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2025-12-05•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority fined Monzo Bank Ltd GBP 21,091,300 for inadequate anti-financial crime systems from October 2018 to August 2020 and breaching restrictions on opening accounts for high-risk customers from August 2020 to June 2022. Despite a tenfold increase in its customer base, Monzo's controls failed to keep pace, leading to weaknesses in onboarding, risk assessment, and transaction monitoring. The penalty reflects a 30% settlement discount from GBP 30,130,475 following Monzo's completion of a financial crime change programme.
EnforcementInvestigations & enforcement actionsAML and CFTCompliance
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2025-12-05•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) has finalized rules to simplify the prospectus and public offers regime, aiming to reduce issuance costs and expedite retail-accessible IPOs. Key changes include raising the prospectus trigger for additional equity issues to 75% of existing share capital and reducing the IPO window to three days. The FCA also introduces a single disclosure standard for corporate bond prospectuses and new public offer platforms for shares or bonds over GBP 5 million.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-12-05•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) secured prison sentences for Redinel Korfuzi and Oerta Korfuzi for insider dealing and money laundering involving approximately GBP 1 million. Redinel, a former research analyst at Janus Henderson, exploited confidential information to trade 13 stocks, generating profits over GBP 960,000. The FCA uncovered an international money laundering operation and initiated proceedings under the Proceeds of Crime Act 2002 to recover illicit gains.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-05•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority and Prudential Regulation Authority released consultation papers proposing phase 1 changes to the Senior Managers and Certification Regime (SM&CR) to reduce firm burdens while maintaining accountability. Key proposals include extending timelines for senior manager applications, reducing certification roles by 15%, and streamlining annual certification checks. This consultation aligns with HM Treasury's review, potentially leading to legislative changes, including a phase 2 overhaul of the Certification Regime.
Policy & regulationRules & requirementsOther
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2025-12-05•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority fined Barclays Bank UK PLC and Barclays Bank PLC GBP 42 million for failings in financial crime risk management related to WealthTek and Stunt & Co. Barclays agreed to a voluntary payment of GBP 6.3 million to WealthTek clients and is investing in a remediation programme to enhance its anti-money laundering controls. The FCA acknowledged Barclays' cooperation, which reduced the penalty, and noted related enforcement actions, including criminal charges against WealthTek's former principal partner and convictions of Fowler Oldfield directors.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-12-05•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) attributes recent motor insurance premium hikes to increased claims costs, not firm profits, and highlights issues in claims handling and premium finance. Rising motor claims costs are due to car and parts prices, complex supply chains, and theft claims. The FCA also identifies weak oversight in home and travel insurance. Its pricing reforms are reducing the price gap between new and renewing customers, and it plans to address premium finance concerns through the Consumer Duty, with a final report due by the end of 2025.
SupervisionReviews, inspections & stress testsClaims management
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2025-12-05•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) published findings from a review of consumer credit lenders' digital loan application processes, highlighting both effective and problematic practices. While some designs aid consumer understanding, others lack "positive friction" elements, potentially hindering informed decision-making. The FCA shared examples of good and poor practices, noting broader relevance for firms with a digital presence.
SupervisionReviews, inspections & stress testsConsumer and investor protection
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2025-12-05•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) has prosecuted Daniel Pugh for conspiracy to defraud through the fraudulent Imperial Investment Fund, violating sections 19 and 21 of the Financial Services and Markets Act 2000. Pugh operated a Ponzi scheme, defrauding 238 investors of over GBP 1 million with false promises of high returns. Confiscation proceedings are underway, and another individual is sought in connection with these offences.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-12-05•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) issued a consumer warning about fraudsters impersonating the FCA, with nearly 5,000 fake scam cases reported in the first half of 2025. The FCA emphasized it will never request money transfers or banking details. Common scams include false claims of fund recovery from crypto wallets and fraudulent "recovery" offers to loan-scam victims.
SupervisionAlertsFraud and scams
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2025-12-05•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) secured a two-year prison sentence for John Burford for a £1 million investment fraud through Financial Trading Strategies Limited. Burford defrauded over 100 investors by promoting unauthorised trade alerts and investment opportunities, misleading them about performance, and diverting funds for personal use. The FCA is pursuing confiscation proceedings to recover proceeds and compensate victims.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-12-05•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) announced Nicholas Harper's conviction for encouraging or assisting a breach of the Data Protection Act, resulting in a GBP 100 fine and a GBP 30 victim surcharge. Harper was acquitted of conspiracy to defraud and conducting regulated activity without FCA authorisation. This case is linked to previous convictions of Raymondip Bedi and Patrick Mavanga, sentenced to a combined 12 years for defrauding investors of GBP 1,541,799.
EnforcementInvestigations & enforcement actionsData protection
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2025-12-05•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) secured a conviction against Daniel Pugh, sentencing him to 7 years and 6 months for operating a £1.3 million Ponzi scheme through the Imperial Investment Fund. Pugh misled 238 investors with false promises of high returns, netting over £1 million, and faces confiscation proceedings to recover funds. He was disqualified from being a company director for eight years, with another individual sought in connection with the offences.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-12-05•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has proposed a three-tier proportionality approach in its banking prudential framework, differentiating by size and complexity. Banks are categorized as Most Significant Financial Institutions (assets over AUD 300 billion), Significant Financial Institutions (threshold raised to AUD 30 billion), and a third tier for others, including credit unions. APRA suggests at least a 12-month transition for banks moving to a higher tier, with extra time for non-SFIs to implement new requirements.
