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2025-12-09•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance presented a draft bill to the Hellenic Parliament to reform charitable asset management, introduce tax incentives, and simplify procedures. It includes tax exemptions for volunteer firefighter vehicles, changes to kiosk income calculations, and transferring coastal land to municipalities. Amendments address income tax, property tax, VAT, and disaster-affected areas.
Policy & regulationRules & requirementsOther
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2025-12-09•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a scam alert about fraudulent websites, fake internet banking login screens, and phishing emails involving several banks, including The Bank of East Asia and Dah Sing Bank. The HKMA emphasized that banks will not send SMS or emails with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact their bank and report to the Hong Kong Police Force's Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-12-09•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance unveiled a draft bill to reform the framework for charitable estates, unclaimed inheritances, and donations, alongside measures for victims of the 2018 Mati wildfire and 2017 Mandra flood. Key proposals include a Unified Electronic Register of Charitable Assets, new intervention tools for inactive foundations, and expanded compensation and support for disaster victims. The bill introduces a tax-exempt special pension for affected individuals and outlines debt relief measures, while enhancing the Legal Council's role in dispute resolution.
Policy & regulationRules & requirementsOther
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2025-12-09•Bulgaria•National Bank of Bulgaria
The Bulgarian National Bank will open its cash desks on 13 and 20 December 2025 to meet increased demand for euro coin starter kits ahead of Bulgaria's euro area entry on 1 January 2026. The central building in Sofia will sell starter kits to individuals, while the Sofia Cash Centre will sell kits and exchange lev coins and banknotes.
Other
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2025-12-09•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Saule Erkinovna Urazalina as Deputy Chief Accountant of JSC DB Kazakhstan-Ziraat International Bank and Madina Kanatovna Tumenbayeva as a Management Board member and Deputy Chair of the Management Board of JSC Citibank Kazakhstan.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-09•Thailand•Thailand Office of Insurance Commission
Thailand’s Office of Insurance Commission (OIC) attended the IAIS Annual Conference, where members approved by-law amendments to restructure main committees. Changes include creating three new committees to enhance risk monitoring, requiring a co-chair from emerging markets in the Standards and Supervisory Practices Committee. Discussions also covered potential collaboration with the World Bank on disaster risk management and IAIS resources for emerging markets.
Policy & regulationRules & requirementsSupervision process and methodologies
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2025-12-09•Middle East•Arab Monetary Fund
In October 2025, the Arab Monetary Fund’s Training and Capacity Building Institute engaged 265 trainees from Arab countries in specialized programs to enhance skills in macroeconomics, investment, risk management, and international trade. Collaborations with entities like the World Bank and IMF Middle East Center facilitated advanced courses on public finance, modern statistical techniques, and regulatory frameworks for financial innovation.
Policy & regulationImplementation, projects & pilots
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2025-12-09•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) has debarred Songeziwe Mbalo for 20 years and imposed penalties totaling ZAR 9 million on Mbalo and Bhaca Green (Pty) Ltd, with an additional ZAR 50,000 penalty on Lungile Mgilane. The FSCA found that Mbalo and Bhaca Green operated as unauthorised financial services providers, misusing investor funds for forex trading. The FSCA will report the case to the South African Police Service and offer assistance as needed.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-12-09•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) imposed a ZAR 197 million penalty on Medbond Insurance Brokers and Jacobus Meyer, with additional ZAR 5 million penalties on Medbond Markets, Medbond Fund Managers, and Masjamplan. Meyer was debarred for 30 years and Frederick van Heerden for four years due to misappropriation and unauthorized financial activities. The FSCA will report the case to the South African Police Service and offer assistance.
EnforcementInvestigations & enforcement actions
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2025-12-09•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority has finalized the withdrawal of Afrimarkets Capital (Pty) Ltd's financial services provider licence following an investigation. Afrimarkets was found to have misappropriated client funds, provided unauthorized advice, misled clients and the FSCA, promised unrealistic returns, and failed to act in clients' best interests. The FSCA will provide further updates on the matter as necessary.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-12-09•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority has imposed a ZAR 12.6 million penalty on The Relocations Group (Pty) Ltd and Mr Kyle Bary Tiltman, debarred for 15 years for offering marine insurance without authorisation. The investigation revealed unlicensed operations and Mr Tiltman's non-cooperation, violating multiple sections of the Short-term Insurance Act, Insurance Act, and Financial Sector Regulation Act. Mr Tiltman is barred from involvement in FSCA-regulated financial products or services and from key roles within financial institutions.
EnforcementSanctions & designationsUnlicensed or unauthorized activity
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2025-12-09•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority announced that Payzilla International AG has waived its registration as a TT exchange service provider, effective 4 December 2025. Consequently, the firm is no longer authorized to provide TT services requiring registration under the TVTG.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-12-09•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) joined a CNseg webinar to present a consumer guide on Brazil’s new Insurance Law, effective 11 December. Ombudswoman Aline Vieira emphasized the role of insurance ombudsman functions and customer service channels in consumer protection. The guide aims to clarify consumer rights, coverage, and contractual aspects, while SUSEP is working to enhance communication and ombudsman arrangements at supervised entities.
