October 2025 Regulatory Update

Gulf Cooperation Council Regulatory Developments

United Arab Emirates

Abu Dhabi Global Market (ADGM)

• ADGM’s Numou Launches ‘Procurement Financing’ Initiative to Enhance SME Funding Access

  • The Numou platform has launched a procurement-financing initiative to help SMEs leverage government or corporate contracts to access financing. By using confirmed contracts as collateral for lending decisions, the initiative aims to bridge the gap between contract award and payment and support data-driven credit assessment through a planned SME Data Warehouse.

Source: ADGM

Abu Dhabi Global Market (ADGM) | Registration Authority (RA)

• ADGM Registration Authority Publishes Consultation Paper on Proposal to Issue New Commercial Permit

  • The Registration Authority has released a consultation paper proposing new subordinate rules under the Commercial Permits Regulations 2024 to introduce temporary commercial permits, activity permits (for events, entertainment, or photography), and sales and promotion permits. The initiative aims to enhance consumer protection and regulatory clarity within ADGM.

Source: ADGM

• ADGM Registration Authority Publishes Enhanced Controls for Legal, Tax and Company Service Providers

  • The Registration Authority has introduced new Commercial Licensing Regulations (Conditions of Licence and Branch Registration) Rules 2025 and Controlled Activities Rules 2025. The regulations tighten requirements for providers of legal, tax, and company services, mandating qualified senior management, professional indemnity insurance, and formalised conflict-of-interest procedures. The rules take immediate effect for new applicants, with transitional timelines for existing licensees.

Source: ADGM

• ADGM Registration Authority Publishes New Administrative Regulations for a Procedural Fairness, Contraventions and Fines Framework

  • The Registration Authority has issued the Administrative Regulations 2025 and related legislative amendments, introducing a comprehensive framework for investigations, sanctions, and enforcement within ADGM. The new framework expands investigation and information-gathering powers, increases fine levels, and establishes a two-tier contraventions system with a formal settlement mechanism and emergency procedures.

Source: ADGM

Dubai Financial Services Authority (DFSA)

• Notice of Consultation Paper Release CP 168 – Enhancements to the Regulation of Crypto Tokens

  • The DFSA has published Consultation Paper 168, proposing significant updates to the crypto-token regime in the Dubai International Financial Centre (DIFC). Key changes include shifting the recognition model for most non-fiat crypto tokens to a firm-led suitability assessment rather than central DFSA approval, while fiat-backed stablecoins remain subject to DFSA approval and a new Policy Statement. The paper also proposes easing fund-investment restrictions, removing fixed caps on crypto-token investments, reducing disclosure and documentation burdens, and introducing a monthly information return with an associated penalty regime.

Source: DFSA

Dubai Financial Services Authority (DFSA) and Virtual Assets Regulatory Authority (VARA)

• DFSA and VARA Strengthen Regulatory Cooperation at GITEX

  • The DFSA and VARA have signed a Memorandum of Understanding at GITEX 2025 to enhance coordination between Dubai’s financial and virtual-asset regulators. The agreement establishes a framework for collaboration on licensing, supervision, and information sharing, reinforcing Dubai’s position as a leading global financial and innovation hub.

Source: DFSA

Virtual Assets Regulatory Authority (VARA)

• Public Consultation on the UAE’s Implementation of the Crypto-Asset Reporting Framework

  • VARA has launched a public consultation on the UAE’s implementation of the OECD’s Crypto-Asset Reporting Framework (CARF). The paper addresses scope and definitions, reporting requirements for crypto-asset service providers, due diligence obligations to identify users and determine tax residency, and potential compliance and enforcement considerations under the regime.

Source: VARA

Kingdom Of Saudi Arabia

Capital Market Authority (CMA)

• CMA Launches Consultation on Opening Main Market to All Foreign Investors

  • The CMA has opened a 30-day public consultation on a proposal to allow all categories of non-resident foreign investors to directly invest in Saudi Arabia’s Main Market. The draft would abolish the Qualified Foreign Investor framework and swap agreements, broadening market access, boosting liquidity, and aligning with CMA’s gradual market-liberalisation strategy to position the Kingdom as a global investment hub.

