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2025-12-18•Latvia•Central Bank of Latvia
The Central Bank of Latvia revised its approach to identifying other systemically important institutions (O-SIIs) and recalibrated O-SII capital buffer rates. Swedbank Baltics AS, Swedbank AS, AS SEB Banka, and AS Citadele Banka were recognized as O-SIIs, while AS Rietumu Banka and BluOr Bank AS were removed. The methodology now better suits smaller financial sectors, with SEB Banka and Citadele Banka receiving a 0.25 percentage point buffer reduction.
Policy & regulationRules & requirementsCapital adequacy
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2025-12-18•Peru•Central Bank of Peru
The Central Bank of Peru reported that Peru achieved the highest growth in non-traditional exports among major regional economies, with a 16.4% increase in the 12 months to October. Over the past five years, Peru also led with an average annual growth of 10.5%, surpassing Colombia, Mexico, Brazil, and Chile.
Data & statisticsEconomic data and developments
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2025-12-18•Europe•Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL)
The Council of Europe's MONEYVAL concluded its 70th Plenary by adopting Serbia’s mutual evaluation report and several fifth-round follow-up reports. Czechia and the Slovak Republic were removed from Compliance Enhancing Procedures, while Georgia and Poland were placed in Step 1. The Plenary also amended its Rules of Procedure and approved typologies reports on risks related to virtual assets and armed conflicts.
Policy & regulationPeer reviews and country evaluationsAML and CFTSupervision process and methodologies
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2025-12-18•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) announced that the Companies Auditors Disciplinary Board (CADB) cancelled the registration of Sydney auditor Sam Danieli, director of A D Danieli Audit Pty Ltd, due to repeated breaches of auditing standards. The CADB found Mr. Danieli failed to engage with an engagement quality reviewer for 10 audits of five ASX-listed companies in FY23 and FY24. Mr. Danieli has applied for a stay and review of the decision, and the CADB ordered him to pay ASIC’s costs of AUD 73,000.
EnforcementInvestigations & enforcement actionsAuditing
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2025-12-18•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission announced that the Federal Court found NGS Group Limited, NGS Crypto Pty Ltd, and NGS Digital Pty Ltd operated a financial services business without a licence, including an unregistered managed investment scheme. The Court ordered the companies to cease operations and be wound up, appointing liquidators from McGrathNicol. Over 450 Australians invested approximately AUD 59 million, with many using self-managed superannuation funds, leading to investor harm due to the lack of a licence and confidence in the companies' management.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-12-18•Lithuania•Ministry of Finance (Lithuania)
Lithuania's Ministry of Finance announced a meeting between Finance Minister Kristupas Vaitiekunas and Polish Finance Minister Andrzej Domanski to discuss Polish banks' expansion in Lithuania and sustainable financial support for Ukraine. Lithuania supports the EU initiative to finance Ukraine using frozen Russian assets and the "Reparations Loan" model. PKO Bank Polski's decision to open a representative office in Vilnius is seen as a step towards stronger Lithuania-Poland financial ties.
Policy & regulationCooperationCross-border cooperation
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2025-12-18•United States•National Credit Union Administration
The National Credit Union Administration Board approved its 2026 and 2027 budgets, setting a combined budget of USD 316.2 million for 2026, which is USD 79.2 million lower than 2025, with 288 fewer staff positions. The 2026 operating fee rate is reduced by 24.65% compared to 2025. The Share Insurance Fund reported a net income of USD 100.4 million for Q3 2025, with two credit union failures costing approximately USD 7 million.
Institutional developmentGovernanceOther
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2025-12-18•Indonesia•Bank Indonesia
Bank of Indonesia and the Ministry of Finance of Japan have renewed and expanded their Memorandum of Cooperation to promote bilateral transactions in local currencies, including the Japanese yen and Indonesian rupiah. The updated framework now covers all bilateral economic transactions, beyond just trade and direct investment, effective 15 December 2025.
Policy & regulationCooperationCross-border cooperation
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2025-12-18•Ireland•Department of Finance (Ireland)
Ireland's Department of Finance appointed Mr. Frankie Watters to the Credit Union Advisory Committee (CUAC), succeeding Professor Olive McCarthy. CUAC advises on credit union management and member protection under the Credit Union Act 1997. From 1 January 2026, CUAC will consist of seven members, including Mr. Watters.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-18•China•Central Bank of the Republic of China
China's National Financial Standardization Technical Committee reviewed its 2025 work and set priorities for 2026, approving updated internal rules and membership changes. The meeting highlighted achievements during the 14th Five-Year Plan and outlined priorities for the 15th, focusing on leadership, standards quality, reforms, and internationalisation. Key participants included the People's Bank of China and other major regulatory bodies.
Institutional developmentGovernanceOrganizational structure
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2025-12-18•China•Central Bank of the Republic of China
Vice Governor Xuan Changneng of the People's Bank of China attended the G20 Finance and Central Bank Deputies meeting, advocating for stronger macroeconomic policy coordination and regulatory modernization. He emphasized maintaining prudential standards like Basel III and discussed China's efforts to enhance cross-border payment systems. Xuan also outlined China's "15th Five-Year Plan" and engaged in bilateral talks on financial cooperation.
