Daily · FCA Crypto Guidance and SEC Proxy Reform · September 16, 2026

Key points

FCA clarifies UK cryptoasset regime requirements

The Financial Conduct Authority (FCA) has published guidance explaining how the law underpinning the UK's future cryptoasset regime applies to firms. The document specifies which activities may require FCA authorisation, including issuing qualifying stablecoins, operating cryptoasset trading platforms, dealing and arranging deals, safeguarding cryptoassets, and arranging cryptoasset staking.

This guidance follows the FCA's finalisation of its rules and guidance in June 2026. David Geale, executive director of consumers, payments and competition at the FCA, stated that the guidance provides the clarity firms have requested to prepare with confidence. The FCA indicated it will consult in October on targeted updates to the guidance in light of legal changes.

Firms operating in or into the UK must map their activities against the FCA perimeter immediately. Applications for authorisation open from 30 September 2026, and the regime comes into force on 25 October 2027. These dates establish a hard deadline for compliance readiness.

SEC proposes rescission of Rule 14a-8

The Securities and Exchange Commission (SEC) proposed to rescind Rule 14a-8 under the Securities Exchange Act of 1934. The Commission stated that Rule 14a-8 exceeds the scope of its statutory authority and intrudes into matters of state law.

Alongside the proposed rescission, the Commission outlined reforms to the proxy solicitation process. This proposal would remove the federal shareholder proposal rule, fundamentally altering how shareholder proposals are handled for listed companies. The change shifts the regulatory focus from a specific federal rule to state law governance and reformed proxy solicitation mechanics.

ECB wage tracker shows modest uptick

The European Central Bank (ECB) reported its wage tracker at 2.7% in the first half of 2027. The data indicates a modest uptick in negotiated wage growth, which serves as a relevant input for European inflation and monetary policy expectations.

CFTC amends whistleblower rules

The Commodity Futures Trading Commission (CFTC) adopted amendments to its rules implementing section 23 of the Commodity Exchange Act. The amendments, modeled on similar provisions in SEC regulations, aim to increase the efficiency, transparency, and predictability of the whistleblower claims process.

The changes also include technical corrections to reflect the Whistleblower Office's move in 2025 to the Office of the General Counsel, consistent with its adjudicatory functions. These amendments affect how enforcement-related information is reported and how awards are handled.

IEX extends rebate eligibility to extranet providers

Investors Exchange LLC (IEX) filed a proposed rule change pursuant to IEX Rule 15.110(a) and (c). The change would provide that extranet providers, in addition to data subscribers, are eligible to earn the external distribution rebate by enlisting new data subscribers of Real-Time IEX Market Data Products. The filing was submitted for immediate effectiveness.

Routine fee filings and EBA leadership

The European Parliament confirmed Thomas Gstädtner as Executive Director of the European Banking Authority (EBA), as reported in an EBA e-mail alert dated 16 September 2026.

Several US exchanges filed routine fee schedule changes for immediate effectiveness. Nasdaq Stock Market LLC, Nasdaq Texas, LLC, and Nasdaq PHLX LLC filed conforming changes related to fees for Nasdaq TotalView Plus and Nasdaq Basic Plus. Texas Stock Exchange LLC proposed fees for industry members related to historical Consolidated Audit Trail costs. Miami International Securities Exchange, LLC proposed modifications to its Priority Customer Rebate Program table for complex orders. NYSE American LLC proposed amendments to its equities price list and fee schedule.

Our read

The FCA's guidance provides the operational roadmap for UK crypto compliance, with the September 2026 application window serving as the critical near-term milestone for firms. The SEC's proposal to rescind Rule 14a-8 signals a significant shift in US corporate governance, potentially reducing federal oversight of shareholder proposals in favor of state law frameworks. For European stakeholders, the ECB's wage data suggests persistent underlying inflationary pressure, while the CFTC's whistleblower rule updates align its enforcement mechanisms more closely with SEC standards, enhancing predictability for reporting parties.

This digest was produced automatically by a large-language-model system from the regulator publications and official sources listed below; it is AI-generated content and may contain inaccuracies. It is not legal advice — verify wording and deadlines against the original documents.

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