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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 to address deficiencies in its investment governance framework, requiring an independent expert review and enhanced due diligence for high-risk investment options. APRA's action follows a thematic review revealing issues in onboarding, due diligence, monitoring, and conflicts of interest management, with coordination with the Australian Securities and Investments Commission.
SupervisionInterventionsCorporate governance
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2025-12-23•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency has proposed amending its heightened standards guidelines, raising the asset threshold for covered banks from USD 50 billion to USD 700 billion. This change aims to reduce regulatory burden and focus on institutions with significant risk profiles. The proposal also seeks feedback on additional potential revisions.
Policy & regulationRules & requirementsRegulatory burden
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2025-12-23•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) seeks comments on two proposals regarding national banks' and federal savings associations' real estate lending escrow accounts. One proposal codifies banks' authority over escrow account terms, while the other preempts state laws, including a New York law, that limit banks' discretion on interest payments and fees.
Policy & regulationRules & requirementsOther
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2025-12-23•Thailand•Ministry of Finance (Thailand)
Thailand's Ministry of Finance has directed its permanent secretary to engage with the Bank of Thailand and the Securities and Exchange Commission to address the ongoing appreciation of the Thai baht. The discussions aim to formulate a strategic response to the currency's movement.
Policy & regulationCooperationForeign exchange policy and markets
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2025-12-23•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority found deficiencies in SpareBank 1 Østlandet's ICT governance under the Digital Operational Resilience Act. Issues include gaps in translating governance documentation, weak internal control, and inadequate incident reporting and supplier oversight. The bank is updating its routines and standards in response.
SupervisionReviews, inspections & stress testsIT managementOperational risk and resilience
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2025-12-23•Egypt•Central Bank of Egypt
The Central Bank of Egypt hosted a delegation from the Bank of Tanzania to exchange expertise on business continuity and crisis management. The programme included site tours and discussions on operational challenges and strategies, emphasizing senior management's role. This visit is part of a series of missions from African central banks to the Central Bank of Egypt, covering areas like cybersecurity and banking supervision.
Institutional developmentCooperation & capacity buildingOperational risk and resilience
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2025-12-23•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) issued General Resolution No. 1096, amending investment limits for money market funds' placements in fixed-term deposits. The resolution raises the maximum individual limit for each deposit type from 35% to 50% of the fund's assets, while maintaining a 70% aggregate cap across all deposit types. The CNV aims to enhance fund management flexibility in coordination with the Central Bank of the Argentine Republic.
Policy & regulationRules & requirementsLiquidity risk
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2025-12-23•Argentina•Argentina Securities Commission (CNV)
Argentina Securities Commission (CNV) revised the "Preliminary Definitions" in CNV Rules under General Resolution 1097, aiming to enhance clarity and legal certainty. Additions include definitions for Digital Representation, Thematic Negotiable Security (SVS+), and Qualified Investor, supporting transparency and investor protection.
Policy & regulationRules & requirementsRegulatory burden
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2025-12-23•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) has issued General Resolution No. 1098, deferring the collection of the 2026 supervision and control fee until 2 February 2026. This deferral excludes Mutual Fund Administration and Custody Agents and entities with outstanding fees from previous years.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-12-23•Vietnam•State Bank of Vietnam
The State Bank of Vietnam joined a National Cybersecurity Association workshop, focusing on banking digitalisation and cybersecurity strategies. The SBV noted over 95% of transactions are digital, with security policies meeting international standards. Discussions stressed enhanced coordination against cyberattacks and fraud, citing the UN cybercrime convention for cross-border cooperation.
Policy & regulationImplementation, projects & pilotsCyber resilience
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2025-12-23•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's second banking-sector steering committee meeting reviewed 2025 progress and set 2026 priorities, focusing on digital transformation and technology in banking. Key 2025 updates include biometric matching of over 140 million customer records, directives on digital transformation, and the SIMO monitoring system, which flagged over 2.26 million suspicious transactions. Additionally, SBV upgraded its administrative procedure system, enhancing online public services and data management.
Policy & regulationImplementation, projects & pilotsFintech and insurtechMarket development
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2025-12-23•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) has reappointed Ante Žigman and Teija Korpiaho to its Management Board for a second term of two and a half years. Žigman is President of the Croatian Financial Services Supervisory Agency, and Korpiaho is Chief Advisor of Insurance Supervision at the Finnish Financial Supervisory Authority. Their terms will conclude in mid-2028.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-23•Bahamas•Central Bank of the Bahamas
The Central Bank of the Bahamas announced the 2025 T. Baswell Donaldson Research Competition results, awarding honorable mentions to three scholars for their economic and financial-sector research contributions. The competition received 21 submissions and was evaluated by economic professionals and university professors. Honorees included Aaliya Merizier, Theo Dawkins, and Madison Haines for their studies on human capital, FinTech adoption, and economic growth in The Bahamas.
