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  • 2025-12-11IndiaReserve Bank of India

    Reserve Bank of India amends credit risk rules for maintaining current and overdraft accounts with an INR 10 crore exposure threshold and collection account controls

    The Reserve Bank of India has amended its Credit Risk Management Directions for Commercial Banks, introducing a new framework for cash credit, current, and overdraft accounts. It enhances credit discipline and monitoring with rules based on the banking system's aggregate exposure to a customer. Key provisions include unrestricted cash credit facilities, restrictions on current and overdraft accounts for exposures of INR 10 crore or more, and exemptions for certain accounts, effective from 1 April 2026.

    Policy & regulationRules & requirementsCredit risk
  • 2025-12-11United Arab EmiratesDubai Financial Services Authority

    Dubai Financial Services Authority launches consultation on Rulebook changes including DNFBP notifications and fees and prudential clarifications

    The Dubai Financial Services Authority has released Consultation Paper 169 seeking feedback on updates to its Anti-Money Laundering, Fees, and Prudential modules. Key proposals include formalizing notification requirements for Designated Non-Financial Businesses and Professions, introducing a USD 3,000 fee for registration requests, and tightening liquidity eligibility criteria. The consultation aims to refine rule clarifications and policy updates across these areas.

    Policy & regulationRules & requirementsAML and CFT
  • 2025-12-11BulgariaBulgaria Financial Supervision Commission

    Bulgaria Financial Supervision Commission approves senior appointments and removes Finance Direct bond issue from the public issuers register

    The Bulgaria Financial Supervision Commission issued decisions on management approvals, professional qualifications, and securities registry changes. Approvals were granted for executive roles at Phoenix Re Insurance AD and Phoenix Re AD, and Roman Grynenko was recognized as an investment consultant. A Finance Direct AD bond issue was removed from the securities register, and Alfastar Ventures AD was notified of potential changes to its venture capital fund registration.

    SupervisionAuthorisations & approvalsLicence approval
  • 2025-12-11KosovoCentral Bank of the Republic of Kosovo

    Central Bank of the Republic of Kosovo briefs Council of Europe Development Bank on tighter MFI and NBFI oversight and payments digitalisation

    The Central Bank of the Republic of Kosovo and the Council of Europe Development Bank discussed financial-sector developments, focusing on microfinance, non-bank financial institutions, financial inclusion, regulatory reform, and digitalisation. The central bank outlined measures to enhance the regulatory framework, including new licensing and capital requirements, improved supervisory practices, and AML activities. Both parties expressed commitment to ongoing cooperation, particularly in inclusive finance and socially oriented development.

    Policy & regulationRules & requirementsSupervision process and methodologies
  • 2025-12-11Council of Financial RegulatorsCouncil of Financial Regulators (CoFR)

    New Zealand's Council of Financial Regulators releases Q4 2025 Regulatory Initiatives Calendar

    New Zealand's Council of Financial Regulators (CoFR) released the latest Regulatory Initiatives Calendar, detailing the timing of planned and ongoing regulatory initiatives for the financial sector. The Q4 2025 calendar is available in various formats, with updates provided quarterly since 2021.

    Policy & regulationCooperationRegulatory burden
  • 2025-12-11IndonesiaOJK

    Indonesia's Financial Services Authority grants three-year disaster-related loan treatment and reporting deadline relief for affected regions

    Indonesia's Financial Services Authority (OJK) reported financial sector stability after its November 2025 meeting, detailing measures for localized shocks, including special credit treatment for flood-affected borrowers in Aceh, North Sumatra, and West Sumatra. OJK mandated insurers to activate disaster-response mechanisms and extended regulatory reporting deadlines for affected areas. Recent rulemaking includes amendments for digital financial assets, new asset-liability management rules for insurers, and updated risk management requirements effective January 2026.

    Policy & regulationRules & requirementsFinancial stability and systemic riskMarket risk and volatility
  • 2025-12-11ItalyBank of Italy

    Bank of Italy, CONSOB and IVASS update TIBER-IT guide to align threat-led penetration testing with DORA

    The Bank of Italy, CONSOB, and IVASS have updated the TIBER-IT National Guide for cybersecurity testing in the Italian financial sector to align with Regulation (EU) 2022/2554 on digital operational resilience (DORA). The guide serves as the unified framework for Threat-Led Penetration Testing (TLPT) of ICT systems, applicable to both mandatory and voluntary testing. DORA mandates financial entities to conduct TLPT every three years, with the updated guide incorporating the latest provisions and the European Commission's delegated regulation.

    Policy & regulationGuidance & interpretationCyber resilience
  • 2025-12-11GhanaGhana National Insurance Commission

    Ghana National Insurance Commission mandates Ghana Card for all motor insurance purchases and renewals from 1 January 2026

    The Ghana National Insurance Commission announced that, starting 1 January 2026, motorists must present a Ghana Card for purchasing or renewing motor insurance policies, while corporate clients must provide their Tax Identification Number (TIN). This policy aims to enhance claims handling, strengthen compliance with know-your-customer and anti-money laundering standards, reduce fraud, and align with global financial services standards.

    Policy & regulationRules & requirementsKYCAML and CFT
  • 2025-12-11EuropeEuropean Securities and Markets Authority

    European Securities and Markets Authority appoints Marie-Anne Barbat-Layani and Christopher P. Buttigieg to its Management Board and reappoints Armi Taipale

    The European Securities and Markets Authority (ESMA) has appointed Marie-Anne Barbat-Layani and Christopher P. Buttigieg as new Management Board members, with Armi Taipale reappointed for a second term. Effective 1 January 2026, these appointments follow the conclusion of mandates for Vasiliki Lazarakou and Jos Heuvelman. The Management Board, including ESMA Chair Verena Ross and other key members, oversees ESMA's mission and tasks under its founding Regulation.

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-12-11ItalyBank of Italy

    Bank of Italy and partners complete Project Leap Phase 2 testing post-quantum digital signatures for central bank liquidity transfers

    The Bank of Italy, with the Bank for International Settlements Innovation Hub and partners, published the final report for Phase 2 of Project Leap, confirming successful testing of post-quantum cryptography in payment systems. The experiment focused on implementing quantum-resistant protocols for liquidity transfers between central banks. The report highlights challenges and findings on performance, interoperability, and cryptographic agility, aiming to enhance European payment infrastructure and financial stability.

    Policy & regulationImplementation, projects & pilotsQuantum computing
  • 2025-12-11AustraliaAustralian Securities & Investments Commission

    Australian Securities & Investments Commission issues over AUD 2.2 million in infringement notices to 12 large proprietary companies for alleged late lodgement of FY24 audited financial reports

    The Australian Securities & Investments Commission (ASIC) issued infringement notices to 12 large proprietary companies for allegedly failing to lodge their FY24 audited financial reports on time, resulting in penalties exceeding AUD 2.2 million. Despite payment, ASIC clarified this does not imply admission of guilt. After a three-month surveillance, ASIC found 70% of 217 engaged companies were non-compliant, with ongoing investigations and further enforcement actions planned for 2026.

