AI Governance

On September 15, 2026, BaFin published Circular 12/2026, which sets out the licensing procedure for alternative investment fund (AIF) management companies under Section 22 of the German Investment Code (KAGB). It replaces the 2013 information sheet and aims to give applicants clearer documentation requirements and faster processing. Compliance teams at prospective and existing AIF managers should review the new expectations, especially given the changes that stem from the Fund Risk Limitation Act.

The Deutsche Bundesbank's September 15, 2026 daily return release shows listed German government bond yields at 3.53% overall, up from 3.27% at the end of August 2026 and 2.58% in August 2025. This is a market-data publication, not a regulatory change, but it matters to compliance teams because Bund yields are a core input for interest rate risk, valuation, liquidity buffer, and stress-testing frameworks.

The Dutch Authority for the Financial Markets (AFM) reports that investment fund managers have improved Wwft and Sanctions Act compliance in key areas, but registered "light" AIFMs continue to lag. Gaps in transaction profiling, FIU-Netherlands registration, and staff training persist across the sector. Compliance teams should expect continued risk-based supervisory attention and prepare for the EU AML package taking effect on July 10, 2027.

The March 2026 Securities Lending Committee minutes show broad industry consensus that firms are on track for the UK T+1 settlement transition in October 2027, though funding mismatches and collateral constraints remain open concerns. The minutes also flag cautious beneficial owner uptake of tokenized collateral and the EU Market Integration and Supervision Package (MISP). Compliance teams should use these discussions to prioritize T+1 readiness, collateral risk, and digital asset legal certainty reviews.

ASIC Form 5604 is the prescribed form a liquidator must lodge under section 497(1) of the Corporations Act 2001 to confirm that creditors received information about the company's affairs following a resolution for voluntary winding up. Lodgement is due within 10 business days of the meeting, so compliance teams supporting insolvency matters or exposed to creditor-side risk should build this deadline into their processes. Note that the document is an existing form dated 1 September 2017, not a new rule, even though it carries a 2026 publication date.

ASIC Form 509F is the notice an administrator must lodge under section 450C(a) of the Corporations Act 2001 when a company fails to execute a deed of company arrangement (DOCA) within the period required by paragraph 444B(2)(a) or 444B(2)(b). This is a procedural form, not a new rule, and the version provided is dated 13 February 2015, although the update is listed as 2026-09-15. Compliance teams that deal with distressed counterparties or insolvency processes should understand the trigger, the signatory requirement, and the signal this notice sends about the status of a company in voluntary administration.

Following an April 2026 inspection, the Danish FSA issued orders to the Danish Private Railways Insurance Association G/S covering the audit committee, conflicts of interest, key functions, technical provisions, and capital planning. The findings show that supervisors are testing whether Solvency II governance structures work in practice, not just whether they exist. Compliance teams at insurers, especially small mutual and captive-style entities, should treat the report as a benchmark for self-assessment.