets Framework) Act 2026, which brings digital asset platforms (DAPs) and tokenised custody platforms (TCPs) under the financial services licensing regime from 9 April 2027. ASIC will consult on asset-holding standards (s912BE), transactional and settlement standards (s912BF), and financial requirements similar to RG 166. The class no-action position (INFO 225) expires in June 2026. DAP and TCP operators can lodge licence applications during months 12-18 of the transition period.

ASIC Consults on FMI Reforms: Updates to RG 172, RG 249, and RG 268

ASIC is consulting on proposed updates to three regulatory guides (RG 172, RG 249, and RG 268) to align with the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024, which commenced in September 2024. The proposed updates reflect enhanced ASIC licensing, supervisory and enforcement powers, reallocation of powers between the Minister and ASIC, and expanded ASIC oversight of foreign entities operating FMIs with a significant Australian nexus.