The Vietnam State Securities Commission announced a VND 1,000,000 fee for reissuing securities practising certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to collect the reissued certificate within one year will result in cancellation.
The Vietnam State Securities Commission held a conference in Hanoi to discuss Decree 306/2025/ND-CP, amending provisions on administrative sanctions in securities and derivatives markets. The decree revises 24 of 59 articles, adds three, and focuses on aligning with new legislation, enhancing enforcement, and updating sanctions related to anti-money laundering and counter-terrorist financing. It also updates derivatives provisions to support national digital transformation and streamline administrative procedures.
The Bank of Portugal has set the countercyclical capital buffer (CCyB) rate at 0.75%, effective from 1 January 2026 for credit institutions with domestic private sector exposures. This decision, consistent with the 2024 announcement, follows consultation with the National Council of Financial Supervisors and is detailed on the Bank's website.
The National Bank of the Kyrgyz Republic's Jalal-Abad regional office fined a citizen KGS 17,500 for unlicensed cash foreign currency exchange operations.
The National Bank of the Kyrgyz Republic adopted Resolution No. 2025-P-12/69-5-(NFKU), amending regulations on the licensing of OJSC Financial Company of Credit Unions and credit unions. The resolution is available on the bank's official website.
The National Bank of the Kyrgyz Republic's Osh regional office fined two Kyrgyz citizens KGS 17,500 each for unlicensed cash foreign currency exchange operations in Osh.
The National Bank of the Kyrgyz Republic has launched a public consultation on a draft decision to establish rules for financial platforms in response to the growth of digital financial technologies. The draft addresses anti-fraud and information security, digital documentation, personal data protection, and procedures for registration and deregistration of platform operators.
At its annual meeting, the National Bank of the Kyrgyz Republic's Chairman, Melis Turgunbaev, emphasized the financial system's resilience and record growth in 2025. Priorities for 2026 include bank recapitalization, digital transformation, enhanced measures against financial crime, improved cybersecurity, and increased international cooperation.
The Central Bank of Iceland has revised the currency weights in its exchange rate indices, effective 1 January 2026, based on 2024 trade data. Key changes include the removal of the South Korean won and the addition of the Turkish lira and Israeli shekel in broad baskets, with notable weight shifts for the Chinese yuan, US dollar, and euro.
The Central Bank of Nigeria reported a balance of payments surplus of USD 4.60 billion in Q3 2025, reversing the previous quarter's deficit. This was driven by a current account surplus of USD 3.42 billion and an increase in external reserves to USD 42.77 billion. Key contributors included a goods account surplus of USD 4.94 billion and remittance inflows of USD 5.24 billion.
The Central Bank of Nigeria's December 2025 PMI survey shows a rise in the composite PMI to 57.6 from 56.4 in November, indicating the strongest economic expansion of the year. Of the 36 subsectors, 32 reported growth, with key components such as Output, New Orders, and Employment also expanding. Input price indices exceeded output price indices across sectors, with Transportation Equipment showing the highest growth and Paper Products the largest decline.
The Central Bank of Nigeria's December 2025 Purchasing Managers’ Index (PMI) rose to 57.6 from 56.4 in November, indicating the strongest economic expansion signal of the year. Sector readings showed continued growth, with the industry PMI at 57.0, services at 56.4, and agriculture at 58.5. Across 36 subsectors, 32 expanded, led by Transportation Equipment, while three contracted, with Paper Products experiencing the highest decline.
The FDIC has enhanced its website to increase transparency in marketing and selling failing financial institutions, providing sample contractual templates for potential acquirers. Updates include information on franchise sales, nonbank asset bidders, alliance bids, and loan pools offered before bank failure. These resources apply to all FDIC-insured institutions and certain non-bank entities, with further template updates expected.
The Federal Reserve Board and the Federal Deposit Insurance Corporation have updated the 2026 asset-size thresholds for classifying banks under the Community Reinvestment Act examination procedures. The adjustments reflect a 2.51% increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers. A "small bank" is defined as having assets under USD 1.649 billion, while an "intermediate small bank" has assets between USD 412 million and USD 1.649 billion.
The Egypt Financial Regulatory Authority held a workshop on sustainability disclosures, emphasizing a shift from compliance to quality in evaluating disclosures' real-world impact. The assessment of 2024 disclosures revealed a gap between compliance and content quality, highlighting the need for improved institutional capabilities and data systems. The event also recognized 13 companies for excellence in sustainability and climate disclosures.
