Regulatory Feed Summary 24 - 28 November
28/11/2025 - Bank of England
Other systemically important institutions (O-SII) buffer rates for ring-fenced banks, large domestic banks, and large building societies
The PRA has set the 2025 O-SII buffer rates for ring-fenced banks, large domestic firms, and large building societies
28/11/2025 - Bank of England
2025 list of UK headquartered Globally Systemically Important Institutions (G-SIIs)
The PRA disclosure of UK headquartered G-SIIs for 2025.
28/11/2025 - Bank of England
2025 list of UK firms designated as Other Systemically Important Institutions (O-SIIs)
The PRA has published the list of designated O-SIIs for 2025
28/11/2025 - Bank of England
Prudential Regulation Authority (PRA) annual assessment of the Credit Union sector
This letter sets out the key findings from our annual assessment and the actions we expect you to take.
28/11/2025 - Bank of England
Deep, liquid, and transparent (DLT) assessment for January 2026 implementation
The table below shows the outcomes of the annual DLT assessment for PRA relevant currencies, which will be effective from 1 January 2026.
28/11/2025 - ECB SSM
Patrick Montagner: Supervision in uncertain times: vigilance, governance and the case for effective supervision
No summary available
28/11/2025 - Japan FSA
Press Conferences,Press Conference by KATAYAMA Satsuki, Minister of State for Financial Services (November 14, 2025)
No summary available. Please follow the link for details
28/11/2025 - Japan FSA
Others,Updated statistics of money lending business
No summary available. Please follow the link for details
28/11/2025 - ESMA
Algorithmic trading tops the agenda of the financial and energy regulators' forum
Algorithmic trading tops the agenda of the financial and energy regulators'forum 28 November 2025
Market Abuse
Market Integrity
The Energy Trading Enforcement Forum (ETEF) is the forum where energy and financial regulators and the two EU Agencies (ESMA and ACER) meet annually.
At its 8th forum in Paris on 6 November, the main topics discussed included trends in manipulative behaviour based on algorithmic trading and the first referrals from National Competent Authorities to prosecutors for market abuse involving energy products classed as financial instruments.
The forum also covered the importance of data sharing and the continued cooperation between authorities, as the regulatory oversight of potential market abuse in the trading of energy and financial products falls under two EU regulatory frameworks: the Wholesale Energy Market Integrity and Transparency (REMIT) and the Market Abuse Regulation (MAR).
For more information on the work of ACER and ESMA to protect energy and financial markets from abuse, visit:
27/11/2025 - Bank of England
PS23/25 Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251
This Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) policy statement (PS) provides feedback to responses the PRA and the FCA received to consultation paper (CP) 5/25 – Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251. It also contains the PRA’s and the FCA’s final policy, in the form of amendments to the Binding Technical Standards (BTS) 2016/2251 (Appendices 2 and 3).
This PS is relevant to PRA-authorised banks, building societies, and PRA-designated investment firms in scope of the margin requirements under the European Market Infrastructure Regulation (UK EMIR). In addition, this PS is relevant to all FCA solo-regulated entities and non-financial counterparties in scope of the margin requirements under UK EMIR.
27/11/2025 - UK FCA
Simplifying the firm experience: RegData access now through My FCA
As part of our aim to be a smarter regulator, we're making it easier for firms to access FCA regulatory reporting systems.
From 28 November 2025, access to RegData will be through sign in to My FCA. Over the coming months, this will also include Connect and the Online Invoicing System, so that everything you need will be in one place.
You don't need to do anything. All RegData sign-in links and bookmarked pages will automatically redirect to My FCA.
After signing in, you will be able to view your firm's details and scheduled tasks, along with the due date and status. There are also links to other resources in My FCA, including system notices and regulatory updates.
From the My FCA homepage, you will be able to navigate to all the systems you have access to without needing to sign in again, which we hope will save you time.
Please keep sharing your feedback using the form at the top of the My FCA homepage, so we can continue to shape and improve My FCA.
27/11/2025 - FSB
FSB publishes 2025 G-SIB list
Total number of global systemically important banks remains at 29, with three banks moving to different buckets.
