The Bank of Albania's eleventh National Payment System Committee meeting highlighted SEPA transactions, infrastructure upgrades, and Open Banking rollout. Key initiatives include a TIPS Clone instant payment platform and regulatory measures to promote electronic payments. The Ministry of Finance discussed lowering cash payment thresholds and mandating electronic payment options.
The Egypt Financial Regulatory Authority, with the Ministry of Youth and Sports, launched a youth sports festival to promote non-banking financial literacy nationwide. The event featured in-person and online participation, with sessions on non-banking financial activities, capital markets, and financial services. FRA Assistant Chairman Mohamed Abdel Aziz led discussions on safe financial practices and the risks of unlicensed entities.
Egypt Financial Regulatory Authority chair Mohamed Farid outlined a strategy to develop the non-banking financial sector, focusing on stability, product expansion, and investor protection. Near-term reforms include introducing short selling, a market-maker framework, and licensing the Egyptian Exchange for derivatives trading by January 2026. Farid noted capital-market growth due to regulatory changes, with initiatives like localising international rules, creating carbon markets, and advancing digital transformation through e-KYC.
The Egypt Financial Regulatory Authority approved the establishment of Sawa as the first microinsurance company under the Unified Insurance Law. It also granted initial fintech startup authorizations to Manzel Fin for mortgage and consumer finance, and to Lucky as a consumer finance startup. These approvals aim to enhance compliance with technological and regulatory standards and expand access to non-banking financial services.
The British Columbia Securities Commission settled with Hypercharge Networks Corp. for CAD 35,000 over misconduct in investor relations and continuous disclosure violations. Hypercharge failed to clearly disclose promotional emails sent by Gold Standard Media LLC and issued unsupported growth projections in an investor presentation. The company, along with its executives, cooperated with the investigation, with assistance from FINTRAC.
SEC Chair Paul S. Atkins called for a review of Regulation NMS, especially Rule 611's trade-through prohibitions, due to market fragmentation and reduced transparency. The roundtable considered reforms like volume thresholds, block exceptions, and access fee cap adjustments. Atkins stressed careful consideration of changes and encouraged public input via the SEC's comment file.
U.S. SEC Commissioner Mark T. Uyeda, at a staff roundtable, supported reviewing Rule 611 of Regulation NMS, advocating for reassessing its impact on investors and markets. Uyeda highlighted issues like shrinking displayed size, increased execution venues, and complex routing, urging consideration of best execution and transparency in evaluating execution quality. The roundtable aims to gather input on Regulation NMS interdependencies to inform potential evidence-based proposals.
The U.S. Securities and Exchange Commission's Division of Trading and Markets held a roundtable to discuss potential changes to Rule 611, the Trade-Through Rule, within Regulation NMS. The discussion focused on the rule's interaction with other equity market structure elements, including Rule 610 and best execution requirements. The Division aims to ensure any modifications enhance market structure without causing disruptions.
The British Columbia Financial Services Authority (BCFSA) released the 2026 application for unlocking funds from B.C. Locked-In Retirement Accounts (LIRA) or Life Income Funds (LIF) due to financial hardship. Eligible grounds include low income, medical expenses, eviction threats, mortgage default threats, or deposits for new rental residences. Funds must be previously transferred into locked-in products, as direct access from employer pension plans is not permitted.
The Australian Prudential Regulation Authority (APRA) released its Annual Superannuation Bulletin for the year ending 30 June 2025, detailing that total superannuation assets reached AUD 4,337 billion, with significant contributions and benefit payments across various fund types.
The Chile Financial Market Commission is consulting on a proposal to establish a Regulatory Compendium of External Auditing Firms and amend General Rule No. 30 to modernize and align with international standards. Key changes include removing partnership incorporation requirements, introducing a technical suitability model, and updating registry enrolment and reporting processes. The CMF seeks feedback on potential cost burdens, barriers to entry, and measures to enhance audit quality and independence.
The Action Group against Money Laundering in Central Africa held a seminar in N’Djamena, Chad, to launch a typologies study on money laundering and financing risks related to environmental crime and illicit trafficking of precious stones and metals. The event gathered experts to discuss offences, assess AML/CFT risks, and explore legal framework limitations. Participants also began compiling a dataset to aid the study.
The Office of the Comptroller of the Currency's Semiannual Risk Perspective for Fall 2025 affirms the federal banking system's soundness with strong balance sheets and high capital and liquidity ratios. It identifies credit, market, operational, and compliance risks as key themes, highlights manageable loan delinquencies and sound liquidity, and warns of rising threats from foreign state-sponsored actors, sophisticated cybercriminals, and increasing fraud challenges.
