Councils,The third meeting of the Expert Panel on the Revision of the Corporate Governance Code (2025-2026)
No description available.
Sectors:
Topics:
BankWealth Manager
Senior Managers / Governance
Senior managers regime, individual accountability, corporate governance, and fit and proper requirements.
ECB sanctions BofA Securities Europe SA for breaching reporting requirements
No description available.
AI Analysis
The ECB imposed a โฌ6.2 million penalty on BofA Securities Europe SA for intentionally breaching market risk reporting requirements between 2022 and 2024. The bank systematically underreported risk-weighted assets by including unauthorized sovereign bond option positions in its internal models, resulting in inflated capital ratios and misrepresented financial strengthโa "severe" breach that signals the ECB's heightened enforcement focus on reporting accuracy and internal control governance.
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Topics:
BankBroker Dealer
Investment trust votes, conflicts of interest, and our role
On 3 March 2026, we said weโd bring forward our planned review of the UK Listing Rules for Investment entities, including how they apply to board independence and related party provisions.Since then, there has been substantial debate over our role in relation to investment trusts, including calls for us to โget to gripsโ with voting rules โthat allow a minority shareholder to repeatedly attack an investment trustโ.Much of this debate suggests there are misunderstandings about how investment t...
AI Analysis
This FCA blog post announces an accelerated review of UK Listing Rules for investment entities, focusing on board independence, related party provisions, conflicts of interest, and shareholder rights amid debates over activist minority shareholders targeting investment trusts. It matters because it clarifies the FCA's limited role (rules apply to issuers, not shareholders), reinforces Companies Act protections, and signals upcoming proposals to ensure rules fit novel scenarios like concentrated ownership, potentially impacting governance and listing compliance for investment trusts.[FCA blog]
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Asset ManagerAll Firms
Central Bank Appointments
The Central Bank Commission has appointed Elizabeth Mahon as Secretary of the Central Bank, effective 30 March. Elizabeth has also been appointed to the role of Head of Governance in the Central Bank. Elizabeth has more than 20 years' experience in financial services, principally in the banking sector, where her career has focused on strategy and implementation, management consulting, organisational change, and stakeholder management. Since 2022 she has worked at the Central Bank as Head of S...
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BankWealth Manager
SS9/17 - Recovery planning
Supervisory Statement 9/17
AI Analysis
**SS9/17 - Recovery Planning** is the PRA's supervisory statement establishing expectations for how UK banks, building societies, and designated investment firms must prepare and maintain recovery plans to ensure financial stability during periods of stress. This guidance supersedes the previous SS18/13 and represents a substantial tightening of recovery planning requirements, making credible, testable, and executable recovery plans a core component of prudential regulation rather than a compliance checkbox.
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BankAll Firms
Superintendent Routledge to participate in virtual fireside chat at Bank of America Expert Insights Series on March 30, 2026
Superintendent Routledge to participate in virtual fireside chat at Bank of America Expert Insights Series on March 30, 2026
Sectors:
Topics:
BankAsset ManagerWealth Manager
PRA fines The Bank of London and its parent company Oplyse Holdings Limited ยฃ2m for failing to act with integrity and misleading the PRA over their capital position
The Prudential Regulation Authority (PRA) has fined The Bank of London Group Limited and Oplyse Holdings Limited (formerly The Bank of London Group Holdings Limited) ยฃ2 million for misleading the PRA over their capital positions, failing to act with integrity, failing to be open and cooperative with the regulator and failing to maintain adequate financial resources.
AI Analysis
The Prudential Regulation Authority (PRA) fined The Bank of London Group Limited and its parent Oplyse Holdings Limited ยฃ2 million (reduced from ยฃ12 million due to financial hardship) for serious breaches including misleading the regulator with fabricated documents on capital positions, failing to act with integrity, lacking openness, and breaching capital and large exposure rules from October 2021 to May 2024. This marks the PRA's first enforcement for integrity failures and first action against a parent holding company, signaling heightened scrutiny on governance, reporting accuracy, and parent-subsidiary accountability in UK banking. Compliance professionals should note this as a precedent reinforcing zero tolerance for deceptive practices, with potential for escalated penalties absent settlement or hardship claims.
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BankFintech
SFC bans Lui Pak Tong for life and fines him $17.43 million for misconduct
No description available.
AI Analysis
The SFC has imposed a **lifetime ban and $17.43 million fine** on Lui Pak Tong for orchestrating a scheme where he exploited a fund under his control by directing $22.5 million in unsecured loans to a company he owned, while concealing conflicts of interest and diverting loan proceeds to himself and associates. This enforcement action demonstrates the SFC's aggressive stance on fiduciary breaches, undisclosed conflicts of interest, and self-dealing by licensed representatives, with direct implications for fund governance, investment committee oversight, and compliance with the Code of Conduct.
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Topics:
Asset ManagerWealth ManagerBroker Dealer
Mr Davy Reinard sworn in by the Minister of Finance as Director Resolution (only in French)
Press release 26/07
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Bank
Investigation into Market Financial Solutions Limited
We have opened an enforcement investigation into Market Financial Solutions Limited (MFS). MFS is an Annex 1 business, which is solely registered with and supervised by us for its compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.Annex 1 registered firms are not authorised or subject to wider FCA regulation.MFS entered administration on 25 February 2026.
AI Analysis
The FCA has opened an enforcement investigation into Market Financial Solutions Limited (MFS) following the firm's entry into administration on 25 February 2026, amid allegations of serious financial irregularities, fraud, and double-pledging of collateral. This investigation is significant because it represents regulatory scrutiny of an Annex 1 businessโa firm with limited FCA oversightโwhose collapse exposed structural weaknesses in private credit markets and raised questions about due diligence practices across the financial sector.
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BankAll Firms
FCA orders Beauforce Corporation to stop operating and return client money
We have restricted Beauforce Corporation Limited from carrying out any regulated activities. This means it cannot provide regulated debt advice or debt management services to consumers. We have also ordered the firm to return money held in its bank accounts to its clients.Weโve taken this action following concerns about the suitability of the firmโs senior management and its conduct in dealing with us. Read the full Notice (PDF)
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All Firms
List of members of the Investment Fund Managers Committee (Updated)
No description available.
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Topics:
Asset ManagerWealth ManagerBank
SFC bans Kuo Che-jung for four and a half years and fines him $1 million
No description available.
AI Analysis
The SFC has banned former responsible officer Kuo Che-jung from the industry for 4.5 years (effective 19 March 2026 to 18 September 2030) and fined him HK$1 million for executing 25 matched trades in Hang Seng Index options between Yuanta's proprietary account and his wife's secret account, plus concealing beneficial interests and submitting false declarations. This enforcement action underscores the SFC's zero-tolerance for market abuse via matched trades, staff dealing violations, and dishonesty, signaling heightened scrutiny on proprietary traders and internal controls to protect market integrity. Compliance professionals must prioritize robust staff trading surveillance and disclosure enforcement to mitigate similar risks.
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Broker DealerAll Firms
SEC confirms exemption for directors and officers of EEA Foreign Private Issuers
SEC confirms exemption for directors and officers of EEA Foreign Private Issuers 18 March 2026 Market Abuse Post Trading The United States Securities and Exchange Commission (SEC) has decided to exempt directors and officers of European Economic Area (EEA) foreign private issuers (FPIs) from the reporting requirements under Section 16(a) of the US Securities Exchange Act of 1934. The SECโs decision means that directors and officers of EEA FPIs will not be required to comply with these specifi...
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Topics:
Asset ManagerBroker DealerBank
DORA โ Register of Information collection - Update
No description available.
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BankWealth ManagerAll Firms
MAS Issues Prohibition Orders against former Relationship Managers, Mr Wang Qiming and Mr Liu Kai
Singapore, 17 March 2026 โฆ The Monetary Authority of Singapore (MAS) has issued Prohibition Orders (POs) under the Financial Services and Markets Act 2022 (FSMA) against Mr Wang Qiming and Mr Liu Kai, former relationship managers, who were convicted of charges connected to the major money laundering case of August 2023. Given the gravity of their misconduct, MAS has issued a 16-year PO against Mr Wang Qiming and a 7-year PO against Mr Liu Kai.
AI Analysis
The Monetary Authority of Singapore (MAS) issued Prohibition Orders (POs) on 17 March 2026 under the Financial Services and Markets Act 2022 (FSMA) against former relationship managers Wang Qiming (16-year PO) and Liu Kai (7-year PO) for convictions tied to Singapore's S$3 billion money laundering scandal of August 2023. This enforcement action underscores MAS's rigorous application of fit and proper criteria, barring them from regulated activities due to forgery, money laundering, and related offences. It matters for compliance professionals as it signals heightened scrutiny on individual accountability in AML failures within wealth management.
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BankWealth ManagerAll Firms
Special Notice โ 3/17/26
FINRA publishes Notices to provide firms with timely information on a variety of issues.ย To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Sectors:
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Broker DealerAsset ManagerAll Firms
Ben Gully appointed as the next Secretary General of the Basel Committee on Banking Supervision
Ben Gully appointed as the next Secretary General of the Basel Committee on Banking Supervision
Sectors:
Topics:
BankAsset ManagerWealth Manager
SEC Announces Enforcement Division Director Judge Margaret A. Ryan Has Resigned From Agency
The Securities and Exchange Commission today announced that Judge Margaret A. Ryan has resigned from her role as Director of the Division of Enforcement. Principal Deputy Director Sam Waldon has been named Acting Director of the Division, effective Marchโฆ
AI Analysis
Judge Margaret A. Ryan, who assumed the role of SEC Enforcement Division Director in August 2025 and signaled a significant recalibration of enforcement priorities toward fraud and market integrity while reducing enforcement actions for technical violations, has resigned from the agency. Principal Deputy Director Sam Waldon has been named Acting Director, creating immediate uncertainty regarding continuity of the enforcement approach that was just articulated in February 2026 and may signal a shift in the SEC's enforcement trajectory going forward.
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Broker DealerAsset ManagerBank
Creating a redress system that works better for consumers and firms
Weโve reached a significant milestone in our joint work with the Financial Ombudsman Service and the Government to modernise the redress systemso that consumers get fair outcomes quicker and firms have greater clarity about how issues will be handled.Weโre delivering change at speed by acting now within our current powers, with a focus on improving how the system works in practice. This includes a new registration stage for complaints, updated dismissal grounds and clearer guidance on the fai...
AI Analysis
The FCA, in collaboration with the Financial Ombudsman Service (FOS) and the Government, has announced modernization of the UK's financial redress system to accelerate consumer compensation and provide firms with greater regulatory clarity. This initiative represents a fundamental shift in how complaints are registered, assessed, and resolved, with immediate implementation underway within existing FCA powers and broader legislative reforms planned.
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Topics:
BankFintechPayment Provider
SSM Calendar Claude Wampach โ 12/2025
No description available.
Sectors:
Topics:
BankWealth ManagerAsset Manager
New speech by Kelvin Wong: Remarks at The Hong Kong Independent Non-Executive Director Associationโs Spring Luncheon 2026
No description available.
Sectors:
Topics:
Asset ManagerWealth Manager
ASIC disqualifies Simon Raftery from managing corporations for two and a half years
ASIC disqualifies Simon Raftery from managing corporations for two and a half years
Sectors:
Topics:
BankWealth ManagerAll Firms
List of professional activities and mandates performed by members of the management body/governing body and by conducting officers (points 105 and 107 of Circular CSSF 18/698) (Updated)
Table listing the professional activities and the mandates performed
AI Analysis
This CSSF publication is an updated table (in XLSX format) listing standardized professional activities and mandates for members of the management body/governing body and conducting officers, as required under points 105 and 107 of Circular CSSF 18/698. It matters because it ensures consistent, transparent reporting of senior personnel roles in Luxembourg investment fund managers (IFMs), supporting governance, conflict-of-interest management, and CSSF supervisory oversight. Compliance professionals must use this list to standardize disclosures in authorization files and ongoing reporting.
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Topics:
Asset ManagerBankAll Firms
PRA fines U K Insurance Limited ยฃ10,625,000
The Prudential Regulation Authority (PRA) has imposed a financial penalty of ยฃ10,625,000 on U K Insurance Limited (UKI Limited) in connection with a miscalculation of their Solvency II balance sheet during 2023 and 2024.
AI Analysis
The PRA fined U K Insurance Limited (UKI Limited) ยฃ10.625 million (reduced from ยฃ21.25 million via 50% Early Account Scheme discount) for breaching Solvency II reporting rules due to a miscalculation overstating its solvency balance sheet in 2023-2024, stemming from ineffective controls and resourcing in finance/actuarial functions. This landmark case highlights PRA's emphasis on accurate prudential reporting and rewards early self-reporting/cooperation, signaling heightened enforcement scrutiny on insurers' control frameworks. It matters as it demonstrates PRA's use of the EAS for efficiency and underscores risks of control failures undermining supervisory effectiveness.
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InsuranceAll Firms
CFTC Announces Marc H. Sielski as Executive Director
No description available.
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Topics:
BankBroker DealerFintech
CFTC Chairman Selig Announces Departure of Senior Advisor Brigitte Weyls
No description available.
Sectors:
Topics:
Broker DealerCrypto Exchange
Administrative sanction of 2 December 2025
Administrative sanction imposed on a rรฉviseur dโentreprises agrรฉรฉ
AI Analysis
The CSSF imposed an administrative sanction on 2 December 2025 against an approved statutory auditor (*rรฉviseur dโentreprises agrรฉรฉ*) for breaches of professional obligations, likely related to continuing education requirements under Luxembourg's Audit Law, mirroring patterns in recent similar cases. This enforcement action underscores the CSSF's rigorous oversight of audit professionals, emphasizing compliance with ongoing training mandates to maintain audit quality and market integrity. Compliance professionals should note it as evidence of heightened scrutiny on non-delegable professional duties.
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All Firms
Administrative sanction of 2 December 2025
Administrative sanction imposed on a rรฉviseur dโentreprises agrรฉรฉ
AI Analysis
The CSSF imposed an administrative sanction on 2 December 2025 against an approved statutory auditor (*rรฉviseur dโentreprises agrรฉรฉ*) for breaches of professional obligations, likely related to continuing education requirements under Luxembourg's Audit Law, mirroring patterns in recent similar cases. This enforcement action underscores the CSSF's rigorous oversight of audit professionals, emphasizing compliance with ongoing training mandates to maintain audit quality and market integrity. Compliance professionals should note it as evidence of heightened scrutiny on non-compliance with minimum continuing education hours.
