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UK and EU financial services round-up: FCA authorisation guides; ECB penalises J.P. Morgan SE; ESMA sanctions REGIS-TR; AAR representativeness obligation guidance (20 February 2026)

Published on: 20 February 2026

Published by a LexisNexis Financial Services expert
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Financial services developments

FCA publishes video guidance on improving applications for authorisation and registration

The Financial Conduct Authority (FCA) has released video guides aimed at improving applications for authorisation and registration by payments firms and digital asset firms. In these films, FCA authorisations staff set out supervisory expectations, practical steps to strengthen submissions, and where applicants can access further help. Source: Improving applications for authorisation and registration as a payments firm and digital asset firm: video guides

ECB sanctions J.P. Morgan SE for capital requirement reporting breaches

The European Central Bank (ECB) has levied two administrative fines totalling €12.18 million (€12,180,000) on J.P. Morgan SE after the bank misstated risk-weighted assets. From 2019 to 2024, the bank reported lower risk-weighted assets than appropriate. This arose because, over 15 consecutive quarters, it misclassified corporate exposures and applied a credit risk weight below that required by banking rules. The ECB also found that, for 21 consecutive quarters, the bank improperly excluded certain transactions when calculating risk-weighted assets for credit valuation adjustment risk, which reflects the chance that a derivatives counterparty may default. According to the ECB, both infringements were committed with serious negligence...

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