Ongoing Developments in Financial Services Regulation in the EU and UK – Part IInvestor Services

中文标题

欧盟与英国金融服务监管的持续发展——第一部分 · 投资者服务

Citi08/28/2026updated 10/17/2026

Multiple economies

Citable research brief

Core conclusion · Tlines extraction

Citi's report reviews the latest developments in EU and UK financial services regulation, focusing on digital finance, including the digital euro and digital pound projects, stablecoin regimes, crypto-asset regulation, fund tokenisation, AI, cybersecurity, and data collection reforms.

Institution: Citi
Published: 08/28/2026
Research topic: Central Bank Digital Currency · Digital Pound · Stablecoin Regulation
Time horizon: medium-term · past

Key arguments

The EU and UK are progressing towards similar policy objectives in financial services regulation, albeit with different approaches, such as prescription versus outcomes-based.
Digital assets and stablecoins are seen as offering growth and innovation potential, but require careful risk assessment, particularly in cross-border contexts.
Regulators are increasingly using AI and RegTech to supervise fund operators, requiring standardized data, but are also aware of the burden of excessive data collection.
Both EU and UK are implementing frameworks to balance innovation with financial stability and consumer protection in areas like AI and cybersecurity.

Key numbers

Number of authorized EMTs under MiCA as of end of June 2026: 40
Number of authorized ARTs under MiCA as of end of June 2026: 0
Number of major ICT-related incidents reported in 2025 under DORA: 3,383
Average number of major ICT incidents per DORA entity in 2025: 0.18
Reduction in transaction reporting fields by FCA: from 65 to 52
Number of financial instruments removed from FCA reporting requirements: 7 million
Annual savings for firms from FCA transaction reporting changes: £32 million
Reduction in period for correcting historical reporting errors by FCA: from 5 to 3 years

Main risks

Digital euro offline functionality poses a risk of losing money if device is lost, with no refund possible.
Stablecoin regulation may face challenges in ensuring backing assets are managed clearly and risks to financial stability are mitigated.
Rapid evolution of AI may outpace regulation, necessitating proactive risk management to prevent AI-driven cyber threats.
Excessive data collection from fund operators increases pressure on them, but regulators are seeking to reduce burden through harmonisation.

Corresponding source evidence

However, the BoE says that, drawing on the evidence being developed through its assessment, blueprint work, technology experiments, and engagements with industry, academia and civil society, it and HM Treasury intend to set out their decision on next steps by the end of 2026. · medium-term
As of the end of June 2026, no ARTs have been authorised compared with 40 EMTs. · past

Context: the conclusion is Tlines' automated extraction, not the institution's wording. Quoted evidence is publisher wording. Scope and date must travel with the conclusion.

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