    EnforcementInvestigations & enforcement actionsAccounting and financial reporting
  • 2025-12-11IndonesiaOJK

    Indonesia's Financial Services Authority issues three-year special credit treatment for disaster-affected borrowers in Aceh North Sumatra and West Sumatra

    Indonesia's Financial Services Authority (OJK) has issued a policy granting special regulatory treatment for credit and financing to borrowers affected by floods and landslides in Aceh, North Sumatra, and West Sumatra. The policy includes assessing credit quality based on payment timeliness for exposures up to IDR 10 billion and allows restructured facilities to be classified as performing. OJK has also instructed insurance and reinsurance companies to activate disaster-response mechanisms and simplify claims processes.

    Policy & regulationRules & requirementsOther
  • 2025-12-11IndonesiaOJK

    Indonesia Financial Services Authority promotes integrity and anti-fraud governance in a public lecture at Yogyakarta State University

    The Indonesia Financial Services Authority (OJK) stressed integrity and good governance in the financial sector during a lecture at Yogyakarta State University for Anti-Corruption Day 2025. OJK Audit Board Chair Sophia Wattimena highlighted evolving fraud risks due to technological advancements and efforts to enhance defences with an Anti-Bribery Management System and a four-pillar anti-fraud strategy. The session urged students to resist corruption, report misconduct, and raised awareness of risks from illegal financial products.

    Financial literacy & educationCorporate governance
  • 2025-12-11RwandaRwanda Capital Markets Authority

    Rwanda Capital Markets Authority welcomes newly appointed Board of Directors and bids farewell to CEO Thapelo Tsheole

    The Rwanda Capital Markets Authority introduced its new Board of Directors and bid farewell to outgoing CEO Thapelo Tsheole. Board Chair Marc Holtzman emphasized the capital market's role in resource mobilization and regulatory strengthening. The Ministry of Finance and Economic Planning pledged support for the Authority's mandate.

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-12-11United StatesFederal Deposit Insurance Corporation

    US Federal Deposit Insurance Corporation updates FSOC on supervisory reforms including MRAs and reputational risk proposals and a reduced small bank compliance exam cycle

    FDIC Acting Chairman Travis Hill detailed progress on reforms, including joint proposals with the OCC to define "unsafe or unsound practice" and prohibit examiner actions based on reputational risk. The FDIC rescinded climate-related guidance, finalized asset-based threshold rules, and proposed revisions to the Community Bank Leverage Ratio, with plans for further supervision reforms and examination manual updates.

    Policy & regulationRules & requirementsSupervision process and methodologies
  • 2025-12-11NetherlandsDutch Authority for the Financial Markets

    Dutch Authority for the Financial Markets publishes 12 building blocks for controlled use of GenAI audit tools

    The Dutch Authority for the Financial Markets has released 12 building blocks to guide audit firms in responsibly integrating advanced audit tools, including generative AI. Emphasizing trust and safety, the guidelines stress that AI should enhance, not replace, professional judgment. Key expectations include maintaining human responsibility, ensuring AI output traceability, and prioritizing data security.

    Policy & regulationGuidance & interpretationAuditing
  • 2025-12-11NetherlandsDutch Authority for the Financial Markets

    Dutch Authority for the Financial Markets estimates investment fraud losses could reach EUR 750 million a year and urges intensified joint action

    The Dutch Authority for the Financial Markets (AFM) reports that investment fraud in the Netherlands results in annual losses potentially reaching EUR 750 million, with harm underestimated due to low victim reporting. The AFM emphasizes the need for a coordinated response involving public and private sectors, including enhanced policy, supervision, and enforcement, and suggests measures such as a central reporting point and increased accountability for social media platforms.

    ResearchFraud and scams
  • 2025-12-11LatviaCentral Bank of Latvia

    Central Bank of Latvia grants electronic money institution licence to SIA GR8 PAY

    The Central Bank of Latvia has granted an electronic money institution operating licence to SIA GR8 PAY, allowing it to issue electronic money and execute payments. This brings the total to nine licensed electronic money institutions in Latvia. The central bank advises firms to utilize its licensing guides and pre-licensing consultations for better application quality and compliance.

    SupervisionAuthorisations & approvalsLicence approval
  • 2025-12-11LatviaCentral Bank of Latvia

    Central Bank of Latvia licenses Nexdesk SIA to provide MiCA crypto-asset services

    The Central Bank of Latvia has licensed Nexdesk SIA as the second authorised crypto-asset service provider in Latvia under the European Union Markets in Crypto-Assets Regulation (MiCA). The licence includes custody, order execution, and transfer services for crypto-assets. Nexdesk SIA intends to operate in Latvia and other EU countries, leveraging MiCA’s cross-border notification mechanism.

    SupervisionAuthorisations & approvalsLicence approval
  • 2025-12-11PeruCentral Bank of Peru

    Central Bank of Peru reports private sector liquidity grew 5.7% year on year in October 2025

    The Central Bank of Peru reported a 5.7% year-on-year increase in private sector liquidity in October 2025, driven by a 3.8% rise in domestic currency liquidity and a 10.8% rise in foreign currency liquidity. Currency in circulation increased by 11.9%, while deposits grew by 4.6%, with savings deposits up 11.6% and demand deposits up 5.8%. Total private sector liquidity reached PEN 532,172 million, with currency in circulation at PEN 90,022 million.

    Data & statisticsMonetary data
  • 2025-12-11AustraliaAustralian Transaction Reports and Analysis Centre (AUSTRAC)

    Australian Transaction Reports and Analysis Centre launches Federal Court civil penalty proceedings over missed 2023 annual compliance reports

    AUSTRAC has initiated civil penalty proceedings against Castra Licensee Pty Ltd and Princeton Securities (NSW) Pty Ltd for failing to submit a 2023 compliance report, as required under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Despite receiving infringement notices in September 2024, neither company paid, prompting legal action. AUSTRAC stresses these reports are crucial for supervising entities and identifying money laundering and terrorism financing vulnerabilities.

    EnforcementInvestigations & enforcement actionsAML and CFT
  • 2025-12-11AustraliaAustralian Securities & Investments Commission

    Australian Securities & Investments Commission suspends MW Planning’s AFS licence until 8 June 2026 for failing to replace banned responsible manager

    The Australian Securities & Investments Commission (ASIC) has suspended MW Planning Pty Ltd's financial services licence until June 2026 for non-compliance, including not appointing a new responsible manager after Robert John Tohill's banning. MW Planning also failed to submit 2024 financial statements and an auditor opinion or report these failures to ASIC. During the suspension, MW Planning must remain a member of the Australian Financial Complaints Authority and maintain professional indemnity insurance.

    EnforcementInvestigations & enforcement actionsAccounting and financial reportingCorporate governance
  • 2025-12-11IrelandDepartment of Finance (Ireland)

    Ireland's Department of Finance sets out Simon Harris’s Eurogroup and ECOFIN agenda focused on the Savings and Investment Union and the digital euro

    Ireland's Department of Finance detailed Tánaiste and Minister for Finance Simon Harris’s visit to Brussels for Eurogroup and ECOFIN meetings, focusing on euro area fiscal surveillance, EU financial services policy, and support for Ukraine. The agenda includes Ireland’s National Development Plan, euro area budgetary plans, and the European Stability Mechanism. ECOFIN will address the Market Infrastructure and Efficient Supervision package, the digital euro, customs duty relief, and amendments to Recovery and Resilience Plans.

