Warning Savings protection Warning The AMF and the ACPR warn the public against the activities of several entities offering investments in Forex and in crypto-assets derivatives in France without being authorized to do so

1.1 Fri 29/10/2021 - 12:00 Reference texts article 223-1 du règlement général de l’AMF Book 1 Recommendation Closing of the 2021 financial statements and financial statements examination work Closing of the 2021…

Speech by David Geale, executive director, payments and digital finance and Payment Systems Regulator (PSR) managing director, at the Payments Regulation and Innovation Summit 2026. A payments system that works for everyoneJust before Christmas I was in Billericay for the opening of the 200th banking hub.I got to chat to local people and business owners about the difference the hub will make to their everyday lives. It was great.Although if I’m honest, the biggest talking point was probably the giant chocolate coins made specially for the occasion.Roman coins. Medieval coins. Old two shilling pieces. All the size of dinner plates.I think that’s the first time I’ve seen people genuinely happy to eat into their funds!As educational – and tasty – as the coins were, banking hubs aren’t about nostalgia for cash.They’re one part of making sure the UK payments system works for different people, different businesses, and different moments in life.Sometimes that will mean cash, so it’s positive to see the acceleration in delivery of hubs.That is alongside nearly 150 other cash solutions across the UK, and pledges from banks to maintain their networks - or even in some cases, to open new branches.But other times it might mean cards, digital wallets, open banking, or even stablecoin and tokenised deposits.In reality, all of these methods co-exist and need to work alongside one another.Our job as regulators isn’t to pick winners. It’s to make sure the system as a whole is trusted, coherent and future-proof, whatever form a payment takes.

In the Sunday Book Review, Tom Fox considers books that would interest compliance professionals, business executives, or anyone curious. It could be books about business, compliance, history, leadership, current events, or anything else that might interest Tom. In this episode, we look at 4 top books on whistleblowers and whistleblowing. • Whistleblowing for Change: Exposing Systems of Power and Injustice by Tatiana Bazzichelli • Extraordinary Circumstances: The Journey of a Corporate...By: Thomas Fox - Compliance Evangelist

Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat Änderungen der Verordnung vom 4. März 2022 über Massnahmen im Zusammenhang mit der Situation in der Ukraine (SR 946.231.176.72) publiziert.

