Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Monday, October 26, 2026

October 26, 2026

Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe

Subscribe to PH FedACTion: Financial Regulatory Updates
Subscribe to the PHFintech: Crypto Policy Tracker

Federal Agencies

US Department of the Treasury

Treasury Issues Proposed Rule to Implement Comprehensive Outbound Investment National Security Act

October 22, 2026

The U.S. Department of the Treasury issued a notice of proposed rulemaking (NPRM) to propose updates to the Outbound Investment Security Program (OISP) implementing the Comprehensive Outbound Investment Security (COINS) Act, passed as part of the Fiscal Year 2026 National Defense Authorization Act. The COINS Act codifies the U.S. government’s approach to regulating certain outbound investments by U.S. persons and builds upon Treasury’s existing OISP.

Office of the Comptroller of the Currency

Interest Rate Risk Statistics Report

October 23, 2026

The Office of the Comptroller of the Currency (OCC) published the fall 2026 edition of the Interest Rate Risk Statistics Report. The report presents interest rate risk data gathered during examinations of OCC-supervised midsize and community banks and federal savings associations.

Securities and Exchange Commission

SEC Announces Fiscal Year 2027 Examination Priorities

October 23, 2026

The Securities and Exchange Commission announced the Division of Examinations’ Fiscal Year 2027 examination priorities. The annual report identifies key areas of focus as the division carries out its mission to promote compliance, prevent fraud, identify and monitor risk, and inform commission policy.

Commodity Futures Trading Commission

Chairman’s Remarks at Agricultural Commodity Futures Conference

October 22, 2026

CFTC Chairman Michael S. Selig made remarks at the Agricultural Commodity Futures Conference in Overland Park, Kansas on Oct. 22.

Remarks

FINRA

Proposed Rule Change to Amend FINRA Rules 2220, 2351, 2357, 2360 and 4210

October 22, 2026

FINRA filed with the Securities and Exchange Commission (SEC) a proposed rule change to amend FINRA Rules 2220, 2351, 2357, 2360 and 4210 to address binary options, options whose payout is based on specified metrics and options cleared by a registered clearing agency other than The Options Clearing Corporation.

International

Bank of England

Paper: ‘Global-to-UK Structural Vector Autoregression’

October 23, 2026

The Bank of England published a paper titled “Global-to-UK Structural Vector Autoregression,” which investigates how global shocks transmit to the U.K. economy.

Macro Technical Paper No. 9

Paper: ‘Lighting the shadows: central bank policy transmission through banks and non-banks’

October 23, 2026

The Bank of England published a paper titled “Lighting the shadows: central bank policy transmission through banks and non-banks.”

Staff Working Paper No. 1,212

Speech: ‘Physical Shocks and Economic Resilience: A Central Bank Perspective’

October 23, 2026

James Talbot, executive director for international at the Bank of England, gave a speech at the 2nd Annual Conference on Sustainable Finance at the Banco de México on Oct. 21.

Speech

Regulators Unveil Plans to Simplify Senior Manager and Certification Regime

October 22, 2026

The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) announced parallel consultations on proposals to significantly streamline the Senior Managers and Certification regime (SM&CR). The number of financial services roles required to face enhanced checks from regulators will fall significantly under the proposals. The changes are expected to save firms around £2 billion over a 10-year period.

Bank of England Prudential Regulation Authority

Speech: ‘The PRA’s Second Decade’

October 22, 2026

Chief Executive Officer of the Prudential Regulation Authority (PRA) Katharine Braddick gave a speech at Mansion House that sets out her vision for the PRA’s second decade. She outlined plans for a new five-year strategy centered on four priorities — resilience, growth, innovation and transparency — alongside a series of reforms to strengthen operational resilience, streamline regulation and improve regulatory processes for firms.

Speech

UK Financial Conduct Authority

Handbook Notice 145

October 23, 2026

This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under their legislative and other statutory powers on Sept. 24 and Oct. 22. In summary, this instrument makes changes to replace the existing climate reporting rules for listed issuers with requirements aligned with the U.K.-endorsed International Sustainability Standards Board (ISSB) standards. The changes aim to support well-functioning markets by giving investors consistent, decision-useful sustainability information.

Handbook Notice 145

Financial Crime Guide Updates

October 23, 2026

The Financial Conduct Authority (FCA) is consulting on changes to their Financial Crime Guide to help firms strengthen their systems and controls.

FCA Calls on Private Market Firms to Manage Conflicts of Interest in Line With Rapid Growth

October 23, 2026

The Financial Conduct Authority (FCA) released a review on how well private market firms identify and manage conflicts of interest.

Press Release

Speech: ‘Beyond Borders: Regulating the Risks We Share’

October 23, 2026

FCA Chair Ashley Alder delivered a speech at the Michael D. Gill Lecture on International Financial Regulatory Understanding and Cooperation on Oct. 13.

Speech

Speech: Market integrity in a digital age

FCA Chief Executive Nikhil Rathi gave a speech at the Corporation of the City of London’s annual City Dinner in Mansion House on Oct. 22.

Speech

Administration Changes

Appointments/Confirmation Hearings

U.S. Department of the Treasury – Scott Bessent (effective January 27, 2025)

Federal Reserve Board – Kevin Warsh (effective May 22, 2026)

Vice Chair Phillip N. Jefferson (sworn in September 13, 2023)
Vice Chair for Supervision Michelle W. Bowman (sworn in June 9, 2025)
Governor Michael Barr (sworn in July 19, 2022)
Governor Christopher J. Waller (sworn in December 18, 2020)
Governor Lisa D. Cook (sworn in September 13, 2022)
Governor Jerome H. Powell (sworn in June 16, 2014)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)

Federal Deposit Insurance Corporation – Travis Hill (effective January 13, 2026)

Vice Chairman Vacant
Director Vacant
Director Jonathan Gould (Comptroller of the Currency)
Acting Director Mark Paoletta (Acting Director of Consumer Financial Protection Bureau)

Office of the Comptroller of the Currency – Jonathan Gould (effective July 15, 2025)

Securities and Exchange Commission – Paul Atkins (effective April 9, 2025)

Commodity Futures Trading Commission – Michael Selig (effective December 22, 2025)

Consumer Financial Protection Bureau – Mark Paoletta (Acting Director effective August 1, 2026); Nominee Brian Johnson (nominated June 10, 2026 – nomination hearing July 24, 2026)

National Credit Union Administration – Kyle Hauptman (Chairman effective January 20, 2025)

Small Business Administration – Kelly Loeffler (effective February 19, 2025)

U.S. Department of Housing and Urban Development – Scott Turner (effective February 5, 2025)

Federal Housing Finance Agency – William Pulte (effective March 13, 2025)

U.S. Department of Education – Linda McMahon (effective March 3, 2025)

Financial Crimes Enforcement Network – Andrea Gacki (effective July 13, 2023)

PH Client Alerts

Click here to read more from our Coronavirus series.

Legislation/Legislative Updates

Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), enacted March 27, 2020.

Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, enacted April 24, 2020.

Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, enacted June 5, 2020.

Click here to view the full text of theConsolidated Appropriations Act, 2021, enacted December 27, 2020.

Click here to view the full text of the American Rescue Plan of 2021, enacted March 11, 2021.

Click here to view the full text of the PPP Extension Act of 2021, enacted March 30, 2021.

Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services and House Committee on Small Business