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2025-12-12•Finland•Ministry of Finance (Finland)
Finland's Ministry of Economic Affairs and Employment and the Ministry of Finance held a roundtable in Helsinki to explore strengthening Finland's fintech sector. Discussions centered on policy, regulation, and market infrastructure, with emphasis on financial data use and EU regulatory developments. The meeting also addressed fintech solutions, regulatory challenges, and the role of Finland’s Financial Supervisory Authority.
Policy & regulationReform agendas & prioritiesFintech and insurtech
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2025-12-12•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) announced that Mega Ploutos Fund Management Ltd has initiated dissolution and liquidation procedures for FISQAL FUND PRIVATE EQUITY II and III, compartments of FISQAL FUND RAIF V.C.I.C. LTD. These compartments will remain registered and marked "under liquidation" on CySEC’s website until the process is completed. CySEC will remove them from the RAIFs Register upon submission of required documents, as per article 138(9) of the Alternative Investment Funds Law of 2018.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-12•Global•Bank for International Settlements
The Bank for International Settlements released a working paper introducing a probabilistic framework to create a weekly all-tenant rent index for Switzerland, enhancing inflation monitoring. The model uses hedonic-adjusted, high-frequency asking-rent sub-indices from over 3.7 million listings, mapping them to an all-tenant rent series with a duration model and incorporating in-tenancy rent changes. The index strongly correlates with the official Swiss CPI rent component, improving forecast accuracy by about 25% when including asking-rent data.
ResearchOther
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2025-12-12•United Kingdom•UK Parliament
The UK Parliament’s Treasury Committee has launched an inquiry titled “The OBR 15 years on” to evaluate the Office for Budget Responsibility's (OBR) performance and role in economic stability. The inquiry seeks written evidence on the OBR’s forecasting accuracy, impartiality, and potential reforms to its remit and relationship with HM Treasury. The Committee Chair highlighted the 2022 “mini-budget” as a cautionary example of sidelining the OBR.
Policy & regulationReform agendas & prioritiesEconomic data and developments
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2025-12-12•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan and the National Bank of Kazakhstan met with second-tier bank executives to refine macroprudential measures and stimulate corporate lending. Business lending grew from KZT 9.6 trillion in 2022 to KZT 14.9 trillion by October 2025, with banks having significant liquidity and capital buffers. The meeting also addressed potential improvements to corporate bankruptcy procedures, including legislative amendments to expedite processes and enhance creditor protections.
Policy & regulationImplementation, projects & pilotsLendingMacroprudential policy and tools
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2025-12-12•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission, with the Thai Life Assurance and General Insurance Associations, supports reducing medicine costs by allowing patients to buy prescribed medicines from external pharmacies. Insurers will accept receipts from these pharmacies for claims if they meet regulatory standards. The OIC will monitor compliance and transparency.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-12•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission launched follow-on education and career guidance activities under its Insurefluencer The New Gen 2025 programme, awarding three national prize-winning schools. The initiative combined insurance literacy with university admissions exam preparation and career guidance, reaching over 1,200 students. It included intensive teaching, practical training, and on-site booths to promote insurance knowledge and career pathways.
Financial literacy & educationOther
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2025-12-12•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) urged insurers to expedite claims processing for flood-related damages in southern provinces, with specific timelines for motor and property claims. Preliminary reports indicate about 30,000 motor claims and 26,000 property claims, with estimated losses of THB 7.5 billion and THB 1.8 billion, respectively. The OIC will monitor claims data, deploy consumer protection teams, and supervise insurers' adherence to the measures.
SupervisionInterventionsOther
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2025-12-12•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan signed a memorandum and roadmap with the Republican Scientific and Methodological Center for the Development of Education to enhance financial literacy and digitalize educational processes. The cooperation includes developing educational materials, online courses, seminars, and financial literacy clubs, as well as organizing public events and research projects.
Financial literacy & educationFinancial literacy and education
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2025-12-12•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan and the Ministry of Digital Technologies signed a Memorandum of Cooperation to develop the startup ecosystem and organize mutual events, including the GOV Challenge: AI Connect competition. The agreement includes plans for acceleration, incubation, and mentoring programs, collaboration with venture funds, and integration of innovative solutions into state and banking systems.
Policy & regulationCooperationFintech and insurtechMarket development
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2025-12-12•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) warned against 4XC MetaTrader, falsely claiming ties with 4xCube Ltd and employee Ms Daina Malta to offer financial services on Telegram. 4xCube Ltd, regulated in the Cook Islands, confirmed no connection with 4XC MetaTrader, which is not authorised by the FSCA. The FSCA highlighted typical scam indicators like unrealistic returns and pressure for urgent action.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-12-12•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) warns against Oaken Financial Services (Pty) Ltd, SMD Capital (Pty) Ltd, and individuals, including Mr. Divan Dixon, Mr. Stephen Gregory Hall, and Mr. Michael Jacobs, for unauthorized financial activities. These entities lack licenses under the Financial Advisory and Intermediary Services Act, 2002, with noted misrepresentations. Consumers should verify authorization on FSCA registers and be cautious of mismatched FSP numbers.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-12-12•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) warned about fraudsters falsely claiming ties to Old Mutual Investment Group (Pty) Ltd. Reports show misuse of Old Mutual branding in a WhatsApp group and app to solicit investments. Old Mutual confirmed no connection, and the FSCA highlighted common fraud indicators, urging the public to verify FSP authorizations and report suspicious activities.
