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2025-12-19•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a Syria sanctions notice designating nine individuals and entities under the UK's Syria (Sanctions) Regulations 2019, subjecting them to an asset freeze in Guernsey. Firms must check for connections, freeze relevant assets, and report to the States of Guernsey Policy & Resources Committee. The notice emphasizes the prohibition on providing funds or resources to designated persons unless a permitted derogation or licence is granted.
EnforcementSanctions & designationsNew sanctions designations
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2025-12-19•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission amended designation details for Limited Liability Company "RBRU Specialized depository" under UK Russia sanctions. The entity remains subject to an asset freeze in Guernsey, and firms must comply with reporting obligations and refrain from providing funds or resources to designated entities unless permitted by derogation or licence. Businesses must report findings to the Policy & Resources Committee and notify the Commission of affected relationships.
Policy & regulationRules & requirementsSanctions list update
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2025-12-19•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia released a discussion paper outlining strategies to enhance the operational resilience of financial institutions in response to increased digitalisation and operational disruptions. The paper seeks feedback on proposed measures and alternative approaches.
Policy & regulationReform agendas & prioritiesOperational risk and resilience
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2025-12-19•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia released a Shariah Advisory Council statement and standards for an inventory purchase product using a parallel istisna contract. These standards are issued under Section 29(1) of the Islamic Financial Services Act 2013 and Section 33E(1) of the Development Financial Institutions Act 2002.
Policy & regulationGuidance & interpretationOther
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2025-12-19•Europe•European Central Bank
The European Central Bank's Discussion Paper, "The economics of natural capital," examines natural capital as a productive input and a source of household wellbeing, emphasizing the need for public conservation alongside private efforts. Using forest biodiversity data, it shows higher biodiversity in publicly owned forests and suggests central-bank models may need to consider natural-capital degradation. It questions balancing public ownership with regulation of private natural-capital assets.
ResearchClimate risk and sustainable finance
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2025-12-19•Europe•European Central Bank
The European Central Bank's AMI-SeCo Corporate Events Compliance Report notes a decline in compliance with corporate action processing and shareholder identification standards across European markets, excluding the UK. Issues include non-compliance in market claims, transformations, and key-date disclosures, with only two markets fully compliant. The AMI-SeCo Corporate Events Group plans to address these issues in 2026 with a single corporate events rulebook and T+1-related standard changes.
SupervisionReviews, inspections & stress testsRegulatory reporting
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2025-12-19•Europe•European Central Bank
The European Central Bank's Eurosystem AMI-SeCo SCoREBOARD report shows uneven compliance with the Single Collateral Management Rulebook for Europe (SCoRE) standards, despite the final implementation milestone passing in June 2025. Only Clearstream Banking Luxembourg achieved full implementation for triparty collateral management by November 2025, with others targeting 2026. Delays in corporate actions and billing processes persist, with some compliance dates extending into 2026 and beyond, prompting further follow-up by the SCoRE Secretariat.
SupervisionReviews, inspections & stress testsMarket infrastructure
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2025-12-19•Europe•European Central Bank
The European Central Bank reported a euro area current account surplus of EUR 26 billion in October 2025, up from EUR 24 billion in September. Over the 12 months to October 2025, the surplus was EUR 313 billion (2.0% of GDP), down from EUR 419 billion (2.8%) the previous year, mainly due to a shift in primary income from surplus to deficit and a reduced services surplus. The financial account showed significant net acquisitions of portfolio securities by both euro area residents and non-residents, while the Eurosystem's reserve assets rose to EUR 1,709.8 billion, primarily due to gold price changes.
Data & statisticsBalance of payments and other external statistics
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2025-12-19•Europe•European Central Bank
The European Central Bank (ECB) released an updated wage tracker, extending its forward-looking horizon to December 2026, indicating easing negotiated wage growth in 2026. The tracker shows a decline in negotiated wage growth from 3.2% in 2025 to 2.3% in 2026, with less dispersion across euro area countries. The ECB emphasizes that the tracker is not a forecast and may deviate from actual negotiated wage growth over time.
Data & statisticsEconomic data and developments
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2025-12-19•Europe•European Central Bank
The European Central Bank (ECB) expects Eurosystem counterparties to enhance operational preparedness by voluntarily participating in main refinancing operations (MROs) and/or three-month longer-term refinancing operations (LTROs) annually from 2026. This recommendation arises amid declining excess liquidity in the euro area as the Eurosystem balance sheet normalises. Testing should be conducted at the counterparty's discretion with collateral in line with the Eurosystem general collateral framework to support smooth monetary policy implementation.
Policy & regulationGuidance & interpretationLiquidity risk
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2025-12-19•Europe•European Central Bank
ECB Executive Board member Piero Cipollone outlined a strategy to modernize central bank money for digital payments, focusing on a potential digital euro, DLT transaction settlement from 2026, and interlinking instant payment platforms. The strategy addresses fragmented euro area retail payments, reliance on non-European providers, and cross-border payment frictions. A digital euro pilot could begin in 2027, with issuance by 2029, contingent on legislative approval.
Policy & regulationReform agendas & prioritiesCBDC
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2025-12-19•Europe•European Central Bank
The European Central Bank's weekly financial statement reported total assets and liabilities of EUR 6,134,804 million, an increase of EUR 5,590 million from the previous week. Key changes included a EUR 6,176 million rise in lending to euro area credit institutions and a EUR 3,556 million decline in securities held for monetary policy purposes. Banknotes in circulation increased by EUR 7,135 million, while liabilities to other euro area residents fell by EUR 14,575 million.
