FinTech Global FS Regulatory Round-up - w/e 6 November 2026

Global

FATF: Outcomes FATF Plenary October 2026

Following the inaugural plenary of the FATF under the UK Presidency, the FATF has published a summary.

On virtual assets (VA), in response to the FATF Ministerial Declaration of April 2026, the Plenary agreed to significantly accelerate the effective implementation of the FATF Standards on VA in jurisdictions with materially important VA activity. It agreed to launch a new targeted review and accelerated follow-up processes, to support jurisdictions to address gaps in implementation of the FATF Standards on VAs and virtual asset service providers (VASPs) more rapidly. The Plenary recognised the need to urgently strengthen countries’ defences against the rising threat posed by the misuse of VAs for money laundering, terrorist financing and proliferation financing. [2 Nov 2026] #VirtualAssets #DigitalAssets

UK

BoE releases summary of RTGS CHAPS Industry Forum meeting

The Bank of England (BoE) has published the summary of the second meeting of the RTGS CHAPS Industry Forum, held on 13 October 2026. The Forum addressed five substantive areas of ongoing work across the UK's high-value payment infrastructure:

• Tokenisation: The BoE provided an update on its approach to tokenisation and the work underway across the BoE, HM Treasury and the FCA, highlighting the potential for tokenisation to support greater efficiency through shared ledgers, enable new products and functionality, and potentially strengthen resilience. Feedback to the Bank's joint call for input with the FCA showed a desire from industry to move beyond piloting towards live activity, and a cross-authority roadmap is planned for Q4 2026 setting out work to enable digital asset issuance, collateral use and innovative settlement in central bank money.
• Extended settlement hours: The BoE reported that respondents to its recently closed consultation on further extensions to RTGS and CHAPS settlement hours broadly supported the strategic direction and the use cases for longer settlement hours, though responses indicated a preference for further weekday extensions before the addition of Sundays and bank holidays. The BoE confirmed that work on implementing CHAPS opening from 1.30am is underway, with initial estimates suggesting around 20% of CHAPS payments by volume will settle before 6am. It plans to publish its response to the consultation in early 2027.
• Synchronisation: The BoE updated the Forum on its work to introduce synchronisation functionality into RTGS, which would enable atomic settlement of external asset ledgers against sterling central bank money, conditional on all elements of a transaction settling together or not at all. A showcase event is planned for November 2026, with demonstrations from prospective synchronisation operators testing in the synchro lab, and further information is expected to be published in early 2027.
• Standards release delay: Following Swift's decision to delay the Swift Standards Release 2026, the BoE has also delayed the November 2026 RTGS Standards Release.
• Operational resilience: The BoE discussed settlement contingency arrangements, noting the challenges associated with processing payments when normal connectivity is unavailable. Current arrangements are small in scale and would only cover the most critical payments. The BoE will convene further discussions on both possible short- to medium-term improvements and longer-term arrangements. [6 Nov 2026] #Payments #Tokenisation #OperationalResilience

FCA to explore quantum computing to tackle financial crime

The FCA has announced a new initiative, the Quantum Experimentation Group (QEG), that will bring together firms, quantum technology providers, and national research labs to explore practical applications of quantum computing. The QEG will initially explore how quantum machine learning could help detect money laundering and fraud. It will launch in the first quarter of 2027. Participants will use an FCA synthetic dataset for the exercise.

The initiative builds on the FCA’s research into the long-term potential of quantum computing in financial services. Financial services firms, quantum technology providers and national research laboratories can register their interest in joining QEG by 31 December 2026. [5 Nov 2026] #Quantum

HM Treasury: Financial Dialogue between UK and Switzerland

HM Treasury has published the Financial Dialogue between the UK and Switzerland which took place in London in November. The dialogue included the first meeting of the Joint Committee on the Berne Financial Services Agreement (BFSA), which came into force on 1 January 2026.

