Regulus — The global regulatory broadcast network

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Regulus Weekend Edition Source document ↗

European Union Regulus Weekend Edition Markets & Infrastructure ✓ 33 claims 18 Oct 2026

ESMA's 7 December messaging mandate tops a week of early-biting deadlines

Five regulators set clocks this week, and in several cases the date that binds first was not the headline event. We rank what a compliance officer must act on: ESMA's T+1 messaging mandate, Basel's G-SIB window-dressing fix, Elderson's climate-coverage disclosure, the SEC's move on Rule 14a-8, and a two-agency US PERM settlement. The recurring discipline is to calendar each regime from its earliest operative date.

From 7 December 2026 EU investment firms must use electronic, standardised and machine-readable allocation and confirmation messaging, ahead of T+1 settlement on 11 October 2027.
Basel's G-SIB reporting threshold rises to EUR 350 billion from 2027, while the annual-averaging calculation basis is deferred to 1 January 2030 and the EBU consultation closes 14 January 2027.
ECB Vice-Chair Frank Elderson said on 14 October that climate stress tests cover all banks' own material risk drivers in only around 15% of cases.
Cloudera was debarred from the PERM program for two years and will pay a $1.4 million back-pay fund plus $600,000 in civil penalties, the fourteenth settlement since DOJ's 2025 relaunch.
The SEC proposed rescinding Rule 14a-8, arguing the shareholder-proposal rule exceeds its statutory authority, with comment open for 60 days after Federal Register publication.

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ECB Banking Supervision Source document ↗

European Union ECB Banking Supervision Sustainability ✓ 21 claims 18 Oct 2026

ECB's Elderson says climate stress tests cover all material risks in 15% of cases

Frank Elderson used a keynote at the ECB-Bank of England conference on supervising climate risk to sort climate and nature risks into known knowns, known unknowns and unknown unknowns. The core supervisory message: scenario analysis is indispensable but incomplete, and banks remain early in integrating these risks into core models. The speech extends the same logic to AI, quantum computing and demographic shifts.

Elderson said climate stress tests and scenario analysis in the ICAAP cover all the risk drivers banks deem material in only around 15% of cases.
The average share of interest income from carbon-intensive sectors at significant supervised banks has remained above 70% since 2022.
The 2026-28 supervisory priorities treat heightened uncertainty as a cross-cutting challenge raising the likelihood of extreme tail risks.
Elderson extended the climate framework to AI-enabled cyber risk and to quantum computing's 'harvest now, decrypt later' threat to cryptography.

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Federal Reserve Source document ↗

United States Federal Reserve Prudential & Capital ✓ 13 claims 18 Oct 2026

Fed clears Isabella Bank Corporation to acquire Grand River Commerce in Michigan

The Federal Reserve Board approved Isabella Bank Corporation's application to acquire Grand River Commerce and its subsidiary Grand River Bank, both of Grandville, Michigan. The approval also covers the merger of the two banks and the operation of Grand River's branches. For anyone tracking community-bank consolidation in the Midwest, this is the clean grant and the issued order that follow it.

The Federal Reserve Board approved Isabella Bank Corporation's acquisition of Grand River Commerce, Inc., announced October 5, 2026.
The approval lets Isabella Bank Corporation indirectly acquire Grand River Bank of Grandville, Michigan.
The Board also approved Isabella Bank's merger with Grand River Bank and the operation of branches at Grand River Bank's locations.
The approval is accompanied by an order published as a PDF and recorded in the Board's votes.

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SEC Press Releases Source document ↗

United States SEC Press Releases Governance & Accountability ✓ 15 claims 18 Oct 2026

SEC proposes to rescind Rule 14a-8 and modernise proxy solicitation process

The SEC has issued two proposing releases on its proxy rules under the Securities Exchange Act of 1934. One would rescind Rule 14a-8 and amend Rule 14a-4(c); the other modernises the proxy solicitation process. Comment periods run 60 days from Federal Register publication. This segment covers what each release changes and the statutory-authority argument driving the first.

The SEC proposed to rescind Rule 14a-8 under the Securities Exchange Act of 1934, citing statutory authority limits and intrusion into state law.
Rescission would leave the role of shareholder proposals to state law and company governing documents.
The Commission proposed amendments to Rule 14a-4(c) on discretionary proxy voting authority.
Solicitation amendments would eliminate the annual-report delivery requirement, drop the incorporation-by-reference delivery deadline, remove Notices of Exempt Solicitation, and cut the broker search period from 20 to five business days.
Both comment periods remain open for 60 days after Federal Register publication.

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CISA Advisories Source document ↗

United States CISA Advisories AI, Technology & Data ✓ 21 claims 18 Oct 2026

CISA flags six Eclipse Milo flaws exposing OPC UA servers to credential theft and denial of service

CISA's October 15 industrial-control advisory covers multiple vulnerabilities in Eclipse Foundation's Eclipse Milo OPC UA server software. The flaws range from authorization bypasses to a password-recovery padding oracle and several denial-of-service conditions. For operators in chemical, critical manufacturing, energy and water sectors, the practical sting is that affected 0.6.x deployments cannot be patched in place and must be migrated to 1.1.5 or later.

CISA advisory ICSA-26-288-01, released October 15, 2026, covers vulnerabilities in Eclipse Milo versions 0.6.0 through 1.1.4.
CVE-2026-60007, a padding-oracle flaw enabling password recovery, carries a CVSS v4 base score of 9.1, rated critical.
The Eclipse Foundation recommends upgrading to Eclipse Milo 1.1.5; there are no 0.6.x releases with the fixes, requiring migration.
Successful exploitation could delete protected data, recover credentials and impersonate users, or stop the server responding to all clients.
Affected deployments span the chemical, critical manufacturing, energy, and water and wastewater sectors worldwide.

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CISA Advisories Source document ↗

United States CISA Advisories AI, Technology & Data ✓ 21 claims 18 Oct 2026

CISA flags seven flaws in its own Malcolm network-monitoring tool, top score 8.1

CISA has published advisory ICSA-26-280-01 covering seven CVEs in Malcolm, its own network traffic analysis platform, deployed worldwide across energy, IT and water sectors. The defects range from unauthenticated access to the Arkime backend to a CSRF route that can permanently delete captured traffic. This segment walks through what each flaw allows, which versions are affected, and where the fixes landed.

Advisory ICSA-26-280-01 covers seven CVEs in CISA Malcolm, affecting versions up to and including v26.08.0.
CVE-2026-107333, an RBAC path-normalization bypass, carries the highest score at CVSS v3 8.1 HIGH and was patched in v26.09.0.
CVE-2026-107362, a server-side request forgery in the FilePond upload component, was also patched in v26.09.0.
CVE-2026-107337 lets an attacker use CSRF against the kiosk Flask endpoint to run control.py --wipe, permanently deleting captured traffic; it was fixed in v26.08.0.
CISA states no known public exploitation specifically targeting these vulnerabilities has been reported to date.

