Welcome to Carver's European Union Regulatory Updates for January 31, 2026.

In today’s highlights, we begin with important regulatory changes affecting securities and financial reporting. As of January 19, 2026, a new regime governs offers of securities within the European Union. This includes both transferable and non-transferable debt securities, such as mini-bonds and loan notes. The updated rules grant regulators enhanced powers to oversee unauthorized offers, aiming to better protect consumers and investors.

Turning to financial reporting, the Federal Office of Justice has imposed a disciplinary fine on BayWa Aktiengesellschaft for failing to submit its 2024 consolidated accounting documents electronically within the required timeframe. This enforcement underscores the importance of timely compliance with section 325 of the German Commercial Code.

Additionally, the closing of 2025 accounts introduces IFRS 18, bringing new presentation and disclosure requirements. Amendments to IFRS 9 and IFRS 7 are also in effect, alongside mandatory application of ANC regulations, reinforcing transparency and accuracy in financial statements.

In the United Kingdom, the Financial Conduct Authority is seeking feedback on proposed rules for cryptoasset firms. These proposals cover Consumer Duty, conduct standards, redress mechanisms, safeguarding, training, senior management accountability, regulatory reporting, and policies on credit use for crypto purchases. This consultation aims to strengthen consumer protection and market integrity in the evolving crypto sector.

The FCA has also issued warnings about several unauthorized firms operating in the UK financial market. These include Onyx Capital Pro, Wealthexa, Mega Income Options Trading, JustMarketExpert, and PhyxTrade. Consumers are strongly advised to avoid dealings with these entities, as they lack FCA authorization and may pose significant risks.

In enforcement news, the U.S. Securities and Exchange Commission has filed a complaint against Joel B. Sofia, alleging material misrepresentations, breaches of fiduciary duty, and fraudulent advisory practices resulting in client losses exceeding $1.6 million. This case highlights ongoing efforts to uphold fiduciary standards and investor protection.

On the digital front, the Deutsche Bundesbank plans to replace its Allgemeines Meldeportal Statistik, or AMS, early this year. The new system will support manual data entry and CSV uploads, while XML uploads will transition to the NExt platform. Registration and activation in NExt will be required for relevant business areas, streamlining statistical reporting processes.

Cybersecurity remains a critical focus. The Bundesbank reports facing over 5,000 cyberattacks every minute, emphasizing its preparedness for crises affecting payment systems. The upcoming introduction of the digital euro is expected to enhance payment resilience across the European Union.

Leadership changes are also underway. Emmanuelle Assouan has been appointed Secretary General of the ACPR, effective March 2, 2026, and Xavier Debrun will assume the role of Chief Economist at the Banque de France starting February 2, 2026. These appointments mark significant developments in regulatory leadership.

Finally, the Autorité des Marchés Financiers has implemented a whistleblower mechanism to protect individuals reporting potential regulatory breaches. This initiative ensures confidentiality and encourages transparency within financial markets.

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