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NCUA Proposes FOM Amendment to Associational Common Bond Provisions

The NCUA Board proposes to amend associational common bond provisions in its chartering and field of membership rules. The amendment would eliminate automatic bars on association eligibility when product or service purchases are conditions of membership, instead allowing case-by-case evaluation of circumstances. Public comments are due June 8, 2026.

Hochul Announces State Police DFS Partnership to Combat Insurance Fraud

Governor Hochul announced a partnership between the New York State Police and the Department of Financial Services to combat insurance fraud. The collaboration will enable intelligence sharing and coordinated investigations targeting fraudulent activity across New York's insurance sector. This enhanced enforcement partnership aims to strengthen fraud detection and prosecution capabilities.

CSSF Prospectus Approvals Monthly Statistics March 2025 to March 2026

The CSSF published monthly prospectus approval statistics covering March 2025 through March 2026, showing 13 monthly data points ranging from 59 approvals in January 2026 to 177 in May 2025. The data reflects activity across the Luxembourg fund and securities industry during this period.

Monthly Notifications Received from EEA Competent Authorities - Prospectus Statistics

CSSF published monthly statistics on prospectuses and base prospectuses received from competent authorities of other EEA Member States covering March 2025 to March 2026. The data shows 310 total notifications received, with monthly figures ranging from 6 to 55. This is routine statistical reporting providing transparency on cross-border prospectus activity.

Mexico Reforms Anti-Money Laundering Regulations, SAT UIF Powers

Mexico published reforms to the LFPIORPI regulation on March 27, 2026, operationalizing amendments from July 2025 that strengthen SAT and UIF supervisory powers, including direct identification of beneficial controllers, 10-year record retention, automated monitoring systems, and risk-based approach requirements. The reform consolidates greater authority for the regulator and elevates compliance standards for obligated subjects.

UK FCA Final Policy Introducing A Motor Finance Redress Scheme

The UK FCA published Policy Statement PS26/3 finalizing a motor finance redress scheme following the August 2025 UK Supreme Court ruling. The scheme is split into two separate time periods (April 2007-March 2014 and April 2014-November 2024) to prevent legal challenges delaying redress. Eligibility criteria require proof of unfair treatment through inadequate disclosure of discretionary commission arrangements, high commission arrangements (now set at 39% of total credit cost or 10% of the loan), or certain contractual ties.

Weekly Consumer Financial Services Newsletter – April 2026 #2

Troutman Pepper Locke published its weekly consumer financial services newsletter covering April 2026 week two. Key items include an IMF warning that rapid tokenized finance adoption could accelerate financial crises beyond regulators' capacity to respond; CFTC appointments of Stephen D. Andrews and M. Jordan Minot as deputy general counsel; and a Congressional Research Service analysis of insider trading laws applied to online prediction markets.

Federal Lawsuits Challenge State Prediction Market Enforcement

Lowenstein Sandler reports that the CFTC and DOJ filed lawsuits against Arizona, Connecticut, and Illinois on April 2, 2026, challenging state enforcement actions against CFTC-registered prediction market operators including Kalshi, Crypto.com, and Robinhood Derivatives. Separately, the Third Circuit affirmed a preliminary injunction blocking New Jersey from regulating Kalshi's sports-related event contracts, finding CFTC has exclusive jurisdiction over swaps traded on CFTC-licensed DCMs.

Update On Public Takeovers 2025 - German Version

White & Case LLP published an overview of the German public takeover market in 2025, covering legal developments affecting publicly listed companies and investors engaged in M&A transactions. The report summarizes regulatory changes and market trends in German takeovers, including any amendments to the Wertpapierübernahmegesetz (WpÜG) and related securities regulations.

Update on Public Takeovers 2025 - German M&A Trends

White & Case published its annual review of public takeovers in Germany for 2025. The market saw 20 proceedings in 2025, down from 32 in 2024, attributed to strong German stock market performance despite weak economic data. Key transactions included Zalando's acquisition of About You and a contested bidding battle for ProSiebenSat.1 between MFE and PPF.