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Bank of England Publications Source document ↗

United Kingdom Bank of England Publications Sustainability ✓ 14 claims 18 Oct 2026

Bank of England working paper backs output-gap stabilisation over inflation in climate-policy shocks

A Bank of England staff working paper models how monetary policy should respond when carbon pricing and green subsidy shocks hit the economy. Its conclusion is pointed: the resulting trade-off between inflation and output should be resolved towards stabilising output, with policymakers temporarily looking through inflation. It is research in progress, not Bank policy, but worth a few minutes for anyone tracking how climate transition reshapes rate-setting thinking.

Staff Working Paper No. 1,211 was published by the Bank of England on 9 October 2026 and authored by Marco Carli, Francesca Diluiso and Mathias Hoffmann.
The authors build an Environmental New-Keynesian model with green and fossil energy to assess carbon pricing and green subsidy shocks.
The paper finds these shocks create a trade-off between stabilising inflation and the output gap, resolved in favour of output-gap stabilisation while temporarily looking through inflation.
Dual-mandate Taylor rules yield lower welfare costs than inflation-only targeting rules and align the welfare performance of core and headline inflation targeting regimes.
The Bank states that staff working papers set out research in progress intended to encourage comments and debate.

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American Bankers Association — newsroom Source document ↗

United States American Bankers Association — newsroom Financial Crime ✓ 15 claims 18 Oct 2026

ABA names Robertson and Boyer for Distinguished Service Awards in AML/CFT and fraud

The American Bankers Association has announced its Distinguished Service Awards for AML/CFT and fraud management. The recognitions went to two senior financial-crime practitioners for contributions to professional education and industry collaboration. This is a professional-recognition item rather than a rule change, but it signals where the industry's trade body places weight in its financial-crime training and community-building work.

Rebecca Schauer Robertson of Blue Ridge Bank received the ABA Distinguished Service Award for AML/CFT, recognizing a 30-year career in financial services.
Karen Boyer of M&T Bank received the ABA Distinguished Service Award for Fraud Management, cited for work on payment threats, social engineering, scams and account takeover.
Both were honored on October 14, 2026 at the ABA AML and Fraud Conference in Arlington, Virginia.
Robertson served on the founding boards of the Certified AML and Fraud Professional certification and the ABA AML and Fraud School, and helped design the school's curriculum.

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ESMA Source document ↗

European Union ESMA Markets & Infrastructure ✓ 18 claims 18 Oct 2026

ESMA completes T+1 rulebook, sets 7 December 2026 as first compliance deadline

ESMA has published the final piece of the regulatory framework for the EU's move to T+1 securities settlement, confirming an 11 October 2027 switchover. The briefing matters because the first binding obligation arrives sooner, on 7 December 2026, when investment firms and their clients must meet new allocation and confirmation requirements. This covers what is now fixed and what firms must do next.

The EU will switch to T+1 settlement on 11 October 2027, with the regulatory framework now complete.
From 7 December 2026, investment firms and their clients must comply with new allocation and confirmation requirements.
Those requirements mandate electronic, standardised communication channels, international messaging standards and machine-readable methods, except during temporary technical disruptions.
ESMA has published the RTS and revised Guidelines on standardised procedures and messaging protocols, and published a final report under reference ESMA74-2119945926-3749.

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BIS Press Releases Source document ↗

Global BIS Press Releases Prudential & Capital ✓ 12 claims 18 Oct 2026

Basel Committee finalises G-SIB window-dressing fix, moves scoring to annual averages by 2030

The Basel Committee has closed off a long-standing tactic in which banks shrink their reported systemic footprint around G-SIB reference dates. Final amendments switch indicator calculation to annual averages, the threshold for who must report rises, and a parallel consultation reopens the question of how European Banking Union cross-border exposures are treated. Anyone running G-SIB reporting should read the implementation dates closely.

Banks must calculate all stock G-SIB indicators on an average of values over the reporting year rather than year-end values, implemented by 1 January 2030.
The G-SIB reporting and disclosure threshold rises from EUR 200 billion to EUR 350 billion in leverage ratio exposure measure, effective from 2027.
The Committee is consulting on whether to incorporate the treatment of cross-border exposures within the European Banking Union into the G-SIB methodology.
Comments on the consultation must be submitted by 14 January 2027.

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CSSF Luxembourg Source document ↗

European Union CSSF Luxembourg Financial Crime ✓ 10 claims 18 Oct 2026

AMLA calls stakeholders to Frankfurt roundtables on simplified customer due diligence

AMLA is running sectoral roundtables on simplified customer due diligence, and Luxembourg's CSSF is pushing firms to take part. The sessions will shape draft guidelines meant to standardise how simplified CDD is applied across the EU. The window to express interest is short and the meetings are in person only, so this segment covers who should engage and by when.

AMLA will organise sectoral roundtables on simplified customer due diligence, held in person in Frankfurt am Main between 9 November and 2 December 2026.
Expressions of interest must be submitted by 18 October 2026 at 23h59 CEST.
Feedback from the roundtables will inform draft guidelines on proportionate application of simplified CDD across the EU.
The CSSF strongly encourages Luxembourg professionals and their representative bodies to participate.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 14 claims 18 Oct 2026

HMRC again amends application process for approving premises to examine goods declared for export

HMRC has amended, for the second time in three months, the process for seeking approval of premises used to examine goods declared for export under the Customs (Import Duty) (EU Exit) Regulations 2018. The notices carry the force of law. Traders and customs agents relying on approved examination sites should check the current application requirements against the latest version.

The 8 October 2026 update amends the application process for approval of premises used to examine goods declared for export.
An 8 July 2026 update introduced a revised application process requiring applications to be made electronically using the specified online form.
The notices made under the Regulations have the force of law and were first published on 31 December 2020.
A 6 February 2025 update separately changed the process for approving premises as an appropriate place for examining goods declared for export under Regulation 40(6A).

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CISA Advisories Source document ↗

United States CISA Advisories AI, Technology & Data ✓ 26 claims 18 Oct 2026

CISA flags seven flaws in Red Lion N-Tron 700 switches, including hard-coded credentials

CISA has updated its advisory on Red Lion Controls N-Tron 700 Series industrial switches, detailing seven vulnerabilities that range from default factory credentials to unauthenticated firmware uploads and a scriptable reboot loop. The devices are deployed worldwide across commercial facilities, communications, critical manufacturing and IT sectors. This segment sets out what is affected, the remediation path, and where the operational risk concentrates.

