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2025-12-29•Thailand•Thailand Securities & Exchange Commission
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.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-29•Thailand•Thailand Securities & Exchange Commission
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.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-29•Thailand•Thailand Securities & Exchange Commission
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.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-29•Nigeria•Central Bank of Nigeria
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.
ResearchTaxation
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2025-12-29•Nigeria•Central Bank of Nigeria
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.
Research
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2025-12-29•Nigeria•Central Bank of Nigeria
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.
ResearchLiquidity risk
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2025-12-29•Nigeria•Central Bank of Nigeria
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.
ResearchPrudential risks
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2025-12-29•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria released a working paper analyzing macroeconomic factors driving deindustrialization in Nigeria from 1981 to 2023. It finds that higher inflation and currency depreciation correlate with weaker industrial performance, while currency strengthening, favorable foreign direct investment, and lower interest rates support industrial activity. The paper highlights a decline in the industry share of GDP from 10% in 1981 to 3% in 2023, with services surpassing industry in 1983 and industry falling below agriculture in 1995.
Research
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2025-12-29•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority's committee issued licensing decisions for non-banking financial services firms, including Awaed Real Estate Investment Fund and Grow Holding. Tanmia for Financial Leasing (EGY Lease) and El Nile Financial Leasing received approvals to add factoring, while QNB's financial leasing business was approved to add mortgage finance. CFH Holding was licensed for custody services.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-29•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority and the Ministry of Education have signed a protocol to enhance financial literacy among students aged 15 and above. This initiative includes awareness campaigns, specialised education, training, and a trading simulation system for practical exposure to capital markets. The program aims to promote secure engagement in non-banking financial activities and educate students on saving, investing, and entrepreneurship.
Financial literacy & educationFinancial literacy and education
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2025-12-29•Egypt•Egypt Financial Regulatory Authority
Egypt's Financial Regulatory Authority reviewed plans to expand state asset offerings on the Egyptian Exchange in 2026, including state-owned companies preparing for IPOs. Draft laws to stimulate financial markets and amendments to the Capital Market Law were discussed, potentially allowing the exchange to become a joint-stock company. The authority is also considering listing shares in central securities depository and registry companies to enhance transparency and governance.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-12-29•United States•U.S. Securities & Exchange Commission
Cicely LaMothe, Deputy Director of the Division of Corporation Finance at the U.S. Securities & Exchange Commission (SEC), has retired. LaMothe, who joined the SEC in 2002, played a significant role in issuing external guidance, supporting policy recommendations, and modernizing public company disclosure review. Her contributions included updates on Compliance and Disclosure Interpretations and crypto-related matters.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-29•United States•U.S. Securities & Exchange Commission
Nekia Hackworth Jones concluded her tenure as Deputy Director of the Division of Enforcement (Southeast) at the U.S. Securities and Exchange Commission on December 26, 2025. Appointed in April 2025, she supervised enforcement activities across multiple offices and previously served as Regional Director of the Atlanta Regional Office.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-29•Greece•Hellenic Capital Market Commission
The Hellenic Capital Market Commission announced the re-election of its President, Vassiliki Lazarakou, as a Bureau member of the OECD's Corporate Governance Committee for 2026. The Committee oversees the implementation of the OECD/G20 Principles of Corporate Governance and supports dialogue on corporate governance and finance. Lazarakou highlighted the Committee's recent work on the Revised Principles, updating guidance on transparency, management responsibilities, and sustainability in capital markets.
Institutional developmentLeadership change & appointmentsCorporate governance
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2025-12-29•Chile•Chile Financial Market Commission
The Chile Financial Market Commission censured Jerónimo Andrés García Bacchiega and Alejandro Alfonso Gil Gómez for breaching Articles 41, 48, and 50 of Law No. 18,046 and Article 85 of the CMF’s Guidelines. They implemented a board agreement at Clínica Las Condes S.A. without approved minutes and unanimous board authorization, posing a corporate governance risk.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-12-29•Chile•Chile Financial Market Commission
The Chile Financial Market Commission reported insurers generated USD 12,158 million in sales in the first three quarters of 2025, a 7.9% increase from 2024. Life insurance sales rose 14.2% to USD 8,328 million, while general insurance sales fell 3.7% to USD 3,829 million. Profits reached USD 933.6 million, with life insurers earning USD 676.7 million and general insurers USD 256.9 million, driven by improved investment results and lower claim costs.
Data & statisticsFinancial and market indicatorsActivity and performance reporting
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2025-12-29•Palestine•Palestine Capital Market Authority
The Palestine Capital Market Authority has issued new rules governing the pledging of assets under financial leasing contracts, aiming to balance leasing companies' funding needs with lessees' ownership rights. The regulations enhance transparency, reduce legal risks, and require lessee consent for pledges, with supervisory actions for breaches. These rules are effective upon publication in the Official Gazette.
