In brief This marks an important, substantial step towards a new harmonized and more restrictive regime for branches of non-EU/EEA firms, e.g., from the US, UK and Asia, which provide “core banking services” of deposit-taking, lending, and providing guarantees and commitments to German clients, so-called third-country branches (“TCB”) under Art.…
In brief On 25 September 2025, the Monetary Authority of Singapore (MAS) introduced initiatives aimed at promoting responsible…
Earlier this summer, the US Administration’s Working Group on Digital Asset Markets published a report, entitled Strengthening American Leadership in Digital Financial Technology. The Report contains recommendations for revising existing legislation and IRS guidance regarding trusts engaged in cryptocurrency staking, Code provisions that may deny recognition of gains or losses by active securities traders, and reporting requirements for participants in digital asset transactions and for the exchanges that facilitate such activities
On 25 September 2025, the Australian Government released draft legislation to regulate Digital Asset Platforms (DAPs) and Tokenised Custody Platforms (TCPs). The proposed law requires operators of these platforms to hold an Australian Financial Services Licence and comply with tailored disclosure, conduct, and licensing obligations. It aims to close regulatory gaps, enhance investor protection, and position Australia as a credible hub for digital asset innovation. Consultation on the draft closes on 24 October 2025.
The European Supervisory Authorities report steady improvement in principal adverse impact (PAI) disclosures under the SFDR, especially among larger financial groups. However, disclosures often lack quantifiable actions, and “non-consideration” statements remain generic. The ESAs recommend clearer, shorter, and machine-readable disclosures, more proportional requirements, and less frequent reporting to enhance quality and relevance. Further regulatory guidance may follow to address persistent shortcomings.
The Financial Conduct Authority (FCA) has said following its recent multi-firm review of how its climate disclosure rules have been operating that it will look to “streamline and enhance” its sustainability reporting framework and has pledged to “simplify disclosure requirements”. This is welcome news for the industry and seems to be driven by feedback from the asset management sector that Task Force on Climate-related Financial Disclosures (TCFD) reporting rules are overly granular. There also seems to be a move towards consolidation across UK sustainability reporting frameworks as the FCA will consider the Sustainability Disclosure Requirements (SDR), International Sustainability Standards Board (ISSB) and transition planning going forward.
Dubai International Financial Centre (DIFC) has rolled out amendments to its Data Protection Law that came into effect in July 2025 following a consultation earlier in the year. The updates bring the law into greater alignment with the GDPR’s approach to enforcement, providing additional protections for data subjects.
The Companies and Limited Liability Partnerships (Miscellaneous Amendments) Act 2024 amended, from 16 June 2025, the Companies Act 1967 (CA) and the Limited Liability Partnerships Act 2005 along with related regulations, to address the risk of misuse of nominee arrangements — an area identified as vulnerable to abuse and potentially the cause of illicit activities.
These amendments enhance Singapore’s anti-money laundering regime to Enhance statutory register disclosures to meet FATF standards, prevent accidental omissions, and improve transparency and accuracy of nominee arrangements through timely and ongoing updates.
On 8 July 2025, the Dubai Court of Cassation questioned the enforceability of late payment compensation in Islamic finance. Unlike default interest, such compensation is not retained by financiers but donated to charity. The ruling may affect market practices, though its broader impact remains uncertain under UAE law.
On July 18, 2025, President Trump signed into law the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act), marking a pivotal moment in the evolution of digital asset regulation. As the first comprehensive federal framework governing payment stablecoins, the GENIUS Act introduces a robust regulatory regime designed to enhance market integrity and consumer protection. The GENIUS Act will take effect on the earlier of (i) January 18, 2027 (i.e., 18 months following enactment) or (ii) 120 days following the issuance of final implementing regulations. This relatively short compliance runway underscores the urgency for stakeholders to begin preparing now.