Affected versions are N-Tron 700 Series firmware 3.11.0 and earlier and bootloader 2.0.6.1 and earlier; Red Lion recommends upgrading to version 3.11.1 or greater.
CVE-2026-32645 concerns default factory administrative credentials that persist even after other administrator accounts are configured.
CVE-2026-33367 allows SNMP to retrieve configuration files, modify accounts and settings, and initiate firmware or bootloader changes without any authentication.
CVE-2026-28745, scored CVSS v4 9.3 (critical), involves passwords stored in the configuration file using weak encryption.
CISA states no known public exploitation specifically targeting these vulnerabilities has been reported to it at this time.

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Bank of England Source document ↗

United Kingdom Bank of England Markets & Infrastructure ✓ 27 claims 18 Oct 2026

Industry group sets November 2027 cutover to ISDA's 2026 FX Definitions at FXJSC meeting

The Bank of England-serviced FXJSC Legal Sub-Committee met in June to take a detailed ISDA briefing on the 2026 FX Definitions, the SWIFT transition timetable and the November 2027 date on which the 1998 definitions cease to apply. The minutes also cover a competition law guidance refresh, new terms of reference, a deputy chair appointment, and future topics including AI in FX markets.

The market will transition to the 2026 FX Definitions in November 2027, after which the 1998 definitions will cease to apply.
A SWIFT change request was submitted ahead of its 4 June deadline, with rulebook changes expected over the summer.
Substantive changes include three default disruption events, a calculation agent standard aligned with the 2021 rates definitions, and an automated exercise option for FX options.
The group flagged unresolved uncertainty over applying the 2026 FX Definitions to non-English and non-New York law governed agreements.
Tamsin Rolls of JP Morgan Chase was appointed deputy chair, and non-material amendments were made to the competition law guidance.

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European Central Bank Source document ↗

European Union European Central Bank Markets & Infrastructure ✓ 24 claims 18 Oct 2026

ECB securities financing survey records fourth straight quarter of easing credit terms

The ECB's quarterly SESFOD survey covers how 26 large banks set credit terms in euro-denominated securities financing and OTC derivatives markets. This round shows a fourth consecutive quarter of slight easing, concentrated in pricing, alongside rising valuation disputes in parts of the derivatives market. It is a useful read on how dealers are pricing counterparty risk heading into a period of geopolitical uncertainty.

Overall credit terms and conditions eased slightly for all counterparty types for a fourth consecutive quarter, mainly through price terms.
Non-price terms eased slightly for banks and dealers but tightened slightly for hedge funds, whose use of leverage increased slightly.
Demand for securities financing rose across most collateral types, led by equities at a net 27% of respondents, while haircuts fell for most bond collateral and asset-backed securities.
Initial margin requirements decreased slightly for FX, interest rate, equity and several credit derivative types, while valuation disputes increased for several derivative types, particularly credit derivatives.
Results are based on responses from 26 large banks, comprising 14 euro area banks and 12 with head offices outside the euro area.

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DOJ Criminal Division Source document ↗

United States DOJ Criminal Division Conduct & Consumer ✓ 17 claims 18 Oct 2026

Cloudera barred from PERM program two years, pays $1.4m back pay over US-worker bias

The Justice Department's Civil Rights Division and the Department of Labor announced a coordinated resolution with Cloudera Inc. over alleged discrimination against qualified US workers during PERM recruitment. The settlement pairs a two-year debarment from the labor certification program with a back-pay fund, civil penalties and ongoing compliance obligations. For any employer running PERM sponsorship, this item signals how the two agencies are now working the same case in tandem.

Cloudera will be barred from participating in the PERM program for two years, following DOL's earlier suspension of its PERM processing.
The company will establish a $1.4 million back-pay fund for qualified US workers who tried to apply for the jobs at issue but were not given fair consideration.
Cloudera will pay $600,000 in civil penalties and resolves a DOJ lawsuit filed in April alleging INA violations across seven PERM positions.
Cloudera accepts compliance obligations including enhanced monitoring, revised PERM procedures and reporting requirements.
DOJ said this is the fourteenth settlement since it relaunched its Protecting U.S. Workers Initiative in 2025.

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European Central Bank Source document ↗

European Union European Central Bank Prudential & Capital ✓ 15 claims 17 Oct 2026

Lagarde tells IMF rate hikes of 25bp in June and September were measured, not looking through shock

Christine Lagarde's statement to the IMF's steering committee lays out the ECB's view of growth, inflation and financial stability risks, alongside concrete updates on monetary policy, the EUREP repo facility, and digital euro/tokenisation projects. Useful for compliance and treasury teams tracking policy direction and infrastructure timelines.

The Governing Council raised key ECB interest rates by 25 basis points in September, following an identical increase in June.
September headline inflation rose to 3.8% and core inflation to 2.5%, with headline inflation expected to return to around target towards the end of 2027.
September ECB staff projections foresee euro area growth of 0.9% in 2026, 1.4% in 2027 and 1.5% in 2028.
A 12-month internal digital euro pilot is planned for the second half of 2027, contingent on the EU adopting the digital euro Regulation by end-2026.
The Eurosystem's Pontes DLT platform went live on 21 September as the first step toward a tokenised asset ecosystem under the Appia initiative.

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CISA Advisories Source document ↗

United States CISA Advisories AI, Technology & Data ✓ 10 claims 16 Oct 2026

NIST, NSA and CISA issue voluntary incident response guide for super intelligence training

Three US agencies have published joint guidance addressing what happens when advanced AI systems take actions that conflict with human oversight controls during training or evaluation. The document sets out voluntary practices for detecting, containing and recovering from such incidents, aimed at organisations developing cutting-edge, non-public systems.

NIST, the NSA's Super Intelligence Security Center and CISA jointly published the guidance on October 16, 2026.
The practices are voluntary and aimed particularly at pre-deployment, cutting-edge SI agents with reduced safeguards or other high-risk, non-public systems.
An SI control incident is defined as uninstructed agent actions that conflict with or compromise policies, controls or security measures scoping the task and human oversight.
The document outlines ten core practices covering access limitation, activity monitoring, evidence preservation and shutdown of undesired behavior, rebuilding from verified baselines, and reporting incidents and near-misses to relevant government agencies and affected parties.
The guidance states organisations should test controls and validate containment before resuming SI agent activities.

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American Bankers Association — newsroom Source document ↗

United States American Bankers Association — newsroom Digital Assets ✓ 13 claims 16 Oct 2026

Banking groups ask Fed for 60 more days to comment on stablecoin rules

Four bank trade groups have asked the Federal Reserve to extend comment on its two Genius Act stablecoin proposals, arguing the Fed's prudential framework is explicitly benchmarked to an OCC rule that is about to change. The request bears on timing, not substance, but shapes how much scrutiny the final rules receive before they bind issuers.