Policy & regulationCooperationCross-border cooperationMonetary policy decisions and developments
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2025-12-18•Europe•European Banking Authority
The European Banking Authority, European Central Bank, national central banks, and supervisory authorities have signed a multilateral Memorandum of Understanding to enhance cooperation and information sharing. The MoU establishes principles for collaboration and standardizes processes for exchanging information on non-bank payment service providers' access to central bank-operated payment systems, aiming to ensure consistent outcomes and a level playing field in the European payments market.
Policy & regulationCooperationCross-border cooperationPayments and payment systems
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2025-12-18•Europe•European Banking Authority
The European Banking Authority (EBA) updated its confidential report on equivalence monitoring, submitting it to key EU institutions and publishing a public summary on regulatory developments in 26 non-EU jurisdictions under the Capital Requirements Regulation. The report highlights regulatory changes, areas for continued monitoring, and confirms criteria for existing equivalence decisions. The public summary outlines the EBA’s monitoring methodology and notes that follow-up actions depend on the significance of findings in each jurisdiction.
SupervisionRisk monitoring & watch pointsCross-border paymentsSupervision process and methodologies
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2025-12-18•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority reviewed initial sustainability reports from 21 financial firms to enhance future reports and guide supervisory practices. The review emphasized double materiality assessments and key disclosures, relevant amid the EU's revisions to the Corporate Sustainability Reporting Directive (CSRD). The authority will guide firms to meet CSRD data and organizational requirements during the EU's rule revision process.
SupervisionReviews, inspections & stress testsClimate risk and sustainable finance
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2025-12-18•Ukraine•National Bank of Ukraine
The National Bank of Ukraine's Financial Stability Report emphasizes banks' growing economic support via increased lending and infrastructure investment, while maintaining risk control. It details supervisory measures post-2026 banking resilience assessment, including higher capital requirements for some banks and a phased transition to EU-aligned capital rules by 2027. Despite favorable macroeconomic conditions, challenges like energy deficits and external financing risks persist, with liquidity management increasingly reliant on banks' Internal Liquidity Adequacy Assessment Process.
Policy & regulationRules & requirementsFinancial stability and systemic riskPrudential risks
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2025-12-18•Colombia•Central Bank of Colombia
The Central Bank of Colombia issued External Operating and Services Circular DSP-155, detailing fees for low-value payment systems managed by Banco de la República.
Policy & regulationRules & requirementsPayments and payment systems
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2025-12-18•Australia•Australian Transaction Reports and Analysis Centre (AUSTRAC)
AUSTRAC and APRA have launched enforcement actions against Bendigo and Adelaide Bank for deficiencies in money laundering risk management and non-financial risk practices. AUSTRAC is investigating compliance with relevant laws, while APRA requires a root cause analysis and a 50 million AUD operational risk capital add-on. These actions follow a Deloitte review revealing significant shortcomings. Further actions are possible.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-12-18•Portugal•Portuguese Insurance Regulator (ASF)
Portugal's Insurance and Pension Funds Supervisory Authority (ASF) has drafted a regulatory standard to suspend its pension fund information disclosure rule until 1 January 2027. This gives management entities more time for operational changes, with a re-evaluation aligned with ASF's simplification agenda and proposed amendments to Directive (EU) 2016/2341. ASF will complete the re-evaluation and publish findings before 2027, considering further regulatory initiatives as needed.
Policy & regulationRules & requirementsDisclosures
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2025-12-18•T?rkiye•Capital Markets Board of Türkiye
The Capital Markets Board of Türkiye has launched a poster design contest for university students to promote financial literacy and investment culture. The contest, approved by the Council of Higher Education, excludes first-degree relatives of staff from certain financial institutions. Prizes include a laptop, tablet, and smartwatch, with results to be published on the Board’s website.
Financial literacy & educationFinancial literacy and education
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2025-12-18•T?rkiye•Capital Markets Board of Türkiye
The Capital Markets Board of Türkiye, with the Ministry of National Education, announced a painting and essay competition for students to enhance financial literacy and awareness against social media fraud. The initiative targets middle and high school students, excluding relatives of certain financial staff, with prizes for top entries.
Financial literacy & educationFinancial literacy and education
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2025-12-18•Europe•Authority for Anti-Money Laundering and Countering the Financing of Terrorism
The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) released draft technical standards to harmonize risk assessments for money laundering and terrorist financing across the EU. These standards outline criteria for identifying 40 high-risk financial institutions for AMLA's direct supervision from 2028. A public consultation on cooperation between AMLA and national supervisors during the selection process is underway.
Policy & regulationRules & requirementsAML and CFT
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2025-12-18•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission reported that Mr. Choi Chun Wai, former Vice President of Computershare Hong Kong Investor Services Limited, was sentenced to two months' imprisonment for insider dealing in ENM Holdings Limited shares. He was fined HKD 289,500, equivalent to the losses avoided, and ordered to pay investigation costs of HKD 120,407. The court emphasized the seriousness of insider dealing despite acknowledging his remorse.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-18•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario (FSRA) has refused to renew Jasneet Singh Bajwa's life and accident insurance agent licence and imposed conditions on any future mortgage agent licence applications. Bajwa was found unsuitable under the Insurance Act due to false statements and lack of valid errors and omissions insurance. The enforcement action follows a settlement with Bajwa.
