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2025-12-24•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) issued Regulation No. 32 of 2025, establishing a framework for Buy Now Pay Later (BNPL) services to mitigate risks from digital financing growth. The regulation restricts BNPL provision to Commercial Banks and Finance Companies, setting governance, risk management, and consumer protection requirements. It mandates prudential principles, data protection compliance, and specific disclosure obligations, with OJK empowered to set policies on economic benefits and market conduct.
Policy & regulationRules & requirementsBNPL
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2025-12-24•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market released a digest of capital market indicators, highlighting trading volumes across organised and unorganised markets, and commodity exchanges, focusing on government bonds. Organised market turnover rose to UAH 95.5 billion, while trading outside the organised market decreased to UAH 31.8 billion. Commodity exchange turnover increased to UAH 40 billion, primarily driven by electricity trading.
Data & statisticsFinancial and market indicators
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2025-12-24•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market approved certificates for depository accounting access and investment support, and agreed to terminate certain international treaties. It issued decisions affecting an investment fund, the PFTS Stock Exchange, and several market participants, including cancelling Invest Gal Bud's investment certificates, registering PFTS Stock Exchange's trading platform rules, and updating the professional participants register.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-12-24•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market registered the issuance of shares by PJSC Ukrainian Financial Housing Company to ensure uninterrupted funding for the eOselia housing programme. The state will purchase shares for UAH 30 billion using government bonds, supporting approximately 18,000 families, including military and security personnel.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-12-24•Peru•Central Bank of Peru
The Central Reserve Bank of Peru reported a 7.2% year-on-year increase in the metallic mining sector's output for October 2025, with a 3.2% rise from January to October 2025. Copper, zinc, silver, lead, tin, molybdenum, and iron production saw significant gains, while gold output declined by 7.0% due to reduced processing at key sites.
Data & statisticsEconomic data and developments
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2025-12-24•Georgia•National Bank of Georgia
Governor Natia Turnava of the National Bank of Georgia stressed international cooperation's role in financial stability and foreign investment at the Ambassadors’ Conference 2025. She highlighted Georgia's resilience amid global shocks, citing inflation control, price stability, and a sound financial sector, with international reserves at a historical high. The International Monetary Fund has positively assessed Georgia’s monetary policy.
Monetary policyMonetary policy assessments & outlooksMarket development
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2025-12-24•Indonesia•Bank Indonesia
Bank of Indonesia has released the 2026 schedule for its Monthly Board of Governors’ Meetings, detailing dates and designating certain meetings as quarterly and annual. These two-day meetings serve as the central bank's decision-making forum, focusing on economic assessments and policy integration on the first day, and policy determinations on the second. The framework is mandated by Article 43 of the Bank Indonesia Law.
Monetary policyMonetary policy framework & strategyMonetary policy decisions and developments
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2025-12-24•China•Central Bank of the Republic of China
The People’s Bank of China and national agencies issued guidance with 21 measures to enhance financial services for the Western Land Sea New Corridor, focusing on financing and settlement improvements. Initiatives include promoting cross-border banking coordination, diversified funding channels, and establishing a fund in Chongqing. The guidance emphasizes logistics and supply chain finance, cross-border trade settlement facilitation, and developing a digital platform for smart financing linked to trade and government data systems.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-12-24•China•Central Bank of the Republic of China
The People's Bank of China held the 12th plenary meeting of the Inter-ministerial Joint Conference on Anti-Money Laundering, outlining national priorities for an international assessment and enhancing anti-money laundering, counter-terrorist financing, and counter-proliferation financing frameworks. The meeting highlighted progress in legal and institutional arrangements, enforcement, and international cooperation, with member agencies tasked to coordinate on key deliverables and improve compliance and communication.
Policy & regulationReform agendas & prioritiesAML and CFT
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2025-12-24•Belgium•National Bank of Belgium
The National Bank of Belgium will appeal an FSMA Sanctions Committee decision imposing a EUR 300,000 fine for allegedly delaying the disclosure of inside information by nine calendar days. The Bank argues that the communication was covered by the monetary policy exemption under EU market abuse rules and, in any event, did not contain sufficiently specific or nonpublic information.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-24•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
Hong Kong's Financial Services and the Treasury Bureau and the Securities and Futures Commission released consultation conclusions on licensing regimes for virtual asset (VA) dealing and custodian service providers, with most respondents supporting expanded regulation. The VA dealing regime will align with the Securities and Futures Ordinance for Type 1 activities, while the VA custodian regime focuses on safeguarding clients' VA private keys. A further consultation on separate licensing for VA advisory and management services is open, with final proposals expected in 2026.
Policy & regulationRules & requirementsLicensing framework and process
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2025-12-24•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
The Financial Services and the Treasury Bureau of Hong Kong announced the appointment of Ms Melissa Kaye Pang and the reappointment of Mr Jack Cheung Tai-keung to the Hong Kong Deposit Protection Board for a three-year term starting 1 January 2026. Established under the Deposit Protection Scheme Ordinance, the Board manages the Deposit Protection Scheme to safeguard depositors and support banking stability. The government acknowledged the contributions of outgoing member Mr Lawrence Chan Kam-man.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-24•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued an alert regarding scams involving fraudulent websites, fake internet banking login screens, and phishing emails. The alert references warnings from The Bank of East Asia and Shanghai Commercial Bank about these scams. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS.
