Daily · Swiss Sanctions and Market Reporting · November 6, 2026

Key points

Swiss alignment with 21st EU sanctions package

The Swiss Federal Council decided on 4 November 2026 to join the measures of the 21st EU sanctions package against Russia and Belarus. This decision requires Swiss financial institutions to align their sanctions compliance frameworks with the new EU measures.

The alignment affects counterparty screening and transaction monitoring for any exposure related to Russia or Belarus. Institutions must ensure their systems can identify and block transactions involving entities or individuals listed in the 21st package.

New trade-by-trade reports for Cboe options

Cboe BZX Exchange, Cboe C2 Exchange, and Cboe EDGX Exchange filed proposed rule changes with the SEC to introduce trade-by-trade reports for their respective options markets. The filings were granted immediate effectiveness.

Each filing amends the exchange's fee schedule to adopt fees for the new trade-by-trade reports. Market participants trading BZX, C2, or EDGX options will need to comply with the new reporting requirements and associated costs.

FCA clarifies consumer contract enforcement powers

The FCA published an explainer on its Consumer Contracts team's powers under the Consumer Rights Act 2015. The document highlights that the FCA can challenge firms directly when contract terms are unfair or lack transparency.

In one cited case, a crypto firm agreed to stop charging excessive storage fees which in some cases could exceed £40,000 a year. The firm had charged inactive customers a disproportionate amount, removed the term, and paid redress to affected customers. The FCA can apply for a court injunction to prevent a firm from using an unfair term and can seek a court order requiring the firm to pay redress.

SEC updates small entity definitions

The SEC amended the definitions of "small business" and "small organization" used in Commission rulemaking under the Investment Company Act of 1940 and the Investment Advisers Act of 1940. The amendments increase certain asset-based thresholds and introduce a mechanism for periodic future inflation adjustments.

The changes eliminate the threshold based on total assets for advisers. The SEC made conforming amendments to Form ADV and to the rule allowing certain small SEC-registered advisers to apply for a continuing hardship exemption from making Advisers Act filings electronically.

EBA extends supervisory reporting timelines

The EBA outlined next steps on supervisory reporting simplification and extended implementation timelines following consultation feedback on the ITS Final Q&As. EU-regulated banks gain additional time to implement these changes, affecting compliance planning and reporting systems.

Additionally, the EBA published document 2026_7830 on the geographical allocation of exposures arising from synthetic securitisations for the Countercyclical Capital Buffer, and document 2026_7945 on the consolidated application and intragroup transferability of the permanent exemption from deduction of equity holdings in an insurance company from CET1.

Nasdaq removes CORE FIX protocol references

Nasdaq Texas LLC and The Nasdaq Stock Market LLC filed proposals with the SEC to amend Equity 4 to remove all references to the CORE FIX Order Entry Protocol. The filings were granted immediate effectiveness, removing a legacy order entry protocol reference from Nasdaq Texas equity rules.

Our read

The Swiss decision to join the 21st EU sanctions package is a critical operational update for any institution with cross-border exposure to Russia or Belarus, requiring immediate review of screening lists. The simultaneous introduction of trade-by-trade reports across Cboe's options exchanges signals a continued trend toward granular market data transparency, which will impact data vendors and high-frequency traders alike. The FCA's explicit citation of the crypto storage fee case serves as a clear warning that consumer protection laws apply aggressively to digital asset providers, potentially exposing firms to significant redress liabilities beyond traditional financial services regulations.

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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