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2025-12-04•Australia•Australian Securities & Investments Commission
ASIC seeks feedback on remaking two relief instruments for Australian financial services licensees and foreign ADIs, set to sunset in 2026. The effective instruments will remain largely unchanged, with minor amendments. The proposal includes exemptions for foreign licensees and ADIs from certain obligations related to record-keeping, financial statements, and lease asset treatment.
Policy & regulationRules & requirementsLicence approval
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2025-12-04•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) now allows email lodgement for 35 forms, previously requiring paper submission, to streamline processes and reduce administrative burdens. Electronic signatures are accepted on approved PDF forms on ASIC's website. While paper lodgement remains an option, ASIC plans to expand email lodgement to more documents, with Forms 201 and 484 available for email submission only in exceptional cases.
Policy & regulationImplementation, projects & pilotsRegulatory burden
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2025-12-04•Panama•Superintendencia de Bancos de Panama
The Superintendency of Banks of Panama approved Agreement 9-2025, transitioning consumer complaint management to an electronic platform with defined procedural steps. Banks must address complaints within 30 days, with the Superintendency intervening if unresolved, potentially convening hearings and issuing decisions. Simplified procedures apply to complaints under PAB 1,500, with non-compliance subject to daily contempt sanctions.
Policy & regulationRules & requirementsComplaints and dispute resolution
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2025-12-04•Europe•European Financial Reporting Advisory Group
The European Financial Reporting Advisory Group (EFRAG) has launched the ESRS Knowledge Hub, an online platform to assist stakeholders with the European Sustainability Reporting Standards (ESRS). The Hub consolidates resources, including the 2023 ESRS, the simplified ESRS, and the VSME standard, with features like improved navigability and links to EU legislation. EFRAG plans to add interactive functionality for the simplified ESRS upon its adoption by the European Commission.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-12-04•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) warned crypto-asset firms about the 30 December 2025 deadline for EU Markets in Crypto-Assets Regulation (MiCAR) compliance. Virtual Asset Service Providers (VASPs) registered with Italy’s Organismo Agenti e Mediatori (OAM) must apply for authorisation as a crypto-asset service provider (CASP) to continue operations beyond this date. Consob advised investors to verify service providers' MiCAR compliance and entitlement to operate in Italy post-deadline.
Policy & regulationGuidance & interpretationLicence withdrawal
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2025-12-04•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) issued Regulation No. 23 of 2025, expanding the regulatory framework for digital financial assets, including derivatives. Assets traded must use distributed ledger technology and meet specific criteria, while trading organisers are restricted to exchange-listed assets. Derivative trading requires OJK approval for exchanges, and traders must notify OJK and ensure consumer knowledge testing before trades.
Policy & regulationRules & requirements
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2025-12-04•Indonesia•OJK
The Indonesia Financial Services Authority (OJK) amended its supervisory framework for financial institutions, including microfinance institutions (Lembaga Keuangan Mikro, LKM), by adjusting quantitative parameters for supervisory status. The regulation grants LKM an additional transition period to apply the equity-to-paid-in-capital ratio parameter, responding to slower economic growth impacting borrowers' repayment capacity and structural constraints in addressing capital shortfalls.
Policy & regulationRules & requirementsCapital adequacy
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2025-12-04•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) launched the Sustainable Development Finance Platform to align policy, investment, and regulatory decisions for Ukraine's recovery and European integration. The NSSMC will lead the ESG benchmarks subgroup and, with the National Bank of Ukraine, oversee financial instruments. Key initiatives include developing ESG benchmark methodologies, implementing the EU Green Bond Standard, and enhancing monitoring to prevent greenwashing.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-12-04•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) found loyal customers paying higher premiums than new ones due to "margin personalisation." Insurers acknowledged the issue, adjusted premiums or pricing policies, and noted some data errors. The AFM stressed that unjustified higher premiums for loyal customers breach product development standards and will continue monitoring.
SupervisionInterventionsConsumer and investor protection
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2025-12-04•Latvia•Central Bank of Latvia
The Central Bank of Latvia has granted BlockBen SIA a licence to provide crypto-asset services, marking the first such authorisation in Latvia under the EU Markets in Crypto-Assets Regulation (MiCA). This licence enables BlockBen SIA to offer MiCA-permitted services across EU countries, leveraging its private blockchain for crypto-asset exchange, custody, and transfers. The central bank also reported extensive pre-licensing support, including consultations and published guides on authorisation and MiCA crypto-asset classification.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-04•Georgia•National Bank of Georgia
The National Bank of Georgia's Governor, Natia Turnava, and Finance Minister, Lasha Khutsishvili, conducted meetings in the U.S. with investment firms to prepare for Georgia's 2026 Eurobond refinancing. Organized by JP Morgan, Societe Generale, Citi, and ICBC, discussions focused on Georgia's macroeconomic outlook, fiscal parameters, and investment climate.
