Compliance & Ethics

The Deutsche Bundesbank, acting for the German federal government, will tap the 2.90% Federal Bond Series 194 (2031) by a target of EUR $5 Billion, including the market maintenance quota, on September 22, 2026. The current outstanding volume is EUR $17.5 Billion. This is a routine issuance event, but it carries operational, liquidity, and reporting implications for institutions that bid or hold German sovereign paper.

The Securities and Exchange Commission brought 348 enforcement actions during fiscal year 2026, obtained orders for nearly $1.1 billion in monetary relief, and charged individuals in two-thirds of its standalone cases. The figures, released Tuesday, describe an enforcement program that spent much of the year pursuing familiar forms of misconduct while making substantial changes to the way it investigates them.

Switzerland's financial regulator has narrowed the application of a provision governing correspondent banking relationships with foreign banks, one of several clarifications included in anti-money laundering rules finalized Tuesday ahead of their implementation next year.

A promise of a full refund has cost Polish supermarket chain Biedronka nearly $21.5 million (PLN 84 million) after a court upheld findings that the retailer deliberately misled customers about the terms of its promotional offers. Poland's Court of Competition and Consumer Protection agreed with the country's competition and consumer protection authority, UOKiK, that Biedronka's “Special Wednesday” and “Valentine's Wednesday” campaigns violated consumer protection law. The promotions advertised a “100% refund in the form of a voucher,” without adequately explaining that customers would have to meet additional conditions to use the vouchers.

ASIC Form 296 is the prescribed notice for reporting that a person is disqualified from managing corporations because of bankruptcy or a personal insolvency agreement under sections 206B(3) and (4) of the Corporations Act 2001. The form must be lodged as soon as possible, with no lodgement fee. Compliance teams should confirm that their escalation and lodgement processes for officer insolvency events are in place and working. The document is a form and guide, not a new rule, and the form dates from 2011 while the guide dates from 2015, despite the 2026 publication date.

ASIC's Form 408 is the notice that registered foreign companies must lodge when they open, move, or discontinue a share register in Australia under section 601CM of the Corporations Act 2001. The form carries a 14-day lodgement period and late fees, so compliance teams at affected entities need controls to meet the deadline. The document appears to be an existing form and guide (dated 2011 and 2016), not a new regulatory change.

ASIC's Form 205 is the mandatory notification a company must lodge after passing certain resolutions, including name changes, constitution amendments, company type changes, and winding up decisions. The document is a form and guide dated 1 March 2017, not a new rule, so no substantive change is being introduced. Compliance and company secretarial teams should confirm their lodgement processes, signatory authority, and fee and late-fee controls are sound.