SupervisionAlertsFraud and scams
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2025-12-24•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance, with other ministries and the Independent Authority for Public Revenue, has launched a digital application for the Registry of Tanks at private-use fuel and energy supply stations. The decision outlines data recording requirements, responsible parties, and deadlines. Obligations include data submission via the myAADE portal and installing monitoring systems at private-use stations.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-24•Samoa•Central Bank of Samoa
The Central Bank of Samoa is consulting on a proposed Money Laundering Prevention Bill to replace the 2007 Act, aiming to enhance Samoa’s anti-money laundering and counter-terrorism financing framework in line with Financial Action Task Force standards. Feedback is requested by 23 January 2026, with the draft bill available through the Central Bank’s Financial Intelligence Unit.
Policy & regulationRules & requirementsAML and CFT
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2025-12-24•Belgium•National Bank of Belgium
The National Bank of Belgium will appeal a EUR 300,000 fine by Belgium's Financial Services and Markets Authority for allegedly breaching the EU Market Abuse Regulation. The fine concerns delayed disclosure of inside information in a 21 September 2022 press release about European Central Bank policy rate impacts. The Bank disputes the findings, citing confidentiality obligations and exemptions under the Market Abuse Regulation.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-24•India•Reserve Bank of India
The Reserve Bank of India postponed Phase 2 of "Continuous Clearing and Settlement on Realisation" in the Cheque Truncation System, allowing banks more time to streamline operations. This directive modifies the RBI's 13 August 2025 circular, adjusting CTS session timings. Further communication on Phase 2 implementation will follow.
Policy & regulationRules & requirementsMarket infrastructure
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2025-12-24•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency has amended regulations to enhance anti-money laundering, counter-terrorist financing, and counter-proliferation measures. Key changes include stricter screening for major shareholders and holding structures, guidelines for monitoring suspicious activities using automated risk scoring, and expanded grounds for refusing consent to individuals with financial crime convictions.
Policy & regulationRules & requirementsAML and CFT
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2025-12-24•Middle East•Union of Arab Securities Authorities
The Union of Arab Securities Authorities participated in the COSOB third annual conference in Algiers, discussing digital transformation and sustainable finance integration in capital markets. UASA’s Secretary General, Jalil Tarif, addressed recent developments in Arab capital markets, emphasizing financial technology, governance, and sustainability.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-12-24•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission conducted a follow-up meeting and onsite monitoring in flood-affected areas to expedite insurers' claim reviews and payments. The Office reinforced service standards for motor and home insurance claims, emphasizing prompt communication and settlement once documentation is complete. Officials also visited company branches to address public concerns and adjust service measures for faster claim processing.
SupervisionReviews, inspections & stress testsOther
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2025-12-24•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan has granted a banking licence to Closed Joint Stock Company Bank Imon International, allowing it to operate in national and foreign currencies. This decision follows the bank's conversion and complies with Tajikistan's legal framework on banking and licensing.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-24•Oman•Central Bank of Oman
The Central Bank of Oman updated on its "She and Money" programme, aimed at enhancing financial literacy among Omani women as part of its financial inclusion agenda. The initiative, in collaboration with NGOs and civil society, focuses on rural areas and communities with limited financial training access. It covers saving, budgeting, responsible finance, and safe investment basics, with gradual expansion and increased participation.
Financial literacy & educationFinancial literacy and educationFinancial inclusion
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2025-12-24•North Macedonia•Securities and Exchange Commission of the Republic of North Macedonia
The Securities and Exchange Commission of the Republic of North Macedonia signed a Memorandum of Cooperation with Mother Teresa University Skopje to enhance education, capital markets, and financial literacy. The partnership includes seminars, conferences, and practical student involvement, aiming to develop capital markets and improve financial literacy and professional training.
Institutional developmentCooperation & capacity buildingCapacity buildingFinancial literacy and education
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2025-12-24•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) Board acquitted all respondents in two administrative proceedings. In the Petrobras case, the Board rejected a preliminary argument that the CVM’s punitive claim was time-barred, with a majority supporting the acquittals. The second proceeding involved acquittals related to alleged breaches of duty by Planner Corretora de Valores S.A. and others concerning investments in the FIRF Pyxis Institucional IMA-B fund.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-12-24•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued Resolutions 237 and 238, mandating listed companies to adopt CPC 51 for financial statement presentation and disclosure, effective 1 January 2027. CPC 51, aligned with IFRS 18, replaces CPC 26 (R1) and introduces enhanced disclosure requirements and principles for information aggregation. Resolution 237 revokes previous resolutions, while Resolution 238 mandates amendments in Review Document 28, updating cross-references with IFRS 18.
Policy & regulationRules & requirementsAccounting and financial reporting
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2025-12-24•Russia•Central Bank of Russia
The Central Bank of Russia extended the suspension of publishing data on foreign payment service providers until 31 December 2026. The procedure for maintaining the list remains governed by Bank of Russia Ordinance No. 5429-U of 6 April 2020.