26/11/2025 - UK FCA
The FCA's approach to regulating cryptoassets and stablecoins
Here is the speech excerpt with corrections for minor errors (nits), focusing primarily on the misplaced apostrophes and improving presentation:
Corrected Speech Excerpt
Speech by David Geale, Executive Director, Payments and Digital Finance and Payment Systems Regulator (PSR) Managing Director, at City & Financial Global.
On this day in 1922, Howard Carter became the first to enter the tomb of King Tutankhamun. He couldn't see much, at first—he'd made a small hole in the door and had to peer through it using a torch. But it was enough for him to see something.
People were divided on what happened when Carter opened the door. Some saw history being brought to life. Others believed it unleashed a curse.
It sometimes feels that, with cryptoassets and stablecoins, we are standing at the same type of door.
We saw the first glint of what was to come in 1990 with the launch of eCash. It hinted at something that would define an age—the Carter moment for digital money, if you will. Less than 20 years later, Bitcoin flung the door wide open as the first true cryptoasset. And, like the one to Tut's tomb, the door has stayed open.
Today, cryptoassets and stablecoins are moving towards being mainstream. Over 90% of people in the UK have heard about crypto, and roughly seven million currently own or have owned it at an average of just over £1,800.
Again, we find ourselves with two distinct schools of thought: One that believes we're on the precipice of something great. Some have even called Bitcoin "21st-century gold." And another that sees an inherent danger in cryptocurrency due to its high volatility (as we are seeing again this week), difficulty in determining value, and security risks.
It's true that crypto is currently largely unregulated in the UK and carries high levels of risk. But we also know that crypto is a broad term that encompasses a number of applications and use cases. For example, many would contend that stablecoins could bolster UK growth and competitiveness.
I'm no Howard Carter, but I think there is a way to keep the door open and ensure consumers remain safe—supported by balanced and appropriate regulation. We already supervise cryptoasset businesses for anti-money laundering, counter-terrorist financing, and financial promotions. Now, we find ourselves at a crossroads as the government works to bring crypto into our perimeter.
26/11/2025 - UK FCA
FCA collaborates with industry to help shape future of UK's crypto markets
The FCA has accepted RegTech platform, Eunice, into its Regulatory Sandbox to explore an industry-led solution to improve transparency of the UK's crypto markets.
Eunice helps financial institutions, regulators, and businesses navigate cryptoassets, tokenised assets, and on-chain infrastructure. Working alongside some of the largest cryptoasset firms, including Coinbase, Crypto.com, and Kraken, Eunice is designing and testing an innovative solution in the Sandbox for disclosing important information about cryptoassets. This will help make digital assets safer and more secure for UK investors by ensuring consumers understand the risks before purchasing crypto.
A working group, convened and led by Eunice, has developed standardised, industry-led crypto disclosure templates that will make it easier for firms to meet document requirements, ensuring investors have the right information to make well-informed decisions.
As part of the FCA's Regulatory Sandbox, Eunice will experiment with the disclosure templates to achieve maximum transparency. The insights gained from Eunice's test will help inform the FCA's approach to disclosure requirements for cryptoassets.
Yi Luo, CEO and co-founder of Eunice, said:
"The FCA Sandbox is where regulators and industry participants meet to build the foundations for a safer and smarter digital asset market. Leading the work around disclosures is a great point of pride for Eunice, which was founded to bring integrity and transparency to digital assets at a time when institutions are stepping into the space. We are excited to work with the FCA and the industry and look forward to making a lasting impact."
Colin Payne, Head of Innovation at the FCA, said:
"The FCA has a strong track record of helping firms launch products and services that benefit consumers and markets. Our Regulatory Sandbox accepts applications year-round from all types of firms who are looking to test their innovative ideas. We encourage any firm to apply who are looking to test a similar solution to help inform our regulatory approach to cryptoassets."
This solution is in response to the FCA's Admissions and Disclosures Discussion Paper that was published last year and encouraged industry to share its expertise and help shape future rules.
