AI Governance

Commissioner Peirce opened an SEC roundtable on 24-hour trading by noting that US equity infrastructure is moving decisively toward a 23-hour, five-day trading week. The speech is not a rule, but its questions signal likely areas for future guidance or rulemaking: best execution, supervision, issuer disclosure, and EDGAR timing. Compliance teams should begin preparing now, ahead of the December 6, 2026 SIP launch.

De Nederlandsche Bank (DNB) has kept the Dutch countercyclical capital buffer (CCyB) at 2%, concluding that cyclical systemic risks are neither particularly high nor particularly low. No change in capital requirements is required for Dutch exposures. Compliance and capital planning teams should note that the next quarterly review takes place in the fourth quarter of 2026.

The Bank of England's Monetary Policy Committee voted 6-3 to hold Bank Rate at 3.75%, with three members favoring an increase to 4% because of energy-driven inflation risks. The Committee also unanimously approved a multi-year plan to reduce its gilt holdings to zero. Compliance and risk teams should treat this as a signal of a possible tightening bias and a continued balance sheet runoff, with implications for interest rate, liquidity, and conduct risk.

In a letter sent on April 30 to every institution it supervises, the Australian Prudential Regulation Authority reported that assurance over artificial intelligence at the large banks, insurers and superannuation trustees it had reviewed was relying on methods designed for a different kind of system. Assurance providers were leaning on point-in-time, sample-based testing, which APRA judged poorly suited to probabilistic models that "learn, adapt and degrade over time." Many internal audit and risk functions, it added, lacked the specialist skills and tools to assess AI. Its summary was plain: "assurance practices are not keeping pace with the scale, speed and complexity of AI."

The Ontario Securities Commission hosted a three-part knowledge-sharing webinar series for Ukraine's National Securities and Stock Market Commission (NSSMC), covering investor protection, enforcement, and continuous disclosure. The release imposes no new obligations, but it signals OSC supervisory priorities, notably cross-border fraud and "AI washing," that compliance teams should factor into their risk assessments.

The Ontario Securities Commission has approved an extension of the exemptions in Coordinated Blanket Order 81-930 from certain repurchase transaction requirements for investment funds. The source document was available only as a PDF, so this analysis rests on the title and metadata and should be confirmed against the full text. Compliance teams at fund managers should verify the extension's terms and confirm that their funds' reliance on the relief continues without a gap.

De Nederlandsche Bank fined trust office Erez Corporate Service B.V. EUR $95,000 for failing to commission the mandatory annual audit for 2019. The fine is now final after Erez withdrew its further appeal, and it shows that DNB treats the audit requirement as a core safeguard. Trust offices and other regulated firms should confirm that their audit commissioning processes are documented and monitored.