Federal Reserve Board announces it will hold a hybrid public outreach meeting on Thursday, March 26, as part of its review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA)

19 February 2026

The Federal Reserve announced that it will hold a hybrid public outreach meeting on 26 March 2026 as part of its review of regulations under EGRPRA. The review is intended to identify outdated, unduly burdensome or otherwise unnecessary regulatory requirements applicable to supervised institutions.

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Following earlier actions to remove reputation risk from its supervision of banks, Federal Reserve Board requests comment on proposal to codify that removal

23 February 2026

The Federal Reserve requested comment on a proposal to codify the removal of “reputation risk” from its supervision of banks. The proposal reiterates the Board’s policy that supervisory decisions should focus on material financial risks and not penalise institutions for serving lawful customers or activities.

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Agencies clarify the capital treatment of tokenized securities

5 March 2026

The Federal Reserve, together with the FDIC and the OCC, issued guidance clarifying that eligible tokenized securities should generally receive the same capital treatment as their non-tokenized form under the capital rule. The agencies also stressed that the capital framework is technology-neutral and that banks should apply sound risk management to these exposures.

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Federal Reserve Board announces termination of enforcement action with Wells Fargo

5 March 2026

The Federal Reserve announced the termination of its 2018 enforcement action against Wells Fargo after determining that the bank had met all required conditions. The action had focused on governance and risk management improvements, and the Fed said the required remediation work had now been completed.

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U.S. Securities and Exchange Commission

SEC Announces 45th Annual Small Business Forum to Improve Capital-Raising Policy

13 February 2026

The SEC announced that it will host its 45th Annual Government Business Forum on Small Business Capital Formation on 9 March 2026. The event is intended to gather views from across the market on how to improve policy affecting the way entrepreneurs, small businesses and smaller public companies raise capital.

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SEC Proposes Amendments to Reduce Burdens in Reporting of Fund Portfolio Holdings

18 February 2026

The SEC proposed amendments to Form N-PORT aimed at reducing reporting burdens on registered investment companies. The proposal would give funds an additional 15 days to file, reduce the frequency of public portfolio disclosure from monthly to quarterly, and streamline or remove certain reporting items, while separately extending compliance dates for Names Rule-related reporting requirements.

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SEC Announces Roundtable on Private Markets Valuation As Retail Investor Access Accelerates

26 February 2026

The SEC announced a roundtable to discuss private market valuations and responsible retailization as retail exposure to alternative investments becomes more common. The event is intended to explore valuation challenges, investor protection issues and governance considerations as private market assets increasingly migrate into publicly offered vehicles.

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SEC, FSA Hold Spring Financial Regulatory Dialogue

27 February 2026

The SEC and Japan’s Financial Services Agency held their Spring Financial Regulatory Dialogue in Tokyo. The discussions covered recent market developments, strategic priorities and a range of regulatory and supervisory matters, including crypto and digital assets, with both authorities highlighting the importance of continued cross-border cooperation.

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SEC Announces Roundtable on Options Market Structure Reform

5 March 2026

The SEC announced that it will host a roundtable on 16 April 2026 to discuss listed options market structure. The discussion will focus on competition in a quote-driven market, customer experience, and the opportunities and challenges associated with the continued growth of the U.S. listed options market, particularly among retail investors.

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U.S. Department of the Treasury

Remarks: A Reset on Liquidity Regulation

3 March 2026

In remarks on liquidity regulation, Treasury argued that the post-crisis liquidity framework should be revisited in light of changes in markets and recent stress episodes. The speech highlighted concerns around the usability of liquidity buffers, discount window stigma and the need to better align liquidity regulation with the lender-of-last-resort function.

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Treasury Seeks Public Input on the U.S. National Strategy for Financial Literacy – Comments Due April 6

6 March 2026

The Treasury, through the Financial Literacy and Education Commission, invited public input on the update to the U.S. National Strategy for Financial Literacy. The request for input seeks views on national priority areas and best practices to improve financial literacy and support better saving and investment outcomes.

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The EBA publishes final Guidelines on proportionate retail diversification methods under the standardised approach for credit risk

13 February 2026

The European Banking Authority (EBA) published final Guidelines on proportionate retail diversification methods under the standardised approach for credit risk. The Guidelines provide a harmonised framework for assessing whether retail portfolios are sufficiently diversified to qualify for preferential retail treatment, while also aiming to ensure a proportionate application for smaller institutions.

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The EBA responds to the Commission’s proposed amendments to the draft technical standards on equivalent legal mechanism

26 February 2026

The European Banking Authority (EBA) published its response to the European Commission’s proposed amendments to the draft technical standards on equivalent legal mechanism for unfinished residential property exposures. The EBA warned that the proposed changes could weaken prudential safeguards and reduce incentives for appropriate completion guarantees, and therefore urged the Commission not to adopt them as proposed.