The UK and Switzerland provided updates on their respective macroeconomic outlooks and financial services policy. In particular, the delegations exchanged information on financial stability priorities, including Switzerland’s ‘too big to fail’ reforms, respective priorities for the Financial Stability Board (FSB), and the risk resulting from non-bank financial intermediaries (NBFIs). They also discussed competitiveness, sustainable finance, opportunities and stability risks of AI in financial services, cryptoassets and stablecoins, digital finance, and tokenisation, among other matters.

The next Financial Dialogue will be held in Switzerland in the second half of 2027. [5 Nov 2026] #AI #Crypto #Stablecoins #DigitalFinance #Tokenisation #DigitalAssets

FCA blog on preparing for post-quantum cryptography

The FCA has published a blog by its Director of Specialists, Mark Francis, urging firms to prepare for migration to post-quantum cryptography (PQC). The regulator warns that sufficiently powerful quantum computers could break today’s widely used cryptographic standards, exposing consumers to fraud, disrupting operations and undermining the integrity of financial transactions and markets.

The FCA aligns its expectations with the National Centre for Cyber Security’s (NCSC's) recommended migration milestones and expects firms to:

• have a thorough and accurate understanding of the cryptography in place across systems and information;
• set clear, achievable, safe and risk-based migration objectives; and
• implement migration plans and monitor, test and validate the changes, adjusting them where necessary.

The FCA expects senior managers to allocate sufficient time, investment and resources to migrate safely to PQC and meet the relevant deadlines. It notes that failed change projects accounted for around a fifth of all incidents reported to it in 2025.

The FCA is trialling a new supervisory self-assessment tool with an initial sample of firms, intending to extend this more widely in due course, and plans to consult on cyber resilience guidance that will include its expectations for how firms should address PQC risks through cryptographic controls. [4 Nov 2026] #Quantum

FCA: PMB 67

The FCA has published Primary Market Bulletin (PMB) 67. In this edition, the FCA, among other things, presents findings from its review of sponsors’ use of AI. [4 Nov 2026] #AI

BoE: Response to RPIB consultation on the design of the future retail payments infrastructure

The Retail Payments Infrastructure Board (RPIB) has published its response to the June 2026 consultation on the design of the UK's next generation retail payments infrastructure. The response highlights broad support for a modular, 'thin core' architecture built on common capabilities, strong interoperability between different forms of money at par (with settlement in central bank money via the BoE's real-time gross settlement (RTGS) service), robust fraud prevention and consumer protection features, and a phased migration away from legacy infrastructures. 

The RPIB has set out initial design proposals including a common ISO 20022 messaging foundation, an orchestration layer to route and sequence payments, shared services (such as fraud prevention, directories and alias services), and scalable resilience standards capable of accommodating frontier technologies including AI and quantum-safe cryptography.

A co-creation phase with industry commences in November 2026, running until Spring 2027, when the completed Blueprint will be handed over to the industry-led Delivery Company for detailed design, procurement and build. [4 Nov 2026] #Payments

BIST Select Committee: FCA and PSR letter on consumer protection in payments

The Business, Innovation, Science Trade (BIST) Select Committee has published a letter from the FCA and Payment Systems Regulator (PSR) relating to the Committee’s non-inquiry work examining consumer protection. The letter sets out how consumer protections currently differ depending on the payment method used, provides information on open banking and modernising payments regulation and comments on authorised push payment (APP) scams and fraud.

The letter also notes that the Financial Services and Markets (FSM) Bill includes provisions to consolidate the PSR into the FCA, with the FCA retaining the PSR's existing protection, competition and innovation objectives. [4 Nov 2026] #Payments

NCSC annual review warns of increasingly sophisticated cyber threats

The National Cyber Security Centre (NCSC) has released its State of the Cyber Nation. The report reviews NCSC activity over the September 2025 to August 2026, and looks ahead to future challenges. The report warns that AI is likely to increase the scale and efficiency of cyber operations by hostile actors within two years. It calls on organisations to make ‘significant improvements’ through:

• investment in technology;
• reduction in unnecessary internet connectivity;
• applying Cyber Essentials as a baseline standard; and
• developing additional resilience measures proportionate to their size, complexity and risk, using established tools, standards and frameworks.