30 January 2026 The International Capital Market Association (ICMA) welcomes the People's Bank of China's (PBoC) recognition of the GMRA for bond repo transactions involving CIBM bonds | 国际资本市场协会（ICMA）欢迎中国人民银行（PBoC）认可在涉及银行间债券市场债券的回购交易中使用《全球回购主协议》（GMRA)Background背景Pursuant to the September 2025 announcement from the People's Bank of China, China Securities Regulatory Commission, State Administration of Foreign Exchange and related Q&A to broaden access for offshore investors to China's repo market, the PBoC has now recognised the use of the Global Master Repurchase Agreement ("GMRA") for bond repo transactions involving bonds in the China Interbank Bond Market ("CIBM"), following ICMA's filing of the GMRA with the PBoC.根据中国人民银行、中国证券监督管理委员会、国家外汇管理局于2025年9月发布的、旨在拓宽境外投资者进入中国回购市场的渠道的公告及答记者问，继ICMA向中国人民银行备案《全球回购主协议》后，中国人民银行现已认可在涉及中国银行间债券市场（CIBM）债券的回购交易中使用《全球回购主协议》（GMRA）。What is the GMRA?什么是《全球回购主协议》？ The GMRA is the most widely-used market standard master agreement for repo transactions, published and maintained by ICMA, which provides a framework of standard terms and conditions to govern repos between two contracting parties. Having this framework in place means that, whenever a new repo is transacted, the parties do not need to agree all its terms and conditions again. This makes the negotiation of repos more efficient and less prone to inadvertent mistakes.《全球回购主协议》是由ICMA发布并维护的、全球最广泛使用的回购交易市场标准主协议，为双方回购交易提供一套标准条款和条件的框架。有了这一框架，每次进行新的回购交易时，双方无需重新协商所有条款和条件，从而提高谈判效率并降低无意错误的风险。The GMRA clarifies the rights and obligations of the contracting parties, particularly in the event of a default by one of them. Core protections against loss on default include the transfer of legal title to collateral and the operation of close-out netting. Title transfer is intended to ensure that collateral is owned outright by the transferee and, subject to applicable insolvency law, is not treated as part of the insolvent counterparty’s estate. Close-out netting mitigates credit losses by reducing and crystallising exposure to a defaulting party and, where recognised under applicable regulatory frameworks, allows counterparty exposures to be calculated on a net rather than gross basis, thereby reducing regulatory capital requirements.《全球回购主协议》适用于银行间债券市场买断式回购，明确了交易双方的权利和义务，尤其是在一方违约的情况下。违约时的核心风险防护措施包括抵押品法律所有权的转移以及终止净额结算（close-out netting）的运作。所有权转移旨在确保抵押品由受让方完全、无条件地持有，并且在适用的破产法框架下，不会被视为纳入违约对手方的破产财产。终止净额结算通过减少并明确对违约方的风险敞口来降低信用损失，同时，在适用的监管框架允许的情况下，通过将对手方风险按净额而非总额计算，从而减少适用的监管资本要求。ICMA member support and resources for the GMRAICMA的支持与《全球回购主协议》相关资源There are special characteristics in China's repo market (including the latest developments mentioned above), where there may be potential differences in market practice and technical aspects of the relevant trading and settlement process. ICMA's member support and resources should be able to offer help in this regard.中国回购市场具备一定独特性（包括上述最近进展），其市场惯例、交易及结算环节的技术方面可能存在潜在的差异。ICMA所能提供的支持与相关资源应该有所襄助。ICMA annually commissions legal opinions from local counsel on the enforceability of the GMRA and its annexes in over 70 jurisdictions. Depending on the ICMA membership type, these opinions are available as one of the benefits of membership.ICMA每年都会委托各地律师事务所，针对70多个司法管辖区，出具《全球回购主协议》（GMRA）及其附录的法律可执行性意见书。根据有关机构的类型，这些法律意见书作为会员权益之一提供。In addition to annual legal opinions, ICMA also offers members access to a help desk to assist with queries about the GMRA, ad hoc guidance to assist members in understanding the implications of market events, as well as educational material and alerts to members on significant legal developments in jurisdictions where the GMRA is used.除了每年的法律意见书外，ICMA还为机构提供咨询服务台，以协助解决有关《全球回购主协议》的问询，提供专门的指导以帮助机构理解市场事件的影响，还提供培训资料并在使用《全球回购主协议》的司法管辖区发生重大法律动态时向机构发布提醒。The recommendations of relevant ICMA repo working groups are periodically published as a Guide to Best Practice in the repo market, including the members-only Guides to Asia-Pacific Repo Markets. In addition, ICMA members are able to seek specific advice from the working group, which can draw on the expertise and experience of market participants and infrastructures.ICMA相关回购工作组的建议会被定期发布为《回购市场最佳实践指南》，包括仅限ICMA会员访问的《亚太回购市场指南》。此外，有关机构可向工作组寻求具体建议，工作组可借助市场参与者和基础设施的专业知识和经验。ICMA also publishes rules and recommendations for the secondary market (available to ICMA members only), which continues to support efficient cross-border repo trading.ICMA还发布二级市场的规则和建议（仅限ICMA会员访问），以持续支持高效的跨境回购交易。For membership enquiries, please contact ICMA Asia Pacific at apac@icmagroup.org.如需会员相关的咨询，请联系ICMA亚太区：apac@icmagroup.org。

​The European Banking Authority (EBA) today launched a public consultation on draft amendments to its Guidelines on the appropriate subsets of sectoral exposures to which competent or designated authorities may apply a systemic risk buffer (EBA/GL/2020/13). The revised Guidelines aim to facilitate a more effective use of the systemic risk buffer to address systemic risks stemming from climate change.

In his latest blog, Governor Gabriel Makhlouf argues that economists must adapt their analytical frameworks and expand their focus beyond traditional topics to address emerging challenges—such as geopolitical upheaval and defence spending—in order to provide robust evidence-based policy advice that serves the public interest.

