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2025-12-22•Canada•Financial Consumer Agency of Canada
The Financial Consumer Agency of Canada released an interim report on a workshop co-hosted with the Global Risk Institute, focusing on AI's impact on financial well-being and consumer protection. The event, part of the second Financial Industry Forum on Artificial Intelligence, explored best practices and future directions for AI in Canada's financial services. A comprehensive report on all forum workshops is anticipated in spring 2026.
Policy & regulationGuidance & interpretationArtificial intelligenceConsumer and investor protection
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2025-12-22•Canada•Payments Canada
Payments Canada announced it had 111 members as of December 2025, including recent additions such as Questbank and CI Investment Services Inc. The 2025 amendments to the Canadian Payments Act expanded membership eligibility to include payment service providers, credit union locals, and designated clearing houses.
Data & statisticsPayments and payment systems
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2025-12-22•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets held financial education and cybersecurity activities from 25 November to 10 December to help women avoid financial fraud and safely use digital financial services. About 600 women attended sessions on consumer rights, safe financial services, and fraud prevention. The initiative was part of the national “Moldova without Violence” programme, supported by international and local partners.
Financial literacy & educationFraud and scamsFinancial literacy and education
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2025-12-22•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission filed a civil complaint against several crypto asset trading platforms and investment clubs, alleging a scam defrauding U.S. investors of over USD 14 million. Defendants allegedly used social media and messaging apps to promote fake AI-generated investment tips and directed victims to fraudulent platforms. The SEC seeks permanent injunctions, civil penalties, and disgorgement, and issued an investor alert regarding social media scams.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-12-22•Greece•Hellenic Capital Market Commission
The Hellenic Capital Market Commission approved KYKLOS HOLDING SINGLE-MEMBER SOCIETE ANONYME's offering document for an optional public offer to acquire all shares of AKRITAS SA under Law 3461/2006. It also extended VIGOR FINANCE INVESTMENT SERVICES SOCIETE ANONYME's authorisation to provide portfolio management services under Article 6(2) of Law 4514/2018.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-12-22•Canada•Alberta Securities Commission
The Alberta Securities Commission issued an interim order against Midas Vantage Projects Lithium Limited and associated individuals, prohibiting them from trading MVP securities in Alberta for 12 months. The order follows evidence of fraud, prohibited representations, and misleading conduct during an investigation into potential breaches of the Securities Act (Alberta). Respondents must cease investor relations activities and disable MVP-related websites.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-12-22•Canada•Alberta Securities Commission
The Alberta Securities Commission has issued a 12-month interim cease-trade order against Midas Vantage Projects (MVP) Lithium Limited and associated individuals, citing evidence of fraud and misleading conduct. The order restricts trading in MVP securities, investor relations activities, and public communications, while ASC continues its investigation into potential Securities Act breaches. Written reasons for the order will be provided later.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-12-22•Romania•National Bank of Romania
The National Bank of Romania will join the European Central Securities Depository Association (ECSDA) on 1 January 2026 as the administrator of the SaFIR system. ECSDA, representing 40 central securities depositories from 36 European countries, facilitates dialogue and projects to enhance post-trade infrastructure in European financial markets.
Policy & regulationCooperationMarket infrastructure
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2025-12-22•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs released a minority press statement where Senators Elizabeth Warren and Elissa Slotkin called for an investigation into potential conflicts of interest involving David Sacks and Steve Witkoff, linked to a New York Times report on the Trump family's cryptocurrency firm and UAE AI chip access. The request, tied to ongoing crypto market legislation considerations, has been referred to the Office of Investigations, with no review timetable provided.
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 and Congressman Gregory Meeks have requested statutory disclosures from the Department of Commerce regarding the approval of advanced AI chip exports, including NVIDIA’s H200, to China, citing national security concerns under the Export Control Reform Act of 2018. They seek information on licensing decisions and have requested materials by January 12, 2026, along with a briefing before any H200 export licence approval.
Policy & regulationOtherLicence approval
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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, responded to a lawsuit by 21 states and the District of Columbia against the Trump Administration's effort to defund the Consumer Financial Protection Bureau (CFPB). Warren emphasized the potential nationwide harm and highlighted the CFPB's enforcement success, returning over USD 21 billion to consumers.
Policy & regulationOtherConsumer and investor protection
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2025-12-22•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) concluded the first season of its financial education series "You Can Invest Too," which covered core capital markets topics and CNV's role in aligning with international standards. Over 500 young people participated in related education sessions. A second season is planned, with the first season still accessible through CNV's channels.
Financial literacy & educationFinancial literacy and education
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2025-12-22•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) has issued General Resolution No. 1095, simplifying rules for issuers by restructuring Title II and reducing public offering requirements by approximately 20%. This includes eliminating eight regimes, consolidating provisions, and removing 15 annexes. The changes are part of a broader programme to streamline regulations across financial trusts, mutual funds, and negotiable securities.
Policy & regulationRules & requirementsRegulatory burden
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2025-12-22•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance, at the Asociación de Aseguradores Argentinos year-end event, emphasized open dialogue with the private sector and urged active insurer participation. Superintendent Guillermo Plate highlighted priorities including modernisation, deregulation, and technology integration, with a focus on artificial intelligence and process improvement projects continuing into 2026.
Policy & regulationReform agendas & prioritiesMarket development
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2025-12-22•South Korea•Bank of Korea
The Bank of Korea released a press statement detailing the compilation results of its Borrower-Level Household Debt Statistics. Comprehensive materials are available in the attached files.