Data & statisticsBalance of payments and other external statistics
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2025-12-19•Europe•European Central Bank
The European Central Bank (ECB) outlined its ethics framework for high-level officials, restricting private financial transactions to publicly listed, broadly diversified collective investment schemes like exchange-traded funds and mutual funds, excluding crypto-assets and stablecoins. Amended in December 2022, the framework enhances transparency and mitigates risks by narrowing permitted instruments and extending rules beyond officials' terms. Transactions for personal, non-investment purposes, such as acquiring crypto-assets for understanding financial innovations, are exempt but subject to compliance checks.
Policy & regulationGuidance & interpretationOther
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2025-12-19•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan concluded its Leadership Competencies Training Programme at ADA University, awarding certificates to senior staff. This initiative is part of the bank's strategy to enhance leadership skills and professional development, focusing on responsible decision-making, collaboration, and ethical conduct. Since its inception, the programme has trained 164 managers, emphasizing a unified management approach and sustainable principles.
Institutional developmentCooperation & capacity buildingLeadership change and appointments
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2025-12-19•Canada•Ontario Securities Commission
The Ontario Securities Commission's Capital Markets Tribunal approved a settlement with Claire Drage concerning fraud involving her companies, The Lion’s Share Group Inc. and The Windrose Group Inc. Drage is permanently banned from acting as a registrant or as a director or officer of any issuer. Drage raised over 285 million CAD through unsecured promissory notes without disclosing liquidity issues, misleading investors, and bypassing prospectus and registration requirements.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-12-19•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued Declaratory Act CVM 24.552 to suspend public offerings of securities intermediation services by Vie Finance Sey LTD. The CVM warned that Vie Finance Sey LTD, via the Zenstox platform, was targeting Brazilian clients without authorization to intermediate securities or raise investor funds.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-12-19•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) acquitted GRF Assessoria Ltda and its partner of unauthorized securities offering allegations and dismissed the Joesley Mendonça Batista market manipulation case as time-barred. Banco de Brasília S.A. board member Romes Gonçalves Ribeiro received a warning for diligence failure in completing a board registration form, despite being acquitted of conflict of interest allegations.
EnforcementInvestigations & enforcement actionsSecurities offerings and listings
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2025-12-19•United Kingdom•Bank of England
The Bank of England released a staff working paper introducing EcoFinBench, an NLP benchmark suite for economics and finance, with two new monetary-policy-focused datasets, Bluebook and Greenbook. Financial transformer models generally outperform dictionary-based methods on text-only tasks, while an AutoGluon ensemble excels in multimodal settings. The authors call for community contributions and plan future expansions, including new datasets, longer text sequence models, and a more interactive interface.
ResearchArtificial intelligence
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2025-12-19•United Kingdom•Bank of England
The Bank of England's Staff Working Paper No. 1,164 examines firm-level geopolitical risk's impact on cross-border bank lending, showing a 4% decline following a one standard deviation risk increase. Significant lending reductions occur to financial-sector firms, with better-capitalised banks less sensitive to geopolitical risk. The study highlights varying lending responses based on geopolitical alignment and sanctions-related risk, linking these dynamics to macroeconomic aggregates and asset prices.
ResearchGeopolitical risk
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2025-12-19•Mozambique•Bank of Mozambique
The Bank of Mozambique has updated reporting procedures for foreign exchange operations using bank cards, aligning them with limits set under Notice No. 09/GBM/2025. Key changes include daily reporting of cross-border card payments and blocked cards via the Bank Supervision Application, with specific templates for different transaction types. The revised requirements take effect on 22 December 2025.
Policy & regulationRules & requirementsForeign exchange policy and markets
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2025-12-19•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency's November 2025 update highlights a 0.6% increase in mandatory pension funds' net assets to EUR 26.2bn and a 0.7% rise in voluntary pension funds' net assets to EUR 1.61bn. Insurance companies reported EUR 1.9bn in premiums, a 7.6% year-on-year increase, while the Zagreb Stock Exchange saw a 39.9% drop in turnover to EUR 44.7m. UCITS net assets reached EUR 4.0bn with net inflows of EUR 60.0m.
Data & statistics
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2025-12-19•Poland•Central Bank of Poland
The Central Bank of Poland's December 2025 Financial Stability Report confirms the financial system's stability, with banks maintaining a substantial capital surplus. Key risks remain largely unchanged, with reduced legal risk from foreign-currency housing loans and concerns over legal uncertainty affecting long-term planning. Recommendations focus on reducing legal and regulatory uncertainty, enhancing consumer protection proportionality, and addressing risks related to interest rate benchmarks, bank recapitalisation, and insurance solvency.
ResearchFinancial stability and systemic riskPrudential risks
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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, driven by improved primary and secondary income. The financial account showed a net asset acquisition of CHF 8 billion and a net liability increase of CHF 4 billion, resulting in a CHF 4 billion balance. The net international investment position rose by CHF 70 billion to CHF 1,029 billion, mainly due to valuation gains from higher foreign stock market prices.
