The Securities and Exchange Commission today issued an order granting temporary exemptive relief from certain compliance dates adopted under Regulation NMS: Minimum Pricing Increments, Access Fees and Transparency of Better Priced Orders as follows:…
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Update of Circular CSSF 07/325 on Provisions relating to credit institutions and investment firms of EU origin established in Luxembourg by way of branches or exercising activities in Luxembourg by way of free provision of services, as amended by Circulars CSSF 21/765 and CSSF 22/827
Circular CSSF 25/898 updates Luxembourg's supervisory framework for EU-origin credit institutions and investment firms operating in Luxembourg through branches or free provision of services. This amendment enhances the self-assessment questionnaire (SAQ) used by the CSSF to align supervisory oversight with current regulatory priorities, particularly adding UCI administration as a new thematic module. The update reflects the CSSF's evolving supervisory focus and requires affected institutions to demonstrate compliance with expanded assessment criteria.
What Changed
The circular introduces the following material modifications to Circular CSSF 07/325:
*New Supervisory Module
UCI administration** has been added as a thematic module to the self-assessment questionnaire, reflecting increased regulatory attention to fund administration practices.
*Enhanced Self-Assessment Framework**
Existing modules have been updated to better align with supervisory objectives and current regulatory priorities.
The revised SAQ now captures a broader range of supervisory point
What You Need To Do
- *Update Self-Assessment Processes
- Revise internal SAQ completion procedures to address the new UCI administration module
- Ensure all thematic modules reflect current supervisory expectations
- *Assess UCI Administration Compliance
- If the institution provides or is involved in UCI administration services, conduct a detailed assessment of compliance with CSSF expectations
Key Dates
31 October 2025 - Circular CSSF 25/898 published by the CSSF
19 December 2025 - Related modernization framework (Circular CSSF 25/901) entered into force for Part II UCIs, SIFs, and SICARs
No specific implementation deadline stated - Institutions should align their SAQ responses and compliance documentation with the updated framework immediately upon publication DEADLINE
Compliance Impact
Urgency: HIGH
BankBroker DealerAsset Manager
The Bank's Court of Directors acts as a unitary board, setting the organisation's strategy and budget and taking key decisions on resourcing and appointments. Required to meet a minimum seven times per year, it has five executive members from the Bank and up to nine non-executive members.
BankAsset ManagerWealth Manager
Warning Warning Savings protection The AMF warns the public against fraudulent communications offering investment services impersonating Financière du Nogentais
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Die Schweiz schliesst sich den weiteren Massnahmen des 18. Sanktionspakets der Europäischen Union (EU) gegenüber Russland sowie den zusätzlich zum 18. Sanktionspaket erlassenen Massnahmen gegenüber Belarus an. Dies hat der Bundesrat am 29. Oktober 2025 beschlossen. Im Fokus stehen Massnahmen im Güter-, Finanz und Energiebereich. Der Bundesrat hat dafür die Verordnung über Massnahmen gegenüber Belarus (SR 946.231.116.9) geändert.
Switzerland has aligned with additional EU measures from the 18th sanctions package against Russia and specific Belarus measures, amending the Ordinance on Measures against Belarus (SR 946.231.116.9) to focus on goods, financial, and energy sectors. This strengthens the sanctions regime against Belarus to mirror Russia's more closely, aiming to enhance effectiveness and prevent circumvention. Compliance teams must prioritize asset freezes, transaction prohibitions, and reporting to avoid enforcement risks from FINMA and SECO.
#
What Changed
Alignment with EU's 18th sanctions package (adopted 18 July 2025) and additional Belarus-specific measures, targeting Belarus's involvement in Russia's war against Ukraine.
Amendments to SR 946.231.116.9, harmonizing Belarus sanctions with Russia's regime, particularly in goods (e.g., export restrictions on chemicals, metals, plastics for military/tech strengthening), financial services (e.g., transaction bans on additional banks), and energy sectors.
Requirements for financial intermediaries to
What You Need To Do
- Immediately screen client portfolios, transactions, and assets against updated SECO sanctions lists for Belarus (and cross-reference Russia lists)
- Freeze assets of newly sanctioned persons/entities and prohibit dealings (e
- Report all affected business relationships to SECO promptly; conduct parallel GwG AML checks and file SARs if suspicions persist
- Update compliance systems, transaction monitoring rules, and staff training for goods/financial/energy sanctions; cease any prohibited services (e
- Review third-party exposures (e
Key Dates
18 July 2025 - EU adopts 18th sanctions package against Russia and additional Belarus measures.
29 October 2025 - Swiss Federal Council decides to align and amends SR 946.231.116.9.
30 October 2025 - New provisions enter into force.
13 December 2025 - Related expansion of Russia/Belarus lists (22 persons, 42 entities, 116 ships, 45 trade firms) takes effect, relevant for harmonization context.
Compliance Impact
Urgency: High - Effective 30 October 2025, these changes demand immediate portfolio screening and reporting, with non-compliance risking FINMA enforcement, asset seizure, or criminal penalties under sanctions laws. Matters due to rapid alignment with evolving EU packages, increasing circumvention ri
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Europe & international Sanctions & settlements Publication of the annual ESMA Report on Sanctions and Measures for 2024: AMF imposes the highest amounts in Europe
The ESMA Annual Report on Sanctions and Measures for 2024, published on 16 October 2025, aggregates enforcement data from EEA national competent authorities (NCAs), highlighting that the French AMF imposed the highest total sanctions at €29.4 million—nearly a third of the EEA's €100 million aggregate—primarily under MAR and MiFID II. This matters for compliance professionals as it signals intensified enforcement focus on market abuse and investor protection across Europe, with France leading in both fine amounts and settlement usage, underscoring a trend toward higher penalties and agile resolution mechanisms.
#
What Changed
This is not a new regulation but a retrospective report documenting 2024 enforcement trends; no direct regulatory changes are introduced. Key observations include a significant rise in total fine amounts to over €100 million (from €71 million in 2023) despite stable sanction volumes (975 vs. 976), with MAR (377 sanctions, €45.5 million) and MiFID II/MiFIR (294 sanctions, €44.5 million) dominating. Notable shifts: increased settlement usage (94 agreements for €21.9 million, 22% of total), with AM
Key Dates
16 October 2025 - ESMA publishes second consolidated Annual Sanctions Report for 2024 data.
covering 2024 activities.
Compliance Impact
Urgency: medium – This report reinforces existing rules without new requirements, but signals escalating financial penalties (up 40% YoY) and settlement trends, pressuring firms to prioritize MAR/MiFID compliance to avoid outsized AMF-style fines, especially in France or cross-EEA operations. Matter
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Die Schweiz schliesst sich den weiteren Massnahmen des 18. Sanktionspakets der Europäischen Union (EU) gegenüber Russland sowie den zusätzlich zum 18. Sanktionspaket erlassenen Massnahmen gegenüber Belarus an. Dies hat der Bundesrat am 29. Oktober 2025 beschlossen. Im Fokus stehen Massnahmen im Güter-, Finanz und Energiebereich. Der Bundesrat hat dafür die Verordnung über Massnahmen im Zusammenhang mit der Situation in der Ukraine (SR 946.231.176.72) geändert.