SupervisionAlertsFraud and scams
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2025-12-12•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina has issued instructions for replacing withdrawn convertible mark banknotes in denominations of BAM 10, BAM 20, BAM 50, and BAM 100, which ceased to be legal tender on 31 December 2024. Exchanges are available through commercial banks until 31 December 2025, and thereafter through the central bank until 31 December 2035. Procedures vary based on the amount exchanged, including identity verification and advance notification for amounts of BAM 20,000 or more.
Policy & regulationImplementation, projects & pilotsCurrency and cash management
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2025-12-12•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) discussed a draft resolution under Public Consultation No. 10/2025, aligning property damage insurance contracts with Law No. 15.040/2024. The draft represents a significant shift from the previous framework, with nearly 700 submissions under review. SUSEP may also consider future rules specifically for surety insurance.
Policy & regulationRules & requirementsOther
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2025-12-12•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) has released a preview of version 3.1.0 of the Operations Registration System (SRO) layout, expanding registration requirements for insurance and open private pension operations. This version introduces new lines and products as per SUSEP Circulars 711, 713, 714, and 715 of 2024, with mandatory data submission starting 2 March 2026. Meanwhile, version 3.0.0 is in the homologation phase, allowing supervised entities to test operations in registrars' environments.
SupervisionRegulatory reporting
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2025-12-12•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines issued a supervisory memorandum treating the reserve weeks of 19–25 December 2025 and 26 December 2025–1 January 2026 as a single reserve week for compliance with reserve requirements. This applies to reserve position computations, deficiencies, and related sanctions under relevant banking and non-bank financial institution regulations, as well as the determination of "abuse" of offsetting reserve deficiencies.
Policy & regulationGuidance & interpretationLiquidity risk
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2025-12-12•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam released the Residential Property Price Index for Q3 2025, showing a 5.2% year-on-year and 8.1% quarter-on-quarter decline in private residential property prices. Mortgage data indicated a 28.1% increase in transactions from Q2 2025, with detached houses comprising 66.8% of sales. The median purchase price fell to BND230,000, with most transactions occurring in Brunei-Muara.
Data & statisticsFinancial and market indicators
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2025-12-12•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a USD 5.3 billion balance of payments deficit (1.5% of GDP) for January–September 2025, driven by a USD 12.5 billion current account shortfall (3.6% of GDP) due to a trade in goods gap. This was partially offset by a USD 12.2 billion net inflow in the financial account (3.5% of GDP) from foreign direct and portfolio investments and government borrowings. Resilient exports and remittances buffered the external position amid tighter global financial conditions.
Data & statisticsBalance of payments and other external statistics
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2025-12-12•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported that the country's external debt reached USD 149.09 billion at the end of September 2025, marking a 0.1% quarterly increase. The debt-to-GDP ratio decreased to 30.9%, while the debt service ratio improved to 8.5% due to lower principal and interest payments. Year-on-year, external debt rose 6.8%, driven by new borrowings, including USD 3.33 billion in National Government bond issuances.
Data & statisticsBalance of payments and other external statistics
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2025-12-12•South Africa•South African Reserve Bank
The South African Reserve Bank reported that the SADC-RTGS processed 170,164 transactions valued at ZAR 271.55 billion in October 2025, marking the system's highest monthly value to date. Cumulative settlements since inception reached 5.81 million transactions totaling ZAR 18.04 trillion. The TCIB payments scheme settled 267 transactions worth ZAR 365.54 million, involving 15 countries and 88 banks.
Data & statisticsPayments and payment systems
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2025-12-12•South Korea•South Korea Financial Supervisory Service
The South Korea Financial Supervisory Service reported November 2025 statistics on foreign investment in South Korean listed securities, revealing net sales of KRW 13.3730 trillion in stocks and net purchases of KRW 16.2540 trillion in bonds. Foreign holdings comprised 29.6% of total market capitalization in equities and 11.6% in bonds. European investors led net bond buying, focusing on Korean Treasury and Monetary Stabilization Bonds with maturities under five years.
Data & statisticsBalance of payments and other external statistics
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2025-12-12•South Africa•South African Reserve Bank
The South African Reserve Bank released the SADC-RTGS Settlement Statistics and Indicators report for September 2025, detailing 161,124 transactions with a total settled value of ZAR 210.06 billion. The report highlights cumulative settlements since inception of 5,639,965 transactions worth ZAR 17.77 trillion. Participation included 15 countries and 87 banks, with the TCIB payments scheme settling 239 transactions valued at ZAR 368.02 million.
Data & statisticsPayments and payment systems
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2025-12-12•Serbia•Republic of Serbia Securities Commission
The Republic of Serbia Securities Commission attended the Fourth Regional Forum on Audit Quality Assurance in Tirana, focusing on public audit oversight reforms and audit service quality enhancement. The Commission shared Serbia's implementation experiences and reform results, engaging with EU and World Bank representatives on future improvements. The forum was organized by the World Bank’s Center for Financial Reporting Reform under the REPARIS for SMEs and EAASURE programmes.