As part of the FCA's Crypto Roadmap, the regulator has set out its upcoming policy publications as it prepares to publish its final rules in 2026. Recognising the dynamic nature of the crypto sector, the FCA has encouraged industry to play a leading role in helping to shape clear crypto regulation.
Clear crypto regulation will improve the integrity of the UK's crypto markets, help protect consumers, and support the UK's growth and competitiveness, a central part of the FCA's strategy.
26/11/2025 - EBA
EBA Peer Review finds most reviewed supervisors effectively implement gender diversity policies in management bodies
The European Banking Authority (EBA) today published a Peer Review assessing how effectively supervisors implement and supervise diversity policies, specifically gender diversity, within the management bodies of financial institutions. The Review found that most of the competent authorities assessed have largely or fully met the benchmarks set and adequately supervised and implemented gender diversity policies. The Peer Review looked at six competent authorities, focusing on how they applied the respective requirements laid down in the Capital Requirements Directive (CRD) and EBA Guidelines across six key benchmarks.
26/11/2025 - EBA
The EBA publishes its Q2 2025 Dashboard on the minimum requirement for own funds and eligible liabilities
The European Banking Authority (EBA) today published its semi-annual dashboard on the minimum requirement for own funds and eligible liabilities (MREL), which updates the information on the state of resolution planning and on the resources that banks are using to meet the requirements.
25/11/2025 - UK FCA
Chair reflections: rebalancing risk
Speech by Ashley Alder, FCA Chair, at the Investment Association Annual 2025 Conference: Scotland.
It can't have escaped your attention that a dominant contemporary theme for UK regulators is to do with our contribution to economic growth and UK competitiveness. And it's not surprising that there have been some fairly intensive debates around this question ever since our secondary objective went live in 2023. Different viewpoints have centred on apparent trade-offs between growth and our consumer protection objective, and between growth and system resilience. Many have also pointed to successive cycles of regulatory tightening—usually in response to a financial crisis—which were then followed by periods of relaxation as memories fade and economic priorities change...until the next crisis.
And back in February, the chair of the Treasury Select Committee, Dame Meg Hillier, asked a fair question: "Rhetoric and vested interests aside, where is the proof that stripping away financial services regulation will generate meaningful growth?"
All of this set the scene for our new 5-year strategy published in March. The strategy is absolutely explicit about the connections between what the FCA does as a regulator and positive economic outcomes. For example, greater financial security for an aging population, fostering innovation and, for younger people, the ability to get onto the housing ladder. We were also clear about the trade-offs that must accompany the choices we make.
This focus on regulation for growth is also happening amid a period of radical secular change, of a type which feels unprecedented and which, as a regulator, we must take into consideration.
The risks and benefits of AI, distributed ledger, and other technologies are all part of the daily conversation. And we can add to this heightened geopolitical and security risks as well as the short- and long-term effects of climate change.
Now we could dwell on these issues all day. But for now, I would point to the fact that all of us are facing into at least 3 big themes:
And we don't underestimate the implications of all of this for your industry. After all, UK asset management is a world leader, influencing the allocation of vast pools of domestic and international savings. This fact has not been lost on policy-makers who, understandably, are keen to redirect more of the savings that you manage into domestic investment.
That brings me to one of the main headlines with which we introduced our new 5-year strategy. This was "rebalancing risk," intended to signal that in any market economy, risk is not to be avoided but is essential for fostering investment and innovation. "Risk" is, however, far from a straightforward concept. Effective management and understanding of risk spanning different markets and different participants—ranging from the sophisticated to the vulnerable—is critical to the healthy development of the financial system. It also underpins our work around more proportionate regulation as a smarter regulator.
