{"id":138470,"date":"2026-03-26T15:46:19","date_gmt":"2026-03-26T19:46:19","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/regulation\/march-2026-global-regulatory-brief-trading-and-markets\/"},"modified":"2026-03-26T15:46:19","modified_gmt":"2026-03-26T19:46:19","slug":"march-2026-global-regulatory-brief-trading-and-markets","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/regulation\/march-2026-global-regulatory-brief-trading-and-markets\/","title":{"rendered":"March Global Regulatory Brief: Trading and markets"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69e7e2b0a0a0c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <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><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">March Global Regulatory Brief: Trading and markets<\/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\/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                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/risk\/\" rel=\"category tag\">\n                    Risk\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\/41\/366809521.jpeg\" class=\"bbg-single-image__image attachment-full\" alt=\"Asset Curve\" title=\"Asset Curve\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69e7e2b0ab368'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <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\">March 26, 2026<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/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    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69e7e2b0add4a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <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    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">Regulatory authorities continue to advance initiatives to improve financial market structures. The following market structure 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:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>India: <\/b><span style=\"font-weight: 400;\">IFSCA proposes market abuse framework<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>EU: <\/b><span style=\"font-weight: 400;\">ESMA publishes decision on supplementary sovereign bonds deferrals<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Saudi Arabia:<\/b><span style=\"font-weight: 400;\"> Tadawul launches ETF Market Making Framework<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Japan:<\/b><span style=\"font-weight: 400;\"> JFSA proposes stronger deterrence against market misconduct<\/span><\/li>\n<\/ul>\n<h2>IFSCA proposes standalone market abuse framework for IFSC securities markets<\/h2>\n<p><span style=\"font-weight: 400;\">The International Financial Services Centres Authority (IFSCA) has <\/span><a href=\"https:\/\/ifsca.gov.in\/CommonDirect\/GetFileView?id=d575554ec59b09e7fde503d3a820273d&amp;fileName=CONSULTATION_PAPER_ON_IFSCA__PROHIBITION_OF_MARKET_ABUSE_IN_SECURITIES_MARKETS__REGULATIONS__2026_20260306_0542.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">released <\/span><\/a><span style=\"font-weight: 400;\">a consultation paper proposing to introduce a dedicated regime to prohibit insider trading, market manipulation and other abusive conduct in IFSC securities markets. The proposed framework would replace the current reliance on SEBI\u2019s domestic insider trading and unfair trade practice regulations and establish an IFSC-specific oversight regime aligned with international standards.<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"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-69e7e2b0afcf8'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <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_6243960394898266608\"\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\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69e7e2b0b5794'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <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><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><b>In more detail<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Hybrid regulatory structure: The proposal adopts a hybrid approach combining principle-based standards with detailed rule-based prohibitions. Broad principles define unacceptable conduct to address emerging risks (including algorithmic and AI-driven trading), while specific rules provide clarity on prohibited behavior.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Scope of prohibited conduct: The framework covers:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Insider trading based on Material Nonpublic Information (MNPI)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Manipulative trading practices (e.g., misleading orders or transactions)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Dissemination of false or misleading market information<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Abusive conduct relating to benchmarks and market infrastructure.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Definition of MNPI and insiders: MNPI is defined as nonpublic information that would likely have a significant price impact if disclosed. The draft clarifies the scope of \u201cinsiders\u201d and \u201cconnected persons,\u201d including those with access through employment, professional engagement, contractual relationships or other associations with issuers or intermediaries.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Restrictions on MNPI use and communication: The proposal prohibits communication, procurement or misuse of MNPI except under limited lawful circumstances (e.g., regulatory or court-mandated disclosures). Information sharing must follow strict need-to-know protocols with safeguards to prevent leakage.