Chile's Financial Market Commission (CMF) was recognized as a "Model Institution" after scoring 83.1 points in the Public Innovation Index, a 13.9-point improvement from the previous year. This reflects advancements in resources, practices, procedures, cooperation, and openness, highlighting innovation institutionalization within the CMF. The recognition underscores CMF's alignment with a digital strategy and robust governance involving civil servants, users, and external contributors.
The Chile Financial Market Commission's report on the banking system and cooperatives as of November 2025 highlights a 0.02% real-term decline in total bank loans over 12 months, driven by reduced commercial lending despite rising consumer and housing loans. Banks saw marginal increases in credit risk indices and a 2.41% real growth in cumulative profits, while savings and credit cooperatives experienced a 7.04% real-term loan growth, primarily in consumer loans, with mixed credit risk trends and a 5.98% rise in results.
The Chile Financial Market Commission has approved a revised methodology for calculating the Current and Maximum Conventional Interest Rates under Law No. 18,010. The update aims to enhance robustness and transparency using data from File D35, with the methodology publicly available. The new calculation method will be implemented from February 2026.
The Central Bank of Egypt and African Export–Import Bank have signed an MoU to establish a pan-African Gold Bank programme to formalise gold value chains and strengthen central bank reserves. A feasibility study will assess the requirements for an integrated Gold Bank ecosystem in Egypt, including a refinery and vaulting facilities. The initiative aims to expand across Africa, involving governments, central banks, and industry stakeholders.
China's National Financial Regulatory Administration repealed 32 normative regulatory documents and declared 16 invalid, following a broad consultation. This action is part of a year-long effort that repealed 120 documents and declared 33 invalid, due to reasons such as supersession by newer rules and misalignment with supervisory practices. The administration aims to maintain coherence and consistency in the regulatory framework.
Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, responded to a D.C. District Court decision rejecting the Trump Administration's attempt to cut funding to the Consumer Financial Protection Bureau (CFPB), which she described as an illegal effort to "close down" the agency. Warren highlighted the CFPB's success in returning USD 21 billion to consumers and emphasized the importance of judicial enforcement to prevent such actions.
The Argentina Securities Commission (CNV) issued General Resolution No. 1102, detailing registration requirements for Trading Agents to become Management Companies for mutual funds, aligning with General Resolution No. 1089. It outlines conduct, organisational, and recordkeeping standards for dual-status entities to ensure independent supervision and client prioritisation, and restricts depositary status with the Central Depositary Agent of Negotiable Securities for firms registered as both collective investment product administration agents and Trading Agents.
Argentina’s Securities Commission (CNV) reformed Title III to streamline withdrawal from the public offering regime, public acquisition/exchange offers, and irrevocable contributions and debt capitalisation. The amendments clarify corporate decision-making, simplify formal requirements, and enhance transparency, including provisions for virtual assets and minority shareholder protection. This is part of CNV's broader deregulation and administrative simplification programme.
The Argentina Securities Commission (CNV) issued General Resolution No. 1100, amending rules on the primary placement of negotiable securities, markets, and clearing houses to enhance flexibility and predictability. Key changes include extended deadlines for placement contracts, increased flexibility on translations and legalisations, and reinforced disclosure obligations for Central Depositary Agents. The amendments clarify bookbuilding processes to simplify steps and maintain transparency.
The National Bank of Kazakhstan will issue five types of bicolor coins under the “Animal World of Kazakhstan” series, featuring rare animals, with a total mintage of 15 million coins. Each coin, with a face value of KZT 100, will be circulated through second-tier banks and accepted for all payments across Kazakhstan. The coins are minted from a nibrass and nickel silver mixture at the Palace of Tenge of Kazakhstan.
The Bank of Korea published its December 2025 update on the Business Survey Index and the Economic Sentiment Index. Detailed results are available in an accompanying attachment.
The Bank of Korea announced a comprehensive revision of its monetary and liquidity aggregates statistics. The revision includes updates to monetary aggregates, liquidity aggregates, broad money, reserve money, and the depository corporations survey.
The U.S. Senate Committee on Banking, Housing and Urban Affairs released Chairman Tim Scott’s 2025 Year-in-Review report, detailing Senate Banking Committee Republicans’ achievements in housing, consumer protection, digital assets, and financial regulator oversight. The report emphasizes bipartisan legislative progress, executive nominee confirmations, and aims to enhance affordable housing access, consumer protections, and regulatory clarity for digital assets while countering unaccountable rulemaking.
