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FPC March 2026 Meeting Record: BoE Financial Stability Assessment

The Bank of England's Financial Policy Committee published its March 2026 meeting record assessing Middle East conflict impacts on UK financial stability. The FPC determined that the conflict has caused a substantial negative supply shock with higher energy prices and government bond yields. The Committee maintained the UK countercyclical capital buffer rate at 2% and identified ongoing vulnerabilities in sovereign debt, risky asset valuations, and private credit markets.

Davies Comments on Proposed Amendments to NI 81-102 Investment Funds

Davies Ward Phillips & Vineberg submitted a comment letter to the Canadian Securities Administrators responding to proposed amendments to National Instrument 81-102 Investment Funds regarding liquidity risk management requirements. The letter raises concerns about extending these requirements to private investment funds, arguing that such funds already receive appropriate oversight through registration requirements under NI 31-103, and advocates for a more tailored, principles-based regulatory approach.

Budget Act Introduces Stablecoin, Open Banking, Fraud Measures

Canada enacted the Budget Implementation Act (Bill C-15) on March 26, 2026, introducing the Stablecoin Act for non-financial stablecoin issuers, a revised open banking framework under the Consumer-Directed Banking Act, and mandatory fraud risk management requirements for banks. The Bank of Canada will supervise both the stablecoin and open banking regimes.

Australia RBA Card Payment Reforms Effective October 2026

The Reserve Bank of Australia published conclusions on merchant card payment costs and surcharging reforms effective October 1, 2026. Key changes include reduced interchange fee caps (8 cents for debit, 0.3% for credit, 1.0% for foreign cards) and allowing card schemes to impose no-surcharge rules. Card schemes and large acquirers must publish standardized fee information.

CFTC Settles With KuCoin for $500K Despite AML Allegations

CFTC entered a consent order against KuCoin (Peken Global Limited) imposing a $500,000 civil monetary penalty for allowing U.S. participants to trade commodity derivatives without registering as a foreign board of trade. The settlement dismissed AML and FCM registration charges that had driven $100 million and $1 billion+ penalties in prior similar cases. The CFTC credited $184.5 million in DOJ forfeiture as offset against KuCoin's U.S. user fees.

FTC Warns PayPal, Stripe, Visa, Mastercard Against Debanking

FTC Chairman sent warning letters to PayPal, Stripe, Visa, and Mastercard cautioning against debanking practices. The letters cite a Presidential Executive Order prohibiting financial institutions from denying services based on political or religious beliefs, orientation, or lawful industry involvement. The FTC warns these payment processors that denying services to customers based on such factors violates federal consumer protection principles.

Bottomline Named Nacha Preferred Partner for ACH Experience Open Banking Risk Fraud

NACHA announced Bottomline has become a Nacha Preferred Partner for ACH Experience, Open Banking, and Risk and Fraud Prevention. Bottomline provides payment technologies that monitor ACH transactions in real time to detect suspicious activity. The Preferred Partner Program recognizes organizations demonstrating leadership and innovation that advance the ACH Network.

NewRez LLC Statement of Charges and Cease and Desist Order

The Washington Department of Financial Institutions issued a Statement of Charges and Notice of Intent to Enter a Cease and Desist Order against NewRez LLC (NMLS #3013) for multiple violations of the Consumer Loan Act of Washington discovered during examinations conducted between 2018 and 2025. The violations include incorrectly applying mortgage payments, failing to maintain escrow accounts, filing inaccurate mortgage call reports, and inadequate compliance management systems. The Director is seeking civil penalties, investigation fees, and costs.

FDIC Board Sunshine Act Meeting - Stablecoin Issuers, AML/CFT, Reputation Risk

The FDIC Board of Directors held an open meeting on April 7, 2026, under the Government in the Sunshine Act (5 U.S.C. 552b), to consider three regulatory items: a Notice of Proposed Rulemaking on GENIUS Act requirements for permitted payment stablecoin issuers, a Notice of Proposed Rulemaking on AML/CFT programs, and a Final Rule prohibiting the use of reputation risk by regulators. The meeting was open to public observation via webcast from the FDIC Board Room in Washington, DC.