Bank of Canada Governor Tiff Macklem plans to maintain trust in Canadian money while fostering payment innovation, including supervising retail payments and regulating stablecoins by 2026. The Bank is collaborating with Payments Canada on Real-Time Rail for instant clearing and settlement and is drafting a Stablecoins Act to regulate issuers. Macklem also announced updates to banknotes and confirmed the policy interest rate remains at 2.25%, with CPI inflation expected to stay near 2%.
The Central Bank of Armenia's Q4 2025 Transparency Report reveals a decision to reduce the refinancing rate by 25 basis points to 6.50% to achieve a 3% medium-term inflation target amid uncertainty. The Board considered scenarios of tighter stances due to geopolitical and economic factors versus faster easing paths, with Governor Martin Galstyan and three members supporting the rate cut, while three members voted to maintain the rate at 6.75%.
The Central Bank of Armenia reduced its key policy rate by 25 basis points to 6.50% in its Q4 2025 Executive Monetary Policy Statement, aligning with market expectations and addressing inflation risks. Headline inflation eased to 3.1% in November, while core inflation rose to 3.8%, with the bank noting strong domestic activity and external demand but elevated uncertainty in domestic demand.
The Central Bank of Armenia lowered its refinancing rate by 25 basis points to 6.50% and adjusted the Lombard repo and deposit facility rates to 8.00% and 5.00%, respectively.
Argentina's Ministry of Finance announced the resignation of Banco de la Nación Argentina president Daniel Tillard, effective immediately, with Vice President Darío Wasserman set to succeed him. Tillard's tenure saw the issuance of 20,000 mortgage loans and an increase in market share from 12% to 18%, attributed to fiscal solvency policies and Central Bank balance sheet reorganization.
The Alberta Securities Commission has issued a Notice of Hearing against Dean Labbe and Julie Labbe for alleged illegal insider trading. The allegations involve Dean Labbe using material non-public information obtained through his investment bank work to trade profitably and recommending trades to others. The conduct allegedly occurred between May 2018 and June 2024, with assistance from the Autorité des marchés financiers acknowledged.
The Alberta Securities Commission has issued a Notice of Hearing against Dean Labbe and Julie Labbe for alleged illegal insider trading. Dean Labbe is accused of using material non-public information from his investment banking role for profitable trades and advising others to buy shares. The allegations remain unproven, and the ASC noted assistance from Quebec's Autorité des marchés financiers.
The Central Bank of Myanmar announced nominations for 42 Deputy Superintendent, 35 Junior Clerk, and 55 Inspector-4 (Money) positions.
Nepal Rastra Bank issued a notice linking stress in banks to sector deterioration, urging regular loan repayments. It emphasized adherence to the Banks and Financial Institutions Act 2017 and Nepal Rastra Bank directives, including project monitoring and loan recovery. It highlighted measures like loan restructuring and warned against unethical activities by institutions and staff, with potential legal actions for misconduct.
The Bank of Cape Verde announced the revocation of the authorization for the Savings and Credit Cooperative CITI-COOP, as per a board decision made on 12 December 2025. This decision was published under Article 118(3) of Law No. 62/VIII/2014.
Senator Elizabeth Warren has urged the U.S. Treasury and Justice Departments to investigate potential exploitation of decentralized finance services and exchanges like PancakeSwap by illicit actors, amid congressional considerations of crypto market legislation. The letter highlights concerns over inadequate anti-money laundering controls and cites an instance of North Korean hackers allegedly laundering USD 263 million through PancakeSwap.
The U.S. Senate Committee on Banking, Housing and Urban Affairs detailed the bipartisan Decreasing Russia Oil Profits (DROP) Act of 2025, mandating sanctions on global entities dealing in Russian-origin oil, excluding them from the U.S. financial system. The bill allows limited flexibility with exceptions for certain transactions but enforces mandatory sanctions for dealings above the price cap, addressing gaps in existing sanctions and counter-evasion measures.
The Swiss Financial Market Supervisory Authority (FINMA) has initiated a consultation to revise Circular 2016/7, updating supervisory expectations with technological advancements and the upcoming Swiss electronic identity credential (E-ID) framework. The revisions align with the Federal Act on Electronic Identity Credentials, granting the E-ID identity document status and enabling its use for Anti-Money Laundering Act-compliant digital onboarding.
