Dear Readers,

We are pleased to share our regulatory newsletter for the first quarter of 2026.
This 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 IASB's "Risk Mitigation Accounting" project and its implications for risk management, an overview of the ACPR's five supervisory priorities for 2026, and a look at the ECB's proposal to simplify the assessment of internal models. We also examine the EBA's restructuring of the SREP framework and the launch of the Pillar 3 Data Hub; the DORA / ESG / Data Quality triptych shaped by the Digital Operational Resilience Act; and the United States' re-proposal of March 2026 concerning Basel III requirements.

2. Market and macroeconomic update — A tour d'horizon of macroeconomic and geopolitical dynamics: the delicate balancing act facing the major central banks between inflation and economic uncertainty; the renewed tensions arising from the US–Iran war and its implications for global trade, energy and commodities; and the European Union's commercial expansion through the implementation of free-trade agreements (MERCOSUR, EU–Australia).

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.
Enjoy the read.