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2025-12-16•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market adopted rules on self-regulatory organizations, licensing amendments, and disclosure procedures for managers' transactions. It approved its 2026 rule-making plan, amended the 2025 plan, and addressed registration and licensing matters, including significant participations and corporate bond issuances. The Commission also prohibited certain securities transactions and changes to the depository accounting system for JSC Southern Mining and Processing Plant.
Policy & regulationRules & requirementsLicensing framework and process
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2025-12-16•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten, in its December 2025 Economic Bulletin, reports strong tourism-led growth in 2025 and positive prospects for both economies, while underscoring high vulnerability to external shocks, commodity price volatility and climate-related disruptions, amplified by rising United States–Venezuela tensions. It details potential transmission channels from escalating regional tensions and calls for stronger fiscal frameworks and buffers, better execution of multi-annual public investment, long-term sustainability of health care and social insurance systems, and diversification of regional trade links, including a partial scope trade agreement between Curaçao and Trinidad and Tobago.
Policy & regulationReform agendas & prioritiesEconomic data and developmentsFinancial stability and systemic risk
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2025-12-16•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) issued an interim final rule amending the special assessment on banks to align collections with a revised loss estimate of USD 16.7 billion from the 2023 systemic risk exception. The rule adjusts the final quarterly collection in early 2026 and includes provisions for offsets or additional charges based on the outcome of SVB Financial Trust litigation and the termination of receiverships.
Policy & regulationRules & requirementsFinancial stability and systemic risk
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2025-12-16•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation proposed a 2026 operating budget with a USD 487 million reduction from 2025, driven by a nearly 20% staffing cut and efficiency measures, pending board approval. Cost savings include canceling non-mission-critical contracts and travel, following a review of the agency's structure.
Institutional developmentWorkforce & recruitmentOperational excellence
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2025-12-16•United States•Federal Deposit Insurance Corporation
The FDIC Board proposed a rule for FDIC-supervised insured depository institutions to apply for issuing payment stablecoins through a subsidiary under the GENIUS Act, focusing on safety, soundness, and minimizing regulatory burden. This marks the FDIC's initial step in implementing the GENIUS Act, with future proposals expected on capital, liquidity, and risk management for approved subsidiaries.
Policy & regulationRules & requirementsStablecoins
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2025-12-16•Uruguay•Central Bank of Uruguay
Uruguay's Central Bank president, Guillermo Tolosa, addressed monetary policy challenges at international forums. At the Grand Continent Summit, he highlighted a new global regime prioritizing security and discretion, and discussed opportunities like a potential Mercosur–EU agreement and Latin America's role in the green transition. The Financial Stability Forum featured discussions on global stability, with Silvana Tenreyro emphasizing the dollar's impact and trade fragmentation on monetary policy.
Monetary policyMonetary policy assessments & outlooksCross-border cooperationMonetary policy decisions and developments
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2025-12-16•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) has launched a voluntary insurance support program to enhance the ecosystem and mitigate risks in technology-based joint funding services (LPBBTI), known as online lending (Pindar), by promoting credit insurance. The program includes regulatory measures, premium charges to risk-bearing parties, risk-sharing arrangements, and comprehensive risk assessments. Initially targeting institutional lenders, it aims to expand coverage to all lenders, including retail.
Policy & regulationImplementation, projects & pilotsLendingPrudential risks
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2025-12-16•Georgia•National Bank of Georgia
The National Bank of Georgia and the Minister of Finance concluded a meeting with the International Monetary Fund (IMF) mission, discussing monetary and fiscal policy, economic conditions, and outlook. The IMF assessed the monetary policy as prudent, attributing above-target inflation to transitory factors, and noted positive international reserve dynamics and a robust financial sector.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-12-16•Monaco•Ministry of Finance & Economy (Monaco)
The Monaco Ministry of Finance and Economy reported on meetings of the Coordination and Monitoring Committee’s first and second Colleges reviewing implementation of the national strategy against money laundering, terrorist financing, proliferation of weapons of mass destruction and corruption. The update notes FATF adoption of Monaco’s first two post-grey listing progress reports, review of a third report and next steps in the FATF ICRG process, as well as preparations for the forthcoming MONEYVAL evaluation and discussion of the third national risk assessment and private sector feedback.