NCSC CEO Richard Horne launched the report; he highlighted the need to address the circumstances of there being a period of sustained ‘tech on the cheap’, outlined the threat landscape and set out how AI is being used to address threats. Dr Horne also noted that the National Cyber Action Plan will be published ‘soon’. [3 Nov 2026] #AI #Cyber

FCA multi-firm review of wholesale banks supervision

The FCA has published the third edition of its Wholesale Banks Supervision Insights series, which draws on supervisory work undertaken, risks that have crystallised and findings from firms’ internal audit functions. The publication is intended to help firms benchmark themselves; it also provides practical examples of how to achieve regulatory outcomes more efficiently. The report is structured around four priorities.

Improving the resilience of firms and markets:

• The FCA noted continued weaknesses in data management processes at some wholesale banks; it also observed that errors have impaired banks' communication surveillance, including in instances involving third-party surveillance providers.
• The FCA highlighted one firm’s inability to maintain a complete view of its assets due to a range of weaknesses, from inadequate controls governing the disposal and redeployment of assets to the lack of regular stocktakes and reconciliations.
• Firms enhancing their trading algorithms were reminded to assess the impact of those changes across the entire trading process.
• Supervisory work confirms that wholesale banks have continued to enhance operational resilience arrangements; there remains room for improvement in areas such as: self-assessments; impact tolerances and market harm; remediation; and T+1 settlement readiness.

Enhancing efficient, competitive and innovative markets:

• Wholesale banks can now submit a variation of permission (VoP) application to carry out regulated cryptoasset activities; interested firms are encouraged to do so by 28 February 2027.
• Firms developing innovative market infrastructure should consider how assets are controlled, held and settled early and, where appropriate, seek regulatory support to understand how their model, controls and arrangements may operate before wider deployment.
• The FCA has noted incidents of firms' staff using AI tools unapproved by the firms resulting in data leaks, including of sensitive information. Firms need to be vigilant to this risk.

Preventing financial crime and market abuse; key areas include:

• Banks should ensure that their financial crime systems and controls enable them to identify and manage the risks associated with the firms they fund or service.
• The FCA shared examples of good practice in securitisation in relation to due diligence.

Ensuring firms effectively manage conflicts of interest and conduct oversight:

• The FCA found limited evidence of sharing client information generated through surveillance, investigations, know your customer (KYC) processes and ongoing monitoring with those responsible for managing client risk appetite at some firms.
• Firms' governance and supervision should ensure that controls preventing the entry of erroneous orders, quotes and indications of interest are appropriately implemented and periodically tested; thresholds and limits should be calibrated to reflect current business activity. [2 Nov 2026] #OperationalResilience #Crypto #DigitalAssets #AI

Commons Library: Research briefing on FSM Bill

The House of Commons Library has published a research briefing on the FSM Bill. The briefing provides background to, and an overview of, the Bill and outlines the main themes in the Lords second reading. It also specifically covers the following parts of the Bill: complaints and consumer redress; the regulators; carrying on regulated activities (including the Senior Manager and Certification Regime, the SMCR); and lending, insurance and cryptoassets.

The briefing is published to support the work of MPs, and is not intended to be relied upon it as legal or professional advice, or as a substitute for it. [2 Nov 2026] #Crypto #DigitalAssets

Europe

EC work programme 2027

The EC has published its 2027 work programme which sets out how the it will deliver on priorities, ‘focusing on a limited number of key initiatives that strengthen the EU’s ability to act in a rapidly changing world’. Among the new initiatives in the annex to the programme is the completion of the Banking Union, with a bank competitiveness and simplification package due in Q1 2027. A number of priority pending proposals are also noted, these include: Chips Act 2; Cloud and AI Deployment Act; EU Cybersecurity Act; the Savings and Investments Union (SIU); European Business Wallets; and the Digital euro. [4 Nov 2026] #AI #Cybersecurity #DigitalEuro #DigitalAsset

Hong Kong

Highlights and announcements at the Hong Kong FinTech Week x StartmeupHK 2026

The HKMA has co-organised the Hong Kong FinTech Week x StartmeupHK 2026 with Invest Hong Kong, an event that took place from 2 to 6 November 2026. 