In 2025, the Financial Services and Markets Authority (FSMA) received 306 whistleblowers’ reports, which is up by 12% over the previous year and more than twice the number of reports received in 2022. Reports submitted via the  Whistleblowers’ point of contact, as well as complaints filed via the channel specific to the  banker’s oath (available in French - Dutch only), help the FSMA detect infringements at an early stage and enable the FSMA, where applicable, to take measures against inappropriate conduct. The FSMA also received 4,674 consumer reports in 2025, mostly relating to unlawful or fraudulent offers.Whistleblowers play an important role in detecting infringements of financial legislationSince 2017, the FSMA has had a channel for persons wishing to report possible infringements of the financial legislation and regulations with which the FSMA supervises compliance. The reports received are treated with particular care, to ensure that anonymity and confidentiality are guaranteed. The FSMA received 139 reports via that channel in 2022, 238 in 2023, 274 in 2024 and 306 in 2025. These reports concern a wide range of tasks carried out by the FSMA (supervision of financial products, surveillance of financial markets and supervision of information disseminated by companies, supervision of conduct of business rules, supervision of financial service providers and intermediaries, supervision of supplementary pensions, unlawful activity, etc.). These reports are important to the supervision conducted by the FSMA. Some of them give rise to investigations and may lead to the imposition of sanctions. The new banker’s oath regime further strengthens the protection of financial consumersRecently, the banker’s oath regime was introduced to strengthen the existing legislation and regulations, holding bankers personally responsible for their actions. It imposes individual rules of conduct on bankers, placing the emphasis on the principles of integrity, professionalism and the fair treatment of customers. These rules also apply to persons subject to fit and proper requirements and to managers responsible, crucial in order to guarantee bankers’ ethics and integrity. The banker’s oath regime applies to about 30,000 people in Belgium. It is accompanied by potential disciplinary sanctions, such as a ban on carrying out professional activities for up to three years. To guarantee the efficacy of this type of sanction, any applicant for a position as banker must have a certificate from the FSMA confirming that they are not subject to a professional ban. A specific channel for complaints has been set up. Currently, more than 500 people who hold managerial positions have taken the banker’s oath at the FSMA, and 3,350 people took the oath at their credit institution.The channels are complementary and usefulThese channels are particularly useful. They are not intended to enable complainants to obtain individual compensation, but to lead to solutions to problems that are important for all financial consumers. The channels are therefore a priority for the FSMA.The various channels are complementary. The complaint channel specific to the banker’s oath is intended to receive complaints about disciplinary issues on the part of bankers, whereas the Whistleblowers’ point of contact is for infringements of any other financial legislation and regulations with which the FSMA supervises compliance. The information received by the FSMA through either channel is protected by the FSMA’s obligation of confidentiality. Complaints relating to the banker’s oath give rise to investigations that consider both the charges and the defence, ensuring that the right to self-defence is respected. More and more people are turning to the FSMAIn addition, an increasing number of consumers have been contacting the FSMA to ask questions, request certain types of information or report cases of fraud. In 2025, the FSMA received 4,674 consumer reports, which is three times higher than in 2016 and 13% higher than in 2024. This increase has been continuing year on year. A majority of the reports submitted to the FSMA concern unlawful or fraudulent offers. In 2025, the FSMA received an average of 273 reports every month relating to these matters. In addition, an increasing number of consumers have been turning to the FSMA before investing money, to check if their interlocutor is trustworthy. This is the best way to avoid falling victim to fraud. Since April 2025, the FSMA has blocked 245 fraudulent domain names via the Belgian Anti-Phishing Shield (BAPS), thereby preventing consumers from consulting a fraudulent website a total of 22,973 times.Jean-Paul Servais, Chairman of the FSMA: 'The fact that a steadily increasing number of people are contacting the FSMA is a positive trend. This indicates, first, that the FSMA is becoming ever better known and is recognized as a trusted interlocutor: consumers are more and more likely to contact it when they have a question about a financial matter or before investing money, to check if their provider is trustworthy. This is the best way to prevent falling victim to fraud. Furthermore, for a modern and agile supervisory authority, it is crucial to listen both to members of the financial sector and to the public at large. In this way, the FSMA is better able to have the finger on the pulse of the Belgian financial sector and to detect, as early as possible, important signals that may require it to act quickly and effectively.' The FSMA offers various access points through which it can be contactedBelow are the specific contact channels provided by the FSMA: Whistleblowers’ point of contactChannel for complaints relating to the banker’s oath (available in French - Dutch only)Channel for questions relating to investment fraud and credit fraudGeneral consumer contact formContact form for professionals