EnforcementInvestigations & enforcement actions
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2025-12-18•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario announced the Total Cost Reporting Rule for individual variable insurance contracts, effective January 1, 2026. This rule mandates insurers to provide enhanced annual statements disclosing total costs, fees, and investment performance, aligning with national guidance and mutual fund sector standards. Enhanced statements will be issued in 2027 for the 2026 reporting year.
Policy & regulationRules & requirementsDisclosures
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2025-12-18•Australia•Australian Prudential Regulation Authority
APRA accepted a court enforceable undertaking from Netwealth Superannuation Services Pty Ltd due to weaknesses in its investment governance. A review found deficiencies in onboarding, monitoring investments, and managing outsourced services. The undertaking requires an independent review of high-risk investments and governance, with a remediation plan. Meanwhile, ASIC has initiated proceedings against Netwealth for alleged Corporations Act violations, ensuring member reimbursements for First Guardian investments. APRA will focus on investment governance in the platform segment into 2026.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-12-18•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has imposed additional licence conditions on Equity Trustees Superannuation Limited (ETSL) to address deficiencies in its investment governance frameworks. ETSL must appoint an independent expert to review its governance and implement an uplift plan. It is restricted from onboarding certain high-risk investments until compliance is confirmed. APRA will coordinate with the Australian Securities and Investments Commission on identified weaknesses.
SupervisionInterventionsCorporate governancePrudential risks
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2025-12-18•Australia•Australian Prudential Regulation Authority
APRA and AUSTRAC are addressing deficiencies in Bendigo and Adelaide Bank's money laundering risk management. After a Deloitte review, APRA requires a root cause analysis and imposes a AUD 50 million operational risk capital add-on. AUSTRAC has launched an investigation into the bank's compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Further actions may follow.
EnforcementInvestigations & enforcement actionsAML and CFTSupervision process and methodologies
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2025-12-18•Austria•Austria Financial Market Authority
The Austrian Financial Market Authority released a podcast episode on investment fraud, highlighting common scams, warning signals, and the impact of phishing. Featuring insights from Philipp Genduth and a police cybercrime expert, it emphasizes that investment fraud can affect individuals of any demographic. This episode concludes the first series of the podcast, set to resume in February 2026.
Financial literacy & educationFraud and scams
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2025-12-18•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a scam alert concerning fraudulent websites, fake internet banking login screens, and phishing messages linked to several banks, including The Bank of East Asia and Bank of China (Hong Kong). The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information like passwords via phone, email, or SMS.
SupervisionAlertsFraud and scams
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2025-12-18•France•Bank of France
The Bank of France awarded the 2025 “Young Researchers in Green Finance” prize to Dr Adrien Fabre and Prof Dr Thomas Giroux for their contributions to climate economics and sustainable finance. The awards were presented at the “Green Finance Research Advances” conference, co-organised with the Louis Bachelier Institute. Fabre's research addresses political preferences and climate policies, while Giroux focuses on climate risks' impact on financial returns and mobilising private capital for environmental transition.
OtherClimate risk and sustainable finance
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2025-12-18•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance proposed a law for legacy Swiss franc loans, offering two borrower pathways and mandating bank acceptance. Non-performing loans can use an out-of-court settlement, while performing or restructured loans may convert to EUR with a principal reduction and fixed interest rate. The measure aims to eliminate foreign exchange risk and maintain budget and capital neutrality, with parliamentary debate ongoing.
Policy & regulationRules & requirementsLending
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2025-12-18•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance presented a transformation plan for Hellenic Post (ELTA) to Parliament, aiming to safeguard universal postal service and enhance financial sustainability. The plan includes redesigning 158 branches, expanding the "shop-in-shop" model, and ensuring compliance with European rules on state support. Implementation will be overseen by ELTA's interim management under Hyperfund supervision, with decisions based on local conditions.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-18•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) issued a warning about five unauthorized websites offering investment services, namely iffbanc.com, alpha24pro.com, futuretradesx.com, mtbcapitals.com, and icmarkets777.com. CySEC advises investors to verify the licensing status of firms on its website before engaging in investment activities.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-12-18•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority is finalizing changes to the Financial Services (Miscellaneous) Provisions Bill and the Retirement Benefits Schemes (Amendment) Bill, with Feedback Statements expected in early 2026. Revisions focus on civil penalty provisions and the regulatory framework for pension services. The Authority is collaborating with HM Attorney General’s Chambers on revised drafts and plans a separate consultation on secondary legislation related to civil penalties.
Policy & regulationRules & requirementsAML and CFTRegulatory burden
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2025-12-18•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority issued a sanctions update referencing new information from the Isle of Man Treasury, Customs and Immigration Division. The update includes changes to the Sudan sanctions regime, amendments to the UK Sanctions List, and legislative updates for the Central African Republic. Firms are advised to consult the Isle of Man Government news releases and subscribe to relevant alert services for ongoing updates.