Fed Terminates Enforcement Actions with Four Banks

The Federal Reserve Board announced termination of Cease and Desist Orders with Crédit Agricole S.A., Crédit Agricole Corporate and Investment Bank, Mega International Commercial Bank Co., Ltd., and The Goldman Sachs Group, Inc. The enforcement actions, dating from 2015 and 2018, were terminated effective March 25, 2026.

FINMA Guidance 02/2026 on Managing Digital Fraud Risks for Banks

FINMA published Guidance 02/2026 addressing digital fraud risks following a survey of 19 Swiss banks. The guidance identifies gaps in operational risk management and anti-money laundering controls related to digital banking fraud, which has increased since 2022. Banks and persons under Article 1b of Switzerland's Banking Act are expected to implement appropriate risk management frameworks covering client onboarding, account security, and fraud proceeds laundering.

EBA Publishes Known DPM Issues List for Reporting Transparency

The European Banking Authority announced it will publish on a regular basis a list of known issues related to its data point model (DPM) framework, covering Pillar 3 disclosures and resolution planning reporting. The list includes brief descriptions, affected artefacts, severity assessments, current status, available workarounds, and indicative resolution timelines. This initiative supports reporting institutions and national competent authorities by providing a single reference point for recurring technical questions, as part of the EBA's broader simplification efforts.

EBA Consults Revised Shadow Banking Exposure Limits Under CRR

The European Banking Authority launched a consultation on revised Guidelines concerning limits on exposures to shadow banking entities under the Capital Requirements Regulation. Key changes include moving the basis for limits from eligible capital to Tier 1 capital, removing the 0.25% materiality threshold, and aligning the framework with RTS that took effect in January 2024. The consultation aims to support sound risk management and governance practices across institutions.

Ireland Hedge Fund and Open-Ended Fund Stability Assessment

Central Bank of Ireland published two financial stability assessments: one evaluating Irish hedge funds managing approximately EUR 400 billion in assets, finding that sector diversity and modest market footprint limit systemic vulnerabilities; another examining liquidity management tools among open-ended funds, finding that 85% have at least one tool available, with further use encouraged.

FSB Asia Consultative Group Meets in Hanoi, 8-9 Apr

The FSB Regional Consultative Group for Asia convened in Hanoi on 8-9 April 2026, hosted by the State Bank of Vietnam. Senior officials from central banks and financial authorities across the region discussed global and regional financial vulnerabilities, foreign exchange market strains, cross-border payment safety, and stablecoin arrangement risks. The group also reviewed the FSB's 2026 work programme.

ECB Vice-President Guindos on European Economic Challenges

ECB Vice-President Guindos on European Economic Challenges

Governor Makhlouf Opening Remarks at Savings and Investment Forum

Governor Gabriel Makhlouf delivered opening remarks at the inaugural Savings and Investment Forum hosted by the Central Bank of Ireland. The Forum was established following the Department of Finance's 2024 Funds Review to address barriers to retail investment participation. Makhlouf highlighted that Irish households hold approximately €170 billion in idle deposits while direct capital market participation remains just 2.3% of financial assets, significantly below the EU average of 7.5%.

AI and the Euro Area Economy

ECB Executive Board Member Philip Lane delivered a keynote speech at the 3CMFI Conference in Frankfurt on AI's potential as a transformative general-purpose technology. Lane highlighted how AI differs from prior technologies by raising productivity of the innovation process itself, not just production. He noted agentic AI's emergence as an independent economic agent.

Digital Euro Progress Update - ECB Executive Board Speech

ECB Executive Board member Piero Cipollone testified before the European Parliament on March 24, 2026, providing an update on digital euro preparations. He confirmed euro area leaders reiterated support for the initiative aimed at strengthening monetary sovereignty, reducing retail payment fragmentation, and supporting the Single Market. The Eurosystem continues technical readiness work, with Pontes (DLT settlement solution) scheduled for Q3 2026 launch and the Appia roadmap for integrated European digital asset markets published.

ECB Executive Board Speech on Tokenised Financial Market Rails

Piero Cipollone, ECB Executive Board member, delivered a keynote speech at the House of the Euro outlining three conditions for scaling Europe's tokenised financial markets: a safe settlement anchor via tokenised central bank money, genuine public-private partnership, and a legal framework matching technological ambition. The speech identified platform fragmentation and absence of common on-chain settlement assets as primary obstacles preventing market scale.