On October 29, 2025, the Swiss Federal Council (Bundesrat) adopted comprehensive sanctions measures aligned with the EU's 18th sanctions package against Russia and additional measures against Belarus, effective October 30, 2025. This enforcement action significantly expands financial transaction prohibitions, export restrictions, and asset freezes, requiring Swiss financial intermediaries to immediately implement new compliance obligations across banking, goods trade, and energy sectors.
What Changed
*Financial Sector Restrictions**
The Bundesrat expanded transaction prohibitions on Russian banks substantially:
Extended existing transaction bans from 23 Russian banks to cover all specialized payment messaging services, converting these to complete transaction prohibitions
Introduced new transaction prohibitions for 22 additional Russian banks
Prohibited all transactions with the Russian Direct Investment Fund (RDIF), its sub-funds, and affiliated enterprises, tightening restrictions previou
What You Need To Do
- *Implement transaction prohibitions on all 45+ Russian banks now subject to complete bans (previously 23 with partial restrictions)
- *Freeze assets of all sanctioned persons and entities immediately upon notice
- *Report affected business relationships to SECO—this reporting obligation does not relieve firms from conducting additional due diligence when suspicious indicators exist
- *Screen counterparties against updated sanctions lists, particularly the RDIF and its sub-funds
- *Cease all transactions with newly prohibited entities, including payment system operators and financial institutions in third countries (Belarus, Kazakhstan) supporting Russian war economy
Key Dates
October 29, 2025 - Federal Council decision adopted
October 30, 2025 - Measures effective date
Ongoing - Financial intermediaries must implement prohibitions, freeze assets of sanctioned persons, and report affected business relationships to SECO (State Secretariat for Economic Affairs) DEADLINE
Compliance Impact
Urgency: CRITICAL
BankPayment ProviderAll Firms
The Financial Policy Committee (FPC) welcomes today the Prudential Regulation Authority’s (PRA’s) policy statement 20/25 – The Strong and Simple Framework: The simplified capital regime for Small Domestic Deposit Takers (SDDTs) – near-final.
The Financial Policy Committee (FPC) welcomes the Prudential Regulation Authority's (PRA) Policy Statement (PS) 20/25, which finalizes the second phase of the "Strong and Simple Framework" by introducing a simplified capital regime for Small Domestic Deposit Takers (SDDTs), alongside liquidity simplifications. This matters because it reduces regulatory burdens, enhances competition among smaller UK banks and building societies, and maintains resilience without full Basel 3.1 standards, with implementation on 1 January 2027.
#
What Changed
Pillar 1 simplifications: Adoption of Basel 3.1 standardised approaches to credit and operational risk; disapplication of due diligence for credit risk, simplifications to market risk, removal of counterparty credit risk and CVA requirements for derivatives (with exceptions), and adjustments to Leverage Ratio and Large Exposures.
Pillar 2A methodologies: Simplifications for credit risk, credit concentration risk (CCoR), and operational risk; amendments to single-name concentration monitoring (cl
What You Need To Do
- Assess SDDT eligibility
- Update capital frameworks
- ICR transitions
- Policy and process revisions
- Supervisory engagement
Key Dates
17 January 2025 Deadline for comments on related CP14/24. DEADLINE
28 October 2025 Publication of near-final PS20/25.
1 January 2026 Full Basel 3.1 standards apply to ICR opt-in firms (ICR revoked); some changes to SoP2/23, ICAAP/ILAAP update frequencies effective from PS4/26 publication.
20 January 2026 Publication of final PS4/26 confirming PS20/25; effective date for ICAAP/ILAAP updates (including reverse stress-testing).
1 January 2027 Simplified capital regime for SDDTs takes full effect.
Compliance Impact
Urgency: High – With full implementation on 1 January 2027 (less than 12 months from today), SDDTs face tight timelines for capital recalibrations, ICR exits, and reporting overhauls; missing deadlines risks supervisory intervention or full Basel 3.1 compliance costs. This significantly eases burden
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Policy statement 19/25
**PS19/25** is the PRA's near-final policy statement finalizing how remaining Capital Requirements Regulation (CRR) provisions will be restated into the PRA Rulebook, effective January 1, 2027. This represents a critical step in the UK's transition away from assimilated EU law, giving the PRA expanded rule-making authority over UK banks, building societies, and investment firms while introducing targeted policy changes to securitisation, credit risk treatment, and ECAI mapping.
What Changed
The near-final policy confirms and finalizes the following substantive amendments:
*Securitisation Requirements**
Largely preserves current requirements and supervisory expectations with targeted policy changes
Introduces a new formulaic p-factor for the standardised approach to securitisation
Establishes new capital rules for certain mortgage exposures
Clarifies supervisory expectations for unfunded credit protection in synthetic Significant Risk Transfer (SRT) securitisations by adding expect
What You Need To Do
- *Review the final policy statement when published in Q1 2026 to understand specific rule changes applicable to your firm's business model
- *Assess securitisation impacts
- *Evaluate mortgage capital treatment
- *Update ECAI mapping processes
- *Establish implementation timeline
Key Dates
28 October 2025 - PRA published near-final policy statement PS19/25
Q1 2026 - PRA intends to publish final policies and rule instruments alongside or shortly after final Basel 3.1 package publication
1 January 2026 - Implementation date for certain proposals finalized in PS12/25 (limited scope)
1 January 2027 - Implementation date for policies and requirements in PS19/25 (primary implementation date)
Compliance Impact
Urgency: HIGH
BankBroker Dealer
Policy statement 18/25
PS18/25, published by the PRA on 28 October 2025, retires the "refined methodology" for Pillar 2A capital calculations, replacing it with reliance on the Basel 3.1 Credit Risk Standardised Approach (CR SA) for greater risk sensitivity, transparency, and proportionality. This near-final policy simplifies the Pillar 2A framework, reduces administrative burdens, and aligns with broader Basel 3.1 implementation and the Strong and Simple regime for Small Domestic Deposit Takers (SDDTs), promoting safety, soundness, and competition. It matters because it directly impacts credit risk capital add-ons for affected firms, requiring updates to ICAAP/SREP processes ahead of Basel 3.1 timelines.
#
What Changed
Retirement of Refined Methodology: Eliminates supervisory adjustments to Pillar 2A credit risk add-ons based on IRB benchmarking, as Basel 3.1 CR SA better captures risks and reduces gaps between standardised and IRB approaches.
Policy Material Updates:
- Near-final amendments to Statement of Policy (SoP) 5/15 – The PRA’s methodologies for setting Pillar 2 capital.