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Compliance and internal controls: Listed entities and intermediaries must implement internal codes of conduct governing employee trading, maintain surveillance systems to monitor trading patterns, and, where applicable, maintain insider lists documenting access to sensitive information. Firms are responsible for monitoring employees, associates and connected parties.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enforcement powers: IFSCA would have authority to impose monetary penalties, issue public warnings, direct disgorgement of gains, mandate corrective measures, and in extreme cases suspend or halt trading. Sanctions must be effective, proportionate and dissuasive.<\/span><\/li>\n<\/ul>\n<p><b>Why this matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The proposed regime marks a structural shift toward regulatory autonomy for IFSC securities markets. By introducing a dedicated insider trading and market manipulation framework aligned with international practices, IFSCA aims to strengthen investor confidence and enhance GIFT City\u2019s positioning as a global financial centre while ensuring flexibility to address emerging technologies and complex trading strategies.<\/span><\/p>\n<p><b>What\u2019s next<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The consultation is open for stakeholder comments till March 27, 2026.<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>ESMA publishes decision on supplementary sovereign bonds deferrals under MiFIR<\/h2>\n<p><span style=\"font-weight: 400;\">The European Securities and Markets Authority (ESMA) <\/span><a href=\"https:\/\/www.esma.europa.eu\/press-news\/esma-news\/esma-publishes-list-supplementary-deferrals-sovereign-bonds\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> its <\/span><a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/2026-02\/ESMA74-276584410-11245_ESMA_decision_on_supplementary_deferrals_for_sovereign_bonds_under_MiFIR.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">decision<\/span><\/a><span style=\"font-weight: 400;\"> on allowing supplementary deferrals for sovereign bonds under MiFIR, alongside the <\/span><a href=\"https:\/\/view.officeapps.live.com\/op\/view.aspx?src=https%3A%2F%2Fwww.esma.europa.eu%2Fsites%2Fdefault%2Ffiles%2F2026-02%2FESMA74-276584410-11142_List_of_Supplementary_Deferrals_Sovereign_Bonds_MiFIR_Review.xlsx&amp;wdOrigin=BROWSELINK\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">list<\/span><\/a><span style=\"font-weight: 400;\"> of supplementary deferrals agreed by National Competent Authorities (NCAs).<\/span><\/p>\n<p><b>Context<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Under the revised MiFIR (Article 11.3), NCAs may apply supplementary deferrals to sovereign bonds issued by their respective Member States, while ESMA is granted authority over supplementary deferrals for non-EU sovereign bonds.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the exception of Slovakia, all NCAs and ESMA agreed a harmonized approach on supplementary deferrals, allowing the publication of the volume to be omitted until the end of the trading day for individual transactions in EU and non-EU Group 1 sovereign bonds classified as medium and liquid (\u201cCategory 1\u201d) under the final MiFIR RTS 2.<\/span><\/p>\n<p><b>Next steps<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The new transparency framework for bonds is set to apply on 2 March 2026. However, acknowledging the short implementation time following confirmation of the supplementary deferrals regime, ESMA confirmed that the supplementary deferrals will instead apply from 4 May 2026.<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Saudi Arabia launches ETF Market Making Framework<\/h2>\n<p><span style=\"font-weight: 400;\">The Saudi Exchange (Tadawul) has <\/span><a href=\"https:\/\/www.saudiexchange.sa\/wps\/wcm\/connect\/30a507b8-e5bf-4565-bed6-a766a8367ab3\/ETF%2BMarket%2BMaking%2BFramework%2BFactsheet.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">published <\/span><\/a><span style=\"font-weight: 400;\">an ETF Market Making Framework designed to improve secondary market liquidity and price formation for listed ETFs. The framework sets standardised quoting obligations for ETF market makers across three tiers, selected by mutual agreement between the fund manager and the market maker, and offers 100% trading-fee incentives for meeting those obligations.<\/span><\/p>\n<p><b>Key points \/ proposals<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Three-tier structure: The tier selection is agreed between the fund manager and market maker, with the following quoting obligations: maximum bid-ask spreads for each tier (0.65% for tier A, 1.00% for tier B, 2.00% for tier C), minimum order size of SAR 50,000, and minimum of presence of orders which is 80% of the continuous trading session. If both parties agree, the tier can be changed, subject to approval from the Saudi Exchange.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Incentives to market makers: Daily 100% fee incentives covering Saudi Exchange, Edaa, Muqassa, and CMA commissions, conditional on meeting the obligations in the market making agreement.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Eligible products: All listed ETFs on Saudi Exchange are eligible for market making under the framework.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Eligibility to apply: Applicants must be either a Saudi Exchange member or a client of a Saudi Exchange member. Members may act as principal or as agent for clients, and the Exchange retains discretion to accept\/reject applications and determine principal\/agent permissions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Benefits to market makers: Zero trading fees (subject to meeting agreed obligations) and flexibility to select, as agreed with the fund manager, the most appropriate obligation tier under the three-tier structure.