Policy & regulationRules & requirementsRegulatory reporting
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2025-12-24•Russia•Central Bank of Russia
The Central Bank of Russia's November 2025 report highlights growth in corporate lending and mortgages, with a 1.9% increase in corporate lending and a 1.4% rise in mortgages, driven by state-owned and trade companies. Consumer lending contracted by 0.7%, due to a decline in cash loans. The banking sector's net profit increased to RUB 394 billion, supported by non-operating income, while balance sheet capital rose by RUB 421 billion.
Data & statisticsLending
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2025-12-24•Russia•Central Bank of Russia
The State Corporation Deposit Insurance Agency (DIA) has appointed Alexander Zhdanov as General Director, effective 13 January 2026. Zhdanov brings over 20 years of experience from the Central Bank of Russia, where he was Director of the Financial Resolution Department since June 2017.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-24•Russia•Central Bank of Russia
The Central Bank of Russia has released updated Open API standards as recommended guidelines, following pilot testing with major financial sector participants. These standards aim to facilitate an Open Finance model, allowing institutions to exchange client information based on consent. While currently voluntary, the Central Bank is working on a legal framework to make the use of Open API standards mandatory.
Policy & regulationGuidance & interpretationOpen banking and finance
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2025-12-24•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay has launched a new data portal for the securities and products market through its Securities Superintendency. The platform provides a single access point for data on funds, trading, issuances, financial statements, participant registers and other statistics, with interactive visuals and exportable tables. Users can drill down by entity, instrument, currency and period.
Policy & regulationImplementation, projects & pilotsSupervisory data
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2025-12-24•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC announced that the Department of Justice will file criminal charges against Align Assets and its officers for soliciting investments without licenses. State prosecutors found prima facie evidence of violations of the Securities Regulation Code and the Cybercrime Prevention Act, involving unregistered securities and misleading statements. The scheme, presented as a UK-based trading platform, promised high returns and referral commissions, with most traffic from the Philippines.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-12-24•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo published November 2025 statistics for the commercial banking sector, noting a 1.23% decrease in total assets to EUR 9.22 billion. Gross loans increased by 0.84% to EUR 6.55 billion, while customer deposits rose by 0.45% to EUR 7.39 billion. The interest rate margin was 3.61%, with a loan-to-deposit ratio of 88.71%.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-24•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo released November 2025 financial statistics for non-bank financial institutions, showing a 2.25% monthly increase in assets for other financial intermediaries to EUR 743.93 million. Insurance company assets remained stable at EUR 356.12 million, while pension fund assets reached EUR 3.72 billion, with equities comprising 80.34% of total assets.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-24•Vietnam•Vietnam State Securities Commission
Vietnam's Ministry of Finance and the Vietnam State Securities Commission released a document summarizing stakeholder feedback and official responses regarding the draft circular set to replace Circular No. 197/2015/TT-BTC on securities practice.
Policy & regulationGuidance & interpretationSecurities offerings and listings
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2025-12-24•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission and the Ministry of Finance released a summary of stakeholder feedback and responses on a draft circular for securities transaction surveillance and compliance supervision. The draft proposes amendments to Circular 95/2020/TT-BTC and Circular 06/2022/TT-BTC, governing securities trading supervision and compliance oversight of the Vietnam Stock Exchange and related entities. This publication is part of the legal process for issuing normative legal documents.
Policy & regulationGuidance & interpretationSecurities offerings and listings
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2025-12-24•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission released a briefing on the Ministry of Finance’s Circular 122/2025/TT-BTC, updating the regulatory framework for covered warrants. Effective 6 February 2026, it outlines requirements for offering, listing, trading, settlement, reporting, and disclosure, replacing Circular 107/2016/TT-BTC. It includes parameters for warrant terms, pricing, issuance limits, and mandates operational and reporting standards for warrant issuers.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-12-24•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission issued Notice No. 179/TB-UBCK mandating individuals on a specified list to pay a VND 1,000,000 licensing fee for a securities practising certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payments can be made via bank transfer to Vietinbank or Vietcombank, or directly at the Commission. Failure to complete the process within one year will result in certificate cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-12-24•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities & Exchange Commission's assessment of 34 securities companies reveals an upward trend in integrating Environmental, Social, and Governance (ESG) factors into investment research, though integration remains nascent. Over 50% of firms encourage ESG training, and 40% have board-approved ESG policies. The SEC aims to enhance ESG disclosure standards and support knowledge development aligned with international norms.
Policy & regulationImplementation, projects & pilotsESG
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2025-12-24•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has issued best practice guidelines for listed companies to conduct earnings calls, enhancing disclosure standards and transparency. These guidelines cover blackout periods, scheduling, meeting format, and recording requirements to ensure equal access to information. Earnings calls are positioned as a platform for direct communication from management to investors and stakeholders.
Policy & regulationGuidance & interpretationDisclosures
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2025-12-24•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC has mandated M Vision Public Company Limited (MVP) to conduct a special audit due to concerns from auditor observations and the SEC's review of MVP's financial statements. The audit, addressing issues like advance payments and cash advances, must be completed by MVP's auditor or an affiliated Big Four auditor. MVP must submit the audit report to the SEC and disclose it via the SET Electronic Listed Company Information Transmission System within 30 days.