- Final amendments to Supervisory Statement (SS) 31/15 – The Internal Capital Adequacy Assessment Process (ICAAP) and Supervisor
What You Need To Do
- Review and update internal Pillar 2A methodologies, ICAAP/SREP documentation to remove refined methodology reliance and align with Basel 3
- Model/calculate potential capital impacts from CR SA changes vs
- Prepare for IRRBB/pension risk clarifications in SS31/15 submissions from 1 July 2026; monitor CP12/25 review
- Engage PRA supervisors on firm-specific transitions; update reporting (e
- Firms may apply changes early in ICAAP from relevant dates (e
Key Dates
28 October 2025 - PS18/25 publication with near-final policy and PRA feedback to CP9/24/CP7/24 consultations.
1 July 2026 - Effective date for pension obligation risk amendments in SoP5/15 and SS31/15 clarifications (IRRBB changes partially deferred).
Q2 2026 - Expected finalisation of CP12/25 Phase 1 proposals (Pillar 2A review, including IRB benchmarking removal).
Basel 3.1 Implementation Date (TBD, aligned with CR SA go-live) - Retirement of refined methodology and related credit/operational risk changes.
January 2026 - PS2/26 published as final policy, minor adjustment to SS31/15 para 5.12A.
Compliance Impact
Urgency: High – Firms must act now to recalibrate Pillar 2A capital ahead of Basel 3.1 and 1 July 2026 effective dates, as retirement eliminates adjustments that reduced add-ons for low-risk CR SA firms, potentially increasing capital requirements despite Basel 3.1 offsets. Non-compliance risks supe
Bank
Statement of Policy 5/15
BankAsset ManagerWealth Manager
Supervisory statement 31/15
SS31/15 is the PRA's foundational supervisory statement establishing expectations for how UK-regulated banks and large investment firms must conduct their Internal Capital Adequacy Assessment Process (ICAAP) and how the PRA will evaluate these assessments through its Supervisory Review and Evaluation Process (SREP). This guidance is critical because it directly determines the capital requirements firms must maintain and establishes the supervisory framework through which the PRA assesses whether firms hold sufficient capital to cover material risks.
What Changed
The supervisory statement establishes several core regulatory expectations:
*ICAAP Requirements**
Firms must assess on an ongoing basis whether they hold sufficient capital to cover all material risks, including interest rate risk in the banking book (IRRBB), market risk, operational risk, concentration risk, group risk, pension obligation risk, and foreign currency lending to unhedged retail and SME borrowers
Firms must implement stress testing and scenario analysis as integral components of c
What You Need To Do
- *Immediate Compliance Actions
- *Establish ICAAP Framework
- *Risk Identification and Assessment
- *Stress Testing and Scenario Analysis
- Results of stress tests carried out in accordance with CRR requirements for firms using IRB approaches or internal models
Key Dates
29 July 2015 - SS31/15 first published, replacing PRA SS5/13 and PRA SS6/13
1 July 2026 - Effective date for updates to SS31/15 (as referenced in recent amendments)
Ongoing - Firms must carry out ICAAP on a continuous basis in accordance with PRA ICAA rules DEADLINE
Compliance Impact
Urgency Rating: HIGH
BankBroker Dealer
Policy Statement 20/25
**PS20/25** represents the second and final phase of the PRA's "Strong and Simple Framework," establishing a significantly simplified capital regime for Small Domestic Deposit Takers (SDDTs) while maintaining their resilience. This near-final policy statement, published on 28 October 2025, fundamentally restructures capital requirements, liquidity rules, and operational frameworks for SDDTs—a critical development for smaller deposit-taking institutions seeking regulatory relief from disproportionate compliance burdens.
What Changed
The simplified capital regime introduces structural changes across all three pillars of capital requirements:
*Pillar 1 (Risk-Weighted Assets)
SDDTs must apply Basel 3.1 standardised approaches for credit risk and operational risk, with specific simplifications.
Due diligence requirements in the standardised approach to credit risk are disapplied for SDDTs.
Counterparty credit risk (CCR) for derivatives and credit valuation adjustment (CVA) risk are disapplied (with minor exceptions).
Market ri
What You Need To Do
- *For SDDTs Currently Operating or Considering Entry:
- *Notification Decision – Determine whether to enter the SDDT regime and submit notification to the PRA by 31 March 2026 if seeking to benefit from simplified rules
- *Policy Review – Conduct comprehensive review of PS20/25, related policy statements (PS18/25, PS19/25, PS8/25, PS14/25), and supporting methodologies (SoP5/25, SS4/25, amendments to SoP2/23)
- *Capital Calculation Transition – Prepare systems and processes to transition from current capital calculation methodologies to Basel 3
- Removal of CCR and CVA calculations for derivatives
Key Dates
31 March 2026 – Deadline for firms wishing to enter the SDDT regime to notify the PRA and benefit from the simplified framework at implementation. DEADLINE
1 January 2027 – Implementation date for the simplified capital regime for SDDTs; the Interim Capital Regime will no longer apply.
2026 (specific date TBD) – PRA to make final rules and policy covering the entire Basel 3.1 package once HM Treasury makes commencement regulations to revoke relevant CRR provisions.
2027 (specific date TBD) – PRA to implement restatement of CRR requirements (PS19/25).
Compliance Impact
Urgency Rating: HIGH
Bank
Statement of policy 8/25
BankAll Firms
Statement of policy 6/25
Bank
Statement of policy 7/25
BankAll Firms
Press release 25/17
Asset ManagerWealth Manager
Crypto-assets Investment services Financial services providers The Financial Stability Board and the International Organisation of Securities Commissions publish two reports assessing the implementation of recommendations on crypto-asset and stablecoin activities
Crypto ExchangeBankFintech
27 OCT 2025, 10:00 AM
The SCA and DFSA strengthen regulatory cooperation with Memorandum of…
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No description available.
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No description available.
BankAsset ManagerWealth Manager
Periodic & ongoing disclosures Sustainable Finance Corporate sustainability reporting: AMF draws listed companies' attention to ESMA's 2025 recommendations
Asset ManagerBankBroker Dealer
Given at the Confederation of British Industry
BankAsset ManagerWealth Manager
Given at central Bank of Ireland ninth annual workshop of the ESCB research cluster 2
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Policy statement 17/25
PS17/25 establishes the **Matching Adjustment Investment Accelerator (MAIA) framework**, enabling PRA-regulated insurers to regularize and expand their use of matching adjustment (MA) in calculating capital requirements for certain long-duration insurance liabilities. This framework is significant because it provides a structured pathway for firms to optimize capital efficiency while maintaining prudential safeguards through exposure limits, eligibility assessments, and breach remediation mechanisms.