Argentina’s Superintendency of Insurance joined the Patagonia National Insurance Forum 2025, highlighting insurance's role in regional economic growth, especially in Patagonia's energy sector. Superintendent Guillermo Plate emphasized the importance of insurance intermediaries and solvency, aligning with the SSN’s supervisory duties. The forum addressed market challenges, including technology impacts, distribution tools, and regional economic conditions.
The Securities and Exchange Board of India (SEBI) mandates trustees of special purpose distinct entities to submit standardized, half-yearly disclosures for securitised debt instruments (SDIs) to SEBI and the relevant stock exchange. Two reporting formats are specified based on the underlying exposures, covering metrics such as pool maturity, credit quality, and performance indicators. The requirements will be effective from March 31, 2026.
Deputy Governor Pham Thanh Ha of the State Bank of Vietnam opened the Vietnam Economic Forum 2025 in Hanoi, focusing on mobilizing financial resources for economic growth from 2026 to 2030. Co-chaired by Prime Minister Pham Minh Chinh, the forum addressed capital needs for double-digit growth, funding access, efficient fund use, and risk management. Discussions also covered the circular economy, green transition, and a shift towards a science and technology-led growth model.
State Bank of Vietnam Deputy Governor Pham Thanh Ha stressed the need for substantial financial resources and improved allocation to achieve growth targets of at least 8% in 2025 and double-digit growth from 2026 to 2030. The focus is on a growth model based on science, technology, and innovation, supported by resolutions on digital transformation, international integration, law reform, and private sector development. Contributions from the Vietnam Economic Forum 2025 will inform policy to enhance the financial system's role in resource mobilization and allocation.
The Central Bank of Trinidad and Tobago's Annual Report 2024 outlines key actions, including maintaining the repo rate at 3.50% and reducing the primary reserve requirement for banks from 14.0% to 10.0%. It details Basel III measures, fintech oversight, and payments reforms, including migration to ISO 20022 standards and amendments to the E-money Issuer Order. Future priorities include enhancing deposit insurance, fast payments, cybersecurity, and climate change preparedness, alongside industry consultations on financial regulations and a new Risk-Based Supervision Framework.
The Single Resolution Board has updated Expectations on Valuation Capabilities, urging banks to prepare standardized, high-quality data for independent valuations in crises. Part of the SRM Vision 2028 strategy, it emphasizes accurate management information systems and incorporates feedback from a recent public consultation. These new expectations, replacing 2020 guidance, require progressive implementation by banks by the end of 2029.
The Central Bank of Trinidad and Tobago's Annual Report 2024 highlights a reduction in the primary reserve requirement to 10% and the issuance of guidelines on Basel III and Domestic Systemically Important Banks. It details enhancements in payment systems, including the closure of the manual clearings house and amendments to the E-money Issuer Order. The report notes collaboration with the Ministry of Digital Transformation and the Government of India on the United Payments Interface, with net official reserves at USD 5.7 billion as of September 2024.
The National Bank of Moldova has launched a digital service for obtaining official exchange rate information for the Moldovan leu against foreign currencies, replacing the paper-based process. The automated service offers real-time data based on user-selected criteria, available in Romanian and English, and includes a QR code and electronic signature for validation. This aids financial reporting, foreign exchange transactions, and other procedures requiring official rate confirmation.
The National Bank of Moldova will host a conference on 19 December 2025, titled “BNM 2025 – Momentum European: A year of progress and integration,” focusing on Moldova's integration into the European financial architecture. Topics include digital payments, payment system security, and Moldova's connection to the Single Euro Payments Area (SEPA) and MIA Instant Payments. The SEPA accession process, initiated in January 2024, was completed with Moldova's operational connection on 6 October 2025, enhancing access to competitive payment services.
De Nederlandsche Bank reported that Dutch life insurers acquired about EUR 7 billion in pension liabilities from pension funds over the past two years through buy-outs. This activity, involving firms like Achmea and Nationale Nederlanden, increased insurers' pension scheme value to EUR 230 billion, representing 15% of total pension provisions. The buy-outs are linked to favourable market conditions and offer insurers growth opportunities while simplifying transitions for pension funds.
The Central Bank of the United Arab Emirates (CBUAE) board approved new regulations on insurance licensing, brokers, and telemarketing to enhance consumer protection and market efficiency. The board reviewed key projects, including the International Central Securities Depository and Real Time Gross Settlement System, reporting 95% target achievement in the “Ithraa” Emiratisation Programme. Additionally, the CBUAE plans to expand central bank participation in the UAE’s payment systems in 2026, enhancing cross-border payments and settlement efficiency.