Financial literacy & educationConsumer and investor protection
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2025-12-09•Brazil•Brazilian Pension Funds Authority (PREVIC)
Brazil's National Council for Complementary Pension Plans (CNPC) approved amendments to procedural rules for pension fund statutes and benefit plan regulations, focusing on benefit updates using price indices. The changes to CNPC Resolution No. 40/2021 aim to enhance stability and legal certainty, allowing the Brazilian Pension Funds Authority (PREVIC) to list suitable indices. Adjustments to CNPC Resolution No. 50/2022 were deferred for further review, with the 2026-2027 agenda prioritizing benefit plan calculations.
Policy & regulationRules & requirementsOther
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2025-12-09•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority announced that the High Court in Auckland ordered Tower to pay a NZD 7 million civil penalty for misleading representations about its multi-policy discount, affecting about 61,000 customers and resulting in overcharges exceeding NZD 11 million. Tower admitted to breaches of the Financial Markets Conduct Act, with the court highlighting previous commitments to improve systems following a 2017 settlement with the Commerce Commission.
EnforcementInvestigations & enforcement actions
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2025-12-09•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority released a report from a thematic review on financial institutions' product and service assessments, highlighting good practices, common challenges, and improvement areas. The report underscores the importance of regular reviews to identify risks, ensure fair consumer treatment, and comply with the Conduct of Financial Institutions regime.
SupervisionReviews, inspections & stress testsConsumer and investor protection
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2025-12-09•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority's thematic review highlights good practices and areas for improvement in financial institutions' product and service reviews, emphasizing consumer-focused, risk-based, and flexible processes. The report, serving as guidance without new legal obligations, stresses governance, consumer communication, and action tracking, noting varied practices and less frequent reviews of off-sale and legacy products.
Policy & regulationGuidance & interpretationConsumer and investor protection
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2025-12-09•Estonia•Finantsinspektsioon
Estonia's Financial Supervision and Resolution Authority reported that most financial institutions in Estonia use AI, vital for work processes, client service, and risk management. A survey of 65 companies highlighted AI's role in language processing, machine learning, and process automation, enhancing efficiency and decision quality while posing data protection and cyber security risks. The authority emphasized robust risk management and transparency to safeguard clients and market credibility.
SupervisionRisk monitoring & watch pointsArtificial intelligence
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2025-12-09•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission seeks public comments on proposed amendments to Rule 68, raising the threshold for mandatory audited financial statements from PHP 600,000 to PHP 3,000,000 in total assets or liabilities. Corporations below this threshold would file certified financial statements, with certifying officers responsible for accuracy. The exemption does not apply to entities in Group A, B, or C, or those deemed of public interest by the Commission.
Policy & regulationRules & requirementsAuditing
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2025-12-09•Poland•Ministry of Finance (Poland)
Poland's Ministry of Finance announced the Council of Ministers' adoption of a draft bill to align national financial market laws with EU regulations on payment services, benchmarks, and resolution. The bill mandates Polish payment service providers to offer instant EUR credit transfers within 10 seconds without extra fees and introduces changes to MREL requirements to reduce costs. It also aims to enhance benchmark robustness and supervisory effectiveness under the EU Benchmark Regulation.
Policy & regulationRules & requirementsRegulatory burden
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2025-12-09•Europe•European Central Bank
The European Central Bank's working paper shows euro area banks increasingly consider pollution-induced biodiversity risks in lending. Using data from 832 banks and 5,000 major polluters, it reveals adjustments in loan-to-value ratios and interest rate premia, especially for firms polluting near biodiversity-protected areas. The findings highlight the influence of EU legislation and banks' biodiversity policies on lending terms.
ResearchClimate risk and sustainable financePrudential risks
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2025-12-09•Europe•European Central Bank
The European Central Bank's biennial report confirms smooth data production and adherence to quality standards. Key updates include the recast investment fund statistics regulation, a revised non-compliance framework, and enhanced payments statistics. The report outlines future milestones, such as transmitting enhanced investment fund data and preparing for Bulgaria's euro adoption.
Data & statisticsMonetary data
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2025-12-09•Europe•European Central Bank
The European Central Bank (ECB) updated its digital euro project, aiming for potential issuance by 2029, contingent on regulatory approval in 2026. The digital euro is envisioned as a public, digital complement to cash, supporting online and offline transactions with privacy protections. The ECB links this initiative to the European Commission’s Single Currency Package, emphasizing reduced reliance on non-European payment providers and complementing private solutions.
Policy & regulationImplementation, projects & pilotsCBDC
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2025-12-09•Europe•European Central Bank
The European Central Bank's annual review confirms the €STR methodology accurately reflects euro area banks' wholesale unsecured overnight borrowing costs, with no changes needed. The review highlights €STR's responsiveness to ECB policy rate cuts and increased transaction volumes, supported by additional reporting agents. The ECB will continue monitoring market activity outside the current €STR scope while maintaining existing methodology and safeguards.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-12-09•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission released a feedback statement confirming new anti-greenwashing guidance and updates to the Finance Sector Code of Corporate Governance. The guidance mandates licensed entities to ensure environmental sustainability claims are fair and not misleading, while the Code now requires boards to consider broader environmental sustainability risks. These changes take effect on 1 February 2026.