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Benefits to investors: Enhanced liquidity in the secondary market, narrower bid-ask spreads, increased trading activity, and more efficient and transparent price formation across ETF products.<\/span><\/li>\n<\/ul>\n<p><b>Implementation \/ Next steps<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The framework was implemented early February, and to register as an ETF market maker, fund managers and market makers must jointly agree on the applicable obligation tier (A, B, or C) and submit the required application forms to the Saudi Exchange. Following review and approval, the parties execute a Market Making Agreement, after which the Saudi Exchange announces the appointment and begins ongoing compliance monitoring.<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>JFSA proposes stronger deterrence against market misconduct<\/h2>\n<p><b>Summary<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The JFSA\u2019s Financial System Council report, published in December 2025, proposes a comprehensive regulatory overhaul to strengthen deterrence against market misconduct. Key reforms include expanding insider trading scope to encompass target company advisors and redefining &#8220;parent companies&#8221; based on actual control. Administrative surcharges will be significantly increased by incorporating tender offer premiums and market volatility into penalty calculations. Furthermore, the report introduces surcharges for facilitating unfair trades via account lending and grants the Securities and Exchange Surveillance Commission (SESC) expanded investigatory powers over unregistered operators. Finally, it mandates the digitalization of enforcement procedures and establishes a custodian system to protect client assets during firm exits.<\/span><\/p>\n<p><b>Context<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Recent investigations by the SESC have revealed gaps in current laws, where some misconduct goes unpunished or the resulting fines are too small to deter offenders.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In response to the government&#8217;s 2025 &#8220;New Form of Capitalism&#8221; Action Plan and the SESC\u2019s own recommendations for stronger oversight, the Minister of State for Financial Services called for a formal review. Consequently, the Market System Working Group was established to strengthen regulations, protect investors, and ensure market transparency. This report summarizes the Group\u2019s findings after three sessions of deliberations held since September 2025.<\/span><\/p>\n<p><b>Key takeaway<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Here are the key takeaways from the Financial System Council&#8217;s report:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Expanded Insider Trading Scope: The regulations will now include advisors and contractors of the target company in a TOB, closing a loophole where only the acquirer\u2019s side was strictly regulated.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Revised Corporate Definitions: The definition of a &#8220;parent company&#8221; is being updated to focus on actual control rather than just formal disclosures.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Increased Financial Penalties: Surcharge calculations for TOB insider trading and large-shareholding violations will be overhauled to reflect actual market premiums (e.g. approx. 50%) and price volatility (e.g. approx. 7%), ensuring fines are high enough to serve as a real deterrent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Surcharge Calculation for High-Frequency Trading (HFT): To combat market manipulation in high-speed trading, the surcharge rounding threshold will be lowered from 10,000 yen to 1 yen, allowing authorities to capture and penalize micro-profit misconduct.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Penalties for Account Lending: Existing surcharges will be increased for individuals who trade using third-party accounts, and new penalties will be introduced for the facilitators who provide those accounts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Strengthened Investigatory Powers: The SESC will gain the authority to compel the attendance of suspects for international cooperation and to conduct criminal investigations into unregistered operators to better police the market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Modernization and Protection: The report mandates the digitalization of investigation procedures for greater efficiency and establishes a custodian system to ensure client assets are safely returned if a financial firm loses its registration.<\/span><\/p>\n<p><b>Next step<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The Financial System Council, an advisory body to the JFSA, provides the foundation for future legal reforms through this report. Stakeholders are expected to take the necessary actions based on the contents of this report.<\/span><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69e7e2b0b8dfb]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-69e7e2b0b8dfb'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>Related Content<\/h3>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4 bbg-column--halign-right\"\n    style=\"\"\n    >\n    \n<div\n  id=\"cta_3739683918304737092\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  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