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All Firms
Additional charges brought against financial services company director
Additional charges brought against financial services company director
Sectors:
Topics:
Wealth ManagerBankFintech
Federal Court finds two Star Entertainment senior executives breached duties, non-executive directors did not breach duties
Federal Court finds two Star Entertainment senior executives breached duties, non-executive directors did not breach duties
Sectors:
Topics:
BankWealth ManagerAll Firms
FCA announces senior leadership appointments
We have appointed 2 new senior leaders, further strengthening our capability across key areas of our remit. Chris Knight will join us in July 2026 as director of insurance within our Supervision, Policy and Competition (SPC) division. He joins the FCA from Legal & General, where he has been the group chief risk officer for the last 5 years and member of the Group management committee. Prior to this, he was CEO of Legal & General Retail Retirement for 3 years.David Lymburn joined the Payment S...
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Topics:
BankInsurance
Examination of professional competence for โrรฉviseurs dโentreprisesโ (statutory auditors) โ 2025 Session (only in French)
No description available.
Sectors:
Topics:
BankWealth ManagerAll Firms
Administrative sanction of 8 October 2025
Administrative sanction imposed on an investment firm
AI Analysis
The CSSF imposed an administrative sanction on 8 October 2025 against an unnamed investment firm, as detailed in a publication released on 4 March 2026. This enforcement action underscores CSSF's rigorous oversight of investment firms, particularly in areas like AML/CFT compliance, conduct rules, and organizational requirements, serving as a warning for similar entities to strengthen cooperation and internal controls. It matters because it highlights escalating fines for repeated or material breaches, potentially influencing supervisory expectations across Luxembourg's financial sector.
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Asset ManagerBroker DealerWealth Manager
Motor finance compensation scheme to include implementation period
We'd also streamline the scheme, so millions get compensation in 2026. We're considering over 1,000 responses to our proposals for a compensation scheme for motor finance customers who were treated unfairly.If we proceed with a scheme, we are likely to make several changes. If we do go ahead, we expect to publish final rules in late March. The timing of publication will be outside market hours and we'll confirm the date in advance. Final decisions on the scheme have not yet been made. But to ...
AI Analysis
The FCA is implementing a **streamlined motor finance compensation scheme** to address unfair commission disclosure practices, with final rules expected in late March 2026 and scheme launch in early 2026. This represents a major regulatory intervention affecting approximately 14 million motor finance agreements with estimated total redress costs of ยฃ8.2 billion, requiring immediate operational preparation by all lenders and finance providers.
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BankFintechAll Firms
ASIC disqualifies NSW director for the maximum period of five years
ASIC disqualifies NSW director for the maximum period of five years
Sectors:
Topics:
BankWealth ManagerAll Firms
Publication,Publication of AI Discussion Paper (Version 1.1)
No description available.
AI Analysis
The Financial Services Agency (FSA) has released the **AI Discussion Paper (Version 1.1)**, an updated consultation document addressing the sound utilization of artificial intelligence in Japan's financial sector. This revised version incorporates stakeholder feedback from the FSA AI Public-Private Forum (June-December 2025) and establishes the regulatory foundation for how financial institutions should approach AI governance, risk management, and compliance as AI adoption accelerates.
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Topics:
BankAsset ManagerBroker Dealer
UK Listing Rules for investment entities review
We are bringing forward a review of some aspects of the UK Listing Rules to consider how they apply to specific types of investment entities. As part of the Primary Markets EffectivenessReviewwe explored which types of investment entities could be eligible to be listed. Since introducing the new listingruleswe have heard from stakeholders that these eligibility criteria, particularlyregardingrisk-spreading, may be unduly restrictive. We will use this review to assess if changes should be made...
AI Analysis
The FCA is conducting a targeted review of UK Listing Rules applicable to investment entities, with particular focus on whether current risk-spreading eligibility criteria are unduly restrictive and how rules support shareholder rights and conflict management. This review represents a potential material shift in listing accessibility for alternative investment funds and closed-ended investment vehicles, with final proposals expected by end-2026.
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Topics:
Asset ManagerHedge Fund
Publication of guidance on documents and information to be submitted for the assessment of the shareholding structure of authorised IFMs โ initial authorisation and modification of an authorised IFM (qualified and non-qualified shareholders)
No description available.
AI Analysis
The CSSF published guidance on 2 March 2026 specifying minimum documents and information required for assessing shareholding structures of authorised Investment Fund Managers (IFMs) during initial authorisation and subsequent modifications, covering both qualified and non-qualified shareholders. This matters because incomplete submissions will not be processed, potentially delaying authorisations or amendments amid ongoing CSSF scrutiny of governance and ownership in Luxembourg's fund sector.
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Topics:
Asset Manager
Guidance on the documents and information to be submitted for the assessment of the shareholding structure of authorised IFMs โ initial authorisation and modification of an authorised IFM (qualified and non-qualified shareholders)
Version 1.0
AI Analysis
This CSSF guidance (Version 1.0, published 2 March 2026) specifies the minimum documents and information required for assessing shareholding structures of authorised Investment Fund Managers (IFMs) during initial authorisation or modifications involving qualified and non-qualified shareholders. It standardises submissions to ensure completeness, with incomplete applications rejected until fully provided, enhancing regulatory efficiency and scrutiny of ownership changes. Compliance professionals must prioritise this to avoid delays in authorisation processes for Luxembourg-domiciled IFMs.
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Topics:
Asset Manager
Getting the right directions โ speech by Alan Taylor
Given at the Monetary Policy Mandate Conference at Norges Bank, Oslo
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Topics:
BankAsset ManagerWealth Manager
Sophia Bennani appointed AMF Director of Inspections
Appointment Institutional Sophia Bennani appointed AMF Director of Inspections
Sectors:
Topics:
Asset ManagerWealth Manager
SEC Adopts Final Rules for the Holding Foreign Insiders Accountable Act
The Securities and Exchange Commission today adopted final rule and form amendments to reflect the requirements of the recently enacted Holding Foreign Insiders Accountable Act (HFIA), which will increase transparency into the holdings and transactionsโฆ
AI Analysis
The SEC adopted final rules on February 27, 2026, implementing the Holding Foreign Insiders Accountable Act (HFIA), which extends Section 16(a) beneficial ownership reporting requirements to directors and officers of foreign private issuers (FPIs) with Exchange Act Section 12-registered equity securities, effective March 18, 2026. This aligns FPI insiders' disclosure obligations with those of U.S. domestic issuers, enhancing market transparency while exempting >10% holders from reporting. Compliance professionals must prioritize preparation as the deadline approaches in two weeks from today (March 3, 2026).
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All Firms
SFC bans Andy Lau Ka Ho for life
No description available.
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Topics:
Broker DealerWealth ManagerBank
Councils,The Expert Panel on the Revision of the Corporate Governance Code (2nd meeting) Material
No description available.
Sectors:
Topics:
BankAsset ManagerBroker Dealer
The EBA and ESMA consult on revised suitability assessment requirements for banks and investment firms
The EBA and ESMA consult on revised suitability assessment requirements for banks and investment firms 25 February 2026 Investor protection The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) today launched a consultation on the revised joint guidelines on the assessment of the suitability of members of the management body and key function holders . The revised guidelines form part of a broader package designed to harmonise suitability assessments and...
AI Analysis
The EBA and ESMA have launched a consultation on revised joint guidelines updating suitability assessments for management body members and key function holders in banks and investment firms, incorporating new requirements from the revised CRD and MiFID II to enhance harmonization and supervisory convergence. This matters for compliance professionals as it introduces mandatory assessments for additional roles, strengthens AML/CFT links, and includes simplifications to reduce burdens, potentially impacting governance processes once finalized and replacing the 2021 guidelines.
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Topics:
BankBroker DealerAll Firms
Misconduct reports to ASIC highlight spike in corporate governance issues
Misconduct reports to ASIC highlight spike in corporate governance issues
Sectors:
Topics:
BankWealth ManagerAll Firms
SECโs Division of Enforcement Announces Updates to Enforcement Manual
The Securities and Exchange Commissionโs Division of Enforcement today announced significant updates to its Enforcement Manual. These updates underscore the Commissionโs ongoing commitment to fairness, transparency, and efficiency in the investigationsโฆ
AI Analysis
The SEC's Division of Enforcement announced updates to its Enforcement Manual on February 24, 2026, focusing on enhancing fairness, transparency, and efficiency in investigations through standardized procedures like the Wells process and settlement considerations. These changes, the first major revisions since 2017, introduce uniform timelines and best practices to streamline resolutions and improve dialogue with investigated parties. Compliance professionals should prioritize this as it directly affects how firms respond to SEC inquiries, potentially accelerating outcomes and reducing uncertainties in enforcement actions.
Sectors:
Topics:
Asset ManagerBroker DealerHedge Fund
Independent Football Regulator and FCA Memorandum of Understanding
We have signed a Memorandum of Understanding (MoU) with the Independent Football Regulator (IFR). The MoU establishes how the 2 organisations will work together and support effective regulation where football and financial services intersect.It also sets out a high-level framework for principles for cooperation between the IFR and the FCA.Read the MoU (PDF)
AI Analysis
The FCA has signed a Memorandum of Understanding (MoU) with the newly established Independent Football Regulator (IFR) to define cooperation on regulating intersections between football clubs and financial services, such as ownership suitability, licensing, and financial sustainability. This matters for compliance professionals as it formalizes information sharing and joint oversight, potentially impacting firms involved in football-related financing, investments, or consumer credit products tied to sports. It supports the Football Governance Act 2025 framework, enhancing regulatory alignment where financial misconduct could affect club operations.[https://www.fca.org.uk/news/statements/mou-independent-football-regulator-fca]
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Topics:
BankFintechPayment Provider
CFTC Chairman Selig Announces Senior Staff Appointments
No description available.
Sectors:
Topics:
BankFintechCrypto Exchange
ESMA sanctions Regis-TR for serious breaches of organisational obligations
ESMA sanctions Regis-TR for serious breaches of organisational obligations 19 February 2026 Press Releases Securities Financing Transactions Supervision Trade Repositories The European Securities and Markets Authority (ESMA), the European Unionโs (EU) financial markets regulator and supervisor, has fined the trade repository (TR) REGIS-TR, S.A. a total of EUR 1,374,000 for seven infringements under the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions ...
AI Analysis
ESMA has fined REGIS-TR, S.A. โฌ1,374,000 for seven negligent breaches of organisational obligations under EMIR and SFTR, marking the first SFTR enforcement action and ESMA's highest fine against a trade repository. The breaches involved deficiencies in policies, procedures, organisational structure, operational risk management, and data confidentiality, compromising SFTR reporting and market data integrity. This underscores ESMA's intensified enforcement on trade repositories (TRs) to ensure high-quality data for market surveillance and financial stability.
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All Firms
Councils,The second meeting of the Expert Panel on the Revision of the Corporate Governance Code (2025-2026)
No description available.
Sectors:
Topics:
BankWealth Manager
Institutions, Anchors, and Their Discontents: The Role of Central Banks - Speech by Governor Gabriel Makhlouf to Blavatnik School of Government
It is a pleasure to be here in Oxford 1 While Iโm aware that this is a school of government and Iโm a central banker, the two are inextricably linked. Societies and indeed economies are shaped by their institutions, specifically the legal, social, cultural, formal and informal norms that impact the way citizens interact with each other. Successful institutions are those that are trusted by the societies that created them and for which they ultimately serve. Today I am going to resist the oppo...
AI Analysis
Governor Gabriel Makhlouf's speech at the Blavatnik School of Government addresses central bank independence as a foundational institutional mechanism for delivering price stability and economic prosperity, rather than as a shield from accountability. The speech is not a regulatory enforcement action or new requirement, but rather a governance statement clarifying the Central Bank of Ireland's institutional philosophy on independence, credibility, and accountabilityโmatters that directly affect how the CBI exercises supervisory discretion over regulated firms.
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BankAsset ManagerPayment Provider
Circular CSSF 26/907 (only in French)
Exigences applicables au rรฉviseur dโentreprises agrรฉรฉ spรฉcial auprรจs des รฉtablissements de crรฉdit รฉmetteurs de lettres de gage
AI Analysis
Circular CSSF 26/907, published on February 18, 2026, establishes requirements for **approved special statutory auditors (rรฉviseurs d'entreprises agrรฉรฉs spรฉciaux) serving credit institutions that issue mortgage bonds (lettres de gage)**. This circular formalizes the governance and audit standards applicable to a specialized auditor role within Luxembourg's credit institution framework, ensuring enhanced oversight of entities engaged in mortgage bond issuance.
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Topics:
Bank
ESMA supports the simplified European Sustainability Reporting Standards and suggests targeted adjustments
ESMA supports the simplified European Sustainability Reporting Standards and suggests targeted adjustments 18 February 2026 Issuer disclosure Press Releases Sustainable finance The European Securities and Markets Authority, the EUโs financial markets regulator and supervisor, has delivered its opinion on the draft revised European Sustainability Reporting Standards (ESRS) developed by EFRAG. ESMA strongly supports the European Commissionโs goal of enhancing competitiveness and growth through ...
AI Analysis
ESMA has issued an opinion supporting EFRAG's draft simplified European Sustainability Reporting Standards (ESRS) under the CSRD, praising improvements in readability and materiality focus while recommending targeted adjustments to enhance investor protection and financial stability. This matters for compliance professionals as it signals upcoming refinements to sustainability disclosures, with pragmatic supervision promised during the transition, potentially reducing short-term burdens but requiring monitoring of final delegated act adoption by summer 2026.
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Topics:
Asset ManagerBankInsurance
SSM Calendar Claude Wampach โ 11/2025
No description available.
Sectors:
Topics:
BankAsset ManagerWealth Manager
Alain Girard to assume leadership of FINMAโs Banks division
The Board of Directors of the Swiss Financial Market Supervisory Authority FINMA has appointed Alain Girard as the new Head of its Banks division. The current Head of the Recovery and Resolution division will take up his new role on 1 April 2026. He succeeds Thomas Hirschi, who left FINMA at the end of August 2025. Simon Brรถnnimann, who oversaw the Banks division on an interim basis, will now assume leadership of the Recovery and Resolution division on an interim basis.