Policy & regulationRules & requirementsPrudential risks
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2025-12-05•Austria•Austrian National Bank (OeNB)
The Austrian National Bank (OeNB) recapped a Vienna forum on the future of cash and the digital euro, emphasizing its role as digital central bank money complementing physical currency. The digital euro is planned as the first digital legal tender with fee-free, data-secure payments, and EU legislators are expected to decide on its introduction in 2026. The OeNB continues engaging stakeholders and preparing technical foundations for its potential launch.
Policy & regulationReform agendas & prioritiesCBDC
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2025-12-05•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) announced its free SOAT/CAT and Vehicle Insurance Report for year-end travel and vehicle transactions. The report offers detailed insurance information, including coverage history and claims, accessible via vehicle licence plate numbers. SBS emphasized the legal requirement for all vehicles in Peru to have valid SOAT or CAT coverage under the General Transport and Land Traffic Law.
Financial literacy & educationOther
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2025-12-05•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance presented a draft law to Parliament's Standing Committee on Economic Affairs to reform charitable assets, unclaimed inheritances, and State donations. Key proposals include digitising supervision, establishing an Electronic Register of Charitable Foundations, and introducing tax exemptions to encourage philanthropy. The draft law also proposes a new administrative process for unclaimed inheritances and various tax measures to support charitable activities and over-indebted professionals.
Policy & regulationRules & requirementsOther
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2025-12-05•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Minister Kyriakos Pierrakakis urged EU ambassadors to expedite the EU Savings and Investments Union, advance the digital euro, and cut bureaucracy. He emphasized execution and consensus, referencing reports, while stressing fiscal balance and Greece's plan to reduce its debt-to-GDP ratio to 119% by 2029. He attributed Greece's economic progress to stable public finances, reforms, and a shift in public administration mindset.
Policy & regulationReform agendas & prioritiesMonetary policy decisions and developments
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2025-12-05•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority reported an increase in Hong Kong's official foreign currency reserve assets to USD 429.4 billion at end-November 2025, up from USD 426.1 billion at end-October. The reserves are over five times the currency in circulation and approximately 38% of Hong Kong dollar M3. The Authority also announced its December 2025 schedule for Exchange Fund data press releases.
Data & statisticsBalance of payments and other external statistics
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2025-12-05•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, Shanghai Commercial Bank, DBS Bank (Hong Kong), and The Hongkong and Shanghai Banking Corporation. The HKMA emphasized that banks will not request sensitive information via SMS, email, or phone. Affected individuals should contact their bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-12-05•France•Bank of France
The Bank of France will end the temporary provisions of its Additional Credit Claims framework, which allowed state-guaranteed private claims as collateral, effective 19 December 2025. This follows the Eurosystem's 2020 expansion of the collateral framework in response to COVID-19. The termination aims to streamline collateral processes without impacting French banks' access to central bank refinancing.
Policy & regulationRules & requirementsLiquidity risk
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2025-12-05•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission has issued Tender No. 13/2025 for services to conduct thematic inspections of sanctions and restrictive measures screening systems of its regulated entities.
Institutional developmentProcurementSanctions list update
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2025-12-05•Samoa•Central Bank of Samoa
The Central Bank of Samoa will release reprinted 50 and 100 tala banknotes on polymer substrate on 8 December 2025 to enhance durability and security, with tactile features for the visually impaired. These polymer notes will circulate alongside existing paper notes, which will remain legal tender until gradually withdrawn.
Monetary policyOtherCurrency and cash management
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2025-12-05•Global•Bank for International Settlements
The Basel Committee on Banking Supervision is consulting on additions to its Pillar 3 disclosure standard, requiring internationally active banks to provide quantitative disclosures in a standardised machine-readable format. This aims to enhance accessibility, aggregation, processing, and comparability of risk-metric disclosures without altering existing requirements. National supervisors will decide on publication methods, and jurisdictions with existing machine-readable mandates will integrate these into the global standard.
Policy & regulationRules & requirementsRegulatory reporting
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2025-12-05•United Kingdom•UK Parliament
The UK Parliament's House of Lords held a general debate on the Autumn Budget 2025, following the Chancellor of the Exchequer's statement in the House of Commons. Lord Livermore, Financial Secretary to the Treasury, opened the debate and responded for the government. A recording and transcript of the debate, along with background material, have been published.
Other
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2025-12-05•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan announced measures to enhance the securities market and corporate governance, including stricter requirements for independent directors and new capital market legislation. Key developments include a 22% rise in equity market capitalisation to KZT 40 trillion, an over-the-counter platform for retail investors, and expanded connectivity with Euroclear, Clearstream, and BNY Mellon. Future plans involve simplifying regulatory procedures, supporting regional integration, enhancing investor protection, and exploring digital financial assets and distributed ledger technology.
Policy & regulationReform agendas & prioritiesCorporate governance
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2025-12-05•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency issued an explainer on repayment deferrals for microcredits and bank loans for citizens in compulsory military service. Payments are deferred for the service period and 60 days post-demobilisation without accruing interest or penalties. As of November 2025, 19,200 of 21,900 conscripted borrowers received deferrals totaling KZT 8.5bn, facilitated by data transmission from the Ministry of Defence to financial institutions.
