Dear Readers,

We are pleased to share our regulatory newsletter for the fourth quarter of 2025.
This year-end edition puts into perspective the major challenges facing the financial sector in 2026, marking a transition between the prudential outlook and emerging macroeconomic uncertainties.
Our analysis is structured around the following themes:

1. Regulatory analysis — A review of regulatory requirements, with a focus on the ECB's supervisory priorities for 2025–2027 and the geopolitical stress test, the new IRRBB 2026 standard and the issues raised by the cliff effect, as well as the cliff effect in liquidity and the
key takeaways from the EU banking risk assessment report.

2. Market and macroeconomic update géopolitiques : : the delicate balancing act facing the ECB and the Fed in confronting inflation, transatlantic political uncertainties (US fiscal challenges and European vulnerabilities), and the impact of ongoing conflicts on energy, commodities and global trade.

3. Institutional and regulatory publications : A selection of recent documents and reports issued by the principal supervisory authorities, offering a consolidated view of the prevailing direction on financial stability.

We hope this edition gives you a clear picture of the structural issues ahead for 2026.