The Luxembourg Insurance Commission has published the country’s first assessment of targeted financial sanctions risks related to proliferation and terrorist financing. Luxembourg’s cross-border financial activity creates indirect exposure despite limited direct links to sanctioned countries and actors. Foreign trusts, domestic fiduciary arrangements and certain nonprofit organisations retain very high residual risk, while most regulated financial sectors are rated low after mitigation.

The South Korea Financial Services Commission revoked Shilla Asset Management’s collective investment authorizations and Zenith Investment Advisory’s advisory and discretionary management registrations after inspections found capital, accounting and disclosure violations. The firms received combined fines and penalties of KRW 2.794 billion, alongside dismissal related sanctions concerning current or former executives.

The Rwanda Capital Markets Authority has proposed a one-year pilot framework for designated market makers in government securities, initially covering three-year, 10-year and 15-year on-the-run Treasury bonds. Eligible firms would provide continuous firm two-way quotes, participate in primary auctions and meet capital, reporting, governance and conduct requirements. The National Bank of Rwanda would designate and evaluate market makers, with the Capital Markets Authority and Rwanda Stock Exchange responsible for regulatory and trading oversight.

South Korea's Financial Services Commission has finalized a K-IFRS amendment requiring companies to disclose officially assessed values for land accounted for under the cost model. The requirement applies from annual financial statements ending Dec. 31, 2026, with retrospective comparative information. Officially assessed values are not fair values and may differ from them.

South Korea's Financial Services Commission filed a criminal complaint in one suspected virtual asset manipulation case and referred three others to investigators. The cases involve automated API trading used to create artificial activity and raise prices, as well as wash trades that accounted for more than 90% of one asset’s volume. The commission warned investors to scrutinize unexplained price and volume surges and verify information in white papers and disclosures.

The National Bank of Georgia presented its payments modernization agenda at Global Fintech Fest 2026, emphasizing ISO 20022, instant payments and future international interoperability. Meetings with Indian payments authorities and firms explored cooperation on instant and cross-border payments, infrastructure and innovative services.

The National Bank of Georgia and the Central Bank of Bosnia and Herzegovina agreed to sign a cooperation memorandum. Their collaboration will focus on payment system development and the exchange of knowledge and practical experience.

The National Bank of Georgia and the Central Bank of Hungary signed a memorandum of understanding to expand cooperation and exchange best practices. It covers monetary policy, reserve management, payment systems, financial services, and financial regulation and supervision.

The Oman Financial Services Authority has detailed new securities rules covering investor asset segregation, regulated investment banking, 11 fund categories and stronger risk-based supervision. The framework separates most securities activities from commercial banking and tightens market conduct, governance and reporting requirements. Most affected entities must regularize their status by January 27, 2027, while banking institutions have up to three years.

The Hong Kong Securities and Futures Commission has launched a multiyear action plan covering renminbi markets, cross-border connectivity, market infrastructure, digital assets and financial security. Near-term measures include a renminbi counter for southbound Stock Connect, work on REIT Connect, T+1 settlement and new digital asset licensing regimes. Longer-term plans would broaden renminbi products, tokenized investments and technology-enabled supervision.