Policy & regulationImplementation, projects & pilotsAML and CFT
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2025-12-16•China•Central Bank of the Republic of China
The People's Bank of China will issue a 2026 New Year commemorative currency program starting 22 December 2025, including a bimetallic copper-alloy coin, a CNY 20 polymer banknote, and gold and silver coins, all as legal tender. The bimetallic coin and banknote will circulate at par with existing renminbi, featuring horse-themed designs and anti-counterfeiting measures. Precious-metal coins will be minted by Shenzhen Guobao Mint and distributed by China Gold Coin.
Monetary policyOther
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2025-12-16•Europe•European Banking Authority
The European Banking Authority has published final draft Regulatory Technical Standards setting activity thresholds for non-banking central securities depositories using banking central securities depositories or credit institutions for cash settlement without additional authorisation. The standards establish thresholds of EUR 3.75 billion and 1.5% to EUR 6.25 billion and 2.5% of annual settlement volume, with dynamic adjustments based on risk profiles. These standards are mandated under Article 54(9) of Regulation (EU) No 909/2014 and have been submitted to the European Commission.
Policy & regulationRules & requirementsMarket infrastructure
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2025-12-16•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority has launched a new digital submission channel on virk.dk for board-approved annual reports, effective from the financial year 2026. This affects all financial-sector firms, except those with transferable securities on regulated EU or EEA markets, which must continue using the OAM system. Submission deadlines remain unchanged, and the Authority will not publish the filed documents.
SupervisionRegulatory reporting
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2025-12-16•Ukraine•National Bank of Ukraine
The National Bank of Ukraine has transformed its Visnyk into a series of publications to consolidate its research output. The new format includes Working Papers for early-stage research and Occasional Papers for concise analytical reports, all open-access and peer-reviewed. External submissions aligned with the NBU's priorities are welcomed, with authors retaining copyright.
ResearchOther
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2025-12-16•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier issued Circular CSSF 25/900, updating the annual reporting framework for undertakings for collective investment administrators (UCIAs) effective 31 December 2025. The revised framework introduces a self-assessment questionnaire, reduces reporting requirements, and integrates UCIA reporting into existing reports for certain financial entities. The Circular aligns with the Digital Operational Resilience Act, with further guidance to be provided on the CSSF website.
Policy & regulationRules & requirementsRegulatory reporting
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2025-12-16•Colombia•Central Bank of Colombia
The Central Bank of Colombia issued External Operational and Services Circular DFV-102, detailing tariffs for services offered by its Department of Fiduciary and Securities.
Policy & regulationRules & requirementsFiduciary duty
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2025-12-16•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) is reviewing market risk capital requirements for FCA investment firms, focusing on alternative approaches for specialised trading firms under the Investment Firms Prudential Regime (IFPR). It targets solo-regulated firms dealing in MiFID financial instruments, examining MIFIDPRU trading book provisions and market risk factors like K-NPR and K-CMG. Options include amending the standardised approach, margin-based expansions, and structural alternatives like a net capital rule and sensitivities-based methods.
Policy & regulationReform agendas & prioritiesPrudential risksMarket risk and volatility
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2025-12-16•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance Regulator (ASF) will host a conference in Lisbon on 12 January 2026, titled “Saving with purpose: your future, our progress,” focusing on long-term saving mechanisms. Key figures, including the European Commissioner for Financial Services and Portugal’s Minister of State and Finance, will address the event, aiming to identify public policies and international practices to enhance Portuguese savers' financial resilience. This aligns with ASF's 2026–2028 strategic plan to boost social resilience and citizen protection.
Policy & regulationCooperationFinancial literacy and education
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2025-12-16•Laos•Bank of the Lao
The Bank of the Lao's Securities Management Committee approved the 2026 work plan, focusing on green bond issuance, state-owned enterprise reform, IFRS implementation, and a derivatives market feasibility study. The meeting, chaired by Deputy Prime Minister Somxay Kommasith, reviewed 2025 activities and set priorities for the Securities Commission Office and the Lao Securities Exchange.
Policy & regulationReform agendas & prioritiesOther
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2025-12-16•Finland•Bank of Finland
The Bank of Finland has appointed Aleksi Grym as Head of the Payment Systems Department for a five-year term starting 1 March 2026. Grym has led the Fintech Division since 2023 and has been with the Bank since 2016. The department oversees cash supply, payment systems infrastructure, and policy development.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-16•Belize•Central Bank of Belize
The Central Bank of Belize clarified that social media ads misrepresented Mr. Marlowe Neal's appointment as liquidator for 19 credit unions and statutory administrator of St. Francis Xavier Credit Union Limited (SFXCU). The bank emphasized that the 19 credit unions were defunct entities, not "closed," with some having prior liquidation notices. Mr. Neal succeeded Mr. Martin Marshalleck as statutory administrator of SFXCU on 1 September 2023, continuing rehabilitation efforts.