Policy & regulationGuidance & interpretationGreenwashing
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2025-12-09•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) will hold a judgment session on 9 December to rule on four administrative sanctioning proceedings related to issuer conduct, audit and accounting compliance, and corporate governance. Cases involve Vitor Manuel Cavalcanti Mallmann, Ernst & Young Auditores Independentes S.S. Ltda., Renato Nantes, Henrique Constantino, and others. The session will be public, with in-person and videoconference access, and may proceed in a restricted format if no accused attend.
EnforcementInvestigations & enforcement actionsAuditing
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2025-12-09•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) amended its FÁCIL framework, delaying its start to 16 March 2026 and easing disclosure requirements for certain unregistered issuers. The amendments also clarify the application of daily fines for late document submissions under Resolution 232. The CVM bypassed public consultation, citing the targeted and low-impact nature of these changes.
Policy & regulationRules & requirementsRegulatory burden
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2025-12-09•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has extended the deadline for public consultation on a proposed rule to replace CVM Resolution 88, which regulates exempt public offerings by small businesses via crowdfunding platforms. The changes aim to modernize Brazil’s investment crowdfunding regime, addressing market developments like securitisation growth and agribusiness integration. This initiative is part of the CVM’s 2025 Regulatory Agenda.
Policy & regulationOtherCrowdfunding
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2025-12-09•Azerbaijan•Central Bank of the Republic of Azerbaijan
Taleh Kazimov, chair of Azerbaijan's Central Bank, emphasized capital market development as a strategic priority at the "Capital market and IPO: towards development" event. He noted that the 2024–2026 Financial Sector Development Strategy reforms are introducing new instruments and facilitating IPO processes, with increased investor interest. Kazimov also stressed the importance of building trust and expanding awareness through regular information sessions and training for market participants.
Policy & regulationReform agendas & prioritiesMarket development
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2025-12-09•Canada•Ontario Securities Commission
The Ontario Securities Commission released its Corporate Finance Division 2025 Annual Report, detailing operational and policy activities for the 2024–2025 fiscal year. The report, OSC Staff Notice 51-737, includes updates from the Corporate Finance, Mergers and Acquisitions, and Chief Accountant teams, highlights compliance trends, and outlines best practices and policy projects.
Policy & regulationGuidance & interpretationCorporate governanceSupervision process and methodologies
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2025-12-09•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay said President Santiago Peña has appointed Griselda Mariel Figueredo de Giménez as the first superintendent of retirement and pensions, effective 1 January 2026. The appointment follows a merit-based selection process conducted by the Social Security Council. The post will oversee the pension system, including fund security, liquidity and profitability, and protection of affiliates’ rights.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-09•Mozambique•Bank of Mozambique
The Bank of Mozambique requires credit institutions and financial companies to classify and report technology and cyber incidents using a standardized taxonomy and deadlines. An annual cap of MZN 6,000,000 is imposed on foreign payments made with bank cards issued in Mozambique, with breaches treated as foreign exchange contraventions. The cap applies per cardholder across the national banking system, and institutions must notify cardholders as they approach and reach the limit.
Policy & regulationRules & requirementsCyber resilience
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2025-12-09•Russia•Central Bank of Russia
The Central Bank of Russia will simplify the separate accounting regime for certain securities under Presidential Executive Order No. 138, effective 12 January 2026. Changes include moving securities to non-trading accounts, lifting separate accounting after verifying no "unfriendly investors," and requiring daily transaction reports. Over-the-counter transactions will still require separate accounting, with strict supervision for non-compliance.
Policy & regulationRules & requirementsAccounting and financial reporting
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2025-12-09•Russia•Central Bank of Russia
The Central Bank of Russia reported a 35% quarter-on-quarter increase in loans by consumer credit cooperatives (CCCs) in Q3 2025, marking the first growth since the year's start. However, overall loan portfolio expansion was modest due to many cooperatives being excluded from the state register and rapid short-term loan turnover. Increased CCC activity is attributed to tighter microfinance regulations, including macroprudential limits on car loans and self-ban checks, with the Bank of Russia monitoring for regulatory arbitrage.
ResearchLendingConsumer and investor protection
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2025-12-09•Global•ISDA
The International Swaps and Derivatives Association (ISDA) released the final anniversary edition of its IQ magazine, highlighting themes expected to influence derivatives markets, such as increased activity in emerging markets, regulatory scrutiny of non-bank financial intermediation, and technological advancements. The edition also covers ISDA's initiatives in digital market infrastructure, tokenization, and Saudi Arabia's legal recognition of close-out netting.
OtherFintech and insurtechRegtech and suptech
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2025-12-09•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission (SSC) has mandated individuals listed in an annex to pay a VND 1,000,000 licensing fee to obtain a securities practising certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the SSC, with specific identification details required. Failure to complete the procedure within one year will result in certificate cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-12-09•United Kingdom•Prudential Regulation Authority
The UK Prudential Regulation Authority has written to the Prime Minister on its growth agenda, confirming completion of four of five pledged regulatory changes and initial simplification of banks’ regulatory data reporting. Key measures include the “Strong and Simple” capital framework for smaller lenders, the Matching Adjustment Investment Accelerator, reforms to the Insurance Special Purpose Vehicle framework, changes to banking remuneration rules, and early reporting reductions under the Future Banking Data programme. The letter also highlights joint work with HM Treasury and the Department for Business and Trade on inward investment and rationalising the PRA’s “have regards”, plus ongoing initiatives under the Chancellor’s Leeds Reforms.