    Policy & regulationCooperationOther
  • 2025-12-11PakistanSecurites & Exchange Commission of Pakistan

    Securities and Exchange Commission of Pakistan issues revised ESG disclosure guidelines aligned with the Pakistan Green Taxonomy with voluntary reporting until June 2029

    The Securities and Exchange Commission of Pakistan has issued revised ESG Disclosure Guidelines for listed companies, aligning climate-related disclosures with the Pakistan Green Taxonomy. Voluntary until June 2029, the guidelines introduce a three-phase schedule for mandatory reporting. They provide a framework for disclosing climate risks, opportunities, and taxonomy-aligned activities, with plans for capacity-building and stakeholder engagement.

    Policy & regulationRules & requirementsDisclosuresESGGreen taxonomy
  • 2025-12-11LatviaMinistry of Finance (Latvia)

    Latvia's Ministry of Finance previews Eurogroup and ECOFIN discussions on the digital euro, fiscal stance and EU customs reform

    Latvia's Ministry of Finance announced that Finance Minister Arvils Ašeradens and State Secretary Baiba Bāne will attend Eurogroup, ECOFIN, and ESM Board meetings in Brussels on 11–12 December. Key topics include the euro area economic outlook, EU economic governance, the digital euro package, customs reform, and EU financial support for Ukraine. The meetings will also address the IMF's growth assessment, euro area budgetary plans, ESM treaty adjustments, and the Savings and Investment Union.

    Policy & regulationCooperationMonetary policy decisions and developments
  • 2025-12-11United KingdomFinancial Conduct Authority

    Financial Conduct Authority publishes near-final targeted support rules for group-based pensions and investment recommendations

    The Financial Conduct Authority (FCA) issued Policy Statement PS25/22, detailing near-final rules for a new support regime to enhance consumer access to pension and investment advice. The framework allows firms to offer suggestions based on pre-defined consumer segments, with restrictions on pension consolidation and specific annuity recommendations. It includes a GBP 500,000 minimum capital requirement for firms, a ban on third-party commissions, and outlines authorisation expectations, with final rules expected from April 2026.

    Policy & regulationRules & requirementsConsumer and investor protection
  • 2025-12-11GuernseyMinistry of Finance (Guernsey)

    Guernsey's Ministry of Finance moves finance sector policy framework into final phase with Oliver Wyman report due in Q1 2026

    Guernsey's Ministry of Finance announced that the Finance Sector Policy Framework, developed by Oliver Wyman, has entered its final phase. The framework aims to guide initiatives for the competitiveness and growth of Guernsey’s finance industry, covering sectors such as funds, insurance, banking, and sustainable finance. A final report is anticipated in Q1 2026 to outline the policy direction for future development.

    Policy & regulationReform agendas & prioritiesMarket development
  • 2025-12-11United KingdomFinancial Conduct Authority

    Financial Conduct Authority confirms simplified insurance rules and proposes technical Handbook streamlining after the Consumer Duty

    The Financial Conduct Authority (FCA) finalized changes to simplify insurance rules, aiming to reduce compliance costs while maintaining protections for smaller commercial customers. It proposed streamlining the FCA Handbook by removing certain insurance data returns and updating rules on client assets. Additional changes are planned for next year, including reviewing international rule applications and piloting sector guides for outcomes-based regulation.

    Policy & regulationRules & requirementsRegulatory burden
  • 2025-12-11United KingdomFinancial Conduct Authority

    UK Financial Conduct Authority fines Nationwide Building Society GBP 44m for anti-financial crime control failings

    The Financial Conduct Authority fined Nationwide Building Society GBP 44.08m for inadequate anti-financial crime systems affecting personal current account customers from October 2016 to July 2021. Nationwide failed to maintain effective customer due diligence, risk assessments, and transaction monitoring, and did not manage financial crime risks associated with personal accounts used for business purposes. The fine reflects a 30% settlement discount, reduced from GBP 62.97m.

    EnforcementInvestigations & enforcement actionsAML and CFT
  • 2025-12-11Hong KongHong Kong Securities & Futures Commission

    Hong Kong Securities and Futures Commission reprimands and fines EFG Bank AG HKD 10.85 million for product due diligence, record-keeping and late reporting failures

    The Hong Kong Securities and Futures Commission (SFC) has reprimanded and fined EFG Bank AG HKD 10.85 million for regulatory breaches and internal control failures related to product due diligence, record-keeping, and late reporting from 2015 to 2020. The enforcement action followed an investigation initiated by EFG’s self-report and a referral from the Hong Kong Monetary Authority. EFG will implement Enhanced Complaint Handling Procedures to address customer complaints.

    EnforcementInvestigations & enforcement actionsCorporate governance
  • 2025-12-11CanadaFinancial Services Regulatory Authority of Ontario

    Financial Services Regulatory Authority of Ontario releases updated guidance and benchmarks for auto insurance rate filings

    The Financial Services Regulatory Authority of Ontario released its Annual Review Guidance and Benchmarks for auto insurance, focusing on fair and reasonable rate changes. Key updates include expectations for insurers to adjust pricing for high-theft-risk vehicles, electric vehicles, and app-based rideshare use, with actuarial support. Insurers are also expected to recognize foreign driving experience verified by the Ministry of Transportation.

    Policy & regulationGuidance & interpretation
  • 2025-12-11AustraliaAustralian Prudential Regulation Authority

    Australian Prudential Regulation Authority imposes additional licence conditions on H.E.S.T Australia following member service disruption during administration provider transition

    The Australian Prudential Regulation Authority (APRA) has imposed additional licence conditions on H.E.S.T Australia Ltd (HESTA) due to deficiencies in risk management and board governance during a transition to a new outsourced administration provider, causing significant disruption to member services. HESTA must conduct independent reviews of its risk management framework and board effectiveness, including its handling of the transition.

    SupervisionInterventionsOutsourcing and third-party risk management
  • 2025-12-11AustraliaAustralian Prudential Regulation Authority

    Australian Prudential Regulation Authority publishes September 2025 quarter ADI performance and property exposures statistics

    The Australian Prudential Regulation Authority's quarterly report ending 30 September 2025 shows growth in profits, assets, and capital for Authorised Deposit-taking Institutions (ADIs), with increased property exposures. Key metrics include a net profit after tax of 41.1 billion AUD (up 5.1%), total assets of 6,681.7 billion AUD (up 5.7%), and a capital base of 461.8 billion AUD (up 5.6%). The capital ratio rose to 20.4%, with liquidity and funding ratios at 133.3% and 115.9%. Residential credit reached 2,426.5 billion AUD (up 6.0%), non-performing loans at 1.04%, new housing loans at 196.3 billion AUD (up 18.9%), and commercial property exposure at 510.3 billion AUD (up 9.2%).

    Data & statisticsAsset qualityCapital adequacy
  • 2025-12-11SwedenRiksbank

    Sweden's Riksbank publishes Nordic payments study highlighting limited instant payment access beyond Swish

    Sweden's Riksbank and other Nordic central banks published a study highlighting that most Swedish bank customers lack access to instant payments across banks, with Swish as the primary exception. In contrast, other Nordic countries offer widespread instant payments through digital channels. The study also notes the high prevalence of digital payments across the Nordics, with cash usage lowest in Iceland and Norway.

    ResearchPayments and payment systems
  • 2025-12-11SwedenRiksbank

    Sweden's Riksbank publishes Financial Stability Council minutes citing a stable system and planned crisis exercises

    Sweden's Riksbank released minutes from the Financial Stability Council meeting, assessing the financial system as stable despite high geopolitical and economic uncertainty. The Finance Minister noted strong risk appetite and high asset valuations, with trade policy developments stabilizing. Discussions included civil preparedness, operational risks like cyberattacks, and structural changes in financial services affecting consumer confidence and market resilience.