Data & statisticsBalance of payments and other external statistics
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2025-12-19•United Arab Emirates•UAE Securities & Commodities Authority
The UAE Securities & Commodities Authority announced the launch of the Community Participation in Zeroing Bureaucracy initiative, allowing community members to evaluate ministries and federal entities on reducing procedures and improving service quality. Feedback will influence the Zero Bureaucracy Award and measure simplification efforts, with participation open to various segments via an online platform.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-19•United States•U.S. Financial Services Committee
Republican leaders of the U.S. House Committee on Financial Services have requested additional data from the Federal Deposit Insurance Corporation (FDIC) to aid in deposit insurance reform efforts. The letter, signed by Chairman French Hill and other committee leaders, seeks information on available deposit insurance data and the FDIC's ability to assess reform proposals.
Policy & regulationCooperationRegulatory reporting
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2025-12-19•United States•U.S. Financial Services Committee
Republican members of the U.S. House Committee on Financial Services urged Federal Reserve, OCC, and FDIC leaders to ensure the Basel III Endgame large bank capital proposal protects safety and soundness without restricting credit or harming growth. They emphasized U.S.-specific calibration to avoid excessive requirements and maintain international competitiveness, citing reliance on corporate bond markets. The letter also called for a cohesive capital framework that avoids risk double-counting during the rulemaking process.
Policy & regulationOtherCapital adequacy
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2025-12-19•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission announced the Ministry of Finance's Decision No. 4223/QD-BTC, detailing amended administrative procedures in the securities sector. These changes are effective immediately from the signing date.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-12-19•Vietnam•Vietnam State Securities Commission
Vietnam’s Ministry of Finance and the Vietnam State Securities Commission released a compilation of stakeholder feedback and responses regarding the draft decree on domestic private placements and corporate bond trading, including international offerings.
Policy & regulationGuidance & interpretationSecurities offerings and listings
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2025-12-19•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission and the Ministry of Finance released a report summarizing stakeholder feedback and their responses regarding the draft decree on administrative sanctions for crypto asset violations.
Policy & regulationGuidance & interpretation
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2025-12-19•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission released a draft decree to replace existing ones on corporate bond private placement and trading, aligning with amendments to the Securities and Enterprise Laws. Key proposals include stricter investor eligibility, issuance conditions, use-of-proceeds reporting, new requirements for credit ratings, collateral, payment guarantees, a liabilities-to-equity cap for non-public issuers, enhanced disclosure, reporting obligations, and expanded oversight roles for provincial authorities.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-12-19•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has mandated individuals listed in an attached notice to pay a VND 1,000,000 fee for securities practising certificates as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or in person. Failure to collect the certificate within one year of the fee notice will result in cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-12-19•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has notified 19 individuals to pay a VND 1,000,000 fee for the re-issuance of securities practitioner certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to complete the procedure within one year will result in certificate cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-12-19•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission issued Notice 168/TB-UBCK requiring individuals listed to pay a VND 1,000,000 licensing fee for securities practising certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the SSC. Failure to collect the certificate within one year of the fee notice will result in cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-12-19•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has mandated individuals listed in an attached schedule to pay a fee of VND 1,000,000 per securities practising certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly to the Commission. Failure to complete the certificate collection procedure within one year will result in cancellation of the certificate.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-12-19•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic approved Almaz Beknazartegin as chair of the board of directors and chair of the audit committee for Open Joint Stock Company Capital Bank Central Asia. Anuar Abuovich Kuandykov was also approved as chair of the board of directors for Open Joint Stock Company Optima Bank.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-19•Malta•Central Bank of Malta
The Malta Financial Services Authority and the Central Bank of Malta have revised the BR/06 financial information submission process to streamline data collection and eliminate duplicate reporting. From January 2026, credit institutions and foreign branches will submit data exclusively to the Central Bank in XML and XLS formats, which will then be transmitted to the MFSA. The final Excel submission to the MFSA will cover December 2025 data, with the new process starting from January 2026 data.
Policy & regulationRules & requirementsRegulatory reporting
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2025-12-19•Malta•Central Bank of Malta
The Central Bank of Malta issued the final revised CBM Directive No. 11 on macro-prudential policy, incorporating provisions from the Capital Requirements Directive VI. The Directive takes effect on 19 December 2025.
Policy & regulationRules & requirementsCapital adequacyMacroprudential policy and tools
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2025-12-19•Namibia•Bank of Namibia
The Bank of Namibia announced the appointment of Mr. Ebson Uanguta as its seventh Governor, effective 1 January 2026, for a five-year term. Appointed by President Netumbo Nandi-Ndaitwah, Uanguta brings nearly 30 years of experience in economic policy, macroeconomic research, and central banking.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-19•Europe•European Banking Federation
The European Banking Federation's Facts & Figures 2025 report highlights ongoing consolidation in the European banking sector, with a 1.9% decrease in credit institutions and a 2.5% decline in branches in 2024. Loans outstanding increased slightly by 0.12% to EUR 26.84 trillion, while total deposits grew 4.55% to EUR 17.05 trillion. Total assets rose for the seventh consecutive year, reaching EUR 45.1 trillion.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-19•Sweden•Finansinspektionen
Sweden's Financial Supervisory Authority has closed one of its investigations into Alecta’s investment activities, finding no regulatory breaches in its risk management of listed equities despite significant losses. The investigation focused on Alecta's investments in Silicon Valley Bank, First Republic Bank, and Signature Bank. A separate investigation into Alecta’s investments in Heimstaden Bostad is still ongoing.