Data & statisticsSupervisory data
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2025-12-22•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay’s Monetary Policy Committee unanimously kept the monetary policy rate at 6.00% on 22 December, where it has remained since January 2025, citing moderating inflation despite stronger-than-expected economic activity. The Committee revised down its 2025 inflation forecast to 3.6% and raised its 2025 gross domestic product growth forecast to 6.0%, while reaffirming its commitment to return inflation to the 3.5% target over the monetary policy horizon.
Monetary policyPolicy rate decisionsMonetary policy decisions and developments
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2025-12-22•United States•Financial Crimes Enforcement Network
The Financial Crimes Enforcement Network (FinCEN) launched a data-driven operation targeting over 100 US money services businesses (MSBs) near the southwest border for potential regulatory non-compliance. The initiative led to six notices of investigation, numerous IRS examination referrals, and over 50 compliance outreach letters. FinCEN credits technology modernization efforts by Treasury Secretary Bessent for enabling this operation.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-12-22•United States•U.S. Department of the Treasury
The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) launched an operation targeting over 100 U.S. money services businesses (MSBs) along the southwest border for potential non-compliance with Bank Secrecy Act (BSA) requirements. The operation resulted in six notices of investigation, numerous IRS examination referrals, and over 50 compliance outreach letters. FinCEN is collaborating with law enforcement and regulatory partners, emphasizing MSBs' BSA obligations, with potential outcomes including civil penalties and criminal referrals.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-12-22•Anguilla•Anguilla Financial Services Commission
The Anguilla Financial Services Commission released a final consultation note on the draft Anguilla Special Trust Act, proposing a framework for special trusts to hold assets exclusively in companies incorporated under the Business Companies Act. The draft includes provisions on the Hague Convention, anti-forced heirship protections, trustee powers, enforcer roles, and the Rule Against Perpetuity.
Policy & regulationRules & requirementsOther
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2025-12-22•Taiwan•Central Bank of Taiwan
The Central Bank of Taiwan reported November 2025 turnover statistics for the Taipei foreign exchange market, with a total net trading volume of USD 916.4 billion and an average daily turnover of USD 45.8 billion. Interbank transactions comprised USD 633.7 billion, with significant activity in NTD/USD pairs at USD 406.8 billion. Foreign exchange swaps were the predominant transaction type at USD 467.9 billion, while direct dealing accounted for USD 619.5 billion of the trading volume.
Data & statisticsForeign exchange policy and markets
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2025-12-22•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's 13th Payment and Technology Council meeting reviewed progress on Politburo Resolution 57, focusing on fintech, digital payments, and online banking security. Key developments include a sandbox mechanism for banking, a draft decree on Mobile Money, and increases in non-cash and QR code payments. The SBV aims to enhance online transaction security and fraud prevention, coordinating with the Ministry of Public Security and emphasizing compliance with anti-money laundering requirements.
Policy & regulationRules & requirementsRegulatory sandboxPayments and payment systems
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2025-12-22•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has directed banks and payment service providers to implement measures ensuring safe and compliant payments during the 2025 year-end and 2026 Lunar New Year. Key actions include enhanced risk management, fraud prevention, cybersecurity, and compliance with new regulations. Banks must also improve monitoring, staffing, and infrastructure to prevent service disruptions and support state budget operations.
Policy & regulationImplementation, projects & pilotsPayments and payment systemsOperational risk and resilience
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2025-12-22•Moldova•National Bank of Moldova
The National Bank of Moldova's update on foreign exchange market activity details spot purchases of EUR 15.0 million and FX swap purchases of EUR 10.8 million, with no sales or forward transactions. These interventions align with the Bank's monetary and foreign exchange policy objectives, with spot transactions affecting money supply and FX swaps as reversible adjustments. Data is published monthly, using average exchange rates for EUR and USD equivalents.
Data & statisticsCurrency and cash management
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2025-12-22•Moldova•National Bank of Moldova
The National Bank of Moldova released monthly statistics on the non-cash foreign exchange market, detailing banks' foreign currency transactions against the Moldovan leu, excluding central bank activities. Interbank spot transactions totalled EUR 9.96 million in purchases and EUR 29.29 million in sales, while intrabank transactions amounted to EUR 454.41 million in purchases and EUR 665.22 million in sales. Data, expressed in euro equivalents, are compiled from banks' regulatory reports for setting the official exchange rate of the Moldovan leu.
Data & statisticsCurrency and cash management
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2025-12-22•Moldova•National Bank of Moldova
The National Bank of Moldova reported that in November 2025, individuals' net foreign-currency supply covered 89.9% of economic agents' net FX demand, an increase from 82.1% in October. Net interbank purchases amounted to EUR 15.0 million. The Moldovan leu averaged 19.7041 MDL per EUR, with the euro comprising 69.9% of individuals' net FX supply.
Data & statisticsBalance of payments and other external statistics
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2025-12-22•Moldova•National Bank of Moldova
The National Bank of Moldova released November 2025 statistics on the internal cash foreign exchange market, showing a total turnover of EUR 362.1 million. The euro dominated with 73.8% of turnover, followed by the US dollar at 17.4%. Compared to the previous month, turnover decreased by 17.4%, while year-on-year figures remained stable with a slight increase of 0.2%.
Data & statisticsCurrency and cash management
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2025-12-22•Moldova•National Bank of Moldova
The National Bank of Moldova released November 2025 statistics on licensed banks' foreign currency assets and liabilities, and the banking system's open foreign exchange position. Total foreign currency assets were MDL 52.84bn, liabilities at MDL 52.91bn, and the open position showed MDL 104.2m in long positions and MDL -176.8m in short positions. The report includes definitions and reporting bases, with euro equivalents calculated using end-of-month exchange rates.