Under the four strategic pillars of the Fintech 2030 (‘DART’ framework – Data and Payment, Artificial Intelligence, Resilience, and Tokenisation – see our previous update), the HKMA announced the following new initiatives (which was also highlighted in CEO Mr Eddie Yue's remarks):

• Application and governance of agentic finance – To ensure responsible development of these services, the HKMA has launched Project SAGE (Securing Agentic Finance with Governance and Enablement). The Project aims to enable the industry to explore and advance agentic finance applications, while ensuring a commensurate governance framework. The HKMA has established a cross-sectoral Agentic Finance Expert Group to support the work under the project. It has also published a discussion paper on the use of Agentic AI by banks, seeking industry feedback on the supervisory considerations pertaining to the governance of such applications.
• Driving readiness for post-quantum cryptography (PQC) – Quantum computing could in the future compromise widely used encryption that protects customer data and transactions. To support the banking sector’s transition to PQC, the HKMA and The Hong Kong University of Science and Technology (with support from industry participants) have launched the PQC Toolkit. The Toolkit sets out a structured and comprehensive framework with a suite of practical tools to guide banks through their PQC transition journeys. The Toolkit will continue to evolve through industry application, validation and feedback as PQC standards and implementation practices mature.
• Accelerating 24/7 settlement of tokenised transactions under Project Ensemble – The HKMA has advanced Ensemble^TX to a new stage, enabling 24/7 real-value transactions. This enhancement empowers banks and their clients to unlock new business opportunities, such as dynamic global allocation of funds, effective management of tokenised asset portfolios, and optimised treasury management. The HKMA has also completed trial trades involving recognised dealers conducting secondary market transactions of tokenised Exchange Fund Bills, enabling them to enhance efficiency in secondary and repo trading. The HKMA will soon expand the trials to include regulated stablecoins. In addition, the HKMA launched tConnect Launchpad in partnership with Cyberport to bring together financial institutions, technology firms, and digital asset innovators in exploring and validating pioneering use cases, accelerating tokenisation adoption in Hong Kong.
• Expanding cross-border payment connectivity – The Faster Payment System will link with UnionPay International by the end of 2026, progressively enabling users to pay by scanning QR codes at over 100 million merchants under UnionPay and its partner networks in Hong Kong, the Chinese Mainland, and more than 40 overseas markets.

The SFC has shared its views at the event through various speeches:

• Ms Julia Leung (CEO) discussed the SFC's findings from the Large Firm AI Readiness Survey (see 'SFC publishes findings of first survey on AI readiness, highlighting wider AI adoption and challenges to responsible scaling' below). Among other things, Ms Leung mentioned that the SFC will provide additional guidance on agentic AI as appropriate, developing practical, principles-based guidance for applications that involve greater autonomy. Greater autonomy may start with low-impact, reversible workflows (eg, selected back-office processes and surveillance), but client advice, portfolio decisions, and market facing execution require progressively stronger safeguards. She also indicated that the SFC plans to set out a cybersecurity framework with baseline requirements for all licensed firms, supplemented by enhanced requirements for firms with higher risk profiles.
• Ms Elisa Ng (Executive Director, Investment Products), discussed scaling tokenisation in Hong Kong’s capital markets. Among other things, she indicated that the SFC is introducing an ‘innovation pathway’. Where the innovative features of tokenised products deliver meaningful benefits and give Hong Kong a first-mover advantage, the SFC will duly consider providing regulatory flexibility and guidance to support controlled pilots and the timely launch of products.

Separately, the Insurance Authority has shared its vision for advancing AI+ to enhance resilience and expand protection coverage. In his keynote presentation, CEO Mr Clement Cheung highlighted the balance between regulation and development and outlined the encouraging progress made thus far. Amongst others, the AI Cohort Programme has supported key insurers in establishing their respective AI Centres of Excellence in Hong Kong and incubated more than 800 AI use cases. The solution-matching workshops have engaged more than 400 industry participants.