Policy & regulationImplementation, projects & pilotsCross-border cooperation
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2025-12-04•Georgia•Insurance State Supervision Service of Georgia
Davit Onoprishvili, head of Georgia's Insurance State Supervision Service, attended a high-level meeting in Vienna on economic indicators and insurance market development. He moderated a session on challenges for insurance supervisors and outlined steps under the 2025–2029 development strategy. The meeting emphasized institutional strengthening, employment, training, and information exchange to address regulatory challenges in Georgia.
SupervisionCooperationCross-border cooperation
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2025-12-04•China•Central Bank of the Republic of China
The People’s Bank of China aims to enhance the "dual-pillar" framework of monetary policy and macroprudential management, aligning with the Communist Party's 15th Five-Year Plan. Key monetary policy priorities include optimizing base money injection, refining interest rate channels, and improving renminbi exchange rate mechanisms. Macroprudential policy focuses on broader market coverage, an expanded toolkit, and a stronger financial stability safety net.
Policy & regulationReform agendas & priorities
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2025-12-04•Europe•European Banking Authority
The European Banking Authority's Autumn 2025 Risk Assessment Report confirms EU/EEA banks' strength in capital, liquidity, profitability, and asset quality but warns of risks from geopolitical instability, market volatility, and operational threats. It highlights increased exposure to external shocks, elevated operational risks from cyber threats, and concerns over outsourcing and third-party dependencies. Despite record capital ratios and stable asset quality, liquidity buffers have shifted towards sovereign assets, raising sensitivity to market changes, with stablecoins noted as a potential future consideration for funding and liquidity risk management.
SupervisionRisk monitoring & watch points
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2025-12-04•Germany•BaFin
Germany's Federal Financial Supervisory Authority (BaFin) has raised the threshold for reporting managers’ own-account transactions under Article 19 of the Market Abuse Regulation from EUR 20,000 to EUR 50,000. This change, aligned with the EU Listing Act, aims to reduce notifications by up to one third while maintaining transaction capture and easing compliance for smaller issuers. The order revokes BaFin’s 2019 threshold and includes a provision for future changes.
Policy & regulationRules & requirementsOther
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2025-12-04•United States•Financial Industry Regulatory Authority
The FINRA Investor Education Foundation's National Financial Capability Study shows a slowdown in new retail investor entry, decreased comfort with substantial portfolio risk, and increased reliance on social media and influencers, especially among those under 35. It highlights a decline in investment ownership among young adults, men, and persons of color, alongside a drop in willingness to take substantial risks. Despite unchanged cryptocurrency ownership, fewer investors are considering crypto, and concerns about fraud have risen.
ResearchFinancial literacy and education
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2025-12-04•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance Regulator (ASF) held its seventh Market Conduct Forum to review market conduct initiatives and discuss the ASF Strategic Plan 2026–2028, focusing on market conduct objectives. Key topics included credit protection insurance business models, insurance brokers' compliance with portfolio dispersion rules, and long-term retirement savings. Participants shared reflections and proposed additional themes for ASF consideration.
Policy & regulationCooperationOther
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2025-12-04•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance Regulator (ASF) released its semiannual Complaints Management Report for H1 2025, showing a 16% decrease in complaints handled by supervised entities but a 22% increase in complaints submitted directly to ASF. Non-life insurance, particularly motor and fire-related issues, dominated complaints, with "Sinistro" being the primary concern. The report also noted that 28.5% of substantively analysed complaints were resolved in favor of the complainant.
Data & statisticsComplaints and dispute resolution
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2025-12-04•Laos•Bank of the Lao
The Bank of the Lao reported on Governor Bounkham Vorachit’s visits to southern and central Laos, focusing on promoting the Lao kip and foreign currency management compliance. In Champasak, he engaged with stakeholders at the Coffee, Tea and Agricultural Products Festival, while in Savannakhet, he reviewed implementation results with regional units and emphasized internal coordination and strategic planning.