Policy & regulationGuidance & interpretationSanctions list update
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2025-12-18•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority plans a thematic project to assess Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) compliance related to Reporting and Registers. The review, coordinated by the Authority’s AML/CFT and Portfolio Supervision Divisions, will run from January to August 2026.
SupervisionReviews, inspections & stress testsAML and CFT
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2025-12-18•Ghana•Bank of Ghana
The Bank of Ghana, addressing COCLAB, stressed the threat from unlicensed financial entities exploiting digital channels and fragmented oversight. It reported over 50 complaints in 2024 about unregulated schemes and urged stronger multi-stakeholder coordination, intelligence sharing, and structured coordination, especially before Ghana's GIABA evaluation.
Policy & regulationCooperationAML and CFTFinancial stability and systemic risk
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2025-12-18•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan and the EBRD are collaborating on a new Banking Law and regulatory framework for digital financial assets. The EBRD will assist with insolvent bank mechanisms, a financial ombudsman service, and financial product governance. The Agency is also drafting a securities market law to enhance market stability, investor protection, and innovation.
Policy & regulationCooperationAccounting and financial reportingSupervision process and methodologies
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2025-12-18•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency warned about deepfakes in financial fraud, citing scenarios like impersonation for bank access and fake loans. It highlights red flags such as unusual blinking and robotic speech, advising verification of urgent transfer requests. The agency is enhancing security with mandatory two-factor authentication and biometrics for remote services.
SupervisionAlertsCyber resilience
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2025-12-18•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reissued the securities market activity licence of Home Credit Bank JSC, a subsidiary of ForteBank JSC, to update the legal entity licensee’s name.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-18•United States•Federal Reserve Bank of Boston
The Federal Reserve Bank of Boston published an interview with MassMutual CEO Roger Crandall, reflecting on his tenure on the Bank’s Board of Directors, including his role as chair in 2025. The discussion highlights the Board's oversight responsibilities, the Boston Fed's regional economic support, and initiatives like the Main Street Lending Program and Project Hamilton. Crandall emphasized understanding the Federal Reserve's dual mandate amid public scrutiny.
Institutional developmentLeadership change & appointmentsPayments and payment systemsMonetary policy decisions and developments
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2025-12-18•Kuwait•Central Bank of Kuwait
The Central Bank of Kuwait released a press statement referencing the International Monetary Fund's concluding statement from the 2025 Article IV consultation with Kuwait.
Policy & regulationInternational standards & recommendationsMonetary policy decisions and developments
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2025-12-18•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority has enforced an immediate suspension of the issuance and redemption of units by the Colters Capital Fund under Article 158(1)(d)(1) of the AIFMG.
SupervisionInterventionsOther
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2025-12-18•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority's Q4/2025 update notes a resilient global economy but below-average momentum in Liechtenstein, with stable banking amid challenging conditions. The OECD forecasts 3.2% global GDP growth in 2025, with slower U.S. and eurozone growth, and weak domestic indicators like negative employment growth. Despite challenges, Liechtenstein's banking sector manages CHF 523 billion in client assets, while inflation trends and monetary policies vary by region.
SupervisionRisk monitoring & watch pointsEconomic data and developmentsFinancial stability and systemic risk
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2025-12-18•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority released its December 2025 register of Crypto Asset Service Providers (CASPs) licensed under the Financial Advisory and Intermediary Services Act, 2002. The register details 291 licensed CASPs, including major firms like First National Bank and Luno, and notes changes such as the removal of product categories for seven providers and the lapse or provisional withdrawal of two licences.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-18•Spain•Bank of Spain
The Bank of Spain reported that general government debt under the Excessive Deficit Procedure was 101.7% of nominal GDP in October 2025, down 1.5 percentage points from the previous year, with the debt stock rising 4% to EUR 1,693bn. State debt increased to EUR 1,542bn, autonomous communities’ debt to EUR 339bn, and social security debt to EUR 126bn, while local government debt decreased to EUR 22bn. Long-term securities and loans over one year grew by 3% and 10.3% year on year, respectively, with short-term instruments up 8.4%.
Data & statisticsBalance of payments and other external statistics
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2025-12-18•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines announced the Monetary Board's approval of Rural Bank of Matag-ob (Leyte), Inc.'s voluntary surrender of its banking license. This decision was formalized under Monetary Board Resolution No. 1214 on 11 December 2025.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-12-18•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten announced that the National Payment Council will organize an information session and awareness campaign on innovative payment methods and online payment risks for the business community. The initiative includes public education on local payment schemes, terminals, and instant payments, alongside an anti-fraud campaign launched in November 2025. The NPC is exploring options for enabling instant payments between Curaçao, Sint Maarten, Bonaire, Aruba, and the Netherlands.
Financial literacy & educationPayments and payment systemsFinancial literacy and education
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2025-12-18•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) updated its Resolution 23 rulebook for Closed Supplementary Pension Entities, incorporating 49 of 251 consultation submissions and aligning with CNPC and CMN resolutions. Key changes include new investment rules, DEI programme recommendations, and mandatory communication policies for EFPCs. Associations can now participate in licensing proceedings, and funds must assess and disclose ASG impacts, with a deadline extension for amending benefit-plan bylaws to 2026.