The Reserve Bank of Vanuatu issued a public warning about counterfeit polymer vatu banknotes, urging vigilance among the public and outlining security features for genuine notes. The central bank is collaborating with police to trace the source and prevent further distribution, emphasizing that passing counterfeit currency violates Reserve Bank of Vanuatu law.
The Jordan Securities Commission signed a memorandum of understanding with the Public Security Directorate to enhance cooperation on programs aimed at addressing emerging crimes, supporting law enforcement, and increasing public awareness. The agreement includes joint coordination on crime prevention and specialized training for Criminal Investigation Department staff in financial, banking, and electronic aspects of cybercrime.
The Central Bank of the Dominican Republic's quarterly Continuous National Labour Force Survey for July–September 2025 reported a 2.4% increase in employment, adding 119,965 workers, with the employment rate rising to 63.1%. Formal employment contributed 73.8% of the net increase, while broader labour underutilisation fell to 9.3%. The survey highlighted significant employment gains among women and those with higher education, despite a challenging international environment affecting investment and economic growth.
The Board of Directors of the Superintendency of Banks of Panama has appointed Felipe Echandi Lacayo as president and David Davarro Palacios as secretary for the term from 16 December 2025 to 15 December 2026. These appointments were formalized through a board resolution on 12 November 2025. The Board serves as the highest advisory and regulatory body, setting the interpretation and scope of banking regulations.
The Bank of Italy released survey results on household bank account costs for 2024, detailing actual management expenses incurred by families as recorded in bank statements.
The Egmont Group Secretariat hosted senior representatives from FIU Kazakhstan to enhance operational cooperation and improve information sharing and capacity building among member financial intelligence units. Discussions included upcoming projects, regional priorities, and strategies to strengthen collaboration.
The Angola Capital Markets Commission highlighted the expansion of Angola’s capital market intermediaries at the inauguration of SAVINGS – Sociedade Distribuidora de Valores Mobiliários, S.A.'s new headquarters in Luanda. Executive Administrator Vasco Januário noted the growth from three brokerage firms and one distributor in 2022 to ten brokerage firms and thirteen distributors, emphasizing the need for strong institutions and governance. The Commission aims to promote a stable regulatory environment and reinforce investor confidence.
The Dubai Financial Services Authority (DFSA) updated its rules for Crypto Tokens in the Dubai International Financial Centre, effective 12 January 2026, making firms responsible for assessing token suitability. The DFSA will no longer provide a list of Recognised Crypto Tokens and has issued guidelines on evaluating factors like token governance, traceability, and regulatory status. A separate policy outlines the DFSA's approach to "Fiat Crypto Tokens," including requirements for price stability, reserve arrangements, and monthly disclosures, with Circle Euro Coin, Circle USD Coin, and Ripple USD deemed suitable.
GABAC and SecFin Africa held a forum in Brazzaville to enhance compliance with anti-money laundering and counter-terrorist financing requirements among DNFBPs in Central Africa. Attended by around 50 participants, it focused on DNFBP-specific legal obligations, practical constraints, and proposed support mechanisms, with plans to document outcomes into an awareness manual.
The European Securities and Markets Authority (ESMA) released a Final Report proposing regulatory technical standards under the MiFIR Review, focusing on derivatives trade transparency, package orders, and consolidated tape data for OTC derivatives. Key proposals include revised transparency requirements for exchange traded and OTC derivatives, a streamlined deferral regime, and amendments to data quality requirements for consolidated tape providers. The report has been submitted to the European Commission for endorsement, with new rules anticipated to apply from 1 March 2027.
The Spanish Securities Commission (CNMV) updated its Q&A guidance on collective investment institutions, venture capital entities, and MiFID II, and introduced a new Q&A block on the Markets in Crypto-assets Regulation (MiCA) to enhance investor protection. Updates include criteria for periodic redemptions in free-investment collective investment institutions, transparency expectations for venture capital entities, and clarifications on influencer advertising under MiFID II. The MiCA Q&A outlines criteria for authorisation and notification, with a transitional period ending on 1 July 2026.
The Australian Securities & Investments Commission (ASIC) has released the first three of eight educational modules to help smaller companies and report preparers understand Australia's new sustainability reporting requirements, including climate-related financial disclosures. Developed with the Australian Accounting Standards Board, these modules cover the Corporations Act 2001's sustainability reporting requirements, climate change basics, and climate-related physical risks. These requirements begin for financial years starting on or after 1 January 2025.