SupervisionSupervision approach, priorities & toolkitOther
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2025-12-04•Laos•Bank of the Lao
The Bank of the Lao reported on Governor Bounkhom Vorlachit’s visits to Champasak and Savannakhet provinces, emphasizing local implementation of Lao kip promotion and foreign exchange management compliance. In Champasak, the Governor engaged with stakeholders at the Coffee, Tea, and agricultural products festival, while in Savannakhet, he reviewed regional office performance and strategic planning with financial institutions.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-04•Gibraltar•Gibraltar Financial Services Commission
The Gibraltar Financial Services Commission released a Corporate Governance Newsletter for the audit sector, stressing the importance of strong governance frameworks for transparency, accountability, and audit quality. It highlights effective board structures, diversity, non-executive directors, regular management meetings, performance appraisals, and action tracking as key practices to enhance oversight and reduce risks.
Policy & regulationGuidance & interpretationCorporate governance
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2025-12-04•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority has launched the AI Live Testing initiative to trial artificial intelligence in UK financial markets, collaborating with major firms to understand its benefits and risks. The programme offers tailored regulatory support with Advai, focusing on retail financial services use cases like debt resolution and financial advice. Participants include Gain Credit, NatWest, Monzo, and others, with testing addressing evaluation frameworks, governance, and risk management.
SupervisionInnovation & testingArtificial intelligence
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2025-12-04•United Kingdom•Financial Conduct Authority
The FCA and PRA have launched initiatives to strengthen the UK mutuals sector, including a new FCA Mutual Societies Development Unit and faster mutual society registrations. The review will explore risk-based capital requirements for larger credit unions and proportionality for smaller ones. Changes include free pre-application support, reduced registration times, the PRA removing the Building Societies Sourcebook, and new guidance on Part VIII transfers.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-12-04•Bolivia•Ministry of Finance (Bolivia)
Bolivia's Ministry of Finance appointed Carlos Gonzalo Jáuregui Cisneros as Executive Director General of the Financial Investigations Unit (UIF) to enhance the fight against money laundering and improve financial intelligence standards. Minister José Gabriel Espinoza Yáñez emphasized rebuilding institutional integrity and aligning with international norms. Jáuregui aims to remove Bolivia from the Financial Action Task Force (FATF) grey list, urging private sector cooperation.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-04•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission announced the conviction of Mr. Choi Chun Wai, a former vice president of Computershare Hong Kong Investor Services Limited, for insider dealing in ENM Holdings Limited shares. Choi pleaded guilty after selling his shares before a failed privatisation announcement, avoiding an estimated loss of HKD 289,500. Sentencing is set for 18 December 2025.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-04•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission secured the conviction of Ms Wong Yuk Lan for false trading in China All Access (Holdings) Limited shares. The Shatin Magistrates’ Court found Wong placed bid orders to create a misleading appearance of demand to alleviate margin call pressure. She is remanded in custody pending sentencing.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-04•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has initiated a pilot Point-of-Sale program enabling consumers to purchase auto insurance directly at dealerships. The program will operate within a Test and Learn Environment with safeguards to ensure consumer protection and information.
Policy & regulationImplementation, projects & pilotsConsumer and investor protection
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2025-12-04•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has finalized amendments to its bank prudential framework, eliminating Additional Tier 1 (AT1) capital instruments as eligible regulatory capital by 1 January 2027, with a full phase-out by 2032. The changes aim to enhance stability and reduce compliance costs. A key adjustment is setting the leverage ratio at 3.25% of Common Equity Tier 1 (CET1) capital, down from the proposed 3.5%, following industry feedback. APRA has issued a letter addressing consultation feedback and updated prudential standards, with plans for continued industry engagement.
Policy & regulationRules & requirementsCapital adequacy
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2025-12-04•Slovenia•Slovenia Insurance Supervision Agency
The Slovenia Insurance Supervision Agency and the International Association of Insurance Supervisors hosted a seminar in Ljubljana on resilience, risk, and inclusion in insurance markets. Discussions included consumer protection, transitioning from Solvency I to Solvency II, prudential treatment of crypto assets, market conduct risks, sustainability under the Insurance Distribution Directive, and gaps in agricultural and natural catastrophe insurance.