ResearchOther
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2025-12-23•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE has revoked Omda Exchange's licence, removed it from the Register, and imposed a 10 million AED fine for violations of the Central Bank Law and related regulations. This enforcement action follows examinations revealing compliance failures. The CBUAE emphasized the importance of adherence to UAE laws and standards to ensure transparency and integrity in financial transactions.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-12-22•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission approved capital markets decisions, including prospectuses for RES Invest Holding AD's warrant IPO and bond issues by Premier Fund REIT and Neo London Capital AD. It authorized Alaric Securities Ltd to provide crypto-asset services and updated insurance and investment service registers. Additionally, the FSC requested further documentation from Intercapital Markets AD for cross-border service provision in 25 EU member states.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-12-22•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank (SAMA) has updated the Implementing Regulation of the Finance Companies Control Law, revising requirements for finance companies' activities and licensing. Key changes include adjustments to aggregate finance amounts, bank guarantee requirements, related party provisions, and handling of expired licenses. The update also repeals certain microfinance rules and amends licensing rules for finance support activities.
Policy & regulationRules & requirementsLicensing framework and process
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2025-12-22•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank (SAMA) has introduced a "Fees Guide for Financial Institutions’ Services" to replace the "Banking Tariff." This guide aims to enhance customer protection, promote reasonable fees, improve disclosure and transparency, and support electronic service delivery. It includes reduced maximum fees for various services and applies to all SAMA-regulated financial institutions, marking its first edition for financial institutions and third for the banking sector.
Policy & regulationRules & requirements
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2025-12-22•Dominican Republic•Central Bank of the Dominican Republic
The Central Bank of the Dominican Republic met with commercial bank leaders and the Superintendent of Banks to review financial sector performance and ensure credibility. The Governor reported no vulnerabilities, highlighting strong capitalisation, profitability, and solvency, with consolidated assets at DOP 4.19 trillion and a non-performing loan ratio of 1.8%. Key indicators included a 17.1% solvency ratio, 2.6% return on assets, and 21.7% return on equity.
SupervisionRisk monitoring & watch pointsFinancial and market indicatorsFinancial stability and systemic risk
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2025-12-22•Pakistan•State Bank of Pakistan
At the 25th Zahid Husain Memorial Lecture hosted by the State Bank of Pakistan, Professor Amir Sufi emphasized adapting financial systems to high-tech, services-led growth. He advocated cash flow-based lending and external equity financing, highlighting challenges in financing intangible-capital-intensive sectors. Deputy Governor Saleemullah underscored initiatives like the risk coverage facility for SMEs, the Banking on Equality policy, and digital infrastructure advancements.
Policy & regulationReform agendas & prioritiesFintech and insurtechFinancial inclusion
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2025-12-22•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro's Financial Stability Council concluded that financial stability is preserved despite rising cyclical risks from strong credit growth and high real estate prices. The Central Bank extended measures limiting cash loans to citizens for another year. Macroeconomic conditions remain supportive, with GDP growth at 3.2% in H1 2025, while banking deposits and loans have increased significantly.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic risk
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2025-12-22•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro chaired the sixth meeting of the National Committee for the Development of Financial Education, adopting a Financial Education Action Plan for 2026. The committee reviewed the "Enhancing Financial Literacy and Social Entrepreneurship" programme, noting potential expansion in 2026, and discussed the Regional Financial Literacy Framework for the Western Balkans. Additionally, the committee endorsed Montenegro's participation in the Bank of Slovenia's international high-school debate competition in May 2026.
Financial literacy & educationFinancial literacy and education
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2025-12-22•Italy•Bank of Italy
The Bank of Italy released four Working Papers and four Occasional Papers on topics like monetary policy uncertainty, state-dependent fiscal effects, and bank–firm innovation linkages. The research analyzes interest rate volatility, fiscal multipliers, fintech investments, and the international impact of Chinese monetary policy. Additionally, the papers assess US tariffs' effects on Italian firms and the outcomes of Italy’s Inner Areas Strategy.
ResearchOther
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2025-12-22•Israel•Bank of Israel
The Bank of Israel released updated inflation indicators showing one-year expectations of 1.5% from the capital market, 2.1% from professional forecasts, and 2.0% from internal interest rates and inflation contracts. Forward expectations are 1.9% for the second year, 2.3% for the third year, 2.0% for years 3–5, and 1.7% for five years and years 5–10, with noted biases in one-year-horizon breakeven inflation.
Data & statistics
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2025-12-22•Europe•European Securities and Markets Authority
The European Securities and Markets Authority, with national authorities, completed a 2024 analysis of cross-border investment services in the EU and EEA. The review found 370 firms serving 10.5 million retail clients, with a 4% decrease in firms and a 32% increase in clients compared to 2023. Cyprus, Luxembourg, and Germany were key locations for these firms, while Germany, France, Spain, and Italy were major destinations for retail clients.
Data & statisticsCross-border paymentsSupervision process and methodologies
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2025-12-22•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission registered a new share issue by Metizi AD for trading on a regulated market, comprising 937,754 new shares. It approved key appointments in the insurance sector and notified French and Dutch authorities of Cargofort Ltd.'s cross-border service intentions. The FSC also requested further information from Manikian Capital AD and Select Asset Management EAD regarding licensing and board member approval.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-12-22•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority announced that SASA CAPITAL a.d. Podgorica is ceasing operations and has requested to withdraw its investment services licence. The Authority is proceeding with the licence revocation and advised clients to withdraw or transfer funds during this process.
