Europe
Joint Committee of the ESAs sets priorities for 2026
16 Oct 2025: The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, and ESMA) published its Work Programme for 2026, outlining key areas of cross-sectoral collaboration for the year ahead. The Programme focuses on enhancing the financial sector's digital operational resilience, safeguarding consumer interests, and identifying emerging risks that could threaten financial stability across the EU.
EBA releases report on supervisory convergence
15 Oct 2025: The European Banking Authority (EBA) has published its annual report on the convergence of supervisory practices across the
EU for 2024. The report highlights the EBA’s continued efforts to harmonize supervisory approaches among Member States, covering key
areas such as prudential supervision, resolution, consumer protection, digital finance, and—until the end of 2025—anti-money laundering
and counter-terrorist financing (AML/CFT).
This year’s report also marks an initial step in implementing the recommendations from the EBA’s recent review of the regulatory and supervisory framework’s efficiency. Looking ahead, the EBA plans to place even greater emphasis on supervisory outcomes to ensure consistent, high-quality supervision across the EU.
EBA and ESMA call for targeted updates to investment firms’ prudential rules
15 Oct 2025: The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have published their joint technical advice in response to the European Commission’s Call for Advice on the Investment Firms Regulation (IFR) and Directive (IFD).
While confirming that the current framework is broadly effective, an assessment supported by stakeholder feedback during the consultation, the two authorities recommend only limited, targeted changes to enhance its efficiency without disrupting what already works well.
White labelling is common in banking and payments, an EBA report finds
14 Oct 2025: A new EBA report shows that over one-third of European banks use white labelling arrangements, where financial services are offered under a partner’s brand. The model is especially common in payments and consumer finance. The EBA notes growing supervisory interest in this area and plans further work in 2026 to ensure consistent oversight and mitigate emerging conduct and prudential risks.
Transparency enhanced through an updated list of third-country entities
13 Oct 2025: The EBA has published its annual update of third-country banking groups and branches operating in the EU and EEA. The list provides insight into the ownership structures of foreign-controlled entities and supports market transparency. It also helps national supervisors, firms, and investors better understand the cross-border presence of non-EU financial institutions.
EBA raises concerns over EC amendments to MiCA technical standards
10 Oct 2025: In two formal Opinions, the EBA responded to the European Commission’s proposed revisions to the Regulatory Technical Standards on the reserve of assets under MiCA. The Authority said that several amendments depart from MiCA’s prudential principles.
It called for alignment to preserve consistency and confidence in the regulatory framework governing stablecoin issuers.
Supervisors urged to act on crypto financial crime lessons
09 Oct 2025: The EBA’s latest report on crypto-asset money laundering and terrorist financing risks draws on supervisory case studies
across Europe. It identifies weak controls in onboarding, transaction monitoring, and outsourcing arrangements. The report encourages supervisors to apply consistent standards and adapt their tools to better address risks in the fast-growing crypto sector.
SRB reflects on the complexity of bank resolution
09 Oct 2025: A new SRB article examines whether simplifying bank resolution frameworks is realistic given the sector’s structural complexity.
It highlights lessons from recent cases and ongoing challenges in ensuring efficient yet orderly resolution processes. The discussion underscores the need for readiness and clear communication across the resolution ecosystem.
PRA finalizes transfer of MiFID organizational rules to rulebook
09 Oct 2025: The Prudential Regulation Authority published Policy Statement PS16/25, completing the transfer of MiFID Organizational Regulation requirements into its own Rulebook. The update introduces no material changes but reflects the UK’s post-FSMA 2023 framework. The policy ensures continuity for PRA-authorized firms once the MiFID Org Reg is revoked by HM Treasury.
Bank of England survey shows confidence in financial stability
08 Oct 2025: The Bank of England’s H2 2025 Systemic Risk Survey reports higher confidence in UK financial stability compared to the first
half of the year. Cyberattacks and geopolitical tensions remain the most cited risks, while inflation concerns have eased. Respondents continue to monitor potential economic downturn risks and their implications for the financial system.
