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These rules include requirements for how businesses must record and store information, and how long they must retain certain records. Any organization found to be in noncompliance with SOX can face penalties including monetary fines, removal from listings on public stock exchanges, and invalidation of directors\u2019 and officers\u2019 liability insurance policies. FISMA requires that these organizations categorize the data they collect and store by how negatively impactful it would be if hacked, breached, or compromised. In addition, these organizations must conduct regular risk assessments to reduce risk to an \u2018acceptable level\u2019 through proper data security controls.<\/p>\n<\/p>\n
In 2026, we will be watching if India can reconcile competing policy views on crypto and chart a path to regulatory clarity. As summer gave way to fall, we saw cross-border cooperation pick up as London worked with Washington to launch a Transatlantic Taskforce for Markets of the Future in September. It is expected to report back within 180 days on short- and long-term changes to enhance collaboration between the two nations. 2025 saw Switzerland continue to demonstrate support for innovation with regard for risk management and supervisory priorities. In 2026, we will be watching for more licensing activity, as well as whether the regulator will step up enforcement action against unlicensed providers.<\/p>\n<\/p>\n
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In its June 2025 annual economic report, the BIS was optimistic about tokenized forms of central and commercial bank money \u2014 such as central bank digital currencies (CBDCs) and tokenized deposits \u2014 while expressing concerns about stablecoins. The BIS argued that trustworthy monetary systems must demonstrate singleness, elasticity, and integrity, and that the existing two-tier model of central and commercial bank money best meets these criteria. IOSCO also advanced adjacent work through its November 2025 report on tokenization of financial assets. The report noted that tokenization is growing but nascent, with uneven efficiency gains and varying regulatory approaches. IOSCO encouraged regulators to apply its existing policy recommendations on crypto markets and DeFi to tokenized financial assets, in line with its \u201csame activities, same risks, same regulator outcomes\u201d philosophy.<\/p>\n<\/p>\n