Daily · ECB policy and FCA crypto enforcement · October 29, 2026

Key points

ECB monetary policy and leadership transition

The European Central Bank published its monetary policy decisions. The accompanying monetary policy statement was issued by Christine Lagarde, President of the ECB, and Boris Vujčić.

Lagarde announced that she will step down from her position as ECB President on 7 February 2027. This planned transition affects expectations for euro-area monetary policy continuity and financial-market positioning.

FCA enforcement against HTX (Huobi)

The Financial Conduct Authority (FCA) secured High Court undertakings requiring HTX, formerly known as Huobi, to stop promoting cryptoasset services to UK consumers. The FCA and Huobi Global S.A. reached a settlement in the case.

The FCA commenced proceedings in the Business and Property Division of the High Court on 21 October 2025 for breaking UK financial promotion rules. HTX had repeatedly failed to engage with the FCA. Following the commencement of proceedings, HTX took steps to exit the UK; it is no longer active in the UK, meaning consumers can no longer make deposits and new UK users cannot sign up.

The undertakings cover the HTX website, software applications, and social media platforms. They prohibit knowingly, directly or indirectly, communicating or causing to be communicated a financial promotion in contravention of section 21 of the Financial Services and Markets Act 2000.

EU Taxonomy simplification advice

ESMA published its Final Report on 29 October 2026, providing technical advice to the European Commission on simplifying key performance indicators under the Taxonomy Disclosures Delegated Act. ESMA recommends narrowing the mandatory operating expenditure (OpEx) KPI to non-capitalised research and development expenditure and proposes simpler group Taxonomy reporting, including removing the weighted-average KPI. The EBA also advised on targeted simplifications to Taxonomy disclosures.

ESMA leadership and market infrastructure

Carlo Comporti was appointed as ESMA's next Chair, a decision confirmed by the Council of the European Union. He will take up his position on 1 November 2026. The appointment was highlighted in ESMA's Spotlight on Markets newsletter, which also outlined the 2027 Annual Work Programme focusing on stronger, simpler, and more integrated EU capital markets.

In related infrastructure developments, ECB Executive Board member Piero Cipollone delivered a speech on next-day securities settlement, tokenisation, and the transformation of Europe's financial infrastructure.

Regulatory updates and routine filings

The FCA published a review of fair value assessments in consumer finance three years into the Consumer Duty, noting that weaker assessments often relied on assumptions rather than actual customer data. The FCA also encouraged former customers of Verus Financial Services Limited to check their eligibility for compensation via the Financial Services Compensation Scheme (FSCS), as Verus has not held permission for regulated activity since 2025.

Other regulatory actions include the UK Treasury making equivalence determinations for central counterparties in Indonesia and China. In the US, the SEC approved a rule change for ICE Clear Credit LLC's recovery and wind-down plans, while Cboe Exchange, NYSE American, MX2, and FINRA filed various fee and rule changes with immediate effectiveness. The Swiss National Bank published Q2 2026 financial accounts data and a speech on its collateral policy.

Our read

The ECB's dual announcement of policy decisions and Lagarde's departure sets the stage for a significant leadership transition in euro-area monetary policy, likely influencing market positioning in the coming months. The FCA's successful enforcement against HTX establishes a clear precedent that offshore crypto exchanges remain subject to UK financial promotion rules, which may prompt other non-UK entities to restructure their UK-facing services. For EU firms, the proposed simplification of Taxonomy disclosures could reduce compliance burdens if adopted by the Commission, while the appointment of Carlo Comporti as ESMA Chair signals a potential shift in supervisory priorities for capital markets.

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