Data & statisticsCurrency and cash management
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2025-12-22•Moldova•National Bank of Moldova
The National Bank of Moldova's Financial Stability Assessment Report for Q3 2025 indicates the banking sector's resilience with no excessive systemic risk build-up. The financial stress index was 0.36, below the 0.52 threshold, and the vulnerability level was -0.47, below zero. Credit risk remains the primary concern, particularly in real estate loans, though liquidity risk is mitigated by strong liquid-asset buffers.
SupervisionRisk monitoring & watch pointsCredit riskFinancial stability and systemic risk
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2025-12-22•Moldova•National Bank of Moldova
The National Bank of Moldova's review of the insurance sector as of 30 September 2025 highlights a slight decline in total assets and weakened profitability, despite all insurers maintaining solvency ratios above 100%. Total assets decreased by 0.2% to MDL 5,631.4 million, while gross written premiums rose by 0.9% to MDL 2,443.9 million, with motor insurance comprising over 71% of premiums. The sector's net profit fell 50.3% year on year to MDL 121.3 million, with two insurers reporting losses.
SupervisionReviews, inspections & stress testsFinancial stability and systemic riskPrudential risks
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2025-12-22•Caribbean•Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank's Governor outlined 2025 economic conditions and a plan to double member economies over the next decade. The EC dollar remains strong, with international reserves growing and ECCU growth projected at 3.7 percent for 2025. Key 2026 priorities include financial stability, customer protection, a regional regulator for Citizenship by Investment Programmes, and advancements in data privacy, AI strategy, and payments modernisation.
Policy & regulationReform agendas & prioritiesOther
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2025-12-21•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority (TIRA) attended a workshop in Arusha on implementing Universal Health Insurance for All, focusing on the regulator's role and claims management under insurance law. The session included various stakeholders, emphasizing implementation strategies and public education on health insurance. TIRA's Northern Zone Manager outlined preparations for the rollout and the legal framework for handling claims and disputes.
Policy & regulationCooperationOther
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2025-12-21•Peru•Central Bank of Peru
The Central Bank of Peru reported a 3.4% year-on-year increase in national formal employment for October, marking 19 consecutive months of growth and adding 212,000 jobs. Private sector formal employment rose by 4.2% to 4.665 million, with significant contributions from services, agriculture, and commerce. Mining experienced the highest growth rate at 9.3%, while fisheries saw a 4.0% decline.
Data & statisticsEconomic data and developments
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2025-12-21•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance shared Minister Kyriakos Pierrakakis's interview on the 2026 economic outlook, highlighting tax cuts from the new year and potential further relief. Greece's growth is forecasted at over 2% in 2026, with November inflation at 2.4%, and notable increases in minimum wage and net pay since 2019. Plans include substantial EU Recovery Fund disbursements and a strengthened Public Investment Programme through 2029, alongside the DETh-HELEXPO redevelopment in Thessaloniki.
Policy & regulationReform agendas & prioritiesEconomic data and developments
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2025-12-21•Oman•Central Bank of Oman
The Central Bank of Oman announced the issuance of a one rial polymer commemorative banknote, marking the first polymer note in Omani currency history, to enter circulation on 11 January 2026. The note, featuring the Oman Botanic Garden and other cultural landmarks, will circulate alongside existing banknotes and remain legal tender. Additionally, 1,000 uncut sheets and 10,000 banknotes in designed envelopes will be available for sale.
Policy & regulationImplementation, projects & pilotsCurrency and cash management
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2025-12-21•Egypt•Central Bank of Egypt
The Central Bank of Egypt hosted a seminar on "Current and Emerging Regulatory Developments" with 23 African central banks, focusing on supervisory priorities like Basel Accord frameworks, emergency liquidity assistance, and cybersecurity. This marks the first in-person gathering since 2021, aiming to enhance risk management practices across Africa. The seminar is part of a series initiated by the Basel Implementation Working Group under Egypt's leadership.
Policy & regulationCooperationCross-border cooperationSupervision process and methodologies
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2025-12-21•Egypt•Central Bank of Egypt
The Central Bank of Egypt announced record remittance inflows from Egyptians working abroad, totaling USD 33.9 billion from January to October 2025, up from USD 23.7 billion in the same period in 2024. October 2025 saw a 26.2% increase in monthly remittances, reaching USD 3.7 billion compared to USD 2.9 billion in October 2024.
Data & statisticsCross-border payments
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2025-12-21•India•Securities & Exchange Board of India
The Securities and Exchange Board of India clarified that the regulatory framework for short selling remains unchanged, countering a media report suggesting imminent changes.
Policy & regulationGuidance & interpretationTrading
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2025-12-21•Vietnam•State Bank of Vietnam
The State Bank of Vietnam announced the establishment of an International Financial Centre under National Assembly Resolution 222/2025/QH15, with governance arrangements and leadership appointments detailed. The centre will have an executive council chaired by Permanent Deputy Prime Minister Nguyen Hoa Binh and two operating agencies in Ho Chi Minh City and Da Nang. Governor Nguyen Thi Hong will serve as vice-chair of the executive council.
Institutional developmentGovernanceOther
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2025-12-21•Vietnam•State Bank of Vietnam
The State Bank of Vietnam announced the Executive Council for Vietnam’s International Financial Centre, following the Prime Minister's Decision No. 2755/QĐ-TTg. Chaired by Standing Deputy Prime Minister Nguyễn Hòa Bình, the council will oversee development in Ho Chi Minh City and Da Nang, with Governor Nguyễn Thị Hồng as vice chair. Responsibilities include strategy issuance, operational rule adoption, and advisory council formation, reporting to the Government and Prime Minister as needed.