SupervisionAuthorisations & approvalsOther
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2025-12-22•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) launched the operational phase of the Sustainable Finance Table, offering tools and online training to help SMEs with sustainability reporting and ESG information exchange with banks. The Ministry of Economy and Finance released an interoperability table connecting the SME-Bank Dialogue Document on Sustainability to the European VSME, aiming to streamline disclosures and reduce administrative burdens. Future initiatives focus on improving data quality on climate risks and strengthening SME-bank ESG exchanges.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-12-22•Italy•Bank of Italy
The Bank of Italy released a report on its Regional Bank Lending Survey for H1 2025, detailing credit condition changes across Italy's macro-regions. The survey, involving 235 banks, analyzed loan demand from households and firms and banks' credit supply policies by region and sector. An Italian-language report and dataset are included as annexes.
ResearchFinancial and market indicatorsMonetary data
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2025-12-22•Indonesia•OJK
Indonesia’s Financial Services Authority (OJK) and the Coordinating Ministry for Human Development and Cultural Affairs held a financial education event for women, emphasizing financial planning and vigilance against scams and illegal lending. The hybrid event engaged 480 participants, featuring topics such as illegal investments, capital markets, and household financial management.
Financial literacy & education
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2025-12-22•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) and PT Kustodian Sentral Efek Indonesia (KSEI) have launched a platform linking OJK’s Integrated Licensing and Registration System with KSEI’s Electronic Securities Registration System. This aims to streamline mutual fund registration, enhance data accuracy, and support risk-based supervision. It is part of KSEI's digital transformation efforts, including promoting green economy growth in Indonesia's capital market.
Policy & regulationImplementation, projects & pilotsMarket infrastructure
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2025-12-22•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) announced the conviction and sentencing of four individuals for conspiracy to commit market rigging and dealing with the proceeds of crime, using Telegram group chats to inflate Australian share prices. The offenders received intensive corrections orders ranging from 14 months to two years, with additional community service and fines. ASIC emphasized its monitoring of pump-and-dump activities and urged investors to report suspicious behavior.
EnforcementInvestigations & enforcement actionsMarket risk and volatilityFraud and scams
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2025-12-22•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) warned of increased "pump and dump" schemes targeting retail investors, especially during the holidays. These involve thinly traded stocks being promoted and sold at inflated prices, with scammers impersonating celebrities. ASIC conducts real-time market surveillance and urges caution regarding paid promotions, fake endorsements, and sudden price spikes, advising reporting suspicious activities to authorities.
SupervisionAlertsFraud and scams
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2025-12-22•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has initiated civil penalty proceedings against BDO Audit (WA) Pty Ltd and its director Dean Just, alleging false or misleading statements in audit reports for Dubber Corporation Limited and the Dubber Group for financial years 2020-2022. ASIC claims the reports inaccurately stated compliance with Australian Auditing Standards and a true and fair view of financials, despite material misstatements. Dubber has also commenced proceedings against BDO Audit for up to AUD 26.6 million plus interest and costs, related to alleged unauthorised fund use.
EnforcementInvestigations & enforcement actionsAuditing
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2025-12-22•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission has released an updated Settlement Framework, aligning with recent amendments to the Financial Services Act and Administrative Penalties Rules. The framework details changes to section 53A, conditions under which settlement may be excluded, and new settlement discounts. An updated FAQ accompanies the revised framework.
Policy & regulationRules & requirementsOther
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2025-12-22•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market has added MaxProfit Academy Ltd. and Azeta SA to its list of potentially dangerous investment projects, now totaling 458. Common warning signs include lack of licenses, unclear organizer information, and promises of unrealistically high returns. The updated list is on the Commission's website, and market participants are urged to report suspicious projects.
SupervisionAlertsFraud and scams
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2025-12-22•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market approved a draft to amend its 2020 framework, updating requirements for trading and investment services. The draft aligns with EU standards, introducing related agents, market price support tools, and addressing internal documentation, client agreements, and conflict-of-interest prevention. It also covers capital market abuse prevention, client communications, and specific requirements for portfolio management, underwriting, and market-making activities.
Policy & regulationRules & requirementsTrading
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2025-12-22•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) has updated its Digital Working Method, enhancing guidance on digital data collection and analysis in supervisory investigations. The revision clarifies roles and processes, including the independence of IT specialists and privilege officers, and outlines procedures for cleansing digital data. Definitions like "private data" have been tightened, and investigation subjects can receive explanations on data cleansing at the AFM's office.
Policy & regulationGuidance & interpretationOther
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2025-12-22•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets will focus on streamlining prospectus and supplement approvals in 2026 amid a surge in applications. Amendments to the prospectus regime under the European Union Listing Act, effective since December 2024, will significantly impact content and approval processes, with further changes in March and June 2026. Issuers of European green bonds are advised to notify the AFM early due to potentially extended review times.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-12-22•Peru•Central Bank of Peru
The Central Reserve Bank of Peru reported a 7% year-on-year increase in the formal-sector real wage bill for October 2025, indicating ongoing growth in formal employment and wages. The private sector saw a 7.6% rise, primarily due to gains in services and trade, marking 19 consecutive months of improvement. The wage bill is calculated from average income and total formal jobs using electronic payroll data.
