{"id":137272,"date":"2026-02-25T09:05:03","date_gmt":"2026-02-25T14:05:03","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/regulation\/february-2026-global-regulatory-brief-digital-finance\/"},"modified":"2026-02-25T09:05:03","modified_gmt":"2026-02-25T14:05:03","slug":"february-2026-global-regulatory-brief-digital-finance","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/regulation\/february-2026-global-regulatory-brief-digital-finance\/","title":{"rendered":"February Global Regulatory Brief: Digital finance"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d76b8bd1e44'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\t\t\t<\/div>\n\n\t\t\t<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">February Global Regulatory Brief: Digital finance<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/367131596.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"Data And Text On Computer Screens\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d76b8bdd590'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">February 25, 2026<\/p>\n\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\t\t\t<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    \t\t<div class=\"bb-tts\" \n\t\t\tdata-selector=\"main\"\n\t\t\tdata-label=\"Speak this page\"\n\t\t\tdata-custom-play=\"Play\"\n\t\t\tdata-custom-pause=\"Pause\"\n\t\t\tdata-custom-stop=\"Stop\" \n\t\t\tdata-overlay=\"false\" \n\t\t\tdata-invert=\"false\"\n\t\t\tdata-no-time=\"false\"\n\t\t\tdata-no-button-text=\"false\"\n\t\t\tdata-one-button=\"true\"\n\t\t\tdata-one-style=\"true\"\n\t\t\tdata-hide-stop=\"true\"\n\t\t\tdata-voice=\"Gordon\"\n\t\t\tdata-pitch=\"1\"\n\t\t\tdata-speed=\"1\"\n\t\t\tdata-align=\"flex-start\"\n\t\t>\n\t\t<\/div>\n\t\t\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed' data-anchor='row-69d76b8bdfc59'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    \t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><span style=\"font-weight: 400;\">As technology continues to reshape financial services, regulators and policy setters are embarking on a range of digital-finance initiatives to manage risks and set appropriate standards. The following digital finance policy developments represent a sample of wider regulatory and policy coverage available to Bloomberg Terminal customers. Run REGS &lt;GO&gt; to find out more or contact your Bloomberg representative to learn more:<\/span><\/p>\n<ul>\n<li><b>UK:<\/b><span style=\"font-weight: 400;\"> Treasury Committee publishes AI in financial services report<\/span><\/li>\n<li><b>EU: <\/b><span style=\"font-weight: 400;\">European Commission proposes revised Cybersecurity Act<\/span><\/li>\n<li><b>Malaysia:<\/b><span style=\"font-weight: 400;\"> BNM issues discussion paper on operational resilience<\/span><\/li>\n<li><b>Australia:<\/b><span style=\"font-weight: 400;\"> Australia&#8217;s Productivity Commission reports on data and AI<\/span><\/li>\n<\/ul>\n<h2>UK Treasury Committee publishes AI in financial services report<\/h2>\n<p><span style=\"font-weight: 400;\">The UK House of Commons Treasury Committee has <\/span><a href=\"https:\/\/committees.parliament.uk\/publications\/51128\/documents\/283671\/default\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">published a report<\/span><\/a><span style=\"font-weight: 400;\"> assessing the use of artificial intelligence (AI) in financial services, concluding that regulators are taking an overly reactive \u201cwait-and-see\u201d approach. While recognising AI\u2019s potential benefits, the Committee finds that current regulatory practices leave consumers and financial stability exposed to significant risks.<\/span><\/p>\n\t\t\t<\/div>\n\n\t\t\t\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed' data-anchor='row-69d76b8be1dc7'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore the latest regulatory insights with our outlooks, webinars, research and analysis.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2293640534092830812\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/regulatory-insights\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d76b8be95d2'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><b>Context<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The inquiry was launched in February 2025 amid rapid growth in AI adoption across UK financial services, where around 75% of firms now use AI. The UK does not have AI-specific legislation for financial services, and the FCA and Bank of England currently rely on existing regulatory frameworks, including the Consumer Duty and the Senior Managers and Certification Regime (SM&amp;CR), to oversee firms\u2019 use of AI.<\/span><\/p>\n<p><b>Key takeaways<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No AI-specific financial regulation: The FCA and Bank of England maintain that existing rules are sufficient, but the Committee finds this approach provides limited practical clarity for firms.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consumer risks: The report highlights concerns around opaque AI-driven credit and insurance decisions, risks of financial exclusion, misleading unregulated AI-based financial advice, and increased fraud.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Regulatory uncertainty: Firms face uncertainty over accountability under SM&amp;CR, particularly given the limited explainability of some AI models, which may discourage advanced AI adoption.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Financial stability risks: The Committee flags heightened cyber risks, reliance on a small number of US AI and cloud providers, and the potential for AI-driven trading to amplify market stress.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Gaps in stress testing: Regulators do not currently conduct AI-specific cyber or market stress tests, despite evidence that such scenarios could be valuable.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Critical Third Parties Regime delays: Although the regime was established in 2023 to oversee systemic third-party providers such as major cloud and AI firms, no designations had been made as of late 2025.<\/span><\/li>\n<\/ul>\n<p><b>Recommendations<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Committee recommends that by the end of 2026, the FCA publish comprehensive, practical guidance on how existing consumer protection rules and SM&amp;CR apply to AI use.