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Topics:
BankWealth ManagerAsset Manager
ECB welcomes extension of Frank Eldersonโs term as Vice-Chair of the Supervisory Board
No description available.
Sectors:
Topics:
BankAll Firms
FCA fines former chief executive of Carillion plc (in liquidation)
The FCA has fined Richard Howson ยฃ237,700 for his part in misleading statements being issued by Carillion plc. As group chief executive, Mr Howson was aware of serious financial troubles in Carillionโs UK construction business. He failed to reflect this in company announcements or alert its board and audit committee, leading to poor oversight.The fine was imposed after Mr Howson withdrew his challenge to the FCAโs decision.Mr Howson was one of two executive directors on Carillionโs Board. His...
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BankWealth ManagerAll Firms
Circular letter
AML/CFT standardised data collection taking place in 2026
AI Analysis
The CSSF Circular Letter 2026-02-12 announces a standardized data collection exercise on AML/CFT for supervised entities, scheduled for 2026, aimed at enhancing regulatory oversight of money laundering and terrorist financing risks. This matters because it signals intensified CSSF scrutiny on AML/CFT compliance, requiring firms to prepare structured data submissions that could inform future supervisory actions, risk assessments, and enforcement. As part of broader CSSF AML/CFT initiatives, non-compliance risks fines or heightened inspections.
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Topics:
BankPayment ProviderAll Firms
Report on declared time commitment of non-executive directors in the SSM
No description available.
Sectors:
Topics:
BankAsset ManagerWealth Manager
Reinforcing Resilience, Responding to Change: Priorities for the Year Ahead - Speech by Governor Gabriel Makhlouf to Head of EU Missions
I would like to welcome you all to the Central Bank of Ireland today 1 . We are delighted to host this gathering of EU Heads of Missions, representatives of our friends and partners from across the EU. A little over a year ago I had the pleasure to meet with you all. I spoke then of a geopolitical landscape facing significant strain and complexity; of the rise of economic nationalism and trade disputes; as well as the shift from cooperation to competition, and its impact on our ability to mee...
AI Analysis
This speech by Central Bank of Ireland (CBI) Governor Gabriel Makhlouf outlines priorities for building economic and financial resilience amid geopolitical risks, climate change, technological shifts, and geoeconomic fragmentation, emphasizing domestic policy focus areas like infrastructure, indigenous business growth, and fiscal buffers. It matters for compliance professionals as it previews CBI's forthcoming 2026 regulatory and supervisory priorities, signaling heightened scrutiny on operational and financial resilience, consumer protection, and alignment with a transforming regulatory framework. https://www.centralbank.ie/news/article/speech-governor-makhlouf-head-eu-missions-10-February-2026
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BankAsset ManagerInsurance
UCI Reports foreseen by Circular CSSF 21/790 for year-ends 31 January 2026, 28 February 2026, 31 March 2026 and 30 April 2026 now available on eDesk and information on main updates
No description available.
AI Analysis
This CSSF communiquรฉ announces the availability of updated UCI Reports (SAQ, SR, and ML) under Circular CSSF 21/790 on the eDesk platform's CISERO module for specific 2026 year-ends, with key enhancements focused on valuation, NAV determination, and risk-based streamlining. It matters for Luxembourg UCIs as it reflects evolving supervisory priorities, aligns with EU directives like Directive (EU) 2024/927, and imposes refined self-assessment obligations to bolster resilience in stressed conditions and liquidity management.
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Asset Manager
SFC obtains compensation and disqualification orders against former directors of Arta TechFin Corporation Limited
No description available.
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BankBroker DealerAsset Manager
SFC reprimands and fines Kylin International (HK) Co., Limited $9 million for fund management failures
No description available.
AI Analysis
The SFC reprimanded and fined Kylin International (HK) Co., Limited $9 million for systemic failures in managing private sub-funds from August 2018 to July 2021, including unmanaged conflicts of interest, inadequate reconciliations/valuations, weak KYC/suitability controls, AML/CTF record-keeping lapses, and misrepresentations to investors. This enforcement action underscores the SFC's heightened scrutiny of private fund managers, emphasizing senior management accountability and robust systems/controls to protect market integrity. Compliance professionals should note it as a deterrent signal, aligning with recent SFC circulars on escalating penalties for persistent misconduct.
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Asset Manager
Documents for Consultation
Documents for Consultation
AI Analysis
This FSCA publication lists multiple active and draft consultation documents primarily focused on capital markets regulations (e.g., JSE rules amendments) and collective investment schemes (CIS) standards, inviting stakeholder input on proposed changes to enhance market integrity, trading mechanisms, and governance. It matters for compliance professionals as it signals imminent updates to listing requirements, equities rules, and conduct standards that could reshape operational, disclosure, and access protocols in South Africa's financial markets, requiring proactive review to avoid enforcement risks. https://www.fsca.co.za/Document-For-Consultation [FSCA source].
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Asset ManagerBroker DealerAll Firms
Trustee Toolkit
Trustee Toolkit
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Insurance
Enforcement Matters
OVERVIEW
AI Analysis
This FSCA "Enforcement Matters" publication details the regulator's ongoing supervisory enforcement activities, primarily through curatorships imposed on non-compliant financial institutions under South African financial sector laws. It matters for compliance professionals as it exemplifies the FSCA's readiness to escalate to court-ordered curatorships and administrative penalties for serious breaches, signaling a robust enforcement posture to deter misconduct and protect market integrity.
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Asset ManagerWealth ManagerAll Firms
Call Us ๎
Call Us ๎
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InsuranceCrypto ExchangeAll Firms
Administrative sanction of 6 February 2026
Administrative sanction imposed on Corestate Capital Holding S.A.
AI Analysis
The CSSF published an administrative sanction on 6 February 2026 against Corestate Capital Holding S.A., likely for breaches in regulatory compliance such as depositary duties, oversight, or governance under Luxembourg financial laws, marking a repeat enforcement action following a prior sanction in June 2025. This matters for compliance professionals as it underscores CSSF's aggressive enforcement on alternative investment fund managers (AIFMs) and depositaries, signaling heightened scrutiny on safekeeping, oversight, and internal controls to prevent systemic risks in Luxembourg's fund sector. It highlights the regulator's willingness to impose public nominative sanctions, amplifying reputational damage alongside fines.
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Asset ManagerAll Firms
Administrative sanction of 6 February 2026
Administrative sanction imposed on Corestate Capital Holding S.A.
AI Analysis
The CSSF published an administrative sanction on 6 February 2026 against Corestate Capital Holding S.A., likely imposing a fine for regulatory breaches, marking a repeat enforcement action following a prior sanction on the same entity dated 20 June 2025. This matters as it underscores CSSF's intensified supervisory scrutiny on Luxembourg-based investment managers, particularly regarding governance, asset safekeeping, and oversight duties under AIFM Law, signaling heightened enforcement risks for similar firms. Compliance teams should review it for patterns in depositary and transparency violations evident in recent CSSF cases.
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Asset ManagerAll Firms
Reappointment of Claude Marx as Director General of the CSSF
Press release 26/03
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BankWealth Manager
Administrative sanction of 23 July 2025
Administrative sanction imposed on Genรจve Invest (Europe) S.A.
AI Analysis
The CSSF imposed an administrative sanction on 23 July 2025 against Genรจve Invest (Europe) S.A., a Luxembourg-regulated entity, for breaches of professional obligations, as detailed in a publication released on 4 February 2026. This enforcement action underscores the CSSF's focus on robust internal controls and compliance with investment rules, serving as a warning to investment firms on the consequences of organizational and conduct failures. Compliance professionals should note it as evidence of heightened CSSF scrutiny on fund managers handling client assets and counterparties.
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Asset ManagerWealth ManagerAll Firms
Director of Warwick Gold and Impact Gold disqualified from managing corporations for four years
Director of Warwick Gold and Impact Gold disqualified from managing corporations for four years
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Asset ManagerWealth ManagerBank
ASIC permanently bans Patrick Nong from the financial services industry
ASIC permanently bans Patrick Nong from the financial services industry
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Wealth Manager
ESMA launches selection process for its next Chair
ESMA launches selection process for its next Chair 03 February 2026 About ESMA Careers Vacancies The European Securities and Markets Authority (ESMA), the EUโs financial markets regulator and supervisor, has launched the selection procedure for the position of ESMA Chair . This key leadership role offers the opportunity to shape the future of Europeโs financial markets and steer the organisation through an evolving regulatory and supervisory landscape. As a fullโtime, independent professional...
AI Analysis
ESMA has launched a selection process for its next Chair, a full-time independent role based in Paris responsible for leading strategic direction, governance, and representation amid evolving EU financial markets regulation. This matters for compliance professionals as the incoming Chair will influence ESMA's supervisory priorities, enforcement approach, and adaptation to upcoming legislative changes like market integration proposals, potentially impacting how firms navigate cross-border supervision and reporting requirements.
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All Firms
Councils,The Expert Panel on the Revision of the Corporate Governance Code (1st meeting) Minutes
No description available.
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BankWealth ManagerAll Firms
SEC Appoints New Chairman and Board Members to PCAOB
The Securities and Exchange Commission today announced the appointment of Demetrios (Jim) Logothetis, as Chairman, and Mark Calabria, Kyle Hauptman, and Steven Laughton, as Board members, of the Public Company Accounting Oversight Board (PCAOB). Georgeโฆ
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Asset ManagerBroker DealerBank
Backgrounder: Consultative document on Senior Leader Accountability
Backgrounder: Consultative document on Senior Leader Accountability
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BankWealth ManagerAsset Manager
CFTC Announces Tyler S. Badgley as General Counsel
No description available.
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All Firms
Continuing Education
Continuing Education
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Broker DealerWealth ManagerAsset Manager
Consolidated Reports
Consolidated Reports
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Broker DealerAsset ManagerBank
Conflicts of Interest
Conflicts of Interest
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Broker DealerBankAsset Manager
Central Registration Depository (CRD)
Central Registration Depository (CRD)
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Broker DealerWealth ManagerAsset Manager
Carrying Agreements
Carrying Agreements
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Broker DealerAsset ManagerBank
Branch Offices
Branch Offices
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Broker DealerWealth ManagerBank
Books and Records
Books and Records
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Broker DealerAsset ManagerBank
Regulatory Notice 25-01
Regulatory Notice 25-01
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Broker DealerBank
Special Notice โ 5/15/25
Special Notice โ 5/15/25
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Broker DealerAsset ManagerAll Firms
Information Notice - 8/14/25
Information Notice - 8/14/25
AI Analysis
This FINRA Information Notice dated August 14, 2025, reminds registered persons and firms of annual continuing education (CE) requirements under FINRA Rule 1240, including 2025 Regulatory Element completion by December 31, 2025, and resources for Firm Element plans via the FLEX catalog. It matters because non-compliance triggers automatic CE inactive status, halting registered activities, with today's date (January 25, 2026) indicating the deadline has passed, requiring immediate remediation for affected individuals.[https://www.finra.org/rules-guidance/notices/information-notice-20250814]
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Broker DealerAll Firms
Regulatory Notice 25-09
Regulatory Notice 25-09
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Broker DealerWealth ManagerBank
Election Notice โ 9/4/25
Election Notice โ 9/4/25
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Broker DealerAsset ManagerBank
Regulatory Notice 25-13
Regulatory Notice 25-13
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Broker DealerWealth ManagerBank
Election Notice โ 10/20/25
Election Notice โ 10/20/25
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Broker DealerAsset ManagerAll Firms
Regulatory Notice 26-02
Regulatory Notice 26-02
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Broker DealerWealth ManagerBank
Statement of Policy on statutory investigations into regulatory failure and producing reports [PDF]
Policy and guidance
AI Analysis
The FCA's updated Statement of Policy outlines its approach to statutory investigations into possible regulatory failures under Part 5 of the Financial Services Act 2012, including criteria for triggering investigations and producing reports for HM Treasury. It matters because it clarifies when the FCA must self-scrutinize serious lapses in regulation, helping firms anticipate rare but high-profile probes into systemic issues affecting consumer protection, market integrity, or competition. The primary update adjusts inflation-linked monetary thresholds for assessing "significant" consumer detriment, ensuring the policy remains relevant.
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Asset ManagerBankInsurance
PS25/23: Tackling non-financial misconduct in financial services
Policy statements
AI Analysis
The FCA's PS25/23 finalizes guidance on tackling **non-financial misconduct (NFM)** in financial services, amending the COCON sourcebook to clarify how serious NFM breaches conduct rules and integrating it into FIT assessments for fitness and propriety. This matters because it aligns rules across banks and non-banks, enhances accountability, deters harmful workplace cultures, and supports FCA objectives like consumer protection and market integrity by ensuring consistent handling of issues like bullying or harassment.
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Asset ManagerBankInsurance
ASIC bans former Lighthouse Partners director Timothy Archibald for 10 years for fees for no service conduct
ASIC bans former Lighthouse Partners director Timothy Archibald for 10 years for fees for no service conduct
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Wealth ManagerAll Firms
ASIC sends clear message to super trustees amid glaring retirement communications gaps
ASIC sends clear message to super trustees amid glaring retirement communications gaps
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Asset ManagerWealth ManagerInsurance
Directors of Perth-based financial services company charged over five-year failure to lodge financial accounts with ASIC
Directors of Perth-based financial services company charged over five-year failure to lodge financial accounts with ASIC
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BankWealth ManagerAll Firms
ASIC bans former Crown Wealth Group director Brendan Rodwell for failing to report fees for no service conduct
ASIC bans former Crown Wealth Group director Brendan Rodwell for failing to report fees for no service conduct
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Wealth ManagerBank
Banned SMSF Auditor charged with continuing to act whilst disqualified and falsifying documents
Banned SMSF Auditor charged with continuing to act whilst disqualified and falsifying documents
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Asset ManagerWealth ManagerBank
ASIC calls on Australian companies to adopt better practices to protect whistleblowers
ASIC calls on Australian companies to adopt better practices to protect whistleblowers
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BankWealth ManagerAll Firms
ASIC suspends AFS licence of MW Planning Pty Ltd following failure to replace responsible manager
ASIC suspends AFS licence of MW Planning Pty Ltd following failure to replace responsible manager
Sectors:
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Wealth Manager
ASIC renews guidance on managing conflicts of interest in financial services
ASIC renews guidance on managing conflicts of interest in financial services
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Asset ManagerWealth ManagerBank
CADB cancels registration of Sydney auditor for breaching duties across 10 ASX-listed audits
CADB cancels registration of Sydney auditor for breaching duties across 10 ASX-listed audits
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BankBroker Dealer
Richard Ernest Aurichtโs liquidator registration cancellation overturned on appeal, substituted with five-year suspension
Richard Ernest Aurichtโs liquidator registration cancellation overturned on appeal, substituted with five-year suspension
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BankWealth ManagerAll Firms
Chairman Selig to Sponsor the CFTCโs Agricultural Advisory Committee
No description available.