Policy & regulationGuidance & interpretationLending
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2025-12-05•United States•Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland's Survey of Firms’ Inflation Expectations indicates a rise in inflation expectations among US business leaders to 3.9% for the next 12 months, up from 3.2% in the previous quarter. The survey, conducted quarterly, gathers insights from a broad panel of firms in manufacturing and services on expected CPI inflation and related metrics.
ResearchEconomic data and developments
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2025-12-05•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission has introduced flood-relief measures for insurance agents and brokers unable to complete training or renew licences due to flooding. The forbearance applies to licences expiring between 1 October 2025 and 31 March 2026, allowing extensions up to 15 days post-flood, but no later than 31 March 2026. Implementation guidance and a Q&A have been provided to support affected intermediaries.
Policy & regulationRules & requirementsOther
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2025-12-05•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan granted Spitamen Insurance a new licence for insurance activities, invalidating its previous licence from November 2020.
SupervisionAuthorisations & approvalsLicensing framework and process
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2025-12-05•India•India International Financial Services Centres Authority
The India International Financial Services Centres Authority and Taiwan’s Financial Supervisory Commission have signed a memorandum of understanding to enhance regulatory cooperation. The agreement facilitates information sharing on financial market trends, regulatory practices, and technology applications, and supports enforcement of financial laws and standards. This MoU was operationalised during the 18th India–Taiwan Economic Consultations.
Policy & regulationCooperationCross-border cooperation
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2025-12-05•Aruba•Central Bank of Aruba
The Central Bank of Aruba released a study titled 'Governing from the Future, leading with equity: Policies, prospects, and pathways for Aruba 2040', focusing on policy impacts on individuals and communities. Part of the 'Governing from the Future' series, it includes studies on economic realities, social equity, foundational security, and climate change adaptation. Key topics include gender equality, inflation effects, food and energy security, and extreme heat's impact on workforce productivity.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-12-05•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported that gross international reserves (GIR) increased to USD 111.1 billion by end-November 2025, covering 7.4 months of imports and 3.8 times the short-term external debt. GIR, comprising foreign-denominated securities, foreign exchange, and gold, are crucial for financing imports, stabilizing the currency, and buffering against external shocks. The central bank reiterated the adequacy conventions of at least three months' import cover and full coverage of foreign liabilities due within 12 months.
Data & statisticsBalance of payments and other external statistics
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2025-12-05•South Africa•South African Reserve Bank
The South African Reserve Bank reported an increase in gross reserves to USD 72,068 million and an international liquidity position of USD 70,024 million as of 30 November 2025. Gold reserves rose by USD 628 million, while foreign exchange reserves decreased by USD 111 million. The rise in reserves was driven by a higher US dollar gold price and valuation effects, partially offset by government foreign exchange payments.
Data & statisticsBalance of payments and other external statistics
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2025-12-05•South Africa•South African Reserve Bank
The South African Reserve Bank's monthly statement reported total assets of ZAR 1.29 trillion as of 30 November 2025, a slight decrease from the previous month. Key changes included a decline in foreign exchange reserves and SDR holdings, partially offset by an increase in the rand value of gold. On the liabilities side, notes and coin in circulation decreased, while bank deposits rose significantly.
Data & statisticsBalance of payments and other external statistics
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2025-12-05•South Africa•South African Reserve Bank
The South African Reserve Bank released a Working Paper by Jesse Naidoo comparing macroeconomic policies in South Africa and four Latin American countries from 1994 to 2024. The study highlights convergence in policy frameworks, excluding Venezuela, and underscores the benefits of inflation targeting and independent central banks. It emphasizes the need for credible fiscal discipline in South Africa, drawing lessons from Latin America.
ResearchForeign exchange policy and markets
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2025-12-05•South Africa•South African Reserve Bank
The South African Reserve Bank has launched the QR+ Standard under its Payments Ecosystem Modernisation Programme to facilitate interoperable QR payments across providers and platforms, addressing fragmentation from non-interoperable codes. The initiative aims to reduce consumer confusion, lower entry barriers, and enhance financial inclusion. SARB plans to enforce interoperability through technical standards and ongoing industry collaboration.
Policy & regulationRules & requirementsPayments and payment systems
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2025-12-05•South Korea•South Korea Financial Supervisory Service
The South Korea Financial Supervisory Service reported slight declines in capital ratios for domestic banks and bank holding companies as of September 2025, though all remain above Basel regulatory minima. Banks' common equity Tier 1 (CET1) ratio was 13.59%, while bank holding companies reported 13.21%. The Financial Supervisory Service will continue monitoring these metrics amid ongoing uncertainties, noting the figures are preliminary.
Data & statisticsFinancial and market indicators
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2025-12-05•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission has released an exposure draft of its 2026 Rules of Procedure to replace the 2016 version for administrative and adjudicative proceedings. Key updates include revised venue and jurisdictional allocations, limitations on pleadings, electronic filing protocols, and comprehensive process rules. The draft outlines appeal mechanics, execution provisions, and contempt sanctions, with the new rules set to take effect 15 days post-publication.