ADGM Celebrates Decade of Operations With 36% AUM Surge, 51% Workforce Increase

ADGM published its 10-year anniversary performance report, highlighting a 36% increase in total assets under management to $34 billion, a 51% workforce expansion, and over 12,600 active licenses including 3,769 new licenses issued in 2025. The jurisdiction now hosts 171 asset and fund managers collectively managing 244 funds, reflecting continued growth as a Middle East financial center.

Hillhouse Investment Opens New Office in Abu Dhabi, Middle East Expansion

ADGM announced that Hillhouse Investment Management, a global private alternative asset manager, has opened a new office within the Abu Dhabi Global Market and obtained a Category 3C license from the Financial Services Regulatory Authority (FSRA). The announcement marks Hillhouse's expansion into the Middle East market through ADGM's financial centre platform.

FOMC Minutes: Members Skeptical on Taming Inflation Amid Tariffs

The ABA Banking Journal reports on FOMC meeting minutes showing Federal Reserve officials expressed skepticism about near-term inflation control due to tariff uncertainty. Members cited tariff-related price pressures as a key factor complicating the inflation outlook.

FinCEN and OFAC Propose Stablecoin AML and Sanctions Requirements

FinCEN and OFAC have proposed new anti-money laundering and sanctions compliance requirements specifically targeting stablecoin issuers. The proposed rules would establish AML program requirements and sanctions screening obligations for companies issuing stablecoins. The ABA Banking Journal reports on these developments affecting banks and fintech companies involved in stablecoin issuance and related payment services.

White House Report Downplays Stablecoin Interest Ban for Banks

The ABA Banking Journal reports on a White House report that downplays risks to banks from paying interest on stablecoins. The report suggests that allowing banks to offer stablecoin interest payments does not pose significant systemic risk. Banks and fintech companies offering stablecoin services should monitor this policy development as Congress continues to consider stablecoin legislation.

Fed proposes allowing cross-border FedNow payments

The Federal Reserve has proposed opening its instant payment service FedNow to cross-border transactions. This initiative would enable participating banks to process international payments through the FedNow network, potentially competing with existing private cross-border payment corridors. ABA Banking Journal reports on this development affecting banks and payment service providers.

Permitted Payment Stablecoin Issuer AML/CFT Program Requirements

FinCEN published a Notice of Proposed Rulemaking on April 8, 2026, introducing Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) program requirements and sanctions compliance obligations for permitted payment stablecoin issuers. The proposal would establish mandatory Bank Secrecy Act compliance frameworks for stablecoin issuers, including program development, oversight, and reporting requirements. Affected parties include stablecoin issuers and financial institutions facilitating permitted payment stablecoin transactions.

GENIUS Act Stablecoin Rule Targets Illicit Finance Risks

FinCEN and OFAC issued a joint proposed rule on April 8, 2026, to implement provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The rule targets permitted payment stablecoin issuers (PPSIs) with anti-money laundering program requirements and sanctions compliance obligations. The proposed framework is designed to be fit for purpose, assist law enforcement, and minimize unnecessary burden while encouraging stablecoin innovation.

Proposed DOL Rule on Fiduciary Standards in Defined Contribution Plans

Alston & Bird analyzes the DOL's proposed rule on fiduciary duties in selecting designated investment alternatives for 401(k), 403(b), and participant-directed plans. The rule would establish a safe harbor providing procedural guidance and litigation protection for fiduciaries evaluating investment options, including alternative investments. Comments on the proposed rule close May 30, 2026.

UK FOS Final Plans and Budget for 2026/27

The UK Financial Ombudsman Service published its final plans and budget for 2026/27, projecting 199,000 new complaints (down from 306,000 in 2024/25) and resolving 266,500 cases. The FOS increased its compulsory levy to GBP86 million, set respondent firm case fees at GBP680 per case, and introduced new charges for professional representatives.

Data Center Financing Shifts to Hybrid Structures, $7 Trillion Needed by 2030

White & Case LLP published an analysis of evolving debt capital markets supporting data center construction. Technology companies issued $157 billion in public bonds through Q3 2025, up 70% year-on-year, with hybrid financing structures (combining project finance and real estate finance principles) increasingly used to fund multi-billion dollar data center campuses. McKinsey projects nearly $7 trillion in data center capital spending will be needed by 2030 to meet AI infrastructure demands.