Policy & regulationImplementation, projects & pilotsMandate change
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2025-12-20•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority (TIRA) participated in a capacity-building session in Shinyanga Region to clarify its supervisory role in the Universal Health Insurance scheme. The event included key health sector stakeholders and featured an award presentation to the Regional Administrative Secretary for his efforts in registering health facilities.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-20•Peru•Central Bank of Peru
The Central Bank of Peru reported a 10.7% year-on-year increase in non-traditional exports for October 2025, totaling USD 2,332 million, driven by fishery, agricultural, and non-metallic mining sectors. Growth was observed in shipments to major markets except the United States, with notable increases to China, Latin America, Asia excluding China, and Europe. From January to October, non-traditional exports reached USD 18,725 million, marking a 16.3% rise from the same period in 2024, driven by a 20.6% increase in export volumes.
Data & statisticsBalance of payments and other external statistics
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2025-12-20•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority said a high-level conference session brought together Arab market regulators to discuss stronger regional cooperation and deeper financial market integration. The talks covered market performance, fintech and innovative finance, regulatory coordination, and future development linked to digital transformation and financial sustainability.
Policy & regulationCooperationCross-border cooperationMarket development
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2025-12-20•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority held the third annual Algerian Financial Market Conference, focused on innovative finance, digital transformation, sustainability and financial inclusion. A key outcome was the official launch of electronic platforms for placing stock exchange orders. The event also included strategic cooperation agreements, policy panels and a fintech exhibition connecting startups with financial institutions.
Policy & regulationImplementation, projects & pilotsMarket developmentFinancial inclusion
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2025-12-20•Ghana•Bank of Ghana
At the Chartered Institute of Bankers Ghana’s 2025 Governor’s Day dinner, the Bank of Ghana's governor announced operational and supervisory changes to restore monetary discipline and strengthen financial infrastructure. Measures included a 100-basis-point policy rate increase, cash reserve recalibration, and open market operation enhancements, leading to inflation reduction and cedi appreciation. The governor also emphasized banking sector resilience, a Microfinance Sector Reform Strategy, and infrastructure updates, focusing on capital rebuilding, NPL reduction, and digital asset regulation for 2026.
Policy & regulationRules & requirementsMonetary policy decisions and developmentsFinancial stability and systemic risk
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2025-12-20•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission's 2025 work programme focuses on 13 priorities, including prudential policy, motor insurance reform, and digital infrastructure. Key initiatives involve expanding group-wide supervision, revising investment rules, and reducing market risk capital charges. The OIC introduced driving behaviour as a pricing factor in motor insurance and launched projects like a road safety pilot, e-Policy development, and Open Insurance data-sharing.
Policy & regulationReform agendas & prioritiesMarket development
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2025-12-20•Serbia•National Bank of Serbia
The National Bank of Serbia refuted claims from a Vreme portal article alleging a EUR 100 exchange limit, confirming no such restrictions exist. It criticized the article as fabricated and warned that such misinformation could incite unnecessary panic. The bank assured that it has maintained smooth operations for euro and foreign currency exchanges, even during high demand periods.
SupervisionAlertsOther
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2025-12-20•Vietnam•State Bank of Vietnam
The State Bank of Vietnam’s Party Committee held a conference to transfer six party organisations from the Government Party Committee, following Politburo and Secretariat Conclusion 208-KL/TW. The transfer involves Agribank, BIDV, Vietcombank, VietinBank, the central Vietnam Bank for Social Policies, and Deposit Insurance of Vietnam. Post-transfer priorities include completing file transfers, consolidating organisational arrangements, and coordinating with relevant bodies to address arising issues.
Institutional developmentMandate & organizational structureLeadership change and appointments
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2025-12-20•Vietnam•State Bank of Vietnam
Deputy Governor Pham Tien Dung of the State Bank of Vietnam attended the National Forum on Digital Economy and Society, chaired by Prime Minister Pham Minh Chinh. The forum outlined policy priorities for a comprehensive digital economy and society, aiming for double-digit GDP growth from 2026 to 2030. The Prime Minister emphasized the digital economy as a growth driver and urged stakeholders to focus on institution-building, technology development, and creating a safe digital environment.
Policy & regulationReform agendas & prioritiesOther
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2025-12-19•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority reported that insurance payouts following the Wang Fuk Court fire in Tai Po have exceeded HKD 257 million. Life insurance claims involved 17 insurers, with 109 claims settled for HKD 41.5 million and 40 cases pending. General insurance claims involved 34 insurers, with payouts totaling approximately HKD 204 million.
SupervisionInterventionsOther
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2025-12-19•Global•Egmont Group
The Egmont Group briefed delegates at the 70th MONEYVAL Plenary on updates to its Charter to enhance Financial Intelligence Unit (FIU) independence and outlined a 2026 training program covering international FIU exposure, virtual asset regulation, and international cooperation. A Europe II region-endorsed project was also presented, reviewing Financial Action Task Force and MONEYVAL reports to identify regional training needs, focusing on FIU-law enforcement cooperation and effective financial intelligence.
Policy & regulationImplementation, projects & pilotsAML and CFT
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2025-12-19•Mexico•Central Bank of Mexico
The Central Bank of Mexico's Technical Committee of the Pension Fund for Wellbeing approved the July–September 2025 quarterly reports and amendments to the fund’s investment regime. The changes aim to enhance operational flexibility and resource optimization. The committee also endorsed the 2026 work plan, operating expenses, fiduciary fees, and meeting calendar.