What Changed
The MAIA framework introduces the following regulatory requirements:
*Permission and Eligibility Framework
Firms must obtain explicit MAIA permission** from the PRA to use the accelerator
Permission grants authority to regularize previously non-compliant MA assets and apply MA to new eligible assets within defined parameters
*Exposure Limits
Firms receive fixed monetary exposure limits** calibrated using the Best Estimate of Liabilities (BEL) of the MA portfolio, net of reinsurance, at the tim
What You Need To Do
- *Immediate (Q4 2025 - Q1 2026)
- *Assess eligibility for MAIA permission by reviewing current MA portfolio and prospective assets
- *Develop MAIA policy documenting asset eligibility criteria, governance structure, and risk management approach
- *Establish contingency plans for scenarios where MAIA assets become ineligible
- *Prepare MAIA permission application if pursuing the framework
Key Dates
27 October 2025 - PS17/25 final rules and policy material took effect; firms could begin applying for MAIA permission
31 December 2026 - Implementation deadline for changes to MALIR reporting template DEADLINE
18 weeks after financial year-end - Annual MAIA use report submission deadline (ongoing, annually) DEADLINE
2 months from breach identification - Deadline to rectify breaches to avoid MA benefit reduction DEADLINE
Compliance Impact
Urgency: HIGH
Insurance
Given at Mansion House
BankWealth ManagerFintech
Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Verordnung vom 21. März 2025 über Massnahmen gegenüber Personen und Organisationen, die mit den Organisationen ISIL (Da'esh) und Al-Kaida in Verbindung stehen (SR 946.231.08) publiziert.
BankWealth ManagerAll Firms
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung des Anhangs der Verordnung vom 16. Dezember 2022 über Massnahmen betreffend Haiti publiziert.
The Swiss Federal Department of Economic Affairs, Education and Research (WBF, under which SECO operates) has published an update to the Annex of the Ordinance of 16 December 2022 on measures concerning Haiti, reflecting UN Security Council amendments to the sanctions list. This matters for Swiss financial institutions as it triggers immediate asset freeze checks and reporting obligations to ensure compliance with Switzerland's implementation of UN sanctions via FINMA and SECO oversight, avoiding enforcement risks amid Haiti's ongoing instability. The update aligns with global renewals of Haiti sanctions, emphasizing asset freezes on newly designated individuals and entities involved in destabilizing activities.
#
What Changed
Amendment to the Annex of the Verordnung vom 16. Dezember 2022 über Massnahmen betreffend Haiti, incorporating UN Security Council updates to the sanctions list, likely adding individuals, companies, or organizations subject to asset freezes, travel bans, and arms embargo expansions.
Reflects broader UN measures, including renewal of travel bans, asset freezes, and arms embargoes; expansion of arms embargo scope to military goods, technology, technical assistance, financial services, and brokeri
What You Need To Do
- Screening and Freezing
- Ongoing Monitoring
- Licensing Checks
- Documentation
Key Dates
Immediate (publication date: 21 October 2025) - Swiss firms must check accounts, freeze assets or economic resources of newly listed persons without prior notice, and report to SECO/FINMA without delay. DEADLINE
18 October 2024 - UN Security Council Resolution 2752 adopted, expanding arms embargo (basis for Swiss/UK updates).
17-20 October 2025 - UNSC renews regime for one year, adds 2 entries to sanctions list (UK/Jersey notices align with Swiss publication).
23 July 2025 - UK Haiti Sanctions Amendment Regulations enter force, reflecting similar UN changes.
20 March 2025 - Canadian amendments add 3 individuals (related context).
Compliance Impact
Urgency: High - Immediate asset freeze and reporting requirements carry criminal penalties for non-compliance (e.g., aligned with UK fines up to updated monetary levels); failure risks FINMA enforcement, reputational damage, and misalignment with UN obligations amid Haiti's volatile security. Matter
BankWealth ManagerAll Firms
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung des Anhangs der Verordnung vom 24. Juni 2020 über Massnahmen gegenüber Nicaragua (SR 946.231.158.5) publiziert.
The Swiss Federal Department of Economic Affairs, Education and Research (WBF/EAER) amended the annex of the Ordinance on Measures against Nicaragua (SR 946.231.158.5) on 20 October 2025, modifying entries for two individuals, with measures entering into force immediately thereafter. This update requires Swiss financial intermediaries to promptly screen and adjust sanctions compliance programs to reflect the revised designations, ensuring no prohibited dealings with the updated list. It matters because failure to implement could trigger FINMA enforcement, asset blocking obligations, and reporting requirements under Switzerland's Embargo Act (EmbG).
#
What Changed
Modification of entries for two individuals in the annex of the Ordinance on Measures against Nicaragua (SR 946.231.158.5), likely involving updates to personal details, aliases, or sanction rationales.
These changes align with ongoing maintenance of the sanctions list, originally imposed in June 2020 due to human rights, democracy, and rule-of-law concerns in Nicaragua, mirroring EU measures from 2019-2020.
No broader structural changes to the ordinance itself; this is a targeted annex update,
What You Need To Do
- Immediate screening
- Block and report
- Update compliance systems
- Monitor ongoing
- Document implementation to demonstrate due diligence in case of FINMA audits
Key Dates
20 October 2025 - Amendment to the annex published by WBF/EAER.
21 October 2025, 11:00 pm - Measures enter into force; immediate blocking and screening obligations apply.
21 October 2025 - FINMA publishes updated sanctions notice and notifies via MyFINMA.
Compliance Impact
Urgency: High – Immediate effect from 21 October 2025 demands swift action to avoid violations, as asset freezing is retroactive and non-compliance risks FINMA enforcement (e.g., fines, license restrictions). This matters amid frequent 2025 sanctions updates (e.g., 10+ Nicaragua/Myanmar deltas), hei
BankAsset ManagerWealth Manager Am 20. Oktober 2025 hat das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF die Liste der in diesem Kontext sanktionierten Personen, Unternehmen und Organisationen geändert. Das WBF hat die für die Schweiz massgebliche Sanktionsdatenbank SESAM (SECO Sanctions Management) angepasst und die Anpassung auf seiner Internetseite dringlich veröffentlicht. Die Änderung tritt am 21. Oktober 2025 23:00 Uhr in Kraft. Die Finanzintermediäre werden gemäss den Vorschriften der Verordnu...
This FINMA publication notifies Swiss financial intermediaries of updates to the Swiss sanctions list against the Islamic Republic of Iran, as amended by the Federal Department of Economic Affairs, Education and Research (WBF) on October 20, 2025, via the SESAM sanctions database. It matters because financial firms must immediately screen clients, freeze assets, and report matches to comply with Swiss sanction ordinances, amid escalating global Iran sanctions following UN snapback mechanisms. Failure to act risks enforcement by FINMA or SECO.
