SEC opens a crypto capital track; UK and EU tighten disclosure
SEC proposes a dedicated capital-raising track for crypto ventures
The SEC has proposed 'Regulation Crypto Assets,' creating two new securities-registration exemptions for investment contracts involving crypto assets: a one-time $5 million offering over four years, and a repeatable $75 million offering in any 12-month period, each carrying disclosure obligations. The proposal also sets out a conditional safe harbor removing qualifying crypto assets from the 'investment contract' definition once an issuer's promised managerial efforts are complete, and would preempt state securities registration for offerings made under the exemptions. Public comment runs 60 days from the proposal's Federal Register publication.
Implications for capital — Crypto ventures gain two purpose-built, federally pre-emptive paths to raise capital without full securities registration, with ongoing disclosure duties attaching once an offering uses the larger exemption. Structures built offshore mainly to avoid U.S. securities registration face a narrower rationale for doing so.
FCA settles the design of a UK equity consolidated tape
The FCA published two consultations, CP26/30 and CP26/31, finalising the design of a UK equity consolidated tape that will combine pre- and post-trade data from all execution venues into a single licensed feed, alongside related equity market-transparency and market-structure changes. The tape follows June 2026's UK bond consolidated tape, which has already drawn more than 1.6 million licence subscriptions. Feedback closes 16 October 2026, after which the FCA begins procuring a tape provider, targeting delivery within 18 months.
Implications for capital — Once operational, the tape centralises previously fragmented UK equity trading data behind a single licensed source, changing how market participants access and pay for market-wide price and volume information.
Source: Financial Conduct Authority
HMRC opens phase two of mandatory tax-adviser registration
HMRC has opened the second phase of its Modernising and Mandating Tax Adviser Registration programme, requiring any adviser holding a Self Assessment or Corporation Tax account but no agent services account to register by 18 November 2026. Financial services organisations acting as tax advisers fall into a later phase, required to register between 31 December 2026 and 31 March 2027. HMRC states it may limit an unregistered adviser's ability to act for clients and may pursue financial penalties for continued non-compliance.
Implications for capital — Private clients and institutions need to confirm their tax advisers are registered on HMRC's new system to avoid disruption to ongoing tax representation; unregistered advisers risk losing the ability to act on a client's behalf.
Source: HM Revenue & Customs (HMRC)
ESMA consults on a reporting duty for EU exposure to offshore CCPs
ESMA has launched a consultation on new annual reporting obligations under EMIR for clearing members and clients that clear transactions through recognised third-country central counterparties, proposing draft technical standards to give EU supervisors structured visibility into the scale and risk profile of these exposures. The framework is designed to reuse data already reported elsewhere and add only what supervisors currently lack. Feedback closes 12 October 2026, after which ESMA will prepare a Final Report.
Implications for capital — Firms clearing through non-EU CCPs would face a new annual disclosure obligation to EU supervisors, adding a reporting layer to cross-border clearing arrangements that route capital through third-country market infrastructure.