Policy & regulationRules & requirementsOther
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2025-12-18•Philippines•Central Bank of the Philippines
At the 4th ASEAN+3 Economic Cooperation and Financial Stability Forum in Hong Kong, the Central Bank of the Philippines emphasized capital market development and cross-border payments, focusing on deepening the domestic money market and enhancing market-oriented operations. Deputy Governor Zeno Ronald R. Abenoja highlighted efforts to improve liquidity, strengthen monetary policy transmission, and leverage tokenization and stablecoin technology for digital payments. Abenoja also participated in the ASEAN+3 Finance and Central Bank Deputies’ Meeting, with the Philippines set to co-chair the ASEAN+3 Finance Process with Japan in 2026.
Policy & regulationReform agendas & prioritiesCross-border paymentsMarket development
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2025-12-18•Portugal•Bank of Portugal
The Bank of Portugal's updated securities statistics for November 2025 show resident entities' total debt securities at EUR 319.6bn, a EUR 1.2bn increase from October, while listed shares fell by EUR 2.9bn to EUR 73.4bn. The rise in debt securities was driven by net issuance from the financial sector and non-financial corporations, partially offset by public administration redemptions. ESG-labelled debt securities stood at EUR 14.2bn, decreasing by EUR 122m due to net redemptions and valuation changes.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-18•Oman•Central Bank of Oman
At its annual meeting, the Central Bank of Oman outlined its reform agenda, focusing on the new Banking Law, digital and open banking, and national payments infrastructure upgrades. Key initiatives include governance and risk management enhancements, a new electronic system for Sharia-compliant liquidity management, and the "Maal" card scheme. The bank also emphasized strategic credit allocation aligned with Oman Vision 2040 and announced financial awareness initiatives for students.
Policy & regulationReform agendas & prioritiesFinancial stability and systemic riskMarket development
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2025-12-18•Serbia•National Bank of Serbia
The National Bank of Serbia announced that electronic money institution TRANSAKS d.o.o. Beograd joined the IPS NBS instant payment system as an indirect participant. Transactions for TRANSAKS clients will be executed through OTP banka Srbija as a direct participant. The IPS NBS system operates continuously, crediting payees within seconds, even on weekends and non-working days.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-18•Europe•European Council
The European Council and European Parliament reached a provisional agreement on an updated EU retail investment framework, enhancing investor protection rules. Key measures include stronger cost and disclosure requirements, tighter inducement controls, and simplified suitability processes for certain products. The framework also revises criteria for retail-to-professional client opt-up and mandates enhanced product information standards.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-12-18•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a Russia sanctions notice designating 24 individuals and entities under the UK's Russia (Sanctions) (EU Exit) Regulations 2019, effective in Guernsey. Businesses must freeze relevant funds and assets of designated persons and report findings to the States of Guernsey Policy & Resources Committee. Firms must also notify the Commission and provide detailed reports on affected relationships or transactions.
Policy & regulationGuidance & interpretationNew sanctions designations
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2025-12-18•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission updated the Chemical Weapons sanctions notice, amending details for the Scientific Studies and Research Centre (SSRC) on the consolidated list while maintaining its designation and asset freeze. Businesses must verify connections to SSRC, freeze relevant assets, and report findings to the States of Guernsey Policy & Resources Committee. Firms must comply with reporting obligations under the Sanctions (Bailiwick of Guernsey) Law, 2018, and notify the Commission of any affected relationships.
Policy & regulationGuidance & interpretationSanctions list update
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2025-12-18•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission updated the Iran (Human Rights) sanctions notice, amending entries for Mohammad Ali Jafari and Hossein Taeb, who remain under asset freeze in Guernsey. Businesses must verify relationships with these individuals, freeze relevant assets, and report matches to the Policy & Resources Committee and the Commission. The UK sanctions regime is enforced locally through the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020.
EnforcementSanctions & designationsSanctions list update
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2025-12-18•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan supported the "Insurance Agents and Intermediaries Forum" in Baku to enhance insurance intermediary activity and address market challenges. Executive Director Vusal Gurbanov highlighted the forum's focus on aligning insurance intermediation with international practices. Presentations covered regulatory frameworks, challenges, and future development plans, with insights from Turkish and Kazakhstani associations.
Policy & regulationCooperationOther
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2025-12-18•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro adopted its 2026 Financial Plan, prioritizing payment infrastructure modernization, digital transformation, and ESG initiatives. The Council extended cash loan limiting measures for retail loans over eight years and maintained the countercyclical capital buffer rate at 1% for Q1 2026. It also aligned internal liquidity adequacy assessments with European Central Bank guidelines and updated conditions for payment service agents.
Policy & regulationReform agendas & prioritiesPayments and payment systemsMarket development
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2025-12-18•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) will hold a public judgment session on 18 December to decide on three administrative sanctioning proceedings. The cases involve alleged irregular public offerings by GRF Assessoria LTDA., potential irregularities in trades linked to JBS USA LLC and JBS S.A., and a conflict of interest case involving Romes Gonçalves Ribeiro. If the accused or their counsel do not participate, the session will proceed with electronic voting.