ECB Comprehensive Payments Strategy

The European Central Bank published its comprehensive payments strategy outlining a consolidated forward-looking approach for European payments across wholesale, business-to-business, retail, and cross-border use cases. The strategy sets four strategic aims: maintaining central bank money as the anchor of the monetary system, achieving strategic autonomy and resilience, fostering an integrated competitive payments ecosystem, and supporting the international role of the euro. Key initiatives include developing tokenised settlement assets, improving DLT-based wholesale payment infrastructure, and advancing the digital euro for retail payments.

UK PRA and FCA Finalize FSCS MELL for 2026/27

The UK FCA and PRA published policy statements finalizing the FSCS Management Expenses Levy Limit (MELL) for 2026/27 at £113 million. This comprises £108 million for ongoing operating costs and £5 million unlevied reserve. The FSCS expects a £2.5 million underspend from the 2025/26 budget, which will offset levies for relevant classes in 2026/27. The MELL applies from 1 April 2026 through 31 March 2027.

CFTC Enforcement Reset: Three Changes Clients Should Watch

CFTC Division of Enforcement Director David Miller announced three enforcement policy changes at the NYU Law Program on Corporate Compliance and Enforcement on March 31, 2026. The Division will prioritize five areas: insider trading, market manipulation, market abuse/disruptive trading, retail fraud, and willful AML/KYC violations. Miller also signaled heightened focus on insider trading in prediction markets and a revised framework for evaluating cooperation during investigations. Additional enforcement staff will be hired.

Dual Registrant Regulatory Roundup - April 2026

Eversheds Sutherland attorneys published their April 2026 regulatory roundup covering FINRA arbitration modernization proposals, FINRA Board rule initiatives, and a new SEC/CFTC coordination MOU. FINRA's Regulatory Notice 26-06 seeks comments on arbitration reforms including forum selection, arbitrator qualifications, and discovery procedures by May 1, 2026. The SEC and CFTC announced a Joint Harmonization Initiative to reduce duplicative oversight, improve information sharing, and establish a regulatory framework for crypto assets and emerging technologies.

Mexico Infrastructure Bill Creates Investment Vehicles, Sector Coordination

Mexico's federal government presented the Bill to Promote Investment in Strategic Infrastructure on March 19, 2026. The bill establishes three investment coordination vehicles—Special Purpose Vehicles, public funds and trusts, and Public-Private Partnership schemes—to facilitate infrastructure development through coordinated public, private, and social sector participation.

Mexico Infrastructure Investment Law Analysis

White & Case LLP published an analysis of Mexico's proposed infrastructure investment law (Iniciativa de Ley para el Fomento de la Inversion en Infraestructura Estrategica para el Desarrollo con Bienestar). The bill aims to promote strategic infrastructure investment to drive economic development and improve welfare for the Mexican population.

RBA lifts no-surcharge rule, adjusts interchange fees from Oct 2026

RBA lifts no-surcharge rule, adjusts interchange fees from Oct 2026

Ease of doing business - mechanism for lock-in of pledged shares under SEBI ICDR Regulations 2018

SEBI issued Circular HO/49/(17)2026-CFD-POD2/I/8965/2026 on April 8, 2026, introducing a new mechanism for lock-in of pledged shares under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The circular aims to ease doing business by providing clarity on the treatment of pledged shares regarding lock-in requirements.

Draft Amendment Directions on CET1 Capital and Quarterly Profits for CRAR

The Reserve Bank of India released draft amendment directions on April 8, 2026, proposing to remove the qualifying condition linking quarterly profit inclusion in CET1 capital to NPA provision deviations. Currently, banks may reckon quarterly profits only if incremental NPA provisions have not deviated more than 25% from the four-quarter average. Comments are invited until April 29, 2026.