SupervisionReviews, inspections & stress testsRisk management
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2025-12-19•Canada•Department of Finance (Canada)
The Department of Finance Canada issued a statement after the final G7 Finance Ministers and Central Bank Governors meeting under Canada's 2025 G7 Presidency, co-chaired by Finance Minister François-Philippe Champagne and Bank of Canada Governor Tiff Macklem. The meeting reviewed 2025 initiatives, including the G7 Financial Crime Call to Action and support for Ukraine, and highlighted Canada's priorities like economic growth, financial stability, and expanded information sharing. Canada announced a CAD 12 million Forum for Crisis Resilience and CAD 20 million for the World Bank-led Resilient and Inclusive Supply-Chain Enhancement partnership.
Policy & regulationCooperationCross-border cooperation
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2025-12-19•United States•Federal Reserve Board
The Federal Reserve Board seeks public input on a proposed "payment account" for eligible financial institutions to clear and settle payments through Federal Reserve services. This account, distinct from a master account, would not pay interest, offer Federal Reserve credit, and would have balance caps to mitigate payments-system risk. The proposal aims to streamline review processes without altering legal eligibility for Federal Reserve payments services.
Policy & regulationRules & requirementsPayments and payment systems
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2025-12-19•United States•Federal Reserve Board
The Federal Reserve Board released its biennial report on debit card transactions, detailing data from large debit card issuers and payment card networks. The report includes information on interchange fees, issuer costs, and fraud losses for transactions conducted in 2023.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-19•Chile•Central Bank of Chile
The Central Bank of Chile updated its Compendium of Financial Norms to include a new regulatory framework for sale-and-repurchase and purchase-and-resale (repo) transactions. This framework ensures legal certainty for netting reciprocal repo positions during counterparty insolvency or restructuring, similar to derivatives, and introduces safeguards to maintain system liquidity. It applies to repos under master agreements recognised by the Central Bank, with potential for additional agreements to be recognised.
Policy & regulationRules & requirementsMarket infrastructure
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2025-12-19•Canada•British Columbia Securities Commission
The British Columbia Securities Commission panel found Multi-Metal Development Ltd. and its president, Shaun Methven Dykes, made false or misleading statements in a 2019 technical report on a molybdenum-copper deposit in Idaho. The report improperly used a professional engineer's electronic signature and attributed unsupported forward-looking statements to him, violating the British Columbia Securities Act. A 2023 cease trade order against the company remains in effect.
EnforcementInvestigations & enforcement actions
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2025-12-19•Canada•British Columbia Securities Commission
The British Columbia Securities Commission (BCSC) has imposed a 15-year ban on Marco G. Babini, following his U.S. conviction for conspiracy to commit securities fraud and wire fraud. Babini must resign from any director or officer roles and is prohibited from trading, purchasing, or engaging in securities-related activities, with limited exceptions. The order stems from a 2012–2013 scheme involving concealed stock control and trades with an undercover agent, highlighting Babini as a continued risk to investors.
EnforcementSanctions & designationsFraud and scams
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2025-12-19•United States•U.S. Securities & Exchange Commission
At the 2025 AICPA Conference, SEC Chief Accountant Kurt Hohl outlined five priorities for the Office of the Chief Accountant: AI and crypto issues, FASB and PCAOB oversight, international standards, and strengthening OCA capabilities. Initiatives include assessing auditor independence with AI, enhancing FASB and PCAOB processes, addressing international governance, and expanding OCA staff. The statement is advisory, not legally binding.
Policy & regulationReform agendas & prioritiesAccounting and financial reporting
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2025-12-19•Europe•European Commission
The European Commission announced a political agreement on the Retail Investment Strategy, enhancing retail investor protection and ensuring value for money. The strategy amends key EU frameworks, introducing stronger product design and distribution rules, standardized information, and stricter safeguards on inducements. It also mandates a yearly portfolio performance summary and enhances supervisory cooperation to combat fraud.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-12-19•Chile•Chile Financial Market Commission
The Chile Financial Market Commission has launched a consultation on a proposed Information Systems Manual for External Auditing Firms, detailing submission instructions for supervisory purposes. The proposal mandates periodic reporting of four Regulatory Files through the CMF’s official channel, aiming to update and systematize information requirements, reduce regulatory gaps, and enhance supervision and risk detection.
Policy & regulationRules & requirementsAuditing
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2025-12-19•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency reported USD 18.4 billion trading revenue for U.S. commercial banks and savings associations in Q3 2025, marking a 10.9% increase from the previous quarter. Four large banks held 86.3% of the industry's total derivatives notional, which rose by USD 8.3 trillion to USD 231.8 trillion, with interest rate products comprising 66.7%. Net current credit exposure decreased by USD 15.8 billion to USD 252.0 billion.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-19•Europe•European Central Bank - Banking Supervision
The European Central Bank Banking Supervision will implement two fast-track processes for capital and securitisation operations, cutting approval times from three months to two weeks for standardised transactions starting January 2026. The capital reduction fast track covers repurchases and share buybacks under specific conditions, while the securitisation fast track applies to standardised significant risk transfer cases with detailed criteria. Existing global standards and European regulatory requirements remain fully applicable, with non-qualifying operations subject to normal assessments.
SupervisionSupervision approach, priorities & toolkitCapital adequacySecuritization
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2025-12-19•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority (Finanstilsynet) set bank-specific minimum requirements for own funds and eligible liabilities (MREL) for 15 banks in its annual resolution planning. Eight banks have a full MREL requirement with subordination, while seven have a simplified MREL without subordination. Santander Consumer Bank AS's MREL decision will be coordinated with the group resolution college in the first half of 2026.
