Weekly · Regulatory Shifts in the US and EU · September 13–19, 2026

Key points

Corporate Governance Reform in the US

On September 16, 2026, the US Securities and Exchange Commission (SEC) proposed to repeal Rule 14a-8 under the Securities Exchange Act of 1934. The regulator justified this by stating that the current rule exceeds its statutory authority and intrudes on state law. The document also outlines reforms to the proxy solicitation process. At present, the status of the proposal is public comment; no final decision has been made.

In parallel, on September 18, the SEC approved FINRA Rule 3290 on Outside Activities Requirements, incorporating partial Amendment No. 1. This affects disclosure procedures regarding the outside activities of employees of regulated organizations.

Expansion of Trading Hours in the US

During the week, US exchange venues actively filed rule amendments to transition to a 23-hour trading day, five days a week. On September 14, MEMX LLC filed a proposal for immediate effectiveness to permit such trading. On September 18, NYSE National, NYSE Texas, NYSE American, NYSE Arca, and MIAX PEARL filed similar amendments concerning the resumption of trading after Level 3 market-wide circuit breaker halts. All these filings received immediate effectiveness.

During the same period, NYSE American and NYSE Arca filed proposals to allow the listing of Binary KPI Options on key performance indicators, which do not take effect immediately and require SEC review. Additionally, NYSE American made changes to rules regarding erroneous executions (Rule 7.10E) and fee schedules, while NYSE amended trading suspension rules (Rule 7.18).

Regulation of Tokenized Assets

On September 17, the SEC issued an order granting temporary conditional exemptive relief to Tokenized Securities Venues (TSVs) from the definition of “exchange” under the Securities Exchange Act of 1934. This allows TSVs to facilitate trading in tokenized NMS stocks subject to certain conditions. The SEC also opened a request for comments to refine this regime.

In the UK, the FCA published guidance on the future crypto-assets regime on September 16. The document clarifies which activities require FCA authorization, including the issuance of qualified stablecoins, operating trading platforms, and staking. The regime takes effect on October 25, 2027, but applications for authorization will open on September 30, 2026.

Third-Party Risks: US and EU

In the area of third-party risk management, US and EU regulators are moving along parallel tracks. On September 15, the OCC, the Federal Reserve Board, the FDIC, and the NCUA proposed joint guidance on third-party risk management. It proposes replacing existing regulations with a risk-based approach that considers the size, complexity, and risk profile of institutions.

On September 18, the EBA published final guidelines on third-party risk management, aligned with the DORA regulation. The EBA also issued final Q&As on reporting regarding negative fair value changes in hedged items and collateral for intra-group repo transactions. This creates a unified standard for European institutions, while in the US the process is at the proposal stage.

Supervision and Enforcement in the UK

The FCA has intensified supervisory actions. On September 17, the regulator opened an investigation into Euro Exchange Securities UK Ltd (EES) for suspected violations of anti-money laundering rules (MLR) for the period from February 1, 2020, to June 4, 2026. Previously, on June 4, the FCA ordered EES to cease regulated electronic money services and appointed temporary administrators. On September 18, the FCA clarified that the investigation covers failures in risk assessment, customer due diligence, and monitoring. The High Court appointed special administrators Duncan Perring and James Bennett from Teneo Financial Advisory Limited, who froze funds.

On September 14, the Upper Tribunal upheld the FCA’s ban on the activities of Crispin Odey, founder of Odey Asset Management, finding a lack of integrity and upholding all five of the FCA’s allegations. On September 15, the FCA banned Nurul Miah (also known as Neil Mia) after the SRA determined that he dishonestly allowed the withdrawal of over £28 million in client funds at Kingly Solicitors Limited.

Sanctions and Technical Changes

OFAC published several notices adding individuals to the SDN (Specially Designated Nationals) list. One notice was published on September 14, and three additional notices were published on September 15 (Federal Register documents 2026-18840, 2026-18909, and 2026-18876), blocking the property of the designated individuals and prohibiting transactions with them for US persons.

In the technical sphere, the SEC granted relief from Inline XBRL requirements for certain forms (including Form CA-1, Form 1, Form X-17A-5 Part III, etc.) on September 14, and conditional relief for LCH SA from rule filing requirements on September 17. Additionally, on September 14, the OCC, the Board, and the FDIC issued an interim final rule raising the asset threshold for the 18-month examination cycle for institutions with assets under $6 billion.

What This Means

If you participate in corporate governance or invest in the US, the repeal of Rule 14a-8 could change mechanisms for shareholder influence on issuers. Expect a review of strategies for engaging with boards of directors if the SEC’s proposal is finally adopted. Monitor the publication of the SEC’s final order: if it is adopted without significant changes, traditional channels for submitting shareholder proposals may be closed or radically altered.

If your business depends on access to US capital markets, the transition to 23-hour trading requires adapting operational processes and risk management systems to a round-the-clock mode. Since the rules took effect immediately, readiness to operate in the extended time window must be ensured now. Watch for exchanges announcing specific start dates for sessions: if they synchronize the launch, it will signal a complete restructuring of trading and clearing department schedules.

If you plan to issue tokenized assets or work with them, the SEC’s temporary relief for TSVs and the FCA’s guidance on crypto-assets create two different regulatory tracks. In the US, the path through relief requires compliance with strict conditions, while in the UK, it requires preparation for authorization starting September 30, 2026. If the FCA publishes consultations on updating the guidance in October, this may clarify requirements for staking and asset custody, which will require adjustments to product architecture.

Under the Radar

A series of technical amendments by NYSE American and NYSE, including changes to erroneous execution rules and fees, as well as SEC relief from Inline XBRL requirements and for LCH SA, may seem routine. However, collectively they indicate a systematic preparation of market infrastructure for more complex and round-the-clock trading modes. Changes in reporting forms and filing rules reduce the administrative burden on clearing houses and major participants, indirectly supporting the expansion of trading hours and new instruments, such as Binary KPI Options.

Our read

The period demonstrates a clear tightening of regulatory pressure combined with attempts to adapt rules to new technologies. On the “tightening versus easing” axis, tightening dominates: the FCA actively applies bans and opens investigations, while the SEC proposes to repeal existing corporate governance rules, although it provides targeted relief for the crypto sector. On the “convergence versus fragmentation” axis, a mixed picture is observed: the US and EU are working in parallel on third-party risks but use different instruments (a proposal in the US versus final guidelines in the EU), and approaches to asset tokenization diverge (relief in the US versus authorization in the UK). On the “enforcement intensity” axis, the signal is clear: the transition from consultations to specific sanctions, bans, and investigations is accelerating, especially in the UK. A contrary signal would have been the freezing of the SEC’s proposal on Rule 14a-8 or the easing of conditions for TSVs, but current dynamics indicate a continuation of the course toward formalization and control. The overall signal is mixed, with a clear vector toward strengthening supervision of traditional financial institutions and an experimental approach to digital assets.

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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