ASIC has secured commitments from ASX Group for a reform package addressing deficiencies from the ASX Inquiry interim report. Key measures include enhanced independence and governance for ASX’s clearing and settlement boards, a reset of the ‘Accelerate’ transformation program with new targets, and an additional AUD 150 million capital charge on ASX Limited until remediation is completed. ASIC and the Reserve Bank of Australia will enhance their joint supervisory model for clearing and settlement facilities.
The Reserve Bank of New Zealand has initiated civil proceedings against ASB Bank Limited for breaches of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, with ASB admitting liability and both parties recommending a penalty of NZD 6.73 million. The Reserve Bank clarified that it does not allege ASB's involvement in money laundering or terrorism financing, and the final penalty decision is pending in the High Court.
The Ukraine National Commission on Securities and Stock Market will present a draft law to amend the Tax Code to promote individual investment and support national issuers, including the introduction of investment accounts. The proposal allows Ukrainians to open investment accounts with tax-free passive income if funds are held for five years, while early withdrawals will be taxed normally.
The Central Bank of Peru reported a 63.1% year-on-year increase in traditional exports for October 2025, reaching USD 7,164 million, driven by higher gold and copper prices and increased mineral export volumes. Traditional mining exports rose 68.1% to USD 6,497 million, while agricultural exports grew 86.7% to USD 343 million, primarily due to higher coffee export values. Over the first ten months of 2025, traditional export values increased 22.3% to USD 55,225 million, supported by a 20.1% rise in prices.
The Insurance Supervision Institute of Mozambique hosted the inaugural Aposte no Seguro marathon in Maputo to enhance public awareness of risk protection through a 7 km run and insurance-focused financial education. Over 250 participants, including industry professionals, engaged in health and wellbeing activities, with Chair Ester dos Santos José emphasizing the event's role in promoting an insurance culture. The marathon will continue as part of broader financial education initiatives.
Ecuador's Superintendency of Banks has formalized an academic cooperation agreement with Espíritu Santo University to enhance training for its staff and integrate supervisory expertise into university teaching. The agreement allows SB employees access to various UEES educational programs, while UEES will incorporate SB's technical experience into its curriculum.
Morocco's Supervisory Authority of Insurance and Social Welfare (ACAPS) and Mohammed VI Polytechnic University have signed a framework cooperation agreement to enhance education, training, and research in the insurance and social welfare sectors. The collaboration will leverage UM6P’s academic resources and ACAPS’ regulatory expertise to develop joint projects, including training programs and financial education initiatives.
The National Bank of Georgia released an interactive press release detailing money transfer statistics for November 2025, accessible on its website's statistics section.
Bank of Indonesia reported a decline in Indonesia’s external debt to USD 423.9 billion in October 2025, with a 0.3% annual growth driven by higher public sector debt. Government external debt increased to USD 210.5 billion, while private external debt decreased to USD 190.7 billion. The external debt-to-GDP ratio was 29.3%, with long-term debt comprising 86.2% of total external debt.
The Federal Reserve Bank of Philadelphia launched the Price and Inflation Expectations Survey (PIES) data explorer, providing a decade of firm-level expectations data on prices and inflation. The first quarterly report shows a decline in firms' price forecasts to 2.6% for 2025-2026, with reported price growth at 3.0% for Q4 2025 and stable compensation cost growth at 3.3%. Median U.S. inflation expectations for the next year decreased to 3.0%.
The Securities and Exchange Commission of Pakistan (SECP) has been recognized as a "Reforms Champion" by Prime Minister Muhammad Shahbaz Sharif for its role in modernizing the Companies Act, 2017. In collaboration with the Board of Investment and international consultants, SECP aims to decriminalize outdated provisions, simplify compliance, and enhance digitalization, corporate governance, and transparency.
The European Banking Authority and European Central Bank's 2025 report on payment fraud in the European Economic Area notes a stable fraud rate of 0.002% in 2024 but an increase in total fraud value to EUR 4.2 billion. Strong customer authentication remains effective, yet fraudsters are adapting, targeting transactions with exemptions or manipulating users. The report supports ongoing policy and supervisory actions under PSD2 and ECB regulations.
The Danish Financial Supervisory Authority updated a sector notice on optional flexibilities for credit institutions under Danish financial reporting rules on impairments, focusing on forbearance, financial difficulties, and contract breaches. It allows classifying exposures with credit impairment indications in a weak stage 2 segment, with conditions for assessing forbearance and group company support. It clarifies that accounting rules do not mandate a specific days-past-due backstop, despite the CRR's 90-day regulatory default backstop.