SupervisionInterventionsAuditing
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2025-12-24•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC has opened applications for its regulatory sandbox to support financial service innovations in capital market and digital asset businesses. In collaboration with the Bank of Thailand's Enhanced Regulatory Sandbox, it focuses on integrating securities, derivatives, and digital asset services with programmable payment processing. Firms must apply to both the SEC and BOT for coordinated assessment and testing.
SupervisionInnovation & testingFintech and insurtechRegulatory sandbox
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2025-12-24•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's December 2025 CBNUPDATE introduced circulars tightening cash usage, payments resilience, consumer marketing controls, and fraud prevention, with enforcement in foreign-exchange and mortgage banking. Key changes include revised cash withdrawal limits from 1 January 2026, mandatory dual connectivity for payment terminals, and new rules for Authorised Push Payment fraud and dishonoured cheques. The Bank also granted final licences to 82 Bureaux De Change and revoked licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc for regulatory breaches.
Policy & regulationRules & requirementsDomestic cooperation
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2025-12-24•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets (CNPF) registered a Moldova-Agroindbank bond issuance totaling MDL 148,940,000 and rejected two pre-litigation complaints challenging prior supervisory decisions. The CNPF upheld its decision against OCN "OK CREDIT" SRL for exceeding legal credit payment caps and confirmed ASPA JSC's compliance in providing requested shareholder meeting documents, dismissing further requests as lacking basis.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-12-24•Egypt•Egypt Financial Regulatory Authority
The Egyptian Financial Regulatory Authority updated its benchmark index for MSME financing products, showing stable pricing and limited movement in non-bank financing costs from September 2024 to September 2025. Compliance with pricing standards was 81% for SME finance providers and 64% for microfinance providers. MSME and microfinance funding reached EGP 85.9 billion from January to October 2025, with outstanding balances of EGP 93.8 billion at end-October, reflecting a 27.1% increase.
Policy & regulationImplementation, projects & pilotsFinancial and market indicatorsSupervisory data
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2025-12-24•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority reported total financing by supervised entities reached EGP 1.1tn from January to October 2025, a 54.6% increase from the same period in 2024. This includes significant rises in share issuances, financial leasing contracts, and securities issuances other than shares. Registrations of security interests on movable assets reached EGP 4tn, and financing for small, medium, and micro enterprises increased to EGP 93.8bn.
Data & statisticsLending
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2025-12-24•Global•International Monetary Fund
The International Monetary Fund has outlined seven supervisory priorities for managing accelerated AI adoption in securities markets. These cover regulatory capacity, technology-enabled monitoring, transparency, social media surveillance, cross-border cooperation and concentration risk. Emerging market regulators should adopt proportionate frameworks aligned with local risks, infrastructure and resources.
Policy & regulationInternational standards & recommendationsArtificial intelligenceConsumer and investor protectionFinancial stability and systemic risk
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2025-12-24•Nepal•Central Bank of Nepal
The Central Bank of Nepal held a programme in Kathmandu to discuss economic and monetary policy. Governor Prof. Dr. Bishwanath Poudel emphasized infrastructure development and institutional capacity building to attract foreign investment. Discussions highlighted challenges like weak investment despite high savings, the need to channel excess liquidity into productive sectors, and strengthening financial policy to support foreign investment.
Policy & regulationImplementation, projects & pilotsMonetary policy decisions and developments
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2025-12-24•South Korea•Bank of Korea
The Bank of Korea's Consumer Tendency Survey reported a Composite Consumer Sentiment Index of 109.9 for December 2025, a decrease of 2.5 points from November.
Data & statisticsEconomic data and developments
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2025-12-24•India•Securities & Exchange Board of India
The Securities and Exchange Board of India (SEBI) has issued a circular enhancing the Facility for Basic Services Demat Account (BSDA), altering eligibility criteria and consent requirements for regular demat accounts. Depository participants must exclude Zero Coupon Zero Principal bonds and delisted securities from BSDA threshold calculations and reassess eligibility quarterly. Beneficial owners must provide consent to maintain a regular demat account, with eligible accounts defaulting to BSDAs if consent is not given.
Policy & regulationRules & requirementsAccounting and financial reporting
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2025-12-24•India•Securities & Exchange Board of India
The Securities & Exchange Board of India (SEBI) has revised the process for issuing duplicate securities certificates, raising the "simplified documentation" threshold to INR 10 lakh from INR 5 lakh. Claims up to INR 10 lakh require a standardised Affidavit-cum-Indemnity bond, while claims up to INR 10,000 need only an undertaking on plain paper. For claims above INR 10 lakh, additional documentation such as an FIR or court order is required, and companies must publish a weekly loss-of-securities advertisement.
Policy & regulationRules & requirementsOther
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2025-12-24•Moldova•National Bank of Moldova
The National Bank of Moldova's year-end message highlighted financial sector modernization, emphasizing integration into the Single Euro Payments Area (SEPA) and the launch of the national instant payments platform MIA as key 2025 developments. These initiatives enhance efficiency, safety, and alignment with European standards. For 2026, the bank aims to consolidate integration into the European financial market and foster a stable environment for citizens and investors.
