Regulatory News
AMLA: AML/CTF supervisory system under AMLA Regulation
AMLA has published its final report on the draft Implementing Technical Standards on cooperation within the AML/CFT supervisory system for the purposes of direct supervision under Article 15(3) of the AMLA Regulation. From 2028, AMLA will directly supervise obliged entities in the financial sector that operate in at least six Member States and have a high money laundering and terrorist financing risk profile.
FATF: Virtual assets standards
FATF has published its seventh targeted update on implementation of the FATF Standards on virtual assets (VAs) and virtual asset service providers (VASPs). The report assesses jurisdictions' compliance with FATF Recommendation 15 (R.15) on VAs and VASPs.
ESMA: CSDR T+1 transition
ESMA has published a statement on preparing for the transition to a T+1 settlement cycle in EU financial markets under the Central Securities Depositories Regulation. The statement outlines key milestones, including the first regulatory deadline on 7 December 2026 for allocations and confirmations processes, and the final deadline on 11 October 2027.
ESMA: MiFID II cross-border activities
ESMA has published the follow-up report to its 2022 peer review on the supervision of cross-border activities of investment firms. The report assesses the progress made by national competent authorities in implementing recommendations issued in 2022 and covers the Netherlands, Germany, the Czech Republic, Luxembourg, Cyprus and Malta.
EC: Sustainability reporting standard for voluntary use
The EC is consulting on a draft Delegated Regulation with regard to establishing sustainability reporting standards for voluntary use by undertakings protected by the value chain cap. Responses are required by 3 June 2026.
FCA: Berne Financial Services Agreement for UK and Swiss firms
FCA has added a section on marketing AIFs in the UK to this webpage.
BoE/PRA/FCA: The Berne Financial Services Agreement – guidelines for firms
The regulators have published guidelines for UK and Swiss investment and insurance firms.
The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025/1145
The Regulations, previously reported on when in draft, implement provisions in the Berne Financial Services Agreement and set out the UK regulators’ powers. (Date in force: 1 January 2026)
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FCA: Berne Financial Services Agreement for UK and Swiss firms
FCA has updated the firm questions section on its webpage.
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FCA: CP25/24: Quarterly Consultation Paper
FCA has amended the QCP to include an addendum proposing an amendment relating to the Berne Financial Services Agreement Guide – specifically to BFSAG 2.1.1G to clarify how deference applies to untied insurance intermediaries. Accordingly, the previous reference to “intermediaries” in this sentence has been removed from the current online version of the QCP and should be disregarded in the original version of the QCP.
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