Data & statisticsEconomic data and developments
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2025-12-22•Europe•European Financial Reporting Advisory Group
EFRAG released a report from its November 2025 workshops with the IASB on users' needs for intangibles. It highlights the inadequacy of current financial statements in conveying intangible assets' value and future performance. Participants advocated for enhanced qualitative and quantitative disclosures, improved transparency, and better linkage to future cash flows.
Policy & regulationInternational standards & recommendationsAccounting and financial reporting
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2025-12-22•China•Central Bank of the Republic of China
The People's Bank of China has introduced a one-off credit repair policy affecting its credit reporting system, allowing certain personal credit delinquencies to be treated as not displayed once fully repaid. Eligibility is restricted to delinquencies under CNY 10,000 incurred between 1 January 2020 and 31 December 2025, with full repayment by 31 March 2026. The policy is automatic, free, and updates will be reflected in credit reports without requiring applications or third-party involvement.
Policy & regulationGuidance & interpretationCredit risk
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2025-12-22•Europe•European Banking Authority
The European Banking Authority has updated its Guidelines on the equivalence of confidentiality and professional secrecy regimes in third countries, incorporating new requirements under the Markets in Crypto-Assets Regulation (MiCAR). The revised Guidelines confirm the equivalence of regimes in several countries, including Australia and the UK, to EU standards, and clarify application procedures for EU authorities in supervisory cooperation.
Policy & regulationGuidance & interpretationCross-border cooperation
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2025-12-22•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has amended the Companies (Further Issue of Shares) Regulations, 2020, to enhance minority shareholder protection and corporate governance. Key changes include aligning dividend distribution with voting rights, enforcing a "one share, one vote" principle for at least 75% of voting power, capping varied voting rights at five votes per share, and mandating listed status for shares with varied rights. These amendments were finalized after consultations with stakeholders like the Pakistan Stock Exchange and other industry entities.
Policy & regulationRules & requirementsCorporate governance
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2025-12-22•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan held a consultative session in Karachi to discuss a proposed Framework for Registered Intermediaries, focusing on mandatory training and eliminating periodic renewal requirements. The proposal aims to enhance compliance through continuous learning and evaluation. Participants were informed about expanded access to the SECP Financial Institutions Portal for instant digital verification of company profiles.
Policy & regulationRules & requirementsSupervision process and methodologies
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2025-12-22•Lithuania•Bank of Lithuania
The Bank of Lithuania reported a decline in Lithuania's current account balance surplus to EUR 66.5 million in Q3 2025, equating to 0.3% of GDP, while the capital account surplus doubled to EUR 577.2 million. The financial account saw a positive net flow of EUR 1.1 billion, driven by portfolio investments and increased reserve assets, despite negative net flows in direct and other investments. The net international investment position was -EUR 2.4 billion, with external debt at EUR 73.7 billion.
Data & statisticsBalance of payments and other external statistics
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2025-12-22•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier announced that the Luxembourg District Court ordered the dissolution and judicial liquidation of ALFA ASSET MANAGEMENT (EUROPE) S.A., following a CSSF application under Article 129(1)(2) of the Law of 18 December 2015. Attorney-at-law Alain Rukavina was appointed as liquidator, with Nadège Anen as juge-commissaire, to oversee the process. Eligible clients may seek reimbursement from the SIIL up to EUR 20,000, subject to eligibility and verification.
EnforcementInvestigations & enforcement actionsClient asset custody and safekeeping
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2025-12-22•United States•Financial Industry Regulatory Authority
The FINRA Board approved the 2026 budget and three rule proposals to modernize member firm requirements and enhance customer protections. Key proposals include default electronic information delivery, enhanced use of trusted contacts, and increased flexibility for temporary holds to prevent financial exploitation. FINRA will file these proposals with the US Securities and Exchange Commission and seek comments on the financial exploitation proposal.
Policy & regulationRules & requirementsRegulatory burden
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2025-12-22•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
Hong Kong’s Financial Services and the Treasury Bureau aims to establish Hong Kong as an international gold trading hub, following recommendations from the Working Group on Promoting Gold Market Development. Initiatives include expanding storage, enhancing infrastructure, and developing a local trading ecosystem. Milestones include expanding the precious metals depository, launching the Shanghai Gold Exchange's first offshore vault, and trial operations of a central clearing system in 2026. A taskforce will support creating a trade organisation for the gold industry.
Policy & regulationReform agendas & prioritiesMarket development
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2025-12-22•Gibraltar•Gibraltar Financial Services Commission
The Gibraltar Financial Services Commission released guidance notes to assist insurers and stakeholders with the Solvency II framework. The notes address the Own Risk and Solvency Assessment (ORSA), governance guidelines, internal models, and technical provisions for general insurers.