The Royal Monetary Authority of Bhutan will introduce three denominations of New Generation Ngultrum banknotes on 1 January 2026, featuring Nu 100, Nu 500, and Nu 1,000 notes on a polymer substrate. Existing Ngultrum banknotes will continue as legal tender alongside the new series. Distribution will occur via commercial banks nationwide.
The Central Bank of Argentina has launched a Municipal Tax Transparency Portal detailing municipal charges on financial institutions, as part of a fiscal transparency initiative by the Ministry of Economy. The portal features a Municipal Tax Map with detailed taxation data, supporting comparisons and analysis across localities, and includes province-specific information with downloadable reports.
The Securities and Exchange Board of India requires compliance officers of Alternative Investment Fund managers to obtain certification from the National Institute of Securities Markets by passing the NISM Series-III-C: Securities Intermediaries Compliance (Fund) Certification Examination. This requirement applies from 1 January 2027, and trustees, sponsors, or managers must ensure compliance is reflected in the manager’s Compliance Test Report.
The National Bank of Moldova has approved a regulation setting the own funds requirement for operational risk and updated its regulatory framework by amending and repealing certain normative acts. This was formalized by Decision No. 311 on 23 December 2025, with the regulation effective from 1 January 2027.
The National Bank of Moldova, with the Association of Banks in Moldova, AmCham Moldova, and the International Finance Corporation, held a workshop on Moldova’s green finance taxonomy. The draft Sustainable Finance Taxonomy is in its final development stage and under review by the Sustainable Finance Consultative Group. This initiative is part of the 2024–2028 Sustainable Finance Roadmap, aiming to integrate sustainable finance into Moldova’s regulatory framework and support climate-friendly investment.
Tanzania's Finance Ministry reported a meeting between Finance Minister Ambassador Khamis Mussa Omar and the Tanzania Insurance Regulatory Authority (TIRA) to review the insurance sector's growth. TIRA highlighted a 20.2% increase in gross written premiums to TZS 1.52 trillion in 2024 and a rise in the sector's contribution to national output to 2.08%. Discussions included sector challenges, strategies for increasing insurance uptake, and the need for regulatory updates.
The Rwanda Capital Markets Authority released its Annual Report for 2024/25, detailing its contributions to the capital market in line with Vision 2050 and the National Strategy for Transformation. The report highlights regulatory progress, product development, and investor outreach, emphasizing financial inclusion and partnerships to enhance market oversight and education.
The Tanzania Insurance Regulatory Authority held a workshop with Insurance Commissioner Dr. Baghayo Saqware and agents to address issues in the agent channel and gather sector feedback. Discussions focused on digital systems and commission arrangements to enhance service delivery and support the government's goal of expanding insurance services nationwide. Senior TIRA officials, agent leaders, and a senior police inspector attended the session.
The Central Bank of Nicaragua's November 2025 Indicators report highlights continued credit expansion driven by a 12.5% increase in public deposits and a 10.2% rise in the credit portfolio. Credit quality and profitability improved, with a return on equity of 13.5% and a capital adequacy ratio of 18.7%. Liquidity and solvency remained above regulatory requirements, with a liquidity ratio of 35.3% and legal reserve requirements over-fulfilled.
The Central Bank of Colombia released a draft paper analyzing the impact of mobile wallets on retail payment preferences. The study highlights regional and user-level differences in adoption, influenced by economic interactions, digital connectivity, income, and perceptions of technology. Findings suggest mobile wallets complement existing payment methods, with evidence of users employing multiple payment options.
The Central Bank of Colombia issued Operational and Services External Circular DG-GI-393, Topic 3, focusing on "Information management instruments".
The Central Bank of Colombia released External Operational and Services Circular DTE-182, providing guidance on queries related to the authenticity and exchangeability of its banknotes and coins.
Germany's BaFin will not object to Pfandbrief banks delaying electronic cover register submissions until June 2026, despite legal requirements. This anticipates changes under the Banking Guidelines Implementation and Bureaucracy Relief Act. Banks must still securely retain information for audits.