Governor Statement on MPC Policy: Repo Rate Holds at 5.25%

The RBI Governor's statement for April 8, 2026 announced the MPC's unanimous decision to keep the policy repo rate unchanged at 5.25 percent. The SDF remains at 5.00 percent and the MSF/Bank Rate at 5.50 percent, with the neutral stance maintained. The MPC cited contained inflation but flagged increased upside risks from energy price pressures and potential weather disruptions affecting food prices amid heightened geopolitical tensions.

RBI Releases Eight Economic Outlook Surveys

The Reserve Bank of India released results of eight Forward Looking Surveys covering Q3-Q4 2025-26, including Urban and Rural Consumer Confidence Surveys, Inflation Expectations Survey, Manufacturing Sector Surveys, Professional Forecasters Survey, Bank Lending Survey, and Services/Infrastructure Outlook Survey.

RBI invites comments on Draft Governance Amendment Directions

The Reserve Bank of India has issued draft Amendment Directions revising governance requirements for Commercial Banks, Small Finance Banks, Payments Banks, and Local Area Banks. The amendments replace prescriptive 'seven themes' with principle-based guidance and rationalize board reporting requirements to enable more focused engagement on strategy and risk governance. Public comments are invited until May 7, 2026.

RBI Issues Draft Directions for Trade Receivables Discounting System

The Reserve Bank of India released draft directions for Trade Receivables Discounting System (TReDS) platforms on April 8, 2026, seeking to rationalize and harmonize existing guidelines for MSME trade receivables financing. The draft directions are open for public comments until May 1, 2026. Banks, TReDS platform operators, and MSME stakeholders should review the proposed changes and submit feedback through RBI's Connect 2 Regulate portal.

Consolidation of Supervisory Instructions - Drafts for Comments

The Reserve Bank of India has published 64 draft consolidated Master Directions for supervisory instructions, seeking public comments by May 8, 2026. The consolidation will repeal 626 circulars across 11 types of regulated entities on up to nine functions/areas. This follows an earlier consolidation of over 9,000 regulatory circulars into 238 Master Directions, aiming to enhance clarity and reduce compliance burden for regulated entities.

MPC Keeps Repo Rate Unchanged at 5.25 Percent

The RBI Monetary Policy Committee voted unanimously to keep the policy repo rate unchanged at 5.25% at its April 6-8, 2026 meeting. The standing deposit facility rate remains at 5.00% and the marginal standing facility rate and bank rate remain at 5.50%, with the committee maintaining a neutral stance. Real GDP growth for 2026-27 is projected at 6.9%.

Statement on Developmental and Regulatory Policies - Commercial Banks

The Reserve Bank of India announced several developmental and regulatory policy measures for commercial banks, including proposals to dispense with Investment Fluctuation Reserve (IFR) requirements and to simplify CRAR computation by removing conditions on quarterly profit inclusion. The RBI also published 64 draft Master Directions consolidating supervisory instructions for public comment, representing a significant rationalization of the supervisory framework.

91-Day, 182-Day and 364-Day T-Bill Auction Result: Cut-off

The Reserve Bank of India announced the results of its T-Bill auction held on April 8, 2026. The auction accepted ₹12,000 crore in 91-day T-Bills at 5.3064% yield, ₹6,000 crore in 182-day T-Bills at 5.5299% yield, and ₹6,000 crore in 364-day T-Bills at 5.6278% yield. All notified amounts were fully accepted at the respective cut-off prices.

RBI T-Bills Auction Results: Yields 5.30% to 5.63%

The RBI conducted a Treasury Bills auction on April 8, 2026, covering 91-day (₹12,000 crore), 182-day (₹6,000 crore), and 364-day (₹6,000 crore) tenors. Cut-off yields ranged from 5.30% (91-day) to 5.63% (364-day), with total competitive bids received of ₹94,038.10 crore across 302 bids.

RBI Invites Public Comments on Investment Fluctuation Reserve Amendment Directions

RBI released draft Amendment Directions on Investment Fluctuation Reserve (IFR) covering 10 categories of banks, including Commercial Banks, Small Finance Banks, Payments Banks, Co-operative Banks, and Regional Rural Banks. The amendments address operational challenges in maintaining IFR above regulatory thresholds and differences across prudential frameworks. Public comments are invited until April 29, 2026.

