EU & US Reg Roundup 20/10/26
Europe
European Banking Authority
Final technical package for reporting and Pillar 3 framework 4.4
12 October 2026
The EBA released Phase 1 of reporting framework 4.4, including updated data models, validation rules and XBRL taxonomies. The package covers IFRS 18-aligned FINREP reporting, Pillar 3 disclosures on ESG, equity and shadow-banking exposures, and amendments relating to resolution planning, MREL, third-country branch liquidity reporting and AMLA data collections. A second phase addressing the supervisory reporting simplification package is expected in early 2027.
Final draft amendments to prudential standards for central securities depositories
12 October 2026
The EBA published its final report proposing amendments to prudential technical standards for central securities depositories and designated credit institutions providing banking-type ancillary services. The changes respond to the CSDR Refit, including arrangements allowing banking CSDs to provide these services to other CSDs. The standards have been submitted to the European Commission and are not yet applicable, making this a forward-looking implementation item rather than an immediately effective requirement.
CRR3/CRD6 dashboard highlights the increasing impact of the output floor
9 October 2026
The EBA’s updated dashboard projects a fully loaded average CET1 ratio of 15.1% across 129 EU/EEA banks. The estimated increase in Tier 1 minimum required capital rises to 6.0%, principally reflecting a larger output-floor impact. Under static balance-sheet assumptions, no capital shortfalls are projected before 2030, but shortfalls reach €18.5 billion under the fully loaded framework in 2033. The findings are relevant to medium-term capital planning and output-floor assessments.
Consultation on joint decisions for institution-specific capital and liquidity requirements
25 September 2026
The EBA proposed revised implementing technical standards to simplify how supervisory colleges reach joint prudential decisions. Changes include an integrated risk-assessment report, closer alignment with the revised SREP framework, clearer treatment of qualitative measures, and inclusion of Pillar 2 Guidance and leverage-ratio-related Pillar 2 requirements and guidance. Comments close on 4 January 2027.
Final Guidelines on third-party risk management
18 September 2026
The EBA published final Guidelines focusing on third-party arrangements supporting critical or important functions. They address the full arrangement lifecycle, including due diligence, contracting, subcontracting, monitoring and exit strategies, while promoting consistency with DORA and international standards. A two-year transitional period is intended to support proportionate implementation. The Guidelines are particularly relevant to outsourcing governance and operational-resilience programmes.
European Securities and Markets Authority
T+1 settlement framework completed ahead of implementation
16 October 2026
ESMA announced that the regulatory framework supporting the EU’s move to T+1 settlement is complete following publication of technical standards and revised Guidelines on standardised procedures and messaging protocols. The EU transition is scheduled for 11 October 2027, with an earlier 7 December 2026 deadline for investment firms and clients to meet new allocation and confirmation requirements. This is an important operational-readiness item for securities businesses.
ESMA sets out its 2027 work programme and simplification priorities
28 September 2026
ESMA’s 2027 programme includes reviewing the impact of EMIR 3 on clearing-market resilience, supporting T+1 implementation and progressing the European Single Access Point. It also advances simplification initiatives covering transaction reporting, fund reporting and risk-based supervision. The programme signals continued attention to clearing dependencies, reporting efficiency, cybersecurity and technological innovation.
BaFin
BaFin simplifies communication of its adoption of ESA and AMLA Guidelines
1 October 2026 — German publication; English listing dated 5 October 2026
BaFin announced that a consolidated overview will show which ESA and AMLA Guidelines it adopts into its administrative practice, replacing the publication of individual circulars for this purpose. This changes how firms monitor the domestic application of European Guidelines; it should not be interpreted as withdrawing the underlying supervisory expectations. The German date differs from the English listing supplied in your source material.
Original announcement — German
North America
Federal Reserve Board
Bowman outlines supervisory modernisation following the Silicon Valley Bank review
14 October 2026
Vice Chair for Supervision Michelle Bowman described proposed improvements to supervisory accountability, decision-making authority and escalation channels following an independent review of Silicon Valley Bank’s failure. She emphasised timely intervention on material financial risks, particularly interest-rate and liquidity exposures, and proportionate supervision. The speech provides supervisory direction; it does not itself establish new capital or liquidity requirements.
Bowman discusses modernising regulation and supervision
6 October 2026
Bowman outlined the Federal Reserve’s continuing modernisation agenda, including updating asset thresholds, making supervisory ratings more reflective of financial condition and risk, and streamlining regulatory reporting. She also discussed coordination with other banking agencies and a greater focus on matters capable of causing material financial impairment. The speech is relevant to supervisory planning, but references to earlier reforms should not be treated as new rules issued on this date.
U.S. Securities and Exchange Commission
Proposed expansion of cross-trading by registered funds
9 October 2026
The SEC proposed amendments expanding the securities eligible for cross-trading between registered funds and affiliates, including restoring the ability to cross-trade most fixed-income securities. The proposal also modernises pricing and oversight conditions, seeking to reduce transaction costs while maintaining investor protections. This is relevant to fund governance, valuation and affiliated-transaction controls, rather than bank capital regulation.
Proposed custody framework for crypto assets
1 October 2026
The SEC proposed a tailored crypto-asset custody framework for registered investment advisers and regulated funds. The proposals would permit self-custody in specified circumstances, allow state trust companies to act as crypto custodians, and amend related audit and broker-dealer custody provisions. Comments are due 60 days after Federal Register publication. These remain proposals, not permissions that firms can assume are already effective.
New examination handbook clarifies supervisory engagement
1 October 2026
The SEC’s Division of Examinations published a handbook explaining the examination process from initial risk assessment through to the disposition letter. Replacing the previous brochure, it provides practical preparation guidance and explains channels for questions and feedback. The publication is relevant to examination readiness and regulatory engagement, rather than introducing new substantive prudential obligations.
Office of the Superintendent of Financial Institutions (Canada)
Fall risk outlook focuses on frontier AI
8 October 2026
OSFI’s Semi-Annual Risk Outlook highlights how frontier AI can amplify cyber, technology, third-party and reputational risks. It calls on institutions to strengthen governance, controls and testing, with boards and senior management remaining accountable. OSFI also plans to strengthen its assessment of technology concentration and critical third-party dependencies. This is a supervisory risk update rather than a new capital standard.
Clarification on use of the Bank of Canada’s Standing Liquidity Facility
29 September 2026
OSFI and the Bank of Canada clarified that overnight Standing Liquidity Facility advances to Lynx participants are a normal part of daily payment-system activity. Such drawings are consistent with routine liquidity management and are not, in themselves, signs of liquidity stress or exceptional liquidity measures. The statement is directly relevant to liquidity contingency planning and the treatment of central-bank facility usage.
Rest of World
Monetary Authority of Singapore
Final Guidelines on AI risk management for financial institutions
7 October 2026
MAS published Guidelines setting supervisory expectations for managing risks arising from AI use across financial institutions and all forms of AI technology. Institutions may tailor their approaches to their risk profiles and the scale and nature of their AI activities. The publication states that the Guidelines take effect on 7 October 2027, making AI governance and implementation planning a forward-looking priority.