Daily · Stablecoin Rules and UK AML Actions · October 23, 2026

Key points

OCC Finalizes GENIUS Act Stablecoin Framework

The Office of the Comptroller of the Currency (OCC) issued regulations implementing the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). These rules establish the regulatory framework for the issuance of payment stablecoins and certain related activities by entities subject to the OCC's jurisdiction.

The regulations cover specific operational requirements for permitted payment stablecoin issuers and foreign payment stablecoin issuers. The OCC proposed a new information collection titled 'Reporting Forms and Instructions for Permitted Payment Stablecoin Issuers Subject to the Jurisdiction of the Office of the Comptroller of the Currency.' This collection includes weekly and quarterly reporting forms.

Additionally, the OCC proposed a second information collection titled 'Applications for Licensing or Registration to Issue Payment Stablecoins Under the GENIUS Act' for entities seeking to issue payment stablecoins in the United States. The OCC is seeking new OMB control numbers for both collections and has sent them to the Office of Management and Budget (OMB) for review under the Paperwork Reduction Act of 1995.

FCA Restricts Six Lenders Over AML Concerns

The Financial Conduct Authority (FCA) placed restrictions on six unregulated lenders, known as Annex 1 firms, after raising concerns about their anti-money laundering policies, controls, and procedures during the assessment of their applications. The restrictions limit each firm's ability to take on new customers or conduct new business with existing customers, including extending existing credit.

The FCA is currently assessing responses to an information request sent to approximately 900 registered Annex 1 firms to identify and disrupt financial crime risks. Steve Smart, executive director lead for fighting financial crime at the FCA, stated that Annex 1 firms must demonstrate they can manage the money laundering risks they face or face regulatory action.

SEC Announces FY2027 Examination Priorities

The Securities and Exchange Commission (SEC) announced the Division of Examinations' priorities for Fiscal Year 2027. The annual report identifies key areas of focus as the Division carries out its mission to promote compliance and prevent fraud. Firms subject to SEC examinations should align their compliance and risk programmes with these newly announced priority areas.

FCA Review of Private Market Conflicts

The FCA published a review finding that private market firms vary in how well they identify and manage conflicts of interest. The review identified recurring weaknesses in cross-fund transfers, multi-party transactions, gifts and entertainment, and information barriers. However, the FCA also found examples of good practice in governance arrangements, effective oversight, and independent challenge across private equity, private credit, and real estate asset classes.

Michelle Beck, director of wholesale buy-side at the FCA, stated that firms need to ensure their management of conflicts of interest keeps pace with growth in their size and complexity.

Regulatory Updates and Administrative Notices

The European Central Bank (ECB) published Consumer Expectations Survey results for September 2026. The European Banking Authority (EBA) appointed Kristīne Černaja-Mežmale as its new Vice-Chair, announced in an E-mail alert dated 23 October 2026.

The Options Clearing Corporation filed a proposed rule change with the SEC concerning revisions to OCC Rule 213 on cybersecurity obligations. The New York Stock Exchange LLC filed a proposed rule change to restore former Rule 123D and another to amend Rule 7.10 regarding clearly erroneous executions. The Texas Stock Exchange LLC filed a proposed rule change to adopt corporate listing fees, designated as immediately effective.

The SEC submitted extensions for OMB review of information collections under Rules 17Ad-3(b), 17g-1, and 15c2-7. It also published a list of rules to be reviewed pursuant to section 610 of the Regulatory Flexibility Act and a Federal Register notice concerning FIS Trust and Faith Investor Services, LLC.

Our read

The OCC's finalization of GENIUS Act regulations marks a pivotal step in bringing US payment stablecoins under a clear federal supervisory framework, directly impacting banks and issuers planning to enter this space. Simultaneously, the FCA's targeted restrictions on Annex 1 lenders signal a tightening of anti-money laundering enforcement in the unregulated lending sector, requiring enhanced due diligence from any firm interacting with these entities. The SEC's FY2027 examination priorities provide a clear roadmap for compliance teams to align their risk programmes with upcoming supervisory focus areas.

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