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The EBA publishes final Guidelines on instruments for the capital endowment requirement for third-country branches

2 March 2026

The European Banking Authority (EBA) published final Guidelines specifying the instruments that third-country branches may use to meet the capital endowment requirement under the Capital Requirements Directive (CRD). The Guidelines clarify which financial instruments are eligible and establish operational expectations to ensure those instruments are readily available when needed in resolution or winding-up scenarios. They also confirm that certain government and supranational securities with a 0% risk weight may be used.

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The EBA sets out harmonised reporting standards to enhance oversight of third-country branches

5 March 2026

The European Banking Authority (EBA) published final standards establishing a harmonised supervisory reporting framework for third-country branches operating in the EU. The framework introduces standardised templates covering branch-level financial and regulatory information as well as head-undertaking data, and adopts a proportionate approach so that smaller and less complex branches report a reduced data set while larger branches provide additional prudential information.

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European Securities and Markets Authority

ESMA publishes statement supporting the smooth implementation of the Listing Act

18 February 2026

The European Securities and Markets Authority (ESMA) published a statement to support the smooth implementation of the Listing Act, giving practical guidance to national competent authorities, issuers and advisers on the revised prospectus framework. The statement aims to help firms navigate the transitional period and reduce unnecessary complexity as the new regime is implemented.

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ESMA consults on MAR Guidelines on delay in the disclosure of inside information

19 February 2026

The European Securities and Markets Authority (ESMA) launched a consultation on proposed amendments to its Guidelines on delay in the disclosure of inside information under the Market Abuse Regulation (MAR). The proposals aim to simplify the existing guidance and align it with changes introduced by the Listing Act, including revisions to the examples of legitimate interests that may justify delayed disclosure.

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ESMA simplifies MiFID II / MiFIR obligations on market data

23 February 2026

The European Securities and Markets Authority (ESMA) withdrew its guidelines on MiFID II / MiFIR obligations on market data with immediate effect. ESMA said the decision reflects its commitment to simplifying rules and reducing unnecessary compliance burdens, and aligns the framework with the newly applicable RTS on making market data available to the public on a reasonable commercial basis.

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ESMA issues a supervisory briefing on algorithmic trading

26 February 2026

The European Securities and Markets Authority (ESMA) issued a supervisory briefing to support consistent supervision of firms engaged in algorithmic trading under MiFID II. The briefing focuses on areas where supervisory practices have diverged, including pre-trade controls, governance arrangements, testing frameworks and outsourcing of algorithmic trading systems.

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ESMA publishes the results of the annual transparency calculations for equity and equity-like instruments

26 February 2026

The European Securities and Markets Authority (ESMA) published the results of its annual transparency calculations for equity and equity-like instruments. The results determine liquidity assessments, average daily turnover and the applicable tick-size regime, and will be used by market participants and national competent authorities for the relevant transparency requirements under MiFIR.

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Deutsche Bundesbank

Bundesbank: loss for the year more than halved – balance sheet is sound

5 March 2026

The Deutsche Bundesbank reported that its loss for 2025 more than halved compared with the previous year, while emphasising that its balance sheet remains sound. The decline in losses reflects improving profitability, although the Bundesbank noted that the financial burden from past monetary policy measures remains significant and is expected to continue subsiding only gradually.

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Bank of England

CP2/26 – Reforms to securitisation requirements

17 February 2026

The Prudential Regulation Authority (PRA) published a consultation paper proposing reforms to the UK securitisation framework. The proposals aim to simplify the regime while maintaining prudential safeguards, including changes to due diligence expectations, risk retention options, and reporting and transparency requirements.

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CP3/26 – PRA rule changes to accommodate HM Treasury’s Overseas Prudential Requirements Regime

19 February 2026

The Prudential Regulation Authority (PRA) published a consultation paper proposing amendments to its rules to reflect HM Treasury’s intended Overseas Prudential Requirements Regime. The proposals are designed to restate and modify certain existing CRR equivalence provisions in legislation and clarify the prudential treatment of exposures to institutions in recognised equivalent jurisdictions.

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PS5/26 – Credit Union Service Organisations

20 February 2026

The Prudential Regulation Authority (PRA) published a policy statement allowing UK credit unions to invest in Credit Union Service Organisations (CUSOs). The change is intended to support greater operational efficiency and collaboration in the credit union sector, while also introducing safeguards around permitted activities and supervisory expectations.

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CP4/26 – UK Solvency II Own Funds: Updates and fixes to rules and expectations

25 February 2026

The Prudential Regulation Authority (PRA) published a consultation paper proposing targeted updates and fixes to the UK Solvency II Own Funds framework. The proposals include restating remaining relevant EIOPA guidelines into PRA supervisory statements and making targeted changes intended to improve clarity and consistency in the UK own funds regime.