SupervisionAlertsRecovery and resolution
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2025-12-16•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission secured a Court of First Instance order to freeze over 101 million HKD in Ng Kwok Fai's bank account amid allegations of corporate misconduct at Teamway International Group Holdings Limited. The case involves claims against Ng, Yang Zhihui, and former directors for prejudicing company interests and breaching fiduciary duties. The SFC seeks 532 million HKD in compensation and disqualification orders, with the asset freeze in place until legal proceedings conclude.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-12-16•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario is taking enforcement action against Leszek Dziadecki and Advantage Group of Finance Inc., proposing to refuse renewal of Dziadecki’s insurance agent licence and revoke Advantage Group’s corporate agent licence under Ontario’s Insurance Act. The proposal cites Dziadecki’s past conduct, lack of trustworthiness, and non-cooperation with the regulator, alleging Advantage Group’s unsuitability due to Dziadecki’s ownership and directorship. Both parties have requested a hearing before the Financial Services Tribunal.
EnforcementInvestigations & enforcement actionsFitness and propriety
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2025-12-16•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) released its Annual Superannuation Bulletin for the year ending 30 June 2025, detailing updated statistics on Australia's superannuation industry. Total superannuation assets reached AUD 4,337 billion, with AUD 3,047 billion in APRA-regulated assets and AUD 1,052 billion in self-managed super funds. Contributions for entities with more than six members totaled AUD 209 billion, while benefit payments were AUD 132 billion. Member benefits amounted to AUD 3,117 billion, with an average account balance of AUD 131,980.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-16•Austria•Austrian National Bank (OeNB)
The Austrian National Bank (OeNB) announced a cooperation agreement with Austria’s Federal Ministry of the Interior and the Financial Market Authority to enhance cybersecurity. This agreement formalizes collaboration and information sharing, aligning with the Network and Information Security Directive (NIS2). Key focus areas include joint national and European initiatives, coordinated operational efforts, and thematic cooperation on ICT-related incidents and cyber threats.
Policy & regulationCooperationCyber resilienceDomestic cooperation
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2025-12-16•Austria•Austria Financial Market Authority
The Austrian Financial Market Authority announced the re-election of Helmut Ettl as Vice-Chairperson of the European Banking Authority (EBA) for another two-and-a-half-year term. Ettl, a voting member of the EBA Board of Supervisors since 2011, will continue to support key policy decisions and aid in the transition to a new EBA Chairperson.
Institutional developmentLeadership change & appointmentsSupervision process and methodologies
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2025-12-16•Austria•Austria Financial Market Authority
Austria's Federal Ministry of the Interior, the Austrian Financial Market Authority, and the Oesterreichische Nationalbank have signed a memorandum to enhance cybersecurity cooperation under the EU Network and Information Security Directive. This agreement formalizes collaboration between the NIS authority and financial-sector authorities for DORA enforcement, focusing on information exchange, operational initiatives, and cybersecurity strategy in the financial sector.
Policy & regulationCooperationCyber resilience
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2025-12-16•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert highlighting fraudulent activities reported by five banks, including fake websites, phishing emails, and fraudulent login screens. The alert emphasizes that banks will not send SMS or emails with links for transactions or request sensitive information. Affected individuals are advised to contact their bank and report incidents to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-12-16•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) issued a warning that icinvesting.com, nessfx.net, addsmarket.com, and ironvale.pro are not authorized to provide investment services under Article 5 of Law 87(I)/2017. 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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2025-12-16•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission launched OICConnect on LINE Official Account @OICConnect, offering 24/7 access to insurance information and services, including the "My Policy" feature for policyholders to view and verify policy details across all insurers. The platform also provides tools for checking agent and broker licence status, insurer information, and motor insurance claim history, while adhering to data security standards.
Financial literacy & educationOther
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2025-12-16•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan engaged with the International Monetary Fund Governance Technical Assistance Mission to enhance governance and decision-making. Discussions focused on modern management practices, legal foundations, and strengthening the Central Bank's Board oversight. The Bank has largely completed actions under the Safeguards Assessment recommendations, with ongoing efforts to reinforce a rules-based framework.
