CSSF clarifies that ML/FT risk level alone does not justify blanket refusal of client categories
Supervised Luxembourg entities cannot refuse client categories on ML/FT risk level alone and must evidence risk-based, not blanket, decisioning
Governance
296 briefs · 1 new
Reserve Bank of India tightens rural co-operative banks' agency and referral financial services
Rural co-operative banks must undertake third-party agency and referral sales only under RBI-prescribed Chapter III rules, on a fee-only, no-risk-participation basis with upfront customer disclosure
Reserve Bank of India permits NBFCs to distribute regulated financial products
NBFC distribution teams must run third‑party product sales only on fee‑only, no‑risk‑participation arrangements with requisite sector‑regulator permissions and Responsible Business Conduct compliance from 01 January 2027
Reserve Bank of India amends Urban Co-operative Banks' financial‑services directions, effective 01 Jan 2027
Urban Co-operative Banks must meet specified eligibility, prudential and compliance conditions (fee‑only, no risk participation, regulator compliance, board resolutions, grievance arrangements) before they are permitted to offer third‑party financial products or referral services after 01 Jan 2027
Reserve Bank of India amends RRBs' undertaking of financial services
Regional Rural Banks may undertake agency and referral arrangements only when they comply with SEBI/IRDAI regulations and the RBI Responsible Business Conduct Directions, operate on a fee-only no-risk basis with explicit upfront disclosure, maintain adequate control mechanisms, and list only covered products on digital channels
IBBI mandates a standard valuation-report format and a new Coordinating Valuer role under the insolvency code
Registered valuers, coordinating valuers and insolvency professionals must prepare IBC valuation reports in the prescribed format and documentation standard, with a new coordinating valuer integrating asset-class values into a single corporate-debtor fair value
Reserve Bank of India issues Amendment Directions on advertising, marketing and sale of financial products (effective 1 Jan 2027)
Retail and agency-facing marketing and sales teams at regulated financial institutions are bound to RBI's new advertising, marketing and sale rules from 1 January 2027
AFM clarifies how it supervises auditor central-position and decisive-influence rules, including for investor-owned audit firms
AFM clarifies it will supervise the existing Wta requirement that auditors hold a central position and decisive influence, expressly including private-equity-owned audit firms
Reserve Bank of India issues Master Directions on Authorisation to operate a Payment System
Payment System Operators must comply immediately with a consolidated RBI Master Directions on authorisation that consolidates prior circulars and guidelines
European Parliament and Council adopt Regulation 2026/1184 on railway infrastructure capacity
Railway infrastructure managers must apply the Regulation's EU capacity-allocation rules when assigning train paths in the single European railway area
TRAI issues amended Rating Manual 2026 for assessment of digital connectivity
Digital Connectivity Rating Agencies, property managers and service providers must apply TRAI's amended assessment manual immediately
CMA imposes conduct requirement on Google search
UK publishers must actively exercise opt-out rights with Google once controls are implemented to prevent their content being used for AI Overviews and AI model fine-tuning — publishers that do not act will have their content used for AI features by default.