Policy & regulationReform agendas & prioritiesOther
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2025-12-24•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank reported that the Netherlands' net external assets rose to EUR 568 billion in Q3 2025, driven by increased cross-border investments and financing flows despite geopolitical tensions. Foreign assets reached EUR 10,374 billion, while liabilities grew to EUR 9,806 billion, primarily due to the banking sector and pension funds. The Netherlands remains highly internationally exposed, with foreign assets at 853% of GDP at end-2024, much higher than Belgium and Germany.
Data & statisticsBalance of payments and other external statistics
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2025-12-23•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) released its latest Spotlight on Markets newsletter, detailing progress on EU capital markets integration and key deliverables under the consolidated tape and transparency agendas. It highlights the selection of the equity consolidated tape provider and an upcoming Common Supervisory Action on MiFID II conflicts of interest. Additionally, the newsletter covers governance changes, including appointing new Management Board members and renewing key mandates.
Policy & regulationImplementation, projects & pilotsLeadership change and appointments
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2025-12-23•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority has implemented a rulebook for maintaining a Register of crypto-asset-related service providers and conducting reputation assessments for their managers. Effective 22 December 2025, it outlines requirements for directors, management, and beneficial owners, with forms on the authority's website. As the supervisory body under Montenegro’s Anti-Money Laundering and Counter-Terrorist Financing Law, the authority urges compliance with the new framework.
Policy & regulationRules & requirementsRegulatory reporting
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2025-12-23•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua reported a 6.8% year-on-year GDP growth for Q3 2025, up from 5.0% in the previous quarter. Growth was driven by construction, mining, and trade, while declines were noted in public administration and agriculture. Domestic demand, particularly consumption and fixed investment, fueled the expansion, despite a negative contribution from net external demand.
Data & statisticsEconomic data and developments
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2025-12-23•Italy•Bank of Italy
The Bank of Italy released results from two fintech surveys, offering insights into Italy's national fintech ecosystem. The fifth Fintech Survey evaluates how banks and financial intermediaries integrate new technologies, while the inaugural survey on non-supervised operators examines business models, technologies, growth strategies, and regulatory impacts.
ResearchFintech and insurtech
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2025-12-23•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) launched the "Stock Market 2.0" initiative to boost retail participation through personal investment accounts and access to shares in state-owned companies. The proposal includes tax benefits for long-term investments and a draft law to sell a 7% stake in profitable state-owned companies via the Diia app, aiming to create 5 million retail investors and enhance market activity.
Policy & regulationReform agendas & prioritiesMarket development
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2025-12-23•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market released a live interview with Chairman Ruslan Magomedov discussing key changes in Ukraine’s securities market since the invasion and future development priorities. Magomedov emphasized digital solutions for market stability, new investment instruments, and reliable securities for a funded pension system. Draft law No. 14296 on personal investment accounts was also referenced.
Policy & regulationReform agendas & prioritiesMarket developmentRegulatory burden
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2025-12-23•Peru•Central Bank of Peru
Non-traditional textile exports from Peru reached USD 147 million in October 2025, a 7.7% year-on-year increase due to higher volumes. Cotton garment sales to Brazil and fine alpaca hair exports to China and Italy contributed to a 6% rise in average volumes, while prices increased by 1.6%. From January to October 2025, exports totaled USD 1,435 million, up 6.6% from the previous year, driven by volume growth and modest price increases.
Data & statisticsBalance of payments and other external statistics
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2025-12-23•Morocco•Moroccan Insurance Authority (ACAPS)
The Moroccan Insurance Authority (ACAPS) announced a new financial stability roadmap after Morocco’s Coordination and Systemic Risk Monitoring Committee (CCSRS) meeting, focusing on institutional, legal, and macroprudential enhancements. The CCSRS highlighted a global slowdown expected in 2026, with domestic growth projected to rise and low inflation. Banking fundamentals have strengthened, insurance sector indicators are solid, and capital market activity showed robust performance in 2025.
Policy & regulationReform agendas & prioritiesFinancial stability and systemic risk
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2025-12-23•Mexico•Ministry of Finance & Public Credit (Mexico)
Mexico’s Ministry of Finance reported the Financial System Stability Council found the Mexican financial system solid and resilient, supported by banks' capital and liquidity. The update noted global economic moderation, U.S. tariff uncertainties, and stable financial markets, with the U.S. Federal Reserve lowering the federal funds target range. Domestically, the Mexican peso appreciated, government bond yields rose, and non-bank financial entities were monitored for risk indicators.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic risk
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2025-12-23•Mexico•Ministry of Finance & Public Credit (Mexico)
Mexico's Ministry of Finance reported Q3 2025 results for the development banking sector, highlighting MXN 1trn in credit to the private sector and a total asset base of MXN 3.2trn. Key metrics included an ICAP of 28.7%, non-performing loan ratios of 2.3% and 6.7%, and a credit-risk coverage ratio of 262.3%. Banco del Bienestar achieved 98.4% population coverage with 3,150 branches, while Nafin's issuance programme and Sustainable Fund showed significant thematic bond activity.
Data & statisticsActivity and performance reporting
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2025-12-23•Georgia•National Bank of Georgia
The National Bank of Georgia has issued new macroeconomic scenarios for International Financial Reporting Standard 9 (IFRS 9) to enhance transparency and consistency in financial reporting. These scenarios consider global tariff policies and Georgia's economic normalization, with baseline, upside, and adverse scenarios outlined. They aim to aid institutions in assessing expected credit losses amid high uncertainty and geopolitical events.