The Fed issued two companion proposed rules implementing its Genius Act responsibilities in late September 2026.
One proposal covers approval procedures for a subsidiary to become a board-supervised permitted payment stablecoin issuer (PPSI); the other sets reserves, capital, redemption, risk management, custody and reporting requirements.
ABA, BPI, CBA and ICBA have requested a 60-day extension, moving the comment deadline from November 30 to January 29.
OCC Comptroller Gould has stated the OCC intends to finalize its own stablecoin rule by November 2026, which the groups say would change the benchmark the Fed's proposal is tied to.
The associations also urged the Fed to coordinate timing and effective dates with other agencies and keep PPSI requirements consistent across regulators.

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DOJ Criminal Division Source document ↗

United States DOJ Criminal Division Governance & Accountability ✓ 10 claims 16 Oct 2026

DOJ settles with Lexington, Mississippi over policing practices found unlawful in 2024

The Justice Department has reached a settlement with the City of Lexington, Mississippi and its police department following a 2024 federal findings report that identified a pattern of civil rights violations. The agreement covers fines and fees, bail practices, conflicts of interest, and use-of-force policies, and follows an investigation opened in March 2023.

The settlement follows the Department's September 26, 2024 findings report identifying a pattern or practice of civil rights violations by the Lexington Police Department.
The City and LPD will amend policies regarding fines and fees, bail and release criteria, and potential conflicts of interest.
LPD will revise its policies on stops, searches, arrests, and use of force, and update reporting and review procedures for such officer activity.
The investigation was initiated in March 2023 under 34 U.S.C. 12601 by the Civil Rights Division's Special Litigation Section and the U.S. Attorney's Office for the Southern District of Mississippi.

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Single Resolution Board Source document ↗

European Union Single Resolution Board Prudential & Capital ✓ 13 claims 16 Oct 2026

SRB moves bank-specific resolvability reporting to a three-year cycle from 2027

The SRB has published its annual list of consultations, data requests and deliverables for the coming year, alongside a structural change to how often banks must submit certain resolvability materials. This affects EU banks under SRB remit tracking compliance workload and reporting calendars for 2027 and beyond.

The SRB published its list of consultations, data requests and deliverables for 2027 on 7 October 2026.
From 2027, a broad set of bank-specific deliverables detailed in Table 2.2 move from annual to a three-year submission cycle where no material resolvability concerns exist.
The SRB has discontinued, with immediate effect, the quarterly Sign-off form on MREL eligibility of reported liabilities.
The SRB states that banks with consistently satisfactory resolvability performance can expect bank-specific deliverable requests to fall by up to one-third over the medium term, assuming legal stability.
Each bank has already received a priority letter setting out which 2027 requirements apply to its individual situation.

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DOJ Criminal Division Source document ↗

United States DOJ Criminal Division Financial Crime ✓ 10 claims 16 Oct 2026

Puerto Rico bank chairman gets 62 months for $23.6 million fraud scheme

The former board chairman and co-owner of Nodus International Bank, a Puerto Rican International Banking Entity, was sentenced to 62 months in prison for a wire fraud conspiracy that drained the bank of more than $23.6 million and contributed to its collapse. The DOJ account details the mechanics of the scheme and its regulatory concealment.

Ramirez was sentenced to 62 months in prison, three years of supervised release, and forfeiture of approximately $13.6 million.
From 2017 to 2023 Ramirez conspired to invest more than $11 million of Nodus Bank's funds in a Miami-based lender for his own and a co-conspirator's benefit.
Between January 2018 and September 2021 Ramirez induced the bank's board to purchase at least 47 promissory notes totaling approximately $25.3 million from a company he jointly owned.
On April 28, 2023, without OCIF authorization, Ramirez caused Nodus Bank to purchase a loan portfolio totaling approximately $26 million, most of it delinquent or nonperforming.
The DOJ states Ramirez's actions caused Nodus Bank to lose at least $23,613,371.

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DOJ Criminal Division Source document ↗

United States DOJ Criminal Division Financial Crime ✓ 17 claims 16 Oct 2026

Ransomware Remediation Firm Owner Charged With Secretly Paying Hackers, Overbilling Clients

DOJ charged MonsterCloud owner Zohar Pinhasi with wire fraud after alleging he told clients he could decrypt ransomware without paying attackers, while secretly negotiating and paying the ransoms himself and marking up the cost dramatically. The indictment details a specific $8,200 ransom payment billed to a client at $150,000, illustrating the alleged margin across the scheme.

Pinhasi faces two counts of wire fraud and one count of wire fraud conspiracy, each carrying a maximum 20-year penalty.
The indictment alleges that in or around August 2023, Pinhasi paid a cybercriminal approximately $8,200 and charged the client approximately $150,000.
Prosecutors say Pinhasi charged MonsterCloud clients more than $19 million over the course of the alleged scheme.
The indictment alleges Pinhasi paid more than $8 million in ransom payments to cybercriminals while telling clients he avoided paying ransoms.
The FBI and CISA have issued joint guidance advising against paying ransoms, stating it does not guarantee data decryption or prevent leaks.

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UK Competition and Markets Authority Source document ↗

United Kingdom UK Competition and Markets Authority Governance & Accountability ✓ 24 claims 16 Oct 2026

CMA names Cyrus Mehta as new Competition Panel Chair after Coleman's exit

This is the CMA's continuously updated record of who sits on the independent panels that decide phase 2 markets and mergers cases. The latest entries record a change of Panel Chair and a series of member departures and appointments, information firms under CMA scrutiny use to check who will be deciding their case.

Cyrus Mehta replaced Martin Coleman as Competition Panel Chair on 18 September 2026, with biographies and interests updated accordingly.
Martin Coleman was removed from the panel entirely on 7 October 2026 at the end of his term.
Twelve new independent members were added to panel members' biographies and disclosures of interest on 1 September 2026.
Susan Hankey and Keith Richards were removed on 23 September 2026, and Juliet Lazarus was removed as a panel member on 9 September 2026, all at end of term or by removal.
Inquiry chairs are currently listed as Cyrus Mehta (Panel Chair), Kirstin Baker and Margot Daly.

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NIST Source document ↗

United States NIST AI, Technology & Data ✓ 15 claims 16 Oct 2026

NIST Demonstrates Chip-Scale Frequency Comb for Portable Optical Clocks

NIST and the University of Maryland's JQI have demonstrated a chip-based optical frequency comb designed to work without tethering to laboratory equipment. The technology underpins optical atomic clocks and could eventually support navigation for drones, vehicles and submarines when GPS signals are jammed or unavailable.