Policy & regulationGuidance & interpretationPrudential risks
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2025-12-22•Europe•Authority for Anti-Money Laundering and Countering the Financing of Terrorism
The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) concluded a roadshow across all 27 EU Member States, engaging with stakeholders to enhance cooperation on the new EU AML/CFT system. Discussions involved Financial Intelligence Units and supervisors to address national risk landscapes and challenges. Insights from these meetings will guide AMLA's future actions on the European AML/CFT framework.
Policy & regulationCooperationAML and CFTDomestic cooperation
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2025-12-22•Bolivia•Financial System Supervisory Authority of Bolivia
Bolivia's Financial System Supervisory Authority has reinforced actions to ensure compliance with the credit deferral regime under Law No. 1670 and Supreme Decree No. 5503. This mandates a six-month payment suspension for certain loans upon request, without extra interest, and requires rescheduling deferred amounts. The authority will verify institutions provide clear consumer information and maintain complaint mechanisms for non-compliance.
SupervisionInterventionsLending
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2025-12-22•Bolivia•Financial System Supervisory Authority of Bolivia
The Financial System Supervisory Authority of Bolivia appointed Mario Walter Requena Pinto as Executive Director, emphasizing a mandate to restore public confidence in the financial system. Minister José Gabriel Espinoza highlighted the need for technically capable officials, while Requena Pinto committed to transparent supervision and enhancing credit flows to productive sectors.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-22•Sweden•Riksbank
Sweden's Riksbank published an Economic Commentary analyzing corporate bankruptcies and loan losses in Swedish banks from 2019 to 2023, noting low loan losses due to small bank exposures of defaulting firms. Loan losses could rise if a severe shock affects sectors with large bank borrowing, particularly commercial real estate. Swedish banks' loan loss level was 0.06% compared to the EU average of 0.49% in Q4 2024, with high collateral use and concentrated lending in real estate.
ResearchCredit riskPrudential risks
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2025-12-22•Austria•Austria Financial Market Authority
The Austrian Financial Market Authority reported a 3.5% decline in foreign currency lending to private households in Q3, reducing the outstanding portfolio to EUR 5.42 billion. Since the 2008 ban on new foreign currency loans, the volume has decreased by 91% from its 2006 peak. Nearly all remaining loans are in Swiss francs, with the FMA mandating annual meetings between credit institutions and affected borrowers.
Data & statisticsLending
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2025-12-22•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites, fake internet banking login screens, and phishing emails linked to The Bank of East Asia, Shanghai Commercial Bank, and Chong Hing Bank. The HKMA emphasized that banks do not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected customers should contact their bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-12-22•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority, with the Commerce and Economic Development Bureau and the Intellectual Property Department, has launched an Intellectual Property Financing Sandbox. This initiative facilitates IP asset-based financing by providing a risk-controlled environment for banks and multidisciplinary participants to test IP financing arrangements. Three major Hong Kong banks are participating, targeting sectors like biotechnology, electronics, and technology for pilot trials.
Policy & regulationImplementation, projects & pilotsFintech and insurtechMarket development
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2025-12-22•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance outlined the 2026 state budget, highlighting a redesigned income tax scale to lower liabilities for young workers and families. The budget projects 2.4% growth, a 2.8% primary surplus, and public debt reduction to 138.2% of GDP. Key measures include tax cuts for employees under 30, regional support incentives, and tax reductions, alongside planned wage increases and benefits for pensioners and public sector workers.
Policy & regulationReform agendas & prioritiesEconomic data and developments
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2025-12-22•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority has de-registered Alderdale Limited under the Designated Businesses (Registration & Oversight) Act 2015, effective 22 December 2025, pursuant to section 12(1)(a) of the Act.
SupervisionAuthorisations & approvalsAML and CFTWhistleblowing
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2025-12-22•Bulgaria•National Bank of Bulgaria
The Bulgarian National Bank's Governing Council amended its 2018 Ordinance No. 37 to enhance the approval process for excluding exposures to subsidiaries in calculating a bank's total exposure under Article 45(1) of the Law on Credit Institutions.
Policy & regulationRules & requirementsCredit riskPrudential risks
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2025-12-22•Bulgaria•National Bank of Bulgaria
The Bulgarian National Bank’s Governing Council amended Ordinance No. 7 on bank risk management to align with changes in the European regulatory framework. This includes the European Central Bank’s revised approach to Bulgaria’s national discretions under Regulation (EU) No 575/2013 on prudential requirements for credit institutions.
Policy & regulationRules & requirementsCapital adequacy
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2025-12-22•Bulgaria•National Bank of Bulgaria
The Bulgarian National Bank amended its licensing ordinance, requiring the use of the Single Supervisory Mechanism’s Information Management System Portal for European Central Bank procedures. This affects bank licence applications, changes in licence scope, and approvals for acquisitions and qualifying holdings. Supervisory fees for acquiring or increasing qualifying holdings are now differentiated based on direct or indirect holdings.
Policy & regulationRules & requirementsLicensing framework and process
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2025-12-22•Mexico•CONDUSEF
Mexico's National Commission for the Protection and Defence of Users of Financial Services (CONDUSEF) reported a 7.3% increase in consumer complaints in Tlaxcala from January to November 2025, totaling 2,698 cases. Debit cards, special credit reports, and credit cards were the primary sources, with commercial banking accounting for 50.1% of cases, largely involving possible fraud. The amount claimed rose by 54.9% to MXN 104.7 million, while the amount recovered increased by 34.7% to MXN 13.2 million.