Policy & regulationRules & requirementsLicensing framework and process
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2025-12-29•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance (SSN) amended point 37.6 of the RGAA to expand mandatory reporting through the Policy Issuance Information System (SIEP) to more insurance lines. From 1 January 2026, insurers must report all policy issuances and endorsements within 24 hours and complete an initial upload of all in-force policies and endorsements. Existing reporting obligations for specific lines, as per Resolution 690/2022, remain unchanged.
Policy & regulationRules & requirementsRegulatory reporting
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2025-12-29•Panama•Superintendencia de Bancos de Panama
The Superintendency of Banks of Panama reported continued balance-sheet expansion in the International Banking Center (CBI) through November 2025, driven by rising deposits and increased liquidity buffers. The CBI's Capital Adequacy Index stood at 16.34% at the end of Q3, above the 8% regulatory minimum. In the National Banking System, gross local lending reached USD 64,958 million, with notable growth in private-sector credit and new loan disbursements.
Data & statisticsCredit riskAsset quality
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2025-12-29•Vietnam•State Bank of Vietnam
The State Bank of Vietnam prioritized cyber-scam prevention amid rising cashless payments and digital banking, emphasizing multi-agency coordination for security. A national workshop co-chaired by Deputy Governor Pham Tien Dung and the Ministry of Public Security reported a 57% drop in individuals losing money to scams in the first half of 2025 compared to 2024. The workshop addressed scam typologies and challenges from advanced methods like deepfakes and AI.
Policy & regulationCooperationFraud and scams
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2025-12-29•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's year-end briefing highlighted a 17.87% increase in outstanding credit to VND 18.40 quadrillion, focusing on priority sectors and unchanged policy rates. Key initiatives include targeted credit programs for agriculture and infrastructure, and enhanced digital payment systems, including cross-border QR payment links with neighboring countries. The SIMO system flagged over 2.4 million suspicious transactions, resulting in significant transaction pauses or cancellations.
Data & statisticsCredit riskFinancial stability and systemic risk
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2025-12-29•Moldova•National Bank of Moldova
The National Bank of Moldova has introduced a yield curve as a market reference tool to enhance financial market analysis, risk and instrument valuation, and pricing transparency. The curve is based on transactions in government securities and money markets, using a transparent methodology. It will be updated weekly on the bank's website.
Policy & regulationImplementation, projects & pilotsMarket infrastructure
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2025-12-28•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance, via Minister Kyriakos Pierrakakis, outlined priorities for Europe's competitiveness and Greece's transition beyond Recovery Fund support. The final procurement stage for the Acquisition and Leaseback Agency for Properties aims to protect vulnerable debtors' primary residences, with full operation expected by mid-2026. Funding includes EUR 7.2 billion in grants and EUR 6.9 billion in loans from the Recovery Fund, alongside significant investments from national and EU programs.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-28•Israel•Bank of Israel
The Bank of Israel reported a 4% increase in the public’s financial assets portfolio for Q3 2025, reaching approximately NIS 6.9 trillion, with equities in Israel and corporate bonds leading the gains. Institutional investors' assets rose by 4.7% to NIS 3.2 trillion, while Israeli mutual funds grew by 6.9% to NIS 722 billion, driven by net inflows into domestic bond and equity funds.
Data & statisticsFinancial and market indicators
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2025-12-28•Egypt•Central Bank of Egypt
The Central Bank of Egypt, in collaboration with the Egyptian Banking Institute, has launched a "Foundations of Fraud Combating" training program to enhance the banking sector's fraud detection and prevention capabilities. The program aims to establish a unified understanding of banking fraud, covering various fraud types, mitigation techniques, and appropriate responses to suspected incidents.
Policy & regulationImplementation, projects & pilotsFraud and scams
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2025-12-27•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority has launched a "Real Estate Title Deed Insurance" policy to boost confidence in real estate transactions, especially for foreign investors. It covers buyers against risks affecting ownership validity, such as unknown title defects and third-party disputes, excluding losses from legal breaches and government actions. Insurers must provide legal defense and compensation within 30 days, with an option to extend coverage to unregistered properties under specific conditions.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-26•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority has initiated a public consultation on three draft rulebooks under the Capital Market Law. These drafts outline procedures for maintaining the register of securities issuers and recording securities issues and offers not conducted through public offerings.
Policy & regulationRules & requirementsOther
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2025-12-26•Ukraine•Ukraine National Commission on Securities and Stock Market
Ukraine National Commission on Securities and Stock Market Chair Ruslan Magomedov dismissed claims of delaying pension reform, emphasizing the shift from a solidarity pension system to a funded savings model. He stressed pension fund investments must grow with inflation and linked reform success to stock market development, highlighting personal investment accounts as key to the Stock Market 2.0 initiative.