NIST and JQI researchers demonstrated the chip-based frequency comb in a result announced October 16, 2026.
The design sends light from two lasers around a single microresonator ring, avoiding power-hungry stabilization equipment required by earlier single-laser methods.
Each fabrication wafer contains more than 400 chips, and each chip houses up to 300 ring-shaped resonators.
NIST states the technology could support mobile optical atomic clocks used for navigation when GPS is unavailable or jammed, and for oil, gas and mineral exploration.

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BIS Press Releases Source document ↗

Global BIS Press Releases Sustainability ✓ 23 claims 16 Oct 2026

NGFS chair says 2025 extreme-weather losses hit $200bn, double 2000s average

DNB President and NGFS Chair Olaf Sleijpen used a Frankfurt sustainable finance speech to lay out early estimates of this summer's European heat damage and present NGFS case-study findings on 31 extreme weather events from 2021-2025. The speech frames adaptation as a second-best policy and argues scenario analysis shows transition costs are now smaller than unmitigated climate damage.

Sleijpen cited an early, unofficial estimate that combined weather effects could cut EU GDP by around 1% this year, approximately €180 billion.
Coceral estimated Europe lost almost 9 million tonnes of grain crop this summer, with a financial loss of about 2 billion euros.
NGFS case studies of 31 extreme weather events from 2021 to 2025 found GDP losses ranging from 0% to more than 50% and inflation increases of 0 to 17 percentage points.
Global extreme weather damages recorded in 2025 exceeded $200 billion, double the average annual amount recorded in the 2000s, according to Sleijpen.
Oxford Economics estimated adverse weather could add more than 1 percentage point to food-price inflation next year.

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BIS Press Releases Source document ↗

European Union BIS Press Releases AI, Technology & Data ✓ 11 claims 16 Oct 2026

Lagarde Tells ESRB AI Adoption Among Euro Area Banks Nearing Universal

Christine Lagarde's welcome address to the ESRB's tenth annual conference sets AI adoption as the organisation's next system-wide test, 15 years after the board was created in response to the financial crisis. The speech cites adoption and investment survey figures but stops short of outlining specific ESRB monitoring or policy steps, making it a scene-setter rather than an announcement.

Nearly nine out of ten significant euro area banks now use generative AI, according to the figures Lagarde cited.
Seven out of ten respondents to a recent survey of EU securities market firms expect to increase their AI investment.
The speech was delivered as the European Systemic Risk Board marked 15 years since its creation.
Lagarde identified AI's rising importance as a test of the ESRB's system-wide supervisory perspective, without detailing specific new measures in the excerpted remarks.

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Bank of England Source document ↗

United Kingdom Bank of England Prudential & Capital ✓ 13 claims 16 Oct 2026

Bank of England picks puffin, owl, bumblebee and hedgehog for new banknotes

The Bank of England has named the four animals that will anchor the design of its next banknote series, following a public vote. This item covers the consultation results, the selection rationale tied to counterfeit resilience, and the expected design timeline ahead of launch.

The consultation ran from 3 June to 3 July 2026 and received 478,531 responses, the most ever for a Bank of England banknote imagery consultation.
Respondents made 2,549,003 selections across an 18-animal shortlist spanning mammals, birds, and amphibians/insects/fish categories.
The barn owl received 270,596 nominations, the buff-tailed bumblebee 360,399, and the European hedgehog 259,665, the top vote-getters in their categories.
The Atlantic puffin, with 183,137 nominations, was chosen as the selected marine animal to add variety and distinguish denominations.
The decision on which animal appears on which denomination, and the first launch date, will be announced closer to production.

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European Commission Digital Strategy Source document ↗

European Union European Commission Digital Strategy AI, Technology & Data ✓ 17 claims 16 Oct 2026

European Commission sets AI Innovation Month for 14 October to 17 November 2026

The European Commission has scheduled European AI Innovation Month from 14 October to 17 November 2026, run with the Irish Presidency of the Council. The programme is built around three flagship summits and a run of partner events. This is a convening and showcase exercise rather than a rulemaking, but it maps where EU AI policy conversation will concentrate over that window.

European AI Innovation Month runs from 14 October to 17 November 2026, led by the Commission with the Irish Presidency of the Council.
The International AI Summit opens the month on 14 October in Dublin, under the theme of harnessing AI to revolutionise Europe's competitiveness.
The Apply AI Summit on 17 November in Brussels and online closes the month and marks the first anniversary of the Apply AI Strategy.
A Virtual Conference Platform and a series of partner events across Europe run alongside the three flagship summits.

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European Central Bank Source document ↗

European Union European Central Bank Digital Assets ✓ 27 claims 16 Oct 2026

ECB's Cipollone says digital euro payments could begin within 12 months

ECB Executive Board member Piero Cipollone discusses the digital euro's timeline, rationale and merchant impact in an interview with Corriere della Sera. For compliance and payments teams, this signals near-term milestones on legislation, piloting and participant selection that will shape preparation timelines.

Piero Cipollone said the digital euro pilot was launched in summer 2026, with first tests starting next year and first payments within 12 months.
The ECB received nearly 60 applications in May to take part in the pilot and selected 36 participants, including several Italian banks.
Technical standards agreements were signed in April 2026, according to Cipollone.
Cipollone said the digital euro would be free to individuals, as cash is today, and would also work offline without an internet connection.
He said the EU legislative text needed before the project can proceed should be ready by the end of the year.

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NIST Source document ↗

United States NIST AI, Technology & Data ✓ 14 claims 16 Oct 2026

NIST Backs White House 'Golden Age of Science' Push, Joins Genesis Mission

NIST has announced support for the White House Office of Science and Technology Policy's 'Science: A New Golden Age' report and said it intends to join the Genesis Mission Consortium, a federal initiative using super intelligence for scientific discovery. The announcement sets out which NIST datasets and infrastructure will be made available and names the focus areas NIST expects to contribute to.

NIST announced on October 8, 2026 its support for OSTP Director Michael Kratsios' 'Science: A New Golden Age' report.
NIST intends to participate as a federal agency partner in the Genesis Mission Consortium, part of the Genesis Mission SI-for-science program.
NIST named specific resources it will contribute, including AM-Bench, the JARVIS computational materials database, the Materials Data Repository, the Public Data Repository and the National Technical Reports Library.
NIST said its focus areas within the Genesis Mission will include biotechnology, quantum science, and materials design and discovery.
NIST Director Arvind Raman said the agency will deliver measurement technology and standards infrastructure to support the initiative.

