GRC Report Staff

Japan's Financial Services Agency has published the results of its public comment process on partial revisions to the Comprehensive Supervisory Guidelines for Financial Instruments Business Operators, etc. The revisions align supervisory expectations for publicly offered investment trusts with IOSCO's May 2025 liquidity risk management recommendations and take effect October 1, 2027. Investment management companies should begin gap assessments now to prepare for the revised supervisory expectations.

EIOPA has rejected Q&A 3616, which asked for clearer asset type definitions (c0050) and for guidance on expired policies in the S.27.02 and S.27.03 templates, because Q&A 3612 already addresses the matter. The rejection introduces no new requirements. Compliance and reporting teams should review Q&A 3612 for the operative interpretation and confirm that their QRT reporting aligns with it.

Finanstilsynet (the Norway Financial Supervisory Authority) has published a warning on "Velomarkets," referencing a notice originally issued by the UK Financial Conduct Authority (FCA). The entry indicates the firm is likely not authorized and may be targeting investors. Compliance teams should treat it as a prompt to update screening lists and reinforce fraud and client-protection controls.

The Board of Appeal of the European Supervisory Authorities (ESAs) published a declaration of commitment and interests form, as required under Article 59(6) of the ESA founding regulations. It is a governance and independence safeguard for the body that reviews ESA decisions, and it has no direct new obligations for financial institutions. Compliance teams should treat it as a signal of the standards applied to adjudication and the integrity of appeal proceedings.

On September 16, 2026, the Austrian Financial Market Authority (FMA) publicly named TiH GmbH and announced a sanction for managing an alternative investment fund (AIF) without authorization under the Alternative Investment Fund Manager Act (AIFMG). The action shows the FMA's willingness to enforce the AIFMG perimeter and use public naming. Compliance teams should treat it as a reminder to verify the licensing status of fund managers and counterparties.

The FCA has opened an investigation into whether Euro Exchange Securities UK Ltd (EES) breached the Money Laundering Regulations 2017 between 1 February 2020 and 4 June 2026, focusing on risk assessment and AML policies, controls and procedures. The case follows the firm's forced cessation of regulated activity, interim managers and special administration. It shows the FCA's focus on enterprise-wide AML risk assessment and control frameworks at payment and e-money firms.

ASIC Form 5232 (version dated July 1, 2022) is the required application for consent to remove or resign an auditor of a retail corporate collective investment vehicle (CCIV). The form requires detailed declarations from both the corporate director and the auditor, and the change takes effect only after ASIC consents and the required disclosures are made. Compliance teams at CCIV operators and audit firms should build the process into governance procedures to avoid invalid auditor changes and false-declaration exposure.