Data & statisticsComplaints and dispute resolution
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2025-12-22•United States•Federal Reserve Bank of Atlanta
The Federal Reserve Bank of Atlanta has promoted Brent Meyer to vice president and senior economist in its Research Division, effective 16 December 2025. Meyer will lead the Economic Survey Research Center, expand his role on the Sixth District monetary policy advising team, and contribute to the strategic direction of the Research Division as part of its leadership team.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-22•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) released its October 2025 bulletin, highlighting key indicators for the insurance, open private pension, and capitalization sector. Technical provisions reached BRL 2.02 trillion, representing 16.1% of Brazil's GDP, influenced by Joint CNSP/CMN Resolution No. 12 of 2024. From January to October 2025, sector revenues were BRL 346.33 billion, down 4.09% year-on-year, while claims and benefits rose 9.93%.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-22•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) released its 2026 Regulation Plan, detailing its regulatory agenda and deliverables. Priority 1 focuses on implementing Law No. 15,040/2024 and Complementary Law No. 213/2025, with initiatives in insurance, pensions, and reinsurance, and enhancements in prudential and governance standards. Priority 2 includes potential rule revisions and improvements in governance and supervisory procedures.
Policy & regulationReform agendas & prioritiesSupervision process and methodologies
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2025-12-22•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan has licensed Capital Trust, a closed joint-stock company microcredit deposit organisation, to conduct banking operations in both national and foreign currencies. This authorization aligns with the laws governing the National Bank, microfinance organisations, and the licensing system.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-22•United States•New York State Department of Financial Services
New York enacted the RAISE Act, creating an oversight office within the State Department of Financial Services to enforce transparency and reporting for developers of powerful AI models. Large AI developers must report safety protocols and incidents of "critical harm" within 72 hours. The Attorney General can impose penalties up to USD 1 million for initial violations and up to USD 3 million for subsequent offenses.
Policy & regulationRules & requirementsArtificial intelligence
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2025-12-22•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority (FMA) has requested the High Court to place Chance Voight Investment Corporation Limited and related companies into liquidation, citing potential insolvency and breaches of financial legislation. Interim liquidators have been appointed, and asset preservation orders against Bernard Whimp and Hanmer Equities Limited have been granted, with a court hearing date pending.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-12-22•Portugal•Bank of Portugal
The Bank of Portugal reported a EUR 8.7bn decrease in non-financial sector indebtedness for October 2025, totaling EUR 857.7bn. Public sector debt fell by EUR 10.1bn, primarily due to a matured Treasury bond, while private sector debt rose by EUR 1.4bn, driven by household mortgage lending. Year-on-year, private companies' debt increased by 2.5% and households' debt by 8.1%, marking the highest rise since December 2008.
Data & statisticsFinancial and market indicatorsMonetary data
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2025-12-22•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines and other members of the Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) reaffirmed their commitment to financial integration and resilience at the 69th EMEAP Deputies’ and Related Meetings in Seoul. Discussions focused on maintaining robust frameworks for financial stability and innovation amid a dynamic global environment.
Policy & regulationCooperationCross-border cooperationFinancial stability and systemic risk
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2025-12-22•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reminded the public that exchanging unfit banknotes through banks is free and advised against using unauthorized parties that charge fees. It is also producing new banknotes and coins to meet increased demand during the Yuletide season and encouraged the use of digital payments for safer transactions.
Policy & regulationGuidance & interpretationCurrency and cash management
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2025-12-22•Morocco•Central Bank of Morocco
The Central Bank of Morocco issued a MAD 250 commemorative silver coin and a MAD 100 commemorative banknote to celebrate Morocco hosting the 35th Africa Cup of Nations. The MAD 100 banknote, with legal tender status, will circulate in limited quantities alongside existing notes. Both the coin and banknote feature imagery of the Prince Moulay Abdellah Sports Complex and Africa Cup of Nations motifs, with advanced security features in the banknote.
Other
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2025-12-22•Slovakia•National Bank of Slovakia
The National Bank of Slovakia's Bank Board approved a decree amending valuation methods for pension funds, incorporating an investment category for alternative investment funds under Act No 76/2025, effective 1 January 2026. The Board also maintained the countercyclical capital buffer rate and approved the 2026 budget. Additionally, the December 2025 Macroprudential Commentary and Winter 2025 Economic and Monetary Developments report were released.
Policy & regulationRules & requirementsAccounting and financial reporting
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2025-12-22•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission (FSC) announced capital market reforms to enhance infrastructure and connect the financial sector with startups. Key measures include safer trading in venture shares, revised private equity fund regulations, and expanded venture capital supply through large investment banks. The FSC will introduce electronic securities registries for unlisted stocks and revamp the stewardship code to improve compliance and application scope.