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Prudential Regulation Authority statement on the life insurance stress test in 2028

27 February 2026

The Prudential Regulation Authority (PRA) confirmed that it remains committed to regular life insurance stress testing and plans to launch the next life insurance stress test in 2028. The statement indicates that the PRA will continue to use stress testing as part of its ongoing supervision of the life insurance sector.

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HM Treasury

Consultation: The Appointed Representatives Regime

12 February 2026

HM Treasury launched a consultation on proposed changes to the legislative framework for Appointed Representatives. The consultation seeks views on reforms intended to strengthen oversight of the regime and improve the regulatory framework governing unauthorised firms acting on behalf of authorised principals.

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Money Laundering Advisory Notice: High Risk Third Countries

26 February 2026

HM Treasury updated its Money Laundering Advisory Notice on high-risk third countries following the February 2026 FATF updates. The notice reminds firms in the UK regulated sector that they must apply enhanced customer due diligence in relation to jurisdictions identified as presenting elevated money laundering and terrorist financing risks.

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HM Treasury Market Engagement Group

9 March 2026

HM Treasury published the terms of reference for its new Market Engagement Group, a senior-level forum for financial market participants to share views on UK-related developments in financial markets, including gilts and sterling, with the Chancellor. The paper also sets out membership criteria and the application process for participants.

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European Banking Authority

The EBA updates technical standards to streamline resolution planning and strengthen cooperation in resolution colleges

23 January 2026

The European Banking Authority (EBA) published updated final draft Regulatory Technical Standards (RTS) on resolution planning and the operational functioning of resolution colleges to simplify and refocus resolution planning outputs while enhancing cooperation among relevant authorities in cross-border resolution cases. Key revisions include

- a more consistent and concise set of core information for resolution plans

- a tailored approach to plan content based on institution specifics;

- a clearer separation between strategy selection and resolvability assessment;

- and a reorganised resolvability assessment across seven core dimensions.

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The EBA publishes updated risk assessment indicators

28 January 2026

The EBA published an updated set of risk assessment indicators and a revised methodological guide to support consistent risk analysis and interpretation of key banking sector metrics. While not introducing new reporting requirements, the update clarifies how indicators are calculated and expands the scope of indicators to better reflect the current regulatory environment, including measures relevant to profitability, solvency and operational risk, as well as crypto asset markets and investment firms.

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The EBA Pillar 3 data hub goes live

28 January 2026

The EBA announced that its Pillar 3 data hub is now live, providing the first single, harmonised digital platform for accessing prudential disclosures for all European Economic Area (EEA) institutions. The hub allows users to view official data submitted by institutions, including through intuitive visualisation tools and bulk data downloads, significantly enhancing transparency, comparability and usability of institution-level prudential information across the EU. The EBA expects the full dataset covering the first three 2025 reference dates (June, September, December) to be available by June 2026, with the platform supporting the transition from institution-specific disclosures to centralised reporting as envisaged under CRR3/CRD6.

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The EBA launches consultation on simplifying the credit risk framework

9 February 2026

The EBA launched a public consultation on a Discussion Paper aimed at exploring ways to simplify and enhance the efficiency of the EU’s credit risk framework. The paper proposes high-level ideas to improve the structure, usability and coherence of the credit risk framework — including potential policy simplifications, consolidation of existing regulatory outputs, and alignment of key definitions — while preserving risk-sensitivity and comparability. The consultation runs until 10 May 2026.

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European Securities and Markets Authority

ESMA signs Memorandum of Understanding with the Reserve Bank of India to enable cooperation on central counterparties

27 January 2026

The European Securities and Markets Authority (ESMA) and the Reserve Bank of India (RBI) signed a Memorandum of Understanding (MoU) to strengthen cross-border regulatory cooperation and exchange information on central counterparties (CCPs) established in India and supervised by the RBI. The MoU replaces an earlier 2017 cooperation arrangement and is a key step toward restoring EU-level recognition under the European Market Infrastructure Regulation (EMIR) for eligible Indian CCPs, including the Clearing Corporation of India Ltd (CCIL), facilitating smoother access for EU clearing members. Under the agreement, ESMA will rely on RBI’s supervisory activities for covered CCPs while safeguarding EU financial stability, and both authorities will maintain ongoing cooperation to support recognition processes and regulatory alignment.