Policy & regulationRules & requirementsOther
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2025-12-19•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission (CNBV) released the Annual Financial Inclusion Panorama 2025, detailing financial inclusion in Mexico with data up to end-2024. The report covers financial infrastructure, deposit products, credit, retirement savings, insurance, and more, including a gender-focused analysis and international comparisons. It introduces new data on business credit from development banks and regional results from the 2024 National Survey of Financial Inclusion.
Data & statisticsFinancial inclusion
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2025-12-19•Europe•European Securities and Markets Authority
The European Securities and Markets Authority updated its Q&A for EU frameworks, providing guidance for market participants and supervisors. Key updates clarify exclusions under the Alternative Investment Fund Managers Directive, ESG Rating Activities Regulation, Market Abuse Regulation, and Markets in Crypto-Assets Regulation, addressing issues like small ESG rating providers and crypto-asset trading platforms.
Policy & regulationGuidance & interpretationESG
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2025-12-19•Ukraine•National Bank of Ukraine
The National Bank of Ukraine revised balance of payments statistics for 2020–2024 and the first three quarters of 2025, expanding sectoral breakdowns to align with IMF guidelines. Updates include increased recorded goods imports and exports for 2020–2023, a reduction in 2023 travel expenses abroad by USD 1.5 billion, and downward revisions of private remittances for 2024 and 2025. These revisions incorporate new data, mirror statistics, and updated methodologies, with detailed adjustments published in the bank's methodological materials.
Data & statisticsBalance of payments and other external statistics
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2025-12-19•Hong Kong•Hong Kong Mandatory Provident Fund Schemes Authority
The Hong Kong Mandatory Provident Fund Schemes Authority reported a fraud case involving forged identity cards to impersonate MPF scheme members, suspending electronic identity verification (eKYC) for eMPF registration. Affected users have been contacted, and fund unit balances restored, with no further impact reported. The eMPF Company is reviewing alternative identity verification methods and collaborating with authorities on enhanced authentication and anti-counterfeiting measures.
SupervisionAlertsFraud and scamsAML and CFT
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2025-12-19•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority celebrated its 25th anniversary, emphasizing its commitment to a stable, transparent capital market aligned with European and international standards. President Željko Drinčić highlighted institutional cooperation, regulatory capacity, and investor confidence as key to sustainable financial-system development. The Authority remains focused on modernizing the regulatory framework and strengthening Montenegro’s financial market.
Other
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2025-12-19•Luxembourg•Central Bank of Luxembourg
The Central Bank of Luxembourg reported a rise in Luxembourg's external financial assets by EUR 342bn to EUR 13.086tn and liabilities to EUR 13.059tn for Q3 2025, resulting in a net international investment position of EUR 27bn. The increase was primarily driven by collective investment undertakings, with portfolio investment assets in foreign securities rising to EUR 6.375tn. Direct investment positions remained stable, while other investment assets and liabilities increased modestly.
Data & statisticsBalance of payments and other external statistics
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2025-12-19•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) released a whitelist of licensed Digital Financial Asset Traders (PAKD) and registered Prospective Digital Financial Asset Traders (CPAKD) for authorized trading in Indonesia. Linked to Law No. 4/2023, the list includes 25 licensed platforms and four registered entities, with violations subject to severe penalties. OJK also published a list of licensed market infrastructure and emphasized consumer vigilance against unlisted platforms.
Policy & regulationGuidance & interpretationLicence approval
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2025-12-19•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) has established a Department of Regulation and Development for Micro, Small and Medium Enterprises (UMKM) and Islamic Finance, and reorganised digital bank supervision with a Directorate of Digital Banking Supervision, effective 2026. The department aims to enhance UMKM financing and integrate Islamic finance, while the directorate will address digital transformation, governance, and cybersecurity in digital banks. OJK highlighted UMKM's significant economic role and the projected USD 360 billion digital economy by 2030 as key factors for these changes.
Institutional developmentMandate & organizational structureOrganizational structureOperational excellence
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2025-12-19•Burundi•Ministry of Finance & National Planning (Burundi)
Burundi's Ministry of Finance & National Planning held a strategic pre-consultation meeting to prepare the next Country Partnership Framework with the World Bank Group, focusing on aligning sector priorities with national strategies like the Macroeconomic Stabilization Country Programme and Vision Burundi objectives. The meeting aimed to establish a coherent cooperation framework for measurable results and improved project effectiveness.
Policy & regulationCooperationOther
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2025-12-19•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) has chosen EuroCTP as the first Consolidated Tape Provider for shares and exchange-traded funds in the EU, offering a unified view of trading activity. EuroCTP, a Netherlands-based joint venture with 15 European exchange groups, met all selection criteria under the Markets in Financial Instruments Regulation. ESMA is inviting EuroCTP to apply for authorisation to operate under its direct supervision for five years.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-12-19•United Kingdom•Payment Systems Regulator
The Payment Systems Regulator (PSR) has initiated a consultation on draft directions to enhance transparency and oversight of Mastercard and Visa card payment fees. Proposed remedies include an Information Transparency and Complexity remedy for clearer pricing information and a Pricing Governance remedy for evidence-based pricing decisions. Additionally, the PSR plans to develop regulatory financial reporting to better monitor these schemes' financial performance.