Policy & regulationReform agendas & priorities
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2025-12-26•Georgia•National Bank of Georgia
The National Bank of Georgia reported on its cooperation with the China International Payment System (CIPS), highlighting increased engagement and integration efforts. Several Georgian banks have applied for direct CIPS membership, aiming to enhance efficiency in renminbi transactions. CIPS expressed readiness to continue collaboration, supporting Georgian banks in diversifying cross-border payment channels.
Policy & regulationCooperationCross-border cooperationPayments and payment systems
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2025-12-26•Georgia•National Bank of Georgia
The National Bank of Georgia released the December editions of its "Current Macroeconomic Review" and "Financial Sector Review" to offer analytical data and support economic analysis.
ResearchEconomic data and developments
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2025-12-26•Georgia•National Bank of Georgia
The National Bank of Georgia has released a questionnaire to gather input from financial sector stakeholders for its 2026–2028 Supervisory Strategy. This strategy will outline supervisory priorities and activities, incorporating international best practices, private-sector insights, and identified risks. The initiative continues the bank's transparency efforts since 2020.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-12-26•China•Central Bank of the Republic of China
The People's Bank of China has issued revised rules for the interbank foreign exchange market, consolidating the 1996 interim provisions into a comprehensive regulatory framework effective 1 February 2026. The regulation covers trading venues, participant eligibility, and trading and clearing rules, clarifying the roles of market infrastructure and financial institutions. It emphasizes openness and fairness, supporting market infrastructure to expand trading products and methods.
Policy & regulationRules & requirementsForeign exchange policy and markets
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2025-12-26•China•Central Bank of the Republic of China
The People's Bank of China's 2025 Financial Stability Report highlights 2024's financial conditions and policies to support the real economy while managing risks in financing platform debt, real estate, and smaller banks. Key measures include reserve requirement and policy rate cuts, property-market support, and expanded market-stability tools. The report prioritizes maintaining liquidity, low financing costs, and a flexible exchange-rate framework, with continued focus on macroprudential monitoring and targeted risk prevention.
Monetary policyMonetary policy assessments & outlooksFinancial stability and systemic risk
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2025-12-26•China•Central Bank of the Republic of China
The People's Bank of China and China's State Administration of Foreign Exchange have updated cross-border fund management rules for domestic enterprises listing overseas to enhance offshore fundraising efficiency. The notice unifies policies for renminbi and foreign-currency funds, allowing repatriation in either currency and discretionary conversion for domestic use, while streamlining bank registration procedures. It mandates remittance of offshore funds and income from share sales back onshore, with provisions for retaining proceeds offshore under specific conditions.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-12-26•China•Central Bank of the Republic of China
The People's Bank of China and the State Administration of Foreign Exchange have extended the integrated RMB and foreign currency cash pooling scheme for multinational corporations nationwide. The notice establishes a unified policy framework, encourages RMB use, and sets operational standards for multinationals and banks. Local SAFE branches will serve as a single service window, and local offices will enhance monitoring to manage cross-border capital flow risks.
Policy & regulationRules & requirementsCross-border payments
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2025-12-26•Portugal•Portuguese Securities Commission (CMVM)
The Portuguese Securities Commission (CMVM) released its Risk Outlook for 2026, highlighting significant risks to financial markets from geopolitical tensions, moderate economic growth, and market index developments. Capital markets and operational risks are elevated, with operational risk outlook revised upward due to increased digitalisation and cyberattacks. The report also examines the exposure of Portuguese equity collective investment undertakings to external economic shocks and global supply chain disruptions.
SupervisionRisk monitoring & watch pointsMarket risk and volatilityOperational risk and resilience
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2025-12-26•Zambia•Zambia Securities & Exchange Commission
The Zambia Securities and Exchange Commission announced the election of Mr. Paul Nkhoma as Chairperson and Mr. Alick E. Mutambo as Vice-Chairperson of its Board, effective 18 December 2025. Mr. Nkhoma brings over 30 years of experience in the insurance industry, while Mr. Mutambo has 37 years of experience in audit and the insurance and manufacturing sectors.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-26•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Zhalgas Kuandykuly Batalov as deputy head of the executive body of JSC Kazakhstan-Ziraat International Bank.
Institutional developmentLeadership change & appointmentsLicence approval
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2025-12-26•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has approved Viktor Alekseyevich Kyshpanakov as an independent director in a management body within the securities market.
SupervisionAuthorisations & approvalsLeadership change and appointments
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2025-12-26•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission held its second meeting to develop a strategic plan for integrating voluntary health insurance with national health coverage. The meeting reviewed progress on analyzing the health system and insurance market, and discussed a draft strategy for short- and long-term goals. The plan aims to align regulatory efforts and improve equitable access to health protection, especially for low-income groups.
