Cross border—financial services and related sectors

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Latest Financial Services News

OFSI amends General Licence INT/2023/3263556

The Office of Financial Sanctions Implementation (OFSI) has updated General Licence INT/2023/3263556, introducing new controls on GTLK-related insolvency proceedings. The amendments add regulation 18A exemptions and new definitions for financial instruments, while clarifying that designated persons' funds must be held in frozen accounts. The licence now explicitly restricts foreign exchange and asset management services to UK Prohibited Persons unless payments are credited to specified accounts. Additional reporting requirements have been implemented.

Council of the EU approves permanent lower liquidity requirements for short-term bank transactions

The Council of the EU has approved amendments to the Capital Requirements Regulation (Regulation (EU) 575/2013) to make permanent the transitional required stable funding (RSF) factors for certain short-term securities financing transactions (SFTs) used in calculating the net stable funding ratio (NSFR). The decision ensures these RSF factors remain below those set by the Basel III standards, supporting liquidity and market stability for EU banks. It also aims to prevent a competitive disadvantage for EU banks, as many non-EU jurisdictions already apply lower permanent SFT factors. The amendments will be published in the EU’s Official Journal and take effect from 29 June 2025. The European Banking Authority will monitor and report on their impact every five years.

FCA's Rathi tries to gauge government risk appetite for crypto

Law360, London: The Financial Conduct Authority (FCA) warned a cross-party group of MPs on 10 June 2025 it needed a steer on the government's risk appetite for crypto-assets amid the push for UK competitiveness and economic growth.

Financial Services—other developments (12/6/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

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