Fed's Bowman Discusses Small Business Credit at CBA LIVE

Michelle W Bowman, Vice Chair for Supervision at the Federal Reserve Board, delivered remarks at the Consumer Bankers Association CBA LIVE 2026 conference addressing small business credit conditions. She highlighted that small businesses employed 59 million Americans in 2023, generating $16 trillion in revenue and 44 percent of GDP. The speech noted that community and smaller regional banks hold roughly $600 billion in small business loans, with the tight credit environment leading 9 percent of banks to report tightening credit standards in Q3 2025.

Stablecoins and GENIUS Act: Remarks on Reserve Assets and Financial Stability

Federal Reserve Board Governor Michael S. Barr delivered remarks on stablecoin regulation under the recently enacted GENIUS Act, identifying key risks including potential use in money laundering and terrorist financing, as well as financial stability concerns related to reserve asset quality and redemption pressures during market stress. The speech emphasizes that stablecoin viability depends on maintaining high-quality, highly liquid reserves and implementing appropriate supervision, capital, and liquidity requirements.

Revised Guidelines on Limits on Exposures to Shadow Banking Entities

The European Banking Authority has launched a public consultation on revised Guidelines concerning limits on exposures to shadow banking entities. The consultation paper (EBA/CP/2026/06) invites feedback from stakeholders on updated exposure limits designed to manage risks associated with shadow banking activities. Financial institutions subject to EBA guidelines will need to review and potentially restructure their exposure management practices once finalized.

SEC v. Anderson, BBFY USA, Captain Drake - $2.4M Securities Fraud

SEC filed a complaint in the District of Minnesota alleging Mark D. Anderson and his entities BBFY USA, Inc. and Captain Drake, LLC orchestrated a $2.4 million securities fraud scheme. The defendants used sham sales transactions to inflate Drake's Organic Spirits' revenue figures in offering documents, raising approximately $21 million from 180 investors before the company ceased operations in 2023. Investors lost most of their investments.

FBI 2025 Internet Crime Report: $17.6B Stolen, Hospitals and Schools Targeted

The FBI released its 2025 Internet Crime Report detailing $17.6 billion in losses from cybercrime and fraud targeting critical infrastructure, hospitals, and schools across the United States.

FMA Highlights Importance of High Quality Financial Reporting Amid Global Uncertainty

The Financial Markets Authority (FMA) released its Financial Statements Monitoring Insights 2022–2025 report summarising findings from reviews of 60 sets of audited financial statements and reporting timeliness of all FMC-reporting entities over three years. The FMA urged directors, preparers, and auditors to reinforce governance and strengthen financial reporting processes amid global economic uncertainty. The report identified recurring weaknesses in disclosures around key judgements, assumptions, and risks, as well as inconsistencies between financial and climate-related reporting.

Financial Statements Monitoring Insights 2022-2025

The FMA reviewed 60 audited financial statements and filing practices of FMC reporting entities between 2022 and 2025. The report highlights findings on reporting quality, timeliness, and accuracy that support investor trust and market confidence.

ZeroHash National Trust Bank Charter Application

The OCC has published ZeroHash's application for a National Trust Bank charter for public review and comment. The application seeks federal authorization for the company to operate as a nationally chartered trust bank with focus on digital asset custody services. Stakeholders and interested parties may review the filing and submit comments during the public comment period.

LTSE Exchange Rule 11.220 Amendment Conforming Odd Lot Reporting to Regulation NMS

The Long-Term Stock Exchange filed a proposed rule change to amend Exchange Rule 11.220 (Priority of Orders) to conform with recently adopted amendments to Rules 600 and 603 of Regulation NMS concerning odd lot information reporting and dissemination. The Exchange proposes to add subparagraph (b)(3) to address its obligations to report odd lot information including best odd-lot orders (BOLO). The SEC is soliciting public comments on the proposed rule change, with a compliance date set for May 2026.

Cboe Exchange Files Amendment for Extended Multi-Listed Equity Options Trading

The SEC published a notice of filing from Cboe Exchange seeking comment on Amendment No. 1 to SR-CBOE-2025-079, which proposes extended trading hours for multi-listed equity options. The amendment addresses comments received on the original proposal. The SEC is soliciting public feedback before determining whether to approve or disapprove the proposed rule change.

