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UK FCA and BoE Launch Transaction Reporting Taskforce

The UK Financial Conduct Authority (FCA) and Bank of England (BoE) have opened the application window for a new Transaction and Post-Trade Reporting Taskforce. The taskforce will run for 18 months and aims to inform the UK's long-term approach to harmonising transaction and post-trade reporting requirements across UK MiFIR, UK EMIR, and UK SFTR. The deadline for applications is 23 April 2026.

France Implements CRD6 Banking Access Rules

France published Ordinance 2026-255 implementing EU Directive 2024/1619 (CRD6) into French law via amendments to the Financial and Monetary Code. The ordinance introduces EU-level harmonized rules governing how third-country credit institutions may access the French banking market, including new requirements for third-country branches and exemptions such as reverse solicitation.

FINRA Fines Brokerage Firm $450,000 for BSA/AML Deficiencies

FINRA accepted a Letter of Acceptance, Waiver, and Consent (AWC) from online brokerage firm Stash Capital LLC, censuring and fining the firm $450,000 for alleged deficiencies in its anti-money laundering program, customer identification program, and identity-theft prevention program. The alleged violations spanned January 2019 through June 2023 and included failures in account opening, suspicious activity detection, and identity-theft red flags. The AWC alleged violations of the Bank Secrecy Act, FINRA Rules 3310 and 2010, and Regulation S-ID.

CFTC Fines Digital Asset Exchange $500K for Registration Violations

The CFTC obtained a $500,000 civil monetary penalty and permanent injunction against a digital asset exchange operator for permitting approximately 1.54 million U.S.-based users to trade commodity derivatives without registering as a foreign board of trade between July 2019 and June 2023. The consent order, entered in SDNY on March 30, also permanently enjoins the operator from permitting direct access to U.S. participants without valid CFTC registration. Counts II through V of the original complaint, alleging unregistered FCM activity, operating an unregistered facility, supervisory failures, and BSA/AML violations, were dismissed with prejudice.

FCA Puts Firms on Notice Over Anti-Money Laundering Shortfalls

The FCA has published feedback from its 2025 multi-firm review of customer due diligence, enhanced due diligence, and ongoing due diligence controls across regulated sectors. The review identified recurring deficiencies including inadequate customer risk assessments, insufficiently detailed policies and procedures, recordkeeping gaps, and lack of independent second line assurance. The FCA noted that good practice often exceeds minimum regulatory requirements, signaling heightened supervisory expectations for AML programs.

SEC Renames C&DI to CFI, Issues Corp Fin Interpretations

SEC Renames C&DI to CFI, Issues Corp Fin Interpretations

Competitive Bidding for Monetary Stabilization Bond Buybacks Announced

The Bank of Korea issued a notice for competitive bidding on buybacks of Monetary Stabilization Bonds. The bidding process is part of open market operations conducted by the Bank of Korea's Market Operations Team. Bidders should refer to the attached HWP and PDF documents for detailed participation requirements and procedures.

AI Real in Payments, Agentic Workflows Explained

NACHA published an article exploring AI adoption in the payments industry, featuring perspectives from Identifee and Nacha Consulting on agentic workflows and automation. The article discusses how financial institutions are using AI for fraud detection and operational efficiency, with AI agents performing tasks with minimal human input.

Hiring Incentives, Employee Deposit Rates Prohibited

The ABA Banking Journal's Compliance Question of the Month addresses whether banks may offer hiring incentives tied to employee deposit rates. The column clarifies that such practices are prohibited under federal banking regulations governing deposit-taking activities.

OFAC Russia, Venezuela Sanctions Guidance Update

The American Bankers Association reports on recent guidance updates from the U.S. Department of the Treasury's Office of Foreign Assets Control regarding Russia and Venezuela sanctions programs. The article covers developments affecting banks and financial institutions subject to OFAC sanctions regulations. No specific compliance deadlines or penalty amounts are stated in the source.

FinCEN 314(a) Updates Jan-Mar 2026

The ABA Banking Journal Compliance published a summary of FinCEN Section 314(a) information requests on terrorism and money laundering for Q1 2026 (January through March). Financial institutions should review the updated list of subjects and maintain compliance with related reporting obligations.