The Bank of the Lao's 2025 year-end review highlights a drop in inflation from 16.9% to 5.6%, stable exchange rates, and advancements in payment services and legal frameworks. The report notes compliance with stability rules by most financial institutions and expanded cross-border payment systems with neighboring countries. International efforts included collaboration with the International Monetary Fund and regional banks, amid challenges from external volatility and high debt servicing pressures.
Ghana's Parliament passed the Virtual Asset Service Providers Bill, creating a regulatory framework for virtual assets and VASPs. The framework designates the Bank of Ghana and the Securities and Exchange Commission Ghana (SEC) as key authorities, requiring licensing or registration for virtual asset activities. The SEC's oversight includes exchanges, trading platforms, tokenization, and related activities, with further guidelines anticipated.
The Hong Kong Securities and Futures Commission (SFC) has lifted restriction notices on three brokers, allowing the return of assets linked to false information in Hua Han Health Industry Holdings Limited’s financial statements. The notices were initially issued to preserve assets misappropriated by former Hua Han executives and deposited into Bull’s-Eye Limited’s accounts. The withdrawal follows successful money laundering prosecution, with Kroll Advisory taking control of the assets as joint liquidators.
The National Bank of Ethiopia announced enforcement actions against unlicensed Money Transfer Agents and illegal Hawala networks, including recipients of funds sent through these channels. It urged the use of licensed operators to avoid disruptions and protect accounts, identifying several unlicensed entities such as Shgey Money Transfer and Adulis Money Transfer.
The State Bank of Vietnam’s Region 13 Branch and Dong Thap Province’s Department of Agriculture and Environment signed a regulation to enhance credit policies for agricultural and rural development in Dong Thap from 2025 to 2030. The agreement focuses on information exchange, policy implementation, addressing credit access issues, and supporting high-tech and circular agriculture, with Dong Thap accounting for 46% of the region's outstanding loans.
The State Bank of Vietnam Region 13 conducted a field survey with Tay Ninh’s Department of Agriculture and Environment to evaluate the implementation of a preferential loan programme for developing 1 million hectares of high-quality, low-emissions rice in the Mekong Delta by 2030. Findings will be used to address bottlenecks and enhance awareness of the programme's conditions, interest rates, and loan limits to support broader participation.
The Austrian National Bank (OeNB) will exchange Bulgarian lev banknotes into euros free of charge following Bulgaria's euro adoption on 1 January 2026, with a fixed conversion rate of BGN 1.95583 per EUR 1. The service, available from 2 January to 2 March 2026, excludes coins, older banknote series, and 1- and 2-lev banknotes from the 1999 series, with a transaction cap of BGN 2,000 per person daily. Exchanges can be made at OeNB cash desks in Vienna and Innsbruck.
Austria's Financial Market Authority (FMA) reported Q3 2025 growth in assets under management for Austrian pension and corporate provision companies, with pension assets up 3.5% to EUR 29.6 billion and corporate provision assets up 4.2% to EUR 22.9 billion. The Federal Government plans to enhance occupational retirement provision by allowing transfers from the "Abfertigung neu" severance scheme into pension companies. The FMA has consolidated supervision of occupational retirement provision and supports further second pillar reforms.
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites, internet banking login screens, and phishing emails linked to Chong Hing Bank Limited and Chiyu Banking Corporation Limited. The HKMA reminded the public that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact their bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
The Hong Kong Monetary Authority (HKMA) has doubled the quota for the RMB Business Facility to RMB100 billion and expanded the roster to 40 participating banks from Phase 2. This phase, starting 1 December, allows banks to apply for RMB funds for broader financing activities, including capital expenditure and working capital loans. The HKMA will monitor progress and may add more banks based on facility usage and market demand.
Greece's Ministry of National Economy and Finance reported a state budget surplus of EUR 5.162bn for Jan–Nov 2025, surpassing the target of EUR 0.225bn, with a primary surplus of EUR 12.678bn. Revenue overperformance was due to an early EUR 2.109bn receipt from the Recovery and Resilience Facility, while expenditures were EUR 2.643bn below target. The ministry anticipates the revenue deviation to be balanced in the December 2025 bulletin.
Greece's Ministry of National Economy and Finance has invited shortlisted investors, including Bain Capital Credit, Christofferson, Robb & Co, LLC, Fortress Credit Corp., and Resolute Cepal Greece SA, to submit binding offers for the Real Estate Acquisition and Leaseback Entity. Systemic banks are expected to support the structure with EUR 100 million. The Interim support programme for vulnerable debtors remains active, suspending enforcement on primary residences and providing a state subsidy of up to EUR 210 for loan instalments.