the cayman islands banks and trust companies act (2025 revision) serves as a comprehensive legal framework designed to regulate banking and trust activities within the cayman islands, ensuring consistency, transparency, and accountability in financial operations. consolidating legislation dating back to 1989 and integrating subsequent amendments, including those made under the law revision act (2020 revision), this act underscores the government’s commitment to maintaining a stable financial environment aligned with international standards. officially revised and published as of 1 january 2025, it supersedes the 2021 revision to accommodate recent legislative updates and industry developments. licensing and oversight requirements at its core, the act governs the licensing, operations, and oversight of entities involved in banking and trust business within the cayman islands. it establishes the requirement for businesses to obtain a valid licence from the cima as a precondition for operating either type of business. licences are categorised based on the nature of operations, including “a” licences for broader banking activities, “b” licences for restricted services, and various trust licences for specialised fiduciary functions. specific provisions outline the approval, issuance, and transfer of licences, ensuring that entities meet stringent fit-and-proper criteria. cima assesses the integrity, competence, and financial soundness of applicants and has discretion to impose conditions on, suspend, or revoke licences if deemed necessary in the public interest. definitions and obligations of entities the act provides explicit definitions of entities such as banks, trust companies, and controlled subsidiaries, delineating their respective roles and obligations. trust companies, in particular, are required to maintain adequate professional indemnity insurance or equivalent safeguards to protect against potential financial risks. additional obligations exist for licensees, such as adherence to capital adequacy requirements. this emphasises the sound financial footing expected of such institutions. safeguards and enforcement mechanisms several significant safeguards are embedded within the legislation to promote financial integrity. for example, auditors play a pivotal role by reporting irregularities, including instances where a licensee operates in a potentially detrimental or fraudulent manner. failure to meet obligations, such as annual audits or the submission of accounts, may result in penalties, suspensions, or more severe actions. similarly, cima wields investigatory and enforcement powers, including the ability to access a licensee’s books and records, conduct on-site inspections, and mandate corrective actions. furthermore, cima is authorised to impose public disclosures where deemed necessary to uphold transparency standards. compliance and operational requirements the act also addresses key compliance measures, including net worth and operational requirements that vary by licence type. the use of financial instruments and the execution of relevant fiduciary activities are strictly regulated to prevent improper practices. additionally, the issuance, transfer, or disposal of shareholders’ equity by any licensee requires prior approval from cima unless exempted. key amendments in the 2025 revision the 2025 revision incorporates significant amendments and updates that reflect evolving regulatory needs. among them is the introduction of stricter provisions on economic and financial group structures to ensure that such arrangements do not hinder effective supervision or jeopardise financial stability. this ensures that cayman’s financial system remains robust in both domestic and international contexts. notable updates also include explicit references to the obligations imposed under the beneficial ownership transparency act (2023 revision) and other aligned legislation, creating a cohesive regulatory architecture. appeals and authority responsibilities the act provides appropriate recourse for aggrieved parties, offering an appeals process against decisions made by cima. appeals can be lodged with the grand court, ensuring that disputes are adjudicated fairly. additionally, it recognises the responsibilities of cima, outlining its duties to monitor banking practices, investigate suspected contraventions, and report findings to the cabinet when necessary. penalties and enforcement actions further provisions introduce penalties for violations, including fines and potential imprisonment for contraventions or the intentional submission of false information. immunities are granted to cima and affiliated parties, safeguarding their function in implementing the legislation effectively. any person or entity that fails to comply with the act risks enforcement actions, from fines to the revocation of licences. conclusion: strengthening cayman’s financial sector altogether, the banks and trust companies act (2025 revision) reinforces cayman’s position as a regulated, reputable jurisdiction for banking and fiduciary services, maintaining a careful balance between fostering economic growth and safeguarding the financial system. through its structured provisions, the act ensures that the cima is empowered to supervise a resilient and trustworthy financial sector in the face of both local and global dynamics. further reading cayman islands banks and trust companies act (2025 revision)

On 23 January 2026, the European Systemic Risk Board (ESRB) issued a summary compliance report that assesses compliance with certain aspects of Recommendation ESRB/2019/18 on exchange and collection of information for macroprudential purposes on branches of credit institutions having their head office in another Member State or in a third country. The Recommendation is aimed at harmonising the scope and frequency of the exchange of information on branches available to relevant authorities across Member States.  The Recommendation has three parts: Recommendation A of Recommendation ESRB/2019/18 recommends that the relevant authorities cooperate and exchange, on a need-to-know basis, information deemed necessary for the discharge of their tasks related to the adoption and/or activation of macroprudential policy measures or for other financial stability tasks, in an effective and efficient manner. Recommendation B of Recommendation ESRB/2019/18, addressed to the European Commission, is aimed at ensuring the removal of any impediments which might exist in Union legislation, and which might prevent the relevant authorities from having or obtaining necessary information on branches. Recommendation C of Recommendation ESRB/2019/18, addressed to the European Banking Authority, is aimed at ensuring a consistent, effective and efficient approach to the exchange of information for the purposes of the Recommendation. The overall results of this latest assessment show a high level of compliance with the ESRB Recommendation across all addressees.

NFA congratulates Michael Selig on his confirmation as Chairman of the Commodity Futures Trading Commission. Mr. Selig's prior service at the CFTC and SEC along with his private sector experience will serve the CFTC extremely well. We look forward to working with Chairman Selig and the Commission on our industry's important regulatory matters. - Thomas W. Sexton, III, NFA President and CEO