Critique of CEA Stablecoin Research on Banks

The ABA Banking Journal published an analytical critique of research conducted by the Congressional Budget Office (CEA) examining stablecoin yield and its implications for community banks. The article questions whether the CEA studied the appropriate framework or relevant market dynamics in its analysis of stablecoin returns for smaller banking institutions.

Operational Guide to Transfer Resolution Procedures

The Bank of England published an operational guide describing how it could execute a transfer resolution using its resolution powers, covering transfers to private sector purchasers (PSP) or bridge banks. The guide includes a stylised timeline of actions, detailed processes for auctions and bidder selection (Part 2), bridge bank governance and operations (Part 3), and the recapitalisation payment mechanism under the Bank Resolution (Recapitalisation) Act 2025 (BRRA 2025). Annex 1 provides previously used transfer instruments for Dunfermline Building Society (2009) and Silicon Valley Bank UK (2023).

Operational Guide to Bail-in Resolution

The Bank of England published an operational guide describing how it could execute a bail-in resolution under the Banking Act 2009. The guide details operational processes including write-down of regulatory capital instruments and continuity of critical functions. It applies to UK-headquartered banking groups, UK-incorporated banks and building societies, particularly G-SIBs and D-SIBs assigned a bail-in preferred resolution strategy.

SEBI Mandates NISM Certification for Social Impact Assessors

SEBI issued Circular No. HO/49/14/11(12)2026-CFD-POD1/I/8806/2026 on April 13, 2026, establishing NISM (National Institute of Securities Markets) certification as a mandatory qualification for Social Impact Assessors operating in India's securities market. The circular applies to entities engaged in social impact assessment for securities offerings and related financial instruments. Compliance with the certification requirement is now obligatory for these market participants.

FMA Settles IPO Proceeding with CBL Director Harris, Admits FMCA Breaches, Penalties to Be Determined

The Financial Markets Authority New Zealand has settled its proceeding against CBL Corporation Limited director Peter Harris regarding the 2015 IPO. Harris has admitted liability for two contraventions of the Financial Markets Conduct Act 2013. The amount of any pecuniary penalty and whether a banning order will be imposed remain in dispute and will be determined by the High Court. The IPO Proceeding continues against CBL (in liquidation) and the estate executor of former director Alistair Hutchison, with trial scheduled to commence on 14 April 2026.

IFIAR Releases 2025 Survey of Audit Inspection Findings

Japan's Financial Services Agency announced that the International Forum of Independent Audit Regulators (IFIAR) published its 2025 Survey of Inspection Findings, the 14th annual survey of audit inspection findings identified by IFIAR member audit oversight bodies. Japan's Certified Public Accountants and Auditing Oversight Board participated in the task force that prepared the report and will continue contributing to the project.

FRC Launches SME Discussion Forum for FRS 102 Preparers

The FRC has launched a new discussion forum for small and medium-sized enterprise (SME) stakeholders to share insights on applying FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. The forum will meet online twice yearly to discuss feedback from applying FRS 102 in practice and FRC consultations on updates to UK and Ireland accounting standards. Interested parties should contact the FRC by Friday 8 May 2026 to join the first cohort.

E-Payments Account for 85% of Total Retail Payments in 2025

SAMA announced that electronic payments accounted for 85% of total retail payments in Saudi Arabia in 2025, up from 79% in 2024. Electronic transactions reached 14.6 billion, compared to 12.6 billion in 2024, reflecting significant growth in national payment systems including mada POS and e-commerce payments.

CFPB Proposes Cutting 556 Staff While FTC Warns PayPal, Stripe, Visa, Mastercard About Debanking

The CFPB has proposed cutting its workforce to 556 employees from the current 1,100, citing funding limits in the One Big Beautiful Bill. The FTC, meanwhile, has issued warning letters to PayPal, Stripe, Visa, and Mastercard admonishing them to ensure their policies do not deny consumers access to financial products based on political views, religious views, or other First Amendment-protected activity. The FTC has also proposed a significant budget increase for its Financial Services section within the Bureau of Consumer Protection.

