Fed orders Small Business Bank to reach adequate capital within 30 days
Small Business Bank must reach adequate capitalization within 30 days or complete acquisition, under a binding Fed directive
Governance
98 briefs
India amends Drugs Rules 1945 to regulate cell and gene therapy products as new drugs
Cell and gene therapy developers, manufacturers and importers in India must now meet the new-drug approval, clinical-trial and licensing requirements under the 2019 Rules — the amended Drugs Rules 1945 regulate these products as new drugs
ESMA fines Moody's Germany €2,145,000 for four CRA-Regulation reporting breaches
EU-registered credit rating agencies must report complete, accurate rating data to ESMA and hold reporting policies, error-correction processes and internal controls to match — ESMA fined Moody's Germany €2,145,000 for failing all four
BaFin imposes €620,000 administrative fines on VARTA AG for MAR and WpHG disclosure breaches
German issuers on organised markets must disclose inside information without undue delay and publish half-yearly reports within three months — BaFin fined VARTA AG €620,000 for failing both
FTC files order barring Havas from common-brand-safety agreements
US advertising agencies must not enter inter-agency agreements setting common brand-safety standards — the FTC's order bars Havas, completing action against all of the "Big Six"
CSSF sets Kernel Holding sell-out fair price at PLN 19.93, presentation deadline 29 December 2026
Kernel Holding minority shareholders must present all their shares by 29 December 2026 to take the CSSF-set sell-out price of PLN 19.93
Reserve Bank of India revises voluntary-surrender application for NBFC CoR
NBFCs (including HFCs) surrendering their Certificate of Registration must use the RBI's revised PRAVAAH application form and checklist, and must keep complying and filing returns until the RBI communicates cancellation in writing
EBA clarifies Product Oversight and Governance Guidelines for ESG retail banking products
Retail banking product manufacturers and distributors must meet clarified POG ESG and anti-greenwashing requirements across product design, target-market identification, distribution and disclosure
Council suspends Visa Code waivers and cuts processing to 45 days for Somali nationals
EU consular visa authorities must apply a 45-day processing standard and drop documentary, multiple-entry and diplomatic-passport waivers for Somali applicants
FINMA revokes Swiss Fund Management AG's licence and bans an executive over FinSA suitability and conflict-of-interest breaches
Swiss asset managers and portfolio managers must run genuine FinSA suitability and appropriateness checks and disclose affiliate conflicts — FINMA revoked a fund manager's licence, refused another's authorisation and confiscated commission for selling clients in-house illiquid bonds
FTC orders Amazon to pay $2.25 million over FCRA identity-theft records failures
Companies holding transaction records must give identity-theft victims their application and business-transaction records within FCRA's 30-day limit — the FTC fined Amazon $2.25m for refusing
MAS amends SFA 04-N21 to permit alternative due-diligence steps for Global Listing Board issue managers
Issue managers on SGX-Nasdaq Global Listing Board listings may now use alternative due-diligence steps in place of the prescribed paragraph 23 procedures.