#
What Changed
The core change is the WBF's amendment to the SESAM (SECO Sanctions Management) database, updating the list of sanctioned persons, companies, and organizations related to Iran sanctions. This aligns with the Swiss Iran Ordinance and reflects broader international reimposition of UN sanctions via the JCPOA snapback mechanism triggered in late September 2025. No new Swiss-specific requirements are introduced beyond standard implementation of the updated list, but it emphasizes urgent publication a
What You Need To Do
- Immediate screening
- Asset freeze
- Transaction blocks and reporting
- Due diligence enhancement
- Internal controls
Key Dates
20 October 2025 - WBF amends SESAM database and publishes urgent update on its website.
21 October 2025, 23:00 Uhr - Changes enter into force, binding on all Swiss financial intermediaries.
29 September 2025 - Triggering UN snapback sanctions on Iran reinstated (contextual lead-in). https://www.mrllp.com/news-item/monthly-sanctions-update-october-2025/
12 December 2025 - Swiss Federal Council expands Iran Ordinance, adding humanitarian exceptions and authorization grounds. https://sanctionsnews.bakermckenzie.com/swiss-government-significantly-expands-sanctions-against-iran/
Compliance Impact
Urgency: High - Effective immediately (post-21 Oct 2025), with today's date (Jan 2026) indicating firms had ~3 months to implement but must verify ongoing compliance amid further expansions (e.g., Dec 2025). Matters due to FINMA's strict enforcement history on sanctions (e.g., independent freezing m
BankAll Firms
Given at the Bank of England and Bank for International Settlements Innovation Hub’s DLT Innovation Challenge Showcase
BankFintechCrypto Exchange 21 OCT 2025, 09:33 AM
The DFSA publishes summary of Consultation Paper 168 – Enhancements to the…
Crypto ExchangeFintech
Slides by Victoria Saporta
BankAsset ManagerWealth Manager
Savings protection Warning Other professionals Executive & other private individuals Retail investors Professional investors Journalists Investment management companies Listed companies and issuers The AMF has...
The AMF enforced a trading suspension on MEXEDIA S.p.A. shares on Euronext from 11 September 2025 to 30 September 2025 due to indicators of **pump and dump** market abuse, urging investors to exercise extreme caution against unauthorized high-upside recommendations. This enforcement action underscores the AMF's proactive market surveillance and highlights ongoing risks of manipulative practices in listed equities, serving as a reminder for firms to bolster internal controls against such schemes. Compliance teams should note this as a signal of heightened regulatory scrutiny on price manipulation, potentially informing future enforcement trends.
#
What Changed
This is an enforcement action rather than new regulatory changes; no legislative or rule amendments are introduced. Key elements include:
AMF's invocation of financial markets and market abuse regulations to mandate trading suspension via Euronext.
Explicit warning on pump and dump tactics, defined as unauthorized promotions inflating share prices for insider sales, leading to investor losses.
Follow-up resumption of trading on 1 October 2025 after suspension ended, with continued vigilance call
What You Need To Do
- Trading venues (e.g., Euronext)
- Investment firms and brokers
- Advisory firms
- All surveilled firms
- Investors and firms assisting them
Key Dates
11 September 2025 - Trading suspension in MEXEDIA shares effective at end of session.
12 September 2025 - AMF press release published (French version).
30 September 2025 - Scheduled end of suspension period (inclusive).
1 October 2025 - Resumption of trading confirmed; pre-suspension orders purged.
Compliance Impact
Urgency: Medium - This is a resolved, case-specific enforcement (suspension lifted 1 October 2025), not imposing new firm-wide rules, reducing immediate action needs as of January 2026. It matters for market abuse surveillance programs, signaling AMF's focus on pump-and-dump in equities, which could
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Financial disclosures & corporate financing Public offer Prospectus Executive & other private individuals Professional investors Journalists Listed companies and issuers The AMF announces new measures to facilitate access to listing
BankBroker Dealer
Deutsche Bank Wealth Management (CLONE) / Deutsche Bank AG (CLONE) / DB UK Bank Limited (CLONE) - Central Bank of Ireland Issues Warning on Unauthorised Firm
BankWealth Manager
20 OCT 2025, 10:00 AM
Dubai advances position as Middle East, Africa and South Asia’s leading global…
BankAsset ManagerBroker Dealer Publication from the Bank, PRA and FCA to firms and financial market infrastructures highlighting observed effective practices of cyber response and recovery capabilities.
BankFintechPayment Provider Given at the Group of Thirty’s 40th International Banking Seminar 2025, Washington DC
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Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Verordnung vom 21. März 2025 über Massnahmen gegenüber Personen und Organisationen, die mit den Organisationen ISIL (Da'esh) und Al-Kaida in Verbindung stehen (SR 946.231.08) publiziert.
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Warning Savings protection Warning Forex and binary options The AMF and the ACPR warn the public against the activities of several entities offering in France investments in the unregulated foreign exchange market (Forex) and in crypto-assets derivatives without being authorized to do so
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Speech at the Institute of Chartered Accountants of England and Wales annual conference Thriving in Transformation, London
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The PRA has published LIAC02/25, a consultation on proposed low impact amendments to rules and policy.
The PRA's LIAC02/25 consultation, published on 16 October 2025, proposes low-impact amendments to its Rulebook and policy materials, including technical fixes, conditional disapplications, and miscellaneous corrections to enhance accuracy and align with prior policies. These changes matter for PRA-regulated firms as they ensure regulatory consistency with minimal operational burden, with most taking effect in late 2025 or early 2026 following the consultation period.
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What Changed
The main proposals include:
Conditional disapplication of PRA General Provisions to implement deference arrangements under the UK-Swiss Berne Financial Services Agreement.
Amendment to Transitional Measure on Technical Provisions (TMTP) Part, Rule 5.2, introducing a new formula for 'Wr' effective 31 December 2025, using existing 'Wq' values without retrospective recalculation.
Amendment to Insurance Special Purpose Vehicle (ISPV) Part, Solvency Requirements Rule 2.2A(3), clarifying the 'no co-mi
What You Need To Do
- Submit consultation responses by 13 November 2025 via the PRA's Low Impact Amendments Process page, focusing on proposed disapplications, TMTP formula, ISPV rules, and miscellaneous changes
- Review and update internal policies for TMTP calculations to adopt the new 'Wr' formula from 31 December 2025 year-end, without restating priors
- Confirm compliance with ISPV 'no co-mingling' clarifications and SS2/25 updates by 23 December 2025
- Verify Rulebook references (e
- For friendly societies/credit unions
Key Dates
13 November 2025 Consultation closes for LIAC02/25 responses.
21 October 2025 Effectiveness of Solvency II restatement amendments (from prior consultations).
23 December 2025 Effectiveness of ISPV Rule 2.2A(3), TMTP Rule 5.2A(3), minimum fees reduction, and related SS2/25 updates; also LIAF03/25 amendments per industry reports.
19 January 2026 Effectiveness of Securitisation Part Rule 2, Article 7 amendment aligning with FSMA revocations.
24 July 2025 Effectiveness of certain non-substantive Solvency II fixes (already passed).
Compliance Impact
Urgency: Low – These are explicitly "low impact" technical, typographical, and alignment amendments with no material capital, reporting, or operational shifts expected; many stem from prior consultations (e.g., CP8/25, CP12/23, PS10/25) and avoid retrospective changes. Firms should act promptly on r
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The PRA has published LIAF02/25, a collection of final low impact rule amendments.