Policy & regulationImplementation, projects & pilotsPrudential risksRegulatory burden
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2025-12-09•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals listed in an annex to pay a VND 1,000,000 fee for securities practising certificates, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to complete the procedure within one year will result in certificate cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-12-09•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission held a conference to clarify the legal framework for foreign-invested economic organizations to issue securities and list shares in Vietnam. The event addressed pathways for public company conversion, IPOs, and trading registration, with input from the Ho Chi Minh and Hanoi Stock Exchanges. Discussions included joint stock company conversion, foreign ownership limits, and IPO dossier requirements.
Policy & regulationGuidance & interpretationMarket development
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2025-12-09•Thailand•Thailand Securities & Exchange Commission
Thailand Securities and Exchange Commission has suspended Ms. Luxsamee Deetrakulwattanapol, a capital market auditor with Grant Thornton Co., Ltd., for non-compliance with auditing standards. Deficiencies were found in her audits of Green Tech Ventures and Bitkub Online, impacting financial statements. Her current approval remains valid until 5 February 2026, with reapproval deferred for one year starting 10 December 2025.
EnforcementSanctions & designationsAuditing
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2025-12-09•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has initiated an accreditation process for organizations offering services related to integrated security system complexes. Applicants must submit an accreditation application, legal entity information, and proof of meeting qualification requirements.
Policy & regulationRules & requirementsLicence approval
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2025-12-09•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic is consulting on a draft Board resolution to establish minimum sizes for commercial banks' authorized and regulatory capital. Feedback is being solicited through the National Bank's online consultation section and the Kyrgyz Republic's public consultation portal.
Policy & regulationRules & requirementsCapital adequacy
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2025-12-09•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic fined a commercial bank KGS 21,600,000 for breaching laws on countering the financing of criminal activity and money laundering, and failing to meet internal control system requirements.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-12-09•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission urges bondholders of six Phuket Fantasea Public Company Limited bond series to review information and exercise their rights at the Bondholders’ Meeting on 15 December 2025. The meeting will address proposals to amend bond terms, including extending redemption by one year, revising interest rates, and potential debt restructuring and conversion options. Bondholders should consider the representative's analysis of benefits and impacts before voting.
Policy & regulationGuidance & interpretationSecurities offerings and listings
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2025-12-09•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic's Issyk-Kul regional office conducted guest lectures for the Ton district administration and local self-government bodies. The sessions focused on the self-imposed prohibition on taking out credit and the use of QR codes for payments.
Financial literacy & educationFinancial literacy and education
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2025-12-09•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority approved SOTHEMA's prospectus for a capital increase of MAD 630,428,614.6, involving 406,728 new shares issued at MAD 1,550 each. This increase is in exchange for Soludia Maghreb shares held by Abdellaziz Razkaoui and Capmezzanine III, with the exchange scheduled for 15 December 2025. The prospectus is accessible at SOTHEMA’s headquarters and online.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-12-09•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority's Director General Johan Almenberg briefed Sweden’s Finance Committee on financial stability and crypto market developments, emphasizing stablecoins. He assessed Sweden’s financial system as stable but highlighted the need for vigilance due to external uncertainties and high market risk appetite. Almenberg noted low current stability risks from stablecoins in Sweden but stressed the importance of regulation and supervision to address potential future risks and criminal use, citing the EU’s Markets in Crypto-Assets Regulation and ongoing international cooperation.
SupervisionSupervision approach, priorities & toolkitStablecoins
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2025-12-09•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial and Consumer Services Commission has issued an insurance notice detailing approved education programs for Travel Insurance Agent licences. Individuals with a Life or Accident and Sickness Insurance Agent licence can sell travel insurance without additional education but must declare this intention. Those without such licences must complete an approved program, with specific courses outlined by the Superintendent.
Policy & regulationRules & requirementsLicence approval
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2025-12-09•Lesotho•Central Bank of Lesotho
The Central Bank of Lesotho has introduced an upgraded sixth series of Maloti banknotes, featuring enhanced anti-counterfeiting measures and improved accessibility for visually impaired users. Key updates include hybrid composite substrates for higher denominations and advanced security threads. Earlier banknote series will continue to circulate until officially withdrawn.
Monetary policyOtherCurrency and cash management
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2025-12-09•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria clarified reforms to the bureau de change (BDC) sub-sector, introducing a two-tier licensing structure with higher capital requirements. Tier 1 BDCs require NGN 2 billion and can operate nationwide, while Tier 2 BDCs need NGN 500 million and are limited to a single state or the Federal Capital Territory. The FAQs outline eligibility criteria, application processes, and transaction limits, with legacy BDCs failing to meet new standards by November 30, 2025, losing licenses.