    SupervisionRisk monitoring & watch pointsFinancial stability and systemic risk
  • 2025-12-11GlobalInternational Financial Reporting Standards Foundation

    International Financial Reporting Standards Foundation publishes 11 modules five webcasts and three podcasts to support the third edition of IFRS for SMEs

    The International Financial Reporting Standards Foundation has released educational resources to aid in the implementation of the third edition of the IFRS for SMEs Accounting Standard. The package includes 11 modules, five webcasts, and three podcasts covering key updates and implementation guidance. Additional materials feature a project summary, feedback statement, and a marked-up version highlighting changes from the second edition.

    Policy & regulationGuidance & interpretationAccounting and financial reporting
  • 2025-12-11AustriaAustria Financial Market Authority

    Austria Financial Market Authority reports Austrian insurers’ profits up 67% to EUR 1.91 billion in the first nine months of 2025

    The Austria Financial Market Authority reported a 67% increase in insurers' profitability for the first nine months of 2025, with results from ordinary activities reaching EUR 1.91 billion. Premium volumes rose 5.1% to EUR 18.84 billion, driven by growth in health, non-life, and accident insurance. The median Solvency Capital Ratio improved to 271%, reflecting enhanced financial stability.

    SupervisionRisk monitoring & watch pointsFinancial and market indicatorsActivity and performance reporting
  • 2025-12-11GlobalWorld Bank

    World Bank publishes China Economic Update projecting GDP growth of 4.9% in 2025 and 4.4% in 2026

    The World Bank's China Economic Update reports solid Q3 2025 momentum, with GDP growth at 4.9% for 2025 and 4.4% for 2026, driven by domestic demand. Risks include property-sector challenges, labor-market weakness, and trade policy uncertainty, while potential upsides are linked to increased fiscal spending and property sector stabilization. The report suggests enhancing non-bank financial institutions and capital-market transparency to boost returns and shift savings towards consumption.

    ResearchEconomic data and developments
  • 2025-12-11Hong KongHong Kong Monetary Authority

    Hong Kong Monetary Authority and Securities and Futures Commission support disciplinary action as the SFC fines EFG Bank AG HKD 10.85 million for product due diligence and reporting failures

    The Hong Kong Monetary Authority and the Securities and Futures Commission (SFC) issued a joint enforcement update following the SFC's reprimand and HKD 10.85 million fine against EFG Bank AG for due diligence, record-keeping, and reporting failures from 2015 to 2020. EFG failed to consider special features in bond assessments, update policies timely, and provide adequate customer information for complex products. The SFC considered EFG's remedial actions and cooperation in determining sanctions, noting plans for Enhanced Complaint Handling Procedures.

    EnforcementInvestigations & enforcement actionsComplianceCorporate governance
  • 2025-12-11Hong KongHong Kong Monetary Authority

    Hong Kong Monetary Authority warns of fraudulent websites and phishing targeting seven banks

    The Hong Kong Monetary Authority (HKMA) issued a scam alert about fraudulent websites, fake internet banking login screens, and phishing messages linked to banks like The Bank of East Asia, Shanghai Commercial Bank, and Bank of China (Hong Kong). The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact their bank and report to the Hong Kong Police Force.

    SupervisionAlertsFraud and scams
  • 2025-12-11GreeceMinistry of National Economy and Finance (Greece)

    Greece's Ministry of National Economy and Finance minister Kyriakos Pierrakakis elected Eurogroup president and prioritises Savings and Investments Union and digital euro

    Greece's Ministry of National Economy and Finance released a statement by Minister Kyriakos Pierrakakis, following his election as President of the Eurogroup, outlining priorities for unity and execution of key euro area initiatives. He emphasized the EU’s Savings and Investments Union agenda, the digital euro, and strengthening fiscal foundations. Pierrakakis also highlighted the need for cooperation and flexible implementation in addressing shared challenges like defence pressures, technological innovation, and macroeconomic imbalances.

    Policy & regulationReform agendas & prioritiesOther
  • 2025-12-11GreeceMinistry of National Economy and Finance (Greece)

    Greece's Ministry of National Economy and Finance sets out fiscal, EU funding and tax policy priorities for sustainable growth

    Greece's Ministry of National Economy and Finance highlighted Deputy Minister George Kotsiras' remarks at the UN Global Compact Network Greece event, emphasizing sustainable development as central to the country's growth model. Strategies include fiscal stability, effective EU fund utilization, and a fair tax policy for balanced growth. Kotsiras noted fiscal responsibility, structural reforms, and accelerated fund absorption as drivers of public debt reduction and market confidence, alongside recent tax reforms and green transition initiatives.

    Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
  • 2025-12-11GreeceMinistry of National Economy and Finance (Greece)

    Greece's Ministry of National Economy and Finance outlines Eurogroup and ECOFIN agenda as Pierrakakis contests Eurogroup presidency

    Greece's Minister of National Economy and Finance, Kyriakos Pierrakakis, is attending the Eurogroup and ECOFIN meetings in Brussels as a candidate for Eurogroup president. Discussions will cover macroeconomic developments, national budgets, and Bulgaria's accession to the European Stability Mechanism (ESM). ECOFIN will address the Savings and Investment Union, digital euro legislation, Customs Union reforms, and euro area economic policy recommendations under the 2026 European Semester.

    Policy & regulationCooperationOther
  • 2025-12-11GreeceMinistry of National Economy and Finance (Greece)

    Greece’s Ministry of National Economy and Finance welcomes Kyriakos Pierrakakis’ election as Eurogroup President

    Greece’s Ministry of National Economy and Finance announced Minister Kyriakos Pierrakakis's election as Eurogroup President, recognizing Greece’s economic progress. The statement contrasts past challenges with achievements like high growth and debt reduction. It outlines key policy areas for the presidency, including European border security, trade protectionism, technological advancements, and future EU investment financing.

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-12-11GreeceMinistry of National Economy and Finance (Greece)

    Greece's Ministry of National Economy and Finance welcomes Kyriakos Pierrakakis’s unanimous election as Eurogroup President

    Greece’s Ministry of National Economy and Finance announced the election of Minister Kyriakos Pierrakakis as Eurogroup President, marking a historic decision for Greece. The statement highlights Greece's economic policy since 2019 and improved international credibility, with expectations for the Eurogroup to address high prices, housing, and strengthen Europe's economic foundations.

    OtherLeadership change and appointments
  • 2025-12-11GreeceMinistry of National Economy and Finance (Greece)

    Greece’s Ministry of National Economy and Finance welcomes Kyriakos Pierrakakis’s election as Eurogroup President

    Greece’s Ministry of National Economy and Finance announced Finance Minister Kyriakos Pierrakakis's election as Eurogroup President, marking a milestone for Greece. The statement highlights Greece's return to European decision-making prominence, attributing this to recent reforms and achievements under Prime Minister Kyriakos Mitsotakis. Pierrakakis's experience is expected to bolster the resilience and competitiveness of the European economy.