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BankBroker DealerFintech
List of members of the Consultative Committee for the Audit Profession (Updated)
No description available.
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BankWealth ManagerAsset Manager
Division of Corporation Finance Names Senior Staff
The Securities and Exchange Commission today announced the senior team from the Division of Corporation Finance responsible for advising division Director James Moloney on all matters the division has before the Commission. These include rulemakingโฆ
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BankBroker DealerWealth Manager
Keith E. Cassidy Named Director of the Division of Examinations
The Securities and Exchange Commission today announced that Keith E. Cassidy has been appointed Director of the Division of Examinations. Mr. Cassidy has served as Acting Director since May 2024 and previously was the divisionโs Deputy Director, Actingโฆ
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BankBroker DealerAsset Manager
New Circular CSSF 26/906 โCentral administration, internal governance and risk managementโ applicable to payment and electronic money institutions
No description available.
AI Analysis
CSSF Circular 26/906, published on 20 January 2026, establishes detailed requirements for central administration, internal governance, and risk management for payment institutions (PIs) and electronic money institutions (EMIs) in Luxembourg, repealing prior circulars IML 95/120, IML 96/126, IML 98/143, and CSSF 04/155. It clarifies application of the amended Law of 10 November 2009 on payment services, emphasizing robust governance amid sector growth to ensure safety, efficiency, and trust. This matters for compliance as it mandates comprehensive reviews and updates to governance frameworks by mid-2026, addressing rising transaction volumes.
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Payment ProviderFintech
Circular CSSF 26/906
Central administration, internal governance and risk management
AI Analysis
Circular CSSF 26/906, published on 20 January 2026, consolidates and clarifies Luxembourg's rules on central administration, internal governance, and risk management specifically for payment institutions, electronic money institutions, and account information service providers. It repeals prior circulars (IML 95/120, IML 96/126, IML 98/143, and CSSF 04/155) to address growth in transaction volumes by mandating robust governance, control functions, and risk processes, enhancing safety, efficiency, and trust in these services. This matters for compliance professionals as it strengthens defenses against financial crime, operational risks, and supervisory scrutiny in a high-growth sector.
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Payment Provider
Circular CSSF 26/905
Application of the Guidelines of the European Banking Authority on the management of environmental, social and governance (ESG) risks (EBA/GL/2025/01)
AI Analysis
Circular CSSF 26/905 mandates the application of EBA Guidelines (EBA/GL/2025/01) on managing **ESG risks** for Luxembourg-supervised institutions, requiring integration of environmental, social, and governance risk identification, measurement, management, and monitoring into internal processes. This aligns with CRD amendments (Articles 74, 76, 87a) and emphasizes proportionality to institutions' business models, with plans including timelines, targets, and milestones toward EU climate goals like net-zero by 2050. It matters for compliance as it embeds ESG into prudential supervision, potentially impacting capital, risk frameworks, and supervisory reviews.
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BankAll Firms
PS1/26 โ Implementation of Basel 3.1: Final rules
Policy statement 1/26
AI Analysis
PS1/26 represents the UK Prudential Regulation Authority's final implementation framework for the Basel 3.1 international banking standards, effective 1 January 2027 (with market risk internal models delayed to 1 January 2028). This policy statement establishes mandatory capital, credit risk, operational risk, and market risk requirements for UK-regulated banks, building societies, and investment firms, addressing post-financial crisis shortcomings in risk-weighted asset (RWA) calculations and capital adequacy frameworks.
Action Required
The Prudential Regulation Authority (PRA) has published the final rules for the implementation of Basel 3.1 standards in the UK, with an effective date of January 1, 2027. The rules aim to enhance the resilience of banks and improve the stability of the financial system. Firms must review and update their policies and procedures to ensure compliance with the new requirements.
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BankBroker DealerAsset Manager
ML/FT Sub-Sector Risk Assessment on Specialised Professionals of the Financial Sector providing corporate services (trust and company service provider activities) (Updated)
2026 update
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BankWealth ManagerFamily Office
Tribunal upholds ban and fines for corrupt and dishonest adviser
The FCA's decision to ban Darren Antony Reynolds from working in financial services and fine him ยฃ2,037,892 has been upheld by the Upper Tribunal. The FCA's decision to ban Darren Antony Reynolds from working in financial services and fine him ยฃ2,037,892 has been upheld by the Upper Tribunal.Mr Reynolds was dishonest when he gave pension transfer advice and investment recommendations to his customers, causing them significant harm.Mr Reynolds showed a clear disregard for his customersโ intere...
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Wealth ManagerAll Firms
New speech by Kelvin Wong: Speech at the Hong Kong Chartered Governance Instituteโs Annual Reception 2026
No description available.
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BankWealth ManagerAsset Manager
J. Russell McGranahan Named SEC General Counsel
The Securities and Exchange Commission today announced that J. Russell โRustyโ McGranahan has been named SEC General Counsel. As the SECโs chief legal officer, Mr. McGranahan will oversee the provision of legal expertise and advice to the Office of theโฆ
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BankAsset ManagerBroker Dealer
Letter from Rebecca Jackson and Alison Scott โ International Banks Supervision: 2026 priorities
Letter to Chief Executive Officers of PRA regulated international banks active in the UK
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BankWealth Manager
The evolution of the Bankโs approach to resolution โ speech by Dave Ramsden
Given at Kingโs College London
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BankWealth ManagerAll Firms
Speech by Gerry Cross, Director, Capital Markets and Funds, Central Bank of Ireland at Compliance Institute AGM - Supervising for success: some themes for a time of change
Introduction Good morning and thank you to Michael for inviting me to speak at the Compliance Instituteโs Annual General Meeting. It is always a real pleasure to engage with compliance professionals. At the Central Bank, we recognise the essential role played by the compliance community in ensuring that financial firms are well-run and contributing to a financial system that is trusted and resilient. We also recognise the important role played by the compliance institute, equipping those work...
AI Analysis
This speech by Gerry Cross, Director of Capital Markets and Funds at the Central Bank of Ireland (CBI), outlines key supervisory priorities including securing customers' interests via the revised Consumer Protection Code, Individual Accountability Framework (IAF) implementation, regulatory simplification, resilience, technology leverage, and an evolving outcomes-focused supervision approach. It matters because it signals CBI's expectations for compliance professionals to drive these outcomes in firms, emphasizing proportionality and ongoing engagement amid regulatory evolution. Compliance teams must integrate these themes to align with CBI's shift toward less process-driven, more effective oversight.
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Asset ManagerBankAll Firms
SFC obtains disqualification order against former executive director of National United Resources Holdings Limited
No description available.
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BankWealth ManagerAsset Manager
International central bankers on the statement by Federal Reserve Chair Powell on 11 January 2026
We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell.
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BankAsset ManagerWealth Manager
Paul Tzur and David Morrell Named Deputy Directors of the Division of Enforcement
The Securities and Exchange Commission today announced that Paul H. Tzur and David M. Morrell have been named as Deputy Directors of the Division of Enforcement. Mr. Tzur joined the Commission on January 6, 2026, as the Deputy Director overseeing theโฆ
AI Analysis
The SEC announced on January 12, 2026, the appointment of Paul H. Tzur and David M. Morrell as Deputy Directors of the Division of Enforcement, with Tzur joining on January 6, 2026, to oversee key operations. This personnel change is part of a broader reorganization replacing Regional Directors with Deputy Directors for more centralized oversight of investigations. It matters for compliance teams as it signals greater consistency in enforcement approaches, potentially affecting investigation timelines, Wells process strategies, and settlement negotiations across SEC-regulated entities.
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Asset ManagerBroker DealerHedge Fund
Administrative sanction of 11 September 2025
Administrative sanction imposed on the alternative investment fund manager Max Gain Capital S.ร r.l. (โAIFMโ)
AI Analysis
The CSSF imposed a โฌ10,000 administrative fine on Max Gain Capital S.ร r.l., an alternative investment fund manager, on 11 September 2025 for failing to submit a mandatory annual financial crime questionnaire by the April 2025 deadline. This enforcement action demonstrates the CSSF's active monitoring of AML/CFT compliance obligations and its willingness to sanction non-cooperation, even for procedural failures unrelated to substantive money laundering violations.
Sectors:
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Asset ManagerAll Firms
Administrative sanction of 23 July 2025
Administrative sanction imposed on JTC (Luxembourg) S.A.
AI Analysis
The CSSF imposed a โฌ102,000 administrative fine on JTC (Luxembourg) S.A. on 23 July 2025 for breaches in its professional obligations as a depositary of non-financial assets under the AIFM Law, identified during an on-site inspection from February 2023 to January 2024 covering activities up to December 2022. This enforcement action highlights CSSF's scrutiny of depositary functions, particularly risk assessment and oversight controls, serving as a warning for similar entities to strengthen compliance amid rising supervisory focus on AIFM depositaries.
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Asset Manager
Circular CSSF 24/853 (as amended by Circulars CSSF 25/870 and 26/904) (Updated)
Long Form Report โ Practical rules concerning the self-assessment questionnaire to be submitted by investment firms โ Mission and related reports of the rรฉviseurs dโentreprises agrรฉรฉs (approved statutory auditors)
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Broker DealerAll Firms
The AMF Enforcement Committee fines an asset management company and its directors for breaches of their professional obligations
Sanctions & settlements professional obligations Journalists Investment management companies The AMF Enforcement Committee fines an asset management company and its directors for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee fined asset management company M Capital Partners โฌ200,000 and its directors Rudy Secco (โฌ70,000) and Stรฉphanie Minissier (โฌ35,000) on 31 December 2025 for breaches of professional obligations spanning August 2019 to December 2023, including non-operational investment systems, deficient AML/CFT procedures, inadequate conflict of interest management, and poor due diligence traceability. This decision underscores AMF's focus on operational robustness in asset management, with personal liability for senior managers, signaling heightened enforcement risk for similar firms. Compliance teams must prioritize reviewing internal procedures to avoid comparable sanctions, as appeals are possible but do not suspend obligations.
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Asset Manager
Circular CSSF 26/904
Update of Circular CSSF 24/853 on the Long Form Report (as amended by Circular CSSF 25/870) โ Practical rules concerning the self-assessment questionnaire to be submitted by investment firms Mission and related reports of the rรฉviseurs dโentreprises agrรฉรฉs (approved statutory auditors)
AI Analysis
Circular CSSF 26/904 updates Circular CSSF 24/853 (as amended by Circular CSSF 25/870) by introducing a revised Long Form Report (LFR) for investment firms, featuring a digital self-assessment questionnaire (SAQ) and enhanced auditor reports focused on AML/CFT and risk management. This matters because it aligns reporting with CSSF's risk-based supervision under CSSF 4.0, reduces redundancies, applies proportionality based on business models, and mandates digital submission to improve efficiency and data analysis.
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Asset ManagerBroker DealerAll Firms
2026 fines
This page contains information about fines published during 2026. The total amount of fines so far is ยฃ371,700. Firm or individual finedDateAmountReasonRichard Adam07/01/2026ยฃ232,800The Final Notice refers to knowing concern in breaches of Article 15 of the Market Abuse Regulations, Listing Rule 1.3.3R, Listing Principle 1 and Premium Listing Principle 2.Zafar Khan07/01/2026ยฃ138,900The Final Notice refers to knowing concern in breaches of Article 15 of the Market Abuse Regulations, Listing Ru...
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Topics:
BankBroker DealerAsset Manager
FCA fines former finance directors of Carillion plc (in liquidation)
The FCA has fined 2 former finance directors for their part in misleading statements being issued by Carillion plc. Richard Adam and Zafar Khan were both aware of serious financial troubles in Carillionโs UK construction business but failed to reflect this in company announcements or alert the Board and audit committee, leading to poor oversight.Mr Adam and Mr Khan have been fined ยฃ232,800 and ยฃ138,900, respectively. The fines were imposed after Mr Adam and Mr Khan withdrew their challenges t...
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BankWealth ManagerAll Firms
ID 01/26 MAS Notice 126 - Lapses in Own Risk and Solvency Assessment (ORSA) Report Submissions
Inform and remind insurers of MAS Notice 126 requirements and expectations on ORSA report submissions.
AI Analysis
This MAS circular ID 01/26, published on 02 January 2026, addresses observed lapses in ORSA report submissions under MAS Notice 126, specifically reminding insurers not to fully rely on group-level ORSA reports to meet local requirements. It matters because non-compliance risks regulatory scrutiny, enforcement actions, and weakened enterprise risk management (ERM) frameworks essential for solvency and risk oversight in Singapore's insurance sector.
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Topics:
Insurance
CFTC Chairman Selig Announces Amir Zaidi as Chief of Staff
No description available.
Sectors:
Topics:
BankBroker DealerCrypto Exchange
SEC Announces Retirement of Division of Corporation Finance Deputy Director Cicely LaMothe
The Securities and Exchange Commission today announced that Cicely LaMothe, Deputy Director of the Division of Corporation Finance, has retired from the agency.โCicely has gone above and beyond the call of duty over the past twenty-four years to serveโฆ
Sectors:
Topics:
Asset ManagerBroker DealerWealth Manager
Minutes of the Meeting of the Court of Directors held on 28 October 2025
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.
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BankAsset ManagerWealth Manager
Circular CSSF 25/903
Update of Circular CSSF 24/850 on the practical rules concerning the descriptive report and the self-assessment questionnaire to be submitted on an annual basis by support PFS, as well as the engagement of the rรฉviseurs dโentreprises agrรฉรฉs (approved statutory auditors) of support PFS and practical rules concerning the management letter and the separate report to be drawn up on an annual basis.
