AI Governance

On September 15, 2026, Finansinspektionen (FI) adopted amendments to three regulations in the securities area to reflect the amended MiFID II delegated directive adopted in connection with the EU Listing Act. The changes take effect October 1, 2026, which leaves a short implementation window for investment firms, fund managers, and AIFMs operating in Sweden.On September 15, 2026, Finansinspektionen (FI) adopted amendments to three regulations in the securities area to reflect the amended MiFID II delegated directive adopted in connection with the EU Listing Act. The changes take effect October 1, 2026, which leaves a short implementation window for investment firms, fund managers, and AIFMs operating in Sweden.

On September 15, 2026, Finansinspektionen (FI) adopted amendments to three regulations in the securities area to reflect the amended MiFID II delegated directive adopted in connection with the EU Listing Act. The changes take effect October 1, 2026, which leaves a short implementation window for investment firms, fund managers, and AIFMs operating in Sweden.

On September 15, 2026, BaFin published Circular 12/2026 (WA), which addresses the licensing procedure for alternative investment fund (AIF) management companies under Section 22 of the German Capital Investment Code (KAGB). Only the title and metadata were available, and the PDF was not accessible, so the specific requirements are unconfirmed. Compliance teams at current and prospective German AIF managers should obtain the full text promptly to assess its effect on authorization applications and ongoing licensing obligations.

The Austrian Financial Market Authority's Bank Sales Report 2026 shows securities custody accounts rose 14% to 2.87 million in 2025, driven by digital neobrokers and foreign branches. Investment services complaints jumped 70%, and the FMA signaled a focus on a level playing field in supervision, expanded consumer protection, and extended consumer lending powers from November 2026. Compliance teams should expect heightened scrutiny of digital sales channels, complaint handling, and fraud controls.

Finansinspektionen (FI) has amended Chapter 10, Section 3 of FFFS 2013:10, which sets conduct and organizational requirements for AIFMs that advise clients on units or shares in alternative investment funds. The amendment takes effect October 1, 2026, and updates the cross-references to MiFID II Delegated Regulation articles and to FFFS 2017:2 on securities transactions. Affected AIFMs should confirm that their advisory activities comply with the revised provisions before the effective date.

The FMA's Banking Distribution Report 2026 shows securities accounts at Austrian credit institutions rose 14% to 2.87 million, driven largely by digital models and branches of foreign (European) providers. Investment services complaints jumped 70%, and the FMA signaled a level playing field in supervision, closer home-country supervisor cooperation, and enhanced consumer lending powers from November 2026. Compliance teams should treat this as an indicator of where supervisory attention is heading.

The PCAOB has named Addison (Addi) Scott and Zian Xi as its first Audit Practitioner Fellows within the Office of the Chief Auditor. Each will serve a two-year term supporting standard-setting and research, with recent big-firm audit experience informing the Board's agenda. The appointments are not a rule change, but they signal that upcoming standards will draw on practitioner input and aim to balance audit quality against costs and benefits.