    OtherLeadership change and appointments
  • 2025-12-11FinlandMinistry of Finance (Finland)

    Finland's Ministry of Finance proposes longer 35-year mortgages, a 95% loan-to-value cap and cyclical rules for housing company loans

    Finland's Ministry of Finance proposed adjustments to housing finance rules to support the housing market and construction. Key changes include extending the maximum mortgage maturity to 35 years and allowing the Financial Supervisory Authority to cap mortgages at 95% of a home's value. The proposal also allows for adjustments to housing company financing rules based on economic conditions.

    Policy & regulationRules & requirementsLending
  • 2025-12-11New ZealandSerious Fraud Office

    New Zealand's Serious Fraud Office secures prison sentences for couple behind near $4 million Ponzi scheme

    New Zealand's Serious Fraud Office announced that the Christchurch High Court sentenced Thomas Alexander Kokouri Tuira and Aroha Awhinanui Tuira for a Ponzi scheme defrauding over 55 investors of $3.9 million NZD. The scheme, which operated from May 2014 to May 2021, targeted Maori communities and involved deceptive practices, with both offenders pleading guilty to obtaining by deception.

    EnforcementInvestigations & enforcement actionsFraud and scams
  • 2025-12-11GlobalBank for International Settlements

    Bank for International Settlements reviews G20 cross-border payments roadmap and says end-2027 targets are unlikely to be met

    The Bank for International Settlements assessed the G20 Roadmap for cross-border payments, concluding the 2027 targets are unlikely to be met. Despite largely complete international policy actions, uneven jurisdiction-level implementation has led to modest end-user improvements. The bulletin recommends prioritising domestic implementation and public-private collaboration, highlighting interoperability, standardisation, and emerging technologies like fast payment system interlinking and Nexus Global Payments.

    Policy & regulationInternational standards & recommendationsCross-border payments
  • 2025-12-11BulgariaNational Bank of Bulgaria

    National Bank of Bulgaria confirms a 3% systemic risk buffer for all banks’ exposures in Bulgaria

    The National Bank of Bulgaria has confirmed a systemic risk buffer of 3% for all banks, applicable to all exposures in Bulgaria. This decision, aligned with macroprudential procedures involving the European Central Bank, reflects persistent macroprudential and systemic risks, including geopolitical uncertainties and trade fragmentation. The decision follows notification to the European Systemic Risk Board and relevant EU authorities.

    Policy & regulationRules & requirementsCapital adequacyFinancial stability and systemic risk
  • 2025-12-11BulgariaNational Bank of Bulgaria

    Bulgarian National Bank governor meets European Stability Mechanism leaders on Bulgaria’s 1 January 2026 euro adoption and planned ESM membership

    Bulgarian National Bank Governor Dimitar Radev met with European Stability Mechanism (ESM) officials in Luxembourg to discuss Bulgaria's planned euro adoption on 1 January 2026 and future ESM membership. The visit included a symbolic flag-raising ceremony and a speech by Radev at the ESM Annual Dinner. Meetings also involved Bulgarian experts and Deputy Finance Minister Metodi Metodiev.

    Policy & regulationCooperationCross-border cooperation
  • 2025-12-11TürkiyeInsurance and Private Pension Regulation and Supervision Agency of Türkiye

    Insurance and Private Pension Regulation and Supervision Agency of Türkiye revokes TRIVE Sigorta ve Reasürans Brokerliği AŞ licences after request to cease operations

    The Insurance and Private Pension Regulation and Supervision Agency of Türkiye has revoked TRIVE Sigorta ve Reasürans Brokerliği AŞ’s licences for life, non-life, and reinsurance brokerage at the firm's request to cease operations. The decision, made under Decision No. 1400, references Article 21(2) of Insurance Law No. 5684 and Article 20 of the Insurance and Reinsurance Brokers Regulation.

    SupervisionAuthorisations & approvalsUnlicensed or unauthorized activity
  • 2025-12-11KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan urges use of Stop Credit and other safeguards to prevent fraudulent loans

    The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reminded consumers to implement protective measures against credit fraud. Key recommendations include using the “Stop credit” service via eGov.kz, maintaining confidentiality of security codes, avoiding suspicious links, and regularly checking credit reports.

    SupervisionAlertsCredit riskSupervision process and methodologies
  • 2025-12-11KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approves Nurbek Tasbolatov as a senior executive at BCC Invest

    The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Tasbolatov Nurbek Serikboluly as an "other senior executive officer" at BCC Invest JSC, a subsidiary of Bank CenterCredit JSC. This decision is documented in protocol No. 279/РЦБ/Т.

    Institutional developmentLeadership change & appointmentsLicence approval
  • 2025-12-11ThailandThailand Office of Insurance Commission

    Thailand Office of Insurance Commission sets 3-day and 7-day payout targets to speed flood-related insurance claims in Songkhla

    The Thailand Office of Insurance Commission (OIC) sent a team to Hat Yai, Songkhla, to expedite insurance support for flood-affected policyholders by accelerating claims handling and expanding loss-assessment capacity. Insurers must pay motor insurance claims within 7 days and fire/property policies within 3 days for total losses, and streamline processes for partial losses. The OIC also identified a need for increased insurance education for SMEs in the region, noting many remain uninsured.

    SupervisionInterventionsOther
  • 2025-12-11Middle EastArab Monetary Fund

    Arab Monetary Fund releases 61st Arab Capital Markets Monthly Bulletin highlighting 1.20% October rise in AMF Composite Index

    The Arab Monetary Fund's latest "Arab Capital Markets Monthly Bulletin" reports a 1.20% rise in the AMF Composite Index for October 2025, driven by strong quarterly results in the banking sector. Gains were noted in eleven exchanges, with Amman leading at 9.39%, while Iraq and Damascus experienced the largest declines.

    Data & statisticsFinancial and market indicatorsMarket development
  • 2025-12-11San MarinoCentral Bank of San Marino

    Central Bank of the Republic of San Marino Director General calls for regenerative bank governance amid EU sustainability rule layering

    At the Human Economic Forum, Andrea Vivoli, Director General of the Central Bank of San Marino, stressed the need for banks to integrate social sustainability into governance for equitable development. He noted the complexity of European regulations complicating long-term strategies and suggested prudential incentives for social-sustainable financing and public-private partnerships to manage impaired-loan portfolios for financial re-inclusion.

    Policy & regulationReform agendas & prioritiesESGCorporate governance
  • 2025-12-11JordanJordan Securities Commission

    Jordan Securities Commission participates in AMF high-level Abu Dhabi meeting on financial stability and supervisory priorities

    The Jordan Securities Commission attended the 20th Annual High-Level Meeting on Financial Stability and Supervisory Priorities in Abu Dhabi, discussing emerging risks, stablecoin regulation, AI use by regulators, and liquidity risk management, organized by the Arab Monetary Fund with the Financial Stability Institute and Basel Committee on Banking Supervision.

    SupervisionCooperationFinancial stability and systemic riskSupervision process and methodologies
  • 2025-12-11BrazilBrazilian Superintendence of Private Insurance (SUSEP)

    Brazilian Superintendence of Private Insurance explains Insurance Contract Law now in force with clearer terms and a 30-day claims response deadline

    The Brazilian Superintendence of Private Insurance (SUSEP) announced the enforcement of Brazil’s Insurance Contract Law (Law No. 15.040/2024), which mandates clarity in insurance contracts and favors the insured in document interpretation. The law sets time limits for proposal assessments, standardizes contract rules, and restricts unilateral cancellations. SUSEP's future rulemaking will focus on residual technical details.