Policy & regulationRules & requirementsRegulatory reporting
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2025-12-05•Philippines•Philippines Insurance Commission
The Philippines Insurance Commission reported a 3.92% increase in total premium income for the pre-need industry, reaching PHP 17.52 billion as of 30 September 2025. Total assets rose 5.33% to PHP 173.41 billion, with investments in Trust Funds comprising 85.78% of assets. Pre-Need Reserves increased 5.99% to PHP 134.22 billion, and net income was PHP 4.96 billion, with a significant rise in total plans sold.
Data & statisticsFinancial stability and systemic risk
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2025-12-05•Europe•European Central Bank
The European Central Bank's weekly balance sheet shows a decrease in total assets and liabilities to EUR 6,131,382m, driven by reduced securities for monetary policy and lower lending to euro area credit institutions. Securities fell by EUR 12,206m, while lending decreased by EUR 4,502m. Banknotes in circulation increased by EUR 5,316m, and liabilities to euro area credit institutions declined by EUR 8,998m.
Data & statisticsBalance of payments and other external statistics
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2025-12-05•Albania•Albania Financial Services Authority
The Albania Financial Services Authority announced the appointment of Adela Xhemali as Executive General Director, succeeding Mimoza Kaçi. Xhemali's priorities include aligning non-bank financial market supervision with EU legislation, enhancing transparency, and strengthening consumer protection.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-05•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has issued a market alert and suspended public offerings of securities intermediation services by Oneal Group LTD. The firm, operating under the Finoto brand, allegedly targeted Brazilian clients for securities transactions without authorization. This action was formalized through Declaratory Act CVM 24,481.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-12-05•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has ordered the immediate suspension of Suxxess FX LTD's public offers of securities intermediation services, citing the firm's lack of authorization to operate in Brazil. CVM's Superintendence of Market Relations and Intermediaries identified that Suxxess FX, allegedly based in the Seychelles, was targeting Brazilian clients through its website.
SupervisionInterventionsUnlicensed or unauthorized activity
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2025-12-05•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) ordered Maxbit LLC, operating as Quotex, to halt public offers of securities intermediation services in Brazil. CVM identified that the firm, allegedly based in Saint Vincent and the Grenadines, was targeting Brazilian clients without authorization. This action was formalized through CVM Declaratory Act 24,483.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-12-05•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has issued a market alert and ordered the immediate suspension of public offerings by AxiTrader LLC and AxiCorp Financial Services Pty Ltd. The CVM found these firms were soliciting Brazilian clients without authorization to intermediate securities or raise investment funds. This action was formalized through Declaratory Act CVM 24,484.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-12-05•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has issued a market alert and suspended public offerings of securities intermediation services by Magnum International Markets Limited, operating as Intermagnum. CVM's Superintendence of Market and Intermediaries Relations identified that the firm is targeting Brazilian clients without authorization to intermediate securities or raise investment funds.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-12-05•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued a market alert and suspended public offerings by Onequity-branded entities, citing unauthorized solicitation of Brazilian clients. CVM's Superintendence of Market and Intermediaries Relations identified these entities were attracting Brazilian residents for securities transactions without authorization. The suspension was formalized through Declaratory Act CVM 24,492.
SupervisionInterventionsUnlicensed or unauthorized activity
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2025-12-05•United Kingdom•Bank of England
The Bank of England released a staff working paper examining climate change's impact on international trade costs, finding rising temperatures increase bilateral trade costs, particularly affecting maritime trade. Undoing this impact could have raised 2010s welfare by 1.6%, with smaller, trade-reliant economies most affected. The paper is intended to provoke discussion and does not reflect official Bank of England policy.
ResearchClimate risk and sustainable finance
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2025-12-05•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay said the Social Security Council has completed interviews and shortlisted three candidates for superintendent of retirement and pensions. The three names will now go to the executive branch, through the Ministry of Economy and Finance, for the final appointment. Seven eligible applicants were evaluated against leadership, independence, technical pensions and supervision expertise, and ethical suitability criteria.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-05•Russia•Central Bank of Russia
Starting 8 December 2025, the Central Bank of Russia will lift caps on cross-border foreign currency transfers for Russian nationals and individuals from friendly countries due to a stable foreign exchange market. Restrictions remain for non-resident individuals from unfriendly countries, limiting transfers to wages for those working in Russia, while a ban persists for others and legal entities from such countries. Exceptions include transfers from In-type accounts and ruble transfers via correspondent accounts with Russian credit institutions.
Policy & regulationRules & requirementsCross-border payments
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2025-12-05•Croatia•Croatian Financial Services Supervisory Agency
Ante Žigman, President of the Board of the Croatian Financial Services Supervisory Agency, addressed the Austrian Financial Market Authority’s 2025 High Level Meeting, highlighting the need for updated supervisory tools to address complex risks. He advocated for integrated, adaptable approaches, including incorporating geopolitical factors into stress testing and macro-supervisory frameworks, to enhance financial stability.
SupervisionSupervision approach, priorities & toolkitFinancial stability and systemic riskMacroprudential policy and tools
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2025-12-05•Poland•Central Bank of Poland
The Central Bank of Poland reported its official reserve assets at EUR 229.1 billion (USD 265.0 billion) as of November 2025, marking a EUR 1.1 billion increase from October. The bank emphasized that its foreign exchange reserve management prioritizes safety and liquidity, with investments primarily in Treasury securities, non-government debt, and investment fund units for global equity exposure.