The Reserve Bank of India amended the Asset Reconstruction Companies Know Your Customer Directions, 2025, clarifying that the entity that last updated a customer's KYC records in the Central KYC Records Registry is responsible for identity verification. Asset Reconstruction Companies relying on these records are exempt from re-verification if the records are current and compliant with the Prevention of Money-Laundering Act, 2002, but must ensure compliance with all other due diligence requirements.
The Reserve Bank of India has amended its Know Your Customer (KYC) Directions for All India Financial Institutions (AIFIs), clarifying that the regulated entity (RE) that last updated a customer's Central KYC Records Registry (CKYCR) record is responsible for identity and address verification. AIFIs downloading compliant CKYCR records are exempt from re-verifying these elements but must still fulfill other customer due diligence obligations.
The Reserve Bank of India amended its Local Area Banks Know Your Customer framework to clarify responsibility for verifying customer identity and address in the Central KYC Records Registry (CKYCR). The regulated entity that last updated a customer's KYC record in CKYCR is responsible for verification, while banks relying on compliant CKYCR records are exempt from re-verification but must ensure other due diligence and compliance.
The Cyprus Securities and Exchange Commission (CySEC) updated its financial education programme, reporting over 2,800 student attendees in lectures on online investment traps. From October to December 2025, CySEC conducted 29 lectures, emphasizing safe money management and AI-related fraud risks. These efforts are part of CySEC's World Investor Week 2025, underscoring its commitment to investor education and protection.
Türkiye's Insurance and Private Pension Regulation and Supervision Agency has raised compulsory traffic insurance coverage limits effective 2026. Property damage limits will increase from TRY 300,000 to TRY 400,000, and bodily injury limits from TRY 2.7 million to TRY 3.6 million, applying to all existing contracts without additional premiums. The tariff approach for vehicle groups has also been revised based on usage type, affecting premium calculations for individual and corporate operators.
The Reserve Bank of India amended the Reserve Bank of India (Urban Co-operative Banks – Know Your Customer) Directions, 2025, clarifying accountability for customer identity and address verification in CKYCR records. The amendment specifies that the entity last updating a customer's KYC record is responsible for verification, while banks relying on current CKYCR records are exempt from re-verification but must ensure compliance with other due diligence requirements.
The Reserve Bank of India amended KYC requirements for payments banks, clarifying that the entity last updating a customer's KYC record in the Central KYC Records Registry is responsible for verifying identity and address. Banks downloading these records are exempt from re-verification if records are current and compliant with the Prevention of Money-Laundering Act, 2002, but must ensure all other customer due diligence and compliance.
The Reserve Bank of India amended its Small Finance Banks Know Your Customer Directions, 2025, clarifying that the entity last updating KYC records in CKYCR is responsible for verifying customer identity and address. Banks downloading these records are not required to re-verify them if they are current and compliant with the Prevention of Money-Laundering Act, 2002, but must ensure all other due diligence and compliance.
The Reserve Bank of India amended its Know Your Customer (KYC) directions for commercial banks, clarifying that the entity last updating a customer's KYC record in the Central KYC Records Registry (CKYCR) is responsible for verifying identity and address. Banks relying on current CKYCR records are exempt from re-verification, provided compliance with the Prevention of Money-Laundering Act, 2002, while remaining accountable for other due diligence aspects.
The Reserve Bank of India amended its Rural Co-operative Banks – Know Your Customer Directions, 2025, clarifying responsibility for verifying customer identity and address when KYC records are managed via CKYCR. The entity that last updated the KYC records is responsible for verification, while banks downloading these records are exempt from re-verification if the records are current and compliant with anti-money laundering regulations.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan conducted a financial literacy program for military personnel under the Fingramota.kz project. In collaboration with the Chief Military Prosecutor’s Office and support from banking and microfinance ombudsman offices, 45 events were held nationwide, educating over 10,000 service members on financial product use, personal finance management, and fraud prevention.
Kazakhstan's Financial Market Agency released an overview of the microfinance sector, noting expanded regulations and transparency for microfinance organisations, credit partnerships, and pawnshops. Initiatives include reduced risk-weighting for secured microloans, simplified rural MFO-to-bank conversions, and the first Apex fund registration. The sector's assets grew to KZT 2,932bn, with a loan portfolio of KZT 2,402bn by Q3 2025 and a 4.7% non-performing loan rate.