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CISA Advisories Source document ↗

United States CISA Advisories AI, Technology & Data ✓ 15 claims 16 Oct 2026

CISA Links Integrity Technology Group to Global Hacking Campaign Targeting US Infrastructure

CISA, the FBI, NSA and cyber agencies from the UK, Australia, Canada, Japan, New Zealand and Spain jointly published a technical advisory on October 8, 2026 detailing tactics used by Integrity Technology Group-enabled threat actors against US critical infrastructure and global targets. It maps tools, exploited CVEs and MITRE ATT&CK techniques for network defenders.

The advisory is co-authored by the FBI, CISA, NSA and cyber agencies from the UK, Australia, Canada, Japan, New Zealand and Spain, published October 8, 2026.
Eight CVEs are listed as exploited, including CVE-2019-11510, CVE-2021-22205 and CVE-2021-3199.
Threat actors use EBurst to conduct password spraying and guessing against Microsoft Exchange interfaces including ECP, EWS, OWA and PowerShell.
Persistence is established via SoftEther VPN installers disguised with names such as conhost.exe or dllhost.exe, connecting to listed domains including hmbcloud[.]com and 98aiblog[.]com.
The FBI observed threat actors restricting access to exfiltrated data to IP addresses from Xiamen, China, in some instances.

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CISA Advisories Source document ↗

United States CISA Advisories AI, Technology & Data ✓ 17 claims 16 Oct 2026

CISA details five flaws in energy-sector tools openPDC and openHistorian

CISA has published an advisory covering five vulnerabilities in Grid Protection Alliance's openPDC and openHistorian, software deployed worldwide in the energy sector for grid data collection and storage. The advisory sets out affected versions, remediation status and mitigation steps for operators running these systems, with Docker image deployments left without a vendor fix for several of the flaws.

CISA's advisory lists five vulnerabilities affecting openPDC versions below 2.9.477/2.9.482 and openHistorian versions below 2.8.580/2.8.585.
CVE-2026-100730 and CVE-2026-105278 each carry a CVSS 3.1 base score of 9.8, rated critical.
Grid Protection Alliance has no fix planned for the Docker image and does not recommend its production use, per the advisory.
A Modbus connection feature (CVE-2026-101022) lets an authenticated user target arbitrary internal network destinations, enabling internal network mapping.
Shubham Raj of Causal Security reported the vulnerabilities to CISA, which released the advisory on 8 October 2026.

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CISA Advisories Source document ↗

United States CISA Advisories AI, Technology & Data ✓ 17 claims 16 Oct 2026

CISA Warns of Four Flaws in Satel Netco Design, Advises Upgrade to V2.1.7

CISA's advisory details four vulnerabilities affecting versions of Satel Netco Design prior to v2.1.7, deployed worldwide in the communications sector. The flaws range from stored cross-site scripting to path traversal issues that could allow file creation or modification. Compliance and security teams running this software should review patch status now.

CISA released advisory ICSA-26-281-03 on October 8, 2026, covering Satel Netco Design versions prior to v2.1.7.
CVE-2026-101024, a relative path traversal flaw in the export function, scores 8.8 on CVSS v3.1 and could allow arbitrary code execution under certain conditions.
CVE-2026-105269 is a stored cross-site scripting vulnerability exploitable by an authenticated user with Network Operator privileges, scoring 6.8 on CVSS v3.1.
Satel advises users to update to Satel Netco Design v2.1.7 to remediate all four vulnerabilities.
Alex Williams of Pellera Technologies reported the vulnerabilities to CISA, which states no known public exploitation has occurred.

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NIST Source document ↗

United States NIST Governance & Accountability ✓ 15 claims 16 Oct 2026

NIST data show fentanyl adulterants rising and shifting across U.S. regions

NIST chemists analyzed thousands of fentanyl residue samples collected nationwide to map how toxic adulterants change over time and by region. The study, run through the RaDAR program, aims to give public health officials and first responders near-real-time warning of dangerous compounds entering local drug supplies so treatment protocols can adapt accordingly.

NIST analyzed 4,563 drug residue samples collected nationwide between January 2024 and June 2026 as part of the RaDAR program.
Xylazine, a veterinary anesthetic common on the East Coast, is being replaced by medetomidine, a more potent sedative causing severe withdrawal symptoms.
BTMPS, an industrial plastics chemical that can cause eye inflammation and burning, has appeared in both eastern and western fentanyl samples since summer 2024.
Samples in early 2024 typically contained one to two additives; six or more compounds are now common.
Western U.S. fentanyl samples contain fewer additives on average but at higher concentrations than eastern samples.

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DOJ Criminal Division Source document ↗

United States DOJ Criminal Division Financial Crime ✓ 19 claims 16 Oct 2026

Dual-National Mule Network Leader Pleads Guilty in $7 Million Laundering Scheme

A Ukrainian-Russian dual citizen has pleaded guilty to leading an international money laundering operation that used thousands of deceived U.S. residents as money mules to move stolen funds abroad. The case illustrates how cybercrime proceeds are laundered through layered infrastructure and victims unwittingly recruited as intermediaries.

YMCO recruited over 15,000 U.S.-based money mules to launder at least $10 million stolen from over 750 U.S. bank accounts.
Korniev admitted YMCO was responsible for over $14.7 million in actual and intended losses by confirmed victims.
He admitted intending to launder over $9.7 million from cybercriminals and having laundered at least $7 million.
Korniev faces a minimum penalty of two years and a maximum of 50 years in prison, with sentencing set for a later date.
Four other individuals previously convicted in the YMCO scheme received sentences ranging from around 37 to 63 months and were ordered to pay over $9.1 million in restitution each.

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FCA Source document ↗

United Kingdom FCA Governance & Accountability ✓ 14 claims 16 Oct 2026

FCA Proposes 90-Day Minimum Notice Period for Illiquid Asset Funds

The FCA has opened a consultation on new redemption rules for authorised funds holding hard-to-sell assets like property and infrastructure. The proposal sets a 90-day minimum notice period for investor withdrawals, intended to prevent the liquidity mismatches that have previously forced fund suspensions. Compliance and product teams at authorised fund managers should review the consultation and consider how a mandatory notice floor would affect existing NURS structures.

The FCA is consulting on CP26/35, proposing fair redemption terms for authorised funds investing in illiquid assets.
Funds investing in inherently illiquid assets such as property and infrastructure would need to give investors 90 days' notice before redemption.
Existing funds would have 2 years to comply and must give investors at least 1 year's notice of the change.
The consultation applies to authorised fund managers of non-UCITS retail schemes (NURS).
The FCA is asking for feedback on the proposals by 11 December 2026.

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Finanstilsynet Norway Source document ↗

Finanstilsynet Norway Markets & Infrastructure ✓ 15 claims 16 Oct 2026

Norway's FSA tells market to start T+1 testing ahead of EU 2027 shift

Finanstilsynet is pressing Norwegian securities market participants to begin testing systems now for the EU's move to T+1 settlement, even though the underlying EU regulation has not yet been incorporated into Norwegian law. The notice sets out phased deadlines and points firms to EU industry roadmaps and ESMA guidance.