    Policy & regulationRules & requirements
  • 2025-12-11BrazilBrazilian Superintendence of Private Insurance (SUSEP)

    Brazilian Superintendence of Private Insurance convenes regulators and industry to discuss Joint Resolution 12/2024 and the interoperability agenda

    The Brazilian Superintendence of Private Insurance (SUSEP) hosted a virtual event on Joint Resolution No. 12/2024, impacting Brazil's insurance and credit ecosystem. The resolution, a regulatory milestone, aims to enhance system interoperability. Contributions from the Central Bank of Brazil and the Ministry of Finance emphasized coordinated regulatory action. Discussions covered technological maturity, interoperability challenges, and platform integration opportunities across credit, pension, and capitalisation markets.

    Policy & regulationCooperationFintech and insurtechMarket infrastructure
  • 2025-12-11TajikistanNational Bank of the Republic of Tajikistan

    National Bank of the Republic of Tajikistan runs AML CFT and proliferation financing training for credit financial institutions in Bokhtar

    The National Bank of the Republic of Tajikistan held a seminar in Bokhtar to enhance credit financial institutions' staff skills in preventing money laundering, terrorist financing, and weapons proliferation financing. Attended by 30 specialists, it covered national AML/CFT/CPF systems, FATF standards, and practical sessions on preventing criminal activities. The National Bank plans similar seminars in other regions.

    Policy & regulationImplementation, projects & pilotsOther
  • 2025-12-11PhilippinesCentral Bank of the Philippines

    Central Bank of the Philippines to issue PHP 10 ASEAN commemorative coin nationwide in January 2026 and instructs banks to promote it

    The Central Bank of the Philippines will issue a PHP 10 ASEAN coin in January 2026 to commemorate its role as ASEAN Chair. The coin will circulate as legal tender alongside existing PHP 10 coins. Banks are instructed to promote the coin using BSP-prescribed materials across various platforms.

    Policy & regulationImplementation, projects & pilotsPayments and payment systems
  • 2025-12-11Sint Maarten & CuracaoCentral Bank of Sint Maarten & Curacao

    Central Bank of Sint Maarten & Curacao hosts third annual fintech conference on regulating the next wave of fintech

    The Central Bank of Sint Maarten & Curacao hosted its third annual Fintech Conference, focusing on regulation's role in consumer protection and innovation support. Key topics included digital-asset regulation, stablecoins, financial inclusion, and the future of banking. The Global Blockchain Business Council and The Luxembourg House of Financial Technology pledged to enhance the region's fintech ecosystem by addressing gaps in payment infrastructure.

    OtherFintech and insurtechFinancial inclusion
  • 2025-12-11New ZealandNew Zealand Financial Markets Authority

    New Zealand Financial Markets Authority censures Opes for record-keeping, conflicts and client-understanding failures under its financial advice provider licence

    The New Zealand Financial Markets Authority has censured Opes Group Holding Company Limited for failing to meet obligations under its financial advice provider licence, citing issues in record keeping, client understanding, and conflicts of interest management. Although no client harm was identified, the FMA noted potential risks to customer outcomes and acknowledged Opes' cooperation and voluntary remediation plan.

    EnforcementInvestigations & enforcement actionsCorporate governance
  • 2025-12-11South AfricaSouth African Reserve Bank

    South African Reserve Bank's Prudential Authority publishes sector risk assessment rating life insurers' money laundering risk medium-high and flagging weak terrorism and proliferation financing controls

    The South African Reserve Bank’s Prudential Authority assessed money laundering, terrorism financing, and proliferation financing risks in the life insurance sector from January 2022 to December 2024. Inherent risks are rated medium-high, medium-low, and low, with residual risks at medium, medium-low, and low, respectively. Key threats include fraud, corruption, and tax evasion, with vulnerabilities in complex products and non-face-to-face onboarding, while controls for terrorism and proliferation financing are weak.

    SupervisionRisk monitoring & watch pointsAML and CFT
  • 2025-12-11ItalyItalian Institute for Insurance Supervision (IVASS)

    Italian Institute for Insurance Supervision orders the blocking of five unauthorised insurance websites

    The Italian Institute for Insurance Supervision (IVASS) has ordered the blocking of five websites for unlawfully offering insurance services, bringing the total number of blocked sites to 328 since November 2023. IVASS cautions consumers against policy offers via instant messaging and prepaid credit card payments, and advises verifying websites against its official lists of authorised intermediaries.

    EnforcementInvestigations & enforcement actionsFraud and scams
  • 2025-12-11SerbiaNational Bank of Serbia

    National Bank of Serbia completes DinaCard modernisation with new switch, EMVCo security and 3D Secure authentication

    The National Bank of Serbia has modernized the DinaCard system, enhancing security, interoperability, and efficiency in payment transactions. Key upgrades include a high-performance DinaCard Switch, DinaCard Secure for strong customer authentication, and advanced dispute management solutions. These improvements align with global standards, enabling Serbian banks to issue Dina payment cards with enhanced security features.

    Policy & regulationImplementation, projects & pilotsPayments and payment systems
  • 2025-12-11South KoreaSouth Korea Financial Services Commission

    South Korea Financial Services Commission launches KRW150 trillion National Growth Fund to support high-tech strategic industries

    South Korea's Financial Services Commission has launched the National Growth Fund, a five-year KRW150 trillion program to support high-tech industries, supply chains, and startups. The fund involves a private-public strategy committee and a two-tier decision-making process, with funding split equally between government bonds and private sector contributions. Investment is planned across equity, infrastructure, and lending, focusing on regions outside Seoul, with initial projects targeted for early 2026.

    Policy & regulationImplementation, projects & pilotsMarket development
  • 2025-12-11EstoniaCentral Bank of Estonia

    Central Bank of Estonia Supervisory Board awards Deputy Governor Veiko Tali a two months’ pay bonus as his term ends

    The Central Bank of Estonia’s Supervisory Board reviewed a new initiative to counter payment fraud and awarded Deputy Governor Veiko Tali an end-of-term bonus for his contributions to financial-sector crisis readiness. The meeting also addressed routine economic updates, including a draft economic forecast and the 2026 work schedule. The economic forecast will be published on 19 December, with the 2026 budget approval planned for December.

    Institutional developmentGovernanceLeadership change and appointments
  • 2025-12-11KosovoCentral Bank of the Republic of Kosovo

    Central Bank of the Republic of Kosovo links PECK III project to EU-aligned AML CFT rules and risk-based supervisory reforms

    The Central Bank of the Republic of Kosovo announced enhancements to its supervisory approach, aligning with European standards for anti-money laundering and countering the financing of terrorism (AML/CFT). Key developments include a shift to a risk-based supervision model, adoption of new AML/CFT regulations, and improved traceability of virtual asset transfers. These reforms prepare for an upcoming MONEYVAL assessment and ongoing inter-institutional cooperation.

    Policy & regulationRules & requirementsAML and CFTSupervision process and methodologies
  • 2025-12-11EuropeEuropean Central Bank

    European Central Bank endorses 17 recommendations to simplify EU bank prudential regulation supervision and reporting

    The European Central Bank (ECB) released a report with recommendations from its High-Level Task Force on Simplification to reduce complexity in the European prudential regulatory framework for banks. Key proposals include streamlining capital requirements, enhancing proportionality for smaller banks, and harmonizing supervisory processes. The ECB Governing Council endorsed these recommendations, emphasizing resilience, EU harmonization, and international cooperation, with implementation contingent on support from EU and national authorities.