Policy & regulationCooperationAuditing
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2025-12-12•Serbia•National Bank of Serbia
The National Bank of Serbia reported gross foreign reserves of EUR 29,366.6 million at end-November, the highest end-of-month level, with net reserves at EUR 24,975.5 million. Reserves were influenced by positive net market effects and inflows of EUR 95.6 million, offset by outflows of EUR 213.9 million due to government deleveraging and FX market interventions. Gold reserves reached a record 52,407.3 kilograms, valued at EUR 6,093.9 million, while interbank FX turnover was EUR 669.0 million in November.
Data & statisticsBalance of payments and other external statisticsForeign exchange policy and markets
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2025-12-12•Malaysia•Malaysia Securities Commission
Securities Commission Malaysia has released a discussion paper for public feedback on revising the Malaysian corporate governance framework, aiming to update the Malaysian Code on Corporate Governance. This review supports the Capital Market Master Plan 4, emphasizing board roles in long-term value creation, risk management, and stakeholder trust.
Policy & regulationReform agendas & prioritiesCorporate governance
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2025-12-12•Estonia•Central Bank of Estonia
The Central Bank of Estonia will release its quarterly statistics on licensed crypto asset service providers for Q4 2025 on 12 March 2026. The data will include details on client-owned asset volumes, service offerings, and financial results, separate from economic policy releases.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-12•Romania•Ministry of Finance (Romania)
Romania's Ministry of Finance outlined its positions at the EU Economic and Financial Affairs Council, advocating for EU customs reform, capital markets integration, and proportionate EU rulemaking. Romania supported stronger governance for the European Union Customs Authority and transitional measures to eliminate the EUR 150 customs de minimis threshold. A EUR 3 customs charge per product for low-value imports will be implemented from 1 July 2026.
Policy & regulationReform agendas & prioritiesCross-border cooperation
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2025-12-12•Europe•European Council
The European Council has enacted emergency measures under Council Regulation (EU) 2025/2600, temporarily banning the transfer of immobilised Central Bank of Russia assets within the EU back to Russia. This action aims to mitigate economic harm to the EU and prevent resources from financing Russia's war against Ukraine. The prohibition remains in effect as long as significant financial risks to the EU persist.
Policy & regulationRules & requirementsSanctions list update
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2025-12-12•Germany•German Bundesbank
The German Bundesbank reported a current account surplus of EUR 14.8 billion for October 2025, a decrease of EUR 1.0 billion from the previous month, due to a deterioration in service transactions. The goods trade surplus increased to EUR 16.7 billion, while the services deficit rose to EUR 8.9 billion. Germany's financial account showed net capital imports of EUR 19.6 billion, reversing the previous month's net capital exports.
Data & statisticsBalance of payments and other external statistics
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2025-12-12•Europe•European Central Bank
The European Central Bank released a document on TARGET2-Securities auto-collateralisation (T2SAC), an automated intraday credit feature for euro securities settlement. T2SAC offers fully collateralised, interest-free intraday credit, requiring participation in TARGET and compliance with specific conditions. A future change, T2S-0784-SYS, is set for November 2027 to enable multiple collateral mobilisation channels from a single cash account.
Policy & regulationGuidance & interpretationMarket infrastructure
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2025-12-12•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has issued a sanctions notice designating four individuals under the UK's Republic of Sudan (Sanctions) (EU Exit) Regulations 2019, subjecting them to an asset freeze in Guernsey. Businesses must freeze related assets and report findings to the States of Guernsey Policy & Resources Committee, complying with local law. Firms must also inform the Commission of affected relationships and transactions as per Handbook Rule 12.37.
EnforcementSanctions & designationsNew sanctions designations
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2025-12-12•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia signed a memorandum of understanding with VTeam Financial Service Group Corp. and Stronghold Trustee Co., Ltd. to promote financial technology innovation and explore a regulatory framework for asset securitization and securities financing. The signing was conducted under the permission of Deputy Prime Minister and Minister of Economy and Finance Dr. Aun Porn Moniroth.
Policy & regulationCooperationFintech and insurtechDomestic cooperation
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2025-12-12•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) announced that listed companies can submit the "Termo de Emissão de Nota Comercial" via a new filing association in the Empresas.Net system starting 15 December 2025. This document was previously filed under "Comunicado ao Mercado" and "Outros comunicados não considerados fatos relevantes" in the IPE Online module.
Policy & regulationGuidance & interpretationOther
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2025-12-12•Zambia•Bank of Zambia
The Bank of Zambia's Registrar of Financial Service Providers revoked the bureau de change licence of DonChi Bureau de Change Limited for non-compliance with the Banking and Financial Services Act, 2017 and related regulations. Consequently, DonChi has ceased operations as of 12 December 2025. The cancellation does not absolve the firm of any prior obligations.
SupervisionAuthorisations & approvalsUnlicensed or unauthorized activity
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2025-12-12•Zambia•Bank of Zambia
The Bank of Zambia has revoked the bureau de change licence of Favour Bureau de Change Limited for non-compliance with the Banking and Financial Services Act, 2017 and related regulations. The firm has ceased operations as of December 12, 2025, but remains responsible for obligations incurred while the licence was valid.