Policy & regulationRules & requirementsCapital adequacy
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2025-12-19•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority has extended the transitional arrangement under the Crypto-Assets Act, delaying the deadline for certain crypto-asset service providers to obtain authorisation under MiCA Article 63 to 30 June 2026. Providers registered under the Anti-Money Laundering Act may continue offering services until this date or until MiCA authorisation is granted or refused. The regulation was adopted on 18 December 2025 following a consultation launched on 28 October 2025.
Policy & regulationRules & requirementsLicensing framework and process
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2025-12-19•Canada•Alberta Securities Commission
The Alberta Securities Commission ordered Jeffrey Brian Ber to resign from director or officer roles and barred him for 10 years from trading and key securities activities due to criminal fraud and corrupt conduct. Ber was convicted of fraud over CAD 5,000 and accepting a secret commission from Blackbird Energy Inc., resulting in a seven-year jail sentence. His actions included undisclosed allocations of Blackbird shares and falsifying client forms, with his registrant status considered an aggravating factor.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-12-19•Canada•Alberta Securities Commission
The Alberta Securities Commission issued a public interest order against Jeffrey Brian Ber following criminal findings of fraud and accepting a secret commission. Ber is barred from participating in Alberta’s capital markets in specified capacities, must resign from all director and officer positions, and faces a 10-year prohibition on trading securities or derivatives, with limited exceptions. The findings included fraud over CAD 5,000 and accepting a CAD 104,568.75 secret commission from Blackbird Energy Inc.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-12-19•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway (Finanstilsynet) reported significant breaches of the Norwegian Auditors Act by RCC Revisjon AS, citing deficiencies in engagement acceptance and audit execution. The inspection revealed issues like inadequate risk assessment, insufficient audit evidence, and failure to address concerns raised by predecessor auditors. Finanstilsynet mandates a root cause analysis and remediation plan under International Standard on Quality Management 1 (ISQM 1) by March 2026, with a potential follow-up inspection.
SupervisionReviews, inspections & stress testsAuditing
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2025-12-19•Malta•Malta Financial Services Authority
The Malta Financial Services Authority and GBSB Business School held a workshop for Ghana's Parliament on corporate governance and board effectiveness in Malta's financial sector. It aimed to enhance governance and supervision capacity, covering MFSA's strategic priorities, corporate governance framework, and alignment with international standards. The MFSA anticipates ongoing international cooperation to develop robust governance frameworks.
Policy & regulationCooperationCorporate governanceDomestic cooperation
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2025-12-19•China•China Securities Regulatory Commission
The Cyberspace Administration of China and the China Securities Regulatory Commission have acted against online accounts for spreading false information about China's capital markets and illegal stock recommendations. Actions included account shutdowns on platforms like WeChat, Weibo, Baidu, and Douyin, targeting accounts accused of spreading false IPO policy information and sensationalized content. Authorities warned against creating or spreading false market information, emphasizing legal consequences and urging improved financial information discernment.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-19•China•China Banking and Insurance Regulatory Commission
China’s National Financial Regulatory Administration has released draft measures for public consultation to update asset-liability management requirements for insurance companies. The draft aims to consolidate existing rules, enhance "asset-liability linkage" supervision, and align with new insurance accounting standards set for 2026. Key elements include governance expectations, regulatory indicators with thresholds, and methodologies for stress testing and performance assessment.
Policy & regulationRules & requirementsAsset quality
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2025-12-19•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission and the Supreme People’s Court released cases on financial dispute resolution, emphasizing a "court + industry" approach. This initiative uses an online litigation–mediation mechanism to prioritize non-litigation resolutions and protect financial consumers' rights, demonstrating mediation outcomes like repayment arrangements for small enterprises and agricultural risk management.
SupervisionSupervision approach, priorities & toolkitComplaints and dispute resolution
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2025-12-19•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration has released draft Measures for Asset-Liability Management of Insurance Companies for consultation, aiming to enhance insurers' management and oversight. The draft outlines objectives, governance standards, model system requirements, and introduces regulatory indicators to improve coordination and reduce mismatch risks. It also proposes changes to performance assessment frameworks, including extending evaluation horizons.
Policy & regulationRules & requirementsAsset qualityPrudential risks
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2025-12-19•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde will circulate a commemorative CVE 200 coin on 22 December 2025 to celebrate 50 years of national independence, as per Decree-Law No. 17/2025. The coin will be available in cupronickel, Nordic gold, and silver finishes, featuring the archipelago map, national flag, and republic symbols. Coins can be purchased at the Bank of Cape Verde and through numismatic agents, with public distribution via credit institutions.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-19•Asia•Eurasian Group (EAG)
The Eurasian Group on Combating Money Laundering and Financing of Terrorism published its 2024-2025 annual results, centered on the start of its third round of mutual evaluations. It said 260 national experts were trained, new guidance was issued on updated Financial Action Task Force requirements, and a pilot technical assistance program was launched for the Kyrgyz Republic. The group also reported progress on regional risk mitigation and added the United Arab Emirates and Afreximbank as observers.
Policy & regulationImplementation, projects & pilotsAML and CFTSupervision process and methodologies
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2025-12-19•South Korea•Bank of Korea
The Bank of Korea released preliminary Producer Price Index data for November 2025, indicating a 0.3% month-on-month and 1.9% year-on-year increase in producer prices. Agricultural, forestry, and marine products decreased by 2.1% month-on-month, while manufacturing products rose by 0.8%. Electric power, gas, water, and waste fell by 0.4%, and services increased by 0.1%.