Policy & regulationGuidance & interpretationLicensing framework and process
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2025-12-09•United Kingdom•HM Treasury
HM Treasury has reappointed Sophie Hutcherson as a non-executive director on the Financial Conduct Authority Board for a second three-year term, ending on 16 April 2029. Hutcherson will assume roles as Chair of the Audit Committee, Whistleblowers’ Champion, and a member of the Risk Committee. Her reappointment aligns with the Governance Code on Public Appointments, and she has confirmed no political activity in the past five years.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-09•Chile•Chile Financial Market Commission
The Chile Financial Market Commission (CMF) issued a public warning about six unsupervised loan applications offering predatory loans and filed a criminal complaint against those responsible. The apps, available on Google Play and other websites, include APP PRESTAMOS RAPIDOS - ALTA CUANTÍA and APP RAPILUKA-PRESTAMOS RAPIDOS. The CMF advises the public to use its Fraud Alerts page to verify the supervision status of financial entities.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-12-09•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency, via Comptroller Jonathan V. Gould, responded to the US Court of Appeals for the Tenth Circuit's decision in National Association of Industrial Bankers v. Weiser. Gould warned that allowing Colorado to set interest rates for out-of-state state banks could undermine multi-state lending programs and disadvantage state banks compared to national banks and Federal savings associations. He called for judicial or legislative action to maintain competitive equality.
Policy & regulationGuidance & interpretationLending
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2025-12-09•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency issued Interpretive Letter 1188, allowing national banks to engage in riskless principal transactions in crypto-assets. These transactions involve acting as an intermediary between customers without holding crypto-assets in inventory. The OCC stressed the importance of conducting these activities safely and in compliance with applicable laws.
Policy & regulationGuidance & interpretationTradingStablecoins
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2025-12-09•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority inspection of Capguard Asset Management AS found deficiencies in client communication and documentation by tied agents, failing to inform clients of their agency role and inadequately justifying suitability statements. Recommendations outside clients' risk profiles and insufficient rationale were noted, echoing 2020 issues. Capguard plans to enhance controls and documentation quality in response.
SupervisionReviews, inspections & stress testsSupervision process and methodologies
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2025-12-09•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) warned of rising online frauds on social media and messaging services, falsely presented as high-return investments with institutional backing. These schemes mimic legitimate entities and use public figures to deceive investors into repeated money transfers. CNV advises verifying entity registration, treating high-return offers with suspicion, and avoiding sharing personal data with unverified contacts.
SupervisionAlertsFraud and scams
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2025-12-09•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority (FMA) released a thematic review on how financial institutions assess products and services under the Conduct of Financial Institutions regime. It identified good practices but highlighted weaknesses, such as overreliance on reactive triggers and insufficient focus on consumer outcomes and legacy products. The FMA urged institutions to enhance their review processes, emphasizing this will remain a supervisory priority.
SupervisionReviews, inspections & stress testsConsumer and investor protection
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2025-12-09•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
The Swiss Financial Market Supervisory Authority (FINMA) has appointed Hedwig Ulmer Busenhart as Head of the Insurance division and Executive Board member, effective 1 April 2026. She succeeds Birgit Rutishauser, with Vera Carspecken having led the division on an interim basis. Busenhart joins from Helvetia Insurance Switzerland, bringing extensive experience from previous roles at Swiss Life and Barry Callebaut.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-09•Dominican Republic•Pensions Superintendency (SIPEN)
The Dominican Republic's Pensions Superintendency (SIPEN) reported growth in the pension system, with assets reaching DOP 1.6 trillion by November 2025, and plans to simplify benefit processing. SIPEN is interconnecting with the Central Electoral Board to enhance civil registry access for pension fund administrators. The update also highlighted international recognition for SIPEN’s educational initiatives and efforts towards risk-based supervision and technology modernization.
Institutional developmentCooperation & capacity buildingOther
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2025-12-09•India•Securities & Exchange Board of India
The Securities and Exchange Board of India has extended the deadline for investors to file claims with the National Stock Exchange of India regarding Karvy Stock Broking Limited to 31 March 2026. This follows a previous extension from 2 June 2025 to 31 December 2025. SEBI continues to urge investors to submit their claims before the new deadline.
Policy & regulationRules & requirementsOther
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2025-12-09•United States•Financial Crimes Enforcement Network
FinCEN imposed a USD 3.5 million penalty on Paxful, Inc. and Paxful USA, Inc. for willful Bank Secrecy Act violations, including facilitating over USD 500 million in suspicious transactions linked to sanctioned countries. Paxful admitted to failing to register as a money services business and lacking an effective anti-money laundering program. FinCEN emphasized compliance expectations for money transmission and virtual asset activities, focusing on risk-based AML controls and customer identity verification.
EnforcementInvestigations & enforcement actionsAML and CFTWhistleblowing
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2025-12-09•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury added Integrity Technology Group Incorporated and Sichuan Anxun Information Technology Co., Ltd. to its sanctions list under the cyber sanctions regime, imposing an asset freeze. These entities are accused of supporting cyber activities like botnet management and exploiting vulnerabilities. Institutions must freeze assets, verify matches, and report to the Financial Intelligence Unit.
EnforcementSanctions & designationsSanctions list updateNew sanctions designations
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2025-12-09•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury added seven entries to the UK Sanctions List under the Russia sanctions regime, subjecting them to asset freeze and trust services sanctions. The Russia (Sanctions) (EU Exit) Regulations 2019 are enforced through the Sanctions (Implementation of UK Sanctions) Regulations 2024. Institutions must freeze assets, verify matches, and report breaches to the Financial Intelligence Unit, with non-compliance constituting a criminal offence.
Policy & regulationGuidance & interpretationSanctions list update
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2025-12-09•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) has updated reference portfolios for calculating the volatility adjustment to risk-free interest rate term structures under Solvency II, effective end-March 2026. Based on end-2024 data from European (re)insurance undertakings, these updates aim to better capture market volatility impacts. The revised risk-free rate Technical Documentation was published three months early for preparation, with the next update scheduled for end-2026.