Data & statisticsBalance of payments and other external statistics
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2025-12-05•Poland•Central Bank of Poland
The Central Bank of Poland released a book by Governor Adam Glapiński advocating for the retention of the Polish zloty and central bank independence as pillars of economic development. The publication highlights risks of adopting the euro, emphasizing the benefits of independent monetary policy and a floating exchange rate for macroeconomic stability, and underscores the role of central bank independence in ensuring long-term price stability.
ResearchOther
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2025-12-05•United Arab Emirates•UAE Securities & Commodities Authority
The UAE Securities and Commodities Authority has introduced an updated risk assessment methodology for licensed companies, focusing on market stability and smart supervision aligned with international standards. This includes a new electronic system for secure data collection, aiming to enhance compliance and streamline reporting, with ongoing engagement to ensure smooth implementation.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-12-05•Global•World Savings and Retail Banking Institute
The World Savings and Retail Banking Institute highlighted the 2025 Retail Banking Conference in Brussels, focusing on Europe's strategic priorities in retail payments, long-term investment, and housing. Key topics included the need for a simpler regulatory framework, resilience in payment infrastructure, and the role of commercial banks in digital euro distribution. Concerns were raised about regulatory impacts on low-risk mortgage lending and the importance of financial education and harmonised supervision.
Policy & regulationReform agendas & prioritiesPayments and payment systemsMarket development
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2025-12-05•Global•ISDA
The International Swaps and Derivatives Association (ISDA) outlined its policy priorities for derivatives markets, emphasizing Basel III capital framework adjustments, collateral modernization, derivatives reporting reform, and voluntary carbon market development. ISDA highlighted concerns over Basel III's cross-border fragmentation and prudential standards for crypto-assets, advocated for operational improvements in collateral processes, and supported simplifying regulatory reporting in the EU and UK.
Policy & regulationReform agendas & prioritiesMarket developmentPrudential risks
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2025-12-05•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 practice certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to collect the certificate within one year of the fee payment notice will result in cancellation.
Policy & regulationGuidance & interpretationLicensing and supervisory fees
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2025-12-05•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority has withdrawn Supervisory Statement 20/15 on supervising building societies’ treasury and lending activities in full and without replacement, effective immediately, and deleted paragraph 2.12A from Supervisory Statement 31/15. The PRA says SS20/15 no longer aligns with its broader policy and created level‑playing‑field concerns, and confirms it will not use it as internal expectations, instead directing firms to generally applicable governance and risk management rules and other supervisory statements such as SS31/15 and SS24/15.
Policy & regulationGuidance & interpretationPrudential risks
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2025-12-05•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority and Financial Conduct Authority have issued a joint landscape report on dual-regulated UK financial mutuals, outlining plans to support long-term sustainable growth and competitiveness through proportionate, risk-based regulation, targeted initiatives and deeper sector engagement. The report details burden-reduction measures, including zero minimum fees for smaller firms, the Strong and Simple regime for Small Domestic Deposit Takers, Solvency UK reporting simplifications and mutual-specific actions on building societies, high-growth firms and credit union investments. It also flags forthcoming policies and guidance on credit union service organisations, the longer-term credit union framework, Part VII transfers for mutual insurers, insurer solvent exit preparations and a simplified capital regime.
Policy & regulationReform agendas & prioritiesMarket development
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2025-12-05•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee, chaired by French Hill, plans to present a bipartisan capital-formation package focused on the INVEST Act to the House floor. Key proposals include raising venture-capital fund caps, expanding accredited investor criteria, and establishing a Senior Investor Taskforce at the Securities and Exchange Commission. The package also aims to align 403(b) retirement options with 401(k) plans and ease compliance for emerging companies.
Policy & regulationRules & requirementsSME financing
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2025-12-05•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic conducted a beneficial ownership training session on 3 December 2025 for commercial bank representatives and its staff. The session included international standards for identifying beneficial owners and practical exercises, with a World Bank expert participating.
Institutional developmentCooperation & capacity buildingBeneficial ownership
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2025-12-05•United Kingdom•Bank of England
The Bank of England's Prudential Regulation Authority and the Financial Conduct Authority announced initiatives to bolster the mutuals sector, including new supervisory support and changes to authorisation processes. The FCA will establish a Mutual Societies Development Unit and offer free pre-application support, while the PRA has removed the Building Societies Sourcebook from its Rulebook. The regulators will review mutual credit union regulations and discuss mergers and acquisitions for mutual building societies.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-12-05•Iceland•Central Bank of Iceland
The Central Bank of Iceland announced that New Year’s Eve will no longer be a business day, closing its core payment and settlement operations on 31 December. Payments for 2025 accounts must be completed by 30 December, with transactions on 31 December entered on 2 January 2026, as per amendments to the Interbank Payment System Rules.
Policy & regulationRules & requirementsMonetary policy decisions and developmentsFinancial stability and systemic risk
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2025-12-05•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial & Consumer Services Commission issued a compliance reminder for entities holding unclaimed monetary property, emphasizing obligations under the Unclaimed Property Act. Entities must identify, report, and remit eligible assets, including uncashed cheques and unpaid wages, through the Unclaimed Property Program. Notification to owners of property valued at CAD 100 or more is required three to six months before reporting.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-12-05•Luxembourg•Central Bank of Luxembourg
The Central Bank of Luxembourg reported a 2.29% monthly increase in the aggregate balance sheet total of Luxembourg credit institutions, reaching EUR 1,003,291 million at end-October 2025. The rise was driven by higher claims on banks and deposit-taking institutions, with notable increases in loans to non-bank customers and resident non-bank deposits. The minimum reserve requirement for the maintenance period starting 5 November 2025 was set at EUR 6,484 million, down EUR 40 million from the previous period.