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15 OCT 2025, 03:05 PM
Live from GITEX: DFSA and VARA strengthen regulatory cooperation to support…
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Based on remarks given on the ‘Real World Assets Tokenisation: What Asset Classes Will Work – and Which Won’t’ panel at DC Fintech Week 2025
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Supervision Asset management Governance Journalists Investment management companies The Autorité des Marchés Financiers publishes the findings of its thematic inspections on governance and role of senior managers at asset management companies
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The PRA and FCA have today confirmed plans to increase flexibility around senior banker pay, alongside changes to create better links between bonus awards and responsible risk-taking.
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Policy statement 21/25
PS21/25 implements reforms to PRA remuneration rules for banks, building societies, and PRA-designated investment firms, simplifying Material Risk Taker (MRT) identification, aligning deferral periods with international standards (4 years for non-SMF MRTs and 5 years for SMFs), and enhancing links to individual accountability under the Senior Managers Regime (SMR). These changes matter as they reduce regulatory burden, increase flexibility in bonus structures (e.g., marginal deferral rates and cash payments), and promote competitiveness while maintaining risk alignment, potentially reversing trends toward higher fixed pay.
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What Changed
MRT Identification: Simplified quantitative threshold to the top 0.3% of earners (assessed against risk impact); qualitative criteria unchanged; raised proportionality threshold for disapplying rules from £44,000 variable pay to £660,000 total pay (with variable pay ≤33% of total); reintroduced exemption for MRTs serving <3 months.
Deferral Periods: 4-year minimum for non-SMF MRTs (previously varied); reduced to 5 years for SMFs (from 7 years); aligns with FCA and international practice.
Deferra
What You Need To Do
- Review and update MRT identification processes, applying simplified top 0
- Revise remuneration policies for deferral (4/5 years, marginal rates), upfront cash flexibility, and instrument expectations; update bonus award calculations
- Embed SMR-linked adjustments
- For dual-regulated firms
- Optional early adoption for specified changes on 2025/unvested awards; document governance for RemCo approvals and board policies
Key Dates
15 October 2025 Publication date; some changes (e.g., deferral periods, pro-rata vesting) may apply to ongoing 2025 performance year and unvested prior awards at firm discretion.
16 October 2025 Final rules and updated SS2/17 take effect; apply to performance years starting after this date (e.g., mandatory from 1 January 2026 for calendar-year firms).
November 2024 Preceding joint consultation (CP16/24/PRA, CP24/23/FCA) closed prior to PS.
Compliance Impact
Urgency: High – Mandatory from performance years post-16 October 2025 (e.g., 2026 for most), with immediate opt-in possible; impacts 2026 bonus cycles, requiring swift policy rewrites amid year-end planning. Matters due to simplified but ownership-heavy MRT processes, SMR-pay linkages raising accoun
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The Swiss Financial Market Supervisory Authority FINMA takes note of the Federal Administrative Court’s partial decision concerning the write-down of AT1 capital instruments. FINMA will contest the judgment of 1 October 2025 and appeal to the Federal Supreme Court.
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Given at King’s College, Cambridge
BankWealth ManagerAsset Manager
13 OCT 2025, 09:43 AM
DFSA Connect: new digital services streamline regulatory approvals processes,…
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Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Verordnung vom 21. März 2025 über Massnahmen gegenüber Personen und Organisationen, die mit den Organisationen ISIL (Da'esh) und Al-Kaida in Verbindung stehen (SR 946.231.08) publiziert.
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Warning Warning Crypto-assets Savings protection Crypto-assets: the Autorité des Marchés Financiers warns the public about the activities of several unauthorized entities
Crypto ExchangeFintech
The Securities Lending Committee is a forum for market participants and authorities to discuss the UK securities lending market.
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09 OCT 2025, 12:00 PM
DFSA and HKMA to co-host second Climate Finance Conference to strengthen…
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Policy statement 16/25
PS16/25 is the PRA's policy statement restating firm-facing organisational requirements from the MiFID Org Reg (e.g., outsourcing, record-keeping, risk management, compliance, internal audit, and governance) into the PRA Rulebook, with no material changes, to align with HMT's revocation of the EU regulation under FSMA 2023. This matters because it ensures continuity of prudential oversight for PRA-authorised firms post-revocation, preventing enforcement gaps in systems and controls while adapting provisions (e.g., supervisory function) to UK governance structures.
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What Changed
Restatement of requirements: Provisions from MiFID Org Reg Articles on outsourcing, record-keeping, control procedures, risk management, compliance, internal audit, and governance are transferred verbatim or with minor clarifications into PRA Rulebook parts (e.g., Risk Control).
Supervisory function adjustment: Following consultation feedback, PRA retained Article 25 provisions but substituted "governing body" for "supervisory function" to fit UK firm structures, preserving board-level oversight
What You Need To Do
- Review and map existing MiFID Org Reg compliance processes against restated PRA Rulebook provisions (e
- Confirm governing body oversight aligns with adapted Article 25 requirements; document any adjustments for UK structures
- Update internal references in algorithmic trading governance documents to new rule 2
- Conduct gap analysis and training on minor clarifications; prepare for dual FCA/PRA alignment if applicable
- Monitor HMT commencement order; if delayed, reassess implementation plans
Key Dates
9 October 2025 - PRA publishes PS16/25 with final rules and feedback to CP9/25 consultation.
23 October 2025 - New PRA rules and technical standards come into force, coinciding with HMT's anticipated revocation of MiFID Org Reg via commencement order (FCA rules align on same date).
Prior to 23 October 2025 - HMT expected to lay second Statutory Instrument revoking remaining MiFID Org Reg provisions; PRA may delay/revoke rules if not made.
Compliance Impact
Urgency: High – Firms must act promptly as rules take effect on 23 October 2025 (past deadline as of current date), with no transition period; non-compliance risks enforcement gaps in core systems/controls post-revocation. Impact is low for substance (restatement only) but requires documentation upd
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Given at the Resolution Foundation
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The Swiss Financial Market Supervisory Authority FINMA today published guidance on the extension of the transitional period for exchange of collateral in certain OTC derivatives transactions. The current transitional period runs until 1 January 2026 and will be extended by a further three years.
FINMA extended the transitional period for collateral exchange requirements in non-centrally cleared OTC derivatives from January 1, 2026 to January 1, 2029, providing Swiss market participants with three additional years of relief from mandatory collateral posting obligations on certain equity derivatives. This extension aligns Swiss regulation with the EU's indefinite exemption introduced in December 2024, preventing competitive disadvantages for Swiss derivatives traders while a permanent regulatory framework is developed.
What Changed
The primary regulatory change is the extension of the transitional period under Article 131 paragraph 5bis of the Financial Market Infrastructure Ordinance (FinMIO). Specifically:
Previous deadline: January 1, 2026
New deadline: January 1, 2029
Scope: Applies to non-centrally cleared OTC derivatives transactions involving equity options, index options, and equity basket derivatives that are not cleared through a FINMA-authorized or recognized central counterparty
Regulatory basis: FINMA Guidanc
What You Need To Do
- *Acknowledge the extended timeline
- *Maintain risk management controls
- *Monitor FinMIA revision
- *Document compliance rationale
- *Assess competitive positioning
Key Dates
October 9, 2025 - FINMA Guidance 04/2025 published and takes effect immediately
January 1, 2029 - New expiration date for the transitional period; collateral exchange obligations become mandatory unless further extended or a permanent framework is adopted
before 2029 .