Finance Act 2026 IHT Changes for Pensions

The UK Finance Act 2026 has received Royal Assent, introducing significant changes to the inheritance tax treatment of pension scheme death benefits. From 6 April 2027, almost all lump sum death benefits will form part of a member's estate for IHT purposes, regardless of whether paid at trustees' discretion. Exceptions include death-in-service benefits and dependants' scheme pensions. Personal representatives will report and pay any IHT due but can direct schemes to withhold up to 50% of benefits for up to 15 months.

FinCEN Residential Real Estate AML Rule Vacated by Federal Court

On March 19, 2026, the U.S. District Court for the Eastern District of Texas vacated FinCEN's Residential Real Estate Rule in Flowers Title Companies, LLC v. Bessent, holding that FinCEN lacked statutory authority to impose the reporting requirement. FinCEN subsequently issued a statement suspending reporting obligations. Settlement agents and other reporting persons subject to the RRE Rule have paused all collection, review, and submission activities pending further developments.

DOL Proposed Safe Harbor for Selecting Plan Investment Alternatives

The Department of Labor has issued a proposed rule establishing a process-based safe harbor for ERISA plan fiduciaries selecting 401(k) investment alternatives. The proposal outlines six non-exhaustive factors—performance, fees, liquidity, valuation, performance benchmarks, and complexity—that fiduciaries must consider when evaluating investment options. The rule is open for public comment through June 1, 2026.

Sunshine Act Meeting Notice - Board Meeting With Less Than Seven Days' Notice

The FDIC Board of Directors held an open meeting on April 7, 2026, with less than seven days' advance notice, webcast for public observation. The Board considered three regulatory items: a proposed rule on GENIUS Act requirements for permitted payment stablecoin issuers, a proposed rule on AML/CFT programs, and a final rule prohibiting use of reputation risk by regulators.

CFTC Regulatory Document - Comment Deadline April 30

The Commodity Futures Trading Commission (CFTC) has published a regulatory document for public comment via regulations.gov. The document, identified as CFTC-2026-0562-0001, seeks stakeholder input on a proposed regulatory action within the CFTC's jurisdiction over commodity futures and derivatives markets. The comment deadline is April 30.

Japan FSA shares IAIS cooperation interview, March 2026

Japan's Financial Services Agency announced publication of an interview with IAIS Executive Committee Chair Miyoshi Toshiyuki in The Eurofi Magazine (March 2026). The interview discusses IAIS efforts to promote cross-border supervisory convergence and strengthen global cooperation in insurance amid increasing geopolitical fragmentation.

Strategy-focused Human Capital Disclosures Framework

Japan's Financial Services Agency published strategy-focused guidance on human capital disclosures, including a research report and examples of disclosure practices. The framework addresses how companies should disclose human capital investments that contribute to mid-to-long-term corporate value creation despite reducing short-term profits.

Working Group Report and Roadmap for Sustainability Disclosures and Assurance

The Japan Financial Services Agency (JFSA) published the Report of the Working Group on Disclosure and Assurance of Sustainability-related Financial Information, originally released by the Financial System Council on January 8, 2026, along with the accompanying Japanese Roadmap for sustainability disclosures and assurance. The roadmap outlines Japan's approach to mandatory sustainability-related disclosures and assurance requirements for listed companies and financial institutions, with the English version now made publicly available.

Twenty-fourth Meeting of the Council for Cooperation on Financial Stability

The Financial Services Agency (FSA) and Bank of Japan (BOJ) held their twenty-fourth joint Council for Cooperation on Financial Stability meeting on April 8, 2026. Senior officials including the FSA Commissioner and BOJ Deputy Governors convened to exchange views on current financial system and market conditions.

Resilient Payments: Cash, Card, Connected - Opening Address

DNB Executive Board member Bas ter Weel delivered the opening address at the Retail Payments Research Conference 2026, outlining DNB's Payment Strategy for 2026-2028 focused on building resilient, secure and accessible payment systems. The speech emphasized maintaining cash infrastructure as a fallback during digital disruptions, reducing reliance on non-European players in critical payment chains, and promoting European digital payment options including a future digital euro.