Policy & regulationRules & requirementsPayments and payment systems
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2025-12-19•United Arab Emirates•Dubai Financial Services Authority
The UAE Sustainable Finance Working Group, led by the Financial Services Regulatory Authority of Abu Dhabi Global Market, issued its fourth statement on corporate governance, sustainability disclosures, and climate transition planning. It introduces new Climate Transition Planning Principles for UAE financial institutions and corporates, with support from the Dubai Financial Services Authority for implementation in the Dubai International Financial Centre. The statement also mentions efforts to develop a UAE sustainable finance taxonomy and align disclosures with international standards.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-12-19•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) disclosed agreed facts in civil penalty proceedings where Macquarie Securities (Australia) Limited (MSAL) admits to misleading conduct due to systemic failures in short sale reporting. MSAL acknowledges incorrect reporting of at least 73 million short sales from December 2009 to February 2024, with total misreporting estimated between 298 million and 1.5 billion short sales. ASIC and MSAL will request the New South Wales Supreme Court to impose a civil penalty of AUD 35 million, pending court approval.
EnforcementInvestigations & enforcement actions
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2025-12-19•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has banned financial adviser Louis Van Coppenhagen for seven years for giving inappropriate advice, including superannuation investments in the Shield Master Fund. While with MWL Financial Services Pty Ltd and United Global Capital Pty Ltd (UGC), he implemented UGC's advice model, leading to ASIC cancelling UGC's licence for conflicted advice on speculative investments. The ban, effective 16 December 2025, is recorded on ASIC’s Banned and Disqualified Register, with potential for review by the Administrative Review Tribunal.
EnforcementSanctions & designations
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2025-12-19•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) announced that the Federal Court ordered ANZ to pay AUD 250 million for misconduct in its institutional and retail divisions. This includes AUD 135 million for institutional misconduct related to a AUD 14 billion bond issuance and inaccurate reporting, and AUD 115 million for retail misconduct involving financial hardship notices, misleading savings interest rate statements, and mishandling deceased estates. ASIC noted this as its largest combined penalties against a single entity.
EnforcementInvestigations & enforcement actions
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2025-12-19•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission announced that the Federal Court ordered RM Capital Pty Ltd and The SMSF Club Pty Ltd to pay AUD 925,000 for breaches of conflicted remuneration provisions under the Corporations Act. RM Capital was fined AUD 575,000 for failing to prevent SMSF Club from accepting conflicted remuneration, while SMSF Club was fined AUD 350,000 for accepting such remuneration, including AUD 135,863.65 in referral fees. Both entities must submit independent expert reports on their compliance systems to ASIC within six months.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-12-19•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) issued comprehensive decisions for capital markets, including a draft law for integrated infrastructure and new self-regulatory organisation regulations. It published indicators for detecting false signals and pyramid schemes, amended its 2025 plan, and approved supervisory actions like securities transaction prohibitions and financial remediation plans. It also classified projects as dubious, terminated a depository licence, and made senior appointments.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-12-19•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market introduced draft law No. 14296 to establish Personal Investment Accounts (PIR) to channel idle household funds into the economy via tax incentives for long-term investments. Profits from funds held in a PIR for five years would be tax-exempt, while early withdrawals would incur full taxation. The proposal shifts tax accounting responsibilities to investment firms to reduce administrative costs for small investors and issuers.
Policy & regulationRules & requirementsSME financing
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2025-12-19•Netherlands•Dutch Authority for the Financial Markets
Dutch Authority for the Financial Markets chair Laura van Geest highlights generative AI's role in scaling financial crime and investment fraud, emphasizing vigilance and a broader disruption strategy. The AFM estimates annual investment fraud losses in the Netherlands could reach EUR 750 million, exacerbated by "Fraud as a Service" and social media. Van Geest advocates using AI to detect fraud, stronger cross-border cooperation, and a central reporting point to better address the issue.
Policy & regulationOtherAML and CFTArtificial intelligenceFraud and scams
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2025-12-19•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets released supervisory observations from its 2025 audit firm review, focusing on high-risk clients. The report highlights the importance of identifying and managing client-related risks, using indicators such as client characteristics and size. Insights were shared with licensed audit firms, emphasizing the need for practical risk mitigation and internal reflection.
SupervisionSupervision approach, priorities & toolkitOther
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2025-12-19•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets released findings from its 2025 supervisory review of audit firms, focusing on managing time, resources, and audit fees for statutory audits. The review highlighted good practices, like using an independent planner for capacity assessment and gathering team input on fees, while noting areas for improvement in embedding evaluations into firm policy. The AFM plans ongoing engagement and periodic monitoring of these issues.
SupervisionReviews, inspections & stress testsAuditing
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2025-12-19•El Salvador•Superintendencia del Sistema Financiero de El Salvador
El Salvador's Superintendence of the Financial System received a request to authorize the incorporation of Administradora de Fondos de Pensiones Cuscatlán de El Salvador, S.A. The notice includes shareholder and director information as required under Article 28 of the Comprehensive Pension System Law, allowing third parties to raise objections based on statutory disqualifications. Inversiones Financieras Grupo Cuscatlán, S.A. is set to hold 99.99890% of the new company.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-19•Europe•European Financial Reporting Advisory Group
The European Financial Reporting Advisory Group (EFRAG) released a Basis for Conclusions and four documents to help stakeholders understand the draft simplified European Sustainability Reporting Standards (ESRS). This package includes a cost–benefit analysis, amendment logs, a comparative table, and an explanatory note, reflecting public consultation feedback. EFRAG's release fulfills its mandate to simplify ESRS as part of its technical advice to the European Commission.
Policy & regulationGuidance & interpretationAccounting and financial reporting
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2025-12-19•Morocco•Moroccan Insurance Authority (ACAPS)
The Moroccan Insurance Authority (ACAPS) conducted training sessions for insurance intermediaries in Casablanca-Settat, focusing on regulatory and supervisory updates. Key topics included the implementation of compulsory All Risks Construction and Ten-Year Civil Liability insurance, new claims management instructions, and a commercial practices questionnaire. These sessions are part of ACAPS' ongoing regional training tour.