Compliance Impact
Urgency: Medium
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The Maxwell Fry Lecture of the Money, Macro and Finance Society given at the University of Birmingham
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Given at AFME OPTIC Conference, Amsterdam
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The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC), which is a forum for discussion of the wholesale foreign exchange market. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
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The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Legal Sub-Committee. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Operations Sub-Committee. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
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Our Financial Policy Committee (FPC) meets to identify risks to financial stability and agree policy actions aimed at safeguarding the resilience of the UK financial system.
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Not for distribution, directly or indirectly, in or into the United States, Canada, Australia, Japan or any other jurisdiction where it is unlawful to distribute this announcement.
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Sustainable Finance Periodic & ongoing disclosures Corporate sustainability reporting: AMF’s response to EFRAG’s consultation on the simplification of European standards
The Autorité des Marchés Financiers (AMF), France's financial markets regulator, responded to EFRAG's July 31, 2025, public consultation on simplified European Sustainability Reporting Standards (ESRS) under the CSRD, welcoming a 57% reduction in mandatory datapoints and 55% shorter standards while urging refinements in materiality, climate reporting, and financial effects disclosure. This matters for compliance professionals as it signals upcoming proportionate ESRS revisions that could ease reporting burdens for large listed companies starting voluntarily in 2026, enhancing investor usability without diluting key sustainability insights.
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What Changed
AMF endorses EFRAG's simplifications but proposes targeted adjustments:
Materiality assessment: Support for proportionate double materiality (impacts, risks, opportunities or IRO) but requires minimum specification of impact type (positive/negative, risk, opportunity); prefers "gross" approach (pre-mitigation) over complex mitigated impacts for investor relevance and consistency.
Climate reporting: Regrets removal of "net zero" definition (90-95% gross GHG reduction trajectory), essential for 20
What You Need To Do
- Monitor EFRAG's post-consultation technical advice (end-November 2025) and EC adoption process; prepare for voluntary uptake in 2026 reporting cycles
- Listed companies
- Conduct or update materiality assessments per EFRAG guidance (e
- Prepare xHTML digital tagging for sustainability statements in management reports
- French firms
Key Dates
July 31, 2025 - EFRAG publishes draft simplified ESRS for public consultation.
September 29, 2025 - Consultation closes.
End of November 2025 - EFRAG submits technical advice to European Commission.
2026 financial year (reports in 2027) - Voluntary application of simplified standards, if legislative timeline allows.
2027 (reports in 2028) - Full mandatory application targeted.
Compliance Impact
Urgency: Medium - Not immediate mandates, as this is a consultation response with voluntary 2026 start, but proactive preparation is essential for large listed firms facing AMF scrutiny on 2025/2026 statements. Matters due to potential burden reduction (57% fewer datapoints) balanced by AMF's push f
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Meeting of the CBDC Academic Advisory Group
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Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung des Anhangs der Verordnung über Massnahmen gegenüber Burundi (SR 946.231.121.8) publiziert.
The Swiss Federal Department of Economic Affairs, Education and Research (WBF/DEFR) has updated the annex to the Ordinance on Measures against Burundi (SR 946.231.121.8), modifying the list of sanctioned persons, companies, and organizations in the SESAM database. This matters for Swiss financial institutions as it imposes immediate asset freeze and transaction restrictions, aligning with FINMA's heightened focus on sanctions risks amid geopolitical tensions.
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What Changed
Modification to the list of sanctioned individuals, enterprises, and organizations under the Burundi sanctions ordinance.
Update published in the SECO Sanctions Management (SESAM) database, which is the authoritative Swiss reference for sanctions compliance.
No details on specific additions, deletions, or alterations to designations are provided in the publication summary, but changes trigger mandatory screening and blocking obligations.
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What You Need To Do
- Screen clients, transactions, and assets against the updated SESAM database immediately upon effectiveness (post-8 October 2025, 23:00)
- Freeze assets of newly listed or modified sanctioned parties without prior notice and report to SECO/FINMA via MyFINMA notification system
- Cease any direct or indirect provision of funds/economic resources to sanctioned parties; conduct retrospective reviews of existing relationships for Burundi exposure
- Update internal sanctions screening tools, policies, and staff training to reflect SESAM changes; document compliance efforts for potential FINMA audits
Key Dates
6 October 2025 - DEFR modifies the sanctions list and updates SESAM database.
8 October 2025, 23:00 hours - Changes enter into force; asset freezes and prohibitions apply immediately thereafter.
Compliance Impact
Urgency: High - Immediate effectiveness (8 October 2025) requires swift database rescreening to avoid violations, with FINMA emphasizing sanctions evasion risks in its 2025 Risk Monitor amid geopolitical shifts; non-compliance risks enforcement actions, fines, or reputational damage.
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Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung (WBF) hat eine Änderung des Anhangs 1 der Verordnung vom 1. Juni 2012 über Massnahmen gegenüber Guinea-Bissau (SR 946.231.138.3) publiziert.
The Swiss Federal Department of Economic Affairs, Education and Research (WBF) published an amendment to Annex 1 of the Ordinance on Measures against Guinea-Bissau (SR 946.231.138.3) on October 7, 2025, updating the sanctions list maintained in the SESAM database. This change, effective October 8, 2025, requires Swiss financial intermediaries to immediately screen clients, freeze assets of listed individuals, and report to SECO, reinforcing compliance with UN Security Council Resolution 2048 (2012) and EU measures following the 2012 military coup. It matters for preventing sanctions evasion and ensuring adherence to Switzerland's Embargogesetz (EmbG), with non-compliance risking FINMA enforcement.
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What Changed
Amendment to Annex 1 of the Ordinance dated June 1, 2012, on measures against Guinea-Bissau, as published by WBF on October 6, 2025, and reflected in FINMA's announcement on October 7, 2025.
Updates to the SESAM (SECO Sanctions Management) database, which is the authoritative Swiss sanctions list; specific details on additions, deletions, or modifications to listed natural persons (e.g., changes for six individuals noted in related updates) were implemented.
Prohibition on dealings with listed p
What You Need To Do
- Screen customer relationships against the updated SESAM list immediately upon effectiveness using heightened due diligence per GwG Art
- Freeze assets of any matched listed persons/entities and prohibit new business
- Report affected relationships to SECO without delay; conduct additional checks and file SARs with MROS if suspicions remain
- Update internal sanctions screening systems and monitor MyFINMA for FINMA notifications
- Document compliance actions to demonstrate adherence in audits or FINMA inquiries
Key Dates
October 6, 2025 - WBF adjusts SESAM database and publishes changes on its website.