    Policy & regulationReform agendas & prioritiesPrudential risks
  • 2025-12-11GuernseyGuernsey Financial Services Commission

    Guernsey Financial Services Commission launches digital finance consultation proposing tokenisation and changes to the VASP regime

    The Guernsey Financial Services Commission released a Digital Finance Consultation Paper to enhance digital finance adoption, focusing on regulatory clarity for emerging technologies and amendments to the Virtual Asset Service Provider regime. Key proposals include tokenisation of collective investment schemes, a framework for stablecoin issuers, and measures for digital asset custody services. The Commission is engaging stakeholders through its Digital Forum to discuss these.

    Policy & regulationRules & requirements
  • 2025-12-11GuernseyGuernsey Financial Services Commission

    Guernsey Financial Services Commission publishes Q3 2025 investment statistics showing Guernsey funds NAV at GBP 272.8 billion

    The Guernsey Financial Services Commission reported a 0.7% quarterly increase in the total net asset value (NAV) of Guernsey funds to GBP 272.8 billion, despite a 5.5% annual decline. Closed-ended funds saw a 0.2% quarterly decrease, while open-ended funds rose 5.6% over the same period. Guernsey Green Funds held NAV of GBP 4.5 billion at the end of the quarter.

    Data & statisticsFinancial and market indicators
  • 2025-12-11AlbaniaAlbania Financial Services Authority

    Albania Financial Services Authority publishes January–September 2025 statistics showing collective investment fund assets up 11% to ALL 68.13bn

    The Albania Financial Services Authority reported that the net asset value of collective investment undertakings reached ALL 68.13bn (EUR 704m) as of 30 September 2025, marking an 11.03% increase since 31 December 2024. Investor numbers rose by 10.32% to 41,686 during the same period. Six AMF-licensed management companies operated 16 investment funds, with portfolios primarily invested in Albanian government securities.

    Data & statisticsFinancial and market indicatorsSupervisory data
  • 2025-12-11BrazilBrazil Securities Commission (CVM)

    Brazil Securities Commission imposes BRL 5.7m fine and 104-month ban in Blue Tech Solutions capital increase case and acquits in three other proceedings

    The Brazil Securities Commission (CVM) imposed fines and temporary disqualifications on five individuals linked to a 2019 capital increase at Indústrias J.B. Duarte S.A., now Blue Tech Solutions E.Q.I S.A., for governance and disclosure violations. Key sanctions include a BRL 5,713,704.36 fine and a 104-month management ban for Laodse Denis de Abreu Duarte. In separate cases, the CVM acquitted individuals and entities involved in an issuer share buyback, an audit engagement, and alleged board member power abuse.

    EnforcementInvestigations & enforcement actionsAuditing
  • 2025-12-11SeychellesSeychelles Financial Services Authority

    Seychelles Financial Services Authority terminates Securities Dealer Representative accreditation of Hakam Kamel Mousa Thalji effective 6 November 2025

    The Seychelles Financial Services Authority has terminated the accreditation of Mr. Hakam Kamel Mousa Thalji as the representative of Baz Capital Markets Ltd, effective 6 November 2025, under section 4(1)(m) of the Financial Services Authority Act 2013.

    SupervisionAuthorisations & approvalsLicence withdrawal
  • 2025-12-11United KingdomBank of England

    Bank of England consults on exempting post-trade risk reduction transactions from the UK EMIR derivatives clearing obligation

    The Bank of England is consulting on draft rules to exempt post-trade risk reduction (PTRR) transactions from the derivatives clearing obligation under UK EMIR. The Bank argues that PTRR services, including portfolio compression and rebalancing, are non-price forming and market-risk neutral, and that clearing requirements could limit their effectiveness. The proposal outlines eligibility conditions for PTRR services and requires providers to notify the Bank of service offerings and changes.

    Policy & regulationRules & requirementsCCPs
  • 2025-12-11ParaguayCentral Bank of Paraguay

    Central Bank of Paraguay launches securities market reporting platform with phased rollout in the first half of 2026

    The Central Bank of Paraguay has launched, through its Securities Superintendency, a new regulatory reporting platform for the securities and products market. It replaces legacy reporting formats with an integrated database system that standardizes submissions, automates validation and consolidates market data in one environment. Rollout will be phased during the first half of 2026 with training, pilots and technical support for regulated entities.

    SupervisionRegulatory reporting
  • 2025-12-11RussiaCentral Bank of Russia

    Central Bank of Russia reports higher November incoming payments but weaker retail flows

    The Central Bank of Russia's latest Monitoring of Sectoral Financial Flows report shows a 2.7% increase in incoming payments in November compared to the 2025 Q3 average, with a 2.4% rise excluding certain sectors. Growth was noted across most industries except investment demand sectors, while retail saw a decline, suggesting a potential slowdown in consumer activity.

    Data & statisticsEconomic data and developments
  • 2025-12-11RussiaCentral Bank of Russia

    Central Bank of Russia consults on draft rules for two-minute depository transfers of securities

    The Central Bank of Russia has issued a draft ordinance to expedite Russian securities transfers between investors' accounts, supporting a new law effective 1 September 2026. The draft outlines terms, depository interactions, and a two-minute transfer cap, eliminating the need for separate debit and credit orders.

    Policy & regulationRules & requirementsMarket infrastructure
  • 2025-12-11PhilippinesPhilippine Securities and Exchange Commission

    Philippine Securities and Exchange Commission lowers the effective interest rate cap to 12 percent per month for small unsecured loans by financing and lending companies

    The Philippine Securities and Exchange Commission issued SEC Memorandum Circular No. 14, Series of 2025, setting new ceilings on interest rates and fees for unsecured, general-purpose loans, effective April 1, 2026. The circular caps effective interest rates at 12% per month, nominal interest at 6% per month, and late payment penalties at 5% per month, with a total cost cap of 100% of the borrowed amount. Violations, including circumvention practices, incur escalating penalties, with potential certificate revocation for repeated offenses.

    Policy & regulationRules & requirementsLending
  • 2025-12-11FijiReserve Bank of Fiji

    Reserve Bank of Fiji grants a new insurance broker licence to Howden Insurance Brokers Fiji Pte Limited

    The Reserve Bank of Fiji granted an insurance broker licence to Howden Insurance Brokers (Fiji) Pte Limited, a subsidiary of Howden Group Holdings Ltd, under section 43 of the Insurance Act 1998, increasing the number of licensed brokers in Fiji to six. The firm will begin operations in January 2026, offering intermediary advisory, placement services, and insurance risk management solutions.

    SupervisionAuthorisations & approvalsLicence approval
  • 2025-12-11FijiReserve Bank of Fiji

    Reserve Bank of Fiji launches Fiji’s first Green Finance Taxonomy to guide climate aligned investment

    The Reserve Bank of Fiji, in collaboration with the International Finance Corporation and the Climate Bonds Initiative, has launched Fiji’s first Green Finance Taxonomy to classify environmentally sustainable activities and mitigate greenwashing. Version 1.0 focuses on climate change mitigation in the energy and transport sectors, with plans for review in 2 to 3 years and initiatives for capacity building and awareness.

    Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
  • 2025-12-11United StatesU.S. Financial Services Committee

    U.S. Financial Services Committee reviews U.S. bank capital framework with focus on risk alignment and tailoring

    The U.S. Financial Services Committee’s Subcommittee on Financial Institutions held a hearing on the U.S. bank capital framework, focusing on capital requirements' impact on institutions of varying sizes and credit availability. Discussions emphasized reducing compliance burdens on smaller banks and concerns over high requirements affecting small business lending and mortgage affordability. Witnesses called for reforms in Basel III implementation, stress test transparency, leverage requirements, and the Global Systemically Important Bank capital surcharge, highlighting the impact on competitiveness and the real economy.

    Policy & regulationReform agendas & prioritiesCapital adequacy
  • 2025-12-11United StatesU.S. Financial Services Committee

    United States House Committee on Financial Services leaders unveil bipartisan Housing for the 21st Century Act to streamline housing development and affordability

    The U.S. House Committee on Financial Services introduced the bipartisan Housing for the 21st Century Act to enhance housing development and affordability by updating programs and removing regulatory barriers. The bill, incorporating elements from the Senate's ROAD to Housing Act, aims to reduce red tape and expedite affordable housing projects. Committee leaders plan to advance the bill and collaborate with the Senate in the coming year.

    Policy & regulationRules & requirementsOther
  • 2025-12-11United StatesU.S. Financial Services Committee

    U.S. Financial Services Committee-backed INVEST Act passes the House in a 302–123 bipartisan vote

    The U.S. Financial Services Committee announced the House's passage of the INVEST Act, aiming to reduce regulatory frictions, expand investment opportunities, and support entrepreneurs and small businesses. The bill includes measures to enhance access to investment capital, create new investment options, and lower public listing costs, alongside the Senior Security Act to protect seniors from financial fraud. The committee urged the Senate to consider the legislation.

    Policy & regulationRules & requirementsCapital adequacy
  • 2025-12-11United StatesU.S. Financial Services Committee

    U.S. Financial Services Committee holds bank capital hearing as Andy Barr calls for tailored risk-aligned requirements and a Basel III Endgame re-proposal

    The U.S. Financial Services Committee’s Financial Institutions Subcommittee held a hearing on the U.S. bank capital framework. Chair Andy Barr advocated for a more transparent, risk-aligned, and tailored capital regime. Barr criticized the "gold-plating" of international standards and the Biden Administration’s Basel III Endgame proposal, suggesting it could drive business offshore. He called for capital requirements to be adjusted by size, complexity, and risk profile, and proposed indexing regulatory thresholds to economic growth to prevent a "barbell" banking system.

    Policy & regulationReform agendas & prioritiesCapital adequacy
  • 2025-12-11CanadaFinancial Transactions and Reports Analysis Centre of Canada

    Financial Transactions and Reports Analysis Centre of Canada imposes CAD 67,150 penalty on Juba Express for anti-money laundering compliance failures

    FINTRAC fined Juba Express Inc. CAD 67,150 for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, citing inadequate compliance policies, failure to assess money laundering risks, and failure to report large transactions. FINTRAC issued 23 Notices of Violation in 2024–25, totaling over CAD 25 million, and imposed over 150 penalties since 2008.

    EnforcementInvestigations & enforcement actionsAML and CFT
  • 2025-12-11ThailandThailand Securities & Exchange Commission

    Thailand Securities and Exchange Commission files criminal complaint against former CMO directors and associates over alleged dishonest subsidiary share purchase

    The Thailand Securities and Exchange Commission (SEC) filed a criminal complaint against former directors and executives of CMO Public Company Limited for alleged dishonest conduct in a share purchase damaging CMO. The SEC's investigation revealed shares were bought at THB 400,000 and resold to CMO for THB 65 million, benefiting the former executives. Those involved are barred from serving as directors or executives during legal proceedings, and the SEC will support authorities in enforcing the Securities and Exchange Act.

    EnforcementInvestigations & enforcement actionsAuditingCorporate governance
  • 2025-12-11ThailandThailand Securities & Exchange Commission

    Thailand Securities and Exchange Commission urges holders of 11 Energy Absolute bond series to scrutinise partial business transfer proposal ahead of 16 December meeting

    The Thailand Securities and Exchange Commission advises bondholders of 11 Energy Absolute Public Company Limited bond series to review information and exercise their rights at the bondholders’ meeting on 16 December 2025. The meeting will address the rationale, negotiation status with banks, and a vote on a partial business transfer. Bondholders’ representatives must evaluate and communicate the benefits, drawbacks, and potential impacts of the proposals.

    Policy & regulationGuidance & interpretationCorporate governance
  • 2025-12-11KyrgyzstanNational Bank of the Kyrgyz Republic

    National Bank of the Kyrgyz Republic annuls Adybai-Ata credit union licence following voluntary surrender effective 8 December 2025

    The National Bank of the Kyrgyz Republic has annulled the licence of Credit Union Adybai-Ata following its members' decision to voluntarily surrender it. The annulment, executed by the National Bank’s Naryn Regional Administration, is effective from 8 December 2025. The licence, issued in 2004, allowed the credit union to attract funds and extend loans to its members.

    SupervisionAuthorisations & approvals
  • 2025-12-11United KingdomBank of England

    Bank of England reappoints David Roberts as Court Chair from October 2026 and renews Anne Glover and Diana Noble as non-executive directors

    The Bank of England has reappointed David Roberts as Chair of the Court for a second four-year term starting 24 October 2026. Dame Anne Glover and Diana Noble have also been reappointed as Non-Executive Directors until 31 May 2028 and 31 May 2027, respectively. These reappointments adhere to the Governance Code on Public Appointments and are based on merit.

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-12-11EuropeEuropean Fund and Asset Management Association

    European Fund and Asset Management Association launches Version 2 of its AI System Assessment Tool to support EU AI Act compliance

    The European Fund and Asset Management Association (EFAMA) has released Version 2 of its AI System Assessment Tool to assist firms in aligning AI use cases with the EU AI Act. The tool includes enhanced functionalities for analyzing business risks, technology considerations, and governance, and introduces a 'DORA-lite' template for third-party AI systems to aid due diligence and compliance with the Digital Omnibus legislative proposal.

    Policy & regulationGuidance & interpretationArtificial intelligenceCompliance
  • 2025-12-11EuropeEuropean Fund and Asset Management Association

    European Fund and Asset Management Association publishes Q3 2025 statistics showing global equity fund outflows as worldwide fund assets rise to EUR 78 trillion

    The European Fund and Asset Management Association's Q3 2025 report shows global investment fund net assets rose by 4.8% to EUR 78 trillion, with long-term fund net sales at EUR 351 billion. Equity funds had net outflows of EUR 103 billion due to U.S. concerns over tech stock valuations, while Europe saw EUR 64 billion in equity inflows. Bond funds and global ETFs attracted significant inflows, with bond funds at EUR 363 billion and ETFs at EUR 486 billion. Money market funds saw EUR 351 billion in inflows, mainly from the U.S.

    Data & statisticsFinancial and market indicatorsSupervisory data
  • 2025-12-11EuropeEuropean Payments Council

    European Payments Council opens call for independent members including chair of its Dispute Resolution Committee

    The European Payments Council is seeking applications for three independent member positions, including Chair, on its Dispute Resolution Committee, which oversees compliance for scheme management. Candidates must be unaffiliated with scheme participants, PSP communities, service providers, or user groups. Selected members will begin their three-year term on 1 April 2026.

    Institutional developmentLeadership change & appointmentsHiring and recruitment