Data & statisticsBalance of payments and other external statistics
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2025-12-05•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) has launched a Retail Committee to enhance access to consolidated real-time market data for retail investors and advisers. The committee will evaluate current access methods, identify barriers, and propose improvements. Applicants are sought from retail investment firms, advocacy groups, data vendors, and other stakeholders with relevant expertise.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-12-05•United States•Federal Reserve Board
The Federal Reserve Board issued a consent prohibition order against Julio A. Gonzalez, a former Synovus Bank employee, for misappropriating customer funds.
EnforcementInvestigations & enforcement actions
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2025-12-05•Albania•Bank of Albania
Governor Gent Sejko of the Bank of Albania addressed ICEBIT 2025, emphasizing digital transformation as a central bank priority and Albania's integration into the Single Euro Payments Area (SEPA) as a key milestone. The speech highlighted modernizing national payment systems for instant, secure payments, expanding electronic payments, and fostering competition and innovation. It also linked innovation to central banking functions, including advanced inflation forecasting, data analytics, and enhanced public communication tools.
Policy & regulationReform agendas & prioritiesCross-border paymentsFinancial inclusion
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2025-12-05•Sri Lanka•Central Bank of Sri Lanka
The Central Bank of Sri Lanka directs licensed banks to offer temporary debt relief, fee waivers, and new credit access to those affected by recent cyclonic and flood disasters, contingent on borrower requests by 15 January 2026. Measures include suspending repayments for 3 to 6 months, capping interest rates, and suspending specific charges until 31 January 2026. Banks must ensure credit reporting does not negatively impact borrowers and report monthly on relief measures and rejections to the Director of Bank Supervision.
Policy & regulationRules & requirementsOther
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2025-12-05•Moldova•National Commission for Financial Markets
The National Commission for Financial Markets adopted measures affecting consumer protection and capital markets, including fee adjustments and supervisory actions. Key changes involve fee calculation updates for insurance intermediaries and transforming "CRISMAX" into a limited liability company. Additionally, the Commission plans legal action against OTP Bank SA and others for contractual violations, with fines for non-compliance.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-12-05•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission (SEC) will amend the Global Research Analyst Settlement to eliminate outdated undertakings, enhancing sell-side equity research availability. Initially set to separate research from investment banking, the settlement's measures are now redundant due to evolved regulations like SEC Regulation AC and FINRA Rule 2241. The amendment aims to reduce compliance friction and expand research coverage, especially for emerging growth and smaller public companies.
Policy & regulationRules & requirementsCorporate governance
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2025-12-05•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) is consulting on a discussion paper to enhance proportionality in the banking prudential framework by introducing a three-tier classification system for banks, including credit unions and building societies. The proposal includes a new tier for Most Significant Financial Institutions (MSFIs) with assets over 300 billion AUD, adjusts the threshold for Significant Financial Institutions (SFIs) to 30 billion AUD, and provides transition periods for banks changing tiers.
Policy & regulationRules & requirementsPrudential risks
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2025-12-05•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation have rescinded the 2013 Interagency Guidance on Leveraged Lending and its 2014 FAQs, citing their restrictive nature and unintended market impacts. Banks are now expected to manage leveraged lending exposures under general safe and sound lending principles, with supervisory expectations including defined risk appetite and consistent underwriting practices. The agencies may issue further guidance through a notice-and-comment process.
Policy & regulationGuidance & interpretationLendingPrudential risks
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2025-12-05•Europe•European Central Bank - Banking Supervision
The European Central Bank (ECB) concluded an asset quality review of Raiffeisen-Holding Niederösterreich-Wien, confirming no capital shortfall with a Common Equity Tier 1 (CET1) ratio above 8%. The review, triggered by the bank's significant status due to assets exceeding EUR 30 billion, adjusted the CET1 ratio from 22.13% to 19.46%. The ECB will incorporate these results into the Supervisory Review and Evaluation Process.
SupervisionReviews, inspections & stress testsAsset quality
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2025-12-05•Canada•Alberta Securities Commission
The Alberta Securities Commission found GRS Hydrogen Solutions Inc. violated securities laws by distributing securities without a prospectus and making misrepresentations. GRS raised CAD 282,500 from 17 investors, failed to ensure 12 met exemption criteria, and made misleading claims about a Toronto Stock Exchange listing and a contract with an Alberta energy company. The case will proceed to determine potential sanctions and cost-recovery orders against GRS and its founder, Albert Eugene Cerenzie.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-12-05•Canada•Alberta Securities Commission
An Alberta Securities Commission panel found GRS Hydrogen Solutions Inc. violated Alberta securities laws by distributing securities without a prospectus and making false representations. GRS raised $282,500 from 17 investors, with 12 not meeting exemption criteria, and falsely claimed its shares would be listed on the Toronto Stock Exchange. The proceeding will now determine potential sanctions and cost-recovery orders against GRS and its founder, Albert Eugene Cerenzie.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-12-05•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) released a draft Listed Company Supervision and Administration Regulation for public consultation to enhance governance, disclosure oversight, and investor protection. The draft includes measures to tighten governance, regulate key stakeholders' conduct, and strengthen information disclosure to combat financial statement fraud. It also refines rules for takeovers, restructurings, and investor protection, with detailed enforcement provisions.
