Non-Financial Misconduct In Financial Services: Nothing Is 'Plain And Simple'

HM Treasury has published a consultation proposing a significant overhaul of the UK's payment services and electronic money regulatory framework, aiming to create a more agile regime that accommodates tokenised payments, open banking innovations, and agentic AI while maintaining consumer protections and addressing financial crime risks.

The Financial Conduct Authority has released comprehensive perimeter guidance for the UK's new regulated cryptoasset activities regime, clarifying when firms will need authorization and how the regulatory framework applies to qualifying cryptoassets and stablecoins. The guidance addresses critical questions about scope, territorial application, and the narrower "by way of business" test that determines which entities fall under the new regulatory requirements.

The UK's Financial Conduct Authority has finalized comprehensive perimeter guidance for its cryptoasset regime, opening a five-month authorization window for firms, while the US Senate's procedural rejection of the CLARITY Act leaves American digital asset regulation to continue through agency action. This divergence highlights fundamentally different regulatory approaches: a legislatively anchored UK implementation path versus US reliance on existing statutory authorities as Congress debates market structu

Islamic finance is experiencing rapid global expansion, with assets approaching US$6tn and record sukuk issuance attracting non-traditional investors. The convergence of Shariah-compliant and sustainable investing is creating new opportunities, while AAOIFI Standard No. 62 and tokenisation developments are reshaping how Islamic finance structures are designed and implemented across international markets.

The London Stock Exchange has implemented sweeping reforms to the AIM Rules, fundamentally reshaping admission requirements, transaction thresholds, and governance obligations for companies on the Alternative Investment Market. These changes eliminate longstanding requirements like working capital statements and corporate governance codes while introducing new features such as capital access windows and special voting shares, marking the most significant overhaul of AIM regulations in recent years.

The Financial Conduct Authority has released a comprehensive package of regulatory updates and findings covering investment management, wealth management, and consumer protection. Key developments include reforms to MiFID costs and charges disclosures, remuneration code changes, AIFM regime overhauls, and detailed reviews of firms' Consumer Duty compliance, financial crime controls, and governance frameworks.

Cryptoasset firms face a rapidly evolving regulatory landscape as the FCA's authorisation gateway opens on 30 September 2026. With the Financial Services and Markets Act 2000 (Cryptoassets) (Miscellaneous Amendments) Regulations 2026 laid before Parliament and the FCA's finalised PERG 18 guidance published within 24 hours, firms must navigate significant perimeter changes including new stablecoin payment exclusions.

On 14 July 2026, HM Treasury published its long-awaited consultation on modernising the UK’s payment services and electronic money regulatory framework. The consultation is part of the Government’s National Payments Vision agenda, which aims to ensure that the UK has a trusted, world-leading payments ecosystem delivered on next generation technology, while preserving choice for consumers and businesses.

The FCA has published Policy Statement PS26/15, “Improving the UK transaction reporting regime,” confirming its final rules following last year’s consultation CP25/32.

Republicans entered the 2026 midterms defending narrow majorities in both the House and Senate. Democrats won commanding majorities in both chambers, expanding their electoral map...

On Friday, July 9, 2021, President Biden issued Executive Order (EO) 14036, "Promoting Competition in the American Economy".

On July 22, 2026, the Federal Communications Commission (FCC or Commission) adopted a Third Report and Order and Third Further Notice of Proposed Rulemaking (covered separately here) in which the Commission advances its ongoing efforts to secure the U.S.

President Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, introducing unprecedented tariff authority that could impose duties up to 100% on goods from countries purchasing Russian energy or facilitating sanctions evasion. The legislation creates a novel framework where tariffs stack on top of existing duties while codifying Russia sanctions into statute...

On September 30, 2026, Senate Environment and Public Works (EPW) Committee Chair Shelley Moore Capito (R-WV), Ranking Member Sheldon Whitehouse (D-RI), Senate Energy and Natural Resources (ENR) Committee Chair Mike Lee (R-UT), and Ranking Member Martin Heinrich (D-NM) unveiled the Bipartisan American Affordability and Jobs Act of 2026 (BAAJA; S. 5653), a comprehensive permitting reform package aimed at accelerating approvals for energy, infrastructure, transmission, mining, manufacturing, and other major projects. The legislation represents the most significant bipartisan permitting reform effort in years and follows months of negotiations between Senate Republicans and Democrats.

California continues to lead the way in regulating foods and dietary supplements sold within its borders. Two recent developments are worth highlighting: the nation’s first statewide “Non-Ultraprocessed” food certification program, and a second-of-its-kind law restricting sales of certain dietary supplements and over-the-counter products to individuals under 18. Below, we break down both measures and what they may mean for food and supplement companies doing business in the state.

The European Union’s (EU) revamped sustainability reporting framework is now final. On September 21, 2026, the revised European Sustainability Reporting Standards (ESRS) and a new Voluntary European Sustainability Reporting Standard (VS) were published in the Official Journal, marking yet another significant step toward more proportionate sustainability reporting in Europe. In addition to previously raising applicable financial thresholds triggering compliance under the Corporate Sustainability Reporting Directive (CSRD), the revised ESRS cut mandatory datapoints for in-scope companies (i.e., undertakings under CSRD) by more than 60% and total datapoints by more than 70%.

On September 16, 2026, President Trump issued a presidential memorandum titled “Restoring Reciprocity in Government Procurement”, directing the Director of the Office of Management and Budget and the United States Trade Representative, in coordination with the Federal Acquisition Regulatory Council, to identify and take legally permitted steps to remove or restrict Canadian-origin items across the federal civil procurement system.

The Cybersecurity and Infrastructure Security Agency (CISA), together with other federal partners, issued a joint advisory on April 7, 2026 warning of ongoing Iranian‑affiliated cyber activity targeting U.S. critical infrastructure, including the energy, water, healthcare and manufacturing sectors.

Today, the Federal Energy Regulatory Commission (FERC) issued tailored show cause orders under section 206 of the Federal Power Act to PJM Interconnection, L.L.C. (PJM), Midcontinent Independent System Operator Inc.