FDIC and OCC Finalize Rule Removing Reputation Risk From Supervisory Actions

The FDIC and OCC approved a final rule on April 7, 2026, prohibiting regulators from using 'reputation risk' as a standalone basis for supervisory or enforcement actions against banks. The rule requires regulators to point to concrete, quantifiable risks such as credit, liquidity, legal, or operational risks when taking action. Banks cannot be pressured to terminate relationships with lawful businesses based purely on industry reputation. The rule takes effect 60 days after Federal Register publication.

California Digital Asset License Deadline July 1st

California's Digital Financial Assets Law requires digital asset businesses serving California residents to obtain a license from the DFPI by July 1, 2026. The DFPI opened its application portal on March 9, 2026 through the Nationwide Multistate Licensing System. Jenner & Block LLP analyzes the licensing requirements, exemptions, and application process for covered digital financial asset business activity.

SEC FY 2025 Enforcement Results Signal Strategic Reset

Jenner & Block analyzes the SEC's FY 2025 enforcement results and appointment of David Woodcock as Director of the Division of Enforcement. The SEC brought fewer enforcement actions but emphasized focusing on fraud, individual misconduct, and clear statutory violations. Chair Atkins criticized the prior administration's regulation-by-enforcement approach as not sufficiently grounded in federal securities laws. The announcements signal a recalibration of enforcement priorities toward cases inflicting greatest harm to investors.

Second Circuit Vacates Asset Freeze on Loan Guarantors Under Grupo Mexicano

The U.S. Court of Appeals for the Second Circuit vacated a district court preliminary injunction that froze guarantors' assets in Leadenhall Capital Partners LLP v. Advantage Capital Holdings, LLC. Applying the Supreme Court's Grupo Mexicano rule, the Second Circuit held that federal courts lack authority to preliminarily enjoin a defendant from transferring assets absent a lien or equitable interest, even where a creditor holds security against the borrower's collateral. Lenders with unsecured guarantees from parent companies or affiliates can no longer seek asset freezes against those guarantors before final judgment.

Pay Domain Launch for Payments and Fintech Brands

ICANN is launching a new .pay generic top-level domain (gTLD) dedicated to online payment transactions. The domain will roll out in phases: Sunrise period (April-May 2026) for Trademark Clearinghouse holders, Limited Registration Period (May 2026-February 2027) for entities with approved payment processors, and General Availability (2027). Unlike most new gTLDs, .pay will not initially be covered by major domain blocking services, making direct registration the primary defensive option for brand owners in the payments and financial services sectors.

CFTC, FDIC Stablecoin Rules; Prediction Market Jurisdictional Rulings

Morrison Foerster's weekly update covers: (1) CFTC/DOJ lawsuits against Arizona, Connecticut, and Illinois seeking declaration that the Commodity Exchange Act preempts state gambling laws for CFTC-registered prediction markets; (2) FDIC's April 7 proposed rule implementing GENIUS Act requirements for FDIC-supervised payment stablecoin issuers, with comments due 60 days after Federal Register publication; and (3) White House Council of Economic Advisors research finding stablecoin yield prohibition caused $800 million net welfare loss to consumers while increasing bank lending by 0.02%.

DOL Safe Harbor Proposed for ERISA Fiduciaries, 401(k) Investment Selection

DOL Safe Harbor Proposed for ERISA Fiduciaries, 401(k) Investment Selection

Securities Act Rule 477 Extension, OMB Review, Undergrounding Offerings

The SEC published a notice extending the OMB review period for Securities Act Rule 477 (OMB Control No. 3235-0550). The document invites public comment on the information collection extension. Rule 477 relates to underground offerings in securities regulation. This is a standard administrative procedure for information collection requirements under the Paperwork Reduction Act.

Regulation 14A Extension Request for Comments - OMB Control No. 3235-0059

The SEC published a notice requesting public comments on extending OMB Control No. 3235-0059, covering Regulation 14A (Commission Rules 14a-1 through 14a-21 and Schedule 14A). The notice invites feedback on the information collection burden associated with proxy-related disclosure requirements. Comments are being sought as part of the Paperwork Reduction Act process.

MEMX LLC Proposes Equities Transaction Fee Schedule Amendment

MEMX LLC filed a proposed rule change with the SEC on April 13, 2026, to amend the exchange's fee schedule concerning equities transaction pricing. The filing (SR-MEMX-2026-09) was submitted under SEC Rule 19b-4 by the self-regulatory organization and was noted as immediately effective. The SEC published notice of the filing in the Federal Register (91 FR 18905).