SupervisionAuthorisations & approvalsUnlicensed or unauthorized activity
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2025-12-12•United Kingdom•Bank of England
The Bank of England's Staff Working Paper No. 1,162 analyzes UK firms' investment hurdle rates during the 2022–23 monetary tightening cycle, revealing these rates are generally high and slow to adjust. The study finds firms with "sticky" hurdle rates reduced investment less following contractionary policy shocks, with only partial pass-through of higher borrowing costs to hurdle rates. The paper is intended for comment and does not represent official Bank of England policy.
Research
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2025-12-12•Russia•Central Bank of Russia
The Central Bank of Russia has updated its Lombard List by adding government bonds from the Republic of Bashkortostan and the Republic of Sakha (Yakutia), along with exchange-traded bonds from major corporate issuers such as Gazprom Capital and Russian Railways. Bonds from issuers with limited information disclosure have been removed.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-12-12•Russia•Central Bank of Russia
The Central Bank of Russia revoked the banking licence of Joint-Stock Company Commercial Bank Industrial Savings Bank due to breaches of banking laws and anti-money laundering regulations. The bank, ranked 225th by assets, engaged in high-risk lending and suspicious transactions, undermining its financial stability. A provisional administration has been appointed, and law enforcement will be informed of potential misconduct.
SupervisionAuthorisations & approvalsPrudential risksAML and CFT
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2025-12-12•Russia•Central Bank of Russia
The Bank of Russia has revised its Lombard List policy to exclude bonds from certain financial organizations, including development institutions and microfinance companies, as part of a countercyclical strategy. This change, effective 15 December 2025, does not affect mortgage-backed bonds from DOM.RF Mortgage Agent or existing listed bonds, nor does it restrict their use in repo and lending operations if compliant with Bank of Russia standards.
Policy & regulationRules & requirementsLiquidity risk
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2025-12-12•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC warns against Quantum Trust for offering investments without a secondary license and falsely claiming endorsement by Finance Secretary Frederick D. Go. The scheme violates the Securities Regulation Code, involving promises of high returns and pressure tactics. The public is advised to be cautious of phishing sites and verify investment entities through official SEC channels.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-12-12•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC issued a cease and desist order against Trading Point Holdings Limited, XM Global Limited, and XM Philippines for unauthorized investment solicitation and securities offerings. The order mandates cessation of activities, removal of online presence, and prohibits asset transactions. The SEC found the group offered derivatives, forex shares, and cryptocurrencies, requiring account openings and deposits, with a referral program offering bonuses.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-12-12•Switzerland•Swiss National Bank
The Swiss National Bank's Direct Investment 2024 report shows Swiss companies repatriated CHF 11 billion, while non-resident investors reduced investment in Switzerland by CHF 83 billion. Foreign-controlled finance and holding companies withdrew CHF 52 billion from non-resident subsidiaries, while Swiss firms increased investment in Asia, Central and South America, and the US. The report revises figures for 2015–2023 and introduces new subtotals distinguishing foreign-controlled enterprises.
Data & statisticsBalance of payments and other external statistics
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2025-12-12•Switzerland•Swiss National Bank
The Swiss National Bank’s Bank Council will propose Martin Hirzel for election to the Bank Council at the General Meeting of Shareholders on 24 April 2026. Hirzel, President of Swissmem, is set to succeed Romeo Lacher, who stepped down in April 2025. If elected, Hirzel will assume office on 1 May 2026 for the remainder of the 2024–2028 term.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-12•Vietnam•Vietnam State Securities Commission
Vietnam’s Ministry of Finance and the Vietnam State Securities Commission are consulting on a draft circular to amend securities market regulations. The revisions target information disclosure, securities trading, and securities company operations, affecting Circulars 96/2020/TT-BTC, 120/2020/TT-BTC, and 121/2020/TT-BTC.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-12-12•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee reported stakeholder endorsements for the bipartisan INVEST Act, passed by the House on 11 December 2025. Key measures include updates to the accredited investor framework, reduced regulatory friction for small companies, and retirement-related provisions aligning 403(b) plans with 401(k) plans. Additional elements involve electronic document delivery, SEC rulemaking updates, and a Senior Investor Taskforce.
Policy & regulationRules & requirementsCapital adequacy
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2025-12-12•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee passed the INVEST Act to update securities laws, enhancing small business capital access and investor participation in private offerings. The Act mandates the SEC to redefine "small entity," adjust venture capital fund thresholds, and modernize "accredited investor" criteria. It also aims to streamline public market disclosures and improve safeguards against financial fraud.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-12-12•United States•U.S. Financial Services Committee
The U.S. House Committee on Financial Services supports the Trump Administration's reforms to enhance transparency and accountability in the proxy advisory process. The reforms aim to tighten oversight of proxy advisers and reinforce fiduciary accountability in proxy voting, promoting fairer shareholder voting and value maximization for investors. Chairman French Hill and Subcommittee Chair Ann Wagner plan to collaborate with regulators on implementation.
Policy & regulationReform agendas & prioritiesCorporate governance
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2025-12-12•Thailand•Thailand Securities & Exchange Commission
Thailand’s Securities and Exchange Commission urged Prime Road Power Public Company Limited’s bondholders to review information and exercise their rights at the reconvened e-meeting on 16 December 2025. The meeting will address proposed waivers of events of default, amendments to bond terms, and rescheduling of partial principal repayments. Bondholders should seek comprehensive information and consider the impacts before voting.