Institutional developmentGovernanceCorporate governance
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2025-12-16•Jordan•Jordan Securities Commission
The Jordan Securities Commission published measures on licensing virtual asset service providers and prudential standards in the Official Gazette, establishing the regulatory framework and phased commencement for both regimes. The Virtual Asset Service Providers Licensing Regulation No. 94 of 2025 takes effect 30 days post-publication, while the Financial Solvency and Capital Adequacy Instructions for 2025 become effective 270 days after.
Policy & regulationRules & requirementsLicensing framework and processPrudential risks
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2025-12-16•Jordan•Central Bank of Jordan
The Central Bank of Jordan reported a 7.0% rise in tourism income to USD 7,160.2 million for the first eleven months of 2025, driven by a 14.7% increase in tourist numbers, and a 4.2% increase in worker remittances to USD 3,725.5 million for the first ten months. November 2025 saw a 12.6% year-on-year increase in tourism income to USD 606.6 million, with significant contributions from European, Asian, and American tourists.
Data & statisticsBalance of payments and other external statistics
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2025-12-16•Morocco•Central Bank of Morocco
The Central Bank of Morocco held its key interest rate at 2.25%, citing low inflation alongside strong non-agricultural activity and investment amid elevated uncertainty. Inflation is forecast at 0.8% in 2025, 1.3% in 2026 and 1.9% in 2027, while growth is projected at 5% in 2025 and an average 4.5% over 2026 and 2027.
Monetary policyPolicy rate decisionsMonetary policy decisions and developments
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2025-12-16•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan published President Emomali Rahmon’s address outlining key economic achievements and policy priorities. Over the past decade, GDP increased 3.4 times, with significant investment and poverty reduction. The 2026–2030 Medium-Term Development Programme aims to double GDP, reduce poverty to 10%, and expand the middle class to 50%, with targeted growth in industry, agriculture, and services.
Policy & regulationReform agendas & prioritiesEconomic data and developments
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2025-12-16•India•India International Financial Services Centres Authority
The India International Financial Services Centres Authority (IFSCA) signed a memorandum with the Indian Institute of Technology Gandhinagar to foster regulatory-academic collaboration for the GIFT International Financial Services Centre ecosystem. The agreement includes cooperation on knowledge exchange, capacity building, and policy-relevant research, focusing on FinTech, AI/ML, blockchain, and quantum technologies. It also encompasses academic initiatives, internships, and participation in IFSCA working groups.
Policy & regulationCooperationFintech and insurtechCapacity building
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2025-12-16•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten's December 2025 Economic Bulletin warns that while tourism supports economic expansion, the monetary union remains vulnerable to external shocks. It highlights sensitivity to global demand shifts, commodity prices, and climate disruptions, exacerbated by geopolitical tensions. The bulletin calls for stronger fiscal frameworks, improved public investment execution, and diversification of economic ties, including a potential trade agreement with Trinidad and Tobago.
ResearchEconomic data and developmentsFinancial stability and systemic risk
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2025-12-16•Jordan•Central Bank of Jordan
The Central Bank of Jordan reported a 7.0% year-on-year increase in tourism receipts to USD 7,160.2 million for the first 11 months of 2025, driven by a 14.7% rise in tourist numbers. November saw a 12.6% increase in tourism receipts to USD 606.6 million, while inbound workers’ remittances rose 4.2% to USD 3,725.5 million. Outbound tourism spending increased 11.4% in November, with the UAE and Egypt being significant sources and destinations for remittances.
Data & statisticsBalance of payments and other external statistics
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2025-12-16•United States•New York State Department of Financial Services
New York State Department of Financial Services Acting Superintendent Kaitlin Asrow addressed a New York State Assembly hearing on AI in insurance underwriting and pricing, detailing DFS's oversight approach. DFS applies technology-agnostic legal obligations to AI processes, addressing risks like bias and cybersecurity through guidance and supervisory reviews. Asrow highlighted DFS's 2024 Circular Letter on AI and internal committees focused on AI governance.
Policy & regulationGuidance & interpretationArtificial intelligence
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2025-12-16•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) has blocked three websites for unlawfully offering insurance services, totaling 331 blocked sites since November 2023. The blocking, implemented by Italian internet service providers, may take a few days to be fully effective. IVASS cautioned consumers against policy offers via instant messaging or prepaid credit cards and advised verifying sellers against its official lists.