EnforcementInvestigations & enforcement actionsSecurities offerings and listings
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2025-12-18•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) denied the registration of a mandatory tender offer related to the sale of control of ATOM Educação e Editora S.A. by AQWA Brasil Participações S.A. due to non-compliance with information and documentation requirements. The CVM emphasized that failure to conduct the offer would be an irregularity under relevant laws and resolutions, and required public disclosure of the denial.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-12-18•Russia•Central Bank of Russia
The Central Bank of Russia has extended support recommendations into 2026 for creditors handling debt restructuring requests from small and medium-sized enterprises in regions with a medium response level. Creditors should suspend borrower obligations and issue new repayment schedules without fines. Restructured loans should be excluded from credit rating calculations, and credit history bureaus are advised not to downgrade these borrowers' credit histories.
Policy & regulationGuidance & interpretationSME financing
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2025-12-18•Russia•Central Bank of Russia
The Central Bank of Russia plans to seek damages from European banks in a Russian arbitration court over the blocking and use of its assets held in EU financial institutions. The claims will cover the allegedly illegally withheld assets and lost profit. The bank has previously filed a lawsuit against Euroclear with the Moscow City Arbitration Court.
EnforcementInvestigations & enforcement actionsCross-border cooperation
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2025-12-18•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay said its Superintendency of Insurance reached 3,907 people across 14 departments and Asuncion in 2025 through its insurance education campaign, up from just over 1,000 people in 2024. The program covered 31 cities through training sessions and webinars, and the authority also advanced a microinsurance working group to review the regulatory framework.
Financial literacy & educationFinancial literacy and education
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2025-12-18•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency and the Ministry of Finance concluded their 2025 quarterly consultations with financial industry representatives, focusing on capital market challenges and regulatory amendments. Discussions included liquidity management under new fund regulations, sustainability risk integration, and the Insurance Recovery and Resolution Directive. The Ministry outlined upcoming legislative activities and highlighted a European Commission package on financial literacy, while the Central Depository and Clearing Company announced updates to its shareholder meeting systems.
Policy & regulationCooperationOther
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2025-12-18•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency (Hanfa) issued public warnings to Martina Dalić and Viktor Lučić for trading their companies' shares during a 30-day ban period, violating the Market Abuse Regulation and the Capital Market Act. Hanfa's investigation found no possession of inside information by the individuals. The warnings serve as a deterrent to prevent similar conduct in the future.
SupervisionAlertsMarket abuse
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2025-12-18•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency (Hanfa) issued a public warning about entities falsely claiming to hold Hanfa licences for consumer credit services and intermediation. Hanfa clarified that it does not grant licences for these activities, directing the public to consult the Ministry of Finance and Croatian National Bank for authorised entities.
SupervisionAlertsLicence approval
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2025-12-18•United Arab Emirates•UAE Securities & Commodities Authority
The UAE Securities and Commodities Authority announced the UAE Sustainable Finance Working Group's fourth statement, highlighting progress in sustainability governance, disclosures, and introducing Climate Transition Planning Principles for the UAE market. The statement includes a framework for financial institutions to prepare and disclose transition plans, with future efforts focusing on implementation, international harmonization, and potential sector-specific regulations.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-12-18•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals on a specified list to pay a VND 1,000,000 fee for the issuance of a securities practitioner certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer 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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2025-12-18•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission released Circular 115/2025/TT-BTC, amending Circular 118/2020/TT-BTC, to update guidance on securities offerings, public tender offers, share buybacks, and public company registration and status cancellation. The amendments take effect on 26 January 2026.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-12-18•Canada•Financial Transactions and Reports Analysis Centre of Canada
FINTRAC fined MP Technology Services Ltd, a MoonPay Inc subsidiary, CAD 536,853.35 for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included failing to report large electronic funds transfers, maintain compliance policies, assess money laundering risks, and report suspicious transactions. Declined transactions linked to darknet marketplaces and sanctioned entities were also not reported.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-12-18•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic's Talas regional administration fined an exchange bureau KGS 55,000 for breaching Kyrgyz legislation and the bank's regulatory legal acts.
EnforcementInvestigations & enforcement actionsOther
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2025-12-18•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has suspended the licence of Asman Cash (LLC) exchange bureau in Bishkek due to violations of national legislation and regulatory acts. The suspension is effective from 19 to 28 December 2025.
SupervisionAuthorisations & approvalsUnlicensed or unauthorized activity
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2025-12-18•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic introduced a new training manual, "Financial Literacy for Migrants and Members of Their Families," on International Migrants Day. Developed with the International Organization for Migration, it addresses financial literacy needs specific to labour migrants and their families. Deputy Chair A. Kozubekov emphasized the link between financial literacy, citizens' financial wellbeing, and national financial stability.
Financial literacy & educationFinancial literacy and education
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2025-12-18•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority (AMMC) warned about unauthorised financial advice and fraudulent trading platforms promoted on social media. The AMMC stressed that financial advice requires registration under Law No. 19.14 and warned of market manipulation risks like "pump and dump" schemes. It highlighted criminal penalties for unauthorised advisory activities and announced a digital awareness campaign to enhance fraud prevention.