Policy & regulationReform agendas & prioritiesMarket development
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2025-12-22•Estonia•Central Bank of Estonia
The Central Bank of Estonia announced its 2027 programme for EUR 2 commemorative and collector coins, featuring a new series on Estonia’s counties and continuing the Outstanding Estonian Women and Resistance series. It includes a special-design EUR 2 coin for Hiiumaa, a silver collector coin for folkloric singer Anne Vabarna, and a commemorative coin for Estonian Defence Forces veterans. Design competitions and public suggestions for 2028 coins are planned, with final decisions expected by the end of 2026.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-22•North Macedonia•Securities and Exchange Commission of the Republic of North Macedonia
The Securities and Exchange Commission of North Macedonia reported maintained financial stability, with the system resilient despite uncertainties. The banking sector showed stability with increased credit and deposit activity, reduced euroization, and non-performing loans decreased to 2.3%. Capital markets saw total market capitalization rise to MKD 378.5 billion and a 47% increase in investment funds' net asset value year-on-year.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic risk
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2025-12-22•Albania•Albania Financial Services Authority
The Albania Financial Services Authority reported a 10.17% increase in gross written premiums to ALL 24.254bn for January to November 2025, with non-life insurance comprising 91.54% of premiums. Gross claims paid decreased by 3.61% to ALL 7.488bn, with motor insurance accounting for 76.33% of claims. Compulsory motor insurance premiums rose by 12.40% to ALL 15.139bn, while voluntary insurance premiums increased by 6.65% to ALL 9.115bn.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-22•Albania•Albania Financial Services Authority
The Albania Financial Services Authority's Board will meet on 29 December 2025 to review financial and actuarial developments and consider draft decisions on governance and authorisations. The agenda includes analysis of the insurance market, actuarial reviews, and updates on private pension funds and collective investment undertakings. Draft decisions involve audit firm selection, internal audit and strategic plans, board appointments, and insurance agent activity approvals.
SupervisionAuthorisations & approvalsAuditing
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2025-12-22•Europe•European Central Bank
The European Central Bank's research using microdata from its Consumer Expectations Survey indicates that a digital euro would be primarily used as a transactional "digital cash" instrument, with minimal impact on bank deposits. Awareness of the digital euro increased from 9% in 2021 to 40% by March 2024, with 45% of consumers likely to adopt it for retail payments. A hypothetical windfall exercise showed a 5% allocation to a digital euro, and an ECB video initially increased adoption propensities, though the effect diminished over time.
ResearchCBDC
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2025-12-22•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) will hold a judgment session on 23 December for two administrative sanctioning proceedings. The first involves alleged breaches of diligence and loyalty duties related to RPPS investments in the FIRF Pyxis Institucional IMA-B fund, while the second assesses potential diligence breaches by Petrobras executive directors. The session will be public, with options for in-person or videoconference attendance, and may proceed with electronic voting if defendants do not participate.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-12-22•Russia•Central Bank of Russia
The Central Bank of Russia reported a slowdown in monthly credit growth to 1.5% in November 2025 from 1.8% in October, with broad money growth also decelerating to 1.3% from 1.7%. The easing was mainly due to weaker corporate lending, while household borrowing increased moderately, driven by mortgage lending. Household ruble deposit balances decreased, impacting the annual growth of the money supply.
Data & statisticsMonetary data
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2025-12-22•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority has terminated the accreditation of Mr. Go Naito as the Securities Dealer’s Representative for FXON Ltd, effective 18 December 2025.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-12-22•Russia•Central Bank of Russia
The Central Bank of Russia's December business monitoring update indicates a moderate expansion in business activity, with the Business Climate Index falling to 2.7 points from 3.4 in November. Companies reported more moderate assessments of output and demand, alongside rising price expectations for the third consecutive month.
Data & statisticsEconomic data and developments
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2025-12-22•Russia•Central Bank of Russia
The Central Bank of Russia plans to amend rules on depository accounting of foreign securities and recording foreign investors’ rights to Russian securities, maintaining direct access to Russia’s accounting infrastructure. Key measures include new investor risk disclosures, simplified procedures for Russian depositary receipts, and conditions for segregated accounts for foreign investor holdings. The reforms aim to enhance transparency and address risks linked to foreign jurisdictions.
Policy & regulationRules & requirementsAccounting and financial reporting
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2025-12-22•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay has made guaraní-denominated Treasury bonds issued internationally by the Ministry of Economy and Finance eligible as collateral in its repo operations. It aligns their treatment with locally issued Treasury bonds, expanding collateral options for financial institutions and access to central bank liquidity.
Policy & regulationRules & requirementsLiquidity riskPrudential risks
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2025-12-22•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay approved general rules for the risk rating of banks, finance companies and insurance companies. The framework unifies requirements across supervised entities and risk rating agencies under Law No. 7572/2025. Firms must update ratings annually and whenever they carry out a public offering issuance.
Policy & regulationRules & requirementsCredit ratings
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2025-12-22•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay has issued a new rulebook for payment service providers in the National Payments System. It introduces registration requirements, disclosure rules on fees and service conditions, and minimum information security, cybersecurity and funds protection standards. Registration guidelines will be set by the central bank’s General Management.