Policy & regulationGuidance & interpretationEconomic data and developmentsSupervisory data
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2025-12-23•United States•National Credit Union Administration
The National Credit Union Administration has initiated a second round of proposed regulatory changes under its Deregulation Project to streamline the Code of Federal Regulations. The proposals aim to revise suretyship and guaranty requirements, remove duplicative loan requirements, update catastrophic act reporting, and eliminate obsolete advertising provisions. Stakeholders are encouraged to provide feedback through the Federal Rulemaking Portal.
Policy & regulationRules & requirementsRegulatory burden
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2025-12-23•Lithuania•Bank of Lithuania
The Bank of Lithuania has instructed UAB Monavate to stop providing financial services to six companies, including KPTRS Investments Limited and Amnis Europe AG, effective 29 December 2025. This restriction covers payment card distribution, customer acquisition, and business relationships. Monavate must inform affected customers and provide guidance on fund transfers and contact information for inquiries.
SupervisionInterventionsUnlicensed or unauthorized activity
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2025-12-23•Colombia•Central Bank of Colombia
The Central Bank of Colombia issued External Operational and Services Circular DSP-155, detailing fees for low-value payment systems managed by Banco de la República.
Policy & regulationRules & requirementsPayments and payment systems
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2025-12-23•United States•Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) issued a final rule setting new affordable housing goals for Fannie Mae and Freddie Mac for 2026–2028, revising the enterprises' housing-goals obligations. The changes are described as a rollback of previous mandates to ensure continued mortgage access while fulfilling statutory duties. The FHFA oversees Fannie Mae, Freddie Mac, and 11 Federal Home Loan Banks, collectively funding over USD 8.5 trillion in US mortgage markets.
Policy & regulationRules & requirementsOther
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2025-12-23•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has imposed additional licence conditions on Diversa Trustees Limited due to deficiencies in its investment governance frameworks. Diversa must appoint an independent expert to review its investment menus and governance framework, develop a remediation plan, and ensure compliance with enhanced governance standards. Diversa is also restricted from onboarding new high-risk investment options without enhanced due diligence. APRA will coordinate with the Australian Securities and Investments Commission on the regulatory response.
SupervisionInterventionsCorporate governance
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2025-12-23•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) has ended the intervention regime on Cooperativa de Ahorro y Crédito La Esperanza de Marcona, as the total loss of share capital and reserve condition has been resolved. This decision, formalized by SBS Resolution No. 04398-2025, also revokes the powers of the appointed intervenors. The cooperative was initially placed under intervention due to negative equity of PEN -40,873,339.95 as of 30 September 2025.
SupervisionInterventionsCapital adequacySupervision process and methodologies
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2025-12-23•Austria•Austria Financial Market Authority
The Austrian Financial Market Authority (FMA) has authorised the first credit servicers under the new Credit Servicers and Credit Purchasers Act, establishing a licensing and supervisory framework for non-performing loan servicing. The Act mandates banks to report loan sales to the FMA and requires credit servicers to hold commercial debt collection authorisation. It ensures borrower protection by maintaining loan terms and enforcing fair treatment and data protection rules.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-23•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites and fake internet banking screens linked to The Bank of East Asia, Shanghai Commercial Bank, and OCBC Bank (Hong Kong). The HKMA emphasized that banks will not send SMS or emails with embedded links for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact their bank and report to the Crime Wing Information Centre of the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-12-23•Slovenia•Central Bank of Slovenia
The Central Bank of Slovenia's Report indicates stable resilience in the banking system despite uncertainties, with unchanged overall risk assessment. Non-banking sector deposits grew to EUR 43.5 billion, driven by household deposits, while loans to the non-banking sector increased by 7.0% year on year. Asset quality remained stable, though the non-performing exposure ratio rose slightly, and pre-tax profit declined due to reduced net interest income and increased impairments.
ResearchLendingAsset quality
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2025-12-23•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission announced that the Supreme Constitutional Court dismissed Christos Stylianides’ appeal, upholding the Administrative Court's decision to affirm CySEC's EUR 430,000 fine. The fine was related to breaches of the Transparency Requirements Law and the Public Offer and Prospectus Law during Stylianides’ tenure at Cyprus Popular Bank Public Co Ltd. The court rejected all appeal grounds, confirming the initial findings' correctness.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-12-23•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission announced the dissolution and liquidation of the investment compartment Blueport Equity Strategy of AIF T.4 THETIS AIF V.C.I.C. PLC, licensed as AIF91/2018. This decision followed a shareholders’ meeting under Article 63(1)(e) of the Alternative Investment Funds Law of 2018, with the process being managed by Triton Asset Management AEDAK.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-12-23•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission announced that Mega Ploutos Fund Management Ltd has initiated the dissolution and liquidation of INVESTMETER FUND RAIF V.C.I.C. PLC under the Alternative Investment Funds Law of 2018. The Registered Alternative Investment Fund will remain listed as "under liquidation" until the process is complete, after which it will be removed from the RAIF Register.