SupervisionInterventionsCorporate governance
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2025-12-12•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has imposed civil sanctions on Mr. Pakorn Mongkoltada for insider trading of Aqua Corporation shares, totaling THB 19,339,187. He is barred from serving as a director or executive of securities issuers and companies for 14 months. The sanctions follow an investigation into trades made while he was an AQUA director, involving undisclosed information about AQUA's transactions with Plan B Media.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-12•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic warned of a counterfeit document circulating via messaging apps, falsely using the bank's logo and Chairman M. Turgunbaev's forged signature. The bank clarified it does not send official documents through messengers or request money transfers, urging verification through official channels and advising victims to contact law enforcement.
SupervisionAlertsFraud and scams
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2025-12-12•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic approved four senior appointments at domestic banks, including Bolot Barievich Azykov to the board of directors of Keremet Bank and Azamat Abdyrakmanovich Tekenov as chief accountant of Bank Bai-Tushum. Rakhat Bolotbekovna Bazarbaeva and Ainura Nazirovna Turdugulova were appointed as deputy chief accountants at Kyrgyz Investment and Credit Bank and Capital Bank, respectively.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-12•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic's Issyk-Kul regional office annulled the certificate of the Public Foundation “Microcredit Agency ‘Kumtor’” effective 12 December 2025. This follows the agency's supervisory board decision to voluntarily surrender the certificate.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-12-12•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic and the OSCE Programme Office in Bishkek hosted a roundtable on enhancing cybersecurity and countering fraud in the financial sector. Discussions focused on implementing Kyrgyz legislation on cybersecurity, anti-fraud systems in financial institutions, and integrating financial security education in schools. Participants included representatives from security, law enforcement, and financial intelligence sectors.
Policy & regulationCooperationCyber resilienceConsumer and investor protection
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2025-12-12•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority approved CFG Bank’s prospectus for a MAD 500 million subordinated bond issuance, structured into two unlisted tranches. The bonds have a 10-year maturity, with tranche A offering a fixed rate based on the 10-year Treasury bills yield plus a 70 bps premium, and tranche B offering a rate revised annually, initially set by the 52-week Treasury bills yield plus a 65 bps premium.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-12-12•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority approved Bank of Africa's prospectus for an unlisted issuance of subordinated perpetual bonds with a ceiling of MAD 1 billion. The issuance includes two tranches: Tranche A with a five-year coupon reset and Tranche B with an annual reset, both linked to Treasury bill yield curves with specified risk premiums. Allocation will occur through a French auction, prioritizing Tranche A.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-12-12•Europe•European Banking Federation
The European Banking Federation and UNEP Finance Initiative released the first policy brief to guide financial institutions on sustainably transforming key European industries. The inaugural brief focuses on the EU chemical industry, proposing seven policy levers to enhance investment appeal and finance decarbonisation, emphasizing coherent policies, simplified processes, and stable incentives for innovation and sustainable product demand.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-12-12•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority (Finansinspektionen) has revoked Jifiti Patorai AB’s authorisation due to inactivity in conducting licensed activities. The firm, authorised since October 2023 to issue electronic money, had not engaged in such business. The revocation is effective immediately.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-12-12•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency have finalized changes to the FFIEC 031 Call Report form to align with new capital rule modifications for US global systemically important banks. Effective June 30, 2026, these changes await US Office of Management and Budget approval, with early adoption options available. The FFIEC 041 and FFIEC 051 Call Reports will be extended for three years without revision.
Policy & regulationRules & requirementsRegulatory reporting
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2025-12-12•Honduras•Comisión Nacional de Bancos y Seguros de Honduras
Honduras's National Commission of Banks and Insurance (CNBS) has amended its credit portfolio evaluation rules to include the collateral-discounted formula for calculating the past-due provisioning coverage indicator, maintaining a minimum coverage requirement of 110%. Initially an exceptional measure due to COVID-19 and Tropical Storms Eta and Iota, this formula was set to expire at the end of 2025. The revised rules specify discount factors by collateral type and adjust the definition of past-due loans based on borrower type.
Policy & regulationRules & requirementsPrudential risksAccounting and financial reporting
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2025-12-12•Canada•British Columbia Securities Commission
The British Columbia Prosecution Service has stayed quasi-criminal charges against Vancouver resident Yazan Al Homsi following an investigation by the British Columbia Securities Commission’s Criminal Investigations Branch. The stay was entered on December 12.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-12•Canada•British Columbia Securities Commission
The British Columbia Securities Commission (BCSC) panel found Lucas Christopher Birdsall in violation of a statutory demand to produce records, constituting obstruction of justice under the Securities Act. Despite multiple service attempts and deadline extensions, Birdsall failed to comply. The BCSC's Executive Director and Birdsall are to submit on sanctions.
EnforcementInvestigations & enforcement actionsCompliance
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2025-12-12•Greece•Hellenic Capital Market Commission
The Hellenic Capital Market Commission welcomed the election of Greece’s Minister of National Economy and Finance, Kyriakos Pierrakakis, as President of the Eurogroup, marking the first time a Greek minister has held this position. The Commission emphasized Pierrakakis' focus on completing the Savings and Investments Union as a key European priority and pledged to collaborate with him to enhance the Greek and European capital markets.