In addition, the AI governance framework for the insurance sector will soon be launched to foster inclusive and responsible innovation. 

Further information on the event can be found in the press releases of 23 October, 2 November, 4 November, and speech of 23 October 2026. [23 Oct, 2 & 4 Nov 2026] #FinTech #Payments #AI #Tokenisation #Quantum #Stablecoins #DigitalAssets

SFC publishes findings of first survey on AI readiness, highlighting wider AI adoption and challenges to responsible scaling

The SFC has published the findings of its first-ever Large Firm AI Readiness Survey, highlighting the broad use of artificial intelligence (AI) across business and control functions, alongside challenges to scaling its use responsibly.

Conducted between July and August 2026, the survey covered 12 global firms, five Chinese Mainland firms and three online retail brokers, which collectively have 78 affiliated licensed corporations in Hong Kong. Their responses indicate that AI use is extending across business and control functions, becoming more closely integrated with internal systems and, in some applications, operating with greater autonomy.

• Agentic AI is gaining traction with major use cases covering information retrieval, drafting, software development, operational workflows and some trading-related activities. 30% of the surveyed firms already use agentic AI in their business operations and 25% are piloting it.
• 95% of firms surveyed expect their AI use to accelerate over the next 12 months. Its reach already spans front-, middle- and back-office activities, and is increasingly integrated, with 90% having connected AI tools to internal systems.
• Firms are leveraging AI for cyber defence, with 90% using or evaluating frontier AI models for this purpose and reporting benefits in faster analysis and broader detection coverage.
• Practical barriers to broader adoption include technology integration, the transition from pilots to production use, costs and uncertain business value, data constraints and skills shortages. Firms also face challenges in extending governance and controls across growing applications, as well as maintaining clear accountability and human oversight.

The survey findings will inform the SFC’s supervisory approach to AI with four priorities:

• Protecting investors as AI reshapes their interactions with firms;
• Strengthening cybersecurity and operational resilience as AI introduces new threats and dependencies;
• Ensuring effective AI governance by rethinking how human accountability and oversight are embedded in increasingly autonomous workflows; and
• Building knowledge and capability through engagement and collaboration.

The SFC will focus on preserving human accountability throughout AI-enabled business processes, with clear objectives, defined limits on access and authorised actions, and effective monitoring and intervention. [2 Nov 2026] #AI

HKMA publishes presentation materials for briefing to LegCo Panel on Financial Affairs on 6 November 2026

The HKMA has published presentation materials for its briefing to the Legislative Council (LegCo) Panel on Financial Affairs on 6 November 2026. The key upcoming developments include (among others):

Financial Infrastructure

• CMU OmniClear Limited will establish the Digital Asset Platform by the end of 2026 to support the issuance and settlement of digital bonds, and will launch global securities services in phases. It also plans to launch a new enhanced platform in 2027 (slide 80).
• Various fintech initiatives include Project Ensemble and the Commercial Data Interchange (slides 81-82). [30 Oct 2026] #DigitalAssets #DigitalBonds #FinTech

SFC approves world's first secondary trading of tokenised public funds

The SFC has approved the world’s first secondary trading of tokenised public funds on an SFC-licensed virtual asset trading platform (VATP).

Secondary trading of the ChinaAMC HKD Digital Money Market Fund and the ChinaAMC USD Digital Money Market Fund began on 26 October 2026.

The SFC introduced a new regulatory framework in April 2026 to pilot secondary trading of tokenised SFC-authorised funds on SFC-licensed VATPs (see our previous update). The framework includes requirements and safeguards for secondary trading of tokenised funds, covering the operation of the trading channel, fair pricing, liquidity provision and disclosure.

While the first batch of products focuses on tokenised money market funds, the SFC will closely monitor the trading activities and consider broadening the product scope over time, after taking into account market developments and the experience gained.

