Daily FSR Update - 5 August 2026

UK

FCA simplifies IPO rules

The FCA has published Policy Statement 26/16: Changes to information flows for UK equity IPOs (PS26/16), which updates the FCA’s rules on information sharing during UK equity initial public offerings (IPOs). As part of the changes, the FCA will remove the 7-day waiting period for connected research during an IPO and simplify information-sharing requirements for issuers and firms.

The changes in PS26/16 come into force immediately.

HM Treasury and U.S. Treasury Joint Statement on the 13th meeting of the UK-U.S. FRWG

HM Treasury has published a Joint Statement with the U.S. Treasury following the 13th Financial Regulatory Working Group (FRWG) meeting, which was held on 8 July 2026. The FRWG focused on several key themes including: economic and financial stability outlook; digital finance and operational resilience; regulatory modernisation and international regulatory developments; and the U.S.-UK Transatlantic Taskforce for Markets of the Future (TTMF).

Within the meeting, there was an exchange of views on respective approaches to AI in financial services. Participants discussed ways to work together and with the financial services industry to realise the potential of the technology, while mitigating potential risks. Each side also shared information about efforts to enhance cybersecurity and operational resilience in the financial sector.

The FRWG plans to reconvene in early 2027 to continue its ongoing biannual dialogue.

EU

EBA consults on reporting framework for validation and monitoring of ISDA SIMM

The European Banking Authority (EBA) has announced it is consulting on a new reporting framework to support the validation and ongoing monitoring of initial margin models based on the Standard Initial Margin Model (SIMM) developed by the International Swaps and Derivatives Association (ISDA). The proposed reporting requirements will provide the EBA with information necessary to effectively perform its role as central validator of pro forma models under European Market Infrastructure Regulation (EMIR), while ensuring a proportionate approach for reporting entities.

Responses are requested by 2 November 2026. The EBA intends to adopt a Decision by the end of 2026. The new reporting requirements will be incorporated into the EBA technical package version 4.4, Phase 2. The final technical package is expected to be released in March 2027.The first reporting reference date is expected to be December 2027, with data to be collected in the first quarter of 2028.

The EBA will collect the information directly from reporting entities. Operational arrangements for the data collection process will be communicated at a later stage to the entities onboarded onto the EBA ISDA SIMM validation system.

ECB: Annual Report on whistleblowing activities in the SSM in 2025

The European Central Bank (ECB) Banking Supervision has published the first ECB public report on Single Supervisory Mechanism (SSM) whistleblowing activities. The publication is intended to provide an overview of SSM-wide whistleblowing activities conducted in the context of prudential supervision. It presents information on whistleblowing reports received by the ECB and national competent authorities (NCAs) in 2025.

The report relates that of the 592 of the reports received by the ECB and the NCAs that were assessed as being SSM-related reports, 153 were received by the ECB (26%) and 439 by the NCAs (74%). For those reports where infringements could be established, the majority (63%) of the SSM-related reports pertained to alleged breaches in the area of internal governance.

In 2025, 82% of the follow-up measures consisted of a supervisory investigation, including on-site inspections and requests for information from the concerned credit institution; 16% consisted of supervisory measures and 2% of enforcement or sanctioning proceedings.