PBOC-led regulators told domestic agencies to reassess highly rated issuers using updated standards that include issuance spreads over comparable government bonds, with spreads above 200 basis points as a downgrade trigger. By June 26, 28 downgrades had been recorded in 2026 versus nine in 2025, while more than 220 issuers stopped seeking ratings.
Reports on July 7 said HSBC has informed some private credit clients it will not extend certain lending lines and will stop providing subordinated leverage financing. The bank said some relationships no longer offered returns commensurate with risk and that it will focus on lower-risk funds.
In records and papers published on 7 July 2026, the Bank of England’s Financial Policy Committee proposed removing the countercyclical leverage buffer, cutting the Tier 1 leverage minimum to 3% from 3.25%, setting systemic leverage buffers at 50% of risk-weighted equivalents, and adding a releasable 25-basis-point general buffer.
In September 2025, Baillie Gifford said it was consulting on changes across about 1,600 employees, with up to 50 positions potentially affected and some departures expected before year-end. The firm said it was reallocating roles to reflect changes in client distribution, while using internal mobility to redeploy staff where possible.
In its 2026 Article IV report published June 9, the IMF said Nigeria’s proposed $5 billion total return swap with First Abu Dhabi Bank uses 133% collateral in domestic government securities and creates margin-call exposure tied to the naira and interest rates. IMF staff treated the full collateral amount as debt and cited Eurobonds or concessional borrowing as alternatives.
From 1 July 2026, crypto firms serving EU clients must hold MiCA authorization or cease operating. ESMA’s interim register, last updated on 26 June, listed 244 authorized providers. ESMA has instructed unauthorized firms to stop onboarding new clients and limit activity to transfers, sales and orderly wind-down steps.
Lewis Silkin says it acts for Rockfire Investment Finance, in liquidation, in Quincecare claims against Royal Bank of Scotland, a NatWest Group entity, with the claim valued at around £180 million. The case relates to payment instructions connected to alleged fraud involving companies linked to Liam Kavanagh, with Thurrock Council identified as an investor.
In a July 1 ruling, the UK Supreme Court unanimously dismissed BlueCrest’s appeal over the tax treatment of senior LLP members, backing HMRC on the salaried members rules. The case covers 2014 to 2019 and involves about £142 million of PAYE determinations and £55.3 million of National Insurance liabilities.
In an 8 May 2026 update, the FCA said four applicants asked the Upper Tribunal to invalidate parts of its £9.1 billion motor finance compensation scheme, challenging its legal powers, pre-2014 coverage, loss presumptions and redress calculations, including alleged interference with lenders’ property rights. Firms were told to keep preparing.
The bank said the transaction gives it control of One Churchill Place beyond the current lease expiry in 2039 and more certainty over long-term occupancy costs. Barclays said the deal, covering more than 1 million square feet, is expected to be broadly neutral for its CET1 capital ratio and earnings.
The World Bank Group said June 29 it will retire its 45% and earlier 35% climate co-benefits targets while extending the Climate Change Action Plan beyond its June 2026 expiry. The board requested an Independent Evaluation Group review, and the bank will continue reporting net greenhouse gas emissions, resilience beneficiaries and climate co-benefits progress.
Airbus will receive a €3 billion European Investment Bank financing package for research, development and innovation projects in France, Germany and Spain covering commercial and defence aviation. The first €1 billion tranche was signed in Brussels on Monday, and the EIB said the commitment is its largest financing package for a corporate borrower.
JPMorgan said Doug Petno and Troy Rohrbaugh were appointed co-presidents effective immediately as part of the board’s succession planning process. Petno will serve as sole CEO of the Commercial & Investment Bank, Rohrbaugh will lead Consumer & Community Banking, and Marianne Lake will retire after a transition period.
In a filing, Ares said investors sought repurchases equal to 14.4% of shares in its roughly $22.6 billion Ares Strategic Income Fund for the second quarter, up from 11.6% in the prior quarter. The non-traded private credit fund accepted 5% under its quarterly limit, with requests concentrated among a small group of non-U.S. institutions and family offices.
Binance told users in several EU markets that, from 1 July 2026, regulated crypto-asset services will be restricted because no group entity will have MiCA authorisation by the 30 June deadline. The company withdrew its Greek application, plans to seek approval in another member state, and said clients can withdraw assets and reduce positions.
Industrial and Commercial Bank of China said it will stop agency precious metals bidding on the Shanghai Gold Exchange from July 24. Postal Savings Bank, Ping An Bank and China Guangfa Bank also announced suspensions, while Bank of China and Huaxia Bank lifted client margin ratios on deferred contracts to as high as 140%, with changes focused on existing customers.
Apollo Debt Solutions, a roughly $26 billion private credit fund, said withdrawal requests reached 16.8% of shares for the quarter, up from 11.2% previously, prompting it to apply its 5% redemption limit. The filing indicated about $700 million of gross outflows, $300 million of inflows and net outflows near 3% of NAV year to date.
The draft law, now before the National People's Congress Standing Committee, would create a foundational framework for the financial sector, place all financial activities under unified supervision, require approval for institutions and products, formalize risk-resolution tools, and state that the renminbi includes both physical and digital forms.
Ireland said it aims to secure an EU agreement on the capital markets package by the end of 2026 during its rotating presidency, while maintaining that expanded centralized supervision by ESMA is not necessary. The package is part of the EU Savings and Investments Union and includes market integration and supervision reforms proposed by the European Commission.
The European Central Bank halted new product launches by Revolut’s European arm across the European Economic Area last summer, according to notifications made in July 2025. The bank also required an independent review and asked Revolut’s board to examine how future launches could affect capital, liquidity and internal approvals.
UBS Group AG has reduced its Asia sustainability office from seven employees to three in recent months as part of a broader restructuring. The bank has cut its global sustainability workforce by nearly 65% and has almost fully removed its dedicated ESG data team, while shifting sustainability responsibilities into business divisions.
The Sandiganbayan, the Philippines’ anti-graft court, dismissed the remaining asset claims in a civil forfeiture case involving the heirs of former president Ferdinand Marcos, ending litigation that had lasted more than 30 years. Media reports said the government previously secured partial summary judgments ordering forfeiture of $658 million in Swiss deposits.
China’s securities regulator said it is preparing a reform plan for the fund management industry focused on improving long-term investor returns, reducing fees, and tightening oversight of market activity. It also outlined a three-year implementation plan for related guidance and said it will encourage private securities funds to adopt long-term, value-oriented investment approaches.