SupervisionAuthorisations & approvalsOther
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2025-12-23•Cyprus•Cyprus Securities and Exchange Commission
CySEC reminded Crypto-Asset Service Providers (CASPs) in Cyprus to apply for authorisation under the Markets in Crypto-Assets Regulation (MiCA) by 27 February 2026. CASPs must cease operations without MiCA authorisation by 1 July 2026, unless a wind-down plan is submitted. Cross-border services are only allowed under host state legislation and the grandfathering regime, per ESMA guidance.
Policy & regulationGuidance & interpretationLicence approval
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2025-12-23•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) issued a consultation paper on a new supervisory framework for Cypriot Companies for the Administration of Undertakings for Collective Investments (CCAUCIs) under L.101(I)/2025. It focuses on the fee regime and reporting of material changes, detailing CySEC's discretionary powers in licensing, supervision, and oversight. The framework applies to entities operating in or from Cyprus under a delegation mandate as per Annex I, Parts I–VII of the law.
Policy & regulationGuidance & interpretationLicensing and supervisory fees
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2025-12-23•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) has issued a consultation paper on proposed amendments to the Financial Conglomerates Directive (DI 87-12) to align with EU Directive 2023/2864. The changes aim to ensure that information disclosed by Cyprus investment firms, asset management companies, and alternative investment fund managers within financial conglomerates is accessible via the European Single Access Point (ESAP).
Policy & regulationRules & requirementsRegulatory reporting
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2025-12-23•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority has introduced a new notification and breaches form to streamline submissions under various acts, including the Financial Services Act 2008 and the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019. This form replaces the previous version for class 1 firms, except for certain portal submissions and existing templates. It is accessible on the Authority's Returns/Forms webpages and the Oversight Obligations webpage for designated businesses.
SupervisionRegulatory reporting
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2025-12-23•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 Sholpan Mukashkyzy Nurymbet as Chair of the Management Board of JSC Home Credit Bank, a subsidiary of JSC ForteBank. The decision was formalized under Protocol No. 100/BVU/P.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-23•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency proposes a unified Financial Ombudsman under the draft Law on Banks to streamline pre-trial dispute resolution between consumers and financial organisations. This service would consolidate existing mechanisms across banking, insurance, and microfinance, with binding decisions on organisations while preserving consumers' court rights. The Agency would oversee governance and compliance, establishing a three-level resolution process involving financial organisations, the Financial Ombudsman, and the Agency.
Policy & regulationRules & requirementsComplaints and dispute resolution
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2025-12-23•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission outlined its 2026 internal direction, emphasizing proactive supervision and staff capability development as key priorities. The update, following a seminar led by Secretary-General Chuchart Promoolpol, aims to strengthen the insurance industry, protect policyholders, and support sustainable economic growth.
Institutional developmentCooperation & capacity buildingHiring and recruitment
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2025-12-23•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan released an Action Plan to enhance financial service accessibility for persons with disabilities. The plan includes assessing barriers, adapting banking infrastructure, and developing financial literacy materials. It also provides methodological recommendations for financial institutions to better serve customers with disabilities.
Policy & regulationImplementation, projects & pilotsFinancial inclusion
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2025-12-23•San Marino•Central Bank of San Marino
The Central Bank of the Republic of San Marino has issued a regulation consolidating requirements for corporate officers of financial companies into a single rulebook, introducing three proportional "fit and proper" regimes for Type A, B, and C firms. Key changes include an "independence of judgment" criterion for corporate representatives and a requirement for at least one independent director on each board, with stricter standards for Type A firms. The regulation also incorporates anti-money laundering and counter-terrorist financing rules and introduces a materiality threshold for assessing independence.
Policy & regulationRules & requirementsCorporate governance
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2025-12-23•Jordan•Jordan Securities Commission
The Jordan Securities Commission, in collaboration with Princess Sumaya University of Technology, conducted a workshop on blockchain technology and virtual assets, aligning with new Jordanian legislation on digitisation and trading. The session, led by Prof. Dr. Mohamed Moussa Al-Nabhan, covered blockchain governance, virtual asset concepts, and regional use cases.
Financial literacy & educationBlockchain and distributed ledger technology
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2025-12-23•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina presented its 2025 results, highlighting achievements in monetary stability, digitalisation, and European integration. Key metrics included foreign exchange reserves of BAM 18.28 billion and a currency board coverage ratio of 109.9%. Priorities focused on payment system upgrades, banknote modernisation, and enhanced cyber resilience, with ongoing international cooperation and technical assistance.
Monetary policyMonetary policy instruments & operationsFinancial stability and systemic riskMonetary policy decisions and developments
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2025-12-23•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan’s Financial Monitoring Department held a workshop in Kulob on anti-money laundering, counter-terrorist financing, and counter-proliferation financing (AML/CFT/CPF). It aimed to enhance credit financial organisation staff skills and align with Tajik legal requirements and international standards, including the Financial Action Task Force. The department plans to continue training for the third round of mutual evaluation of Tajikistan’s AML/CFT/CPF system in 2026–2027.
Policy & regulationImplementation, projects & pilotsAML and CFT
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2025-12-23•India•India International Financial Services Centres Authority
The India International Financial Services Centres Authority approved regulatory changes for GIFT-IFSC, including amendments to fund management and capital market intermediary regulations, and a draft revamp of the Global In-House Centres regime. Key updates include relaxed eligibility for fund management personnel, extended validity for Venture Capital Schemes' Private Placement Memoranda, and a 24-month migration window for custodians. Additional changes involve removing office space requirements, expanding qualifications for intermediaries, and introducing unified registration options.
