The FCA has published advance information on its cryptoasset application form, and the September revision adds five items. The harder task is making the permissions, business plan, forecasts and custody model describe the same business.

The prudential rules set a minimum. The firm's own risk assessment may set a higher figure. The funding plan has to keep both in place from authorisation onwards. These are three separate questions, and a founder needs an answer to each.

CASS 6 already sets the baseline for holding tokenised securities. What is still to come is an additional framework specific to them. A platform can design and test its custody model now, without waiting for that framework.

HM Treasury has named Barclays, HSBC, Lloyds, Morgan Stanley, NatWest and RBC Capital Markets as joint lead managers for DIGIT, the UK's first digitally native gilt, with issuance targeted for early 2027.

FCA director Jon Relleen told a capital markets summit on 5 October that PISCES has four authorised operators and seven transactions, that the DIGIT digital gilt is due early next year, and that a joint tokenisation roadmap is coming in the next few weeks.

The answer depends on what the token is, what each business does with it, and whether an exclusion applies. The permission question may fall on the platform, on the company, or on both.

Isabel Schnabel of the ECB presented three ways to put central bank money on a distributed ledger at the Bank of England on 1 October 2026. The slides rank none of them and set no date for a choice.

FS26/1 changes no rules. Its value to a founder or platform is that it shows which parts of a tokenisation plan can go ahead on today's rules, and which still depend on decisions to come.

The EU securities regulator has told the European Commission how it wants the bloc crypto rulebook rewritten, from influencer marketing to DeFi access. It also names a framework for tokenised securities and on-chain settlement as a longer-term aim.

Chris Woolard has spent most of his career deciding how UK financial markets get regulated. This month he published his first report on how they get rebuilt.

The commissioner who designed the five-year exemption for tokenised share trading announced her departure on 25 September 2026. It leaves a two-member Commission holding a temporary permission that no trading venue has yet used.

A supervisory priority is not a rule change. It is a decision about where inspectors look, and from 2027 they will be looking at how firms use tokenisation with customers.

The Bank of England has cleared a company that is not a bank to run a live digital securities depository, and the assets on its opening list are ordinary listed shares and government bonds rather than anything experimental.

An SEC lawyer has put a rough date on when tokenised share trading starts in the United States, and a commissioner has set out the one control companies have over it.

FCA PS26/18, published 16 September 2026, does not sort assets into two bins. It sorts activities, so the same tokenised share sits outside the perimeter as a register and inside it as something safeguarded. The application window closes 28 February 2027.

DTCC moves its tokenisation service for Russell 1000 shares, major ETFs and US Treasuries into full production in October 2026. The SEC staff relief behind it lasts three years from launch, and the UK's Digital Securities Sandbox runs to December 2028.

Since 19 January 2026, UK private companies can raise £5m or more from a broad group of investors without a prospectus, through an FCA-authorised public offer platform. How the route works, what the platform must check, and the open question on tokenised shares.

The US has just moved the tokenisation debate from theory to live market structure. On 17 September 2026, the US Securities and Exchange Commission issued an order giving temporary, conditional relief to certain venues that want to trade tokenised US stocks. The relief applies to “Tokenised Securities Venues” and exempts them, under set conditions, from being treated as an “exchange” under the Exchange Act. That matters because tokenised shares have been held back by a

The Financial Conduct Authority and the Bank of England have committed to a clear route from the Digital Securities Sandbox to permanent tokenised market infrastructure, after industry told the regulators that pilots are no longer enough.

Standfirst: A year after PISCES launched and weeks after Tokenising Startups first mapped the reconciliation between tokenised shares and Companies House, this is a practical stocktake of what a founder or SEIS investor can actually use today, as distinct from what is still a pilot, a plan, or an op