NYSE American LLC Trading Halt Rules Filing

The SEC received a filing from NYSE American LLC (SR-NYSEAMER-2026-27) proposing amendments to its lists of regulatory halts and operational halts. The proposed rule change was filed pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934 and became effective upon filing, as permitted for changes concerning the administration of a self-regulatory organization. NYSE American LLC operates as a national securities exchange.

Cboe Exchange Rule 5.1 Amendment for Binary Options Listing on Index Options During GTH and Curb Trading Hours

The SEC published a notice of filing by Cboe Exchange, Inc. (File No. SR-CBOE-2026-028) for a rule change to amend Rule 5.1 permitting the listing of binary options on exclusively listed index options designated for trading under Chapter 4, Section B during Global Trading Hours and Curb Trading Hours. The filing was made effective immediately under Section 19(b)(3)(A) of the Securities Exchange Act of 1934.

MIAX Emerald Options Exchange Fee Schedule Amendment for Non-Transaction Fees

The SEC filed notice that MIAX Emerald Options Exchange amended its fee schedule to modify non-transaction fees under SR-EMERALD-2026-08. The proposed rule change was filed and became immediately effective per Release No. 34-105180 published in 91 FR 18884.

MIAX Options Exchange Fee Schedule Amendment - Non-Transaction Fees

The SEC published notice of Miami International Securities Exchange LLC's proposed rule change (SR-MIAX-2026-12) to amend its fee schedule regarding non-transaction fees. The filing was made under Section 19(b)(3)(A) of the Securities Exchange Act and became effective immediately upon filing. The exchange submitted the proposal to the Commission as Release No. 34-105179.

MIAX Pearl Options Exchange Fee Schedule Amendment - Non-Transaction Fees

MIAX Pearl, LLC filed a proposed rule change with the SEC to amend its options exchange fee schedule regarding non-transaction fees. The SEC issued a notice of the filing on April 13, 2026, under Release No. 34-105178 (SR-PEARL-2026-14). The proposed change became immediately effective upon filing.

Cboe BZX Exchange Amends Average Daily Quote and Order Fee Schedule

The SEC published notice of Cboe BZX Exchange's filing to amend its schedule of Average Daily Quote fees and Average Daily Order fees. The exchange filed the proposed rule change under Section 19(b)(3)(A) of the Securities Exchange Act, making it effective upon filing. The amended fees take effect April 1, 2026. This is a routine self-regulatory organization notice of a fee modification.

Nasdaq Amends iShares Bitcoin Trust ETF and iShares Ethereum Trust ETF Listing Terms

The Nasdaq Stock Market LLC filed a proposed rule change (SR-NASDAQ-2026-025) to amend listing terms for the iShares Bitcoin Trust ETF and iShares Ethereum Trust ETF. The SEC published notice of this filing under Release No. 34-105176. The proposed change affects the continued listing standards and operational terms for these cryptocurrency-linked exchange-traded products.

Cboe Exchange Rule Change Approves Listing of Crypto Trust Options

The SEC issued an order approving Cboe Exchange's proposed rule change to establish listing criteria and withdrawal standards for options on commodity-based trusts holding multiple crypto assets. The approval modifies Exchange Rules 4.3 and 4.4 to set criteria for underlying securities and standards for withdrawal of approval. This represents the first SRO approval for options listing standards covering multi-asset crypto trusts.

Foreign Exchange Reserves at the Bank of Israel, March 2026

The Bank of Israel reported that the country's foreign exchange reserves stood at $228,271 million ($228.3 billion) at end of March 2026, a decrease of $6,274 million from the revised $234,545 million at end of February 2026. The decrease was primarily due to a revaluation effect that reduced reserves by approximately $8,936 million, partially offset by government FX activities of approximately $2,681 million. Reserves represent 37.2% of GDP.

Minimum Wage Increase Effects on Inflation

Banco de la República (Colombia's Central Bank) published a report box analyzing the potential inflationary effects of a significant minimum wage increase. The analysis considers a scenario where the 2026 minimum wage adjustment exceeds past inflation and labor productivity growth by 17.2 percentage points. The report quantifies the marginal contribution of this wage shock on inflation as an unusually large increase, noting it should not be interpreted as a complete inflation projection.