SupervisionInterventionsFraud and scams
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2025-12-16•Oman•Central Bank of Oman
The Central Bank of Oman has introduced a Partial Payment Cheque Clearing System, allowing beneficiaries to receive available funds when the account balance is less than the cheque amount. This framework, applicable to all cheque types, aims to enhance cash flows and reduce disputes over returned cheques. Beneficiaries must accept partial payments, with full legal recourse for unpaid balances, while the Electronic Cheque Clearing System now supports this functionality for inter-bank clearing.
Policy & regulationRules & requirementsPayments and payment systems
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2025-12-16•Serbia•National Bank of Serbia
The National Bank of Serbia has temporarily prohibited exchange offices from charging commissions on euro sales to protect citizens and prevent pressure on the foreign exchange market. This decision follows an assessment that the Serbian dinar's exchange rate against the euro is stable, and selling rates at exchange offices are generally below publicized levels. The measure will remain in effect until market conditions stabilize, with ongoing monitoring by the central bank.
Policy & regulationRules & requirementsForeign exchange policy and markets
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2025-12-16•Serbia•National Bank of Serbia
The National Bank of Serbia reported a significant rise in digital banking adoption in Q3 2025, with mobile banking leading the growth. Mobile banking users increased by 11.5% year on year to 4,962,039, and digital payments rose by 10.3% to 68.7 million transactions. The growth is attributed to app-based functionalities such as instant payments and QR code scanning.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-16•South Korea•South Korea Financial Services Commission
South Korea's Financial Services Commission revised the Act on Electronic Financial Transactions to enhance user protection and oversight of payment gateway services. Changes include mandatory external management of unsettled funds, increased capital requirements based on transaction volumes, and new compliance measures like re-registration of major shareholders and information disclosure duties. Administrative sanctions are effective immediately, with other requirements phased in by December 2026.
Policy & regulationRules & requirementsPayments and payment systems
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2025-12-16•Europe•European Central Bank
The European Central Bank's Eurosystem weekly balance sheet for 12 December 2025 showed total assets of EUR 6,129,214 million, a decrease of EUR 2,168 million due to transactions. The decline was mainly due to reduced securities for monetary policy and lower lending to euro area credit institutions, partially offset by increased holdings of other securities. Banknotes in circulation and Eurosystem monetary policy liabilities to euro area credit institutions rose, driven by a higher deposit facility balance.
Data & statisticsBalance of payments and other external statistics
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2025-12-16•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission will implement a new regulatory regime for equity release under the Lending, Credit and Finance Law effective 1 January 2026, requiring providers and related service firms to obtain a licence. The regime covers lifetime mortgages and home reversion plans, with discounted fees for the first three years and potential equivalence for UK providers advised by locally licensed advisors. Existing licensees can vary their activities, while new entrants must submit a full licence application.
Policy & regulationRules & requirementsLicensing framework and process
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2025-12-16•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia, in collaboration with the Trust Regulator, the Insurance Regulator of Cambodia, and CamEd Business School, conducted a capacity-building workshop on bankruptcy law. The event was supported by Stronghold Trustee Co., Ltd and presided over by H.E. Sou Socheat, H.E. Sok Dara, and H.E. Bou Chanphirou.
Institutional developmentCooperation & capacity buildingRecovery and resolution
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2025-12-16•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan and Azerbaijan's Financial Monitoring Service conducted online training for over 200 financial institution staff on anti-money laundering and counter-terrorist financing requirements. The session focused on when obliged entities can rely on customer due diligence performed by others, referencing Article 5 of Azerbaijan's relevant law. Participants included a range of regulated firms, and discussions addressed legislative requirements and practical applications.
Policy & regulationGuidance & interpretationKYC
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2025-12-16•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) released its Sanctioning Activity Report for Q3 2025, detailing supervisory and enforcement actions, including 175 warning letters and 11 stop orders. The CVM Board approved 10 settlement agreements totaling BRL 8.98 million and sanctioned 24 individuals, imposing fines of BRL 83,475,960.32. Additionally, 21 cases were referred to prosecutors for suspected crimes like unauthorized professional activity and fraud.
Data & statisticsOther
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2025-12-16•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority issued a scam alert regarding the website https://primecapital.ws/, which falsely claims Prime Capital Ltd is authorised under licence number SD31. The Authority clarified that Prime Capital Ltd is not licensed or regulated by them and urged the public to verify entities before engaging in business.