SupervisionAlertsFraud and scamsUnlicensed or unauthorized activity
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2025-12-18•Europe•European Payments Council
The European Payments Council has initiated a public consultation on urgent change requests for version 1.1 of the Verification of Payee (VOP) scheme rulebook, following issues identified post-deployment. Concurrently, a regular call for change requests for version 1.0 is open, with a three-month public consultation planned for April to June 2026, aiming for version 2.0 publication by November 2026.
Policy & regulationRules & requirementsPayments and payment systems
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2025-12-18•Canada•Department of Finance (Canada)
The Department of Finance Canada has appointed the Canadian Climate Institute to develop sustainable investment guidelines with Business Future Pathways to identify "green" and "transition" investments. An independent Taxonomy Council will review and approve these guidelines, with completion expected for six priority sectors by 2027. The government also plans regular green bond issuances and will explore a Sustainable Bond Framework aligned with the new taxonomy.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-12-18•Canada•New Brunswick Financial & Consumer Services Commission
The Financial and Consumer Services Commission of New Brunswick issued an investor alert regarding Wealth Edge Investments, which is not registered to deal or advise in securities or derivatives in New Brunswick. Investors are advised to avoid unregistered firms as protections may not apply. The alert, also noted by the British Columbia Securities Commission, applies solely to this entity.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-12-18•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria mandates banks and non-bank acquirers to ensure uninterrupted local-currency services for foreign-issued card users. Institutions must accept international cards, comply with standards, and implement multi-factor authentication for high-value transactions. The directive includes liquidity maintenance, enhanced monitoring, and ATM withdrawal limits, with the Central Bank overseeing compliance and imposing sanctions for violations.
Policy & regulationRules & requirementsPayments and payment systems
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2025-12-18•Canada•Quebec Autorite des marches financiers
The Autorité des marchés financiers (AMF) will index annual and regulatory fees by 2.05% to 2.4% effective 1 January 2026, as published in the Gazette officielle du Québec and the AMF Bulletin. These adjustments apply to fees under various acts, including the Securities Act and the Insurers Act-related frameworks, and are based on the Consumer Price Index for Canada. The indexed fees are exempt from Quebec’s cap on government tariff indexation.
Policy & regulationRules & requirements
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2025-12-18•Finland•Finanssivalvonta
Finland's Financial Supervisory Authority (FIN-FSA) Board maintained key macroprudential settings, keeping the housing loan cap at 90% and the first-home loan cap at 95%, with the countercyclical capital buffer (CCyB) at 0.0%. This decision reflects a slowly strengthening housing market cycle and subdued financial cycle indicators, including a private sector credit-to-GDP gap of -18.0 percentage points. The FIN-FSA continues to apply Sweden’s risk weight floors to Finnish credit institutions’ housing and corporate real estate exposures in Sweden.
SupervisionInterventionsMacroprudential policy and tools
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2025-12-18•United States•Federal Deposit Insurance Corporation
The US Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation issued a joint statement clarifying supervisory expectations for compliance with insider lending restrictions and related reporting requirements for OCC- and FDIC-supervised institutions. This statement replaces the 2019 interagency statement and will remain effective unless amended or rescinded. It may become unnecessary if the Federal Reserve Board adopts a final rule revising Regulation O.
Policy & regulationGuidance & interpretationCorporate governanceSupervision process and methodologies
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2025-12-18•United States•Federal Reserve Board
The Federal Reserve Board has released the first staff manual for supervising large and complex banks to enhance transparency. The LISCC Program Operating Manual has been redacted for confidentiality but not yet updated for recent changes. Additional manuals are expected in early 2026, covering various aspects of large-bank supervision.
Policy & regulationGuidance & interpretationSupervision process and methodologies
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2025-12-18•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets adopted new regulations on insurance disclosure, capital-markets authorisations, and consumer-protection supervision. Key measures include a standardised insurance product information document to align with EU practices and thematic inspections of banks, non-bank payment service providers, and insurers. The Commission also made capital-market adjustments, including share-capital changes and mandatory withdrawal approvals.
Policy & regulationRules & requirementsConsumer and investor protectionDisclosures
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2025-12-18•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority has exempted the Misr Ma'akum initiative from all commissions and expenses, supporting a partnership with the Fund for Honouring Martyrs and Misr Life Insurance Company. The initiative provides care for minor children of martyrs and victims from military, terrorist, and security operations, ensuring efficient management and safeguarding beneficiaries' rights. Payments to beneficiaries will commence on 1 January 2026, with disbursements scheduled twice a year upon reaching age 21.
Policy & regulationRules & requirementsOther
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2025-12-18•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) accepted a court-enforceable undertaking from Netwealth Superannuation Services Pty Ltd to address weaknesses in its investment governance framework, requiring independent expert oversight and enhanced controls. Concurrently, the Australian Securities and Investments Commission initiated proceedings under the Corporations Act 2001, with both regulators coordinating actions to safeguard member investments.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-12-18•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has imposed additional licence conditions on Equity Trustees Superannuation Limited (ETSL) to address concerns with its investment governance frameworks. ETSL must appoint an independent expert to review its investment menus and governance framework, develop a remediation plan, and refrain from onboarding certain high-risk investment options until compliance is confirmed, following APRA's review highlighting weaknesses in ETSL's processes.
