On 21 October 2026, the European Parliament and the Council announced that they had reached agreement on the main parts of the review of the EU securitisation framework. The agreed compromise is a key step in the legislative process, which
Global Regulation Tomorrow
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European Parliament progresses negotiations on MISP package
Following the adoption of the negotiating position of the Council, the legislative review of the Market Integration and Supervision Package (MISP) is progressing in the European Parliament as well. The European Parliament Economic and Monetary Affairs (ECON) Committee is currently…
FCA publishes User Guide in relation to applications and notifications for UK Authorised Funds
On 22 October 2026, the Financial Conduct Authority (FCA) published a user guide in relation to applications and notifications for UK Authorised Funds.
Background
The FCA sets out that this guide is suitable for the following applications:
- Applying for a
…
PSR publishes Specific Direction 17 (Confirmation of Payee)
On 22 October 2026, the Payment Systems Regulator (PSR) published Specific Direction 17 (Confirmation of Payee) (SD17).
The PSR introduced Confirmation of Payee (CoP) requirements through Specific Direction 10 in 2019, updated them through Specific Direction 11 in 2022, and…
FCA CP26/36 – Cryptoasset perimeter guidance
On 21 October 2026, the FCA published Consultation Paper 26/36: Cryptoasset perimeter guidance (CP26/36).
Background
From 25 October 2027, the Financial Services and Markets Act (FSMA) 2000 (Cryptoassets) Regulations 2026 will introduce new regulated activities for cryptoassets into the FCA’s…
FCA GC26/7: Decentralised finance guidance
On 21 October 2026, the Financial Conduct Authority (FCA) issued Guidance Consultation 26/7: Decentralised finance guidance (GC26/7).
Background
The FCA is aware that firms are increasingly using decentralised finance (DeFi) to provide financial services. It is now consulting on non-Handbook…
New Briefing note: The FIA’s European agent-trustee model: a new era for client clearing in Europe
The FIA’s European Agent-Trustee Model (EATM) represents one of the most significant recent developments in the European OTC derivatives clearing market. Launched at LCH Ltd in December 2025, the EATM offers clients and clearing members an alternative to the principal-to-principal…
New Briefing note: Prediction markets and event contracts: a UK perspective
Prediction markets continue to attract significant global attention. As trading volumes in prediction markets continue to grow, a number of regulatory questions are being raised across jurisdictions. In the UK, the Financial Conduct Authority and the UK Gambling Commission have…
ESMA final report – RTS on the requirements for PTRR services for the purpose of the clearing obligation exemption under EMIR
On 20 October 2026, the European Securities and Markets Authority (ESMA) issued a final report on regulatory technical standards (RTS) on the requirements for Post-Trade Risk Reduction (PTRR) services for the purpose of the clearing obligation exemption under the European…
Does CP26/34 solve anything in relation to branches? Key Themes and Practical Implications for Transaction Reporting
Introduction
It is interesting that the FCA has sought to amplify its guidance in relation to the execution of transactions by branches in CP26/34. However, there is a good argument that the new guidance creates more questions than answers…