{"id":129632,"date":"2025-10-30T12:19:55","date_gmt":"2025-10-30T16:19:55","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/october-global-regulatory-brief-digital-finance\/"},"modified":"2025-10-30T12:20:22","modified_gmt":"2025-10-30T16:20:22","slug":"october-global-regulatory-brief-digital-finance","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/october-global-regulatory-brief-digital-finance\/","title":{"rendered":"October Global Regulatory Brief: Digital finance"},"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-6a00c8a37e207'>\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\">October 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:\/\/www.bloomberg.com\/professional\/insights\/category\/artificial-intelligence\/\" rel=\"category tag\">\n                    Artificial Intelligence\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/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\/41\/shutterstock_2074659229-11.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Stockmarket online trading chart candlestick\" title=\"Stockmarket online trading chart candlestick\" \/>\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-6a00c8a38a7b6'>\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\">October 30, 2025<\/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-6a00c8a38d9a2'>\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><i>The Global Regulatory Brief provides monthly insights on the latest risk and regulatory developments. This brief was written by Bloomberg\u2019s Regulatory Affairs Specialists.<\/i><\/p>\n<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>UK: <\/b><span style=\"font-weight: 400;\">FCA Publishes Feedback on AI Live Testing Initiative<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Singapore:<\/b><span style=\"font-weight: 400;\"> MAS Launches Knowledge Hub to Boost Industry in AI<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Australia<\/b><span style=\"font-weight: 400;\">: Treasury proposes crypto platform regulations<\/span><\/li>\n<li aria-level=\"1\"><b>South Africa: <\/b>Regulators consult on cybersecurity &amp; incident reporting standards<\/li>\n<\/ul>\n<h2>FCA publishes feedback on AI live testing initiative<\/h2>\n<p><span style=\"font-weight: 400;\">On 10 September 2025, the FCA released a Feedback Statement on its proposed AI Live Testing Initiative, summarising industry responses to its April 2025 Engagement Paper. The initiative aims to offer a sandbox-like environment for firms to test advanced AI systems under real-world conditions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This feedback will shape the FCA&#8217;s first AI Live Testing Cohort, for which applications now close on 15 September 2025 (extended deadline). The cohort is expected to run for 12 months from October. A formal evaluation report will follow.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In parallel, the FCA confirmed it will continue applying existing regulatory frameworks, such as the Consumer Duty and SMCR, to AI rather than introducing AI-specific rules via its new AI\u00a0 webpage.<\/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-6a00c8a38faa3'>\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: 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           <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_8971110987375905548\"\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-6a00c8a395642'>\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>Key takeaways<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The FCA received 67 responses from a wide cross-section of stakeholders, including banks, insurers, startups, Big Tech, academia, and consultancies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Broad support exists for the initiative as a tool to address the \u201clast mile\u201d challenge, where regulatory uncertainty impedes AI deployment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Key concerns include:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Difficulty in ensuring explainability and ongoing monitoring of AI models.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Misalignment between current compliance frameworks and AI-specific risks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Lack of transparency in third-party AI offerings.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Ambiguity around what constitutes \u201creasonable steps\u201d under SMCR when approving AI systems.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Operational resilience risks associated with AI model failure.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Specific challenges related to large language models, such as accuracy, fairness, and treatment of vulnerable consumers.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Respondents proposed:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Developing standardised benchmarks for AI model evaluation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Stress testing AI systems under extreme but plausible scenarios.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Clearer expectations on fairness and bias mitigation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Greater international alignment and cross-industry collaboration (e.g. NIST, Singapore\u2019s AI Verify).<\/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;\">Applications for Cohort 1 of the AI Live Testing Initiative close 15 September 2025.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The FCA plans to publish an evaluation report after the 12-month testing period.