Policy & regulationGuidance & interpretationCapacity building
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2025-12-19•Georgia•National Bank of Georgia
The National Bank of Georgia has introduced a Sex-disaggregated MSME Data Framework to enhance reporting on financing for women-owned and women-led businesses. Developed with the Investors Council and banking entities, this initiative aims to improve data availability and support evidence-based policymaking. Banks have prepared initial reports using 2024 data, with regular quarterly reporting set to commence in 2026.
SupervisionRegulatory reportingFinancial inclusion
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2025-12-19•China•Central Bank of the Republic of China
The People's Bank of China, the Ministry of Agriculture and Rural Affairs, and the National Financial Regulatory Administration issued a notice to enhance financing secured by agricultural facilities and livestock. The initiative aims to expand acceptable rural collateral, standardize registration and valuation, and improve risk management. Financial institutions are encouraged to develop tailored products, explore supply-chain finance, and utilize digital tools for collateral management and risk mitigation.
Policy & regulationRules & requirementsSME financing
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2025-12-19•China•Central Bank of the Republic of China
The People's Bank of China has introduced a one-off credit repair policy to aid individuals in rebuilding credit post-COVID-19. Eligible small-value personal overdue records, fully repaid by 31 March 2026, will be removed from the Financial Credit Information Basic Database. The Credit Reference Center will handle the changes centrally, and individuals will receive two additional free credit report queries between 1 January and 30 June 2026.
Policy & regulationRules & requirementsCredit risk
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2025-12-19•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier has revamped its framework for specialised investment funds, investment companies in risk capital, and Part II undertakings for collective investment to align supervisory expectations with market practices. Circular CSSF 25/901 consolidates and updates key limits and disclosures, allowing more flexibility in risk management and fund documentation. Additionally, the CSSF released a non-exhaustive technical compilation of key concepts for alternative investment funds to enhance understanding without formal regulatory status.
Policy & regulationRules & requirements
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2025-12-19•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier reported a 2.3% decline in profit before provisions and taxes for the first three quarters of 2025, with net interest income down 3.7% due to falling interest rates. Net fee and commission income rose 1.4%, while other net income increased 32.1%. The cost-to-income ratio increased to 45.8%, with 14 out of 117 banks recording negative results.
Data & statisticsAccounting and financial reporting
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2025-12-19•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance Regulator (ASF) has initiated a stakeholder questionnaire to enhance a secure, value-creating technology ecosystem in the insurance and pension fund markets. This effort is part of ASF's strategy to foster responsible innovation and improve sector communication, potentially through a Technological Free Zone for real-world technology testing under ASF oversight.
Policy & regulationImplementation, projects & pilotsFintech and insurtech
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2025-12-19•Australia•Australian Financial Complaints Authority
The Australian Financial Complaints Authority (AFCA) released a video update on handling financial advice complaints related to the collapse of the Shield and First Guardian Master Funds, highlighting new lead decisions for MWL Financial Services, Financial Services Group Australia, and United Global Capital. These decisions guide similar complaints, with AFCA urging solvent firms to settle issues in line with these decisions while ensuring each complaint is individually assessed.
SupervisionSupervision approach, priorities & toolkitComplaints and dispute resolution
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2025-12-19•United States•National Futures Association
The National Futures Association congratulated Michael Selig on his confirmation as Chairman of the Commodity Futures Trading Commission, highlighting his previous roles at the CFTC and the Securities and Exchange Commission, as well as his private sector experience. The association expressed eagerness to collaborate with him and the Commission on regulatory matters.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-19•Laos•Bank of the Lao
The Bank of the Lao PDR and the National Bank of Cambodia launched the Lao-Cambodia cross-border retail payment arrangement, LAO QR Scan KHQR, during their annual bilateral meeting. This phase allows Lao users to pay at Cambodian merchants using mobile banking apps from five Lao banks. The meeting also addressed macroeconomic policy, foreign exchange management, banking sector development, and included a memorandum of understanding between the countries' credit information firms.
Policy & regulationCooperationOther
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2025-12-19•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) has released its December 2025 Quarterly Bulletin and announced changes to its publication schedule from 2026. The Bulletin will be issued as needed to provide updates on banking sector developments and timely topics. The December issue features articles on Hong Kong's foreign exchange and derivatives markets and banking sector developments.
ResearchForeign exchange policy and markets
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2025-12-19•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority released Q3 2025 payment card statistics, showing a 10% quarterly and 23.6% annual increase in credit card circulation to 25.08 million. Credit card transactions rose 6.2% quarterly and 16.3% annually, with transaction values up 6.4% to HKD 285.6 billion. Debit card transactions for retail sales and bill payments declined 9.6% quarterly and 5.6% in value.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-19•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority released Q3 2025 statistics on stored value facility schemes, noting a 0.8% increase in SVF accounts to 83.4 million and a 0.5% rise in transaction volumes to 2.1 billion. Despite a 5.9% decline in total transaction value to HKD 268.9 billion, total float and SVF deposits grew 1.7% to HKD 20.7 billion. Year-on-year, SVF accounts rose 7.7%, with transaction numbers and values increasing by 3.8% and 13.4%.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-19•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a public alert about fraudulent websites, fake internet banking login screens, and phishing scams involving several banks, including The Bank of East Asia and Shanghai Commercial Bank. The alert emphasizes that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact their bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-12-19•Switzerland•Swiss National Bank
The Swiss National Bank reported a Q3 2025 current account surplus of CHF 15 billion, up CHF 8 billion from Q3 2024, due to lower expense surpluses in primary and secondary income. The financial account showed a net acquisition of financial assets of CHF 8 billion and liabilities of CHF 4 billion, resulting in a balance of CHF 4 billion. The net international investment position rose by CHF 70 billion to CHF 1,029 billion, with direct and portfolio investments leading asset acquisition and direct investment driving liability increases.
