Daily · UK Prudential Transition and US Market Updates · October 22, 2026

Key points

UK Finalizes Overseas Prudential Requirements Regime

On October 22, 2026, the United Kingdom made The Overseas Prudential Requirements Regime (Credit Institutions and Investment Firms) Regulations 2026 (S.I. 2026/1116). This instrument is issued under Section 1 of, and Schedule 1 to, the Financial Services and Markets Act 2023 (c. 29).

The regulations revoke Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms, known as the Capital Requirements Regulation (CRR). Specifically, the revocation applies to Articles 81(1)(a)(iii), 82(a)(iii), 107(4), 114(7), 115(4) and 116(5) of the CRR.

These specific articles previously enabled the Treasury to determine that a third country applies prudential and supervisory requirements equivalent to those applied in the United Kingdom in relation to credit institutions and other types of firms. The revocation of these articles comes into force on January 1, 2027, by virtue of the Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 (S.I. 2026/682 (C. 56)).

This move establishes a new statutory framework for the Treasury to make equivalence determinations for third-country prudential requirements. UK credit institutions and investment firms with overseas operations must prepare for this transition, as the legal basis for assessing foreign supervisory regimes shifts from the revoked CRR articles to the new regime effective at the start of 2027.

US Exchanges Expand Derivatives Listings

Cboe EDGX Exchange, Inc. filed a proposed rule change with the Securities and Exchange Commission (SEC) for immediate effectiveness to amend Rule 19.3 and Rule 19.4. The rule change establishes generic listing criteria and continued listing standards for options on commodity-based trusts holding multiple crypto assets. It also permits the listing of options on exchange-traded funds (ETFs).

In related filings, Cboe Exchange, Inc. filed a proposed rule change for immediate effectiveness to amend Rule 5.33(g) and Rule 5.34. Long-Term Stock Exchange, Inc. filed a proposed rule change for immediate effectiveness to modify listing rules regarding dually-listed securities. These filings expand the range of derivative products and listing structures available to market participants on US exchanges.

UK OTC Derivatives Exemptions Codified

The United Kingdom made The Over the Counter Derivatives (Intragroup Transactions) Regulations 2026 (S.I. 2026/1117) on October 22, 2026. These regulations relate to exemptions for intragroup transactions under Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, known as the EMIR Regulation.

Temporary provisions for these exemptions were previously made in Part 5 of the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335). The new regulations provide a permanent statutory framework for these exemptions, requiring UK OTC derivatives market participants to align their documentation and risk management with the updated rules.

SNB Publishes September Policy Summary

The Swiss National Bank published a summary of the discussion of its September 2026 monetary policy assessment on October 22, 2026. This publication provides the latest official summary for monitoring Swiss monetary policy decisions.

Regulatory Updates and Administrative Actions

The SEC published a Notice of Intention To Cancel Registrations of Certain Transfer Agents in the Federal Register on October 22, 2026. The SEC also published a document titled 'Neostellar Capital Corp., et al.' in the Federal Register on the same date.

ESMA updated its Questions and Answers on market structure under MiFID II, the Market Abuse Regulation (MAR) and short selling as part of simplification and burden reduction efforts. The EBA extended some consultation deadlines due to website maintenance, changing the timing for responses to affected consultations.

The FCA signed an agreement for a new long-term office at 2 Wellington Place in Leeds, which will provide 36,097 sq ft of space and become its home from 2028. This move supports the FCA's ambition to have 1,000 roles based outside London by 2030.

The UK made The Building Societies Act 1986 (Assimilation to Company Law and Changes to Funding Limit) Order 2026, amending provisions of the Building Societies Act 1986 (c. 53). Additionally, the UK designated South West Grid for Learning Trust as a trusted flagger for intimate image reports under the Online Safety Act 2023.

Our read

The UK's decision to revoke specific CRR articles effective January 1, 2027, marks a critical step in decoupling its prudential framework from EU law. Firms with cross-border operations must now map their third-country exposures against the new Treasury equivalence regime rather than relying on the previous CRR provisions. In the US, the immediate effectiveness of Cboe EDGX's rule change signals a rapid expansion of crypto-asset derivatives, lowering barriers for listing multi-asset trust options. Meanwhile, the SNB's publication of its September assessment provides the necessary baseline for assessing Swiss monetary policy direction in the coming weeks.

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.

Sources