AI Analysis
Circular CSSF 25/903 updates Circular CSSF 24/850, refining practical rules for support Professional of the Financial Sector (support PFS) in Luxembourg regarding their annual descriptive report, self-assessment questionnaire, and the roles of approved statutory auditors (rรฉviseurs dโentreprises agrรฉรฉs). It specifies requirements for auditors' engagement, management letters, and separate annual reports. This matters for support PFS as it enhances supervisory oversight, ensures consistent reporting quality, and strengthens internal controls, directly impacting compliance and audit processes amid CSSF's focus on robust PFS supervision.
Sectors:
Topics:
All FirmsFintechPayment Provider
Circular CSSF 24/850 (as amended by Circular CSSF 25/903) (Updated)
Practical rules concerning the descriptive report and the self-assessment questionnaire to be submitted on an annual basis by support PFS.Engagement of the rรฉviseurs dโentreprises agrรฉรฉs (approved statutory auditors) of support PFS and practical rules concerning the management letter and the separate report to be drawn up on an annual basis.
AI Analysis
Circular CSSF 24/850, as amended by Circular CSSF 25/903, establishes practical rules for support Professional of the Financial Sector (support PFS) in Luxembourg to submit annual descriptive reports and self-assessment questionnaires, while also defining the roles of approved statutory auditors (rรฉviseurs dโentreprises agrรฉรฉs) in issuing management letters and separate reports. This guidance standardizes supervisory reporting and audit processes to enhance oversight of support PFS, which provide essential back-office services to authorized PFS. It matters because non-compliance risks supervisory sanctions, reputational damage, and operational disruptions for entities reliant on support PFS structures.
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Topics:
BankWealth ManagerAll Firms
Michael Selig Sworn In as 16th CFTC Chairman
No description available.
Sectors:
Topics:
BankBroker DealerCrypto Exchange
Acting Chairman Caroline D. Pham Announces Departure from CFTC
No description available.
Sectors:
Topics:
BankBroker DealerCrypto Exchange
AMF Enforcement Committee fines the depositary CACEIS Bank for breaches of its professional obligations
Sanctions & settlements professional obligations Journalists Investment management companies Listed companies and issuers AMF Enforcement Committee fines the depositary CACEIS Bank for breaches of its professional obligations
AI Analysis
The AMF Enforcement Committee fined CACEIS Bank โฌ3.5 million and issued a warning on 17 December 2025 for breaches of its professional obligations as depositary for seven French-law UCITS funds managed by H2O AM LLP (later transferred to H2O AM Europe). This decision underscores the AMF's strict enforcement of depositary oversight duties, particularly in verifying fund managers' investment monitoring systems, asset valuations, and compliance with prospectus constraints like issuer limits and security ratings. It matters for compliance teams as it highlights personal accountability risks and potential fines for inadequate due diligence in fund depositary roles, signaling heightened scrutiny amid past H2O fund issues.
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BankAsset ManagerAll Firms
Joshua T. White Named SEC Chief Economist
The Securities and Exchange Commission today announced that financial economist and academic scholar Dr. Joshua T. White will return to the agency beginning the week of Jan. 5, 2026, to serve as its Chief Economist and Director of the Division ofโฆ
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Asset ManagerBroker DealerBank
ECB proposes to extend Frank Eldersonโs term as Vice-Chair of the Supervisory Board
No description available.
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BankAsset ManagerWealth Manager
The AMF Enforcement Committee fines an asset management company and its former director a total of โฌ500,000
Sanctions & settlements professional obligations Journalists Investment management companies The AMF Enforcement Committee fines an asset management company and its former director a total of โฌ500,000
AI Analysis
The AMF Enforcement Committee fined asset management company Novaxia Investissement โฌ400,000 and its former director Joachim Azan โฌ100,000 on 10 December 2025 for breaches of professional obligations, primarily due to an incomplete and non-operational investment/divestment procedure lacking traceability of compliance checks and formalized due diligence. This enforcement action underscores AMF's focus on robust operational procedures in asset management, serving as a deterrent and educational tool for ensuring honest, fair, and diligent business conduct. Compliance teams should prioritize procedure operationalization to avoid similar sanctions, as this fits a pattern of recent AMF fines targeting procedural deficiencies.
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Asset Manager
Circular CSSF 22/811 (as amended by Circular CSSF 25/900) (Updated)
Authorisation and organisation of entities acting as UCI administrators
AI Analysis
Circular CSSF 22/811, as amended by Circular CSSF 25/900, establishes CSSF requirements for the authorisation, governance, internal organisation, and oversight of entities acting as UCI (Undertakings for Collective Investment) administrators in Luxembourg. It matters because it standardises practices amid regulatory, technological, and market evolutions, ensuring robust controls, risk management, and supervision for fund administration activities critical to Luxembourg's fund industry.
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Asset ManagerBankAll Firms
Election Notice - 12/16/2025
Election Notice - 12/16/2025
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Broker DealerAsset Manager
FCA announces new members of its Sustainable Finance Advisory Committee
Earlier this year, we undertook a refresh of our Sustainable Finance Advisory Committee. In line with good governance, we planned to refresh the membership on a staggered basis, allowing us to bring in new expertise whilst benefiting from some continuity. Following this process, we are pleased to announce the appointment of two new members to the Committee:Elly Dowding, Director of ESG AccordFarnam Bidgoli, Independent AdviserThese appointments reflect our commitment to drawing on diverse exp...
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Asset ManagerWealth ManagerAll Firms
Using our full toolkit to help consumers
With over 20 yearsโ experience and responsibility for supervising 5,000 firms, I know that when an issue arises, the first question is often: 'What action will you take?'Thatโs a fair question โ enforcement is one of the most visible ways we act. It often grabs headlines with big fines and publicity.But our role as supervisors is to exercise judgement - selecting the right tool to achieve the best and fastest outcomes for consumers and markets.While enforcement is a vital part of the kit, itโ...
AI Analysis
This FCA blog post outlines the regulator's supervisory "toolkit" for addressing consumer harm, emphasizing proactive supervision over enforcement to achieve faster outcomes like redress and market-wide improvements. It matters because it signals FCA's preference for swift, non-enforcement interventions (e.g., skilled person reviews, voluntary requirements), urging firms to respond promptly to supervisory feedback to avoid escalation. Compliance teams should view this as a reminder to prioritize Consumer Duty compliance, as supervision tools are increasingly tied to it for rapid harm prevention.
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InsuranceAll Firms
The AMF examines the transparency of executive succession plans as part of its 2025 Corporate Governance Report
Governance Annual report Executive & other private individuals Journalists Listed companies and issuers The AMF examines the transparency of executive succession plans as part of its 2025 Corporate Governance Report
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BankAsset ManagerWealth Manager
Public statement relating to Enforcement Action between Central Bank of Ireland and Philip Smith
Mr Philip Smith, former Chief Executive Officer (CEO) and Executive Director of RSA Insurance Ireland DAC disqualified for 13 years by the Central Bank of Ireland for his admitted participation in a breach of financial services law by RSAII On 1 December 2025 the Central Bank of Ireland reprimanded Mr Smith and disqualified him for 13 years from being a person concerned in the management of a regulated financial service provider for his participation in a breach by RSA Insurance Ireland DAC (...
AI Analysis
The Central Bank of Ireland (CBI) reprimanded and disqualified former RSA Insurance Ireland DAC (RSAII) CEO Philip Smith for 13 years from management roles in regulated financial service providers due to his admitted role in under-reserving large loss claims, breaching Article 13(1)(a) of the European Communities (Non-Life Insurance) Framework Regulations 1994 (S.I. No. 359/1994). This enforcement action underscores CBI's commitment to individual accountability for senior executives who circumvent controls, risking policyholder protection and firm solvency, as evidenced by RSAII's subsequent need for a major capital injection. It matters for compliance professionals as it demonstrates CBI's use of prolonged disqualifications and inquiries under the Administrative Sanctions Procedure (ASP) to deter governance failures in insurance firms.
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InsuranceAll Firms
FCA confirms final guidance to tackle serious non-financial misconduct in financial services
We're providing guidance to support firms to tackle bullying, harassment and violence in financial services, after they asked for additional support. In July, we changed our rules โ setting clearer standards for how financial services firms should address non-financial misconduct.This more closely aligned the rules for banks and non-banks. We wanted to give firms the confidence to act against serious misconduct, drive consistency and make it clearer when non-financial misconduct is a breach o...
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BankWealth ManagerAll Firms
David Roberts reappointed as Chair of the Bank of Englandโs Court of Directors and Dame Anne Glover and Diana Noble reappointed as NonโExecutive Directors
David Roberts has been reappointed as Chair of the Court of the Bank of England by His Majesty the King
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BankWealth Manager
Hedwig Ulmer Busenhart joins FINMAโs Executive Board
The Board of Directors of the Swiss Financial Market Supervisory Authority FINMA has appointed Hedwig Ulmer Busenhart as the new Head of the Insurance division. The qualified mathematician and actuary has over 25 years of management experience in the insurance sector and will take up her position on 1 April 2026. She succeeds Birgit Rutishauser, who left FINMA in April 2025.
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Insurance
SEC Announces Departure of OIEA Director Lori J. Schock
The Securities and Exchange Commission today announced that Lori J. Schock, who has served as the Director of the Office of Investor Education and Assistance (OIEA) since 2009, will retire from the agency at the end of December.โI have known Lori forโฆ
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Asset ManagerBroker DealerWealth Manager
PS26/25 โ Discontinuing SS20/15: Supervising building societiesโ treasury and lending activities
Policy statement 26/25
AI Analysis
The Prudential Regulation Authority (PRA) has issued PS26/25, finalizing the withdrawal of Supervisory Statement (SS) 20/15, which previously set prescriptive expectations for building societies' treasury and lending activities, effective immediately upon publication on 5 December 2025. This deregulatory move reduces administrative burdens, enhances proportionality across deposit takers, and promotes competition by aligning building societies more closely with banks, while relying on existing tools like the PRA Rulebook, SMCR, and routine supervision for risk management. It matters for compliance teams as it eliminates specific guidance often misinterpreted as binding requirements, freeing firms to tailor risk frameworks but requiring vigilance on broader prudential expectations.
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Bank
Rรฉmi Bouchez, the new Ombudsman of the Autoritรฉ des Marchรฉs Financiers
Mediation Appointment Institutional Other professionals Executive & other private individuals Retail investors Journalists Investment services providers Investment management companies Listed companies and issuers ...
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Asset ManagerBroker DealerWealth Manager
PS25/25 โ Enhancing banksโ and insurersโ approaches to managing climate-related risks โ Update to SS3/19
Policy statement 25/25
AI Analysis
PS25/25 is the PRA's policy statement providing feedback on CP10/25 and issuing updated Supervisory Statement SS5/25, which replaces SS3/19 to enhance banks' and insurers' management of climate-related financial risks through strengthened governance, risk management, scenario analysis, data quality, and disclosures. It matters because it sets a higher regulatory bar for embedding climate risks proportionately into core processes like ICAAP, ILAAP, ORSA, and financial reporting, promoting resilience and strategic decision-making amid evolving climate threats.
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BankInsurance
SS5/25 โ Enhancing banksโ and insurersโ approaches to managing climate-related risks
Supervisory statement 5/25
AI Analysis
SS5/25 is the PRA's updated supervisory statement, published on 3 December 2025, replacing SS3/19 and setting enhanced expectations for banks and insurers to manage climate-related risks through governance, risk management, scenario analysis, data quality, and disclosures. It matters because it represents a step change from awareness-raising to embedding robust, proportionate practices that integrate climate risks into core prudential processes like ICAAP, ILAAP, ORSA, and capital planning, aligning with the PRA's objectives for firm safety and soundness amid evolving physical and transition risks.
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BankInsurance
Patrick Montagner: Supervision in uncertain times: vigilance, governance and the case for effective supervision
No description available.
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BankAsset ManagerWealth Manager
Swiss Takeover Board: Beat Fellmannโs term of office extended by one year
The Board of Directors of the Swiss Financial Market Supervisory Authority FINMA has extended Beat Fellmannโs term of office by one year until the end of 2026.
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BankWealth Manager
Remit for the Monetary Policy Committee - November 2025
Letter from the Chancellor to the Governor
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BankWealth ManagerAsset Manager
Cristina Martin Firvida to Conclude Tenure as Investor Advocate
The Securities and Exchange Commission today announced that Cristina Martin Firvida, who has served as the Director of the Office of the Investor Advocate since January 2023, will conclude her tenure with the agency at the end of January 2026. Asโฆ
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Asset ManagerWealth ManagerBroker Dealer
The PRA holds model risk management roundtable on artificial intelligence and machine learning technologies
The PRA held roundtable meetings on artificial intelligence and machine learning (AI and ML) in the context of Supervisory Statement (SS)1/23 โModel risk management principles for banksโ
AI Analysis
The Prudential Regulation Authority (PRA) held roundtable sessions on 20 and 22 October 2025 with 21 regulated firms to discuss AI and machine learning (AI/ML) adoption under Supervisory Statement SS1/23 on model risk management (MRM) principles for banks. This matters because it highlights PRA's strategic supervisory focus on AI/ML model risks, urging firms to enhance governance, risk appetite, monitoring, and validation to mitigate opacity, overfitting, and rapid performance degradation in these models. https://www.bankofengland.co.uk/prudential-regulation/publication/2025/november/pra-holds-model-risk-management-roundtable-on-ai | https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/publication/2025/november/ai-roundtable-oct-2025.pdf
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BankAll Firms
CP23/25 โ Regulatory fees and levies: policy proposals for 2026/27 โ Joint PRA and FCA consultation
Consultation paper 23/25
AI Analysis
This joint PRA-FCA consultation (CP23/25 from PRA and Chapter 4 of FCA's CP25/33) proposes policy updates to regulatory fees, levies, and invoice processes for 2026/27, including new fee blocks for emerging activities like PISCES operators and targeted support, alongside adjustments to FOS/FSCS levies and payment timelines. It matters for compliance teams as it directly impacts budgeting, fee calculations, and cash flow management for fee-payers, with potential cost increases and procedural changes effective from April 2026.
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BankFintechPayment Provider
Pedro Machado: Fireside chat
No description available.
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BankAsset ManagerWealth Manager
Statement on the Bankโs Black Heritage Sponsored Internship
Statement from the Bank of England
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BankWealth ManagerAsset Manager
Federal Council appoints new member to FINMAโs Board of Directors
The Federal Council has appointed Katia Villard to the Board of Directors of the Swiss Financial Market Supervisory Authority FINMA. A professor of criminal law, Ms Villard will succeed Ursula Cassani Bossy who is stepping down from FINMA's Board of Directors at the end of the year.