The Agency for Regulation and Development of the Financial Market of Kazakhstan amended eight regulatory acts, affecting compulsory motor insurance pricing and market conduct. Changes include reduced costs for first-time contracts, insurer responsibility for data reliability, expanded investment opportunities for the Insurance Payments Guarantee Fund, disclosure of brokers' commission levels, and technical requirements for insurers' websites.
The Federal Reserve Bank of Boston released a roundup of its most-read 2025 stories, covering regional economic conditions, fraud risks, and financial-sector exposures. Highlights include synthetic identity fraud losses exceeding USD 35 billion in 2023, driven by generative AI, and a rise in large banks' loan commitments to private equity and credit funds. The roundup also features insights from the Boston Fed's 69th Economic Research Conference on the US economy's adaptation to global volatility.
The Thailand Office of Insurance Commission (OIC) is joining the New Year 2026 road accident prevention command centre, emphasizing insurance as a risk-management tool during peak travel. The OIC coordinates with provincial centres and agencies to provide continuous insurance guidance. As part of its campaign, the OIC offers low-cost microinsurance products, including the Aun Jai personal accident and home fire policies, with premiums starting at THB 10.
The Arab Monetary Fund's study, "Economic Productivity in Arab Countries: Status and Challenges," highlights that productivity in Arab economies has been supported by capital accumulation and labour availability, but warns that rising government expenditure and public debt could impede gains. It recommends effective fiscal frameworks, macroeconomic stability, and efficient public spending to enhance productivity and competitiveness.
The Bank of Israel's third-quarter 2025 update shows a 2.6% increase in total business and household debt to NIS 2.4 trillion, with business sector debt rising 2.5% to NIS 1.5 trillion and household debt increasing 2.7% to NIS 890 billion. Corporate bond issuance reached NIS 26 billion, primarily from real estate and construction firms, while new mortgage borrowing averaged NIS 9 billion monthly in October–November.
The Dominican Republic's Superintendence of the Securities Market (SIMV) reported securities in custody at DOP 3.07 trillion in early December 2025, with total settled volume at DOP 11.3 trillion. Growth in intermediaries and investor accounts was driven by public-sector issuance acquired by pension fund administrators. The Dominican Republic Stock Exchange recorded a 42.45% increase in traded volume in 2024, with significant activity in fixed income and equities.
The Bank of Spain has amended its accounting and Central Credit Information Register (CIR) reporting frameworks to simplify financial reporting and align with EU-adopted International Financial Reporting Standards. Circular 4/2017 now incorporates IFRS 9 changes, revises credit risk coverage requirements, and initiates a transition to more granular CIR data, reducing national reserved statement requirements by one third. Further reductions are anticipated with a draft omnibus circular, potentially cutting reporting requirements by 50% by 2026.
The Bank of Spain has unveiled its 2025-2030 analysis and research framework, focusing on central banking pillars, Spanish economic challenges, European resilience, and global trends. Key areas include inflation, monetary policy, financial stability, productivity, demographics, climate change, and technological transitions. The framework will be reviewed and updated annually.
The Brazilian Pension Funds Authority (PREVIC) is enhancing its supervisory capacity for the closed pension fund sector through a 2025 restructuring, including new hires and digital upgrades. Initiatives include Painel PREVIC – Cidadão, Protocolo Digital PREVIC for transparency and efficiency, and the CADPREVIC system for registration. PREVIC is also developing AI solutions for investment monitoring and risk identification, expected in the second half of 2026.
The Brazilian Pension Funds Authority (PREVIC) released a year-end review detailing updates in Brazil’s closed supplementary pension regime, including rule changes, supervisory actions, and coordination with other regulators. Key developments include updates to PREVIC Resolution 23 and CMN Resolution 5,202/2025, addressing investment guidelines, sustainability factors, and governance criteria. PREVIC highlighted concluding its intervention in Portus and a BRL 210 million surplus distribution by Valia, while proposing a new solvency framework and sanctions regime for 2026.
The Central Bank of the Philippines reported a 5.0% decline in foreign currency deposit unit (FCDU) loans to USD 15.13 billion in Q3 2025, with USD 9.59 billion extended to Philippine-based borrowers. Medium- to long-term loans accounted for 79.8% of outstanding FCDU loans. Despite a 5.7% increase in foreign currency deposits to USD 60.73 billion, FCDU loans decreased by 3.9% year-on-year.