Policy & regulationRules & requirementsCorporate governance
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2025-12-05•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission released the Measures for the Administration of Finance Leasing Business of Financial Leasing Companies, detailing governance, process, and risk-control requirements to refocus companies on core finance leasing activities. The measures, comprising eight chapters and 68 articles, address due diligence, risk management, and internal controls, with specific rules for sale-and-leaseback and operating leases. Key risk areas include credit, concentration, and operational risks, with guidelines for asset management and overseas operations.
Policy & regulationRules & requirementsLicensing framework and process
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2025-12-05•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration issued the Measures for the Administration of Financial Leasing Companies’ Finance Leasing Business, establishing operational and risk management requirements. The Measures cover due diligence, risk assessment, contract management, and supervisory arrangements, with provisions for direct leasing, sale-and-leaseback, and operating leases. NFRA will oversee implementation and compliance with this framework.
Policy & regulationRules & requirementsLicensing framework and process
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2025-12-05•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration held eight symposiums with banking and insurance institutions to align with the Chinese Communist Party’s policy direction and gather input for the “15th Five-Year” financial plan. Discussions focused on risk management, market competition, and integrating Party building with corporate governance. The regulator emphasized implementing Plenum-related requirements, risk prevention, and high-quality development for the upcoming planning period.
Policy & regulationReform agendas & prioritiesOther
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2025-12-05•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission has adjusted risk factors for insurance company activities to better reflect insurance funds as long-term capital. The changes aim to enhance support for the real economy and align with national strategy by revising risk factors for insurers' equity investments and export credit insurance. The regulator will guide insurers in implementing these revisions to improve investment management and ensure accurate solvency data.
Policy & regulationRules & requirementsCapital adequacy
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2025-12-05•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission revised solvency risk factors, introducing holding period-based differentiation for specific equity holdings. Adjustments affect the characteristic coefficient K2 for investments in CSI 300 index constituents, CSI Dividend Low Volatility 100 index constituents, and STAR Market shares, while base factors and K1 remain unchanged. The notice also modifies premium and reserve risk base factors for export credit insurance and related overseas investment insurance.
Policy & regulationRules & requirementsCapital adequacy
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2025-12-05•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) released a new working guide for Financial Trusts eligible for Automatic Authorisation due to their low impact. This guide aims to enhance consistency and efficiency in interpreting and applying existing requirements, drawing on regulator and market participant experiences. It complements existing guides for frequent issuances and electronic asset-backed Financial Trusts, without altering current rules.
Policy & regulationGuidance & interpretationRegulatory burden
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2025-12-05•Macao•Monetary Authority of Macao
The People's Bank of China and the Monetary Authority of Macao have signed a permanent RMB/MOP currency swap agreement, increasing the swap size to RMB 50 billion (MOP 57 billion). This aims to enhance RMB liquidity in Macao's financial market and support the expansion of RMB business by local financial institutions. The AMCM will promote the swap line to attract investment from Portuguese-speaking countries, reinforcing Macao's role as a financial services platform.
Policy & regulationCooperationCross-border cooperation
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2025-12-05•Dominican Republic•Pensions Superintendency (SIPEN)
The Dominican Republic's Pensions Superintendency (SIPEN), National Pedro Henríquez Ureña University (UNPHU), and AFP Reservas concluded the "Regulation, Investments, Workers and Savings" (RITA) diploma programme. This initiative aimed to enhance understanding of the Dominican pension system by training AFP Reservas professionals on regulatory mechanisms and management practices. Completion certificates were awarded at a ceremony attended by senior representatives from the involved institutions.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-05•India•Securities & Exchange Board of India
Sandip Pradhan has been appointed as a Whole Time Member of the Securities and Exchange Board of India (SEBI) in Mumbai, effective 4 December 2025. His responsibilities encompass several departments, including Market Intermediaries Regulation and Supervision, Alternative Investment Fund and Foreign Portfolio Investors, and Information Technology. Pradhan previously served as Director General of Income Tax (Investigation) in Pune.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-05•South Korea•Bank of Korea
The Bank of Korea reported a USD 6.81 billion current account surplus and an equivalent increase in net assets in the financial account for October 2025, based on preliminary balance of payments data.
Data & statisticsBalance of payments and other external statistics
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2025-12-05•South Korea•Bank of Korea
The Bank of Korea reported a KRW 20.2 trillion increase in industrial loans by depository corporations in Q3 2025.
Data & statisticsFinancial and market indicatorsMonetary data
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2025-12-05•Switzerland•Federal Department of Finance (Switzerland)
Switzerland's Federal Department of Finance updated the Federal Council on implementing twelve priority areas from the 2022 digital finance report to enhance the Swiss financial centre's competitiveness. Key initiatives include fintech licence improvements, stablecoin regulations, and integrating the Financial Innovation Desk into the State Secretariat for International Finance. Future steps involve sectoral analyses on AI, cloud computing, and ongoing international engagement to promote innovation-friendly standards.
