Daily · Sanctions and Market Enforcement Updates · September 25, 2026

Key points

FCA CFD Crackdown and ITI Capital Administration

The Financial Conduct Authority (FCA) reported that 21 Contracts for Differences (CFD) firms have closed since 2025 following a crackdown on the misuse of UK authorisation. Three additional CFD firms are currently cancelling their permissions. The FCA stated that it was concerned these firms were misusing their authorised status to mislead consumers by making linked overseas companies appear more trustworthy. Actions taken included restricting trading abilities, requiring independent reviews of business operations, and opening enforcement investigations in the 2 most serious cases. Dominic Holland, director of sell-side supervision at the FCA, stated that the closures demonstrate the regulator's preparedness to take action to protect consumers. This follows the FCA's 2019 restriction on the sale of CFDs to retail customers.

Separately, ITI Capital Ltd entered special administration on 25 September 2026. Duncan Perring and David Soden, both of Teneo Financial Advisory Ltd, were appointed as special administrators. ITI Capital is an FCA authorised and regulated brokerage company that assisted customers in investing in shares and bonds and managed their investments. On 10 August 2025, ITI Capital agreed to stop carrying out most regulated activity in the UK and overseas and ceased accepting new client money or custody assets.

Sanctions Adjustments: Syria and Belarus

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) is amending the Terrorism List Governments Sanctions Regulations to implement changes resulting from the rescission of the designation of Syria as a State Sponsor of Terrorism. OFAC is removing and reserving a Syria-specific general license because the authorization is no longer necessary following this rescission. Compliance teams with Syria-related sanctions screening or licensing workflows should update their controls to reflect the removed general license and the changed designation status.

The Swiss Federal Council (Bundesrat) decided on additional sanctions measures against Belarus on 18 September 2026. These measures align with those adopted by the European Union on 23 April 2026. The new measures entered into force on 19 September 2026. Swiss financial institutions must update sanctions screening and compliance procedures to cover these new Belarus measures.

EBA Consultation on Capital and Liquidity Standards

The European Banking Authority (EBA) opened a consultation on revised Implementing Technical Standards (ITS) for joint decisions on institution-specific capital and liquidity requirements. The consultation covers revised technical standards on joint decisions regarding institution-specific prudential requirements. EU/EEA banks subject to institution-specific capital and liquidity requirements should review the revised ITS and prepare for potential changes to their prudential treatment.

In related analysis, the EBA reported that EU/EEA banks display strength amid a challenging risk environment. This assessment provides a baseline for risk and capital planning decisions at EU/EEA institutions.

Regulatory Filings and Administrative Updates

OFAC is adding new Sanctions Penalties Regulations to consolidate previously existing information regarding penalties applicable to multiple sanctions programs implemented by OFAC. Compliance and risk teams should update internal sanctions penalty reference materials to the consolidated regulatory text.

NYSE American LLC, NYSE Arca, Inc., NYSE National, Inc., and New York Stock Exchange LLC filed proposed rule changes with the SEC for immediate effectiveness. NYSE American, NYSE Arca, and NYSE National filed amendments to Rule 2.1210, while New York Stock Exchange LLC filed amendments to NYSE Rule 1210 and Rule 7.18. NYSE Arca also filed a proposed amendment to the Options Fee Schedule to modify the Broker QCC Credit and Manual Billable Rebate Program. NYSE Texas, Inc. filed a proposed rule change to amend Article 6, Rule 13 for immediate effectiveness.

Martin Schlegel of the Swiss National Bank delivered a speech titled 'L'economia svizzera nel contesto globale' on 25 September 2026.

Our read

The FCA's enforcement actions against CFD firms signal a tightening of oversight regarding the use of UK authorisation as a trust badge for overseas operations, posing direct risks to firms with cross-border structures. The removal of the Syria-specific general license by OFAC requires immediate updates to sanctions screening workflows, particularly for entities with historical exposure to Syrian trade. Swiss institutions must align their compliance procedures with the new Belarus sanctions measures effective 19 September 2026, ensuring consistency with EU standards. The EBA's consultation on capital and liquidity standards suggests a potential shift in prudential requirements for EU/EEA banks, necessitating early review of institution-specific treatment.

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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