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BankWealth Manager
Claudia Buch: Introductory statement
No description available.
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BankAsset ManagerWealth Manager
Deputy Director of Enforcement Antonia M. Apps to Conclude Her Tenure at the SEC
The Securities and Exchange Commission today announced that Antonia M. Apps, Deputy Director of the Division of Enforcement (Northeast), will conclude her tenure with the agency effective Dec. 1, 2025. โI thank Antonia for her steadfast leadership inโฆ
AI Analysis
This SEC press release announces the departure of Antonia M. Apps, Deputy Director of the Division of Enforcement (Northeast), effective December 1, 2025. It signals ongoing leadership transitions within the restructured Enforcement Division under new SEC Chair Paul Atkins, which may influence enforcement priorities, transparency, and regional consistency, requiring firms to adapt compliance strategies amid a "return to basics" approach focused on core investor protection.
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Broker DealerAsset ManagerAll Firms
Megan Greene reappointed as external member of the Monetary Policy Committee
Megan Greene has been reappointed as an external member of the Monetary Policy Committee by the Chancellor of the Exchequer, Rachel Reeves
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BankAsset ManagerWealth Manager
Written overview for the exchange of views of the Chair of the Supervisory Board of the ECB with the Eurogroup on 12 Nocember 2025
No description available.
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BankAsset ManagerWealth Manager
The AMF Enforcement Committee fines a financial investment advisor and its two directors a total of โฌ2.5 million
Sanctions & settlements Anti-money Laundering Governance Investment advice Other professionals Journalists Investment services providers The AMF Enforcement Committee fines a financial investment advisor and its two directors a total of โฌ2.5...
AI Analysis
The AMF Enforcement Committee fined financial investment advisor Carat GP โฌ300,000 and its directors Jimmy Guinet (โฌ200,000) and Sรฉbastien Renaud (โฌ2 million) a total of โฌ2.5 million on 5 November 2025, imposing permanent bans on Carat GP and Renaud, and a 10-year ban on Guinet, for breaches including inadequate documentation, failure to act honestly and professionally in clients' interests, AML failures, lack of conflict detection systems, and insufficient cooperation with inspectors. This decision marks the first time the Committee held directors personally liable for breaches, signaling heightened personal accountability for senior managers in French investment firms. It matters as it reinforces AMF's focus on governance, AML, and client protection, with severe sanctions serving as a deterrent amid rising enforcement trends.
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Wealth ManagerAsset ManagerAll Firms
Circular CSSF 07/325 (as amended by Circulars CSSF 21/765, CSSF 22/827 and CSSF 25/898) (Updated)
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
AI Analysis
Circular CSSF 07/325, as amended by Circulars CSSF 21/765, CSSF 22/827, and most recently CSSF 25/898, establishes supervisory requirements for EU credit institutions and investment firms operating in Luxembourg via branches or free provision of services (FOPS). It matters for compliance professionals as it defines CSSF's host authority role, notification obligations, reporting, and enforcement powers, ensuring alignment with CRD and MiFID II while adapting to evolving EU rules.
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BankBroker Dealer
Minutes of the Meeting of the Court of Directors held on 19 September 2025
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.
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BankAsset ManagerWealth Manager
ID 14/25 and FAS 16/2025 Amendments to MAS Notice 211 and MAS Notice 502
Notification of Amendments toย Annex 1 ofย MAS Notice 211 on Minimum and Best Practice Training and Competency Standards for Direct General Insurers and Appendix 1 of MAS Notice 502 onย Minimum and Best Practice Training and Competency Standards for Direct General Insurers.
AI Analysis
This MAS circular (ID 14/25 and FAS 16/2025, published 30 October 2025) notifies amendments to Annex 1 of MAS Notice 211 and Appendix 1 of MAS Notice 502, focusing on minimum and best practice **training and competency standards** for direct general insurers and insurance brokers. It matters because these updates strengthen regulatory expectations for staff qualifications in the general insurance sector, ensuring higher professional standards amid evolving risks like AML/CFT, with direct implications for licensing compliance and operational resilience.
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InsuranceBroker Dealer
SS31/15 - The Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and Evaluation Process (SREP)
Supervisory statement 31/15
AI Analysis
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.
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BankBroker Dealer
The Autoritรฉ des Marchรฉs Financiers publishes the findings of its thematic inspections on governance and role of senior managers at asset management companies
Supervision Asset management Governance Journalists Investment management companies The Autoritรฉ des Marchรฉs Financiers publishes the findings of its thematic inspections on governance and role of senior managers at asset management companies
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Asset Manager
PRA and FCA announce changes to banker bonuses for 2025
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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BankWealth Manager
PS21/25 โ Remuneration Reform
Policy statement 21/25
AI Analysis
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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BankAsset ManagerAll Firms
PS16/25 โ Markets in Financial Instruments Directive Organisational Regulation (MiFID Org Reg)
Policy statement 16/25
AI Analysis
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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BankBroker DealerAll Firms
Election Notice - 1/10/2025
Election Notice - 1/10/2025
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Broker DealerAsset ManagerAll Firms
SEC Announces Departure of Chief Operating Officer Ken Johnson
The Securities and Exchange Commission today announced that Ken Johnson, who has been serving as Chief Operating Officer (COO) since December 2017, will retire from the agency in December. โKen has been an integral leader at the SEC for more than twoโฆ
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BankAsset ManagerBroker Dealer
The AMF Enforcement Committee fines an asset management company and its two managers a total of โฌ1.3 million
Sanctions & settlements professional obligations Journalists Listed companies and issuers The AMF Enforcement Committee fines an asset management company and its two managers a total of โฌ1.3 million
AI Analysis
The AMF Enforcement Committee fined asset management company Altaroc Partners โฌ600,000 and its senior managers Maurice Tchenio (โฌ500,000) and Patrick de Giovanni (โฌ200,000) a total of โฌ1.3 million on 15 September 2025 for breaches of professional obligations, including non-operational investment procedures, inadequate AML/CFT due diligence, deficient marketing materials, and unproven benefits from fee retrocessions to distributors. This decision underscores the AMF's heightened scrutiny on operational controls and senior accountability in asset management, serving as a critical enforcement signal for firms to strengthen procedures amid a pattern of similar sanctions.
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Asset Manager
The AMF Enforcement Committee fines an asset management company for breaches of its professional obligations
Sanctions & settlements professional obligations Journalists Investment management companies The AMF Enforcement Committee fines an asset management company for breaches of its professional obligations
AI Analysis
The AMF Enforcement Committee fined an asset management company โฌ400,000 on 9 September 2025 for multiple breaches of professional obligations, including deficient marketing disclosures, inadequate conflict of interest systems, non-operational valuation procedures, failure to oversee external experts, and deficient AML/CFT systems in managing AIFs and club deals. This enforcement action underscores the AMF's focus on operational robustness and investor protection in asset management, serving as a critical reminder for firms to ensure procedures are not only documented but fully operational and effective. Compliance teams should review this to benchmark internal controls, as it highlights personal accountability for senior managers and recurring AMF priorities in recent sanctions.
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Asset Manager
Farewell Address of Commissioner Kristin N. Johnson
No description available.
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Broker DealerCrypto Exchange
Letter from Claudia Buch, Chair of the Supervisory Board, to Mr Markus Ferber, MEP, on banking supervision
No description available.
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BankWealth ManagerAsset Manager
Commissioner Kristin Johnson Announces Departure from CFTC
No description available.
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Broker DealerCrypto Exchange
Circular CSSF 25/896
Adoption of the EBA Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national restrictive measures (sanctions)
AI Analysis
Circular CSSF 25/896 adopts the EBA Guidelines EBA/GL/2024/14 and EBA/GL/2024/15, mandating Luxembourg financial institutions to establish robust internal policies, procedures, and controls for complying with EU and national restrictive measures (sanctions). This matters because it sets binding EU-wide standards to prevent sanctions violations and circumvention, with absolute obligations for immediate asset freezing and reporting, amid escalating geopolitical tensions.
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BankPayment ProviderCrypto Exchange
Isabelle Guezet and Julien Laroche appointed Deputy Directors of the Corporate Finance Division
Appointment Institutional Isabelle Guezet and Julien Laroche appointed Deputy Directors of the Corporate Finance Division
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BankAsset ManagerBroker Dealer
Election Notice - 7/18/2025
Election Notice - 7/18/2025
Sectors:
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Broker DealerAsset ManagerAll Firms
FINMA Executive Board: Thomas Hirschi to leave FINMA
Thomas Hirschi has decided to leave the Swiss Financial Market Supervisory Authority FINMA effective 31 August 2025. The Head of the Banks division will pursue a new career outside FINMA. FINMAโs Board of Directors and Executive Board thank Thomas Hirschi for his valuable contribution during his time at FINMA.
Effective Date: 31 August 2025
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Bank
The end of the road โ speech by Alan Taylor
Given at the London School of Economics and Political Science
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BankWealth ManagerAsset Manager
Implementation of MiCA: The AMF applies ESMA and EBA Guidelines on the assessment of the suitability of members of the management body
MiCA Crypto-assets Innovation Implementation of MiCA: The AMF applies ESMA and EBA Guidelines on the assessment of the suitability of members of the management body
Sectors:
Topics:
Crypto ExchangeFintech
Rene W. Keller resigns from FINMAโs Board of Directors
At its meeting on 25 June 2025, the Federal Council was informed of the resignation of Rene W. Keller from the Board of Directors of the Swiss Financial Market Supervisory Authority FINMA.
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BankWealth Manager
Revisiting the Norman Conquest of $4.86. Thoughts for the world today - speech by Andrew Bailey
Given at Britainโs Return to the Gold Standard in 1925 Revisited, Bank of England
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BankWealth ManagerAll Firms
The AMF publishes the findings of its inspections on the verification and assessment of employee knowledge within asset management companies
Supervision Professional certification Asset management Journalists Investment management companies The AMF publishes the findings of its inspections on the verification and assessment of employee knowledge within asset management companies
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Asset ManagerWealth Manager
Women on Boards Directive: the AMF is now the competent authority for analysing and monitoring gender balance among the directors of listed companies
Governance Journalists Listed companies and issuers Women on Boards Directive: the AMF is now the competent authority for analysing and monitoring gender balance among the directors of listed companies
Sectors:
Topics:
Asset ManagerWealth ManagerBank
AMF invites financial market participants to take part in the EBA consultation on draft AML/CFT implementing standards
Anti-money Laundering Asset management AMF invites financial market participants to take part in the EBA consultation on draft AML/CFT implementing standards
AI Analysis
The AMF is urging French financial market participants to engage in the EBA's consultation launched on March 6, 2025, on draft Regulatory Technical Standards (RTS) for AML/CFT implementing standards under AMLD6 and AMLR, focusing on harmonized risk assessment methodologies for supervisors and obliged entities. This matters because it signals a shift to uniform EU-wide AML/CFT supervision via AMLA (post-EBA handover on January 1, 2026), requiring firms to adapt to standardized risk indicators, data reporting, and enforcement, with new CDD rules applying from July 2027. Participation ensures firms influence final standards amid the transition to a single EU AML rulebook.
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Asset ManagerBankAll Firms
The AMF Enforcement Committee fines Pharnext and its former directors a total of โฌ800,000
Sanctions & settlements professional obligations Journalists Listed companies and issuers The AMF Enforcement Committee fines Pharnext and its former directors a total of โฌ800,000
AI Analysis
The AMF Enforcement Committee fined Pharnext โฌ500,000 and its former directors Daniel Cohen (โฌ200,000) and David Horn Solomon (โฌ100,000) on 20 January 2025 for failing to disclose inside information promptly and disseminating false or misleading information about FDA interactions for a drug candidate. This enforcement action reinforces AMF's strict stance on market abuse rules under EU MAR, highlighting personal liability for directors in listed biotech firms where investor expectations around product approvals are high. Compliance teams should note it as a reminder of timely disclosure obligations, especially amid appeals filed by the parties.
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All Firms
The AMF publishes its action and supervisory priorities for 2025
Strategy Supervision Institutional Executive & other private individuals Journalists Investment services providers Investment management companies Listed companies and issuers The AMF publishes its action and supervisory...
Sectors:
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Asset ManagerBroker Dealer
The AMF Enforcement Committee fines a financial investment advisor, two asset management companies and their directors, and a credit institution a total of โฌ5,670,000
Sanctions & settlements professional obligations Journalists Investment management companies The AMF Enforcement Committee fines a financial investment advisor, two asset management companies and their directors, and a credit institution a total of โฌ5,670,000
AI Analysis
The AMF Enforcement Committee imposed total fines of โฌ5,670,000 on a financial investment advisor (FIA), two asset management companies (AMCs), their directors, and a credit institution for breaches of professional obligations. This enforcement action underscores the AMF's rigorous scrutiny of operational controls, due diligence, and governance in investment services, serving as a critical reminder for firms to maintain robust procedures to avoid similar sanctions. It matters because it highlights personal liability for directors and escalating fines for systemic failures, potentially influencing peer reviews and audit priorities.
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Asset ManagerWealth ManagerBank
The Autoritรฉ des Marchรฉs Financiers (AMF) signs #JamaisSansElles Charter
Institutional Organisational rules Journalists The Autoritรฉ des Marchรฉs Financiers (AMF) signs #JamaisSansElles Charter
Sectors:
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Asset ManagerBroker DealerWealth Manager
AMF Enforcement Committee fines an asset management company and its directors for breaches of their professional obligations
Sanctions & settlements professional obligations Journalists Investment management companies AMF Enforcement Committee fines an asset management company and its directors for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee fined asset management company M Capital Partners โฌ200,000 and its directors Rudy Secco (โฌ70,000) and Stรฉphanie Minissier (โฌ35,000) on 31 December 2025 for breaches of professional obligations spanning August 2019 to December 2023, including unauthorized investment services, deficient investment processes, conflicts of interest failures, and inadequate AML/CFT systems. This decision underscores AMF's focus on operational robustness and personal accountability in asset management, serving as a regulatory warning for firms to strengthen internal controls or face escalating sanctions.