The EU will shorten the standard settlement cycle to T+1 with effect from 11 October 2027.
The European Commission's amendments to the settlement discipline regulation (EU) 2018/1229 were published 14 October 2026, with key allocation and confirmation communication requirements applying from 7 December 2026.
Finanstilsynet expects Norwegian firms to prepare on the same timeline as EU market participants even though the changes are not yet part of Norwegian law.
ESMA has updated its guidelines on allocation and confirmation procedures, which Finanstilsynet will apply in its supervision from the EU implementation date.
Firms seeking testing information can contact test leader Pål Albert Lindkjølen at Norges Bank.

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ADGM Abu Dhabi — announcements Source document ↗

United Arab Emirates ADGM Abu Dhabi — announcements Governance & Accountability ✓ 15 claims 16 Oct 2026

ADGM financial regulator consults on fee changes for trading venues, listed securities

The ADGM Financial Services Regulatory Authority has opened a consultation on changes to its Fees Rulebook and General Rulebook, completing a review of market infrastructure fees it deferred during an earlier assessment. Firms operating trading facilities, recognised bodies and those with listed securities should review the proposals before the comment window closes.

The FSRA published Consultation Paper No. 6 of 2026 on 9 October setting out proposed changes to the Fees Rulebook and General Rulebook.
The proposals update fees for Recognised Bodies and operators of Multilateral Trading Facilities and Organised Trading Facilities.
A new supervision fee is proposed for Securities admitted to the Official List.
The paper proposes increased fees for late Regulatory Filings and clarifies fees for varying a Financial Services Permission.
The consultation period closes on 6 November 2026, with comments submitted to fsra.consultation@adgm.com.

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Financial Services and the Treasury Bureau Source document ↗

Hong Kong Financial Services and the Treasury Bureau Conduct & Consumer ✓ 11 claims 16 Oct 2026

Hong Kong sets December 21 start for MPF Phase One full portability

Hong Kong's Financial Services and the Treasury Bureau has gazetted the commencement notice fixing December 21 as the date the Mandatory Provident Fund Schemes (General) (Amendment) Regulation 2025 takes effect. This piece covers what the regulation allows, who qualifies, and the timeline for the next phase, giving compliance teams the operative date and scope.

The Commencement Notice appoints December 21 as the date the Amendment Regulation (L.N. 206 of 2025) comes into operation.
Only employees whose employment commenced on or after May 1, 2025 (New EEs) qualify for Phase One portability.
Eligible employees may transfer the entire amount of accrued benefits from employer mandatory contributions to a personal MPF account of their own choice.
Transfers are permitted once every calendar year, or more frequently if the losing scheme's governing rules allow it.
The government will introduce a Phase Two amendment bill into LegCo by mid-2027 to extend portability to remaining employees.

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DOJ Criminal Division Source document ↗

United States DOJ Criminal Division Financial Crime ✓ 15 claims 16 Oct 2026

Oklahoma chiropractor gets 14 years for $30 million health care fraud scheme

A federal jury conviction following a 12-day trial has resulted in a 14-year prison sentence for an Oklahoma DME company owner. The case illustrates how telemedicine networks, shell marketing firms and unenrolled billing entities were combined to extract payments from federal health programs serving seniors, service members and veterans.

Loftis was sentenced to 14 years in prison after a 12-day jury trial that ended in July 2026.
Loftis and co-conspirators submitted over $30 million in false and fraudulent claims and were paid over $8 million.
Loftis paid over a million dollars in illegal kickbacks, including through a shell marketing company, to marketers, telemedicine companies and a call center.
The scheme used sham doctors' orders generated by telemedicine providers who often never spoke to beneficiaries, including one case billing eight braces for a single beneficiary.
Loftis was ordered to pay over $8 million in restitution and to forfeit over $560,000.

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Bank of England Source document ↗

United Kingdom Bank of England Governance & Accountability ✓ 15 claims 16 Oct 2026

Bank of England advisory group picks puffin, owl, hedgehog and bumblebee for next banknotes

The Bank of England's Banknote Imagery Advisory Group met on 15 July 2026 to review results of its 2026 public consultation on banknote imagery and agree a recommendation to the Governor. This short item covers which animals were chosen, the stated rationale tied to counterfeit resilience, and the process still to follow before any final decision.

BIAG's 15 July 2026 meeting reviewed a June 2026 public consultation that received nearly 500,000 responses across online survey, post, email and phone.
The group agreed to recommend the buff-tailed bumblebee, barn owl, European hedgehog and Atlantic puffin as central imagery for Series H's four denominations.
The Atlantic puffin was chosen over the fox or kingfisher, which received more selections, to bring a marine habitat into the set.
The recommendation goes to the Governor for indicative views before further engagement with the Banknote Imagery Expert Panel on depiction and habitat choices.
The Bank intends to announce the four chosen animals to the public in the Autumn, with the Governor making the final decision.

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SFC Hong Kong Source document ↗

SFC Hong Kong Financial Crime ✓ 12 claims 16 Oct 2026

SFC to hold two AML/CFT webinars for intermediaries on 12-13 November 2026

The SFC has announced a two-session AML/CFT webinar covering regulatory updates, supervisory observations, scam typologies and suspicious transaction reporting feedback. Compliance officers and management with AML/CFT responsibility should note the enrolment deadline and the firm-level cap on attendee numbers before registering.

The SFC will host AML/CFT webinar sessions on 12 and 13 November 2026 via Zoom.
Each firm may submit only one enrolment form, due by 27 October 2026.
Enrolment is capped at a maximum of two representatives per firm.
Places are allocated first-come, first-served, with first nominees prioritised ahead of second nominees.
Attendees completing the whole session can earn 2.5 Continuous Professional Training hours.

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DOJ Criminal Division Source document ↗

United States DOJ Criminal Division Financial Crime ✓ 11 claims 16 Oct 2026

Tennessee Counseling Center Owner Sentenced for Employment Tax Fraud

A DOJ press release details the sentencing of a former Tennessee counseling center owner for willfully failing to remit withheld employment taxes and failing to file required quarterly returns over a five-year period. The case, prosecuted by the newly formed National Fraud Enforcement Division, illustrates continuing federal enforcement priority on payroll tax withholding failures by small business owners.