Policy & regulationReform agendas & prioritiesOther
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2025-12-26•Liberia•Central Bank of Liberia
The Central Bank of Liberia's latest quarterly newsletter is led by the launch of the Inclusive Instant Payment System, a national platform for interoperable real-time payments that initially links Lone Star MTN and Orange Liberia mobile money services. It also sets out the participation and service level agreements underpinning the system and highlights parallel work on insurance sector reform, currency handling and MSME finance. Rollout of IIPS services will continue after launch.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-12-26•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan convened a meeting with audit firms and the Ministry of Finance to address weaknesses in the external audit of insurers' financial statements. The bank emphasized the importance of audit quality and supervisory actions following its assumption of insurance supervisory powers. It also highlighted the adoption of regulatory acts in 2025 to enhance insurance-sector accounting and financial reporting.
SupervisionRisk monitoring & watch pointsOther
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2025-12-26•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan held a meeting with financial and insurance institutions to discuss a centralized website for comparing financial services, part of the National Financial Inclusion Strategy 2022–2026. The draft technical specification aims to enhance consumer access to information and promote competition. Participants shared views on the platform's operation, with a call for cooperation in its development.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-26•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines mandates banks to submit the updated Financial Reporting Package (FRP) and related reports in XML format via the Prudential Reporting Innovation and Monitoring Engine (PRIME) from the 30 June 2026 reference period. Banks must download the updated XML Schema Definition from the BSP Relationship Management System and submit XML files with signed Control Prooflists and Certification Forms through PRIME. The memorandum details submission timelines and enforces FRP version 16 from the 30 September 2026 reporting period, with penalties for non-compliance.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-12-26•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam has commissioned the Centre for Strategic and Policy Studies to conduct the fourth National Financial Literacy Survey 2025. The survey aims to assess financial literacy, inclusion, resilience, and well-being, supporting Brunei Vision 2035 through financial education and policy initiatives. Data will be collected from 1,800 households across four districts, with confidentiality maintained.
ResearchFinancial literacy and education
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2025-12-26•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) has issued Ordinance PREVIC 1214/25, updating the certification requirements for professionals at closed pension entities (EFPC), effective 1 January 2026. ANBIMA-issued CPA-20 and CEA certifications will be valid only until 31 December 2026, after which they will be discontinued. The ordinance includes an annex listing eligible certifying institutions and accepted certificates by EFPC role.
Policy & regulationRules & requirementsLicence approval
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2025-12-26•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines forecasts a shift in the balance of payments from a surplus in 2024 to deficits in 2025 and 2026, driven by a persistent current account shortfall and reduced foreign direct investment amid global policy uncertainty. Trade deficits and weaker services receipts are expected, with temporary export boosts in 2025 due to anticipated US tariffs. Despite these challenges, gross international reserves are projected to remain adequate, resilient to external shocks with manageable financing needs.
ResearchBalance of payments and other external statistics
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2025-12-26•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines conducted a nationwide information drive to update stakeholders on changes to the foreign exchange framework. Key updates include simplified FX procedures, a streamlined registration process for certain foreign investments, and reforms in the FX derivatives market. The briefings, led by Director Jodeth Niña R. Yeung, were held in multiple cities to liberalize and clarify the FX regulatory environment.
Policy & regulationGuidance & interpretationCross-border cooperation
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2025-12-26•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 1.9% year-on-year increase in the Residential Property Price Index (RRPI) for Q3 2025, down from 7.5% in Q2. Prices in the National Capital Region rose by 2.3%, while Areas Outside the NCR saw a 1.6% increase. The RRPI, derived from banks' housing loan data, is a key indicator for assessing real estate and credit market conditions.
Data & statistics
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2025-12-26•South Korea•South Korea Financial Supervisory Service
The South Korea Financial Supervisory Service reported a rise in the delinquency rate on domestic banks’ won-denominated loans to 0.58% at end-October 2025, up from 0.51% the previous month. Business-loan delinquency increased to 0.69%, with small and medium-sized enterprise loans rising to 0.84%. Household-loan delinquency also rose to 0.42%, with mortgage and unsecured loans increasing to 0.29% and 0.85%, respectively.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-26•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia has updated its Financial Consumer Alert list, adding 34 unauthorised companies and websites, and flagged AHAM Capital Asset Management as a potential clone entity. The list serves as a public guide and will be updated regularly based on received information and queries.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-12-26•Europe•European Central Bank
The European Central Bank's Eurosystem weekly financial statement reports total assets and liabilities of EUR 6,163,751 million, up EUR 28,947 million from the previous week. Key changes include a rise in lending to euro area credit institutions by EUR 11,385 million and an increase in banknotes in circulation by EUR 8,145 million. The statement also notes a decline in monetary policy liabilities to euro area credit institutions by EUR 7,333 million.