Data & statisticsBalance of payments and other external statistics
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2025-12-19•Latin America•Financial Action Task Force of Latin America (GAFILAT)
The Financial Action Task Force of Latin America (GAFILAT) and the Inter-American Development Bank (IDB) released a summary of the Regional Policy Dialogue on asset recovery. The document addresses asset recovery in corruption cases, virtual assets, international cooperation, and the implementation of FATF Recommendation 4, aiming to enhance national strategies and the regional agenda against organized crime.
Policy & regulationCooperationAML and CFTRecovery and resolution
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2025-12-19•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission has issued a consultation paper proposing a Directive for Crypto-Asset Service Providers (CASPs) to submit prudential supervisory information and financial reports under Regulation (EU) 2023/1114 (MiCAR). The proposal mandates periodic reporting to CySEC, including trial balances, balance sheets, profit and loss statements, and audited annual financial statements. The scope is limited to CASPs authorized by CySEC, excluding other financial entities providing crypto-asset services under notification.
Policy & regulationRules & requirementsRegulatory reporting
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2025-12-19•Global•Bank for International Settlements
The Bank for International Settlements released a paper analyzing the short-run effects of generative AI on growth across 56 economies and 16 industries. Advanced economies are likely to see larger gains due to sectoral exposure, production structures, and AI readiness. Highly AI-prepared sectors grow faster, with advanced economies seeing an average growth increase of 0.6 percentage points compared to 0.4 in emerging markets.
ResearchArtificial intelligence
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2025-12-19•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority reported a GBP 1.99 billion (4.67%) increase in deposits held by Isle of Man licensed deposit takers, reaching GBP 44.62 billion as of 30 September 2025. Foreign currency deposits rose to 48.61% of total deposits, primarily in US dollars and euros, with exchange-rate movements contributing to less than 25% of the increase.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-19•United Kingdom•UK Parliament
The UK Parliament’s House of Lords Economic Affairs Committee released a report criticizing the lack of a coherent strategy for addressing the economic and social impacts of an ageing society. It argues that raising the State Pension Age is insufficient and recommends measures to incentivize workforce participation among those in their mid-50s to mid-60s. The report highlights fiscal pressures from ageing, the inadequacy of higher immigration, and the need for policies addressing health, discrimination, and retirement costs.
Policy & regulationReform agendas & prioritiesOther
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2025-12-19•Ghana•Bank of Ghana
The Bank of Ghana's Governor, Dr. Johnson P. Asiama, emphasized the importance of bank listings for capital strengthening and market discipline during First Atlantic Bank PLC's IPO, the first since 2018. He highlighted Ghana's economic stabilization, noting inflation at 6.3%, cedi appreciation over 24%, and GDP growth of 6.3% in the first half of 2025. The Governor also discussed the need for more domestic equity instruments to diversify pension investments and reduce reliance on government securities, expecting increased bank listings from 2026.
Policy & regulationReform agendas & prioritiesSecurities offerings and listings
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2025-12-19•United States•Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City's December Survey of Tenth District Services shows slight growth in regional services activity and moderate increases in future expectations. Sales and revenues improved, but employment levels declined despite anticipated growth in the next six months. New seasonal adjustment factors using Census X-13 ARIMA-SEATS were introduced, leading to minor revisions in historical indexes.
Data & statisticsActivity and performance reporting
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2025-12-19•Europe•European Central Bank - Banking Supervision
The European Central Bank Banking Supervision issued a new guide for significant institutions on notifying the ECB for supervisory recognition of significant risk transfer (SRT) in securitisations, replacing its 2016 guidance. It introduces regular and fast-track notification routes for simpler transactions, with eligibility criteria including a portfolio size cap of EUR 8 billion and a Common Equity Tier 1 ratio impact capped at 25 basis points. Institutions must follow detailed notification timelines and criteria, with the ECB conducting ex-post compliance checks.
Policy & regulationGuidance & interpretationSecuritization
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2025-12-19•Europe•European Central Bank - Banking Supervision
The European Central Bank Banking Supervision updated its list of supervised entities under the Single Supervisory Mechanism, reflecting changes in group structures and significance assessments as of November 2025. Key developments include RBS Holdings N.V. meeting the size criterion, Revolut Holdings Europe UAB achieving national economic importance, and Mizuho Trust & Banking (Luxembourg) SA becoming significant following acquisition by State Street Bank International GmbH. The update also notes licensing events, mergers, acquisitions, and reclassifications affecting various institutions.
SupervisionAuthorisations & approvalsSupervision process and methodologies
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2025-12-19•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission has ordered Thai Life Insurance Public Company Limited to address fraudulent misappropriation by a life insurance agent, requiring refunds, policy reinstatements, or alternatives within 15 days. The agent's license is revoked, and criminal proceedings will follow, with ongoing supervision to ensure compliance and effective risk management.
SupervisionInterventionsOther
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2025-12-19•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission met with the non-life insurance sector to address disaster response, claims settlement, and dispute prevention. The meeting highlighted flooding in 10 southern provinces, with 60,000 claims and estimated losses of THB 15 billion, urging insurers to expedite claim processing. Discussions also covered unresolved earthquake claims and arbitration trends, emphasizing negotiation and mediation before arbitration.
SupervisionSupervision approach, priorities & toolkitComplaints and dispute resolution