OtherLeadership change and appointments
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2025-12-12•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority released its annual private health insurance statistical report for the 2024–2025 year.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-12•Chile•Chile Financial Market Commission
The Chile Financial Market Commission (CMF) warned about unregistered entities, including Crypto Secure Markets and Crypto Inversiones T&L SpA, unauthorized to provide regulated financial services in Chile. The CMF highlighted impersonators of Apollo Global Management and others promoted via social media and apps. Investors should verify registration on the CMF website and consult the Fraud Alerts Page for more information.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-12-12•Chile•Chile Financial Market Commission
The Chile Financial Market Commission issued regulations under the new Law on Housing Co-ownership to streamline fire and mortgage insurance for condominiums. General Rule No. 556 allows co-owners to present combined insurance policies to lenders, while General Rule No. 557 aligns mortgage insurance tenders with the law, permitting condominium-level coverage. The framework prioritizes repair over mortgage repayment for partially damaged units.
Policy & regulationRules & requirementsOther
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2025-12-12•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) conditionally approved five national trust bank charter applications, including de novo charters for First National Digital Currency Bank and Ripple National Trust Bank, and conversions for BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company. These approvals are contingent on meeting OCC conditions and will add to the approximately 60 national trust banks currently supervised by the OCC. Each application was assessed individually against statutory and regulatory criteria.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-12•Europe•European Central Bank - Banking Supervision
The European Central Bank Banking Supervision will conduct a geopolitical risk reverse stress test on 110 directly supervised banks in 2026, requiring scenarios leading to a minimum 300 basis point depletion in Common Equity Tier 1 capital. This exercise will assess banks' stress-testing frameworks and ability to manage geopolitical shocks, with results feeding into the Supervisory Review and Evaluation Process. The test will be integrated into the 2026 internal capital adequacy assessment process, using existing supervisory data templates.
SupervisionReviews, inspections & stress testsStress testingGeopolitical risk
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2025-12-12•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway will require Annex IV reports under the Alternative Investment Fund Managers Directive to be submitted as XML file attachments starting 30 June 2026. This change affects registered and authorised alternative investment fund managers, as well as non-EEA managers marketing in Norway, due to the phase-out of the Altinn II platform. Submissions must adhere to ESMA’s technical specifications, and managers should prepare for the transition.
Policy & regulationRules & requirementsRegulatory reporting
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2025-12-12•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority's inspection report on Rogaland Sparebank highlights deficiencies in internal control and risk reporting, calling for improved governance and structured risk assessments. It emphasizes clearer strategies and adherence to guidelines for the "Balansebank" product, suggesting enhancements in IFRS 9 loss assessments and liquidity risk management. The Authority expects the bank to address these issues and provide the final report to its auditor.
SupervisionReviews, inspections & stress testsCorporate governanceRisk managementPrudential risks
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2025-12-12•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority's thematic review of six Norwegian banks revealed significant variations and weaknesses in compliance with large-exposure requirements for connected counterparties. Key issues included outdated guidelines, insufficient documentation, and reporting errors due to weak quality controls. Finanstilsynet expects banks to update frameworks, improve documentation, and enhance quality assurance and governance.
SupervisionReviews, inspections & stress testsKYC
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2025-12-12•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority's inspection of Luster Sparebank found a solid foundation but highlighted the need for improved operational framework and documentation. The bank's guidelines align with the Capital Requirements Regulation but don't fully meet Commission Implementing Regulation (EU) 2024/1728. The report identified incorrect grouping in large exposure reporting due to technical issues, recommending systematic documentation and quality assurance improvements.
SupervisionReviews, inspections & stress testsRisk managementSupervision process and methodologies
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2025-12-12•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority reported deficiencies in Trøndelag Sparebank's management of connected counterparties under the large exposures framework. The report cited inadequate assessments, quality assurance weaknesses, and errors in exposure reporting. Finanstilsynet expects improvements in documentation, consistency, controls, and alignment with EU regulations.
SupervisionReviews, inspections & stress testsPrudential risksSupervision process and methodologies
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2025-12-12•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority issued a report on Sparebanken Norge, evaluating its system for identifying connected counterparties for large exposures. The report commends the bank's structured framework and conservative limits but calls for stronger documentation for traceability and consistency. Recommendations include a checklist, enhanced guidelines with examples, and addressing data and control discrepancies identified in third quarter 2024 reporting.
SupervisionReviews, inspections & stress testsRisk managementSupervision process and methodologies
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2025-12-12•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority found gaps at Sparebank 68 Grader Nord in identifying connected counterparties for large exposures under the Capital Requirements Regulation. The report noted insufficient documentation in credit assessments and inconsistencies in exposure reporting. The bank must update guidelines, improve documentation, and align reporting practices, with the board considering improvement measures.
SupervisionReviews, inspections & stress testsSupervision process and methodologies
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2025-12-12•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) penalized Zhejiang Youce Investment Management Co., Ltd. and individuals for misappropriating private fund assets and submitting false information, including a CNY 21 million fine and a lifetime market ban for the firm's actual controller. The Asset Management Association of China revoked the manager registration, and securities regulators will transfer suspected criminal cases to public security authorities. CSRC emphasized ongoing enforcement in the private fund sector under the new "Nine-Point Plan" policy framework.