SupervisionAlertsFraud and scamsUnlicensed or unauthorized activity
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2025-12-16•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority (FSA) issued a scam alert regarding metasmarttrade.com, falsely claiming regulation under licence number SD31. The FSA confirmed META SMART TRADE Ltd is not licensed or regulated by the Authority and urged the public to research entities before engaging in transactions.
SupervisionAlertsFraud and scamsUnlicensed or unauthorized activity
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2025-12-16•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority issued a scam alert about https://financialnova.pro/partners, falsely claiming Nova Finance Ltd is regulated under licence SD31. Nova Finance Ltd is not licensed by them. The public is advised to research entities before financial transactions. The Authority disclaims liability for engagements with the fraudulent site.
SupervisionAlertsFraud and scamsUnlicensed or unauthorized activity
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2025-12-16•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority (FSA) issued a scam alert regarding websites claiming affiliation with Tradepro Market Ltd, falsely asserting FSA authorization. The FSA clarified that Tradepro Market Ltd is neither licensed nor regulated by the Authority and advised the public to perform due diligence before engaging with such entities.
SupervisionAlertsFraud and scamsUnlicensed or unauthorized activity
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2025-12-16•Russia•Central Bank of Russia
The National Financial Board of the Central Bank of Russia reviewed the Monetary Policy Guidelines for 2026–2028 and discussed key supervisory and operational issues from Q3 2025. The Board assessed incentive-based regulation in the banking sector, considered insuring household funds in individual investment accounts, and received updates on the digital ruble platform project. It approved expenditures for staff remuneration, pensions, insurance, capital investment, and administrative expenses.
Institutional developmentGovernanceAccounting and financial reportingSupervision process and methodologies
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2025-12-16•Vanuatu•Reserve Bank of Vanuatu
The Reserve Bank of Vanuatu issued a public alert regarding counterfeit polymer Vatu banknotes in circulation, urging verification of security features and reporting of suspected counterfeits. The Bank is collaborating with police to trace the source and prevent further distribution, emphasizing that passing counterfeit currency violates the Reserve Bank of Vanuatu Act.
SupervisionAlertsOther
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2025-12-16•Russia•Central Bank of Russia
The Central Bank of Russia reported an average maximum interest rate of 15.63% for Russian ruble household deposits at the 10 largest credit institutions for the first 10 days of December 2025. The rates, calculated as an arithmetic mean, exclude special client offers and products with additional conditions. Rates by maturity were 15.02% for up to 90 days, 15.24% for 91–180 days, 14.47% for 181 days to one year, and 12.42% for over one year.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-16•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC's authority to accredit certified public accountants as external auditors was affirmed by the Supreme Court. The final ruling on October 14 upheld the SEC's accreditation rules, reversing previous decisions that deemed them unconstitutional. The SEC can now supervise external auditors of covered corporations, while the Board of Accountancy remains the primary regulator of the accountancy profession.
Policy & regulationGuidance & interpretationAuditing
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2025-12-16•Portugal•Bank of Portugal
The Bank of Portugal issued a warning that Laurinda Quintinhas Salvador Gouveia João is not authorised to conduct any financial activities, including payment services, in Portugal. Under the Legal Framework for Payment Services and Electronic Money, only authorised entities may provide such services. The Bank's website lists all authorised entities.
SupervisionAlertsLicence withdrawal
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2025-12-16•Portugal•Bank of Portugal
The Bank of Portugal has issued a public warning that Imaculada da Conceição Chipangala is not authorised to conduct financial activities, including payment services, in Portugal. The notice emphasizes that only entities authorised under Decree-Law No 91/2018 can provide such services.
SupervisionAlertsLicence withdrawal
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2025-12-16•Poland•Central Bank of Poland
The Central Bank of Poland reported a decline in core inflation indicators for November 2025, with inflation excluding food and energy prices at 2.7% year on year and the Consumer Price Index at 2.5%. Inflation excluding administered prices dropped to 2.0%, while inflation excluding the most volatile prices was 3.1%, and the 15% trimmed mean was 2.4%. These indices are published monthly to analyze inflation drivers and persistence, with the ex-food-and-energy measure being most responsive to monetary policy.
Data & statisticsMonetary data
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2025-12-16•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission requires individuals listed in an attached roster to pay a VND 1,000,000 fee to complete 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 in person, with specific identification details required for transfers. Failure to complete the procedure within one year will result in certificate cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-12-16•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee, led by French Hill, is marking up bills to strengthen the banking system and enhance housing affordability. The banking measures focus on expanding credit access and reducing regulatory burdens, while the bipartisan housing package aims to increase supply and streamline construction. The committee plans to advance a "Make Community Banking Great Again" agenda next year to support local lending.