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Asset Manager
AMF Enforcement Committee fines a financial investment advisor and its director for breaches of their professional obligations
Sanctions & settlements professional obligations Other professionals Journalists AMF Enforcement Committee fines a financial investment advisor and its director for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee has issued multiple enforcement decisions against financial investment advisors and their management for breaches of professional obligations, with the most recent and significant case involving Carat GP and its directors receiving combined fines of โฌ2.5 million and permanent/extended bans from operating as financial investment advisors. These cases establish critical precedent regarding advisor duties around client disclosure, product authorization, conflict of interest management, and honest/fair conductโrequirements that apply across the entire financial investment advisory sector.
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Asset ManagerWealth ManagerBroker Dealer
Marie Seiller appointed Resources, Operations and Transformation Director at the Autoritรฉ des Marchรฉs Financiers
Appointment AMF activity Journalists Marie Seiller appointed Resources, Operations and Transformation Director at the Autoritรฉ des Marchรฉs Financiers
Sectors:
Topics:
Asset ManagerBankBroker Dealer
France Mayer appointed Retail Investor Relations and Protection Director at the Autoritรฉ des Marchรฉs Financiers
Appointment AMF activity Retail investors Journalists France Mayer appointed Retail Investor Relations and Protection Director at the Autoritรฉ des Marchรฉs Financiers
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The Autoritรฉ des Marchรฉs Financiers announces the new composition of the Financial Skills Certification Board
Professional certification AMF activity Journalists The Autoritรฉ des Marchรฉs Financiers announces the new composition of the Financial Skills Certification Board
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Valรฉrie Michel-Amsellem becomes Chair of the AMF Enforcement Committee
Appointment Sanctions & settlements Journalists Valรฉrie Michel-Amsellem becomes Chair of the AMF Enforcement Committee
AI Analysis
This AMF publication announces the appointment of Valรฉrie Michel-Amsellem as the new Chair of the AMF Enforcement Committee, the independent body responsible for imposing sanctions in financial market violations. It matters for compliance professionals because leadership changes in enforcement can signal shifts in sanctioning priorities, rigor, or focus areas, potentially influencing how firms approach risk management and remediation. While no immediate policy changes are introduced, monitoring the new Chair's tenure is essential given the Committee's role in upholding market integrity.
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Appointements to the AMF Enforcement Committee
Appointment Sanctions & settlements Journalists Appointements to the AMF Enforcement Committee
AI Analysis
This AMF publication announces the partial renewal of the Enforcement Committee, including four new appointments, two reappointments, and the subsequent election of Valรฉrie Michel-Amsellem as Chair on 28 February 2024. It matters for compliance professionals as changes in committee composition can influence enforcement priorities, sanction severity, and interpretations of financial regulations under AMF jurisdiction.
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Ten new key figures admitted to the Board of the Autoritรฉ des Marchรฉs Financiers
AMF activity Appointment Journalists Ten new key figures admitted to the Board of the Autoritรฉ des Marchรฉs Financiers
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Astrid Milsan will act as Secretary General of the AMF until 15 April 2024
AMF activity Institutional Journalists Astrid Milsan will act as Secretary General of the AMF until 15 April 2024
Deadline: 15 April 2024
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BankAsset ManagerWealth Manager
AMF Enforcement Committee fines a financial investment advisor and its director for breach of professional obligations
Sanctions & settlements professional obligations Other professionals Journalists AMF Enforcement Committee fines a financial investment advisor and its director for breach of professional obligations
AI Analysis
The AMF Enforcement Committee imposed sanctions on SPI (a financial investment advisor) and its director Vincent Rhodes on 9 January 2024 for breaching professional obligations. This case demonstrates the AMF's enforcement priorities regarding advisor conduct standards and establishes precedent for disciplinary action against both firms and individual managers who fail to meet regulatory requirements.
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The AMF Enforcement Committee fines a former manager of a listed company for failing to disclose inside information as soon as possible and for failing to disclose major shareholdings
Sanctions & settlements Disclosure Obligations Journalists Listed companies and issuers The AMF Enforcement Committee fines a former manager of a listed company for failing to disclose inside information as soon as possible and for failing to disclose major shareholdings
AI Analysis
The AMF Enforcement Committee imposed a fine on a former manager of a listed company for two violations: failing to disclose inside information to the public as soon as possible under Article 17 of the EU Market Abuse Regulation (MAR), and failing to disclose major shareholdings as required by French regulations. This enforcement action underscores the AMF's strict enforcement of market abuse rules, emphasizing personal accountability for executives in ensuring timely transparency to prevent insider trading risks and maintain market integrity. Compliance teams should review it as a reminder of heightened scrutiny on disclosure delays and threshold crossings.
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AMF Enforcement Committee fines a financial investment advisor and its director for breach of professional obligations
Sanctions & settlements professional obligations Investment advice Other professionals Journalists AMF Enforcement Committee fines a financial investment advisor and its director for breach of professional obligations
AI Analysis
The AMF Enforcement Committee imposed a five-year ban on financial investment advisor DCT (formerly Didier Maurin Finance) and its director Didier Maurin from practicing, plus fines of โฌ150,000 on the firm and โฌ200,000 on the director, for recommending unauthorized Samoan AIF investments to 64 clients, failing to manage conflicts of interest (e.g., no conflicts register), and breaching duties of competence, care, and diligence in clients' best interests. This matters as it reinforces AMF's strict enforcement on CIFs (Conseillers en Investissements Financiers) for product authorization checks, conflicts management, and client-centric obligations under MiFID II transposition in France, signaling heightened scrutiny on advisory integrity amid rising sanctions. The Conseil d'Etat upheld the decision on 9 September 2024, dismissing appeals and confirming sanctions.
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Requirements for investment committees and the affiliation of fund managers of asset management companies: the AMF updates its policy
Asset management Requirements for investment committees and the affiliation of fund managers of asset management companies: the AMF updates its policy
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AMF proposes enhanced investor information when evaluating boards of listed companies
Governance Periodic & ongoing disclosures Journalists Listed companies and issuers AMF proposes enhanced investor information when evaluating boards of listed companies
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The AMF Enforcement Committee fines a French tied agent of a Cypriot investment services provider and its manager for breaches of their professional obligations
Sanctions & settlements Journalists The AMF Enforcement Committee fines a French tied agent of a Cypriot investment services provider and its manager for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee fined France Safe Media (FSM), a French tied agent of Cypriot provider VPR Safe Financial Group Limited (Alvexo platform), โฌ300,000 and imposed a 10-year ban from tied agent activities and reception/transmission of orders (RTO) services, while its manager Lior Mattouk received a โฌ100,000 fine and similar 10-year ban, for breaches occurring January 2019โSeptember 2021. This decision, dated 10 November 2023 and upheld by Conseil d'Etat on 16 June 2025, underscores AMF's strict enforcement of professional obligations for tied agents marketing high-risk CFDs, emphasizing staff qualifications, client assessments, risk warnings, disclosures, and diligence. It matters for cross-border intermediaries as it highlights personal liability for managers and the finality of sanctions post-appeal, signaling heightened scrutiny on CFD promotion and tied agent compliance in France.
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The ACPR and AMF encourage financial institutions to continue their efforts to take account of the vulnerability of ageing clients
Marketing Savings protection Retail investors Professional investors Journalists The ACPR and AMF encourage financial institutions to continue their efforts to take account of the vulnerability of ageing clients
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BankWealth ManagerAll Firms
AMF Chair Marie-Anne Barbat-Layani meets with ASIC Chair Joseph Longo
Cooperation AMF Chair Marie-Anne Barbat-Layani meets with ASIC Chair Joseph Longo
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BankWealth ManagerAll Firms
The AMF announces the appointment of its new Secretary General, Sรฉbastien Raspiller
Appointment Institutional AMF activity Other professionals Executive & other private individuals Retail investors Fintech Professional investors Journalists Investment services providers Investment management...
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The AMF Enforcement Committee fines an asset management company and its directors for breaches of their professional obligations
Sanctions & settlements Journalists The AMF Enforcement Committee fines an asset management company and its directors for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee fined asset management company M Capital Partners โฌ200,000 and its directors Rudy Secco (โฌ70,000) and Stรฉphanie Minissier (โฌ35,000) on 31 December 2025 for breaches of professional obligations spanning August 2019 to December 2023, including unauthorized investment services, deficient investment processes, conflicts of interest failures, and inadequate AML/CFT systems. This decision underscores AMF's focus on operational robustness in asset managers, particularly those acting as tied agents, and holds senior managers personally accountable. It matters for compliance as it exemplifies enforcement trends targeting systemic deficiencies, with potential appeals signaling ongoing scrutiny.
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The AMF Enforcement Committee fines the Association Nationale des Conseillers Financiers-CIF for breaches of its professional obligations
Sanctions & settlements professional obligations Journalists The AMF Enforcement Committee fines the Association Nationale des Conseillers Financiers-CIF for breaches of its professional obligations
AI Analysis
The AMF Enforcement Committee fined the Association Nationale des Conseillers Financiers-CIF (ANACOFI-CIF), a professional association approved for investment advisors (CIFs), โฌ250,000 with a warning, and its former president โฌ20,000 with a warning, for breaching professional obligations in membership vetting, controls, archiving, and conflicts of interest management. This decision, dated September 5, 2023, underscores AMF's scrutiny of professional associations' gatekeeping and oversight roles in ensuring CIF compliance. It matters as it signals heightened enforcement against associations failing to uphold regulatory standards, potentially impacting CIF ecosystem integrity and prompting reviews of similar bodies.
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The AMF pays tribute to Jacques Delmas-Marsalet
Institutional AMF activity Journalists The AMF pays tribute to Jacques Delmas-Marsalet
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BankWealth ManagerAsset Manager
The AMF Enforcement Committee fines an asset management company for breaches of its professional obligations
Sanctions & settlements professional obligations Journalists Investment management companies The AMF Enforcement Committee fines an asset management company for breaches of its professional obligations
AI Analysis
The AMF Enforcement Committee fined asset management company Altaroc Partners (formerly Amboise Partners SA) โฌ600,000 and its senior managers Maurice Tchenio (โฌ500,000) and Patrick de Giovanni (โฌ200,000) on 15 September 2025 for multiple breaches of professional obligations, including lack of operational procedures for fund investments/divestments, inadequate AML/CFT due diligence, unproven benefits of fee retrocessions to distributors, and shortcomings in marketing materials. This decision underscores the AMF's strict enforcement on operational controls, governance, and client protection in asset management, serving as a critical warning for firms to ensure robust, documented procedures and senior manager accountability. It matters because it highlights personal liability for executives and reinforces AMF's educational role through sanction explanations, potentially increasing scrutiny on similar firms.
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By two decisions, the AMF Enforcement Committee fines two investment services providers for breaches of their professional obligations
Sanctions & settlements Journalists Investment services providers By two decisions, the AMF Enforcement Committee fines two investment services providers for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee issued two decisions on 19 June 2023 fining Crรฉdit Industriel et Commercial (โฌ1 million) and Banque CIC Sud-Ouest (โฌ250,000) for breaches of professional obligations in investment advisory services, including inadequate suitability assessments, client classification procedures, marketing of unsuitable instruments, and insufficient controls on costs and fees. This matters because it underscores AMF's strict enforcement of MiFID II-derived obligations, signaling heightened scrutiny on operational systems for client protection and potential for substantial fines based on breach duration and scale.
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The AMF Enforcement Committee sanctions an asset management company and two of its managers for breaches of their professional obligations
Sanctions & settlements Asset management Journalists Investment management companies The AMF Enforcement Committee sanctions an asset management company and two of its managers for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee sanctioned asset management company M Capital Partners and its managers Rudy Secco (โฌ70,000 fine) and Stรฉphanie Minissier (โฌ35,000 fine) with a total firm fine of โฌ200,000 in its decision dated 31 December 2025, for multiple breaches of professional obligations spanning August 2019 to December 2023. This case underscores AMF's strict enforcement on operational compliance, scope of authorized activities, and AML/CFT systems in asset management, serving as a critical reminder for firms to ensure robust, traceable processes and manager accountability. It matters because it highlights personal liability for senior managers and recurring AMF focus on tied agents exceeding permitted services, potentially signaling increased scrutiny in 2026.
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MiFID II remuneration requirements: the AMF applies the ESMA Guidelines
Asset management Governance MiFID II remuneration requirements: the AMF applies the ESMA Guidelines
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Asset Manager
The AMF Enforcement Committee fines a portfolio asset management company for breaches of its professional obligations
Sanctions & settlements Journalists Investment management companies The AMF Enforcement Committee fines a portfolio asset management company for breaches of its professional obligations
AI Analysis
The AMF Enforcement Committee fined portfolio asset management company M Capital Partners โฌ200,000, and its directors Rudy Secco (โฌ70,000) and Stรฉphanie Minissier (โฌ35,000) on 31 December 2025, for multiple breaches spanning August 2019 to December 2023, including unauthorized placement of financial instruments as a tied agent, non-operational investment allocation processes, inadequate compliance with investment procedures, deficient conflicts of interest management, and non-operational AML/CFT systems. This decision underscores AMF's strict enforcement of operational compliance and scope limitations for asset managers, serving as a critical reminder for firms to ensure robust, traceable systems and director accountability. It matters because it highlights personal liability for managers and recurring AMF focus on AML/CFT and procedural deficiencies, potentially signaling increased scrutiny in 2026.
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Asset Manager
The AMF Enforcement Committee fines a portfolio asset management company and its manager for breaches of their professional obligations
Sanctions & settlements Asset management Compliance Anti-money Laundering Executive & other private individuals Investment management companies The AMF Enforcement Committee fines a portfolio asset management company and its manager for breaches of their...
AI Analysis
The AMF Enforcement Committee fined portfolio asset management company M Capital Partners โฌ200,000 and its managers Rudy Secco (โฌ70,000) and Stรฉphanie Minissier (โฌ35,000) on 31 December 2025 for multiple breaches of professional obligations from August 2019 to December 2023, including unauthorized investment services as a tied agent, non-operational investment allocation processes, deficient conflict-of-interest management, and inadequate AML/CFT systems. This decision underscores AMF's strict enforcement against operational failures in asset management, particularly for firms balancing portfolio management with tied agent roles, emphasizing personal accountability for managers. Compliance teams must review this for gaps in procedures, as it highlights how imprecise processes and poor traceability lead to substantial sanctions.