EnforcementInvestigations & enforcement actions
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2025-12-12•China•China Banking and Insurance Regulatory Commission
China’s National Financial Regulatory Administration has issued interim measures to establish a supervisory framework for commercial banks' custody business, aiming to standardize practices and enhance risk management. The measures define custody business, set governance and management requirements, and strengthen supervisory tools and enforcement. The framework seeks to clarify operating norms, support asset management, and promote improved operational management and risk prevention.
Policy & regulationRules & requirementsClient asset custody and safekeeping
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2025-12-12•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration has issued interim measures to enhance oversight of commercial banks' custody business, emphasizing standardized operations, custodian responsibilities, governance, risk controls, and transparency. The framework requires adherence to principles of good faith, due diligence, and risk segregation, prohibiting banks from assuming credit or market risk of custodial assets. It also details prohibited conduct and includes transitional arrangements for implementation.
Policy & regulationRules & requirementsClient asset custody and safekeeping
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2025-12-12•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission outlined its 2026 agenda, focusing on risk prevention, enhanced supervision, and economic support. Key measures include addressing financial institution risks, stabilizing the real estate market, and resolving local government financing vehicle debt. The agenda also emphasizes improving the financial rule-of-law framework, curbing competition, and expanding support for national strategies and insurance coverage.
Policy & regulationReform agendas & prioritiesFinancial stability and systemic riskMarket development
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2025-12-12•Myanmar•Central Bank of Myanmar
The Central Bank of Myanmar issued an "Open Call" notice, but provided no further details.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-12•Zimbabwe•Reserve Bank of Zimbabwe
The Reserve Bank of Zimbabwe announced the approval of a merger between FBC Bank Limited and FBC Building Society by the Minister of Finance, Economic Development and Investment Promotion. Under the agreement, FBC Building Society will transfer its banking assets and liabilities to FBC Bank Limited and its property assets to FBC Properties (Private) Limited. Following the merger, FBC Building Society will cease to exist as an entity.
SupervisionAuthorisations & approvalsMandate change
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2025-12-12•Argentina•Argentina Securities Commission (CNV)
Roberto E. Silva, president of the Argentina Securities Commission, spoke at the IOSCO/PIFS-HLS Global Certificate Program at Harvard Law School about capital markets in emerging economies and digital asset regulation. He highlighted Argentina's new regulatory framework for Virtual Asset Service Providers. The program also covered regional integration, risk-based supervision, and institutional strengthening, with contributions from industry and regulatory representatives.
Policy & regulationCooperationCross-border cooperationSupervision process and methodologies
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2025-12-12•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
The Swiss Financial Market Supervisory Authority (FINMA) announced Switzerland's expansion of sanctions against Russia and Belarus, aligning with the EU's 19th sanctions package. Measures include asset freezes and bans on 22 individuals, 42 entities, and 116 vessels, stricter export controls on 45 companies, and transaction bans on several Russian banks. Financial intermediaries must implement these prohibitions, freeze assets, and report to the State Secretariat for Economic Affairs, with additional checks required under the Anti-Money Laundering Act.
Policy & regulationRules & requirementsSanctions list update
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2025-12-12•South Korea•Bank of Korea
The Bank of Korea reported preliminary November 2025 data showing a 3.7% monthly and 7.0% annual increase in the Export Price Index in KRW terms. The Import Price Index rose 2.6% monthly and 2.2% annually. The Net Barter Terms of Trade Index improved by 5.8% year on year.
Data & statisticsEconomic data and developments
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2025-12-12•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs released a roundup of media coverage highlighting Chairman Tim Scott's focus on reducing costs for American families, expanding housing and financial access, and promoting responsible digital asset policy, with 2025 marked as a particularly active year for the committee.
Other
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2025-12-12•Switzerland•Federal Department of Finance (Switzerland)
Switzerland's Federal Department of Finance reported mixed progress on open finance, with no immediate regulatory requirements for open data interfaces. The banking sector's multibanking initiative marks a key milestone, but challenges remain in data access for third-party providers. The FDF will collaborate with the industry to develop indicators to evaluate the effectiveness of a market-based approach, keeping statutory duties as a potential future option.
Policy & regulationImplementation, projects & pilotsOpen banking and finance
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2025-12-12•Argentina•Central Bank of Argentina
Argentina's Central Bank Vice President Vladimir Werning spoke at the LarrainVial AMI International Investor Seminar about a political-electoral shock's impact on money demand and financial normalisation. He highlighted economic stabilisation, a temporary confidence shock, and post-election normalisation without altering the economic programme. Key themes included structural reforms, market access, and re-monetisation.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-12-12•Vietnam•State Bank of Vietnam
The State Bank of Vietnam appointed Mr. Do Hoang Anh and Ms. Tran Thi Hoa as Deputy Directors of the Credit Institutions System Safety Department. The appointments aim to support the department's increasing workload and responsibilities.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-12•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's annual meeting highlighted 2026 as a new development phase, focusing on inflation control, macroeconomic stability, and growth support. Governor Nguyen Thi Hong emphasized a flexible monetary policy, banking sector restructuring, and regulatory amendments, including Basel III standards. The agenda includes bad-debt resolution, innovation in banking services, and green credit promotion amidst geopolitical challenges.
