Compliance & Ethics

ECB Supervisory Board member Sharon Donnery argues that integration, not deregulation, is Europe's most effective simplification strategy. She calls for converting directives into directly applicable regulations, treating the banking union as a single jurisdiction for capital and liquidity, and creating a unified reporting framework. The speech is not binding, but it signals the ECB's policy direction and where supervisory expectations and legislative proposals are likely to move.

ASIC has published Form 722, the notice a borrower must lodge under section 283BC of the Corporations Act 2001 when it appoints a trustee for debenture holders. The form must be lodged within 14 days of the appointment, and late fees apply if it is not. Compliance teams at debenture issuers should confirm that their lodgement processes, signatory authority, and fee handling are in place.

EIOPA has confirmed that undertakings should classify collective investment undertakings (CIUs) by first assessing whether the fund's prospectus and stated objective match the CIC 44 (Asset Allocation Funds) definition, rather than relying on look-through composition at the reporting date. If the fund meets that definition, it is CIC 44 regardless of its actual asset mix. If not, it defaults to CIC 42 (Debt Funds). This matters for S.06.02 reporting accuracy and consistency across reporting periods.

SEC Commissioner Mark Uyeda's statement accompanies a Commission proposal to rescind Rule 14a-8, which would end the federal framework for including shareholder proposals in proxy statements and leave that question to state law, companies, and shareholders. The Commission also proposes amending Rule 14a-4 to expand discretionary voting authority and modernizing proxy solicitation rules. Compliance teams should monitor the proposals closely, because they could change shareholder engagement, proxy preparation, and governance risk management.

The FCA has published a guidance page explaining how the Treasury's new cryptoasset regulated activities fit within FSMA and the FCA Handbook. Final rules and guidance were published on 30 June 2026 and will apply to firms authorized under FSMA on or after 25 October 2027. For many cryptoasset firms this will be their first time under FSMA authorization, so compliance teams need to assess perimeter scope and begin preparing now.

SEC Division of Examinations Director Keith Cassidy outlined efforts to make exams more accessible and integrated, including a new Examination Process Handbook to be published before the new fiscal year. The speech also sets out the Division's expectations for registrant conduct during exams. Compliance teams should use it to refine exam readiness and engagement practices.

ASIC's Form 5214 requires the corporate director of a corporate collective investment vehicle (CCIV) to notify ASIC within 7 days of a change of compliance plan auditor. The change may result from resignation, removal, death, or ineligibility. Compliance teams need to coordinate prior ASIC consent, public disclosure, and timely lodgement, because a resignation or removal does not take effect until the disclosure requirements are met.