SupervisionInterventionsCorporate governancePrudential risks
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2025-12-18•Australia•Australian Prudential Regulation Authority
APRA and AUSTRAC are addressing deficiencies in Bendigo and Adelaide Bank's money laundering risk management after a Deloitte review. APRA requires a root cause analysis and an AUD 50 million operational risk capital add-on, while AUSTRAC has initiated an enforcement investigation under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
SupervisionInterventionsAML and CFTSupervision process and methodologies
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2025-12-18•Chile•Chile Financial Market Commission
The Chile Financial Market Commission approved the merger of Seguros Vida Security Previsión S.A. into Bice Vida Compañía de Seguros S.A., along with a reform of Bice Vida’s bylaws. Bice Vida will become the legal successor to Seguros Vida Security Previsión, which will be dissolved.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-18•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) announced the termination of six enforcement actions, including an amendment to a consent order with Citibank and formal agreements with several national banks. A cease-and-desist order against UBS AG's Stamford Branch was also terminated. The OCC terminates actions when compliance is achieved, articles become outdated, or are incorporated into new actions.
EnforcementInvestigations & enforcement actionsCompliance
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2025-12-18•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway (Finanstilsynet) has issued updated guidance on its Supervisory Review and Evaluation Process (SREP), detailing risk assessment, capital needs, and supervisory measures for banks and financial institutions. Replacing the 2024 version, it includes SREP framework specifics, feedback processes, and expectations for capital headroom and liquidity coverage ratios. It outlines submission requirements and quantitative support tools, such as loan growth triggers and market risk stress parameters.
Policy & regulationGuidance & interpretationCapital adequacy
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2025-12-18•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway has set the statutory late payment interest rate for the first half of 2026 at 12.00% per annum, a decrease of 0.25 percentage points from the previous rate. The standard compensation for debt recovery costs remains unchanged at NOK 460. These rates are adjusted semi-annually, with the interest rate calculated as Norges Bank’s policy rate plus at least eight percentage points.
Policy & regulationRules & requirementsOther
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2025-12-18•Canada•Alberta Securities Commission
The Alberta Securities Commission (ASC) has enacted legislative amendments to Alberta’s Securities Act, enhancing tools for investor protection. The changes extend safe harbour protections to climate-related disclosures and bolster the ASC's ability to counter false or misleading online investment information. These amendments were formalized through the Financial Statutes Amendment Act, 2025 (No.2).
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-12-18•Canada•Alberta Securities Commission
The Government of Alberta has amended the Securities Act (Alberta), enhancing the Alberta Securities Commission's (ASC) tools for investor protection. The changes extend statutory civil liability protections to climate-related disclosures and strengthen the ASC's ability to address false or misleading online investment information. These amendments, part of Bill 12, the Financial Statutes Amendment Act, 2025 (No.2), received royal assent on December 11, 2025.
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-12-18•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway has updated its Supervisory Review and Evaluation Process (SREP) guidance, clarifying the industry classification for concentration risk measurement. Annex 2 details the methodology for calculating business sector concentration, based on the new industry standard SN 2025. An accompanying spreadsheet specifies the precise industry breakdown for concentration risk assessment.
Policy & regulationGuidance & interpretationCapital adequacy
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2025-12-18•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) held an expert symposium on the capital market 15th Five-Year plan and 2026 priorities, focusing on risk prevention, stronger supervision, and high-quality development. The newly established China Capital Market Society’s Academic Committee will support market-based, rule-of-law aligned, and internationally oriented research. Key feedback included enhancing inclusiveness in issuance and trading rules, expanding strategic capital, maintaining active M&A markets, and developing AI governance in capital markets.
Policy & regulationReform agendas & prioritiesMarket development
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2025-12-18•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration Party Secretary and Director Li Yunze met with UK Ambassador to China Peter Wilson to discuss the international economic and financial situation and enhance China-UK financial regulatory cooperation.
Policy & regulationCooperationCross-border cooperation
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2025-12-18•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde outlined its legal mandate to supervise the Cabo Verde payment system. It monitors risk indicators to identify settlement trends, assess operational performance, and detect anomalies that could impact system stability.
Institutional developmentMandate & organizational structurePayments and payment systemsFinancial stability and systemic risk
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2025-12-18•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, stated that the November 2025 Consumer Price Index indicates inflation remains elevated compared to pre-trade war levels, attributing increased household spending and rising unemployment to the administration's tariff policy and economic agenda.
Monetary policyOtherEconomic data and developments
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2025-12-18•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senators Elizabeth Warren and Jeanne Shaheen have requested Treasury Secretary Scott Bessent and Secretary of State Marco Rubio to provide transparency on the Trump Administration’s use of the Exchange Stabilization Fund to support Argentina’s financial markets, involving over USD 20 billion. The senators seek details on the terms and conditions of the support, including a USD 20 billion swap line with Argentina’s central bank, with a response deadline of January 9, 2026.
Policy & regulationOther