Policy & regulationReform agendas & prioritiesDomestic cooperation
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2025-12-12•India•Securities & Exchange Board of India
The Securities and Exchange Board of India issued a circular detailing operational requirements to enhance governance at market infrastructure institutions. Key measures include appointing Executive Directors (EDs) for critical operations and regulatory functions, revised reporting structures, and additional responsibilities for the Chief Risk Officer. Amendments to relevant regulations take effect on 20 December 2025, with phased implementation for appointing EDs and applying new reporting provisions.
Policy & regulationGuidance & interpretationCorporate governance
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2025-12-12•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has directed 21 commercial banks to implement a credit programme supporting long-term lending for priority projects in electricity, transport, and strategic technology. Running until 2030, the programme involves VND 500 trillion with preferential interest rates 1.0–1.5 percentage points below average rates. Banks must adhere to normal credit appraisal and risk management rules, overseen by the State Bank of Vietnam.
Policy & regulationGuidance & interpretationOther
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2025-12-12•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's 20-year review of its Payment Department highlights growth in cashless transactions and infrastructure advancements. Future priorities include enhancing the legal framework for digital banking, modernizing payment infrastructure, and expanding digital payment access in underserved areas. It also emphasizes using AI and Big Data for fraud prevention and exploring a central bank digital currency.
Policy & regulationReform agendas & prioritiesPayments and payment systemsMarket development
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2025-12-12•Vietnam•State Bank of Vietnam
The State Bank of Vietnam celebrated the 20th anniversary of its Payment Department, highlighting its contributions to payment policy and digital transformation. The department's SIMO system, operational since mid-2025, has processed 592,000 records of suspicious payment data, aiding 2.13 million customers in preventing fraud. Non-cash payments have grown rapidly, with QR code adoption and over 87% adult bank account penetration.
Institutional developmentTechnology & data transformationPayments and payment systems
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2025-12-12•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury added four entries to the Sudan sanctions regime on the UK Sanctions List, subjecting them to an asset freeze. The Sudan (Sanctions) (EU Exit) Regulations 2020 apply via the Sanctions (Implementation of UK Sanctions) Regulations 2024, encompassing trade and immigration sanctions. Firms must freeze assets of designated persons, verify matches, and report to the Financial Intelligence Unit, ensuring compliance with ownership and control checks.
EnforcementSanctions & designationsSanctions list update
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2025-12-12•Europe•Single Resolution Board
The Single Resolution Board acknowledged the Court of Justice's dismissal of ABLV's appeal in case C-602/22 P. The Grand Chamber confirmed the SRB's authority to make non-resolution decisions independently, aligning with the Single Resolution Mechanism Regulation and Meroni case-law on EU agency power delegation.
Policy & regulationGuidance & interpretationRecovery and resolution
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2025-12-12•Trinidad & Tobago•Ministry of Finance (Trinidad & Tobago)
Moody's affirmed Trinidad and Tobago's long-term local and foreign currency issuer and senior unsecured ratings at Ba2, revising the outlook to Negative. This reflects fiscal buffers like the Heritage and Stabilisation Fund, while the Negative outlook is due to short-term risks, including declining liquid foreign exchange reserves. The Ministry of Finance highlighted a net international investment position surplus of USD 7.5 billion and noted the outlook change does not account for recent government strategies.
OtherCredit ratings
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2025-12-12•Moldova•National Bank of Moldova
National Bank of Moldova Governor Anca Dragu highlighted financial inclusion, modern payment infrastructure, and European standards alignment as key to local economic development at a Bucharest roundtable. She emphasized Moldova's integration into the Single Euro Payments Area (SEPA) and the MIA instant payments system, noting MIA's widespread use and SEPA's potential to lower transfer costs and boost local economies.
Policy & regulationReform agendas & prioritiesFinancial inclusionPayments and payment systems
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2025-12-12•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE and the National Anti-Narcotics Authority discussed enhancing cooperation to combat narcotics-related financial crimes and protect the UAE financial system's integrity. Key topics included expanding information exchange, improving response efficiency, and enhancing national policy effectiveness. The CBUAE also briefed on its mandates, financial-crime regulations, and infrastructure projects, including payment system digitisation and personnel training initiatives.
Policy & regulationCooperationAML and CFTCross-border cooperation
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2025-12-11•Panama•Panama Superintendencia del Mercado de Valores
Panama’s Superintendency of the Securities Market issued Public Notice No. 20, warning that RYK Private Trading, also known as TTIMarket and Emporium DJC, S.A., along with individuals Yeika Daniela Jimenez Caballero and Rafael Fernando Oliveira Almeida, are non-authorised persons.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-12-11•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua released Volume 12 of its Economics and Finance Journal, featuring research from the 2024 Economy, Finance and Development Prize and central bank staff. Key findings include the effectiveness of inflation forecasting methods, identification of credit boom episodes, and the impact of progressive taxation on income distribution. The studies also explore terms-of-trade shocks' influence on GDP variability and the procyclical nature of loan-loss provisions.
ResearchEconomic data and developments