The Central Bank of the Philippines reported a 7.1% increase in the economy's net external liabilities in Q2 2025, rising to PHP 3.7 trillion. This increase was driven by higher external financing for non-financial corporations and a widening net debtor position of the general government. The report also highlighted a decline in the central bank's investments in debt securities issued by nonresidents.
The Central Bank of the Philippines reported a narrowing of the country's net external liability to USD 58.2 billion as of end-September 2025, a 13.2% decrease from the previous quarter. This improvement reflects a 1.9% increase in external assets to USD 263.9 billion and a 1.2% decline in foreign investments in Philippine assets to USD 322.1 billion. The net liability position now stands at 12.1% of GDP, down from 14.1%.
The Central Bank of Oman’s Board of Directors approved a regulatory framework for finance and financial leasing companies in compliance with Islamic Sharia. The Board also approved the 2026 annual budgets for the Central Bank, the Banking Deposits Protection Scheme, and the Oman Credit and Financial Information Center (Mala’a).
The Korea Financial Intelligence Unit has launched a taskforce to enhance the anti-money laundering and counter-terrorist financing framework for the 2028 Financial Action Task Force evaluation. Key initiatives include tightening virtual asset service provider requirements, extending AML rules to legal and accounting professionals, and introducing tools to suspend suspicious accounts. The taskforce aims to develop AML improvement measures by mid-2026.
The Andorran Financial Authority has issued Technical Communication No. 7/2025-SF on the countercyclical capital buffer for the first quarter of 2026 under its macroprudential solvency framework. The communication applies to a wide range of regulated entities, including banks, specialised non-bank credit financial institutions, investment firms, asset managers, financial advisers, collective investment scheme managers, payment institutions, and electronic money institutions.
The Albania Financial Services Authority Board adopted governance and supervisory decisions, including criteria for selecting the external audit firm for 2025 and the 2026–2028 strategic plan. It also approved appointments at Raiffeisen Invest, authorised insurance agent activity, and amendments to Ansig’s statute following a capital increase.
The Central Bank of the Republic of Azerbaijan concluded its Economic Journalism Development Support Programme for Baku Slavic University students, awarding certificates to 27 participants. The programme included training on central banking and financial topics, emphasizing communication and accurate public information. Deputy Chairman Ali Ahmadov and the bank's communications leadership highlighted its role in enhancing financial literacy and cooperation with academia.
The Brazil Securities Commission (CVM) began a collegial judgment on alleged fiduciary-duty breaches by IRB – Brasil Resseguros S.A. executives Fernando Passos and José Carlos Cardoso. Interim Chair Otto Lobo voted to acquit both, but the session was suspended after a review request by substitute director Luís Felipe Lobianco. The case involves accusations of selective disclosure, false market information, and breaches of remuneration limits.
The Central Bank of Russia has revised its classification for digital financial assets (DFAs), effective 2026, expanding access for non-qualified investors while restricting higher-risk instruments to qualified investors. Non-qualified investors can purchase high credit quality DFAs and high-rated DFAs linked to indicators like inflation, subject to an annual limit of RUB 600,000, with some requiring capital protection. The Bank of Russia Board of Directors will determine permissible rating levels, and elevated risk DFAs will remain exclusive to qualified investors.
The Seychelles Financial Services Authority has revoked the accreditation of Mr. Michail Kopanakis as a Securities Dealer Representative and as the representative of MECO Markets Limited, effective 24 December 2025, under Section 4(1)(m) of the Financial Services Authority Act 2013.
The Seychelles Financial Services Authority has revoked the accreditation of Mr. Michalis Yiasemides as the representative of MMCD Resources Limited, effective 24 December 2025. This action was taken under Section 4(1)(m) of the Financial Services Authority Act 2013.
The Seychelles Financial Services Authority issued an alert that https://topfxm.com/ is not associated with the licensed entity TopFX Global Ltd. Investors are urged to conduct thorough research before sharing personal information or engaging in transactions on the site. The authority disclaims responsibility for any use of services provided through the website.
The Philippine SEC is promoting its SEC HOPES programme to encourage private hospitals to use capital markets for expansion. Under SEC Memorandum Circular No. 11, Series of 2017, the programme reduces the registration review period to 28 days for quicker funding access. By December 2025, 18 hospitals registered, with shares totaling PHP 19.95 billion and an issue value of PHP 17.05 billion, addressing the hospital capacity gap identified by the Department of Health.