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BaFin

BaFin publishes Risiken im Fokus 2026

28 January 2026

BaFin published its annual risk outlook, setting out key supervisory focus areas for 2026. While noting that German banks and insurers remain broadly resilient, BaFin identified heightened risks requiring closer monitoring, including:

- Credit risk pressures amid economic uncertainty

- Market valuation and interest rate risks

- Geopolitical and macroeconomic shocks

- Cyber and ICT vulnerabilities

- Structural risks from digitalisation and financial innovation

- Newly highlighted consumer-related risks, including exposure to speculative assets and rising household indebtedness

The report outlines where supervisory scrutiny is expected to intensify in 2026.

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UK

Bank of England / Prudential Regulation Authority

Bank Resolution Standards Instrument: The Technical Standards (COREP13) Instrument 2026

12 February 2026

The Bank of England published its final Resolution Standards Instrument implementing the partial revocation of the UK Technical Standards (UKTS) on resolution reporting (COREP13) following consultation. The policy deletes six COREP13 reporting templates (Z 02.00, Z 03.00, Z 04.00, Z 05.01, Z 05.02 and Z 06.00), reducing resolution reporting burden while ensuring the Bank retains necessary information to fulfil its resolution authority duties. The changes apply from 1 April 2026, with firms asked to use negative filing indicators temporarily where deleted templates remain in RegData.

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PS2/26 – Retiring the refined methodology to Pillar 2A – final

20 January 2026

The Prudential Regulation Authority (PRA) published its final policy statement (PS2/26) confirming the retirement of the “refined methodology” within the Pillar 2A capital framework. Under the policy, the refined methodology will cease to apply from 1 January 2027, aligned with the implementation of Basel 3.1 capital standards. The policy is relevant to all PRA-regulated banks, building societies and investment firms and forms part of a broader package of capital framework reforms published alongside Basel 3.1 implementation and related instruments.

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PS1/26 – Implementation of Basel 3.1: Final rules

20 January 2026

The PRA published its final policy statement (PS1/26) setting out the Rulebook instruments, supervisory statements and other policy materials needed to implement the Basel 3.1 banking standards in the UK. The package includes prudential requirements across credit, market and operational risks, as well as updated reporting templates and instructions, and will form the foundation of the new capital regime effective 1 January 2027 for PRA-authorised banks, building societies and investment firms.

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PS3/26 – Restatement of CRR requirements – final

20 January 2026

The PRA published final policy on the restatement of Capital Requirements Regulation (CRR) provisions into the PRA Rulebook ahead of the UK’s post-Brexit prudential regime implementation in 2027. The restatement preserves existing CRR requirements (including securitisation and other prudential standards) within the domestic framework following the UK’s withdrawal from the EU, ensuring continuity and clarity of the UK prudential regime.

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PS4/26 – The Strong and Simple Framework – final

20 January 2026

The PRA published its final policy statement on the Strong and Simple Framework, establishing a tailored capital and liquidity regime for Small Domestic Deposit Takers (SDDTs). The framework simplifies prudential requirements, reporting and supervisory expectations for eligible small UK deposit-taking firms while maintaining resilience and safety and aligning implementation with the Basel 3.1 standards coming into force in January 2027.

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PRA Regulatory Digest – January 2026

2 February 2026

The PRA published its Regulatory Digest for January 2026, consolidating recent policy developments including the final Basel 3.1 implementation package, the retirement of the refined Pillar 2A methodology, the CRR restatement policy and the Strong and Simple Framework. The digest offers firms a high-level summary of key PRA publications and supervisory priorities emerging early in 2026.

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Federal Reserve Board finalises hypothetical scenarios for its annual stress test and votes to maintain current stress capital buffer requirements

4 February 2026

The Federal Reserve Board published its final hypothetical scenarios for the 2026 annual supervisory stress test, designed to evaluate how large banks would withstand a severe recession scenario over a two-year horizon. The scenarios broadly align with those proposed in October 2025 and include assumptions such as a sharp rise in unemployment and significant declines in house prices, commercial real estate and corporate debt markets. In conjunction, the Board voted to maintain the current stress capital buffer requirements until 2027, when updated buffers will be calculated once public feedback is incorporated into the models. The changes aim to balance robustness of the stress-testing framework with responsiveness to stakeholder input.

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Securities and Exchange Commission

SEC Small Business Advisory Committee to continue discussion on regulatory framework for finders and explore the private secondary market

22 January 2026

The U.S. Securities and Exchange Commission announced that its Small Business Capital Formation Advisory Committee will hold a public meeting on 24 February 2026 to advance discussions on the regulatory framework for “finders” — intermediaries who assist companies in raising capital in private markets — and to begin examining issues related to the private secondary market. The afternoon session will include an overview of the SEC Office of the Advocate for Small Business Capital Formation’s 2025 Staff Report and insights from industry experts on private secondary market dynamics, including continuation funds and special purpose vehicles. The Committee provides advice to the SEC on regulations affecting small business capital formation.

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