The Bank of Lithuania reported a 49.8% increase in the current account surplus to EUR 527.7 million in October 2025, driven by a shift in the primary income balance to a EUR 6.1 million surplus due to higher EU subsidies. Goods exports and imports decreased, narrowing the foreign trade deficit by 4.3% to EUR 509.9 million, while the services surplus fell by 14.3% to EUR 956.7 million. The financial account saw a positive net investment flow of EUR 908.3 million, primarily from a EUR 744.0 million net inflow in portfolio investment.
AUSTRAC has denied Yellow Sands Trading Pty Ltd's remittance registration renewal, barring Raiyyan Exchange from offering money transfer services in Australia due to significant deficiencies in managing money laundering and terrorism financing risks. AUSTRAC advises verifying remittance registrations and warns that unregistered services are a criminal offence. It highlights elevated money laundering risks with offsetting arrangements and stresses compliance with anti-money laundering obligations. Raiyyan Exchange may seek a review of this decision.
The President of Portugal's Insurance and Pension Funds Supervisory Authority (ASF) emphasized consumer protection, product sustainability, and long-term savings in the insurance and pension sectors. ASF highlighted concerns over medical inflation in health insurance, rising uninsured motor accident claims, and the need for revitalized retirement savings products. The authority also plans stricter oversight of credit-linked insurance to prevent imbalances.
The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency announced an increase in the 2026 dollar threshold for higher-priced mortgage loans subject to special appraisal requirements to USD 34,200 from USD 33,500. Effective January 1, 2026, this reflects a 2.1% annual increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers. The special appraisal requirements are mandated by Dodd-Frank Act amendments to the Truth in Lending Act.
The Federal Reserve Board and the Consumer Financial Protection Bureau have set the 2026 dollar threshold for consumer credit and lease transactions under Regulation Z and Regulation M at USD 73,400, reflecting a 2.1% CPI-W increase. Private education loans and real property-secured loans, including mortgages, remain subject to Regulation Z regardless of size.
The Financial Conduct Authority (FCA) conducted its first prosecution under the Data Protection Act 2018, with Luke Coleman pleading guilty to unlawfully obtaining and disclosing personal data. Coleman, an employee of Virgin Media O2, sold confidential customer information linked to a crypto scam causing significant investor losses. He was fined GBP 384, with additional costs, while his employer suspended him pending investigation.
The Financial Conduct Authority (FCA) fined Neil Sedgwick Dwane £100,281 for insider dealing and banned him from UK financial services. Dwane, an adviser to ITM Power Plc, traded on inside information before a significant share price drop, profiting £26,575. He settled with a 30% discount on the penalty, which would have been £126,575 plus interest without the discount.
The Gibraltar Financial Services Commission released a thematic review evaluating Gibraltar Pension Scheme Operators' adherence to Regulations 14–19 of the Financial Services (Personal Pensions) Regulations 2020. The review aims to enhance supervisory insight into sector compliance and bolster consumer protection by improving standards.
The Financial Conduct Authority (FCA) has released proposals to advance the UK's cryptoasset regulatory framework, incorporating traditional finance-style regulations. Key areas include cryptoasset admissions, disclosures, market conduct, trading platforms, intermediaries, staking, lending, borrowing, decentralised finance (DeFi), and prudential safeguards. The proposals also address stablecoin issuer rules, insider trading prevention, and consumer protection measures.
The Austrian National Bank and Austria’s Financial Market Authority have outlined their joint banking supervision priorities for 2026, focusing on bank resilience, ICT security, AI supervision, ESG risk integration, and regulatory efficiency. Key initiatives include monitoring non-performing loans, cyberattack simulations, AI application engagement, and alignment with European Banking Authority guidelines. These priorities align with the Single Supervisory Mechanism's 2026 objectives.
The Austria Financial Market Authority and Oesterreichische Nationalbank outlined five priorities for 2026 banking supervision: strengthening banks' resilience, enhancing ICT security, and integrating ESG risks. Key measures include monitoring banks with high non-performing loans, cyber-attack simulations, and AI engagement. These align with the Single Supervisory Mechanism and European Banking Authority's objectives.
The Hong Kong Monetary Authority (HKMA) has issued a warning regarding a scam involving Industrial and Commercial Bank of China (Asia) Limited, linked to phishing instant messages and online fraud. The HKMA emphasized that banks will not send SMS or emails with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact their bank and report to the Hong Kong Police Force.