Macroeconomic and Fiscal Impact of Demographic Change, Colombia

Banco de la República Colombia published a working paper analyzing the macroeconomic and fiscal effects of demographic change in Colombia. The study uses a Computable General Equilibrium Model to assess three alternative demographic scenarios, incorporating interactions among households, firms, government, and the external sector. Findings indicate that population ageing poses significant challenges for fiscal sustainability and long-term economic growth, with public expenditure increasing due to higher pension and health obligations while the working-age population growth slows.

Real Domestic Effects of Banks' Cross-Border Lending

The Bank of England published Staff Working Paper No. 1,179 examining whether domestic banking sectors that engage in more cross-border lending benefit domestic productivity. Using cross-country and firm-level panel data across European economies and UK-specific data, the research finds that higher internationalisation of the domestic banking system is associated with improved domestic productivity. The effect is stronger when banks lend to firms in foreign advanced economies and is more pronounced during early phases of new banking relationships. In contrast, inflow of lending from foreign banks does not result in productivity improvements for the domestic real economy.

Weekly Report: Reserves 650,510, 8th April 2026

Bank of England published its weekly balance sheet report dated 8 April 2026. Reserves balances stood at £650,510 million, up from £645,085 million on 1 April 2026. Short-term repo operations increased to £100,301 million from £97,441 million week-on-week.

CSA Proposes Amendment to Insider Reporting Requirements for Investment Funds and Structured Products

The Canadian Securities Administrators published a notice proposing amendments to Part 9 of National Instrument 55-104 to clarify insider reporting requirements for investment fund transactions and structured products such as notes, American Depositary Receipts, and Canadian Depositary Receipts based on reporting insiders' securities. The 60-day comment period closes June 8, 2026.

Securities Regulators Report on CIRO, CIPF Oversight Activities

The Canadian Securities Administrators (CSA) published CSA Staff Notice 25-315 summarizing oversight activities for the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF) during the 2025 calendar year. The report covers CIRO's rules consolidation, cybersecurity breach response, dealer registration functions, and fee model amendments, along with CIPF's fund integration and credit-risk model assessment.

Regulators Remind Industry of Prediction Market Rules

The CSA and CIRO issued a joint reminder that prediction markets and event contracts in Canada are subject to securities and derivatives legislation. Trading or facilitating trading in event contracts that qualify as securities or derivatives requires compliance with registration or recognition requirements. MI 91-102 prohibits binary options with maturity under 30 days. Two CIRO members have been authorized to facilitate Canadian client access to event contracts on foreign markets.

SEC Extends Rule 22d-1 Sales Load Exemption PRA Comment Request

The SEC has submitted to OMB a request to extend the collection of information under Rule 22d-1 (OMB Control No. 3235-0310). Rule 22d-1 under the Investment Company Act of 1940 permits investment companies to offer scheduled variations or elimination of sales loads for particular classes of investors. The notice estimates approximately 6,740 funds issue redeemable securities carrying a sales load, with up to 50% potentially offering scheduled variations annually.

OMB Review Extension for Rule 203A-2(d) Multi-State Investment Adviser Exemption

The SEC has submitted to the Office of Management and Budget a request for extension of the information collection under Rule 203A-2(d), which provides an exemption allowing investment advisers required to register in 15 or more states to register with the Commission. The notice estimates 122 respondents with an annual time burden of 8 hours per response, totaling 976 hours. Rule 203A-2(d) is codified at 17 CFR 275.203A-2(d) under the Investment Advisers Act of 1940.

SEC Rule 12h-1(f) Exemption Extension OMB Review

SEC Rule 12h-1(f) Exemption Extension OMB Review

Second Circuit Affirms Dismissal of Securities Claims Arising from Reverse Split of ETNs

The Second Circuit Court of Appeals issued a per curiam opinion in Knapp v. Barclays PLC affirming the dismissal of a securities class action concerning a 4:1 reverse split of exchange-traded notes. The Court held that the reverse split did not constitute an unregistered "sale" under Section 12(a)(1) because it did not meaningfully change the nature of plaintiffs' investment or investment risks. The Court also rejected plaintiffs' Section 11 claim for failure to identify a registration statement covering post-split notes.