Regulatory Update

EU – October 27, 2026 -- The European Securities and Markets Authority (ESMA) has defined the conditions that providers and users of post-trade risk reduction (PTRR) services must meet for certain OTC derivative transactions to be exempt from the clearing obligation under EMIR 3.

ESMA's final report sets requirements for PTRR providers and the exemption

The final report specifies the elements and requirements of PTRR services. It covers the information provided to participants, how exercises are carried out, the controls providers must have in place, record-keeping, and how use of the exemption will be monitored.

ESMA says the rules are meant to facilitate use of PTRR services. They also aim to prevent the exemption from being used to circumvent the clearing obligation, keeping its use within the conditions laid down in EMIR 3.

European Union – October 27, 2026 -- The European Securities and Markets Authority (ESMA) has withdrawn or amended several Questions and Answers (Q&As) covering market structure under MiFID II, the Market Abuse Regulation (MAR) and the Short Selling Regulation (SSR), removing guidance it considers outdated, duplicative or no longer relevant.

ESMA targets Q&As overtaken by legislative amendments and established practice

The review is part of ESMA's Simplification and Burden Reduction (SBR) initiative. It focused on Q&As made redundant by legislative amendments already reflected in market practice, and on those covered by other ESMA guidance.

PONTE VEDRA, Fla. – October 27, 2026 -- Cadrenal Therapeutics (Nasdaq: CVKD) reached agreement with the FDA on the primary endpoint and placebo-controlled design of its Phase 3 registration study of CAD-1005, a first-in-class 12-lipoxygenase (12-LOX) inhibitor for heparin-induced thrombocytopenia (HIT). The agreement came at a Type D meeting held July 28, 2026.

FDA accepts thrombus-extension definition of worsening HIT

The agency agreed to define worsening HIT as progression of thrombotic events through Day 14 of treatment or hospital discharge. Worsening will also include extension of an existing thrombus into a new vascular segment or bed. Cadrenal said this avoids site-to-site variability from manual size measurements.

The composite primary endpoint will measure the proportion of Serotonin Release Assay-positive (SRA+) participants with adjudicated new or worsening composite thromboembolic events through Day 14 or hospital discharge.

Europe – October 27, 2026 -- The European Banking Authority (EBA) has opened a call for papers for its 13th Annual Research Workshop, "Boundaries of Banking Regulation", with a submission deadline of Friday 5 July 2024.

EBA targets policy-oriented, preferably empirical, research

The 2024 EBA Policy Research Workshop will examine policies that can ensure innovation and sustainability amid competition and risk arbitrage, while preserving financial stability. The EBA says the boundaries of banking regulation raise questions about whether the present regulatory regime is adequate.

Researchers from supervisory authorities and central banks are especially encouraged to submit papers for presentation.

Five topics focus on non-bank finance and digital technology

The EBA lists five priority areas for submissions:

Toronto – October 25, 2026 -- The Ombudsman for Banking Services and Investments (OBSI) has appointed CRKhoury (CRK) to conduct its 2026 independent external review of banking and investment complaint operations, with the final report due on OBSI's website later this year.

The review will test whether OBSI has met its regulatory obligations and operates effectively under recognized best practices for financial services ombudsmen. CRK has set up a dedicated review website and is running a public consultation as the process advances.

Loss-calculation consultation traces back to the 2021 evaluation

On October 25, 2026, OBSI opened a public consultation on how it calculates investor losses in complaints over unsuitably sold illiquid exempt market securities. The consultation examines the current process and whether better alternatives exist. OBSI said the 2021 independent expert external review recommended it.

United States – October 25, 2026 -- The Centers for Medicare & Medicaid Services (CMS) will replace its single annual window for HCPCS Level II code applications with quarterly cycles for drugs and semi-annual cycles for devices, Administrator Seema Verma said at the Medical Device Manufacturers Association (MDMA) Annual Meeting.

CMS expects faster adoption for new technologies under the revised coding calendar

Until now, applicants for new HCPCS Level II codes had one opportunity per year. CMS anticipates the more frequent windows will greatly improve how technologies move through the adoption curve. The agency said additional details on the updated process will follow.

San Francisco – October 25, 2026 -- Cloudflare will accept private network interconnect (PNI) requests only from networks that exchange more than 10 Gbps of peak traffic with it in a single location, according to its peering policy dated October 25, 2026.

Cloudflare applies an open peering policy across 335 cities

AS13335 runs a global anycast network spanning more than 335 cities in over 125 countries. Cloudflare will peer with networks that share a presence in mutual locations, and it may grant exceptions to the policy.

All peers must run 24x7 NOCs and secure BGP sessions

Every peer must keep a complete, current PeeringDB entry listing accurate peering locations, IPv4 and IPv6 prefix limits and contact details. Cloudflare uses the record for automated provisioning and network notifications. Peers must also operate a 24x7 Network Operations Center that responds to peering issues.

United Kingdom – October 23, 2026 -- The UK government is consulting on new legislation to strengthen the security and resilience of critical undersea infrastructure (CUI) serving the country, covering subsea cables, pipelines and interconnectors.

Government seeks views on two changes to fire-and-rehire protections

One consultation covers two proposed changes to fire-and-rehire protections, relating to benefits and expenses and to shift patterns. A separate consultation covers the revised code of practice on dismissal and re-engagement. A third seeks views on enhancing workplace protections against dismissal for pregnant women and new mothers.

The government has also published an updated implementation timeline for its Plan to Make Work Pay and the Employment Rights Act 2025.

Global – October 22, 2026 -- KMS Lighthouse, a knowledge management platform provider operating in eight countries, applies a zero-tolerance policy on modern slavery across its own operations and supply chain, according to its statement last reviewed in December 2024.

Suppliers must pass a take-on assessment before signing contracts

Every supplier must complete a take-on assessment before entering a contractual relationship with KMS Lighthouse. The assessment identifies potential risk areas in the company's business and supply chains and leads to mitigating procedures, including monitoring, to minimise the likelihood of modern slavery and human trafficking.

United States – October 22, 2026 -- Internova Travel Group has adopted a zero-tolerance modern slavery policy that covers independent travel advisors, agents and consultants as well as employees, directors and officers.

The policy applies to Travel Leaders Group Holdings, LLC, which does business as Internova Travel Group, and its subsidiaries. It follows the UK Modern Slavery Act 2015 and added guidance from the U.S. Department of Defense's Combating Trafficking In Persons Program Management Office (CTIP PMO). The company states that not all sections of the Act apply to it directly, but it has committed to meet stakeholder expectations.