{"id":140423,"date":"2026-05-27T17:24:56","date_gmt":"2026-05-27T21:24:56","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/regulation\/may-2026-global-regulatory-brief-digital-finance\/"},"modified":"2026-05-27T17:24:56","modified_gmt":"2026-05-27T21:24:56","slug":"may-2026-global-regulatory-brief-digital-finance","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/regulation\/may-2026-global-regulatory-brief-digital-finance\/","title":{"rendered":"May 2026 Global Regulatory Brief: Digital finance (Prediction markets, digital collateral and cryptoasset capital rules)"},"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-6a183f99c0c68'>\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\">May 2026 Global Regulatory Brief: Digital finance (Prediction markets, digital collateral and cryptoasset capital rules)<\/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\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-6a183f99cf179'>\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\">May 27, 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-6a183f99d20fe'>\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;\">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 style=\"font-weight: 400;\" aria-level=\"1\"><b>US: <\/b><span style=\"font-weight: 400;\">CFTC steps up actions on prediction markets<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Japan<\/b><span style=\"font-weight: 400;\">: JPX tests digital JGB collateral via blockchain<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Singapore: <\/b><span style=\"font-weight: 400;\">MAS consults on prudential treatment of permissionless cryptoassets<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>UK<\/b><span style=\"font-weight: 400;\">: FCA publishes summary of 2025 Cyber Coordination Group insights<\/span><\/li>\n<\/ul>\n<h2>CFTC steps up actions on prediction markets<\/h2>\n<p><strong>Summary:<\/strong><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">The U.S. Commodity Futures Trading Commission (CFTC) has recently taken a series of steps to assert and defend its role as the federal regulator of prediction markets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Chairman Michael Selig&#8217;s approach to prediction markets combines support for federally regulated prediction markets with active enforcement against misconduct.<\/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-6a183f99d4055'>\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_9053477596696377956\"\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-6a183f99d9a1a'>\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><span style=\"font-weight: 400;\">Federal versus state supervision:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">In April 2026, the CFTC filed lawsuits against <a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/9218-26\" target=\"_blank\" rel=\"noopener\">New York<\/a> and <a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/9220-26\" target=\"_blank\" rel=\"noopener\">Wisconsin<\/a> seeking to prevent those states from applying gambling laws to CFTC-regulated event contract markets, arguing that federal law gives the CFTC exclusive authority over prediction markets.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The agency has also supported similar arguments in other proceedings through amicus filings.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">While some states, including Wisconsin, have brought actions alleging violations of state law, Chairman Selig takes the view that \u201cstates cannot circumvent the clear directive of Congress&#8221; and that the CFTC will act where state measures interfere with the federal regulation of financial markets.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Chairman Selig has <\/span><a href=\"https:\/\/www.cftc.gov\/PressRoom\/SpeechesTestimony\/seligstatement050126\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">emphasized<\/span><\/a><span style=\"font-weight: 400;\"> that prediction markets operate under the Commodity Exchange Act as federally regulated exchanges, with clearing and investor protection frameworks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">He has also highlighted the potential benefits of these markets to the broader economy, and considers the CFTC the best placed agency to oversee their integrity and growth.<\/span><\/li>\n<\/ul>\n<p><strong>Enforcement:\u00a0<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In parallel, the CFTC has begun bringing enforcement actions in this space, including what it <\/span><a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/9217-26\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">described<\/span><\/a><span style=\"font-weight: 400;\"> as its first insider-trading case involving event contracts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The case alleges that an active-duty service member in the U.S. Army engaged in insider trading using classified material non-public information (MNPI) regarding the capture of former Venezuelan President Nicol\u00e1s Maduro to generate more than $404,000 in profits.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">CFTC Director of Enforcement David Miller has <\/span><a href=\"https:\/\/www.cftc.gov\/PressRoom\/SpeechesTestimony\/opamiller1\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">stated<\/span><\/a><span style=\"font-weight: 400;\"> that exchanges should act as a &#8220;first line of defense&#8221; in detecting and preventing misconduct, and that there should be no doubt as to the prohibition on insider trading in commodity markets.<\/span><\/li>\n<\/ul>\n<p><strong>Looking ahead: <\/strong><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">The CFTC has indicated that it is working to further clarify the regulatory framework for prediction markets, including through guidance and continued enforcement.<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>JPX tests digital JGB collateral via blockchain<\/h2>\n<p><strong>Summary:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Japan Exchange Group (JPX), through its clearing subsidiary Japan Securities Clearing Corporation (JSCC), <\/span><a href=\"https:\/\/www.jpx.co.jp\/english\/corporate\/news\/news-releases\/0060\/20260420-01.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">announced <\/span><\/a><span style=\"font-weight: 400;\">the launch of a proof of concept to modernize JGB collateral management using blockchain technology, in collaboration with Mizuho Financial Group, Nomura Holdings, and Digital Asset Holdings. The project brings together core market infrastructure and leading financial institutions to test real-time, 24\/7 digital collateral transactions, including cross-border use cases, while preserving the legal status of JGBs. Supported by the JFSA, the initiative underscores a coordinated industry effort to enhance collateral efficiency, reduce operational costs, and strengthen Japan\u2019s financial market competitiveness.