Source: CMA

• CMA Launches Consultation on Simplified Investment Funds Framework for Specific Categories of Investors

  • The CMA has issued a 30-day public consultation on a draft framework to establish simplified investment funds for specific investor categories. The proposal introduces a flexible structure modelled on limited partnership arrangements, allowing contractual freedom between fund managers and investors and optional custodian waivers for special-purpose entities. It seeks to enhance Saudi Arabia’s asset management sector, broaden foreign investor participation, and align with global best practices.

Source: CMA

Asia-Pacific Regulatory Develpments

Australia

Australian Securities and Investments Commission (ASIC)

• ASIC Corporations (Amendment) Instrument 2025/679 – Stablecoin Distribution Exemption (amends 2025/631)

  • ASIC has issued an amendment to the Corporations Instrument 2025/631, adding an additional named stablecoin and clarifying aspects of the distribution exemption for intermediaries distributing specified crypto-assets treated as financial products. The update ensures ongoing compliance with disclosure and distribution requirements.

Source: ASIC

• Review of Offshore Outsourcing – Governance Gaps and Risks

  • ASIC has highlighted weaknesses in the use of offshore service providers by advice licensees and responsible entities. The review emphasises the need for strengthened governance and supervision, urging firms to improve third-party risk management, contingency planning, and oversight arrangements for offshore outsourcing activities.

Source: ASIC

• INFO 225 Digital Assets: Financial Products and Services (Reissued) + CS 32 (Stablecoins/Wrapped Tokens) + Class No-Action Letter

  • ASIC has reissued INFO 225, clarifying how existing financial services laws apply to digital assets. It also released Consultation Statement 32, proposing targeted relief measures, and announced a sector-wide class no-action position until 30 June 2026. The updates aim to enhance regulatory clarity for digital asset issuers, custodians, and distributors.

Source: ASIC

• ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2025/689 and ASIC (Supervisory Cost Recovery Levy—Annual Determination) Instrument 2025/690

  • ASIC has released new instruments setting out the 2024–25 regulatory cost allocations, population metrics, and attribution details under the industry funding model. Regulated entities are advised to review levy calculations, update financial disclosures, and communicate levy impacts to management.

Source: ASIC

Australian Prudential Regulation Authority (APRA)

• APRA Revises Governance Proposals Following Industry Consultation

  • APRA has updated its proposed governance reform package for banks, insurers, and superannuation trustees following stakeholder consultation. Key changes include a 12-year limit for non-executive directors (previously 10 years) and removal of the requirement for two independent directors on every board. The revisions aim to balance governance flexibility with prudential oversight.

Source: APRA

China

China Securities Regulatory Commission (CSRC)

• CSRC Announcement No. 18 (2025) – Standards for Corporate Governance of Listed Companies

  • The CSRC has published revised Standards for Corporate Governance of Listed Companies, effective 1 January 2026. The new standards strengthen board oversight, transparency, and investor protection by updating governance principles and disclosure expectations for listed issuers.

Source: CSRC

• CSRC Announcement No. 19 (2025) – Opinions on Strengthening Protection of Small and Medium Investors in the Capital Market

  • The CSRC has issued new opinions to enhance protection for small and medium investors in China’s capital market. The initiative includes measures to improve disclosure, grievance redressal, investor education, and communication standards. Firms are encouraged to integrate these investor-protection principles into compliance and internal control frameworks.

Source: CSRC

People’s Bank of China (PBOC)

• Decision on Amending and Abolishing Certain Regulations (PBOC Order [2025] No. 10)

  • The PBOC has issued Order No. 10 (2025), formally amending and abolishing several existing regulations. Approved during the 13th meeting of the PBOC’s Board on 16 September 2025, the revisions will take effect on 1 December 2025. The decision aims to streamline the regulatory framework and remove obsolete provisions.

Source: PBOC

Singapore

Monetary Authority of Singapore (MAS)

• MAS Launches BLOOM Initiative to Extend Settlement Capabilities

  • MAS has launched the BLOOM (Borderless, Liquid, Open, Online, Multi-currency) initiative to collaborate with the financial industry in enabling settlements using tokenised bank liabilities and well-regulated stablecoins. Building on earlier work, notably Project Orchid, BLOOM focuses on multi-currency, cross-border, and wholesale settlement use-cases. Through BLOOM, MAS aims to embed more standardised and automated compliance and settlement infrastructure across market participants.

