Daily · FINMA Enforcement and Market Rule Updates · September 29, 2026

Key points

FINMA concludes fifth enforcement action against Julius Bär

FINMA announced on 2026-09-29 the conclusion of an enforcement proceeding against Julius Bär bank. The regulator established that the institution committed serious violations of supervisory provisions, specifically regarding requirements for appropriate risk management and legal obligations for the prevention of money laundering.

The proceedings concerned private debt loans granted to a European group and client relationships involving two Russian politically exposed persons (PEPs). This marks FINMA's fifth enforcement proceeding against Julius Bär in less than ten years. The bank had already implemented many immediate measures imposed by FINMA while the proceeding was ongoing.

Following the conclusion, certain immediate measures were lifted or relaxed. However, further measures remain in place to ensure that planned improvements to the compliance and risk culture are implemented effectively and sustainably across the institution.

SEC approves LCH SA collateral and liquidity rule changes

The SEC issued an order approving LCH SA's proposed rule change relating to the LCH SA CaLM Minimum Cash Collateral Requirement and the LCH Liquidity Risk Policy. The order was published in the Federal Register on 2026-09-29. This approval affects margin and liquidity risk requirements for clients of LCH SA CaLM, directly impacting treasury and risk teams managing cleared derivatives exposure.

SEC charges entities in $15 million WhatsApp fraud scheme

The SEC announced on 2026-09-29 that it charged multiple entities, likely operated by individuals located overseas, for defrauding hundreds of retail investors. The schemes utilized "investment confidence scams" via WhatsApp and other platforms to lure investors. Total losses from the schemes were at least $15 million. The charges highlight ongoing risks of social-media-based investment fraud targeting retail investors.

SECO updates ISIL and Al-Kaida sanctions list

The Swiss State Secretariat for Economic Affairs (SECO) published an update to the list of sanctioned natural persons, companies, and organisations linked to ISIL (Da'esh) and Al-Kaida. The list falls under the Ordinance of 21 March 2025 on measures against persons and organisations linked to ISIL (Da'esh) and Al-Kaida (SR 946.231.08). Swiss financial institutions must update their sanctions screening lists to reflect these new entries.

ECB amends monetary policy implementation guidelines

The European Central Bank amended its monetary policy implementation guidelines as part of a regular review. These amendments may affect how eurozone monetary policy operations are conducted, which is relevant for compliance and treasury functions in regulated finance.

US exchanges file routine fee and rule amendments

Several US self-regulatory organizations filed rule changes with immediate effectiveness or as notices of filing. Nasdaq PHLX LLC and The Nasdaq Stock Market LLC filed to amend Rule General 8 to establish fees for liquid-cooled cabinets. Texas Stock Exchange LLC filed to establish fees for industry members related to Consolidated Audit Trail (CAT) costs for the period from May 1, 2026 through December 31, 2026.

MIAX PEARL, LLC filed to amend Rule 2621 concerning Clearly Erroneous Executions. Cboe Exchange, Inc. filed to amend standard transaction fees for Cboe Bitcoin U.S. ETF Index Options (CBTX) and Cboe Mini Bitcoin U.S. ETF Index Options (MBTX). Investors Exchange LLC filed to establish a fee schedule for certain non-transaction fees for options participants. BOX Exchange LLC filed to amend Rule 5050 regarding the Short Term Option Series Program.

Additionally, The Depository Trust Company filed a proposed rule change to establish and implement AnnounceDirect for the submission of corporate action announcements. Cboe Clear U.S., LLC applied for an exemption under Section 36 of the Securities Exchange Act of 1934 regarding the treatment of customer margin under Rule 15c3-3. The SEC also issued a notice of intention to cancel registration of certain municipal advisors pursuant to Section 15b(c)(3) of the Securities Exchange Act of 1934.

Our read

The conclusion of FINMA's fifth enforcement proceeding against Julius Bär in under a decade signals that Swiss regulators are maintaining sustained, high-intensity scrutiny of private banks' risk and AML cultures, particularly regarding PEP relationships. For compliance leads, the continuation of measures post-conclusion indicates that "fixing" immediate issues is not sufficient; sustainable cultural change remains the benchmark for regulatory satisfaction. Simultaneously, the SEC's approval of LCH SA's collateral rules and the filing of numerous exchange fee amendments reflect a period of active infrastructure and cost-structure adjustment in US markets. Treasury and risk teams should review their cleared derivatives margin calculations to align with the new CaLM requirements, while market participants should assess the impact of new fee schedules for liquid-cooled cabinets and CAT costs on their operational budgets.

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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