Data & statisticsBalance of payments and other external statistics
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2025-12-26•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan updated its research under the Bilateral Assistance and Capacity Building for Central Banks programme, supported by Switzerland’s State Secretariat for Economic Affairs and the Geneva Graduate Institute. Led by Director General Vugar Ahmadov, the study investigates the response of unsecured interbank market interest rates to liquidity conditions during the reserve maintenance period. The research is expected to be finalized and published by January 2026.
ResearchOther
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2025-12-26•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan assessed 14 applications for its special regulatory regime, selecting four innovative products for testing. The pilots include Islamic banking offerings from ABB OJSC and Rabitabank OJSC, a Pasha Insurance OJSC product for purchasing insurance via gift vouchers, and the BITAZN LLC cryptocurrency exchange. The initiative aims to support market introduction of innovative services, enhance financial inclusion, and improve financial service safety and accessibility.
SupervisionInnovation & testingFintech and insurtech
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2025-12-26•Brazil•Brazil Securities Commission (CVM)
Brazil Securities Commission (CVM) will hold a judgment session on 29 December to assess Fernando Passos and José Carlos Cardoso's responsibility regarding IRB - Brasil Resseguros S.A. disclosures. The session will be public, with in-person or videoconference attendance options, and may proceed as restricted if the accused do not participate. Reports, including interim president Otto Lobo’s, may be amended post-session.
EnforcementInvestigations & enforcement actionsDisclosures
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2025-12-26•Zambia•Bank of Zambia
The Bank of Zambia has issued the Currency Directives, 2025, effective 26 December 2025, mandating that domestic transactions be settled in ZMW. The Directives, which include exemptions and exclude international transactions, aim to facilitate compliance for businesses and individuals. They were issued under the Bank of Zambia Act, 2022, following stakeholder consultations.
Policy & regulationRules & requirementsCurrency and cash management
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2025-12-26•Zambia•Bank of Zambia
The Bank of Zambia released FAQs on recent upgrades to Zambia’s sovereign credit rating by Fitch and Standard & Poor’s, citing debt restructuring and improved economic management. Key drivers include fiscal discipline, increased copper production, economic growth, and higher foreign currency reserves. The Bank noted potential risks like fiscal slippage and external shocks, while expecting increased investment in domestic financial assets in 2026.
Policy & regulationGuidance & interpretationCredit ratings
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2025-12-26•Russia•Central Bank of Russia
The Central Bank of Russia's latest Russian Journal of Money and Finance explores the impact of monetary policy on sectoral debt, a new output gap estimation method, and macroeconomic forecasting using sentiment measures. Key findings include the immediate effect of rate hikes on mining debt, the role of external demand in past economic shifts, and improved inflation forecasts through sentiment integration.
ResearchEconomic data and developments
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2025-12-26•Saudi Arabia•Saudi Arabia Insurance Authority
The Saudi Arabia Insurance Authority has licensed Tadamon Takaful Insurance Brokerage to operate as an insurance broker. The authority reminded customers to use only licensed insurance firms.
SupervisionAuthorisations & approvalsConsumer and investor protectionFintech and insurtech
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2025-12-26•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has awarded a contract to a consortium including the Military Industry and Telecommunications Group and the Center for Digital Technology Application and Digital Transformation to design and build an integrated IT system for management and supervision. The contract, valued at VND 364 billion, is funded through public investment and has a 12-month implementation period.
Institutional developmentTechnology & data transformation
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2025-12-26•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has mandated nine individuals to pay a VND 1,000,000 fee for their securities practice certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or in person. Failure to collect the certificate within one year of the fee notice will result in cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-12-26•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals on a specified list to pay a VND 1,000,000 licensing fee to obtain a securities practice certificate, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to complete the procedure within one year of notification will result in certificate cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-12-26•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission filed criminal complaints against 14 individuals and entities for manipulating Thonburi Healthcare Group's share price and trading volumes. The SEC's investigation, based on a referral from the Stock Exchange of Thailand, found collusion over 369 business days, violating the Securities and Exchange Act B.E. 2535 (1992). The case has been reported to the Anti-Money Laundering Office for further investigation and prosecution.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-26•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has enforced actions against foreign exchange bureaux for violating national legislation and regulatory requirements, including a temporary licence suspension and fines. OsOO “Askar Cash” exchange bureau's licence was suspended from 26 December 2025 to 9 January 2026. Additionally, two other bureaux in Bishkek were fined KGS 55,000 each.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-12-26•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has initiated a public consultation on draft amendments to regulatory acts to promote unsecured lending for entrepreneurial activities. The amendments aim to clarify the definition of unsecured loans and refine the classification procedure for such loans.