<\/span><\/p>\n<p><strong>Context:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">As digital asset adoption accelerates globally, establishing digital collateral management using Japanese Government Bonds (JGBs)\u2014highly valued eligible collateral among institutional investors\u2014has become an urgent priority for Japan. This proof of concept combines existing JGB infrastructure with blockchain technology to enable 24\/7, real time collateral transactions, including cross border use cases. By maintaining JGBs\u2019 legal status while enhancing efficiency, the initiative aims to reduce operational burdens, lower costs for financial institutions and investors, strengthen JGB liquidity in digital markets, and enhance the international competitiveness of Japan\u2019s financial system.<\/span><\/p>\n<p><strong>Key Takeaways:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mizuho, Nomura, JSCC, and Digital Asset Holdings launched a proof of concept using the Canton Network to advance digital collateral management for Japanese Government Bonds (JGBs).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The experiment tests whether blockchain can support legally compliant transfer of JGB rights and account book updates across multiple custodians under Japan\u2019s Book Entry Transfer Act.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The proof of concept aims to enable 24\/7, real-time collateral transactions while preserving JGBs\u2019 legal status as issued securities by integrating blockchain technology with existing infrastructure.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cross-border collateral use cases are included, covering interactions among clearing houses, institutional investors, clients, and agents across domestic and international markets.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Legal and regulatory compatibility is assessed, including potential needs for rule amendments and functional enhancements toward future commercialization.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The project is part of the JFSA supported Payment Innovation Project (PIP), which approved the initiative in February 2026.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">JGBs are viewed as highly valued eligible collateral globally, making digital collateralization a priority amid accelerating digital asset adoption.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Expected benefits include significant operational efficiency gains, reduced collateral management costs, and improved liquidity through real time substitution and allocation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Digitally managing JGBs on blockchain may enable deeper integration with other digital assets, supporting new transaction models and financial innovation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The initiative aims to strengthen JGB utilization by global institutional investors and enhance the international competitiveness of Japan\u2019s financial markets.<\/span><\/li>\n<\/ul>\n<p><strong>Next step:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The participating institutions are expected to continue assessing scalability, legal frameworks, operational integration, and regulatory considerations as the proof of concept develops. Further industry engagement and testing may inform future commercialization efforts.<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>MAS consults on prudential treatment of permissionless cryptoassets<\/h2>\n<p><strong>Summary<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The Monetary Authority of Singapore (MAS) has launched a <\/span><a href=\"https:\/\/www.mas.gov.sg\/publications\/consultations\/2026\/consultation-on-the-prudential-treatment-of-cryptoassets-on-permissionless-blockchains\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">consultation<\/span><\/a><span style=\"font-weight: 400;\"> proposing a more risk\u2011sensitive prudential treatment for cryptoassets issued on permissionless blockchains. The proposals would allow certain permissionless cryptoassets to qualify for Group 1 prudential treatment, subject to principle\u2011based safeguards and interim exposure and issuance caps for banks.<\/span><\/p>\n<p><strong>Context:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">In its March 2025 consultation on the prudential treatment of cryptoasset exposures, MAS proposed that permissionless cryptoassets be classified as Group 2 due to governance, technology, settlement finality and AML\/CFT risks. Industry feedback argued this approach was overly restrictive and not technology\u2011neutral given developments such as layer\u20112 solutions and enhanced risk controls. MAS has since reconsidered its position and now proposes an interim framework ahead of finalising the broader cryptoasset prudential regime.<\/span><\/p>\n<p><strong>Key takeaways:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">MAS proposes to allow permissionless cryptoassets to be classified as Group 1 where banks can demonstrate that key risks are adequately mitigated, rather than automatically assigning them to Group 2.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Certain classification conditions relating to validator regulation, network traceability and governance would be disapplied for permissionless cryptoassets, provided new principle\u2011based requirements are met.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The principle\u2011based requirements focus on mitigating governance risk, technology and settlement finality risk, and AML\/CFT risk, with deeming provisions setting out examples of acceptable safeguards.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">During the interim period, exposure and issuance caps would apply to permissionless cryptoassets treated as Group 1:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">For locally incorporated banks, exposures would be capped at 2% of Tier 1 capital and issuances at 5% of Tier 1 capital.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">For Singapore branches of foreign banks, exposures would be capped at 0.2% of total branch assets and issuances at 1% of total branch assets.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Banks would be required to notify MAS at least one month before classifying a permissionless cryptoasset as Group 1 and provide senior risk management confirmation that all requirements are met. MAS retains the right to override a bank\u2019s classification.<\/span><\/li>\n<\/ul>\n<p><strong>Next steps:<\/strong><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">MAS is seeking feedback from banks and other stakeholders on the proposed principle\u2011based requirements, deeming provisions, AML\/CFT safeguards, and the use and calibration of exposure and issuance caps. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">The consultation closes on 18 May 2026.