Looking ahead, tokenised public funds could further leverage the tokenised deposit capabilities developed through the SFC’s collaboration with the HKMA under Project Ensemble. In particular, the interaction between tokenised funds and tokenised money on digital rails could support more efficient trade settlement and asset mobility. Investors could sell their tokenised assets on VATPs around the clock and transfer their trading proceeds elsewhere instantly for other investment opportunities and use cases. [26 Oct 2026] #Tokenisation #VATP #DigitalMoney

CGFin holds sixth meeting discussing latest developments in fintech sector

The Secretary for Financial Services and the Treasury (SFST), Mr Christopher Hui, chaired the sixth meeting of the Coordination Group on Implementation of Fintech Initiatives (CGFin) with representatives from financial regulators, the fintech sector and academia.

Mr Hui stated that the Government and financial regulators will continue to take a multipronged approach to facilitating fintech development, including enhancing financial infrastructure, enriching the fintech ecosystem, nurturing fintech talent, as well as strengthening connections and collaboration with other places.

The meeting covered various fintech topics, including the proposed regulatory regimes for virtual asset dealing, custodian, advisory and management service providers. The financial regulators provided an update on their progress in adopting AI in the financial market, and the HKMA briefed the meeting on the latest developments of Project Ensemble, the quantum preparedness of Hong Kong's banking sector, as well as the Commercial Data Interchange and Project CargoX.

CGFin is chaired by the SFST with members including representatives from the HKMA, the SFC, the Insurance Authority, the Mandatory Provident Fund Schemes Authority, the Accounting and Financial Reporting Council, Invest Hong Kong, Cyberport, and the Hong Kong Science and Technology Parks Corporation. [26 Oct 2026] #FinTech #VirtualAssets #AI #Quantum

HKEX launches AI and Semiconductor indices

The HKEX has announced that it has launched the HKEX Artificial Intelligence Index and the HKEX Semiconductor Index, further expanding its proprietary index offering and providing investors with new benchmarks to capture opportunities arising from two of the most dynamic technology themes.

In addition, the HKEX has entered into a licensing agreement with China Southern Asset Management Company Limited for the introduction of exchange traded funds based on the HKEX Artificial Intelligence Index in the Chinese Mainland.  Details of the product launch will be shared in due course.

The HKEX Artificial Intelligence Index is designed to measure the performance of 40 Hong Kong-listed companies with high exposure to the artificial intelligence (AI) value chain.  The index provides broad exposure to a five-layer AI stack across the AI ecosystem, spanning the areas including chip design, data centres, AI infrastructure, AI models, as well as software and physical applications. Constituents are selected and weighted using a fundamental-tilted approach, designed to identify companies with meaningful investment in AI research and development and capital expenditure.

The HKEX Semiconductor Index measures the performance of the 30 largest semiconductor-related companies listed in Hong Kong. It captures exposure across multiple segments of the semiconductor industry, including semiconductor manufacturing, equipment, electronic components, computing hardware and storage, providing investors with a benchmark to track developments across the Hong Kong-listed semiconductor value chain. [23 Oct 2026] #AI #Semiconductors

Singapore

MAS consults on quantum-safe migration guidance and timeline

The Monetary Authority of Singapore (MAS) has published a consultation paper setting out proposed supervisory expectations and indicative timelines for financial institutions in Singapore to migrate to quantum-safe cryptography.

The proposed circular would not create legally binding obligations, but would set out MAS’ expectations of financial institutions, covering governance and accountability, cryptographic asset inventory, migration plans, implementation activity, and progress tracking.

According to MAS’ timeline, financial institutions should aim to have a migration plan by 31 December 2027, complete migration of critical systems by 31 December 2030, and complete migration of all remaining systems by 31 December 2034. critical information infrastructure owners (CIIOs), domestic systemically important banks (DSIBs) and NETS should submit their migration plans to MAS by 30 June 2027. CIIOs should complete migration of critical information infrastructure systems by 31 December 2029. Deviations should be documented and supported by appropriate interim controls. 