Policy & regulationRules & requirementsPayments and payment systems
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2025-12-22•Poland•Central Bank of Poland
The National Bank of Poland reported a PLN 21.8bn increase in the M3 money supply for November 2025, reaching PLN 2,692.8bn. This growth was primarily due to higher deposits and claims from households and non-financial corporations. Additionally, there were notable increases in the net debt of central government entities, other financial institutions, non-financial corporations, and households.
Data & statisticsMonetary data
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2025-12-22•United States•U.S. Financial Services Committee
Republican leaders of the U.S. House Committee on Financial Services urged Federal Reserve Chair Jerome Powell to reconsider the Federal Reserve's role in penny recirculation after halting penny production. They highlighted financial losses and supported the Common Cents Act for rounding guidance to reduce demand. The letter criticized the Federal Reserve's decision to stop accepting penny deposits at most locations, citing increased costs and operational challenges despite nearly 300 billion pennies in circulation.
Policy & regulationOtherCurrency and cash management
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2025-12-22•Portugal•Bank of Portugal
The Bank of Portugal has exempted Portuguese credit institutions from reciprocating Norway's macroprudential measures under Article 458 of Regulation (EU) No 575/2013, citing non-materiality. Norway's measures set risk weight floors for property exposures, applicable only to Norwegian-authorised institutions using the internal ratings-based approach. The exemption, based on the de minimis principle, remains as long as the Norwegian measure is in place and Portuguese exposures stay below the materiality threshold.
Policy & regulationRules & requirementsMacroprudential policy and tools
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2025-12-22•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission requires individuals listed in an attached notice to pay a VND 1,000,000 fee to obtain a securities practitioner certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or in person, with specific details required for the transfer reference. Failure to complete the procedure within one year will result in certificate annulment.
SupervisionAuthorisations & approvalsLicensing and supervisory fees
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2025-12-22•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals on a specified register to pay a VND 1,000,000 fee for a securities practicing certificate, aligning with the Ministry of Finance's fee schedule. Payment can be made via bank transfer or directly at the Commission, with specific details required in the payment narrative. Failure to collect the certificate within one year of the fee-payment notice will result in cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-12-22•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has mandated individuals listed in an attached schedule to pay a VND 1,000,000 fee for the issuance of a securities practising certificate as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer to designated accounts or in person. Failure to complete the procedure within one year of the fee-payment notice will result in certificate cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-12-22•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals listed in an attached notice to pay a VND 1,000,000 fee for the issuance of a securities practitioner certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer to VietinBank or Vietcombank, or in person at the Commission. Failure to complete the certification process within one year will result in cancellation of the certificate.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-12-22•Portugal•Bank of Portugal
The Bank of Portugal has exempted Portuguese credit institutions from reciprocating Sweden's 25% risk weight floor on mortgage retail exposures, citing non-material exposure. This decision aligns with the de minimis principle under the European Systemic Risk Board's recommendations. The exemption will persist as long as the Swedish measure is active and exposures remain below the materiality threshold.
Policy & regulationRules & requirementsMacroprudential policy and tools
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2025-12-22•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senators Elizabeth Warren and Elissa Slotkin have called for an investigation into potential conflicts of interest involving senior Trump Administration officials and foreign cryptocurrency deals. The request, prompted by a New York Times report, focuses on David Sacks and Steve Witkoff and has been referred to the Department of State Office of Inspector General's Office of Investigations. The senators emphasize the need for a thorough investigation and public disclosure of findings.
EnforcementInvestigations & enforcement actionsOther
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2025-12-22•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, commented on a lawsuit by 21 states and the District of Columbia against the Trump Administration's attempt to defund the Consumer Financial Protection Bureau (CFPB). Warren emphasized the CFPB's role in returning over USD 21 billion to consumers and argued that the funding cut would harm consumers and shut down the agency's complaint database. She urged courts to reject the move as illegal.
OtherConsumer and investor protection
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2025-12-22•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities & Exchange Commission urged holders of three Phuket Fantasea Public Company Limited bond series to review information before a reconvened bondholders’ meeting on 23 December 2025. The meeting will address extending redemption maturity by one year and revising interest terms, including a rate increase from 7.25% to 7.50% per year. The SEC requires the bondholders’ representative to provide an analysis of the benefits and impacts of the proposed changes for informed voting.
SupervisionInterventionsCorporate governance
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2025-12-22•Iceland•Central Bank of Iceland
The Central Bank of Iceland released its December 2025 Economic Indicators report, offering interactive data on inflation, output, foreign trade, labour market, public finance, asset markets, and the financial system, with underlying data accessible in spreadsheet format.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developmentsFinancial stability and systemic risk
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2025-12-22•Europe•European Fund and Asset Management Association
The European Fund and Asset Management Association reported strong net inflows into European investment funds in October 2025, with UCITS and alternative investment funds (AIFs) collectively attracting EUR 89 billion. UCITS accounted for EUR 84 billion, with long-term funds drawing EUR 60 billion and exchange-traded funds EUR 41 billion. Total net assets of UCITS and AIFs increased by 2.2% to EUR 25.1 trillion.
Data & statisticsFinancial and market indicatorsSupervisory data