October 7, 2025 - FINMA publishes the sanctions notice.
October 8, 2025, 23:00 Uhr - Changes enter into force; immediate implementation required for asset freezes and prohibitions. DEADLINE
prior 2024 update had a similar timeline effective October 8, 2024, at 18:00 Uhr, indicating recurring list maintenance.)
Compliance Impact
Urgency: High - Immediate asset freeze and reporting are mandatory from October 8, 2025, with violations exposing firms to FINMA fines, reputational damage, or criminal liability under EmbG and GwG. This update underscores ongoing list volatility (e.g., similar 2024 change), demanding robust real-ti
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Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung des Anhangs 7 der Verordnung vom 8. Juni 2012 über Massnahmen gegenüber Syrien (SR 946.231.172.7) publiziert.
The Swiss Federal Department of Economic Affairs, Education and Research (WBF) updated Annex 7 of the Ordinance on Measures against Syria (SR 946.231.172.7) on October 6, 2025, modifying the list of sanctioned persons, companies, and organizations, effective October 8, 2025. This change requires Swiss financial intermediaries to immediately implement asset freezes and report affected relationships to SECO, amid broader Swiss alignment with EU and US easing of Syria sanctions earlier in 2025. It matters for compliance as it mandates swift screening updates to avoid violations of ongoing targeted financial sanctions.
#
What Changed
The WBF amended the list of sanctioned entities in Annex 7 of SR 946.231.172.7, updating the SESAM sanctions database (SECO Sanctions Management).
Financial intermediaries must enforce prohibitions, freeze assets of listed parties, and report business relationships to SECO.
Reporting to SECO does not exempt intermediaries from conducting due diligence under Art. 6 GwG (Anti-Money Laundering Act) and filing suspicions with the Money Laundering Reporting Office under Art. 9 GwG if issues persist.
What You Need To Do
- Screen client portfolios, accounts, and transactions against the updated SESAM database immediately upon effectiveness
- Freeze assets of newly listed or affected sanctioned parties and implement transaction prohibitions
- Report all impacted business relationships to SECO promptly
- Conduct GwG due diligence (Art
- Update internal sanctions screening systems and train staff on changes; retain evidence of compliance for audits
Key Dates
October 6, 2025 - WBF publishes update to Annex 7 and SESAM database.
October 8, 2025 at 23:00 - Changes enter into force; asset freezes and prohibitions apply immediately.
Compliance Impact
Urgency: High - Immediate asset freeze and reporting obligations take effect October 8, 2025, with non-compliance risking FINMA enforcement, fines, or criminal liability under sanctions laws. This matters as it occurs against a backdrop of Syria sanctions easing (e.g., Swiss economic sanctions lifte
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Given at the Scotland Global Investment Summit 2025
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Survey on the amount of covered deposits held on 30 September 2025
Circular CSSF-CPDI 25/47 mandates a regular survey by Luxembourg credit institutions on the amount of covered deposits as of **30 September 2025**, focusing on eligible and covered deposits under the Law of 18 December 2015 on deposit guarantee schemes. It matters because it ensures accurate reporting to the Conseil de protection des déposants et des investisseurs (CPDI) for FGDL (Fonds de garantie des dépôts Luxembourg) compliance, with detailed field-by-field instructions for complex accounts like omnibus and trusts.
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What Changed
This circular updates prior guidance (notably CSSF-CPDI 16/02 as amended by CSSF-CPDI 23/35) by specifying the survey reference date of 30 September 2025 and providing granular reporting fields for eligible deposits (e.g., exclusions for financial institution-like structures and life insurance products), covered deposits capped at €100,000 per person, and breakdowns by natural/legal persons, including shares in omnibus accounts, fiduciaries, trusts, sub-accounts, and segregated accounts. Key fie
What You Need To Do
- For omnibus/trust accounts, obtain and report shares of identifiable entitled persons, apportion by legal status of holder, and ensure fields like 0226 and 0255 reconcile
- Designated management reviews/approves data; transmit accurately to CSSF/CPDI, respecting prior circulars (e
- Exclude non-creditor accounts or those assimilated to financial institutions/life insurance
Key Dates
30 September 2025 - Reference date for snapshot of deposits, eligible deposits, and covered deposits.
6 October 2025 - Publication date of the circular by CSSF.
31 December 2025 ) imply prompt post-reference date filing to CSSF/CPDI; firms should confirm via full PDF.
Compliance Impact
Urgency: Medium – Past reference date (30 September 2025) as of January 2026 means non-reporting firms risk immediate FGDL non-compliance, fines, or supervisory action from CSSF, but this is a routine quarterly survey (see related Circular CSSF-CPDI 25/49 for December 2025). Matters for prudential r
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Given at the Klaas Knot Farewell Symposium
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Stress-testing Markets Asset management Journalists Investment services providers Investment management companies The Banque de France, the ACPR and the AMF launch a first system-wide stress test on interconnections within the financial system
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Press release 25/16
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01 OCT 2025, 09:38 AM
Notice of Consultation Paper Release: CP 168
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The PRA Regulatory Digest is for people working in the UK financial services industry and highlights key regulatory news and publications delivered for the month.
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Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat Änderungen des Anhangs 8 der Verordnung vom 4. März 2022 über Massnahmen im Zusammenhang mit der Situation in der Ukraine (SR 946.231.176.72) publiziert.
The publication announces updates by the Swiss Federal Department for Economic Affairs, Education and Research (WBF) to Annex 8 of the Ordinance on Measures in Connection with the Situation in Ukraine (SR 946.231.176.72), aligning Swiss sanctions against Russia with ongoing international restrictions. This matters for Swiss financial intermediaries as it imposes immediate obligations to block assets, report relationships, and conduct AML checks, amid escalating sanctions that heighten compliance risks and enforcement scrutiny from FINMA.
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What Changed
Amendments to Annexes 8, 14, 15b, and 33 of the Ordinance, though specific details on new listings or prohibitions are not detailed in the announcement.
Continuation of standard requirements: Implement prohibitions, freeze assets of sanctioned persons, and report affected business relationships to SECO (State Secretariat for Economic Affairs).
These updates follow a pattern of prior changes, such as expanded export bans on dual-use goods (e.g., chrome ore, chemicals), transaction bans on additio
What You Need To Do
- Screen and freeze assets
- Report to SECO
- Conduct AML due diligence
- Review transactions
- Document compliance
Compliance Impact
Urgency: Critical – Effective immediately at 23:00 on January 13, 2026, with no grace period, this demands urgent system updates, screenings, and reporting to avoid FINMA enforcement (e.g., fines, licenses at risk). It amplifies AML / Financial Crime risks in a high-scrutiny environment, as FINMA's
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The Securities and Exchange Commission today announced that Stacey Bowers, who has served as the Director of the Office of the Advocate for Small Business Capital Formation, will depart the agency effective October 17, 2025. She has served as Director…
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Election Notice - 1/10/2025
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