Policy & regulationRules & requirementsRegulatory reporting
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2025-12-09•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) has initiated seven consultations on draft guidelines and regulatory technical standards to implement the EU’s Insurance Recovery and Resolution Directive, effective January 2027. The proposals cover recovery planning, resolution execution, stress scenarios, and valuation methodologies. Stakeholder feedback is invited via EIOPA’s online surveys by March 2026.
Policy & regulationRules & requirementsRecovery and resolution
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2025-12-09•Palestine•Palestine Monetary Authority
The Palestine Monetary Authority held a dialogue to review its Draft Cashless Law, focusing on legal, economic, and technological aspects. The draft aims to enhance transparency and consumer protection without affecting everyday cash use. Recommendations include a gradual transition, sector-specific cash limits, reduced electronic payment fees, and improved financial data protection, with a revised draft to be submitted to the Council of Ministers.
Policy & regulationRules & requirementsPayments and payment systems
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2025-12-09•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde published an Excel file containing key aggregated financial and prudential indicators for the Cape Verdean banking system, including balance sheet, income statement data, and financial stability indicators as of September 2025.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-08•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo reported on a delegation visit to the Bank of Italy aimed at enhancing supervisory practices for the Supervisory Review and Evaluation Process (SREP). The visit focused on risk assessment, supervisory reporting standards, and alignment with European Banking Authority guidelines. Both institutions plan to deepen cooperation through ongoing professional exchanges in banking supervision.
SupervisionCooperationSupervision process and methodologies
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2025-12-08•France•France Autorite des marches financiers
France's Financial Markets Authority (AMF) updated its doctrine on complex financial products to include structured products linked to crypto-assets under the EU Markets in Crypto-Assets Regulation (MiCA). The revision permits certain complex debt instruments, like exchange-traded notes indexed to crypto-assets, to be marketed to non-professional investors without standard warnings if specific conditions are met, such as minimum market capitalisation, trading volume thresholds, trading on MiCA-authorised platforms, and custody by MiCA-authorised providers.
Policy & regulationGuidance & interpretationFintech and insurtechTrading
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2025-12-08•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority hosted the 8th Asian Insurance Forum 2025, with 4,000 participants discussing the future of insurance under the theme “Navigating Uncertainties and Embracing Innovation.” Key topics included regulatory challenges amid climate change, demographic shifts, economic volatility, interest rate risk management, and AI adoption. The forum also emphasized enhanced Mainland-Hong Kong collaboration and cross-border regulatory cooperation.
Policy & regulationCooperationSupervision process and methodologies
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2025-12-08•Montenegro•Insurance Supervision Agency of Montenegro
The Insurance Supervision Agency of Montenegro published a consumer handbook on life insurance, detailing key features of various types and guiding consumers to relevant information for informed decisions. The initiative aims to clarify life insurance purposes and enhance financial literacy.
Financial literacy & educationConsumer and investor protection
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2025-12-08•Global•Egmont Group
The Egmont Group's Europe II Region concluded its intersessional meeting in Pristina, endorsing a new analytical paper to enhance anti-money laundering and counter-terrorist financing cooperation. The paper, co-led by Financial Intelligence Units from Azerbaijan and Gibraltar, reviews 23 Mutual Evaluation Reports and identifies priorities such as improved law enforcement use of intelligence and better coordination frameworks.
Policy & regulationCooperationAML and CFTDomestic cooperation
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2025-12-08•Ukraine•National Bank of Ukraine
The National Bank of Ukraine hosted its seventh international roundtable on strategic management, focusing on central banks' adaptation to uncertainty and digital transformation. NBU Governor Andriy Pyshnyy emphasized trends like dynamic strategies, technological integration, and leveraging human capital. The event featured discussions on scenario planning, digital tools, and AI, with nearly 100 representatives from central banks and global financial institutions.
Policy & regulationCooperationOther
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2025-12-08•United States•U.S. Securities & Exchange Commission
Lori J. Schock will retire as Director of the Office of Investor Education and Assistance at the U.S. Securities & Exchange Commission at the end of December, concluding her tenure since 2009. Under her leadership, the office expanded investor education efforts, including the creation of Investor.gov and various investor outreach initiatives.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-08•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) marked International Anti-Corruption Day 2025 by outlining a three-part agenda to enhance financial sector integrity. The agenda includes improved risk- and data-based supervision, stronger governance and market conduct oversight, and internal integrity initiatives linked to the "One OJK" transformation. OJK also announced Integrity Fest 2025 award winners and certifications for staff in partnership with Indonesia’s Corruption Eradication Commission.
Institutional developmentGovernanceBribery and corruption
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2025-12-08•Algeria•Central Bank of Algeria
The Central Bank of Algeria clarified the foreign exchange entitlement for travel abroad, specifying an increased allowance of EUR 750 for adults and EUR 300 for minors. The entitlement is available once per reference year to resident Algerian citizens, with strict prohibitions against misuse as outlined in Instruction No. 05-2025.