EU progress on AML/CFT supervision highlighted in EBA review
08 Oct 2025: The EBA’s comprehensive review finds notable improvements in anti-money laundering and counter-terrorist financing supervision across the EU and EEA banking sectors. National authorities have acted on past EBA recommendations and strengthened their frameworks. The report concludes that supervisory approaches are becoming more risk-based and coordinated, though challenges remain
in some jurisdictions.
Supervisory Authorities warn of risks in unregulated crypto-assets
06 Oct 2025: The three European Supervisory Authorities (EBA, EIOPA, ESMA) issued a joint consumer warning about the risks of investing in certain crypto-assets. They stressed that some tokens fall outside the scope of MiCA and therefore lack investor protection. A supporting factsheet outlines practical steps for consumers to verify provider authorization and understand the limitations of legal safeguards.
FCA consults on fund tokenization roadmap
Oct 2025: The FCA has launched a consultation on fund tokenization, proposing frameworks that allow authorized funds to use distributed ledger technology. It sets out plans for tokenized money market funds and explores the role of stablecoins in fund operations. The paper
aims to enhance market efficiency and invites industry feedback through November and December 2025.
FCA simplifies MiFID organizational rules
02 Oct 2025: The FCA has finalized Policy Statement PS25/13, merging MiFID Organizational Regulation requirements into its Handbook. Changes include removing the 10% portfolio drop notification rule and making digital communication the default for retail clients. The
update also refines commodity derivatives definitions and timelines for implementation through 2026.
Single Resolution Board (SRB) : 2026 Resolution Reporting update
The SRB, in collaboration with the NRAs, is starting its annual Resolution Reporting Data Collection Exercise. For the 2026 edition, the collection will be based on data as of 31 December 2025. The process will integrate the lessons learned from the previous exercises and the changes stemming from the implementation of the EBA framework 4.2 regarding resolution planning reporting. Note that the SRB will no longer collect the current LDR/CFR/FMIR/CIR templates, as these will be replaced by the harmonized template proposed under the revised ITS. As part of the transition to the revised framework, the SRB will pay particular attention to the accuracy, completeness, and timely provision of the data reported by banks in the reviewed templates.
Asia-Pacific
Monetary Authority of Singapore launches BLOOM to expand digital settlement capabilities
16 Oct 2025: The Monetary Authority of Singapore (MAS) has unveiled a new initiative: BLOOM (Borderless, Liquid, Open, Online,
Multi-currency) aimed at enhancing settlement capabilities across the financial sector.
Through BLOOM, MAS will work closely with industry players to enable settlements using tokenised bank liabilities and well-regulated stablecoins. The initiative also seeks to establish common standards for managing risks in the fast-evolving digital settlement landscape, supporting a more resilient and future-ready financial ecosystem.
MAS seeks feedback on related party transaction oversight for banks
14 Oct 2025: The Monetary Authority of Singapore has proposed amendments to strengthen its framework for banks’ related party transactions. The consultation aims to enhance board and senior management accountability, align with Basel Core Principles, and reduce conflicts of interest. Stakeholders have until 14 November 2025 to provide feedback on the draft requirements.
Amendments to MAS Notice 637
09 Oct 2025: The Monetary Authority of Singapore published amendment updates to Notice 637. The following are the highlights
- Align with BCBS IRRBB standards by adopting the revised methodology for calculating interest rate shocks and updating the
standardized shock scenarios. - Revise capital instrument rules, disqualifying AT1 and Tier 2 instruments issued to retail investors in Singapore from being recognized
as regulatory capital. - Clarify key requirements, including:
o How to compute capital conservation and countercyclical buffers.
o Recognition of credit risk mitigation in synthetic securitizations.
- Introduce technical refinements across various sections for improved clarity and consistency.
The amendments to MAS Notice 637 will take effect from 1 January 2026, except for those in Annex 10C of Part X, which will be effective from
31 December 2025. These specific changes relate to the revised BCBS methodology for calculating interest rate shocks under the IRRBB standard.
Malaysia launches RENTAS+ for 24/7 interbank settlement
07 Oct 2025: Bank Negara Malaysia has launched RENTAS+, the first ASEAN real-time gross settlement system offering continuous 24/7 operation. The system enables instant interbank settlements and reduces credit and settlement risks from deferred net processing. Built using cloud technology, RENTAS+ also introduces an automatic 24-hour liquidity facility to support the fast-growing volume of instant payments.