The Central Bank of the Republic of Kosovo's 2025 Annual Presentation confirmed financial system stability and outlined 2026 reform and payment priorities. Macroeconomic projections for 2025 include 3.9% growth, 3.6% inflation, EUR 1.4 billion in remittances, and EUR 950 million in foreign direct investment. The bank reported low non-performing loans at 2.1%, capital adequacy of 17.6%, and liquidity coverage above 216%, while highlighting progress in financial inclusion, digitalisation, and SEPA integration efforts hindered by pending legal reviews.
The Vietnam State Securities Commission held a training course on non-traditional security and securities market security with the Institute for Non-traditional Security at Vietnam National University, Hanoi. It addressed risks from transnational and high-tech crime, and cyber security, emphasizing enhanced security amid market development and digital transformation. The course aimed to improve management and supervisory capabilities in line with international standards.
The Bank of Portugal has issued a public warning that Osmar Carlos Gerardo is not authorised to conduct any financial activities, including payment services, in Portugal. The central bank emphasizes that only entities authorised under the Legal Framework for Payment Services and Electronic Money can provide such services and directs users to its website for a list of authorised providers.
The Thailand SEC filed criminal complaints against nine individuals for alleged manipulation of Comanche International shares, treating it as a predicate offense under anti-money laundering law. The investigation identified suspected manipulation across three periods, involving synchronized orders and influencing prices, breaching the Securities and Exchange Act B.E. 2535 (1992). The SEC will monitor proceedings and cooperate with relevant agencies for enforcement.
The Thailand Securities and Exchange Commission filed criminal complaints against eight individuals for allegedly manipulating Siamese Asset Public Company Limited's share price and trading volumes. The SEC's investigation found evidence of collusion over 167 business days, using tactics like price pushing and bid layering. The case involves violations of the Securities and Exchange Act B.E. 2535 (1992) and will proceed through investigation, prosecution, and court adjudication.
The Thailand SEC filed criminal complaints against 18 individuals for alleged share price manipulation of One to One Contacts, now Peer for You. The SEC's investigation, based on Stock Exchange of Thailand referrals, found coordinated trading between July 2021 and May 2023 that misled the public and violated securities laws. The case is under investigation, with potential further action by the Anti-Money Laundering Office.
The Thailand Securities and Exchange Commission imposed civil sanctions on six individuals for insider trading of Thaifoods Group Public Company Limited shares and warrants, based on undisclosed earnings information from 2016. The Civil Sanction Committee ordered penalties and compensation totaling THB1,125,195,148.13. Additionally, Winai Teawsomboonkij is barred from serving as a director or executive of a listed company for 40 months due to his "untrustworthy" status.
The Central Bank of Nigeria's Working Paper estimates Nigeria's revenue-maximising VAT rate at 6.4%, below the current 7.5% rate, suggesting the latter may reduce VAT revenue. The study uses a quadratic VAT revenue function with data from 2010 to 2023, finding significant effects from the VAT rate and its squared term, while inflation is insignificant. The paper is part of ongoing research and does not reflect the Central Bank's official views or policies.
The Central Bank of Nigeria's study examines the impact of public expenditure on macroeconomic stability from 2010Q1 to 2023Q4, highlighting an asymmetric relationship where spending cuts worsen short-term stability and increases harm long-term stability. It suggests private sector credit expansion reduces instability and recommends enhancing countercyclical fiscal management by revising fiscal laws and cautioning against reliance on short-term borrowing during downturns.
The Central Bank of Nigeria released a Working Paper evaluating a modified forecast-combination approach for predicting banking system liquidity using eight driver-based models. The study finds that combined point and midpoint interval forecasts align more closely with observed liquidity trends, suggesting utility for short-term liquidity management. The research, not representing official policy, recommends exploring unequal weighting schemes and expanding liquidity drivers.
The Central Bank of Nigeria's working paper reassesses the adequacy of Nigeria's external reserves from Q1 2015 to Q1 2024, highlighting vulnerabilities in reserves-to-broad money and ARA-based assessments. While traditional metrics indicate adequacy, the study suggests increased risks from imports, capital flight, and short-term flow reversals. It recommends monitoring short-term investment liabilities and broad money supply, noting it is research in progress and not official policy.