Legal Shorts 2026
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Week ending 27th February 2026
Whistleblowing reports decrease
T+1 settlement
FCA AI Live Testing – applications due
The Upper Tribunal upholds FCA decisions
ESMA supervisory briefing on AAR representativeness obligation under EMIR
EU draft report on digital assets
ESMA withdraws guidelines on MiFIR obligations on market data
FCA launches Regulatory Priorities reports
Good and bad practices for smaller firms’ consumer duty board reports
Week ending 20th February 2026
HM Treasury consults on changes to appointed representatives regime
EBA opinion on PSD2 and MICA overlap: February 2026
FCA and PRA consult on reforming securitisation framework
ESMA consults on amendments to MAR guidelines on delay in disclosure of inside information
HM treasury response to policy paper on applying FSMA model to UK CRR
Week ending 13th February 2026
Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 published
JMLSG publishes final revisions to Part 1 of AML and CTF guidance: February 2026
FOS quarterly complaints data on financial products and services: Q3 2025/26
IOSCO work programme for 2026
FCA commences civil proceedings against cryptoasset firm for alleged unlawful financial promotions (High Court)
AMLA consults on draft RTS for harmonised supervision under MLD6 and AML regulation
EU review of shareholder rights directive
Week ending 6th February 2026
We are the champions
BOE speech on shaping the UK’s digital future
Corporate reporting: FCA consults on UK sustainability reporting standards
PRA speech on banks’ management of risks from principal trading firms
Convictions of five city traders sent back to courts by criminal cases review commission
FSB work programme for 2026
FSB warns of financial stability challenges in repo markets
AMLA strategic programming document 2026-28
Week ending 30th January 2026
How to select the best prime broker
OFSI blog on work to tackle financial sanctions breaches involving cryptoassets
FCA launches new enforcement newsletter
FCA responds to treasury committee questions on implementing outstanding Leeds Reforms
FCA updates webpage on T+1 settlement transition
Single list for UK sanctions designations is now in operation
AMLA to launch data collection exercise testing risk assessment models for financial sector
FCA launches review into long-term impact of advanced ai on retail financial services
FCA appoints bond consolidated tape provider
Week ending 23rd January 2026
Crypto regulatory update
UK regulators sign MOU with ESAS on oversight of critical third parties
FCA’s next steps for open banking
European Commission consults on venture funds and AIFMD reform
Week ending 16th January 2026
New FCA cryptoasset webpages announce expected opening date of application gateway
House of Lords report on private markets
ESMA principles for risk-based supervision
FCA multi-firm review findings on complex exchange-traded products
ESMA launches digital strategy 2026-2028 and updates data strategy 2023-2028
G7 cyber expert group roadmap for transition to post-quantum cryptography in financial sector
Week ending 9th January 2026
FCA policy statement on changes to ancillary activities test
High Court provides detail on dismissed challenge to FCA investigation announcement decision
EBA final report on updated guidelines on equivalence of confidentiality and professional secrecy regimes of third-country authorities
FCA statement on transitional direction for derivatives trading obligation under UK MiFIR: January 2026
ESMA final report on internal controls guidelines for directly-supervised entities