Greece's Ministry of National Economy and Finance outlined the 2026 Budget's tax reform package, featuring broad tax cuts and reduced withholdings for employees and pensioners. The package aims to boost growth, attributing 0.6 percentage points of the projected 2.4% growth for 2026 to these reforms. Additional measures include support for disaster victims, exemptions for volunteer firefighting vehicles, and the transfer of OPEKEPE to enhance cross-checks and controls.
The Portuguese Securities Commission (CMVM) has launched a Financial Instruments Comparison tool to aid in analyzing Retirement Savings Plans (RSPs) structured as investment funds, focusing on return, costs, and risk. The tool allows users to compare funds against the median of a selected universe and offers filtering and sorting capabilities. CMVM plans to expand the tool to include other financial instruments as part of its Strategic Plan 2025–2028 to enhance investor confidence.
Mangrove Insurance Solutions PCC Limited - Cell IWG has surrendered its authorisation as an authorised insurer under section 8 of the Insurance Act 2008, effective 15 December 2025, as announced by the Isle of Man Financial Services Authority.
The National Bank of Bulgaria released November 2025 statistical data on banknotes and circulation coins, available in dynamic series and tabular format. This information is accessible in the "Statistics of banknotes and coins in circulation" section, accompanied by a dissemination calendar.
The Federal Reserve Bank of Atlanta has begun the search for a new president and CEO, following Raphael W. Bostic's retirement announcement. Gregory A. Haile will lead the search committee, which will work with an executive search firm to find candidates with ties to the Sixth Federal Reserve District. If no successor is appointed by February 28, 2026, Cheryl Venable will serve as interim president.
The Thailand Office of Insurance Commission hosted a seminar on Enterprise Risk Management (ERM) and Own Risk and Solvency Assessment (ORSA) as tools for navigating challenges, including ESG and climate risks. Discussions focused on systematic risk assessment, capital adequacy testing, and the Risk Management Committee's role in aligning risk policy with strategy. The event also covered CAT Risk Survey findings and the need for a modern supervisory framework for emerging risks.
The Central Bank of the Republic of Uzbekistan has been elected as the new Vice Chair of the Alliance for Financial Inclusion (AFI) Board of Directors and as the Board representative for Eastern Europe and Central Asia. This appointment, pending ratification at the 2026 AFI Annual General Meeting, is seen as recognition of Uzbekistan's financial inclusion and SME support reforms.
Mexico's CONDUSEF reported a 15.9% increase in consumer complaints in Colima from January to November 2025, totaling 3,381 cases. The most complained-about products were credit and debit cards, with commercial banking accounting for 54.3% of complaints, primarily involving unrecognised charges and electronic transfers. Colima's complaints represented 1.4% of the national total, with MXN 156.3 million claimed and MXN 23.7 million recovered.
The Financial Sector Conduct Authority (FSCA) updated on licensing and supervision of crypto asset service providers (CASPs) under the Financial Advisory and Intermediary Services Act, 2002, with 300 of 512 applications approved and 14 declined due to failures in meeting fit and proper requirements, particularly in operational ability and competency. The FSCA initiated 81 investigations into potential unlicensed CASP activity and established the Crypto Asset Supervisory Engagement Forum for sector engagement.
The Central Bank of Bosnia and Herzegovina, supported by the European Bank for Reconstruction and Development, launched the country's first interactive dashboard of gender-disaggregated financial data. Developed under the Women Entrepreneurs Finance Support Initiative, it provides insights into SME lending and deposit activities by gender ownership, aiming to identify financing gaps and support targeted financial products for women-owned enterprises. This initiative is a step toward a comprehensive national system, with plans to include more banks and microcredit organizations.
The Bank of Spain published a speech by Governor José Luis Escrivá highlighting credit cooperatives' strategic role in Spain's macro-financial landscape, emphasizing their importance in rural finance and SME lending. Credit cooperatives show strong asset quality, solvency, and liquidity, with lower non-performing loan ratios and higher CET1 compared to other institutions. The speech also addresses challenges like digitalization and compliance for smaller institutions, suggesting regulatory simplification and collaboration as potential solutions.
The Bank of Spain's quarterly Excessive Deficit Procedure statistics reveal that general government debt was 103.2% of GDP in Q3 2025, down 1 percentage point from the previous year, with a nominal increase to EUR 1,709 billion. Central government debt rose to EUR 1,572 billion, while social security debt increased to EUR 126 billion. Long-term securities comprised 84.8% of the debt, with a notable rise in loans over one year by 11.8%.
