GRC Report Staff

BaFin's Circular 11/2026 (BA), effective September 14, 2026, replaces the 2023 FAQs on trustee and deputy appointments under Sections 7 et seq. of the Pfandbrief Act (PfandBG). It sets out the eligibility criteria, the required documents and their validity periods, the fees, and the rules on remuneration and expenses. Mortgage banks should check their trustee renewal pipeline and internal processes against the new document and timing requirements.

The Deutsche Bundesbank, acting for the Federal Republic of Germany – Finance Agency, will tap the 2.70% Federal Treasury Notes of 2026 (2028) (ISIN DE000BU22148) by EUR $5 Billion through a tender on September 15, 2026. The outstanding volume is currently EUR $17 Billion. This is primarily a market-operations notice, but it matters to compliance teams at eligible bidders, who must meet bidding, settlement, and record-keeping obligations within a tight window.

De Nederlandsche Bank published an analysis concluding that monetary policy transmission in the euro area is weaker when uncertainty is high, particularly financial and geopolitical uncertainty. Compliance and risk teams should recognize that central banks may need to respond more forcefully to achieve the same effect on inflation. This could produce larger or more volatile interest rate movements that affect stress testing, interest rate risk management, and scenario planning.

The Norway Financial Supervisory Authority (Finanstilsynet) has posted a warning on gatrixcapital.com, a website that the French Autorité des Marchés Financiers (AMF) placed on its blacklist of crypto-asset derivatives offerings. Compliance teams should treat the domain as a high-risk, likely unauthorized entity and take screening and monitoring steps across onboarding, payments, and fraud controls.

In a speech in Normandy, ECB President Christine Lagarde tied regional economic strengths to three EU policy priorities: completing the Single Market for services and capital, building energy grid interconnections by 2030, and reducing reliance on non-European payment providers through the digital euro. The speech creates no binding obligations. It does signal the ECB's policy direction on capital markets integration, payments sovereignty, and inflation targeting, which compliance teams should factor into planning.

The Norwegian Financial Supervisory Authority (Finanstilsynet) has published a warning about pendoxa.com, a website that France's Autorité des marchés financiers (AMF) lists on its blacklist as an impersonation (usurpation) scheme. Compliance teams should treat the domain as a fraud indicator and update screening controls and customer-facing alerts accordingly.

In a September 12, 2026 interview, ECB President Christine Lagarde said the ECB raised key interest rates because euro area inflation (3.3%) is well above the 2% target and energy-driven price pressure is expected to last longer than anticipated. She also flagged elevated AI-sector asset valuations, rising sovereign borrowing costs, and the legal and financial dangers of cancelling central bank-held debt. Compliance and risk teams should treat this as a signal of tighter rates, market volatility, and continued supervisory focus on financial sector resilience.