Policy & regulationGuidance & interpretationCurrency and cash management
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2025-12-08•Rwanda•Rwanda Capital Markets Authority
The Rwanda Capital Markets Authority aims to advance Rwanda's capital market from early-stage reform to deeper institutionalisation and global engagement, highlighting institutional investors' role in capital formation. Key conditions include stronger governance and risk frameworks, focusing on clarity and investor protection. Regionally, Rwanda collaborates with the East African Securities Regulatory Authorities to enhance cross-border listings and harmonised oversight, while leveraging diaspora remittances through instruments like diaspora bonds.
Policy & regulationReform agendas & prioritiesMarket developmentMarket infrastructure
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2025-12-08•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority released its 2025 guidelines on managing and selling salvage.
Policy & regulationGuidance & interpretationOther
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2025-12-08•El Salvador•Central Reserve Bank of El Salvador
The Central Reserve Bank of El Salvador, via REDIBACEN, released findings from its eighth survey of Salvadorans in the U.S., focusing on migration dynamics and remittance behavior. The survey revealed that 80% of respondents sent remittances in 2023, with an average monthly income of USD 3,904.2 and remittance of USD 413.8, alongside increased use of digital channels. Additionally, 49.3% of senders reported regular migration status, and 14.5% planned to return to El Salvador within five years.
ResearchCross-border payments
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2025-12-08•Lithuania•Ministry of Finance (Lithuania)
Lithuania's Capital Market Council, initiated by the Ministry of Finance and the Bank of Lithuania, will continue beyond its initial three-year term and has set objectives for new capital market development guidelines for 2026–2028. Achievements include legal amendments for pension fund investments, changes to the Law on Companies, and the launch of the ILTE Baltic Capital Markets Acceleration Fund. The Council updated its membership, including key figures from the Ministry of Finance, Bank of Lithuania, and other financial bodies.
Policy & regulationReform agendas & prioritiesMarket development
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2025-12-08•Indonesia•Bank Indonesia
Bank of Indonesia reported a rise in Indonesia's net liability position to USD 262.9bn in Q3 2025, up from USD 244.5bn in Q2. Foreign financial assets increased by 0.7% to USD 541.1bn, while liabilities rose by 2.8% to USD 803.9bn, driven by higher direct and portfolio investments. The IIP-to-GDP ratio remained at 18.3%, with long-term instruments comprising 93.1% of liabilities.
Data & statisticsBalance of payments and other external statistics
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2025-12-08•United States•National Credit Union Administration
The National Credit Union Administration has granted a federal charter and National Credit Union Share Insurance Fund coverage to Haven Federal Credit Union in Santa Clara, California. Haven, a multiple common bond credit union, will serve over 300,000 potential members in the San Jose–San Francisco–Oakland area, offering savings and lending products and supporting financial literacy and homeownership. The charter became effective on December 8, 2025, marking Haven as the third federal credit union chartered in 2025.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-08•United States•Federal Reserve Bank of New York
The Federal Reserve Bank of New York's November 2025 Survey of Consumer Expectations reported stable median inflation expectations across one-, three-, and five-year horizons. Household financial perceptions worsened, and expected medical care cost growth rose to its highest since January 2014. Expected home price growth remained at 3.0%, with anticipated price increases for food, gas, medical care, college education, and rent. Labor market indicators showed modest improvement, with lower unemployment expectations and a higher perceived probability of finding a job after job loss.
Data & statisticsEconomic data and developments
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2025-12-08•China•Central Bank of the Republic of China
The People's Bank of China announced its 2026 issuance plan for ordinary commemorative currency, including a Lunar New Year coin and banknote, and coins themed on Wuyi Mountain National Park and Chinese Peking Opera art. The central bank may adjust the plan based on practical needs, with detailed arrangements to be announced prior to each issuance.
Monetary policyMonetary policy instruments & operationsOther
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2025-12-08•China•Central Bank of the Republic of China
The Central Bank of the Republic of China announced the opening of the IMF Shanghai Center to enhance engagement with Asia-Pacific economies through research and capacity development. The center will focus on policy issues for emerging markets and middle-income countries, supporting global and regional financial stability. The People’s Bank of China and the Shanghai government pledged ongoing support for the center's development and operations.
Policy & regulationImplementation, projects & pilotsCross-border cooperation
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2025-12-08•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan, with the Central Depository Company of Pakistan Limited and the Insurance Association of Pakistan, launched a Life Insurance Policy Finder Service to locate deceased relatives' life insurance policies and reduce unclaimed benefits. All life insurance companies and family takaful operators must participate, respond to policy search queries, and submit necessary data. Access is via SMS using the deceased's CNIC, with insurers contacting beneficiaries for verification and claims if a match is found.
Policy & regulationImplementation, projects & pilotsConsumer and investor protection
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2025-12-08•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan mandates all registered non-life insurers, including general takaful operators, to join the Motor Insurance Repository (MIR) to enhance enforcement of mandatory motor third-party insurance. The MIR, established with the Central Depository Company, will securely store and validate motor insurance data. Insurers must comply with a Service Level Agreement and share data with authorities under confidentiality.
Policy & regulationRules & requirementsSupervision process and methodologies
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2025-12-08•Latvia•Ministry of Finance (Latvia)
Latvia's Ministry of Finance announced that the Financial Sector Development Council, led by Prime Minister Evika Siliņa, will evaluate a proposal for a single creditors’ supervisory body, limits on early loan repayment fees, and measures against fraudulent transactions. The assessment examines supervisory overlaps among the Bank of Latvia, Consumer Rights Protection Centre, and State Revenue Service. The Council will also review a Bank of Latvia presentation on refinancing commissions and input from the Latvian Financial Industry Association on fraud risks.