The Central Bank of the Philippines issued Circular No. 226, amending regulations on the disqualification and delisting of directors and officers for banks and non-bank financial institutions. Temporary disqualification now begins upon official notification and lasts five years, with automatic delisting unless pending legal or investigative matters exist. Delisting provisions apply retroactively and take effect 15 days post-publication.
The New Zealand Financial Markets Authority is investigating Chance Voight Investment Corporation Limited and its affiliates, with PwC New Zealand partners appointed as interim liquidators for six entities effective 10 December 2025. The investigation continues, but further details are restricted by court suppression and FMA confidentiality orders.
The Central Bank of the Philippines reported cash remittances from overseas Filipinos reached USD 3.17 billion in October 2025, totaling USD 29.20 billion from January to October. Personal remittances, including cash and in-kind transfers, amounted to USD 3.52 billion in October and USD 32.49 billion for the same period. The United States was the largest source of cash remittances, though the central bank noted limitations in accurately reporting country sources due to routing through correspondent banks and money couriers.
The South African Reserve Bank released an updated Excel file detailing descriptions of all available Quarterly Bulletin time series, including codes, descriptions, and measurement units. The data covers monetary and financial statistics, liquidity and operational items, and banking institutions’ deposit liabilities. Most series are presented with frequency codes "J" and "M" and unit of measure "RMILL".
The South African Reserve Bank has updated several government finance statistics tables in the public finance section to reflect a revised institutional sector classification. These revisions apply from fiscal year 2022/23 and affect specific tables.
The South African Reserve Bank's December 2025 Quarterly Bulletin includes updated statistical tables for secondary school assignments. It presents annual balance of payments data through 2024, with a current account balance of -47,991 ZAR million and a financial account balance of 65,905 ZAR million. National accounts tables cover gross value added and household final consumption expenditure, with quarterly real growth rates up to Q3 2025.
The Monetary Authority of Singapore announced initiatives with Chinese counterparts to enhance financial cooperation, including appointing DBS Bank as a second renminbi clearing bank and supporting secondary listings of China A-share companies on the Singapore Exchange. Additional measures involve an over-the-counter bond market access arrangement and an e-CNY pilot for Singapore travellers. An updated Memorandum of Understanding on Financial Cooperation was signed, focusing on cross-border financing, FinTech innovation, and green finance.
The National Bank of Serbia's latest Inflation Expectations Survey shows financial-sector inflation expectations at 3.4% for one year ahead and 3.0% for two and three years ahead. A Bloomberg poll indicates a higher one-year-ahead expectation of 4.0%. Business representatives' short-term expectations rose to 5.8%, while medium-term expectations remained at 5.0%.
The National Bank of Serbia recommended banks standardize practices for providing payment services and contracts with blind and visually impaired persons. Banks should offer various consent methods, ensure independent contract conclusion, and improve digital accessibility. The recommendation also highlights the complaint pathway under the Law on the Protection of Users of Financial Services for unresolved issues.
The Supreme Sharia Supervisory Board, under the Oman Financial Services Authority, reviewed the draft Insurance Law and other Sharia governance matters in its second meeting. Chaired by Dr. Ismail bin Nasser Al Aufi, the session included recommendations to enhance the legislative and regulatory framework. The FSA emphasized the Board's role in aligning legislation and financial practices with Islamic Sharia principles in the capital-market and insurance sectors.
South Korea's Financial Services Commission will continue its market stabilization programs in 2026, providing up to KRW37.6 trillion in liquidity to support corporate bond and short-term money markets. Real estate project finance restructuring support will also continue, with up to KRW60.9 trillion available. The FSC highlighted recent pressures in government bond yields and foreign exchange volatility as key areas of concern.
The Central Bank of Estonia released its monthly flash estimate of the balance of payments, highlighting its provisional nature due to reliance on limited data sources. The estimate incorporates month-specific information but is subject to adjustment upon the release of quarterly data. The bank also announced the third quarter 2025 balance of payments will be published on 11 March 2026.
The European Banking Authority and the European Central Bank's 2025 report on payment fraud shows a stable fraud rate of 0.002% but an increase in total fraud value to EUR 4.2 billion in 2024. Strong customer authentication (SCA) has reduced card payment fraud, though fraud remains higher outside the EEA. Emerging fraud targets SCA exemptions and manipulates users, with significant losses in credit transfers and card payments.
The Guernsey Financial Services Commission released a thematic review on investment firms' compliance with intermediary and correspondent relationship requirements. Most firms understood associated risks, but six areas need improvement, leading to risk mitigation programmes for firms with weaker controls. The Commission will integrate these findings into ongoing supervision and plans further outreach with the investment sector in 2026.