Data & statisticsEconomic data and developments
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2025-12-19•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs highlighted Chairman Tim Scott’s interview on the Fiscal Year 2026 National Defense Authorization Act, emphasizing national security measures addressing foreign investment risks and technology exposure to China. Key provisions include updates to the Committee on Foreign Investment procedures, extending the Defense Production Act, and establishing an outbound investment screening process through the Foreign Investment Guardrails to Help Thwart China Act.
Policy & regulationRules & requirementsOther
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2025-12-19•United States•Financial Crimes Enforcement Network
FinCEN hosted an event to combat illicit finance, focusing on Chinese money laundering networks (CMLNs). Since the August CMLN Advisory, over 500 Suspicious Activity Reports have been filed, detailing about USD 7.1 billion in suspected transactions. FinCEN emphasized the importance of Bank Secrecy Act data and ongoing reporting, while Treasury plans to collaborate with China to address these issues.
Policy & regulationCooperationAML and CFT
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2025-12-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam will implement a "one-stop shop" for administrative procedures on 17 December 2025, with dedicated units at its headquarters and regional offices. These units will manage applications, including receiving, processing, and returning them, and handle feedback and complaints. The framework also supports online public services and requires public disclosure of procedures.
Policy & regulationRules & requirementsOrganizational structure
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2025-12-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam announced a Government decree to establish an International Financial Centre in Ho Chi Minh City and Da Nang. The decree outlines the centre's governance, development orientation, and priority areas, including fintech, green finance, and digital assets. For 2025–2026, local authorities are tasked with operationalizing the centre, developing infrastructure, and promoting fintech services, with further policy development and risk management to follow from 2026.
Policy & regulationRules & requirementsOther
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2025-12-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam reviewed Regional Branch 8's 2025 performance, highlighting its stabilisation and task delivery post-consolidation. The branch reported stable deposit rates, reduced lending rates, and support for storm-affected households, with outstanding credit rising 15.3% to VND 674,035bn. Governor Nguyen Thi Hong emphasized enhancing operations, oversight, and policy recommendations for local economic conditions.
Institutional developmentGovernanceOther
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2025-12-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam updated its list of administrative procedures for online public services on the National Public Service Portal, covering 55 services in payments, banking IT, and foreign exchange. This includes procedures for bank card issuer identification numbers, intermediary payment service provider licensing, and gold jewellery trade certifications. The decision replaces the previous list from December 2024 to align with new legal and practical requirements for electronic service delivery.
Policy & regulationImplementation, projects & pilotsLicensing framework and process
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2025-12-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam hosted a meeting with Maybank's CEO, Khairussaleh Ramli, to discuss Vietnam's macroeconomic outlook and banking-sector needs for infrastructure projects. Maybank outlined its regional operations and confirmed plans to expand investment in Vietnam, supporting local businesses. The State Bank encouraged Maybank to facilitate Malaysian firms' entry into Vietnam and enhance cooperation with international investors.
Policy & regulationCooperationOther
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2025-12-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam announced an Operating Council for Vietnam’s International Financial Centre, with the Governor as vice chair. Chaired by the Standing Deputy Prime Minister, the council will set strategy and development plans for Ho Chi Minh City and Da Nang, issue operating rules, and resolve inter-agency disputes. An advisory council of finance and legal experts will support it, reporting periodically to the Government and Prime Minister.
Policy & regulationRules & requirementsOther
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2025-12-19•India•Insurance Regulatory and Development Authority of India
The Insurance Regulatory and Development Authority of India (IRDAI) and the Department of Financial Services held a workshop in Hyderabad on the Centralised Public Grievance Redress and Monitoring System (CPGRAMS) to enhance grievance redressal in the insurance sector. The event focused on improving response quality and timeliness, with discussions on systemic improvements and data integration. IRDAI's Chairman emphasized resolving grievances to strengthen policyholder trust and regulatory oversight.
Policy & regulationImplementation, projects & pilotsComplaints and dispute resolution
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2025-12-19•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury updated the UK Sanctions List under the Syria sanctions regime, adding nine entries for asset freezes. The Syria (Sanctions) (EU Exit) Regulations 2019 apply in the Isle of Man via the Sanctions (Implementation of UK Sanctions) Regulations 2024, covering financial, trade, aircraft, and immigration sanctions. Institutions must freeze assets of designated persons, verify matches, and report to the Financial Intelligence Unit, with exemptions or licenses applicable in certain cases.
Policy & regulationGuidance & interpretationSanctions list update
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2025-12-19•Iceland•Ministry of Finance and Economic Affairs (Iceland)
Iceland's Ministry of Finance and Economic Affairs announced the approval of the 2026 state budget, emphasizing a tighter fiscal stance with a projected deficit of ISK 28bn (0.5% of GDP) and prioritizing core public services and infrastructure. The budget aligns with the 2026–2030 fiscal strategy, maintaining expenditure growth below 2.0% and targeting a balanced budget by 2027.
Policy & regulationRules & requirementsOther
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2025-12-19•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority's 2025 report shows limited and declining cross-border activity by Institutions for Occupational Retirement Provision (IORPs) in the European Economic Area, with only 27 cross-border IORPs. The IORP Directive's goal of a robust internal market for workplace pensions remains unmet. Despite a high concentration of cross-border IORPs in a few home countries, Belgium and the Netherlands lead in geographical coverage and number of cross-border IORPs, respectively.