Policy & regulationRules & requirementsLending
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2025-12-26•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) issued penalties against Changjiang Pharmaceutical Holding Co., Ltd. for inflating revenue and profits, potentially leading to mandatory delisting by the Shenzhen Stock Exchange. Proposed sanctions include a RMB 10 million fine on the company, RMB 31 million in fines on 14 individuals, and a lifetime market ban for the former general manager. The CSRC is also reviewing intermediary conduct and will transfer criminal cases to public security authorities as necessary.
EnforcementInvestigations & enforcement actionsAccounting and financial reporting
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2025-12-26•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission released a plan to advance digital finance in banking and insurance, emphasizing digital transformation, security, and risk controls. It introduces "AI+" and "Data Elements ×" workstreams, focusing on governance, technology adoption, and risk management. Priorities include AI platforms, quantum computing, and data governance, while enhancing supervisory capabilities with AI and big data.
Policy & regulationImplementation, projects & pilotsFintech and insurtechRegtech and suptech
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2025-12-26•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) issued General Resolution No. 1099, revising transitional provisions and issuer-related rules under its deregulation programme. The reform repeals obsolete provisions, standardises terminology, and removes the requirement for certain issuers to submit the "MiPyME Certificate" for share issuances and negotiable obligations.
Policy & regulationRules & requirementsRegulatory burden
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2025-12-25•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank (SAMA) has launched an Electronic Check Clearing System (ECCS) as part of its digital transformation strategy, aiming to clear checks within one business day. This service is integrated into SAMA's e-Services Portal, which offers automated services with enhanced data protection and faster processing. Additional electronic services are planned for future introduction.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-12-25•Georgia•National Bank of Georgia
The National Bank of Georgia published interactive statistical press releases detailing trends in resident commercial banks' loan portfolios and deposits as of November 2025. These are accessible in the statistics section of its website.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-25•China•Central Bank of the Republic of China
The People's Bank of China and seven other agencies announced a policy package with 21 measures to enhance the Western Land-Sea New Corridor. Key initiatives include diversified funding for infrastructure, digital finance infrastructure, and cross-border financial service platforms. Implementation will involve coordination with ministries and local authorities, with Chongqing set to launch the Land-Sea Corridor Financial Service Centre in early 2026.
Policy & regulationImplementation, projects & pilotsMarket developmentFinancial stability and systemic risk
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2025-12-25•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier reported a 0.38% monthly increase in total net assets of Luxembourg undertakings for collective investment (UCIs) to EUR 5,787.186 billion as of 30 June 2025. This growth was driven by positive net capital investment, despite a negative financial market impact. The number of UCIs decreased slightly, with net outflows from equity UCIs and inflows into fixed income UCIs, influenced by currency movements and interest rate changes.
Data & statisticsOther
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2025-12-25•Montenegro•Insurance Supervision Agency of Montenegro
The Insurance Supervision Agency of Montenegro set the annual interest rate cap for calculating mathematical reserves on life insurance products where the insured bears investment risk at 2.404% under Article 9(3)(1). The rate equals 60% of the average interest on Montenegro government bonds and insurers’ average returns on mathematical reserve assets over the past three years, using data from recent bond issuances, including a EUR 850 million international bond and a EUR 49.87 million domestic issuance in 2025.
Policy & regulationRules & requirementsOther
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2025-12-25•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan introduced a draft law to regulate credit rating agencies (CRAs) and foster a domestic rating industry by 2030. The law empowers the Agency to supervise CRAs, align standards with IOSCO, and establish criteria for Kazakh, international, and foreign agencies. It includes measures to enhance corporate governance, prevent conflicts of interest, and improve transparency in rating activities.
Policy & regulationRules & requirementsCredit ratings
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2025-12-25•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan, with the National Bank, proposes reforms to replace the current Banking framework. The draft introduces a two-tier bank licensing model, enhances consumer protection, and establishes a crisis management mechanism for non-viable banks. It also addresses corporate governance and regulates digital assets, including the legal status of the digital tenge.
Policy & regulationRules & requirementsLicensing framework and process
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2025-12-25•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission launched the "Safe Trip Safe Life with Insurance" campaign to promote travel safety and insurance awareness during the 2026 holiday season. The initiative includes 24-hour insurance advice, coordination with the Road Safety Directing Center, and a blood donation drive. Additionally, two 30-day microinsurance products are offered, covering accidental death and fire damage, available from 15 December 2025 to 15 March 2026.