India: RBI revises Basel III PDI limits for AT1 capital
1 Oct 2025: The Reserve Bank of India has capped Perpetual Debt Instruments (PDIs) in Additional Tier 1 (AT1) capital at 1.5% of a bank’s
Risk-Weighted Assets (RWAs), based on the latest audited financials. This update supersedes the October 2021 circular and is notified under Section 35A of the Banking Regulation Act, 1949.
Americas
Canada
OSFI released a fall risk update, reinforcing resilience amid global trade uncertainty
09 Oct 2025: OSFI released its fall update to the 2025-2026 Annual Risk Outlook (ARO). This semi-annual update outlines how risks to the Canadian economy have evolved since the spring ARO, and how OSFI is addressing these risks. In March, OSFI identified four key risks:
- Integrity and security risk
- Wholesale credit risk
- Funding and liquidity risk
- Real estate secured lending and mortgage (RESL) risks
While these four risks remain, the update emphasizes two additional risks related to tariffs and housing market strains. Despite these challenges, OSFI judges that Canada’s financial institutions are sufficiently resilient to absorb these risks and remain well-positioned to manage a downturn. To address these risks, OSFI will undertake the following actions: • Continue to assess adherence to Guideline B-20’s principles on prudent underwriting standards, portfolio management, and account management practices.
- Examine adherence to the newly implemented loan-to-income measure and assess mortgage lenders’ risk management practices for variable-rate mortgages with fixed payments. • Incorporate consultation feedback into further liquidity risk guideline updates and consultations through 2026.
- Strengthen institutional preparedness for stress events.
- Remain ready to take measures where appropriate to alleviate constraints on institutions and ensure that the Canadian financial
system can leverage its built-up financial resilience.
United States
The OCC and FDIC (the Agencies) issued a joint notice of proposed rulemaking that would codify the elimination of reputation risk from their supervisory programs
07 Oct 2025: The proposed rule would define “reputation risk” and prohibit the agencies from criticizing or taking adverse action against an institution on the basis of reputation risk. The proposed rule would also prohibit the Agencies from requiring, instructing, or encouraging an institution to close customer accounts or take other actions on the basis of a person or entity’s political, social, cultural, or religious views
or beliefs, constitutionally protected speech, or solely on the basis of politically disfavored but lawful business activities perceived to
present reputation risk.
The OCC announced guidance to banks and proposed rulemakings to reduce the regulatory burden on community banks
06 Oct 2025: These actions build upon the OCC’s continued efforts to tailor its regulatory and supervisory frameworks to minimize the
burden on its regulated institutions and promote economic growth.
In two bulletins, the OCC clarified examination procedures for
community banks. The OCC announced it is removing fixed examination requirements for community banks and instead tailoring the examination scope and frequency to be consistent with risk-based supervision. This approach reduces supervisory burden, maintains the value of the federal charter and preserves banks’ safety and soundness while ensuring regulatory oversight does not distract banks from serving their communities.
The OCC also announced that it will only use the core assessment standards in the Community Bank Supervision booklet of the
Comptroller’s Handbook to examine retail non-deposit investment products.
In a separate bulletin, the OCC clarified its expectations that community banks should tailor model risk management practices commensurate with the bank’s risk exposures, its business activities, and the complexity and extent of its model use. In particular, the bulletin highlights that the OCC’s model risk management guidance does not impose prescriptive requirements, such as annual model validations.
The OCC is also considering additional steps to enhance flexibility and reduce burden related to model risk management. This bulletin is
just the first step in refining model risk management guidance for all of the OCC’s regulated institutions.
The OCC also requested comments on two proposed rules. The OCC proposed rescinding its Fair Housing Home Loan Data System regulation, removing largely duplicative data collection requirements for national banks.
The proposal would eliminate regulatory burden for banks without having a material impact on the availability of data necessary for the
OCC to conduct its fair housing-related supervisory activities. The OCC also proposed broadening eligibility for expedited or reduced licensing procedures to community banks. This proposal would reduce the burden for community banks and tailor requirements to the size and risk profile of an institution. These proposed changes are intended to facilitate an increase in corporate activities and transactions by community banks.