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Bank of England and FCA are urged to introduce AI-specific stress testing to improve preparedness for AI-driven shocks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">HM Treasury is called on to designate major AI and cloud providers as Critical Third Parties by the end of 2026, with the Financial Policy Committee expected to monitor progress and intervene if necessary.<\/span><\/li>\n<\/ul>\n\t\t\t<\/div>\n\n\t\t\t<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h2>European Commission proposes revised Cybersecurity Act<\/h2>\n<p><span style=\"font-weight: 400;\">The European Commission (EC) has introduced a <\/span><a href=\"https:\/\/digital-strategy.ec.europa.eu\/en\/news-redirect\/917739\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">proposal for a revised Cybersecurity Act (CSA2)<\/span><\/a><span style=\"font-weight: 400;\"> as part of <\/span><a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_26_105\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">a comprehensive new EU cybersecurity package<\/span><\/a><span style=\"font-weight: 400;\">. The proposal follows increasing concerns over the security of critical infrastructure and the influence of third-country jurisdictions on essential ICT components. It builds upon the existing NIS2 Directive and the original Cybersecurity Act, integrating supply chain security with broader industrial policy to protect EU interests in sectors such as cloud services, semiconductors, and energy.<\/span><\/p>\n<p><b>Key takeaways<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>High-risk vendor phase-out: <\/b><span style=\"font-weight: 400;\">The EC has introduced binding rules to phase out ICT vendors from countries deemed high risk within critical sectors. This specifically impacts supply chains for medical devices, energy systems, and cloud infrastructure.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>New designation powers:<\/b><span style=\"font-weight: 400;\"> The EC is now empowered to designate third countries posing cybersecurity concerns via implementing acts. This triggers targeted restrictions on entities established in or controlled from those jurisdictions, including bans from EU cyber certification, public procurement, and certain EU funding streams.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>NIS2 integration:<\/b><span style=\"font-weight: 400;\"> The EC will be able to restrict NIS2 entities from using high-risk components in key ICT assets. Additionally, the EC can impose mitigating measures such as supplier diversification and limits on third-country data transfers or remote processing.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cyber simplification: <\/b><span style=\"font-weight: 400;\">To ease the compliance burden, the proposal includes targeted NIS2 amendments aimed at maximum harmonization. This includes new guidelines for supply chain security requirements.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>ENISA and certification changes:<\/b><span style=\"font-weight: 400;\"> The role of ENISA (EU cyber agency) is expanded, and the procedure to develop cyber certification schemes has been reformed to be faster (12-month deadline). While certifications remain voluntary, the proposal mandates that conformity assessments for &#8220;high&#8221; assurance levels be carried out within the EU to protect against IP exposure.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Increased stakeholder involvement:<\/b><span style=\"font-weight: 400;\"> A new European Cybersecurity Certification Assembly will be established to integrate industry and user involvement in identifying strategic priorities and new cybersecurity challenges.<\/span><\/li>\n<\/ul>\n<p><b>Next steps<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The proposal will now undergo review by the European Parliament and the Council as part of the ordinary legislative procedure.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The EC is expected to follow this proposal with additional updates in the upcoming Industrial Accelerator Act and the Cloud and AI Development Act.<\/span><\/li>\n<\/ul>\n\t\t\t<\/div>\n\n\t\t\t<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h2>BNM issues discussion paper on operational resilience<\/h2>\n<p><b>Overview<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Bank Negara Malaysia (BNM) has <\/span><a href=\"https:\/\/www.bnm.gov.my\/-\/dp-op25\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">issued<\/span><\/a><span style=\"font-weight: 400;\"> a <\/span><a href=\"https:\/\/www.bnm.gov.my\/documents\/20124\/938039\/dp_operationalresilience_Dec2025.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">discussion paper<\/span><\/a><span style=\"font-weight: 400;\"> outlining its emerging direction to strengthen the operational resilience of financial institutions amid increasing digitalisation, complex interdependencies, and rising operational disruptions. The paper invites feedback from stakeholders on proposed approaches and governance mechanisms to ensure continuity of critical financial services.<\/span><\/p>\n<p><b>Context<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Global megatrends such as technological innovation, cyber threats, and climate risks have amplified operational vulnerabilities. International standard-setters like the Basel Committee and IAIS have emphasised resilience as a core capability. Malaysia has experienced notable disruptions in banking and payment systems, prompting BNM to explore enhancements to its regulatory framework beyond existing policies on business continuity, technology risk, outsourcing, and governance.<\/span><\/p>\n<p><b>Key takeaways<\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>Core Themes of Operational Resilience:<\/b>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Preserve continuity of critical operations and services.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Map internal and external interdependencies.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Manage third-party dependencies effectively.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Set clear impact tolerances for disruptions.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Assess capabilities under severe but plausible scenarios.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Global and Domestic Drivers:<\/b>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Increasing reliance on real-time digital channels, cloud services, and shared infrastructures.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Rising sophistication of cyberattacks, including AI-enabled exploits and ransomware.