Financial literacy & educationOther
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2025-12-25•Serbia•National Bank of Serbia
The National Bank of Serbia reported a 27.5% year-on-year increase in internet purchases using cards and electronic money in Q3 2025, totaling 28.3 million transactions. Purchases in Serbian dinars (RSD) rose by 32.9% to 20.2 million, while euro (EUR) transactions increased by 31.1% to 6.1 million; however, U.S. dollar (USD) transactions fell by 27.5% to 1.4 million. Domestic online stores grew by 18.6% to 5,377 by September 2025.
Data & statisticsFinancial and market indicators
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2025-12-25•Serbia•National Bank of Serbia
The National Bank of Serbia inaugurated the "Small Money Museum," a renovated classroom to enhance educational programs for children and youth. Governor Jorgovanka Tabaković opened the facility, which will host presentations, lectures, and workshops on money and finance for primary and secondary students. The classroom features exhibits on the history of the dinar, money protection features, and unique currency examples, supporting the NBS's public financial education initiatives.
Financial literacy & educationFinancial literacy and education
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2025-12-25•Kazakhstan•Astana Financial Services Authority
The Astana Financial Services Authority released a report on Generative AI in financial services at the Astana International Financial Centre, highlighting early-stage adoption in lower-risk activities. A survey of 42 respondents showed 45% use AI mainly for risk management and operational efficiency, with limited application in core functions like algorithmic trading. AFSA plans a follow-up survey in 2026 to evaluate potential regulatory changes and continues to support AI testing in the AIFC FinTech Lab.
ResearchArtificial intelligence
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2025-12-25•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan has released an updated AZN 50 banknote featuring the signature of Chairman Taleh Kazimov and the production year "2025." The design and technical specifications remain unchanged. The new banknote will circulate alongside existing AZN 50 banknotes.
Monetary policyMonetary policy instruments & operationsCurrency and cash management
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2025-12-25•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro's National Payments Council reviewed SEPA's success in retail international payments and discussed the TIPS Clone project, with North Macedonia joining. SEPA has reduced transaction costs compared to SWIFT for individuals and legal entities. The Council also addressed future regulation of instant payments, digitisation of salary-payment data, and ISO 20022 standard application in budgetary payments.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-12-25•Russia•Central Bank of Russia
The Central Bank of Russia reported that the average maximum interest rates on Russian-ruble deposits from the top 10 credit institutions were 15.63% for the first 10 days of December 2025 and 15.38% for the second 10 days. These rates exclude special client categories and certain conditional or combined deposit products. Average maximum rates by maturity were 14.82% for up to 90 days, 15.02% for 91–180 days, 14.40% for 181 days to one year, and 12.37% for over a year.
Data & statisticsFinancial and market indicators
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2025-12-25•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission awarded a contract to a consortium including Military Industry and Telecoms Group, Thien Hoang Technology Group Joint Stock Company, and the Center for Digital Technology Application and Digital Transformation to design and build a centralised Data Warehouse for VND 78.5 billion. The project, procured via an abbreviated direct appointment process, has a 12-month implementation and 13-month contract performance period.
Institutional developmentProcurementOther
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2025-12-25•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has issued a notice requiring individuals on a specified list to pay a fee of VND 1,000,000 to finalize the issuance of a securities practice certificate. Payment can be made via bank transfer or directly at the Commission, with specific details required for transfers. Failure to collect the certificate within one year will result in its cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-12-25•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals listed in an attached notice to pay a fee of VND 1,000,000 to finalize the issuance of securities practising certificates, as per Ministry of Finance Circular 25/2022/TT-BTC. Payments can be made via bank transfer or directly at the commission. Failure to complete the procedure within one year will result in certificate cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-12-25•Thailand•Thailand Securities & Exchange Commission
Thailand's SEC has filed criminal complaints against JKN Global Group and 12 individuals for falsifying financial statements and insider trading. The investigation found fictitious transactions, leading to a 180-day asset freeze and travel ban for four individuals. Damages reported are THB 714.23 million, and the individuals are barred from serving as directors or executives in securities issuing companies during legal proceedings.
EnforcementInvestigations & enforcement actionsAccounting and financial reportingCorporate governanceFraud and scams
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2025-12-25•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities & Exchange Commission approved a 180-day asset freeze for JKN Global Group Public Company Limited under Section 267 of the Securities and Exchange Act B.E. 2535 (1992). This follows the dismissal of JKN's business rehabilitation petition, rendering it ineligible under the Bankruptcy Act. The freeze is linked to alleged fraudulent disclosures and fabricated financial statements, with prior freezes ordered for four other individuals involved.
EnforcementSanctions & designationsAccounting and financial reportingFraud and scams
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2025-12-25•Saudi Arabia•Saudi Arabia Insurance Authority
The Saudi Arabia Insurance Authority has licensed Abdul Latif Jameel Insurance Brokerage Company under an experimental launch to provide digital insurance brokerage services. The model is intended to support automated processes, easier product comparisons and faster policy issuance.