25/11/2025 - UK FCA
Economics Research Conference 2025: rebalancing risk, deepening trust
On 25 November 2025, we were delighted to host our second annual Economics Research Conference at our headquarters in Stratford, London. The event showcased our commitment to shaping a financial system that works well for all, focusing on our theme of rebalancing risk and deepening trust.Bringing together leading thinkers from across academia, industry, and government, the conference explored how financial services regulation can evolve to better manage risk while strengthening consumer and market trust.Through a series of speeches and breakout sessions, delegates discussed how regulation can protect consumers while enabling innovation and growth. By understanding systemic risk, adapting regulatory approaches and promoting financial inclusion, this can boost confidence in UK wholesale markets.Guest speakers included William Wright from New Financial and Professor John Thanassoulis from Warwick Business School.The FCA's chief economist Kate Collyer said: 'Balanced risk-taking has an important role to play in regulation and well-functioning markets. For consumers, it can help make informed investment decisions and, for firms, it drives efficiency and innovation.'The discussions we hosted at our conference will help formulate policies that strengthen market confidence and shape regulatory approaches that encourage economic growth.'William Wright, founder and managing director of New Financial, said:'Rebalancing risk means resetting the balance between risk, growth and regulation. Sensible risk-taking drives investment and innovation, while excessive caution can undermine long-term prosperity. Allowing investors to take a little more risk could spark a virtuous cycle of growth.'We thank all our speakers and attendees for contributing to a thought-provoking and forward-looking day.
25/11/2025 - Federal Reserve
Agencies issue proposal to enhance community banks' ability to serve their communities while maintaining strong capital requirements
Agencies issue proposal to enhance community banksâ ability to serve their communities while maintaining strong capital requirements
25/11/2025 - Federal Reserve
Agencies issue final rule to modify certain regulatory capital standards
The federal bank regulatory agencies today jointly issued a final rule that modifies certain regulatory capital standards to reduce disincentives a banking organization may have to engage in lower-risk activities, such as intermediating in U.S. Treasury markets. The final rule is substantially similar to the proposal issued in June, with changes at the depository institution level.
Like the proposal, the final rule modifies certain leverage capital standards applicable to the largest and most systemically important banking organizations to serve as a backstop to risk-based capital requirements and to avoid discouraging these organizations from engaging in low-risk activities. The rule sets the standard for these bank holding companies and their depository institution subsidiaries based on each organization's overall systemic risk.
For depository institution subsidiaries, the final rule differs from the proposal by capping the enhanced supplementary leverage ratio standard at one percent, making the overall requirement for these institutions no more than four percent. This treatment is intended to reflect differences in the capital requirements and systemic risk profile of the overall organization relative to its depository institution subsidiaries. This change would also help ensure that the leverage standard operates as a backstop to risk-based capital requirements for depository institutions, particularly during times of stress.
The agencies estimate that overall levels of capital that banking organizations maintain will remain broadly unchanged as a result of this rule. In aggregate, the rule will reduce tier 1 capital requirements for affected bank holding companies by less than two percent. While depository institution subsidiaries would see greater reductions, that capital generally would not be available for distribution to external shareholders due to capital restrictions at the holding company level.
The final rule also includes conforming changes to other regulations that are tied to the leverage capital standards, such as the total loss-absorbing capacity and long-term debt requirements.
The final rule will take effect on April 1, 2026. Banking organizations may elect to adopt the modified standards beginning January 1, 2026.
25/11/2025 - Japan FSA
Publication,FSA Weekly Review No.664 November 25, 2025
No summary available. Please follow the link for details
25/11/2025 - EBA
The EBA releases the final technical package for its 4.2 reporting framework to ensure compliance with EU regulatory reporting obligations and to conclude the transition to DPM 2.0
The European Banking Authority (EBA) today published the final technical package for version 4.2 of its reporting framework, marking a major step in the implementation of the DPM 2.0 semantic glossary and the modernisation of supervisory reporting across the EU. The final package will be applicable from December 2025.
25/11/2025 - FSB
FSB releases updated insurer list, proposes new guidance, and affirms use of IAIS Holistic Framework
FSB publishes list of insurers subject to resolution planning standards and launches consultation on guidance for determining their scope.
24/11/2025 - Bank of England
The PRA holds model risk management roundtable on artificial intelligence and machine learning technologies
The PRA held roundtable meetings on artificial intelligence and machine learning (AI and ML) in the context of Supervisory Statement (SS)1/23 Model risk management principles for banks.