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Firms should consult the FCA\u2019s newly launched AI webpage for guidance on regulatory expectations under existing frameworks.<\/span><\/li>\n<\/ul>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>MAS launches PathFin.ai knowledge hub to boost industry literacy and innovation in AI<\/h2>\n<p><b>Summary<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In a speech by Minister Chee Hong Tat, the Monetary Authority of Singapore (MAS) announced the launch of the PathFin.ai knowledge hub, a strategic initiative to boost AI adoption, literacy, and innovation across Singapore&#8217;s financial sector. This launch is part of a two-pronged strategy\u2014upgrading the AI ecosystem and upskilling the workforce\u2014designed to ensure the sector remains competitive amidst global shifts in technology, trade, and climate change. The government confirmed its commitment to ensuring AI augments workers, with the goal of uplifting AI literacy for all employees while providing clarity on supervisory expectations for responsible AI use.<\/span><\/p>\n<p><b>In more detail<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Strategic vision and context<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Growth Driver: The financial sector is critical to Singapore&#8217;s economy, growing by 6.8% last year, and is essential for creating high-value jobs for locals. AI is identified as a major force capable of adding significant value to the global sector.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Two Key Pillars: To maintain competitiveness, the sector will focus on:\u00a0<\/span><\/li>\n<\/ul>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Continuously upgrading the AI ecosystem<\/span><span style=\"font-weight: 400;\"> to promote knowledge exchange and innovation;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Uplifting and upskilling the workforce<\/span><span style=\"font-weight: 400;\"> to be AI-ready.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Pillar 1: Upgrading the AI ccosystem<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">PathFin.ai Knowledge Hub: Launched under the existing PathFin.ai program (which involves over 80 FIs), the hub is a new resource for peer learning. It features an initial set of successful AI use cases and learnings curated by industry participants in key areas like sales, risk management, and tech. The goal is to reduce the time and effort required for individual FIs to implement AI solutions by learning from shared experiences.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enhancing Supervisory Clarity: MAS plans to boost industry confidence in innovation by clarifying its expectations on AI risk management.<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Building on the FEAT principles (Fairness, Ethics, Accountability, Transparency), MAS will consult the industry later this year on new supervisory guidelines on AI risk management.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Concurrently, MAS is developing the Project MindForge AI risk management handbook for publication later this year, which will provide practitioners&#8217; perspectives to guide responsible AI deployment.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Pillar 2: Preparing the AI-ready workforce<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Jobs Transformation Map (JTM): MAS and IBF, in partnership with WSG, developed a JTM to study how Generative AI will reshape jobs and skills. Pilot programs with 10 FIs are testing and refining the approach.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Universal AI Literacy: The core principle is to &#8220;leave no one behind&#8221; by lifting foundational AI skills for all workers (e.g., prompt design, AI governance). The three local banks have committed to training all 35,000 of their Singapore employees in the next 1\u20132 years using IBF-accredited programs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Augmentation over Replacement: The strategy is to augment employees with role-specific AI tools, streamlining routine tasks to enable them to take on higher-value and more complex work, thereby improving productivity and career progression (e.g., Manulife underwriters, Bank of Singapore RMs).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Talent Pipeline: IBF is working with Institutes of Higher Learning (IHLs) and FIs (like UBS and UOB) to establish internships and traineeships for young talent to gain practical exposure to AI use cases in finance early in their careers.<\/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;\">MAS Consults on AI Risk Guidelines: MAS will formally consult the industry later this year on new supervisory guidelines for AI risk management.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Publish Practitioner Handbook: The Project MindForge AI risk management handbook will be published later this year to assist FIs with responsible AI implementation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Expand PathFin.ai Hub Content: MAS and industry partners will progressively enhance the PathFin.ai knowledge hub with more peer-validated use cases, resources, and solutions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Complete Mass AI Literacy Training: The three local banks are expected to complete the training of their 35,000 employees in foundational AI literacy within the next 1 to 2 years.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Union and FI Collaboration: FIs and unions are encouraged to utilize platforms like the NTUC Company Training Committee (CTC) grant and roll out IBF-accredited courses to accelerate the upskilling of the financial sector workforce.