Source: MAS

Securities and Exchange Board of India (SEBI)

• Transfer of Portfolios of Clients (PMS Business) by Portfolio Managers

  • SEBI has issued a new circular permitting portfolio managers to transfer client portfolios (within their PMS business) to another registered portfolio manager, subject to prior SEBI approval. The circular aims to facilitate business restructuring, consolidation, or exits in the PMS industry while maintaining investor protection through regulatory oversight of such transfers. This initiative aligns with SEBI’s broader efforts to simplify regulatory processes and promote ease of doing business in the PMS segment.

Source: SEBI

South Korea

Financial Services Commission (FSC)

• Government Approves Capital Market Rule Changes to Strengthen Response Against Unfair Trading Activities

  • The South Korean government has approved amendments to the Enforcement Decree of the Financial Investment Services and Capital Markets Act (FSCMA) and related regulations to enhance oversight of unfair trading in capital markets. The changes introduce earlier detection measures, stricter sanctions, and enhanced monitoring mechanisms for brokers, exchanges, and investment firms.

Source: FSC

European Union Regulatory Developments

European Banking Authority (EBA)

• EU Supervisory Authorities Warn Consumers of Risks and Limited Protection for Certain Crypto-Assets and Providers

  • The European Supervisory Authorities have issued a joint consumer warning on the risks associated with investing in crypto-assets and the limited legal protections available to users. The statement, supported by an explanatory factsheet, outlines the implications of the Markets in Crypto-Assets Regulation (MiCA) for retail investors. Firms offering crypto-asset services are encouraged to review their disclosures and marketing practices to ensure that risks are communicated clearly and transparently.

Source: EBA

• EBA Advises the European Commission on the Foundations of the New Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Regime

  • The EBA has issued advice to the European Commission setting out the framework for the forthcoming EU AML/CFT regime. The recommendations focus on establishing risk-based and proportionate supervisory approaches to support the operational readiness of the European Anti-Money Laundering Authority (AMLA). Financial institutions and supervisory bodies are encouraged to review AML/CFT controls, governance structures, and risk methodologies in preparation for the new harmonised standards.

Source: EBA

United Kingdom Regulatory Developments

Prudential Regulation Authority (PRA)

• PS21/25 – Remuneration Reform

  • The PRA and FCA have issued a joint policy statement, PS21/25 – Remuneration Reform, finalising the rules on remuneration for banks, building societies, and PRA-designated investment firms. The statement concludes prior consultations (PRA CP16/24 and FCA CP24/23) and provides regulators’ feedback to industry responses. The policy confirms implementation timelines, with most changes effective from 16 October 2025 and applicable to firms’ performance years starting thereafter. Firms are required to update remuneration policies, identify material risk takers (MRTs) under revised thresholds, and apply a four-year deferral to variable remuneration.

Source: BoE

• PS16/25 – Markets in Financial Instruments Directive (Organisational Regulation) – Organisational Regulation Policy Statement

  • The PRA has published its feedback to Consultation Paper CP9/25 and finalised rules restating existing firm-facing organisational requirements from the MiFID Organisational Regulation within the PRA Rulebook. The final rules make no material policy changes and will take effect on 23 October 2025, coinciding with the revocation of the MiFID Org Reg. The updates primarily involve drafting clarifications and ensure continuity of governance, compliance, outsourcing, and internal control obligations for affected investment firms.

Source: BoE

United States of America

U.S. Securities and Exchange Commission (SEC)

• SEC Issues Exemptive Order Regarding Compliance with Certain Rules Under Regulation NMS

  • The SEC has granted temporary exemptive relief from specific compliance deadlines under Regulation NMS, covering rules on minimum pricing increments, access fee caps, and exchange fee determinability. The order defers compliance dates to February 2026 and November 2026, providing additional time for market participants to update internal systems and filings. It also postpones the requirement for exchanges to file proposed rule changes concerning the definition of round lots.

Source: SEC

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