Spring 2026 Debt Management Strategy Consultations

The Department of Finance Canada and the Bank of Canada announced a consultation on the Spring 2026 Domestic Debt Program. The agencies are seeking input from government securities distributors, institutional investors, and other market participants on Canada's domestic debt program and relevant market developments. Consultations will occur in May 2026 with a summary of comments to be published on the Bank of Canada's website.

FRC Opens Investigation into PwC Audit of Digital 9 Infrastructure

The Financial Reporting Council (FRC) has commenced an investigation into PricewaterhouseCoopers LLP regarding the audit of Digital 9 Infrastructure plc's consolidated financial statements for the financial year ended 31 December 2023. The decision to open the investigation was made by the FRC's Conduct Committee on 16 December 2025. The FRC explicitly states that the investigation does not indicate any findings of breach and does not extend to parties beyond the statutory auditor(s) and audit firm(s).

FCA Restricts Bazar Money Transfer Limited from Payment Services

The FCA imposed restrictions on Bazar Money Transfer Limited (BMTL) on 21 November 2025, preventing it from providing regulated payment services. BMTL was no longer meeting the conditions for registration as a small payment institution. Following representations from BMTL, the FCA issued a Second Supervisory Notice on 6 March 2026, maintaining the restrictions in place.

SEC Sanctions Vestech Partners LLC for $90M Investment Fraud

The SEC issued an administrative order sanctioning Vestech Partners LLC, Marita Partners LLC, MI 15 LLC, and Riadh Fakhoury for conducting a $90 million fraud scheme. The respondents made materially misleading statements about co-investments by institutional investors and overstated investment performance in unregistered investment funds from 2019-2023. The respondents consented to the order without admitting or denying the findings.

Salinas, Nguyen Barred from Brokerage for Investment Fraud

The SEC issued an order barring Danny M. Salinas and Mai T. Nguyen from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization. The respondents, a married couple age 69 residing in Huntington Beach, California, operated as salespersons for CHS Trust, a purported church that sold fraudulent investment products to investors from 2017 to April 2019.

Francis Decker CPA - SEC Administrative Proceeding

The SEC instituted public administrative proceedings and imposed sanctions against Francis Decker CPA for engaging in unethical and improper professional conduct while serving as lead engagement partner on FTX audits conducted by Prager Metis CPAs. Decker failed to conduct audits in accordance with GAAS, lacked sufficient understanding of crypto asset markets and FTX operations, and assembled an engagement team that collectively lacked the requisite competence and knowledge. The SEC censured Decker and permanently denied his privilege to appear or practice before the Commission.

India and the Global Economy

The Federal Reserve published a FEDS Notes article analyzing India's position as the world's fastest growing economy and 5th largest by GDP. The research notes that India's share of global GDP (3%) remains far below its 20% share of world population, and examines how India's services-driven growth model differs from earlier Asian economies' manufacturing export strategies.

Stablecoins 2025: Developments and Financial Stability Implications

Federal Reserve researchers published an analysis finding stablecoin market capitalization grew approximately 50% in 2025, with transaction volume and DeFi protocol usage also surging. The note identifies three structural developments reshaping the stablecoin landscape: increasingly complex intermediation chains, strategic vertical integration, and accelerating retail adoption through digital wallet partnerships. Researchers warn these trends may amplify financial stability vulnerabilities including run risk, reduced market transparency, and amplified interconnections between traditional finance and digital asset ecosystems.

Mind the Gap: Announced versus Implied Tariff Rates in Recent Trade Policy Episodes

The Federal Reserve published FEDS Notes research analyzing the gap between announced U.S. tariff rates (effective tariff rate) and realized tariff rates calculated from Census data. Authors Sydney Eck, Trang Hoang, Carter Mix, and Madeleine Ray performed mathematical decomposition comparing 2018-2019 and 2025 tariff episodes. The analysis found the current tariff rate gap is substantially larger than in 2018-2019, driven by faster substitution toward lower-tariff products, increased frontloading, and greater tariff manipulation by importers.

Detecting Tariff Effects on Consumer Prices in Real Time – Part II

Federal Reserve economists published Part II of a methodology study detecting tariff effects on consumer prices using publicly available data. The study confirms that tariffs implemented in 2025 led to statistically significant price increases for tariff-exposed consumer goods. The authors estimate that tariffs implemented through November 2025 raised core goods PCE prices by 3.1 percent through February 2026, contributing to a 0.8 percent boost in core PCE prices overall.