Policy & regulationReform agendas & prioritiesLicensing framework and process
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2025-12-08•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) has issued a discussion paper to explore reforms to its retail investments regulatory framework. It aims to boost consumer confidence and informed risk-taking while reducing harm from scams and high-risk products. The paper assesses current rules' adequacy amid evolving practices like non-advised platforms and tokenisation, and questions the consistency in treating speculative products. It also examines appropriateness testing effectiveness and the interaction of financial promotion rules with the Consumer Duty, highlighting concerns about high-net-worth thresholds.
Policy & regulationReform agendas & prioritiesConsumer and investor protection
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2025-12-08•Laos•Bank of the Lao
The Bank of the Lao held a consultation meeting to review credit management from 2015–2025 and gather input for a draft credit policy direction through 2030. The draft aims to enhance financial institutions' funding capabilities while maintaining stability, with measures including appropriate credit volumes, increased kip-denominated lending, and support for green finance and SMEs. Feedback from the meeting will inform the draft policy development.
Policy & regulationReform agendas & prioritiesOther
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2025-12-08•New Zealand•Ministry of Business, Innovation and Employment (New Zealand)
The Ministry of Business, Innovation and Employment (MBIE) has launched an investigation into Financial Markets Authority (FMA) Chair Craig Stobo. Stobo will temporarily step aside from his role as FMA Chair and other Crown governance and advisory positions during the investigation. MBIE will refrain from further comments until the investigation concludes.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-12-08•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has revoked Donald Newton Mason's life and accident & sickness insurance agent licence. FSRA determined Mason was unsuitable under Ontario’s Insurance Act after he misled two vulnerable consumers into giving him funds for investment, which he failed to repay or account for. The revocation followed Mason's decision not to request a hearing or contest the proposal.
SupervisionAuthorisations & approvalsUnlicensed or unauthorized activity
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2025-12-08•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario (FSRA) revoked the licences of Health Service Providers (HSPs) for failing to meet annual reporting requirements and pay fees. FSRA emphasized the importance of the Annual Information Return for supervision and risk identification. HSPs with suspended or revoked licences can still provide care to accident victims but cannot receive direct payments from insurers.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-12-08•Greece•Ministry of National Economy and Finance (Greece)
The Ministry of National Economy and Finance (Greece) reported on Minister Kyriakos Pierrakakis’ meeting with France’s Minister Roland Lescure, focusing on EU economic priorities, competitiveness, and single market deepening. Discussions included simplifying the EU regulatory framework to reduce business burdens and the EU Savings and Investments Union to mobilise private capital. The ministers highlighted the Draghi report's findings on internal market barriers and Greece's reforms to enhance the business environment.
Policy & regulationReform agendas & prioritiesOther
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2025-12-08•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites, fake banking login screens, and phishing emails involving banks like The Bank of East Asia and China Construction Bank (Asia). The HKMA stressed that banks won't send SMS or emails with transaction hyperlinks or request sensitive information via phone, email, or SMS. Affected individuals should contact their bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-12-08•Slovenia•Central Bank of Slovenia
The Central Bank of Slovenia, through the National Payments Council, has enhanced consumer awareness on the right to a basic payment account by distributing informational leaflets. These materials, branded with the slogan “Nobody without a payment account”, aim to make payment services more accessible to vulnerable groups. The Central Bank will continue to monitor banks' compliance with this right as part of its supervisory duties.
Financial literacy & educationFinancial inclusion
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2025-12-08•Samoa•Central Bank of Samoa
The Central Bank of Samoa has issued a public warning about increasing scams reported by commercial banks and money transfer operators, urging vigilance as scam activity rises. In FY2024/2025, 70% of suspicious reports were scam-related, and 60% in FY2025/2026, with the Central Bank advising continued reporting and cautioning against facilitating scams, which may breach the Crimes Act 2013.
SupervisionAlertsFraud and scams
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2025-12-08•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority released Phase 1 findings from a thematic review on Business Risk Assessments (BRAs) under the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019. The review evaluates how entities identify and manage risks related to money laundering, terrorist financing, and proliferation financing. Phase 2, involving desk-based inspections, is underway with results anticipated in 2026.
SupervisionReviews, inspections & stress testsAML and CFTSupervision process and methodologies
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2025-12-08•Bulgaria•National Bank of Bulgaria
The National Bank of Bulgaria's Governing Council adopted two ordinances under Bulgaria’s National Plan for euro introduction, repealing legacy rules on pre-1999 lev cash and banknote and coin specifications. The first ordinance addresses the exchange of old lev banknotes and coins, while the second repeals 2019 rules on banknote and coin design, aligning with the upcoming 2024 Law on the Bulgarian National Bank. Current exchange arrangements for post-1999 lev remain unchanged.
Policy & regulationRules & requirementsCurrency and cash management
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2025-12-08•Bulgaria•National Bank of Bulgaria
The National Bank of Bulgaria has amended BORICA AD’s licence to operate the BORICA card-payment system, aligning it with Bulgaria’s transition to the euro. Effective 1 January 2026, the system will process transactions in EUR and be included in the Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET).
SupervisionAuthorisations & approvalsLicence approval