Comments are requested by 23 November 2026. [6 Nov 2026] #Quantum

MAS responds to Parliamentary questions

MAS has published a response to a Parliamentary questions on mandatory uptime and system recovery standards for e-wallet service providers. The responses confirmed that E-wallet service providers regulated under the Payment Services Act 2019 are subject to MAS’ guidelines on technology risk management and business continuity management, including system availability and service recovery time. MAS reviews the adequacy of their system resilience measures and communicates our expectations during the supervisory review process, taking into account impact on businesses and customers. [4 Nov 2026] #e-wallet

MAS: Future of Finance Institute commences operations

MAS has announced that the Future of Finance Institute (FFI) has commenced operations, following its establishment in June 2026. FFI is a public-private platform designed to accelerate the adoption of new financial technologies and catalyse innovation in the financial sector. Its first workstream, AI in finance, centres on three pillars: sharing AI knowledge across the sector, advancing AI capabilities and promoting sound AI risk management practices. The project will bring financial institutions together to share practical experience in implementing AI, develop good practices for deploying agentic AI, and strengthen the management of risks from AI use. FFI will progressively expand into other areas of financial innovation, including tokenisation. [3 Nov 2026] #AI

India

RBI issues master directions on cyber resilience and digital payment security controls for non-bank PSOs

The Reserve Bank of India (RBI) has issued the Reserve Bank of India (Cyber Resilience and Digital Payment Security Controls for non-bank Payment System Operators) Master Directions, 2026. This consolidates its 2019 cyber-security controls for third-party ATM switch application service providers and 2020 system-audit requirements.

The Directions apply to all authorised non-bank payment system operators (PSOs). They take effect on the date of publication on the RBI’s website for large and medium PSOs, and on 1 April 2028 for small PSOs. A PSO moving into a higher category must comply within one year of the new categorisation. [5 Nov 2026] #CyberResilience #Payments

US

OCC supervisory framework: Banks’ use of “Super Intelligence”

The Office of the Comptroller of the Currency (OCC) has issued a framework for its examiners to use to assess banks’ use of Super Intelligence (SI) and agentic SI in ordinary business activities. The issuance clarifies that examiners should not treat SI as a separate and distinct risk category; banks should not be required to define a separate SI risk appetite.

The framework has six pillars. Each pillar identifies a principal supervisory consideration with the framework components that address it. The components describe how SI could impact on the relevant control area.

• Purpose which defines the actions the SI system or agent is permitted to execute, and for which the components are Defined Purpose and Permitted Use;
• Risk which assesses the consequences if the SI system or agent's output or action is not fit for purpose, and for which the components are Risk Classification and Criticality Assessment;
• Control which identifies controls that may prevent unauthorized, inappropriate, or unsafe actions of the SI system or agent, for which the components are Human-in-the-Loop and Human-on-the-Loop Controls, Model Risk Management, Data Governance, Privacy, Compliance, and Cybersecurity;
• Oversight which establishes who monitors the SI system or agent and who is accountable for its use, for which the components are Governance and Accountability, Human-in-the-Loop and Human-on-the Loop Controls, Performance Monitoring, and Reporting and Transparency;
• Resilience which addresses the bank's ability to detect, contain, recover from, and remediate SI system or agent failures while continuing critical business processes, for which the components are Operational Resilience and Cybersecurity; and
• Assurance which provides evidence that SI system or agent controls continue to operate effectively, for which the components are Testing, Documentation and Auditability, Third-Party and Vendor Risk, and Internal Audit and Independent Challenge.

The OCC intends to update the framework as the technology evolves and in response to stakeholder feedback. Its stated approach is technology-neutral; activities involving novel technologies remain subject to expectations of safe and sound operation and compliance with applicable law.  [Nov 4, 2026] #AI #SuperIntelligence

SEC Chair discusses public markets, digital assets and regulatory certainty

In a speech to the Economic Club of Dallas, SEC Chair Paul Atkins reviewed the SEC’s public-market reform program, including proposals for optional semi-annual reporting, registered-offering and filer-status reform, and rescission of the climate-disclosure rule. He presented these initiatives as reducing unnecessary burdens while retaining material information for investors.  He also discussed Project Crypto, proposed Regulation Crypto Assets, the Innovation Exemption and proposed rescission of the shareholder-proposal rule.

The speech was a policy update expressing the Chair’s own views.  [Oct 30, 2026] #Crypto #DigitalAssets