Policy & regulationImplementation, projects & pilotsFintech and insurtechRegtech and suptech
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2025-12-05•Switzerland•Federal Department of Finance (Switzerland)
Switzerland's Federal Department of Finance proposes amending the Insurance Oversight Act to exempt intermediaries brokering reinsurance contracts from FINMA registration and supervision. This aims to boost Switzerland's competitiveness as a reinsurance hub by addressing issues that discouraged foreign intermediaries. The proposal, supported by consultation participants, includes selected technical amendments.
Policy & regulationRules & requirementsLicensing framework and process
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2025-12-05•Argentina•Central Bank of Argentina
The Central Bank of Argentina has initiated a public consultation on a draft regulation to establish the Tasa de Intereses Moratorios (TIM), a reference rate for determining late-payment interest under Article 768(c) of Argentina’s Civil and Commercial Code. TIM would be derived from the average of a passive rate and an active rate, with daily effective rates bounded by CER-linked bands. The consultation includes a draft resolution, historical TIM data, and a calculator.
Policy & regulationRules & requirementsOther
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2025-12-05•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's 2025 Personal Data Protection Law details requirements for financial institutions and credit information activities. It prohibits selling personal data, mandates data subject rights, and imposes penalties, including fines up to 5% of prior-year revenue for cross-border data transfer breaches. The Prime Minister's plan includes developing a National Portal on Personal Data Protection for guidance and feedback.
Policy & regulationImplementation, projects & pilotsData protection
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2025-12-05•Dominican Republic•Central Bank of the Dominican Republic
The Central Bank of the Dominican Republic clarified that the June 2025 reserve requirement release programme significantly supported housing finance, with DOP 22.522bn channelled to construction and home purchases. Of the DOP 62bn in loans granted via reserve requirement releases, DOP 7.160bn was allocated to low-cost housing. The bank emphasized that credit decisions are made by financial intermediaries and will continue to provide clarifications and engage with industry groups.
Policy & regulationGuidance & interpretationLending
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2025-12-05•Panama•Superintendencia de Bancos de Panama
The Panama Superintendency of Banks participated in Panama Week South Africa 2025 to enhance the international profile of Panama’s banking centre. SBP's Director of International Affairs and Projects, Kathy de Guardia, highlighted Panama’s regulatory experience and engaged with South African financial experts. The event aimed to strengthen Panama’s technical presence and foster future collaboration.
Policy & regulationCooperationCross-border cooperation
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2025-12-05•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) has launched consultations on draft revised Guidelines for group solvency and supervisory reporting and public disclosure, aligning with the amended Solvency II framework. The revisions aim to streamline the Guidelines, reducing complexity while maintaining effective supervision, with a 63% reduction in group solvency Guidelines and a 44% reduction in reporting and disclosure Guidelines. These changes clarify existing guidance without lowering supervisory expectations.
Policy & regulationGuidance & interpretationPrudential risksRegulatory reporting
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2025-12-05•Moldova•National Bank of Moldova
The National Bank of Moldova reported a decrease in official reserve assets to EUR 5,080.87 million as of 28 November 2025, down EUR 60.56 million from the previous month. The decline was mainly due to net outflows related to foreign-currency required reserves, external public debt service, and Ministry of Finance payments, partially offset by purchase interventions and income from reserve management. Since the end of 2024, reserve assets have decreased by EUR 166.59 million.
Data & statisticsBalance of payments and other external statistics
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2025-12-05•Moldova•National Bank of Moldova
The National Bank of Moldova's Financial Stability Report 2024 highlights the financial system's resilience despite economic uncertainties, with GDP growth at 0.1% and inflation at 4.7%. Banking sector fundamentals remained strong, though vulnerabilities persist in the non-bank sector, with potential risks linked to real estate, climate change, and digitalisation. For 2025, GDP growth is projected at 2.0%, with inflation expected to return to target levels, supported by macroprudential measures and interinstitutional coordination.
ResearchFinancial stability and systemic riskMacroprudential policy and tools
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2025-12-05•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde will issue a CVE 500 commemorative coin for its 50th anniversary, available from 5 December under Decree-Law No. 32/2025. The coin will be released in standard, "Brilliant Uncirculated," and numismatic proof versions in gold and silver, with designs highlighting the Bank's development and role in monetary stability and financial inclusion.
Monetary policyOtherCurrency and cash management
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2025-12-04•Israel•Bank of Israel
Bank of Israel Governor Prof. Amir Yaron, addressing the 2026 State Budget, emphasized fiscal consolidation to achieve a 3.6% GDP deficit target and reduce the debt-to-GDP ratio amid hostilities. He highlighted concerns over budget proposals undermining debt reduction, tax measures' impact on the structural deficit, and the need for offsets to maintain a 65% debt ratio by 2030, while supporting certain Economic Arrangements Bill measures and advocating for comprehensive financial-sector reforms.
Policy & regulationReform agendas & priorities
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2025-12-04•Pakistan•State Bank of Pakistan
The State Bank of Pakistan announced the extension of a USD 3.0 billion deposit from the Saudi Fund for Development for another year, originally set to mature on 8 December 2025. This rollover, initially placed in 2021, aims to bolster Pakistan's foreign exchange reserves and support economic growth.
Monetary policyMonetary policy instruments & operationsBalance of payments and other external statistics