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Acting as principal becomes an FCA permission, not an entitlement

HM Treasury's February 2026 consultation would make acting as a principal a separate FCA permission and let the Financial Ombudsman reach ARs directly.

CFTC’s 4.13(a)(4) revival exempts SEC advisers, not ERAs

CFTC proposal revives Regulation 4.13(a)(4) for SEC-registered advisers only and doubles the small pool cap to $800,000; comments close October 5, 2026.

Odey ruling: sacking your own ExCo is itself the integrity breach

The Upper Tribunal upheld the FCA's ban on Crispin Odey, holding that removing his own executive committee was itself an integrity breach under ICR1.

SEC order 34-106339 drops Inline XBRL from broker-dealer audits

SEC order 34-106339 exempts broker-dealer annual reports, Form 17-H and swap-dealer compliance reports from Inline XBRL while EU and UK returns stay structured.

FINRA’s 145-day Rule 2165 hold leans on 2020 data from 31 firms

FINRA's SR-FINRA-2026-018 would stretch Rule 2165 holds to 145 business days and add a 10-day Rule 2166 fraud delay. SEC comments close September 30, 2026.

14 of the last 16 EU crypto licences went to German co-op banks

ESMA's register shows 14 of the last 16 EEA crypto authorisations went to German co-operative banks, each with one service and no cross-border passport.

ASIC’s digital asset licence window closes on 45 applications

ASIC's no-action relief for digital asset firms ends September 30 with over 45 licence applications lodged. What the letter requires and the real penalty.

SEC proposal would let a distributed ledger be the share register

The SEC's first substantial transfer agent rewrite in 40 years would let a blockchain hold the master securityholder file, but not make it the legal record.

SEC subpoena on ISS tests proxy adviser oversight limits

The SEC asked a Philadelphia federal court to force ISS, its own registered investment adviser, to produce ProxyExchange voting data. ISS invokes the First Amendment.

Annex 1 registration is now an FCA gate, not a formality

The FCA is scrutinising Annex 1 registrations under the Money Laundering Regulations 2017: refusal, cancellation, and how the UK, Ireland, EU and US compare.

SEC pay-to-play rescission would end rule 206(4)-5 timeout

The SEC's September 3 proposal (IA-6994, File S7-2026-31) would rescind rule 206(4)-5, ending the two-year compensation timeout on adviser contributions.

Rule 611 bound the venues, best execution binds only brokers

FINRA Notice 26-15 asks how best execution survives the repeal of Rule 611, but Rule 611 binds trading centers and Rule 5310 binds only FINRA members.

Dolfin’s £25.2m visa scheme drew £446,800 in FCA fines

The FCA fined two former Dolfin executives £446,800 and banned them over a £25.2m visa scheme. A third co-founder contests his ban at the Upper Tribunal.

Australia’s scam liability regime stops at the banking charter

Australia's Scams Prevention Framework entered phase two on September 1, 2026, but its banking perimeter follows prudential charter, not scam exposure.

The CFTC’s Perez order makes a speech draft inside information

CFTC Docket 26-06 orders a White House teleprompter operator to pay $172,539 for insider trading Kalshi mention markets on presidential speech drafts.

ESMA splits the EU commodity position report before ITS 4 is law

From September 3 EU venues file two weekly commodity position reports under ESMA's v2.0 schema, while the ITS 4 amendment behind them stays unadopted.

The CFTC’s compute derivatives notice is a manipulation brief

The CFTC's request for comment on compute derivatives, RIN 3038-AF77, asks whether an index its own suppliers administer can settle a futures contract.

Australia’s swap rule discloses the client at 5%, the bank at 20%

ASIC Instrument 2026/482 counts cash-settled swaps at full notional from December 4, 2026: clients file at 5%, dealers only at 20% and not in a notice.

UK’s critical third parties regime cannot fine AWS or Microsoft

HM Treasury designated AWS, Google Cloud, Microsoft and Oracle as Critical Third Parties from July 13, 2026 — but FSMA gives regulators no power to fine them.

CFTC moves to end the SEF order-book rule for permitted swaps

The CFTC has proposed deleting the SEF order-book mandate for permitted transactions. What § 37.3(a)(2) changes, and how the EU and UK got there first.

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