Daily · ECB Tokenisation and SEC Proxy Rules · September 21, 2026

Key points

Eurosystem and ECB embrace tokenised assets

The European Central Bank (ECB) announced on 21 September 2026 that it will invest a portion of its own funds in tokenised securities. The settlement for these investments will be conducted via Pontes, a specific settlement platform. This move represents a direct institutional validation of tokenised asset infrastructure for central bank operations.

In parallel, the Eurosystem announced that it is bringing central bank money to tokenised finance. While the document does not state specific technical protocols or timelines for this integration, the announcement signals that tokenised-asset platforms and payment-infrastructure providers in the euro area will gain a direct central-bank-money settlement rail.

This development changes the design parameters for on-chain settlement and collateral systems. By integrating central bank money into these frameworks, the Eurosystem is reducing reliance on commercial bank money for final settlement in digital asset markets. This provides a more stable foundation for institutional investors and market infrastructure providers operating in the euro area.

SEC proposes overhaul of shareholder proposals

The US Securities and Exchange Commission (SEC) proposed to rescind Rule 14a-8 under the Securities Exchange Act of 1934. Under this proposal, determinations regarding the role of shareholder proposals would be left to State law and company governing documents, effectively removing the federal framework that currently governs these processes.

The SEC also proposed to amend Rule 14a-4 to expand the circumstances under which a company may exercise discretionary voting authority on proposals presented at a shareholder meeting but not included in the company's proxy materials. To balance this expanded authority, the proposed amendments would provide shareholders with the means to elect to prevent the company from exercising such authority with respect to their individual shares.

This proposal is significant for US-listed companies and institutional investors, as it shifts the regulatory baseline for shareholder engagement from federal uniformity to a patchwork of state laws and corporate bylaws. The outcome will depend on the comment period and subsequent adoption process.

UK FCA targets unauthorised loan note sales

The Financial Conduct Authority (FCA) began High Court proceedings against a UK financial services firm, alleging it carries out regulated activity without authorisation. The FCA alleges that the firm sells loan notes and is engaged in unauthorised financial activity. The regulator is asking the court to stop the firm from carrying out such activities and to require money to be returned to investors.

The proceedings are at an early stage; the court has not yet determined the claim, and no trial date has been set. The FCA encourages consumers to use its Firm Checker and directs concerned investors to contact the regulator directly. This action highlights the FCA's continued focus on unauthorised distribution of investment products, particularly in the loan note sector.

FCA partnership for protection insurance

The FCA announced a cross-sector partnership aimed at expanding protection insurance coverage for millions of unprotected people. According to the FCA, around 58% of adults have no life insurance, critical illness cover, or income protection, and 59% of that unprotected group has never considered such products.

The partnership involves several entities: the Money and Pensions Service and the Digital Property Market Steering Group will prompt people to consider protection at key life moments, such as becoming a parent or buying a home. The Protection Distributors' Group will lead a consumer awareness campaign targeting groups less likely to take out protection products. The Association of Mortgage Intermediaries will help advisers improve how they discuss protection with customers. This work follows the FCA's Pure Protection Market Study and focuses on disproportionately unprotected groups, including renters, self-employed individuals, and gig economy workers.

US market infrastructure and rule updates

The SEC proposed amendments to modernize proxy solicitation rules, including eliminating the annual report delivery requirement and shortening the minimum broker search period. These changes are intended to simplify compliance for registrants.

In other US market developments, the SEC granted accelerated approval to an Options Clearing Corporation rule change concerning the payment of interest on margin cash. Additionally, the SEC approved a Municipal Securities Rulemaking Board (MSRB) rule change amending Rule G-27 to exclude certain public finance activities from the definition of structuring public offerings or private placements. Nasdaq Texas, LLC filed a proposal to amend its Equity 1 and Equity 4 rules to enable the exchange to become a primary listing venue, while Investors Exchange LLC filed a rule change to address internal inconsistencies in Rule 22.260 ahead of the launch of IEX Options.

Swiss regulatory appointments and data

The Board of Directors of the Swiss Financial Market Supervisory Authority (FINMA) appointed Joris Gröflin to the Swiss Takeover Board, with effect from 1 January 2027. This appointment will affect the regulatory oversight of public takeovers in Switzerland.

The Swiss National Bank (SNB) published its monthly banking statistics for September 2026, quarterly banking statistics for Q3 2026, and its September 2026 economic data update. The SNB also published important monetary policy data for 21 September 2026.

Our read

The simultaneous announcements by the ECB and Eurosystem mark a pivotal shift in European financial infrastructure, moving tokenised assets from experimental pilots to core central bank operations. For technology providers and institutional investors, this validates the Pontes platform and suggests that settlement finality via central bank money will become a standard requirement for compliant tokenised finance. In the US, the SEC's proposed rescission of Rule 14a-8 signals a significant retreat from federal uniformity in shareholder governance, potentially increasing legal complexity for multinational companies operating across different state jurisdictions. Meanwhile, the FCA's dual approach—aggressive enforcement against unauthorised loan note sellers and collaborative expansion of protection insurance coverage—indicates a strategic focus on both market integrity and consumer inclusion in the UK.

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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