RBI Cancels Certificate of Registration of 54 NBFCs

The Reserve Bank of India has cancelled the Certificate of Registration of 54 Non-Banking Financial Companies under Section 45-IA(6) of the RBI Act, 1934 for regulatory non-compliance. The enforcement action removes these entities' authorization to conduct NBFC operations. Affected companies include entities such as Chefair Impex Ltd and Umeed Leasing & Finance Limited.

16 NBFCs Surrender Certificates of Registration Under Section 45-IA

The Reserve Bank of India cancelled the Certificates of Registration of 16 Non-Banking Financial Companies (NBFCs) under Section 45-IA(6) of the RBI Act, 1934. The cancellations, effective between March 3-30, 2026, resulted from companies voluntarily surrendering their registrations or meeting criteria for unregistered Core Investment Companies.

OSC Dialogue 2026: Competitive Edge - Toronto Conference

The Ontario Securities Commission announced OSC Dialogue 2026, a full-day conference scheduled for April 21, 2026, at the Fairmont Royal York in Toronto. The event brings together policy and regulatory experts to discuss capital market competitiveness, digital assets regulation, investor protection, and financial crime prevention. Media registration is open via the OSC.

OSC Establishes New Capital Markets Advisory Committee

The Ontario Securities Commission announced the establishment of a new Capital Markets Advisory Committee (CMAC) on a pilot basis. The committee will provide strategic insight on trends affecting Ontario's capital markets and advise on proposed rules and regulatory initiatives. Applications from senior leaders across Ontario's capital markets are due by April 30, 2026.

Court Order for Keyera Acquisition Investigation

The Competition Bureau obtained a Federal Court order requiring Inter Pipeline Ltd to produce records and information relevant to its investigation of Keyera Corp's proposed acquisition of Plains All American Pipeline LP's Canadian natural gas liquids business. The Bureau is assessing whether the transaction would substantially lessen competition or create barriers for competitors and new market entrants in Canada's oil and gas midstream industry.

FOMC Minutes Released, March 17-18 2026 Meeting

The Federal Reserve released the minutes of the FOMC meeting held on March 17-18, 2026. The minutes, published on April 8, 2026, describe economic and financial conditions considered by the Committee and are typically released three weeks after policy decisions. The full minutes are available in HTML and PDF formats on the Board's website.

Law on Credit Institution and Investment Firm Failure (Consolidated)

CSSF published the consolidated version of the Law of 18 December 2015 on the failure of credit institutions and certain investment firms, updated through April 2026. The law establishes the legal framework for managing the resolution and orderly winding-up of failing credit institutions and investment firms in Luxembourg, transposing relevant EU directives including BRRD. The consolidated text applies to credit institutions, investment firms, and consumers under CSSF supervision.

APRA Applies Additional $2m Capital Requirement to Sovereign Insurance Australia

APRA has applied an additional $2 million capital requirement to Sovereign Insurance Australia Pty Ltd (SIA) due to the insurer's heightened risk profile. APRA identified serious deficiencies in SIA's risk management framework and operational risk management, compounded by failures to comply with prudential standards and lodge audited financial accounts. The capital requirement takes effect immediately and will remain until APRA's concerns are fully addressed.

Michelle Alexopoulos Speech - OEA/CABE Spring Policy Conference

Bank of Canada announces External Deputy Governor Michelle Alexopoulos will deliver remarks at the Ottawa Economics Association and Canadian Association of Business Economics Spring Policy Conference on May 13, 2026 in Ottawa, Ontario. Remarks will be published on the Bank's website with live webcast available.

FinCEN's Whistleblower Program for AML and Sanctions Enforcement

FinCEN published a Notice of Proposed Rulemaking on April 1, 2026, proposing to establish a formal Whistleblower Program under the AML Act of 2020 and AML Whistleblower Improvement Act of 2022. The proposed program would provide awards of 10-30% of monetary sanctions exceeding $1 million for tips leading to successful enforcement of BSA, IEEPA, TWEA, and Kingpin Act violations. The program mirrors the SEC whistleblower framework and includes anti-retaliation protections.