ResearchCross-border cooperation
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2025-12-19•Moldova•National Bank of Moldova
The National Bank of Moldova reported that cumulative cash withdrawals from banks' cash desks exceeded receipts by MDL 4,607.0 million for January–November 2025. Cash receipts totaled MDL 166,976.1 million, a 5.4% increase from the previous year, with consumer goods sales as the largest source. Withdrawals reached MDL 171,583.1 million, marking a 5.2% year-on-year rise.
Data & statisticsCurrency and cash management
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2025-12-19•Moldova•National Bank of Moldova
The National Bank of Moldova hosted the conference “BNM 2025 – European Momentum: One year of progress and integration,” highlighting Moldova's integration into the Single Euro Payments Area (SEPA) as a key milestone. Within 60 days of SEPA integration, it became the primary channel for euro cross-border payments, surpassing SWIFT, with over 130,000 transactions processed. Governor Anca Dragu emphasized SEPA participation as a foundation for further European financial integration and innovation.
Policy & regulationImplementation, projects & pilotsCross-border cooperation
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2025-12-19•Moldova•National Bank of Moldova
The National Bank of Moldova reported a 1.6% decrease in new bank lending for November 2025, totaling MDL 6,930.5 million, with loans in Moldovan lei comprising 71.9% of new credit. Loans with maturities of two to five years were most popular, and legal entities accounted for 62.3% of all new lending. Average interest rates on national currency loans decreased to 9.06%, while rates on foreign currency loans increased to 5.34%.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-19•Moldova•National Bank of Moldova
The National Bank of Moldova's draft decision outlines functional and technical requirements for Open Banking interfaces by account servicing payment service providers, based on Berlin Group specifications. It establishes standards for account information and payment initiation services via standardised APIs, with strong customer authentication and user consent. It mandates a consent management dashboard, limits AIS access, and introduces a National Bank-managed Open Banking Digital List for validating third-party provider status and certificates.
Policy & regulationRules & requirementsOpen banking and finance
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2025-12-19•Moldova•National Bank of Moldova
The National Bank of Moldova reported a 20.3% decrease in newly attracted term deposits for November 2025, totaling MDL 3,566.1 million. Deposits in Moldovan leu comprised 74.8% of the total, with average nominal rates rising to 5.11% for leu deposits and 1.34% for foreign-currency deposits. Household deposits fell by 10.9% to MDL 2,702.4 million, while corporate deposits dropped 40.3% to MDL 852.5 million.
Data & statisticsFinancial and market indicatorsMonetary data
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2025-12-18•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) reported on the Council of Regulators of the Iberian Electricity Market (CR MIBEL) Presidents Committee meeting, which reviewed 2025 activities and approved the 2026 work plan. The council updated its guide on financial regulation and derivatives contracts in MIBEL to reflect changes affecting electricity derivatives. The Portuguese Securities Market Commission (CMVM) will assume the rotating CR MIBEL presidency on 1 January 2026.
Policy & regulationReform agendas & prioritiesOther
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2025-12-18•Panama•Superintendencia de Bancos de Panama
The Superintendency of Banks of Panama released its 2025 report on anti-money laundering, counter-terrorist financing, and counter-proliferation financing, emphasizing a new inspection cycle for obliged entities and updated banking sector Integrity Guidelines. The report also noted a pilot project on account opening to enhance competitiveness and customer experience, and ongoing training for entities and staff.
SupervisionReviews, inspections & stress testsAML and CFTSupervision process and methodologies
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2025-12-18•Colombia•Superintendencia Financiera de Colombia
The Superintendencia Financiera de Colombia (SFC) highlighted achievements and priorities for modernising financial supervision, focusing on digital supervision, open finance, and risk management. Key developments included regulatory framework updates, expanded supervisory engagement, and significant capital market oversight with assets around COP 1,000 trillion. The SFC emphasized efforts to enhance supervision digitalisation and open finance, alongside public-private initiatives to update capital market rules and improve investor guidance.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-12-18•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority announced that the regulatory framework for voluntary pension funds is ready, with amendments to the Law on Voluntary Pension Funds aligned with EU directives. These amendments aim to enhance supervision, risk management, and transparency, allowing EU-based management companies to operate in Montenegro. However, market development depends on additional incentives like tax relief and increased financial literacy.
Policy & regulationRules & requirements
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2025-12-18•United Arab Emirates•UAE Securities & Commodities Authority
The UAE Sustainable Finance Working Group, including the Securities & Commodities Authority, released its fourth statement on sustainability progress and introduced Climate Transition Planning Principles. These guide financial institutions in governance, disclosure, and risk management, aligning with global standards. The group continues refining the UAE sustainable finance taxonomy and may develop sector-specific regulations, ensuring international alignment and stakeholder engagement.
Policy & regulationGuidance & interpretationClimate risk and sustainable financeCorporate governanceDisclosures
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2025-12-18•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo (BQK) launched "DataSphere," a platform developed with local universities and supported by the U.S. Embassy, to enhance Kosovo's economic, structural, and social data. Governor Ahmet Ismaili highlighted its role in advancing data-driven research and aligning with BQK's strategic goals in academia and financial education. The initiative complements BQK's statistical framework, crucial for policymaking and financial stability assessments, and offers regional comparative analysis with Western Balkan economies.
