Regulatory News
HoL Financial Services Regulation Committee: Stablecoins – waiting for regulation
The Committee has now published its report. Amongst other matters, it concludes that the UK is currently lagging behind in developing its regulatory regime compared to the USA and EU and that there are some elements of the UK’s proposed regime which would diverge from international equivalents, including in requirements for systemic issuers to hold unremunerated backing assets, the proposed stablecoin holding limits, and the restrictions on commercial banks issuing stablecoins; The report sets out a number of recommendations for the authorities, including consideration of whether the existing legal frameworks are sufficient to detect and deter illicit activity using private unhosted and unregulated wallets.
FCA: Sponsorship arrangements between football clubs and unauthorised firms
FCA has raised concerns that a number of unauthorised firms, including crypto businesses and trading platforms, are using sponsorship and may be breaching UK financial services laws by providing financial services in the UK without authorisation. FCA has written directly to football clubs, mainly in the Premier League, to warn about their relationships with these firms and remind them of their responsibilities to fans.
The Financial Services and Markets Act 2023 (Commencement No. 14) Regulations 2026/587 (C47)
These Regulations bring into force on s1(1) FSMA so far as it relates to the revocation of certain instruments relating to short selling which are referred to in Schedule 1 to the Act. (Date in force: 13 July 2026)
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FCA: Introduction to anti-money laundering regulations – responses to questions from firms
FCA has published Q&As covering various aspects of the new regime.
BIS: Information and communication technology risk management – range of practices
The Basel Committee has analysed ICT risk management practices across jurisdictions to address non-malicious ICT incidents. Its report aims to support banks in developing robust ICT risk management frameworks.
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UKPI/FCA: UKPI scheme
UKPI has announced the launch of a scheme designed for the next-generation of open banking payments which establishes a shared rulebook, commercial model and operational standards for flexible, automated, or recurring account-to-account payments, powered by open banking. FCA has published a press release in which it notes that it is supporting industry efforts to establish an independent standards-setting body, and – subject to legislation expected to give it new powers – will consult on a long-term regulatory framework by the end of 2026.
JMLSG: Consultation
JMSLG is consulting on proposed amendments to Part I of its Guidance. Responses are required by 29 June 2026.
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IOSCO: Valuing collective investment schemes, strengthening global standards for fund valuation
IOSCO’s report sets out recommendations intended to further enhance the reliability, consistency and transparency of valuation practices across global investment funds It updates and consolidates IOSCO’s earlier principles on valuation for collective investment schemes and hedge funds which were published in 2013 and 2007 respectively. The recommendations focus on: governance and oversight arrangements, including under stressed market conditions; management of conflicts of interest; valuation methodologies; the use and oversight of third-party valuation providers, and transparency, disclosure to investors and record-keeping.
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FCA: Handbook Notice 141
This edition of the Handbook Notice details Instruments passed at FCA boards on 23 April and 28 May 2026. These are: Collective Investment Schemes (Use of Distributed Ledger Technology in Authorised Funds) Instrument 2026/24; Collective Investment Schemes (Direct Dealing) Instrument 2026/25; Consumer Credit (Regulatory Reporting) (Amendment) Instrument 2026/26; Supervision Manual (Amendment) Instrument 2026/27; Technical Standards (European Markets Infrastructure Regulation) (Clearing Thresholds) (Amendment) Instrument 2026/28 (see also second link below), and Short Selling Rules Sourcebook (Administration) Instrument 2026/29.
FCA: PS26/8: Retail Banking Business Models data
Further to CP26/3, FCA has now published feedback and final rules and guidance for the new annual return which is replacing R2B2 data collections. The new rules come into force on 1 June 2026.
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