Policy & regulationRules & requirementsOther
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2025-12-16•Canada•Financial Transactions and Reports Analysis Centre of Canada
The British Columbia Securities Commission settled with Hypercharge Networks Corp., which paid CAD 35,000 for misconduct in investor relations and violating continuous disclosure requirements. Hypercharge failed to clearly disclose its use of Gold Standard Media LLC for promotional emails and retracted growth projections lacking material assumptions. The BCSC acknowledged Hypercharge's cooperation and FINTRAC's assistance in the investigation.
EnforcementInvestigations & enforcement actionsCorporate governanceDisclosures
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2025-12-16•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has revised its regulatory framework for Sustainable and Responsible Investing (SRI) funds, effective 16 December 2025, to enhance standards and transparency. Asset management companies must define and disclose each SRI fund’s sustainability objectives, apply specific SRI labels, and strengthen disclosure requirements. The changes aim to reduce greenwashing risk and bolster investor confidence, with updated guidelines for SRI Impact funds and additional disclosure requirements for SRI fund of funds and feeder funds.
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-12-16•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC advises bondholders of Grande Asset Hotels and Property to review information and exercise their rights before a reconvened meeting on 19 December 2025. The meeting will address bond restructuring proposals, including extending maturities, adjusting interest rates, and altering repayment terms. The SEC emphasizes the importance of understanding these changes and participating in the decision-making process.
SupervisionInterventionsCorporate governance
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2025-12-16•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority (FI) has introduced Innovationskompassen to identify uncertainties in rule application and supervisory processes for innovation and business development. This initiative facilitates structured dialogue with firms to develop targeted guidance, without altering authorisation procedures or creating rule exemptions. FI will select areas for time-limited projects, convene reference groups, and publish guidance based on dialogue outcomes.
Policy & regulationImplementation, projects & pilotsFintech and insurtech
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2025-12-16•United Kingdom•HM Treasury
HM Treasury introduced final draft legislation to regulate major cryptoasset activities under the Financial Services and Markets Act 2000, establishing a UK authorisation framework for cryptoasset firms. The draft Order defines “qualifying cryptoassets” and “qualifying stablecoin” as specified investments and creates new regulated activities, including issuing stablecoins, custody, and trading. It also updates financial promotions and anti-money laundering rules, with a staged commencement to allow regulatory bodies and firms to prepare.
Policy & regulationRules & requirements
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2025-12-16•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria revoked the operational licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc for violating the Banks and Other Financial Institutions Act 2020 and the Revised Guidelines for Mortgage Banks in Nigeria. The revocation was due to failure to meet minimum paid-up share capital requirements, insufficient assets to cover liabilities, a capital adequacy ratio below the prudential minimum, and non-compliance with CBN directives.
EnforcementInvestigations & enforcement actionsCapital adequacyPrudential risks
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2025-12-16•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's November 2025 Households Expectations Survey indicates a rise in consumer sentiment to 1.9 index points, marking renewed optimism since May 2024. Economic Condition and Family Income Sentiment indices improved, while the Family Financial Situation Index remained negative. Forward-looking indices suggest increasing optimism, despite perceptions of high prices and expectations of modest declines.
Data & statisticsEconomic data and developments
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2025-12-16•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation proposed a 2026 operating budget with a USD 487 million decrease from 2025, reflecting a 16.4% reduction. This proposal includes a nearly 20% cut in authorized staffing, following a review of the FDIC’s organizational structure, while maintaining resources for core functions. Additional savings are achieved through efficiencies like cancelling non-essential contracts and travel.
Institutional developmentWorkforce & recruitmentOperational excellence
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2025-12-16•United States•Federal Deposit Insurance Corporation
The FDIC issued a final rule amending regulations for insured State nonmember banks to streamline establishing domestic branches and relocating offices. Key changes include reduced application content, expedited processing timelines, and removal of public notice requirements. The rule updates definitions and extends the expiration period for approved filings from 18 to 24 months.
Policy & regulationRules & requirementsLicensing framework and process
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2025-12-16•United States•Federal Deposit Insurance Corporation
The FDIC Board approved a proposed rulemaking to establish the application process for FDIC-supervised insured State nonmember banks and State savings associations to issue payment stablecoins via a subsidiary under the GENIUS Act. The proposal outlines evaluation criteria, processing timelines, and a hearing and appeal process for denied applications, adding a new section under 12 CFR part 303.