Data & statisticsData protectionRegulatory reporting
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2025-12-18•India•Reserve Bank of India
The Reserve Bank of India has designated Bank of Baroda as the lead bank for the newly established Vav-Tharad district in Gujarat. This follows the Government of Gujarat's notification creating the district, which has been assigned the working code 02U. Lead bank assignments for other districts in Gujarat remain unchanged.
SupervisionAuthorisations & approvalsOther
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2025-12-18•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission approved Banco Angolano de Investimentos, S.A.'s public subscription offer for "BAI 2026-2031" bonds and the related prospectus for trading on a regulated market. The offer includes 2,000,000 dematerialised, registered bonds with a nominal value of AOA 25,000 each, totaling up to AOA 50 billion, with a 20% annual interest rate. The Commission emphasized that registration is based on legality criteria and does not guarantee the issuer's financial situation or offer viability.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-12-18•Australia•Australian Securities & Investments Commission
The Australian Securities and Investments Commission (ASIC) has initiated Federal Court proceedings against Netwealth Superannuation Services Pty Ltd and Netwealth Investments Limited for contravening the Corporations Act related to the First Guardian Master Fund investment options. Netwealth has admitted to failing to adequately assess investment risks and will compensate over 1,000 affected members with more than AUD 100 million. ASIC will not seek a pecuniary penalty due to the agreed compensation and aims for a timely court resolution.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-12-18•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) updated its guidance for market participants and operators on technological and operational resilience under the ASIC Market Integrity Rules. This revises Regulatory Guides 265, 266, and 172, streamlining content and incorporating guidance on critical business services and redundancy arrangements. ASIC clarified thresholds for major event reporting and integrated class waivers for outsourcing requirements, with further financial market infrastructure reforms anticipated in 2026.
Policy & regulationGuidance & interpretationOperational risk and resilience
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2025-12-18•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has revoked the Australian financial services licence of Rynco Pty Ltd due to persistent non-compliance. ASIC cited Rynco's failure to maintain competence, lack of an active responsible manager, inadequate resources, and breaches in notification and financial reporting obligations. Rynco may seek a review of this decision by the Administrative Review Tribunal.
SupervisionAuthorisations & approvalsOperational risk and resilience
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2025-12-18•Global•Egmont Group
The Egmont Group highlighted at a UN conference how Financial Intelligence Units (FIUs) are combating corruption-related money laundering involving virtual assets, emphasizing enhanced FIU capabilities and international cooperation. Key developments include specialized crypto-investigation units, improved blockchain analytics, and resources like an updated eCatalogue of over 2,500 regulated Virtual Asset Service Providers (VASPs).
Policy & regulationCooperationAML and CFT
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2025-12-18•Australia•Council of Financial Regulators
Australia’s Council of Financial Regulators, collaborating as "CFR Plus," released a Better Regulation Roadmap to enhance financial regulation efficiency while ensuring stability, consumer protection, and market integrity. The plan includes over 50 commitments from the 2025 Economic Reform Roundtable, focusing on simplification, digital capability, and improved government engagement, with updates expected in 2026.
Policy & regulationImplementation, projects & pilotsRegulatory burden
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2025-12-18•Rwanda•Rwanda Capital Markets Authority
The Rwanda Capital Markets Authority engaged over 3,000 students at the University of Rwanda's Annual Career Summit 2025 on capital markets' role in finance and economic growth. The session emphasized regulated investment products for savings and wealth creation, highlighting career opportunities in regulation, investment advisory, and asset management. CMA also noted the demand for diverse skills beyond finance, including economics, law, and technology.
Financial literacy & educationFinancial literacy and education
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2025-12-18•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority (TIRA) conducted a training programme for claims and legal officers to enhance understanding of insurance fraud and prevention strategies. TIRA has established a Fraud Control Unit to address fraudulent practices, urging collaboration with insurers to report fraud indicators. The training included input from the Association of Certified Fraud Examiners to bolster fraud control effectiveness.
Policy & regulationImplementation, projects & pilotsFraud and scams
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2025-12-18•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) proposed a draft law to amend the Tax Code, introducing personal investment accounts to incentivize household investment in Ukrainian securities. These accounts would offer tax-free investment profits if funds remain for five years, with an annual contribution limit linked to the minimum wage, currently up to UAH 2.4 million. The initiative aims to support national issuers and develop a robust securities market by 2026.
Policy & regulationRules & requirementsSME financing
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2025-12-18•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten reported on the National Payment Council’s 2025 meetings, highlighting plans for an information session for businesses on innovative payment options and follow-on work on payment fraud awareness and Instant Payments. The council will repeat its online payment fraud awareness campaign in 2026 and the central bank will explore the feasibility of international instant payments between Curaçao and Sint Maarten, Bonaire, Aruba, and the Netherlands.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-12-18•Netherlands•Dutch Authority for the Financial Markets
Laura van Geest, chair of the Dutch Authority for the Financial Markets, delivered a keynote speech in Brussels advocating for a balanced approach to European capital market development. She emphasized that consumer protection and market functioning are complementary, essential for building trust, achieving scale, and fostering innovation.
Policy & regulationReform agendas & prioritiesMarket development
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2025-12-18•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) fined BDO Audit & Assurance B.V. EUR 765,000 for failing to prevent or detect exam fraud due to weaknesses in its quality management system. The misconduct involved several hundred professionals cheating on exams required for statutory auditor certification. The AFM noted BDO's cooperation and remedial measures as mitigating factors in the enforcement action.
EnforcementInvestigations & enforcement actionsAuditing