Compliance & Ethics

The FCA's updated Senior Managers Regime guidance restates that Senior Management Function (SMF) holders need regulatory approval before starting their roles, must have a Statement of Responsibilities, and carry a statutory Duty of Responsibility. Requirements differ by firm type (solo- or dual-regulated) and category, so compliance teams should confirm that their categorization, responsibility allocation, and fitness and propriety processes align with the guidance. Senior individuals face personal accountability if reasonable steps are not taken to prevent or stop breaches.

Finanstilsynet (Norway FSA) has published a warning about the website pgroup-user.com, which was originally flagged by France's Autorité des marchés financiers (AMF) on its blacklist of usurpation (impersonation) sites. Compliance teams should treat the domain as a likely fraud vector and add it to monitoring and blocking controls. The notice also shows how European regulators share investor-alert information across borders.

The Hong Kong Government upsized its latest Silver Bond issuance to HKD $55 Billion, above the HKD $50 Billion target, after receiving 476,703 valid applications totaling HKD $119.3 Billion. Applicant numbers and subscription amounts both reached new record highs. Compliance teams at Placing Banks and Designated Securities Brokers should confirm that distribution, suitability, allocation, and refund processes for senior retail investors worked as intended.

The Deutsche Bundesbank, on behalf of the federal government, will hold a multi-ISIN Bubill auction on September 14, 2026, offering EUR $6 Billion across a reopened March 2026 issue and a new September 2026 issue. The announcement is routine, but it sets firm bidding, eligibility, and settlement parameters that affect Bidding Group members' operations and liquidity planning. Source text is partly garbled, so key figures should be verified against the official release.

The Norway Financial Supervisory Authority (Finanstilsynet) has published a warning about the website amforg.laxmipackaging.co.in, which was originally flagged by France's Autorité des marchés financiers (AMF) as impersonating the AMF. Compliance teams should treat the domain as a fraud indicator and strengthen controls against regulator-impersonation scams that target customers and employees.

The FCA has published its post-implementation review of the general insurance (GI) value measures rules. It found positive effects on transparency, competition, and fair value compliance, but also inconsistent reporting across firms. Compliance teams should expect a consultation on minor changes in the first half of 2027 and should use the interim period to improve data quality and reporting accuracy.

On September 11, 2026, the Austrian Financial Market Authority (FMA) issued a public warning about BCLS Assets, an entity apparently based in Switzerland, for offering securities services in Austria without the required license. Compliance teams should treat the entity as a high-risk, unauthorized counterparty and update screening and monitoring controls accordingly.