<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>FCA publishes summary of 2025 Cyber Coordination Group insights<\/h2>\n<p><strong>Summary:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The UK Financial Conduct Authority (FCA) has <\/span><a href=\"https:\/\/www.fca.org.uk\/publications\/good-and-poor-practice\/cyber-coordination-group-insights-2025\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> a summary of 2025 discussions from its Cyber Coordination Group (CCG), highlighting industry practices on cyber resilience. The publication provides insights across incident response, emerging technologies, and insider risk, without introducing new regulatory requirements.<\/span><\/p>\n<p><strong>Context:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The CCG programme, established in 2017, brings together around 140 firms to share cyber resilience insights with regulators and the National Cyber Security Centre (NCSC). The FCA continues to use the forum to support firms in meeting existing operational resilience and cyber risk expectations.<\/span><\/p>\n<p><strong>Key takeaways:<\/strong><\/p>\n<p><b>Incident response and recovery<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Members discussed how firms prepare for, respond to and recover from large-scale incidents, with a focus on testing, stakeholder readiness and recovery planning following severe disruption.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Detailed service mapping across people, technology assets and third parties was seen as critical to effective response and recovery. It helps firms understand interdependencies, prioritise recovery actions and support minimum viable services, although maintaining accurate maps can be difficult in large, complex and multinational organisations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Firms emphasised the importance of clearer contractual obligations, greater supply chain transparency, particularly in relation to AI, and involving key suppliers in response and recovery testing. However, defining, testing and embedding third-party roles during incidents often remains challenging.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Firms noted that combining sandbox and live-system testing can challenge assumptions more effectively than tabletop exercises alone.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Developing severe but plausible scenarios was seen as a useful way to strengthen testing of important business services, with more realistic exercises often revealing practical issues such as network configurations and firewall dependencies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Early board and senior management engagement was seen as improving incident decision-making, escalation and communication, although securing that engagement can be difficult where relationships are less established.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The NCSC Early Warning service was viewed as a useful tool for improving threat intelligence, earlier detection and exposure assessment.<\/span><\/li>\n<\/ul>\n<p><b>Emerging technologies<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Members discussed firms\u2019 approaches to adopting emerging technologies, including AI, and the implications for cyber resilience.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Firms generally said they are integrating AI-related risks into existing governance frameworks rather than creating standalone processes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Good cryptographic hygiene was seen as the foundation for effective preparation for post-quantum cryptography (PQC), while risk-based planning helps firms prioritise which assets to address first in any migration programme.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Firms also reported practical challenges. Many lack sufficient visibility into how third-party suppliers are using AI.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Members noted that threat actors are increasingly using AI to enhance phishing, vishing and deepfake-enabled attacks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Some firms are developing role-specific training and broader technology literacy programmes covering AI and PQC, but maintaining senior sponsorship can be difficult where boards view PQC as a distant issue.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Members also observed that PQC training is often too technical and not easily translated into practical business actions.<\/span><\/li>\n<\/ul>\n<p><b>Insider risk<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Members discussed their experiences of managing insider risk from a cyber resilience perspective, including examples of good practice and common detection challenges.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insider risk management was consistently described as a cross-functional issue requiring coordination between cyber, HR, legal, operations, conduct, ethics and financial crime teams.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Firms highlighted the importance of balancing effective security controls with a culture of trust.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Joint operating forums and cross-functional triage groups were seen as useful mechanisms for improving the identification of and response to insider risks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Properly configured behavioural analytics and data loss prevention tools can strengthen detection capabilities, while insider risk scenarios can add value in both red team and tabletop exercises.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Strong identity and access controls, including privileged access management, were also highlighted as important risk mitigants.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Implementation can, however, be complex. Privacy and employment laws, particularly in the EU, may restrict monitoring and require different approaches across jurisdictions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Controls may also be perceived as punitive if they are not clearly governed and communicated.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monitoring tools can generate very high volumes of alerts, and AI-based tools may be of limited value unless carefully calibrated with sufficient context and mature baselines.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Some firms also reported that they still lack a clear and consistent definition of who should be treated as an insider.<\/span><\/li>\n<\/ul>\n<p><strong>Next steps:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Firms are expected to consider the insights within the context of existing FCA expectations on operational resilience and cyber risk management.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ongoing engagement through the CCG programme will continue to inform supervisory dialogue and industry practices.<\/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-6a183f99dd980]::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-6a183f99dd980'>\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    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