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Climate-related physical risks affecting infrastructure and operations.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Malaysia\u2019s Current Framework:<\/b>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Existing policies include Business Continuity Management (BCM), Risk Management in Technology (RMiT), Outsourcing, Operational Risk, and Governance standards.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Differentiated approach: prescriptive requirements for technology and third-party risks; principle-based for governance and accountability.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Challenges and Trade-offs:<\/b>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Balancing cost versus resilience, innovation versus safety, and institutional priorities versus systemic stability.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Misaligned incentives within organisations and limited leverage over critical third-party providers.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Need for industry-wide collaboration to set common resilience standards.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Governance Expectations:<\/b><\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Boards must prioritise operational resilience, approve critical services, set impact tolerances, and oversee resilience testing.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Responsibility Mapping (effective 1 Jan 2026) requires a designated senior manager accountable for operational resilience outcomes.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>Next steps<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Feedback Deadline: Written comments must be submitted using the provided template to pfpconsult@bnm.gov.my by 30 April 2026.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Future Direction:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Possible introduction of a standalone operational resilience framework or integration into existing requirements.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Enhanced guidance on dependency mapping, third-party risk management, and scenario testing.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Continued engagement between BNM, financial institutions, and critical service providers.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\t\t\t<\/div>\n\n\t\t\t<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h2>Australia\u2019s Productivity Commission reports on data and AI<\/h2>\n<p><span style=\"font-weight: 400;\">In its final <\/span><a href=\"https:\/\/assets.pc.gov.au\/2025-12\/data-digital_0.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\"> on harnessing data and technology, released in December, the Productivity Commission (PC) highlights the productivity gains from AI and data.<\/span><\/p>\n<p><b>Detail<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In January 2025, the PC had asked stakeholders for ideas about improving productivity through data and digital technologies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In its August <\/span><a href=\"https:\/\/www.pc.gov.au\/inquiries-and-research\/data-digital\/interim\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">interim report<\/span><\/a><span style=\"font-weight: 400;\">, the PC had presented draft recommendations focused on four key policy reform areas:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Enable AI&#8217;s productivity potential.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New pathways to expand data access.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Supporting safe data access and use through outcomes-based privacy regulation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enhance reporting efficiency, transparency and accuracy through digital financial reporting.<\/span><\/li>\n<\/ul>\n<p>This final report makes recommendations across these areas, intending to boost overall productivity, taking account of the unique nature of data and digital technology:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Productivity growth from AI should be enabled within existing legal foundations. Gap analyses of current rules need to be expanded and completed. AI-specific regulation should be a last resort.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Australian Government should commit to reforms that will enable the Consumer Data Right (CDR) to better support data access for high-value uses while minimising compliance costs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Australian Government should amend <\/span><a href=\"https:\/\/www.legislation.gov.au\/C2004A03712\/2014-03-12\/text\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">the Privacy Act<\/span><\/a><span style=\"font-weight: 400;\"> to embed an outcomes-based approach that enables regulated entities to fulfil their privacy obligations by meeting criteria that are targeted at outcomes, rather than controls-based rules.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Digital financial reporting should be the default.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The report called for an outcomes-based approach to AI regulation \u2013 using existing laws and regulatory structures to minimise harms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Its also recommended the government rightsize the Consumer Data Right (CDR) by making the accreditation model, technical standards and designation process less onerous. This is to help make the CDR a more effective data access and sharing platform that supports a broader range of use cases. Underpinning Australia\u2019s open banking regime, the <\/span><a href=\"https:\/\/treasury.gov.au\/policy-topics\/economy\/consumer-data-right\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CDR framework<\/span><\/a><span style=\"font-weight: 400;\"> is a secure online system that enables consumers to get value from data that is collected about them through the provision of specific goods and services by consenting to that data being shared with trusted accredited third parties.<\/span><\/p>\n\t\t\t<\/div>\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<style>section[data-anchor=row-69d76b8bed83a]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\t<section\n\tclass='bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed' data-anchor='row-69d76b8bed83a'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-8\"\n    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