Policy & regulationRules & requirementsLicensing framework and process
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2025-12-23•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority announced board changes, appointing Steven Bardy as Deputy Chairperson and adding Philip Doak and Alastair Hercus as new members from 1 January 2026. Christopher Swasbrook was reappointed, Prasanna Gai will resign effective 31 December 2025, and Sue Chetwin recently stepped down.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-23•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines (BSP) issued Circular No. 1223 mandating all retail payment systems to adopt the ISO 20022 standard to enhance payment efficiency and security. The circular addresses inconsistent implementation among InstaPay and PESONet participants and aligns with G20 objectives on remittance affordability, speed, and transparency. A two-year phased implementation is planned, with an ISO 20022 Harmonization Industry Project Team overseeing the transition.
Policy & regulationRules & requirementsPayments and payment systems
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2025-12-23•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines (BSP) issued a warning about scams misusing its name and officials' names to offer fraudulent financial products and services. These schemes involve falsified documents and urgent requests for personal information or payments. The BSP advises the public to ignore such scams, refrain from sharing personal details, and report incidents through official channels.
SupervisionAlertsFraud and scams
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2025-12-23•Morocco•Central Bank of Morocco
The Central Bank of Morocco's Coordination and Systemic Risk Monitoring Committee finalized the previous financial stability roadmap and approved a new one to strengthen the national financial stability framework. The committee noted an expected global economic slowdown in 2026, with domestic growth projected to rise to 5% in 2025 and average 4.5% over 2026–2027. Additionally, the MENAFATF mutual assessment process for Morocco's Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework was launched, with the assessment set to begin in November 2026.
Policy & regulationImplementation, projects & pilotsFinancial stability and systemic riskAML and CFT
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2025-12-23•South Korea•South Korea Financial Supervisory Service
The South Korea Financial Supervisory Service reported November 2025 corporate financing statistics, with total debt and equity issuance at KRW21.8915 trillion, a 7.6% decrease from October. Equity issuance rose significantly to KRW821.4 billion, driven by KOSDAQ IPOs and rights offerings, while debt issuance fell to KRW21.0701 trillion due to a 45.0% drop in corporate bond issuance. Commercial paper and short-term bond issuance increased to KRW166.2919 trillion, up 20.8% month-on-month.
Data & statisticsFinancial and market indicators
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2025-12-23•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) issued a warning regarding a counterfeit surety bond policy falsely attributed to Fidelis Insurance Ireland DAC, which the company has disowned. IVASS advises consumers to verify the legitimacy of insurers and intermediaries through its online resources before making any payments.
SupervisionAlertsFraud and scams
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2025-12-23•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) has ordered the blocking of three websites for illegally offering insurance services, bringing the total number of blocked sites to 334 since November 2023. IVASS cautions consumers against policy offers via instant messaging or phone and advises verifying authorised intermediaries and insurers.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-12-23•Serbia•National Bank of Serbia
The National Bank of Serbia reports that foreign currency demand is easing, and the exchange market is normalizing after measures to stabilize it. These measures included maintaining supply channels for exchange offices and abolishing commissions on euro sales to prevent non-market-based exchange rates. Since December 10, demand has declined, with exchange offices recording net purchases and a daily drop in the average selling rate for cash sales.
Monetary policyMonetary policy instruments & operationsForeign exchange policy and marketsFinancial stability and systemic risk
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2025-12-23•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission approved amendments to the Enforcement Decree of the Financial Investment Services and Capital Markets Act, enhancing disclosure obligations for listed companies. Key changes include more frequent and detailed reporting on treasury stock holdings and plans, with a new threshold of 1% of issued shares, and expanded disclosure on serious industrial accidents. Effective 30 December, the revised regime introduces stricter penalties for disclosure violations and requires detailed board meeting statements on major management matters.
Policy & regulationRules & requirementsCorporate governance
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2025-12-23•Europe•European Central Bank
The European Central Bank's research shows that stronger legal independence of central banks enhances price stability by boosting monetary policy credibility. Using a 50-year dataset of 155 central banks, the study finds a 20 basis point increase in independence correlates with a 6% rise in credibility over ten years. The findings highlight the importance of maintaining independence alongside democratic accountability to safeguard price stability.
ResearchCorporate governance
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2025-12-23•Canada•Ontario Securities Commission
The Ontario Securities Commission (OSC) issued an investor warning for December 2–23, 2025, identifying 20 companies not registered to deal or advise in securities in Ontario. The OSC advises investors to verify registration through its resources and sign up for notifications of new warnings and alerts.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-12-23•Russia•Central Bank of Russia
The Central Bank of Russia proposed a regulatory framework for cryptocurrencies, allowing trading but prohibiting their use as payment. Non-qualified investors can buy liquid cryptocurrencies up to RUB 300,000 annually, while qualified investors face no limits except for anonymous cryptocurrencies, contingent on a risk-awareness test. The framework mandates reporting foreign crypto transactions to tax authorities and plans liability for illicit operations by intermediaries from July 2027.
Policy & regulationRules & requirementsTrading