SupervisionAuthorisations & approvalsFintech and insurtechConsumer and investor protection
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2025-12-25•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic, supported by the International Finance Corporation, held a roundtable on digital financial technology priorities, including digital payments, financial market infrastructure, and virtual assets. Key topics included regulatory questions, IFC research on QR payments, and fintech development challenges and opportunities. The Bank emphasized the need for regulatory frameworks and stakeholder cooperation to advance fintech innovation and infrastructure modernization.
Policy & regulationReform agendas & prioritiesFintech and insurtechMarket development
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2025-12-25•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic met with partners to review 2025 initiatives for enhancing public financial literacy. The session highlighted educational campaign outcomes, emphasizing financial literacy's role in citizens' financial wellbeing and national stability. Participants included financial institutions, underscoring the link between financial literacy, improved personal finance management, investment growth, and fraud protection.
Financial literacy & educationFinancial literacy and education
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2025-12-25•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic annulled the licence of Financial Cooperative “Credit Union ‘Dividend’” effective 23 December 2025, following its decision to self-liquidate at an extraordinary general meeting.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-12-25•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic's Osh regional office conducted a seminar at Osh State University medical center on financial literacy and digital payment tools. Topics included the bank's role, national currency history, and security features, as well as loans, deposits, and savings. The session also covered QR code payments and managing credit bans in the Tunduk app.
Financial literacy & educationFinancial literacy and education
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2025-12-25•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic's Talas regional office reviewed 2025 financial literacy activities and discussed measures against fraudulent operations, including a self-ban mechanism on credit. The meeting also presented the region's information and educational outreach plan for the upcoming year.
Financial literacy & educationFinancial literacy and educationFraud and scams
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2025-12-25•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission and the Ministry of Public Security reported a six-month campaign against financial-sector illegal activities, resulting in nearly 60 enforcement actions and over 1,500 cases. The operation dismantled over 200 criminal groups, with case amounts nearing CNY 300bn. Plans for 2026 include continued enforcement against illegal loan intermediaries, enhanced coordination with authorities, and developing standards for evidence transfer in suspected criminal matters.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-25•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration issued measures for managing information disclosure of asset management products, establishing a unified framework for asset management trust, wealth management, and insurance asset management products. The measures outline disclosure principles, responsibilities, and obligations to enhance investor protection. The regulator will assist institutions in implementing these measures.
Policy & regulationRules & requirementsDisclosures
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2025-12-25•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission joined a cooperation agreement signing between Yinbaoxin Company and the China International Electronic Commerce Center to enhance used-car information services. The agreement aims to improve transparency and consumer protection in used-car transactions by leveraging insurance-related data. The Commission emphasized data value extraction, platform development, and expanding service scope, including cross-industry applications.
Policy & regulationCooperationMarket development
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2025-12-25•Vietnam•State Bank of Vietnam
The State Bank of Vietnam reported Deputy Governor Nguyen Ngoc Canh's participation in a conference reviewing the Vietnam Bank for Social Policies' 2025 performance and setting 2026 priorities. Achievements included supporting over 810,000 workers and aiding disadvantaged groups, with 2026 goals focusing on 100% access for eligible households, 10% credit growth, and a 14% increase in local budget funding. The conference emphasized executing VBSP's development strategy to 2030 and enhancing digital transformation while maintaining its policy credit management model.
Policy & regulationReform agendas & prioritiesLeadership change and appointments
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2025-12-24•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority hosted an expert lecture on blockchain technology, featuring Prof Dr Saša Popović and his book “Blockchain – from a capital idea to digital capital”. The event, aimed at capital market institutions, covered blockchain principles, cryptography, and practical applications, enhancing institutional knowledge on technological advancements in the financial sector.
Policy & regulationImplementation, projects & pilotsBlockchain and distributed ledger technology
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2025-12-24•Panama•Panama Superintendencia del Mercado de Valores
Panama’s Superintendency of the Securities Market extended the preventive suspension of the stock exchange licence of International Stock Exchange Corp for one month. This measure, initially imposed on 18 September 2025, is pursuant to Articles 54 and 55 of Executive Decree 179 of 31 December 2024.
SupervisionInterventionsSecurities offerings and listings
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2025-12-24•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission approved the registration of the Económico – Securitisation Investment Fund, the first of its kind. Managed by Independent Finance Advisors - SGOIC, S.A., the fund will acquire and manage distressed loan rights from Banco Económico, S.A. as part of the bank's financial clean-up. It will focus on credit rights from defaulted loans and associated collateral, while holding cash and short-term Angolan state securities.
SupervisionAuthorisations & approvalsLicence approval