Compliance & Ethics

The Administrative Review Tribunal affirmed ASIC's five-year bans on former advisers Andrew Hanley and Shane Monte Silva, finding that advisers cannot outsource fact-finding or Statement of Advice content to unlicensed telemarketers or paraplanners. The decisions confirm that these obligations fall personally on the adviser and signal continued enforcement focus on high-volume, templated superannuation switching advice and lead-generation arrangements. Compliance teams at advice licensees should treat this as a clear benchmark for adviser involvement and supervision.

Germany's current account surplus widened to EUR $21.2 Billion in July 2026, up EUR $2.3 Billion from June, driven by a larger goods surplus. The financial account swung to net capital imports of EUR $3.8 Billion, with heavy foreign purchases of German public-sector bonds. This is a statistical release rather than a rule change, but it offers context for compliance and risk teams monitoring cross-border flows, counterparty exposure, and reporting.

A Hong Kong Monetary Authority research memorandum finds that private equity (PE) ownership of Asia-Pacific (APAC) insurers is rising and is associated with larger allocations to opaque, higher-risk private credit (PC). The paper is not a rule or a directive, but it signals supervisory attention to contagion risk between the private finance ecosystem and insurers. Compliance and risk teams should treat it as an early indicator of possible scrutiny of investment governance, capital treatment, and disclosure.

Senior officials from the SEC, FDIC, CFTC, Federal Reserve Board, and Bank of England held a tabletop exercise on Sept. 3, 2026, to discuss the hypothetical resolution of central counterparties (CCPs). The meeting focused on information sharing and communication arrangements to support financial stability. It introduces no new requirements, but it signals continued cross-border supervisory attention to CCP resilience, which matters for firms with significant clearing exposures.

EIOPA rejected Question 3463 because it sought an interpretation of French national legislation, which is outside the scope of the Q&A process. No new guidance on CIC codes for NEU CP or NEU MTN was issued. Insurers must therefore rely on existing Solvency II reporting rules and their own documented classification judgment.

On September 11, 2026, the Austrian Financial Market Authority (FMA) issued a public warning that Clear Markets Europe, apparently based in London, is not authorized to conduct licensable securities transactions in Austria. The firm may not execute client orders under the Securities Supervision Act 2018 (WAG 2018). Compliance teams should treat the entity as a high-risk, unlicensed counterparty and update screening and fraud controls accordingly.

The Norway Financial Supervisory Authority (Finanstilsynet) has listed a warning about MPay Global, an entity flagged by the United Kingdom's Financial Conduct Authority (FCA). The source content is minimal, so the specific misconduct is not stated and must be confirmed in the FCA notice. Compliance teams should screen for any exposure to the entity and update their watchlists.