GRC Report Staff

MAS has published a consultation paper proposing amendments to the Payment Services Act 2019 to formalize its Single-Currency Stablecoin (MAS-SCS) framework, covering licensing, value stability, capital, redemption, and disclosure requirements. Compliance teams at financial institutions engaging with stablecoins, digital payment tokens, or tokenized asset markets in Singapore should review the proposals closely, as they will determine who can market stablecoins as "MAS-regulated" and set new safeguards for issuers and intermediaries. Comments are due by October 16, 2026.

EIOPA has published its technical advice to the European Commission on harmonizing minimum standards for insurance guarantee schemes (IGS) across the EU. The advice aims to strike a balance between targeted harmonization of policyholder protection mechanisms and preserving national flexibility, which will shape future EU legislative proposals affecting insurers' contingency planning and cross-border risk management.

APRA has confirmed that OnePath Custodians Pty Limited (OPC), part of the Insignia Financial Group, has fully satisfied its obligations under a Court Enforceable Undertaking (CEU) originally accepted in July 2024 for default contribution failures. The conclusion of the CEU, including the lifting of a AUD $40 Million capital overlay, demonstrates APRA's supervisory approach of enforcing accountability while recognizing genuine remediation efforts.

The Netherlands Data Protection Authority (AP) has reviewed the draft Regulation on the Experiment in Rehabilitation and Recovery Care (NR/REG-2701) under Article 36(4) GDPR and raised no objections. While this is a sector-specific healthcare regulation, it illustrates the AP's assessment framework for evaluating proportionality and data protection safeguards in draft legislation, which is instructive for compliance teams managing GDPR-related legislative consultations.

The FCA has flagged "Secure Beacon Finances" as an unauthorized entity potentially soliciting UK consumers for financial services without permission. Compliance teams should note this warning for financial crime monitoring, customer due diligence, and fraud prevention purposes, as consumers dealing with this firm have no recourse through the Financial Ombudsman Service or FSCS.

The FCA has added MPay Global to its Warning List as an unauthorized entity potentially providing or promoting financial services in the UK without permission. Consumers dealing with this firm have no access to the Financial Ombudsman Service or FSCS protection, and compliance teams should ensure this entity is screened against onboarding, payments, and third-party due diligence systems.

ASIC Instrument 2025/509 exempts deposit product issuers from disclosing specific interest rates in Product Disclosure Statements and termination values in periodic statements, provided alternative access methods are offered. The relief, effective the day after registration and repealed on 1 October 2030, reduces disclosure burden but requires issuers to implement compliant alternative disclosure mechanisms.