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UK and EU financial services update: FCA cryptoasset regime window, AI review and live testing, ISSB-aligned disclosures consultation, UCITS COLL transition, EU Benchmarks Regulation RTS (30 January 2026)

Published on: 30 January 2026

Published by a LexisNexis Financial Services expert
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Financial services developments

FCA announces application window for cryptoasset regulation

The Financial Conduct Authority (FCA) has refreshed its webpage on the forthcoming cryptoasset regulatory regime, confirming that firms seeking to carry on the new regulated activities may submit applications between 30 September 2026 and 28 February 2027. The regime itself is slated to begin on 25 October 2027. Any business intending to perform these new cryptoasset activities must hold FCA authorisation, under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025, with the requisite permissions in place as the regime goes live. Source: A new regime for cryptoasset regulation

Sheldon Mills outlines background to the FCA’s AI review

The FCA has released a speech from its executive director for consumers and competition, Sheldon Mills, who is leading the regulator’s multi-year examination of AI in retail financial services, alongside insights from its AI Live Testing programme. Mills argued that today’s financial rules were designed for a time when systems changed infrequently, models behaved in expected ways, and accountability sat squarely within the firm; he observed that AI disrupts each of these assumptions...

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