Compliance & Ethics

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.

The Norway Financial Supervisory Authority (Finanstilsynet) has published a warning that relays a French Autorité des marchés financiers (AMF) blacklist entry for the website amf.eigen.eng.br. The AMF lists the site under its "usurpation" category, meaning it appears to impersonate the AMF itself. Compliance teams should treat the domain as a fraud indicator and update their screening and customer-protection controls.

The Norway Financial Supervisory Authority (Finanstilsynet) has published a warning about cryptobullbear.com, which the French Autorité des Marchés Financiers (AMF) added to its blacklist of crypto-currency websites. Compliance teams should treat the domain as a high-risk, likely unauthorized actor and update screening and customer-protection controls accordingly.

The CFTC approved a final rule establishing a 30 percent presumptive award for whistleblower awards of USD $5 Million or less, subject to Commission discretion and its analysis of relevant regulatory factors. Modeled on SEC Rule 21F-6(c), the rule aligns the two agencies' whistleblower frameworks. Compliance teams should reassess internal reporting programs, because the clearer and more predictable award structure may increase incentives for employees to report externally.

The Securities and Exchange Commission has more than 34,000 registered entities within the reach of its examination program. For fiscal year 2027, the agency has identified private credit, investment adviser conflicts, cybersecurity and emerging technologies among the areas where it intends to concentrate its attention.

From April 2022 to November 2023, according to federal prosecutors, a TD Bank employee in Florida opened fraudulent accounts and issued hundreds of debit cards to co-conspirators. When the bank restricted some of the cards over possible fraud, he unblocked them. About $4.8 million left the United States for Colombia through the accounts and cards. Eighty-six of the accounts used the same commercial address in Miami and carried more than $3 million of that total. He took more than $8,000 in bribes, paid in cash and through a peer-to-peer payment app.