<\/span><\/li>\n<\/ul>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>The Australian government proposes legislation for crypto platforms<\/h2>\n<p><span style=\"font-weight: 400;\">Treasury<\/span> <a href=\"https:\/\/consult.treasury.gov.au\/c2025-701519\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">presented<\/span><\/a><span style=\"font-weight: 400;\"> proposals for new rules affecting digital asset platforms (DAPs) and tokenised custody platforms (TCPs) in Australia. The focus of the legislation is on businesses that hold assets on behalf of clients, rather than on the digital assets themselves. It is part of the Government&#8217;s commitment in the 2024-2025 budget to modernise Australia&#8217;s digital asset regulation.<\/span><\/p>\n<p><b>Background<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/storage.googleapis.com\/files-au-treasury\/treasury\/p\/prj37f059c66284c24051948\/page\/c2025_701519_ed_bill.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">draft legislation<\/span><\/a><span style=\"font-weight: 400;\"> seeks to capture DAPs and TCPs by introducing each as new financial products. Where digital assets already fall within existing financial product definitions, the proposed laws will largely apply to activities involving those assets in the same way they do now. However, the proposals introduce targeted elements of risk mitigation, regulatory clarity, and \u201cright-sized\u201d obligations \u2013 in a way that facilitates innovations without sacrificing consumer protections.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Anyone providing specified services in relation to DAPs or TCPs will be treated as providing a financial service. Providers of financial services will need to hold an Australian Financial Services Licence (AFSL), the same licence required for other financial service providers. Using the existing AFSL framework avoids the need for a new licensing regime. It also reduces complexity and gives industry and consumers the benefit of familiar rules and protections.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Last week, ASIC had <\/span><a href=\"https:\/\/www.asic.gov.au\/about-asic\/news-centre\/news-items\/asic-proposes-extending-stablecoin-distribution-exemption\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">proposed<\/span><\/a><span style=\"font-weight: 400;\"> extending class relief for intermediaries engaging in the secondary distribution of a second stablecoin issued by an Australian financial services (licenced) issuer. Earlier this month, ASIC <\/span><a href=\"https:\/\/www.asic.gov.au\/about-asic\/news-centre\/news-items\/asic-supports-innovation-through-exemptions-for-distributors-of-australian-stablecoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">granted<\/span><\/a><span style=\"font-weight: 400;\"> class relief for intermediaries engaging in the secondary distribution of a stablecoin issued by an AFS licensed issuer. ASIC advised at the time that as and when more issuers of eligible stablecoins obtain an AFS licence, it will consider extending the same relief to intermediaries distributing those stablecoins. ASIC is working closely with Treasury as it looks to implement the Government\u2019s <\/span><a href=\"https:\/\/treasury.gov.au\/publication\/p2025-628504\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">digital assets reforms<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In developing its legislative proposals, Treasury considered the recommendations proposed by the FSB and IOSCO, and have been guided by them in developing the current reforms. These recommendations aim to ensure a level-playing field between traditional and emerging financial intermediaries.<\/span><\/p>\n<p><b>Next steps<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Treasury&#8217;s consultation closes on 24 October 2025.<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>South African regulators issue consultation on upcoming cybersecurity &amp; incident reporting standards<\/h2>\n<p><b>Context<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) have issued two key Joint Standards that reshape regulatory expectations for financial institutions:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Joint Standard 1 of 2023 \u2013 IT Governance and Risk Management (effective 15 November 2024)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Joint Standard 2 of 2024 \u2013 Cybersecurity and Cyber Resilience Requirements (effective 1 June 2025)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Together, these standards define notification obligations for material IT and cyber incidents across regulated financial institutions.<\/span><\/p>\n<p><b>Current development, consultation on notification framework<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In September 2025, the Authorities released Joint Communication 3 of 2025 for industry consultation, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Annexure A: Draft Determination outlining the formal notification process.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Annexure B: Draft template for reporting material IT and cyber incidents.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Annexure C: Comment template for feedback (submissions due 5 October 2025).<\/span><\/li>\n<\/ul>\n<p><b>Implications<\/b><\/p>\n<p><b> <\/b><span style=\"font-weight: 400;\">Regulators are tightening expectations around timely and standardized incident reporting.<\/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-6a00c8a3990a5]::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-6a00c8a3990a5'>\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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