Policy & regulationRules & requirementsStablecoins
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2025-12-16•Honduras•Comisión Nacional de Bancos y Seguros de Honduras
Honduras' National Commission of Banks and Insurance announced the appointment of Maria Betsabe Franco Maradiaga as Superintendent of Pensions and Securities through Circular CNBS No.013/2025. This follows Resolution GAD No.772/12-12-2025.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-16•United States•Federal Reserve Board
The Federal Reserve Board has terminated cease and desist orders against The Goldman Sachs Group, Inc. and Metropolitan Commercial Bank. The orders, dated October 22, 2020, and October 16, 2023, respectively, were lifted on December 4, 2025.
EnforcementInvestigations & enforcement actionsOther
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2025-12-16•Canada•Canadian Public Accountability Board
The Canadian Public Accountability Board (CPAB) released a paper on integrating advanced technologies and AI in Canadian audits, highlighting risks to audit quality. It raises concerns about auditors' reliance on automated tools without validation and emphasizes transparency and skepticism. CPAB noted its leadership in the International Forum of Independent Audit Regulators’ Technology Task Force and its commitment to monitoring technology use in audits.
Policy & regulationGuidance & interpretationAuditingArtificial intelligence
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2025-12-16•Albania•Bank of Albania
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.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-12-16•Egypt•Egypt Financial Regulatory Authority
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.
Financial literacy & educationFinancial literacy and education
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2025-12-16•Egypt•Egypt Financial Regulatory Authority
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.
Policy & regulationReform agendas & prioritiesMarket developmentFinancial inclusion
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2025-12-16•Egypt•Egypt Financial Regulatory Authority
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.
SupervisionAuthorisations & approvalsLicensing framework and process
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2025-12-16•Canada•British Columbia Securities Commission
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.
EnforcementInvestigations & enforcement actionsCorporate governanceDisclosures
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2025-12-16•United States•U.S. Securities & Exchange Commission
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.
Policy & regulationReform agendas & prioritiesTrading
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2025-12-16•United States•U.S. Securities & Exchange Commission
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.
Policy & regulationReform agendas & prioritiesTrading
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2025-12-16•United States•U.S. Securities & Exchange Commission
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.
Policy & regulationRules & requirementsTrading
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2025-12-16•Canada•British Columbia Financial Services Authority
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.
Policy & regulationGuidance & interpretationOther
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2025-12-16•Australia•Australian Prudential Regulation Authority
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.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-16•Chile•Chile Financial Market Commission
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.
Policy & regulationRules & requirementsAuditing
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2025-12-16•Africa•GABAC
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.
ResearchClimate risk and sustainable finance
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2025-12-16•United States•Office of the Comptroller of the Currency
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.
SupervisionRisk monitoring & watch pointsCredit riskLiquidity riskOperational risk and resilience
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2025-12-16•Canada•Bank of Canada
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%.
Policy & regulationRules & requirementsCBDC
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2025-12-16•Armenia•Central Bank of Armenia
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%.
Monetary policyPolicy rate decision minutes and accountsMonetary policy decisions and developments
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2025-12-16•Armenia•Central Bank of Armenia
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.
Monetary policyPolicy rate decisionsMonetary policy decisions and developments
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2025-12-16•Armenia•Central Bank of Armenia
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.
Monetary policyPolicy rate decisionsMonetary policy decisions and developments
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2025-12-16•Argentina•Ministry of Finance (Argentina)
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.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-16•Canada•Alberta Securities Commission
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.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-16•Canada•Alberta Securities Commission
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.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-16•Myanmar•Central Bank of Myanmar
The Central Bank of Myanmar announced nominations for 42 Deputy Superintendent, 35 Junior Clerk, and 55 Inspector-4 (Money) positions.
Institutional developmentWorkforce & recruitmentHiring and recruitment
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2025-12-16•Nepal•Central Bank of Nepal
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.
SupervisionRisk monitoring & watch pointsCredit riskLiquidity risk
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2025-12-16•Cape Verde•Bank of Cape Verde
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.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-12-16•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
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.
EnforcementInvestigations & enforcement actionsDeFiAML and CFT
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2025-12-16•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
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.
Policy & regulationRules & requirementsSanctions list update
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2025-12-16•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
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.
Policy & regulationGuidance & interpretationDigital identity