Compliance & Ethics

BaFin issued Circular 10/2026 (BA) on September 14, 2026, concerning the appointment of administrators of the refinancing register under Sections 22e et seq. of the German Banking Act (KWG). Only the title and metadata were available for this analysis, so the substantive requirements could not be confirmed. Compliance teams at institutions that use or plan to use refinancing registers should review the full circular promptly.

ECB Executive Board Member Piero Cipollone used a speech to reaffirm the ECB's commitment to euro cash. He pointed to pending EU legal tender legislation that would reinforce mandatory acceptance of cash and access to it, and he described a banknote redesign that will be phased in over the next decade. The speech is not binding, but it signals the direction of upcoming rules that could affect cash acceptance, cash handling, and the planning of banks and other cash handlers.

BG Wealth Sharing promised investors they could double their money in 40 days. The company claimed its cryptocurrency trading signals were accurate 99.6% of the time and that investors faced no risk of losing their money. It also claimed to be the world's largest hedge fund, with the credentials of a registered investment adviser to support its business.

The addresses were in California. The people assigned to them were dead, and according to federal investigators, none had lived at those addresses before their deaths. The Federal Communications Commission said that Boomerang Wireless apparently used the false addresses to enroll hundreds of deceased individuals in Lifeline, a federal program that subsidizes phone and internet service for low-income Americans. The agency proposed a $4,401,666 fine against the company, citing the enrollments, reimbursement requests and apparent wire fraud violations.

The SEC has published the draft 2027 update to the taxonomies used for structured (XBRL) filings in EDGAR and is seeking technical feedback through 4 p.m. ET on November 16, 2026. The draft does not constitute Commission approval of any regulatory change, but it previews the technical changes that filers will eventually need to implement. Compliance and financial reporting teams should review the release notes now to assess the impact on their filing processes and tagging.

The Upper Tribunal upheld the FCA's ban on Crispin Odey from financial services after finding he lacked integrity. The finding rested on his removal of Odey Asset Management's executive committee to halt an internal disciplinary process, and on a lack of candour toward the firm, clients, investors, and the FCA. The decision reinforces that the FCA will hold senior individuals personally accountable for governance failures and for how workplace misconduct is handled.

BaFin issued Circular 11/2026 (BA) on September 14, 2026, covering the appointment of trustees at mortgage banks under Sections 7 et seq. of the German Mortgage Bank Act (PfandBG). Trustees oversee the cover pool that backs Pfandbriefe, so the circular is relevant to any institution issuing covered bonds. Only the title and metadata were available for this review, so teams should read the full PDF before acting.