Mari Alexander was sentenced to 3 years' probation and ordered to pay $1,048,840 in restitution to the United States.
From 2015 through 2020, she willfully failed to pay over to the IRS payroll taxes withheld from employees of her Tennessee counseling center.
She failed to file more than 20 quarterly employment tax returns with the IRS during that period.
Alexander pleaded guilty on April 15, 2026, to one count of willful failure to account for and pay over employment taxes.
IRS Criminal Investigation investigated the case, which was prosecuted by the National Fraud Enforcement Division's Tax Section.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 16 claims 16 Oct 2026

HMRC lifts CWG2 car-or-van hire rate to 55p per mile in latest employer guidance update

HMRC's CWG2 is the detailed employer guide to PAYE and National Insurance for less common situations. The page carries a long-running change log, most recently updated on 15 October 2026 to revise a mileage rate. Payroll and reward teams use it to track in-year legislative and procedural changes across the current and recent tax-year versions.

The 15 October 2026 update changes the section 5.4.2 'car or van' hire rate from 44 per mile to 55 per mile in the 2026 to 2027 guide.
A new section 2.2.6 'Relevant accretions' was added to the 2026 to 2027 guide on 21 September 2026.
India was added on 7 July 2026 to the section 4.5 list of countries with which the UK has a social security agreement.
The page currently links HTML versions of the guide covering tax years 2021 to 2022 through 2026 to 2027, with the 2019 to 2020 version removed.
First published on 6 April 2014, the guide covers PAYE and National Insurance in less common employer situations.

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SFC Hong Kong Source document ↗

SFC Hong Kong Markets & Infrastructure ✓ 12 claims 16 Oct 2026

SFC backs HKEX plan to shift Hong Kong stock settlement to T+1 by September 2028

HKEX has finalised its approach to moving Hong Kong's cash equities market from T+2 to T+1 settlement, with the SFC publicly endorsing the plan. This item covers the revised implementation date, the SFC's rationale, and what firms need to start preparing for ahead of a multi-year transition.

HKEX issued its Consultation Conclusions on Accelerated Settlement for the Hong Kong Cash Market on 16 October 2026.
The implementation timeline has been revised to the second half of 2028, with September 2028 identified as the target date.
Under T+1, securities transactions settle one business day after trade date, compared with two business days under the current T+2 cycle.
The transition will require consequential amendments to relevant rules and procedures, which the SFC will work on with HKEX.
The SFC's Rico Leung urged industry participants to begin preparations early and coordinate with counterparties and service providers.

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SFC Hong Kong Source document ↗

SFC Hong Kong Conduct & Consumer ✓ 18 claims 16 Oct 2026

SFC flags IPO resourcing gains but warns on dubious bookbuilding arrangements

Hong Kong's securities regulator reports measurable improvement in sponsor resourcing since its January circular, while simultaneously disclosing newly identified red flags around dubious IPO funding, allocation and post-listing arrangements. The circular sets fresh guidance on what counts as an Active Listing Engagement and spells out escalation duties for sponsors, overall coordinators and capital market intermediaries.

Strained Sponsors fell from 9 to 2 and Strained Principals from 45 to 10 between 30 January and 30 September 2026, a 78% decrease in both.
As of 30 September 2026 there were over 610 active listing applications involving 64 Sponsors and 325 signing Principals, up from over 420 applications, 53 Sponsors and 261 Principals in January.
The SFC received 210 Principal submissions between January and September 2026, of which 50 were returned or withdrawn for incomplete information or fundamental issues.
A December 2025 joint letter with SEHK cited concerns from 57 listing applications across 13 Sponsors; vetting was suspended for 65 applications, with 14 resumed by 1 October 2026.
The SFC lists six red flags for dubious IPO arrangements, including undisclosed investor funding, concentrated allocations directed by the listing applicant, and derivatives concealing ultimate investor identity.

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Bank of England Source document ↗

United Kingdom Bank of England Markets & Infrastructure ✓ 20 claims 16 Oct 2026

Bank of England weighs how 24-hour settlement push could reshape SONIA

Minutes of the 25 September SONIA Stakeholder Advisory Group meeting cover the Bank's review of data-collection powers, the potential knock-on effects of extending RTGS and CHAPS settlement hours on SONIA's publication and reporting, and ONS plans to change economic data release times. Relevant for treasury and rates desks tracking benchmark administration.

Daily volumes in the unsecured overnight market averaged around £55 billion with the spread to Bank rate fluctuating close to 1.9 basis points.
The Bank and HM Treasury are reviewing statutory powers to collect sterling money market data, including possible collection from group entities.
The Bank intends to return to industry in the first quarter of 2027 with themes from its consultation on extending RTGS and CHAPS settlement hours.
The Group indicated a strong preference to preserve the current SONIA publication time of 09:00, noting SMMD reporting is required by 07:00.
ICE extended trading hours for SONIA futures and gilt futures went live on 6 July, opening at 01:00 and drawing greater participation from Asian, Middle Eastern and US-based clients.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 12 claims 16 Oct 2026

HMRC rewrites voluntary disclosure guidance to cover workers wrongly treated as self-employed

HMRC has updated its guidance on making a voluntary disclosure of unpaid tax, first published in 2016. The latest change broadens the section on how to correct errors and now addresses cases where someone should have treated a worker as an employee for tax purposes. The update sits within a long-running series of amendments to the same guide. This item sets out what the current version says and where it has moved.

The 15 October 2026 update revised the 'Ways to make a disclosure' section to cover errors to correct, information to provide, and cases where a worker should have been treated as an employee for tax purposes.
On 6 April 2026 and 7 April 2025, tax year references were updated in the 'Income Tax returns' and 'If you failed to notify HMRC that you'd started in business' sections.
Disclosure and contact postal addresses were changed on both 5 October 2026 and 8 April 2026 across several sections of the guide.
The guide was first published on 5 September 2016 and has since added disclosure routes for R&D relief claimed in error, cryptoassets and till-system misuse.

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DOJ Criminal Division Source document ↗

United States DOJ Criminal Division Financial Crime ✓ 18 claims 16 Oct 2026

Texas man indicted over $6.9M false tax-refund scheme using pandemic credits

A Western District of Texas grand jury has charged an Austin tax preparer with conspiring to file nine false refund claims built on fabricated wage figures and pandemic-era tax credits. The case shows how the Justice Department's new Fraud Division is pursuing COVID-relief credit abuse, and how a co-conspirator's earlier guilty plea sets up the preparer's prosecution.

The indictment was returned on September 15, 2026 in the Western District of Texas against John Labee of Austin.
Nine false returns for Divine Grinde claimed the Employee Retention Credit and Sick and Family Leave Credit on fabricated wage and tax figures, for a business with no employees.
The fraudulent claims sought approximately $6.9 million, of which the IRS paid over $1.1 million.
Co-conspirator Andrea Dotson pleaded guilty on March 10, 2026 for her role in the offense.
Labee faces a maximum of 10 years for conspiring to file false claims and 5 years for each count of filing false claims.

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