The discussion draft of a new crypto market infrastructure bill proposes a new regulatory framework based on shared jurisdiction between the CFTC and SEC, expanded CFTC authority, and new SEC exemptions for token sales and distributions....By: Goodwin

On 15 May 2025, the European Central Bank (ECB) announced that the amendment to the TARGET Guideline, which would allow non-bank payment service providers (non-bank PSPs) to participate in TARGET is postponed. The amendment to the TARGET Guideline was outlined in ECB Decision ECB/2025/2 and is now expected to enter into force in October 2025. The Eurosystem considers this postponement necessary to avoid legal risks concerning the eligibility of non-bank PSPs to access TARGET, including T2 (for settling payments) and TARGET Instant Payment Settlement System (for settling instant retail payments).

On 15 May 2025, the Cross Market Operational Resilience Group’s (CMORG) Artificial Intelligence (AI) Taskforce published an AI Baseline Guidance Review. The CMORG AI Taskforce was established in 2024 as a joint initiative of the CIO Forum and Cyber Coordination Group, to address concerns relating to sector-level risk introduced by the rapid adoption of generative AI. The Review, which has been published alongside a quick reference list of key takeaway risk mitigation actions for firms, includes guidance on: Government and regulatory approaches. Risk management principles and frameworks. Technical implementation. Third party and legal considerations. Education and awareness. The document is intended to be a helpful reference point for the most relevant reading materials that are available on the topic.

on 2 april 2025, the bermuda monetary authority (bma) updated its guidance on the prior approval process for long-term block reinsurance transactions. this includes clarity on transaction scope and reconciling total asset requirements (tar) between ceding companies and bermuda’s economic balance sheet (ebs). applicable to classes c, d, and e life (re)insurers, the requirements ensure robust oversight, strong governance, and alignment with bermuda's regulatory standards. key transactions under review include asset-intensive deals like pension transfers and annuity reinsurance, while traditional solutions like mortality coverage remain excluded. insurers must provide detailed documentation, including strategic rationale, solvency assessments, and governance approvals, ensuring a smooth two-to-four-week review process. given the global nature of many block transactions, the bma continues to cooperate closely with other regulators worldwide. transaction-specific regulator consultations are generally initiated to ensure alignment across jurisdictions. the bma advises insurers to engage in early discussions regarding planned transactions to facilitate a smooth approval process. preliminary engagement can be incorporated into routine supervisory meetings or through ad hoc discussions about transactions at an advanced stage. typically, the review process takes two to four weeks for well-documented and proactively managed requests. however, incomplete submissions or lack of early engagement may result in delays. insurers are encouraged to familiarise themselves with these updated guidelines and ensure that all block transactions meet the bma’s expectations. early engagement and comprehensive documentation will be critical to navigating this regulatory landscape effectively. the notice can be found here.