September 2026

North America

1. Fed finalises stress test overhaul and averages capital buffers over two years

   Federal Reserve · 30 Sept

   Two final rules commit the Fed to annual public consultation on scenarios and material model changes, and test banks with large trading books against two market shocks a year. From 2028, stress capital buffers will be set on the average of the last two tests, which should smooth year-to-year swings.

2. OCC and FDIC define 'unsafe or unsound' and rework supervisory findings

   OCC · 1 Sept

   A joint final rule ties the legal meaning of an unsafe or unsound practice to material financial risk, and changes when examiners issue matters requiring attention. Banks should expect findings to centre on material risks once the rule takes effect on 2 November.

3. SEC proposes scrapping the federal shareholder proposal rule

   SEC · 16 Sept

   The SEC wants to rescind Rule 14a-8, arguing that access to the company ballot is a matter for state law, and has separately proposed modernising proxy solicitation. Public companies, asset managers and proxy advisers can comment until 20 November.

4. OSFI finalises 2027 capital rules for Canadian deposit-takers

   OSFI · 10 Sept

   The revised Capital Adequacy Requirements guideline updates credit risk, securitisation and market risk treatment, and gives smaller banks a simpler route to internal-ratings approval. It applies from 1 November 2026 for October year-ends and 1 January 2027 for December year-ends.

5. FinCEN lowers the cash reporting threshold for border money transmitters

   FinCEN · 4 Sept

   A geographic targeting order requires covered money services businesses in parts of Texas, New Mexico and Arizona to report and keep records of cash transactions from $1,000 to $10,000 and verify customer identity. MSBs should check whether their locations fall within the listed zip codes.

UK & Europe

1. FCA opens crypto authorisation window ahead of the 2027 regime

   FCA · 30 Sept

   Crypto firms that want to keep serving UK customers can now apply to the FCA and should do so by 28 February 2027. The regime starts on 25 October 2027, and firms unable to evidence the required standards will not be authorised.

2. FINMA finds serious AML and risk failings at Julius Bär

   FINMA · 29 Sept

   FINMA's fifth case against the bank in under ten years concerns loans to a European group and two Russian PEP relationships. Julius Bär must hold CHF 250 million extra capital, get dividends approved, report to FINMA until 2032 and surrender about CHF 10 million in profits. The ruling is not yet final.

3. EBA finalises third-party risk guidelines aligned with DORA

   EBA · 18 Sept

   The guidelines focus supervisory expectations on arrangements that support critical or important functions, covering ICT and non-ICT services from due diligence and contracting through to monitoring and exit. EU banks and other in-scope firms get a two-year transition period.

4. EU greenwashing rules for consumer-facing claims now apply

   CSSF · 23 Sept

   The Empowering Consumers for the Green Transition Directive has applied since 27 September, and Luxembourg's CSSF has told firms it expects compliance. Sustainability claims made to consumers must be accurate and evidenced, and legal requirements cannot be marketed as a green feature.

5. FCA pushes 24 CFD firms out over misuse of UK authorisation

   FCA · 25 Sept

   Twenty-one CFD providers have closed since 2025 and three more are cancelling permissions after the FCA challenged firms using a UK licence to lend credibility to overseas affiliates. Firms with thin UK operations and offshore group entities should expect restrictions, independent reviews or investigation.

Asia-Pacific, Middle East & Africa

1. SFC tightens disclosure for retail funds exposed to private markets

   SFC · 3 Sept

   Managers of SFC-authorised funds with private credit or private equity exposure must give investors a fuller, balanced account of those holdings and their risks, and some funds may be classed as complex products with stricter distribution rules. Existing funds should be reviewed and offering documents updated promptly.

2. ASIC stops retail sales of three private credit products

   ASIC · 22 Sept

   Interim stop orders bar Melbourne Securities from offering three Remara Cash Management Fund products to retail investors, after ASIC found target market determinations that rated them low risk and suitable for capital preservation. ASIC says the action is part of wider work on private credit.

3. MAS consults on law to put its stablecoin regime into force

   MAS · 1 Sept

   Amendments to the Payment Services Act would implement the single-currency stablecoin framework, covering capital, par redemption, disclosure and value stability, and reserve the 'MAS-regulated' label for licensed issuers. Issuers and payment firms have until 16 October to comment.

4. SFC fines futures broker HK$7m over unchecked client trading systems

   SFC · 28 Sept

   Zheng Da International did no due diligence or testing on customer-supplied order systems used by 160 clients and could not evidence enquiries into unusual deposits. Its responsible officer is suspended for seven months; brokers that allow client-supplied systems should check their controls.

5. ADGM finalises lighter-touch rules for smaller and institutional funds

   ADGM · 17 Sept

   The FSRA has introduced streamlined requirements for managers of smaller funds and of funds open only to institutional investors, made it easier for staff to invest in their employer's private funds, and revised the regime for foreign fund managers. Existing authorised firms should review the new rules.

Deadlines in the next 60 days

All upcoming deadlines →