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Laure Tertrais is appointed Head of the AMF Chairโs Executive Office with effect from 1 April 2023
Appointment AMF activity Institutional Journalists Laure Tertrais is appointed Head of the AMF Chairโs Executive Office with effect from 1 April 2023
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Asset ManagerBankAll Firms
The AMF Enforcement Committee fines the British company H2O AM LLP and two of its executives at the time of the facts for several breaches of their professional obligations
Sanctions & settlements Journalists Investment management companies The AMF Enforcement Committee fines the British company H2O AM LLP and two of its executives at the time of the facts for several breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee fined UK asset manager H2O AM LLP โฌ75 million and its executives Bruno Crastes (โฌ15 million, plus a 5-year ban) and Vincent Chailley (โฌ3 million) for breaches in managing French UCITS funds, including ineligible Tennor Group investments, liquidity risks, valuation failures, and non-compliance with investment ratios and counterparty limits. This matters as it underscores AMF's strict enforcement on UCITS eligibility, risk management, and prospectus adherence, with cross-border implications confirmed by the Conseil d'รtat's dismissal of appeals on 13 June 2025. It signals heightened scrutiny on illiquid, unrated assets and "buy & sell back" transactions for EU asset managers.
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Asset ManagerAll Firms
Marie-Anne Barbat-Layani to chair ESMA's Investor Protection Standing Committee
Europe & international Savings protection Marie-Anne Barbat-Layani to chair ESMA's Investor Protection Standing Committee
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Asset ManagerWealth ManagerBank
Social and environmental responsibility, the focus of the AMF's 2022 report on corporate governance and executive compensation of listed companies
Governance Sustainable Finance Executive & other private individuals Journalists Listed companies and issuers Social and environmental responsibility, the focus of the AMF's 2022 report on corporate governance and executive compensation of listed companies
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Asset ManagerBankWealth Manager
The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations
Sanctions & settlements Investment advice Other professionals Journalists Investment services providers The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee sanctioned financial investment advisor DCT (formerly Didier Maurin Finance) and its manager Didier Maurin with a five-year ban from practicing and fines of โฌ150,000 and โฌ200,000 respectively for recommending unauthorized Samoan AIF shares to 64 clients and failing to identify/manage conflicts of interest, including lacking a conflicts register. This decision, upheld by the Conseil d'Etat on 9 September 2024, underscores AMF's strict enforcement of client-best-interest and conflicts obligations under French regulations. It matters as it provides binding guidance on due diligence for product marketing authorization and conflicts procedures, signaling heightened scrutiny on financial investment advisors (FIAs).
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Marie-Anne Barbat-Layani appointed Chair of the Autoritรฉ des Marchรฉs Financiers
Appointment Institutional AMF activity Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services...
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BankAsset ManagerWealth Manager
The AMF has requested the suspension of ORPEA's financial instruments
Markets Periodic & ongoing disclosures The AMF has requested the suspension of ORPEA's financial instruments
AI Analysis
On October 24, 2022, France's Autoritรฉ des marchรฉs financiers (AMF) suspended all financial instruments (shares, debt securities, and related instruments) issued by ORPEA S.A., a major European care homes operator, pending disclosure of material information under the European Market Abuse Regulation. This enforcement action reflects serious governance and disclosure failures at a publicly listed company facing allegations of operational malpractice and undisclosed financial difficulties.
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The AMF encourages French participants to provide feedback to ESMAโs call for evidence on the implementation of the Shareholders Rights Directive (SRD 2)
Governance Europe & international The AMF encourages French participants to provide feedback to ESMAโs call for evidence on the implementation of the Shareholders Rights Directive (SRD 2)
AI Analysis
The AMF publication urges French market participants to submit feedback to ESMA's call for evidence evaluating the implementation of the Shareholder Rights Directive II (SRD II), which aims to enhance long-term shareholder engagement, transparency in voting processes, and issuer-shareholder dialogue across the EU/EEA. This matters for compliance teams as it signals ongoing regulatory scrutiny of SRD II transposition and operational compliance, potentially leading to harmonized amendments that could require process updates in shareholder identification, voting transmission, and engagement disclosures. French firms' input can influence future EU rules, mitigating risks of non-compliance with evolving standards.
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AMF Chair: Proposal to appoint Marie-Anne Barbat-Layani
AMF activity AMF Chair: Proposal to appoint Marie-Anne Barbat-Layani
AI Analysis
This AMF publication announces a proposal to appoint Marie-Anne Barbat-Layani as Chair of the AMF, France's financial markets authority responsible for investor protection, market supervision, and regulatory enforcement. It matters for compliance professionals because leadership changes at key regulators like the AMF can signal shifts in enforcement priorities, supervisory focus, or policy directions affecting investment firms, asset managers, and market participants across the EU. While not imposing immediate rules, it warrants monitoring for potential impacts on ongoing consultations and governance expectations.
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Call for candidates: renewal of the members of the Climate and Sustainable Finance Commission
Sustainable Finance AMF activity Journalists Call for candidates: renewal of the members of the Climate and Sustainable Finance Commission
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Asset ManagerBankWealth Manager
End of the term of office of the AMF chairman and interim chairmanship
AMF activity Appointment Journalists End of the term of office of the AMF chairman and interim chairmanship
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BankAsset ManagerBroker Dealer
The AMF Enforcement Committee fines a depositary for breaches of its professional obligations
Sanctions & settlements Compliance Journalists Investment services providers The AMF Enforcement Committee fines a depositary for breaches of its professional obligations
AI Analysis
The AMF Enforcement Committee fined RBC Investor Services Bank France SA (RBC ISBF) โฌ500,000 plus a warning on 20 July 2022 (published 08 January 2026) for breaches as a UCITS and AIF depositary, including 25 confirmed failures in tiered intervention procedures for investment ratio overruns and deficient monitoring of 14 questionable cash flows over 45 months. This decision underscores AMF's strict enforcement of depositary duties under French regulations implementing UCITS/AIFMD, emphasizing robust controls for ratio compliance, cash flow verification, and documentation. It matters for compliance teams as it provides precedent on what constitutes "irregular and deficient" oversight, potentially increasing scrutiny and fines for similar lapses in depositary functions.
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Asset ManagerBankWealth Manager
The AMF Enforcement Committee fines a portfolio asset management company for breaches of its professional obligations
Sanctions & settlements Journalists The AMF Enforcement Committee fines a portfolio asset management company for breaches of its professional obligations
AI Analysis
The AMF Enforcement Committee fined an unnamed portfolio asset management company โฌ400,000 for multiple breaches of professional obligations, including non-operational investment/divestment procedures, inadequate conflict of interest management with group service providers, lack of transparency on distributor fee retrocessions, deficient client categorization, and weak AML/CFT due diligence. This enforcement action, mirroring recent similar cases against firms like Novaxia Investissement and Eternam, underscores the AMF's heightened scrutiny on operational robustness and transparency in asset management, serving as a critical reminder for firms to ensure procedures are fully implemented and documented to avoid personal liability for executives.
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Grรฉgoire Vuarlot is appointed coordinator of the ACPR and AMF Joint Unit starting 1st July 2022
AMF activity Appointment Journalists Grรฉgoire Vuarlot is appointed coordinator of the ACPR and AMF Joint Unit starting 1st July 2022
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BankWealth ManagerAsset Manager
Appointments to the Legal Affairs Directorate and Enforcement Assistance Directorate of the Autoritรฉ des Marchรฉs Financiers
Institutional AMF activity Appointment Journalists Appointments to the Legal Affairs Directorate and Enforcement Assistance Directorate of the Autoritรฉ des Marchรฉs Financiers
AI Analysis
This AMF publication announces internal appointments to its **Legal Affairs Directorate** and **Enforcement Assistance Directorate**, signaling potential enhancements in legal oversight and enforcement capabilities within France's financial markets regulator. Compliance professionals should note this as it may indicate a renewed focus on rigorous enforcement of market rules, though it imposes no direct regulatory changes on firms.
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Asset ManagerBroker DealerBank
The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations
Sanctions & settlements Other professionals Journalists The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee fined financial investment advisor Sรฉquence 13 and its director Jean-Louis Lehmann โฌ15,000 each and imposed a five-year ban from acting as financial investment advisors in its decision of 19 December 2023, due to failures in client disclosures, justifying remuneration, operating within regulatory limits, and managing conflicts of interest. This enforcement action underscores the AMF's strict enforcement of professional obligations for investment advisors, with personal liability for managers, serving as a deterrent against conduct breaches that harm client interests. Compliance teams should note this as part of a pattern of similar sanctions, emphasizing robust governance and documentation.
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Wealth ManagerAll Firms
The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations
Sanctions & settlements Investment advice Other professionals Executive & other private individuals Investment services providers The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee fined a financial investment advisor (FIA) firm and its manager for multiple breaches of professional obligations, including failure to provide mandatory documents, inadequate risk disclosure, poor KYC practices, misleading information, unauthorized placing activities, and improper third-party marketing mandates. This enforcement action underscores the AMF's strict scrutiny of FIAs, emphasizing due care, conflict management, and adherence to status limits, with fines and bans serving as deterrents. Compliance teams should review it for lessons on documentation, client suitability, and outsourcing controls to avoid similar sanctions.
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Wealth ManagerAsset ManagerAll Firms
Appointments in the Investigations Directorate and the Asset Management Directorate
Appointment AMF activity Other professionals Executive & other private individuals Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers Investment management...
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Asset ManagerWealth ManagerBank
The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations
Sanctions & settlements Journalists The AMF Enforcement Committee fines a financial investment advisor and its manager for breaches of their professional obligations
AI Analysis
The AMF Enforcement Committee imposed significant sanctions on DCT (formerly Didier Maurin Finance) and its manager Didier Maurin for recommending unauthorized alternative investment funds to clients and obstructing regulatory investigations. This case exemplifies critical compliance failures in product authorization verification and client suitability assessment, with enforcement upheld by France's highest administrative court in September 2024.
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Asset ManagerWealth Manager
The AMF announces the appointment of Jessica Reyes as Director of the Asset Management Regulation Division
Appointment Journalists Investment management companies The AMF announces the appointment of Jessica Reyes as Director of the Asset Management Regulation Division
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Asset ManagerWealth Manager
The AMF announces the appointment of Viet-Linh Nguyen as Head of the Strategy and Sustainable Finance Unit as well as Secretary of the Executive Committee
Appointment AMF activity Other professionals Executive & other private individuals Fintech Market Infrastructures Post-trade Infrastructures Professional investors Journalists Investment services providers ...
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Asset ManagerBankFintech
The AMF to call for an amendment of the law on obstructing investigations and inspections
Sanctions & settlements Journalists The AMF to call for an amendment of the law on obstructing investigations and inspections
AI Analysis
The AMF announced its intention to propose legislative amendments to the French Monetary and Financial Code following a January 28, 2022 Constitutional Council decision that found dual prosecution for obstructing AMF investigations and inspections unconstitutional. The amendment aims to eliminate the possibility of simultaneous administrative and criminal penalties for the same obstruction conduct, while preserving the AMF's enforcement authority.
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Asset ManagerBroker DealerAll Firms
The AMF Enforcement Committee fines an issuer's Chief Financial Officer for insider dealing
Sanctions & settlements Journalists The AMF Enforcement Committee fines an issuer's Chief Financial Officer for insider dealing
AI Analysis
The AMF Enforcement Committee fined an issuer's Chief Financial Officer (CFO) for insider dealing, highlighting the regulator's aggressive enforcement against market abuse by senior executives. This case underscores the personal liability of insiders who trade on privileged information, reinforcing the need for robust internal controls in listed companies. Compliance teams must prioritize insider trading prevention to mitigate similar sanctions risks.
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All Firms
The AMF Enforcement Committee fines an asset management company for several breaches of its professional obligations
Sanctions & settlements Journalists The AMF Enforcement Committee fines an asset management company for several breaches of its professional obligations
AI Analysis
The AMF Enforcement Committee fined asset management company Altaroc Partners โฌ600,000 and its senior managers Maurice Tchenio (โฌ500,000) and Patrick de Giovanni (โฌ200,000) on 15 September 2025 for multiple breaches of professional obligations, including lack of operational procedures for fund investments/divestments, inadequate AML/CFT due diligence, unproven benefits of fee retrocessions to distributors, and shortcomings in marketing materials. This decision underscores AMF's focus on operational controls, due diligence, and transparency in asset management, serving as a key enforcement precedent that highlights personal liability for senior managers. Compliance teams must review it to strengthen internal procedures and governance amid rising AMF scrutiny on these issues.
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Asset Manager
Remarks by Director General, Financial Conduct Derville Rowland at the Deloitte Global Insurance Webinar
Remarks by Director General, Financial Conduct Derville Rowland at the Deloitte Global Insurance Webinar Good morning everybody and thank you to Deloitte for the invitation to speak at this webinar. Some people think of insurance as a relatively modern financial concept. But of course, as the insurance experts in this audience know, its origins can be traced all the way back to certain kinds of shipping loans in Babylon, through Ancient Rome and Greece, and into Medieval Europe. In the 17 th ...
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Insurance
Enforcement Action: RSA Insurance Ireland DAC fined โฌ3.5m
The Central Bank of Ireland imposes a fine of โฌ3,500,000 on RSA Insurance Ireland DAC for regulatory breaches relating to large loss claims and accounting irregularities On the 18 December 2018, the Central Bank of Ireland (the โ Central Bank โ) reprimanded and fined RSA Insurance Ireland DAC (โ RSAII โ or the โ Firm โ) โฌ3,500,000 in respect of serious breaches relating to the following: Failure to establish and maintain Technical Reserves in respect of all underwriting liabilities assumed by...
AI Analysis
The Central Bank of Ireland (CBI) fined RSA Insurance Ireland DAC (RSAII) โฌ3.5 million in December 2018 for serious breaches involving failure to maintain adequate technical reserves, inadequate internal controls and accounting procedures, and weak governance, stemming from deliberate under-reserving of large loss claims from 2009 to 2013, which understated reserves by โฌ78.2 million as of 30 September 2013. This enforcement action underscores the CBI's zero-tolerance stance on reserving practices that risk policyholder protection and financial stability, highlighting how governance failures enabled manipulation and led to a significant capital injection for RSAII. It matters for compliance professionals as it demonstrates ongoing CBI scrutiny, with related actions against individuals like former CEO Philip Smith (13-year disqualification in 2025) and a former actuary (5-year prohibition).
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Insurance
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