SupervisionCooperationSupervision process and methodologies
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2025-12-04•Sweden•Riksbank
Sweden's Riksbank, via First Deputy Governor Aino Bunge, highlighted digitalisation, tokenisation, and geopolitical tensions' impact on payments, advocating stablecoins' settlement in central bank money if systemically important. The Riksbank is integrating with Eurosystem platforms, including TIPS for instant payments, and plans to transition large-value payments to TARGET2 by 2030. Bunge emphasized Sweden's need to consider an e-krona as the European Central Bank progresses on the digital euro, with potential EU-level developments expected by 2026.
Monetary policyMonetary policy assessments & outlooksCBDCStablecoins
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2025-12-04•Austria•Austrian National Bank (OeNB)
The Austrian National Bank released an analysis package on Austrian households' financial situation and behavior, integrating macroeconomic financial accounts with the Eurosystem Household Finance and Consumption Survey (HFCS 2023). The release includes Austria-focused HFCS 2023 results, a statistical article on savings use for investments, and a bulletin on crypto assets ownership and implications.
ResearchEconomic data and developments
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2025-12-04•Global•International Financial Reporting Standards Foundation
The International Financial Reporting Standards Foundation has launched a new ePub product for its IFRS publications, enhancing interactivity, accessibility, and navigation. Initial ePub titles include The IFRS Accounting Standards—Issued 1 January 2025 and IFRS for SMEs Accounting Standard Third Edition. By 2026, all major IFRS Accounting Standards publications will transition to ePubs, with bound volumes discontinued for Issued and Required publications.
Policy & regulationImplementation, projects & pilotsAccounting and financial reporting
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2025-12-04•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance, along with 24 other jurisdictions and Gibraltar, endorsed the OECD's Multilateral Competent Authority Agreement for the Automatic Exchange of Immediately Available Information on Real Property (IPI MCAA). This agreement aims to enhance cross-border information exchange on real estate to support tax compliance and combat evasion. The signatories plan to join the IPI MCAA by 2029 or 2030, pending internal procedures, and urge other jurisdictions to participate.
Policy & regulationInternational standards & recommendationsTax transparency and information exchange
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2025-12-04•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance, led by Minister Kyriakos Pierrakakis, proposed a draft bill to reform charitable asset management. Key elements include a Single Electronic Register, tax incentives, a digital platform for dormant inheritances, and the Foundation for Managing Inheritances. It also introduces dispute-resolution mechanisms and insolvency measures.
Policy & regulationRules & requirementsOther
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2025-12-04•Greece•Ministry of National Economy and Finance (Greece)
Greece's Deputy Minister of National Economy and Finance, Giorgos Kotsiras, outlined the government's tax policy at the 7th "Law and Taxation" conference, focusing on tax reductions, codification of tax legislation, and digitisation of tax administration. Recent reforms include tax cuts for households, benefiting families, young people, and regional areas, alongside a bill promoting public-benefit financing. The agenda also emphasizes advancing preliminary tax decisions to enhance business tax certainty and predictability.
Policy & regulationReform agendas & prioritiesOther
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2025-12-04•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority and the Hong Kong Association of Banks announced five emergency support measures for those affected by the Tai Po fire, including expedited handling of deceased persons’ accounts and enhanced fraud controls. Banks will offer credit support through emergency loans and service charge waivers, with extended coverage for affected workers and families. The three note-issuing banks will provide services for fire-damaged currency, and all retail banks will waive fees for fund transfers to the HKSAR Government’s support fund.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-04•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a scam alert about fraudulent websites and internet banking login screens targeting The Bank of East Asia, Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank using details from the bank’s press release and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-12-04•Europe•European Systemic Risk Board
The European Systemic Risk Board’s Advisory Scientific Committee released a report on how AI features might create or amplify systemic risks in the financial system. It identifies five AI features as significant risk amplifiers, including concentration, model uniformity, and overreliance. The report suggests a policy mix of competition, consumer protection, and prudential measures, emphasizing enhanced supervision and cross-border cooperation.
Policy & regulationGuidance & interpretationArtificial intelligenceFinancial stability and systemic risk
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2025-12-04•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission has enacted emergency measures for southern Thailand's severe flooding, focusing on vehicle aid and quick claims settlement. Insurers must offer free towing for flood-damaged vehicles and resolve total-loss motor claims within seven days of documentation. Non-motor policies in disaster areas will provide specific compensations, with claims exceeding these amounts settled within three days of receiving complete documents.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-04•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan has mandated banks and payment organizations to enable minors aged 14 to 18 to access electronic payment functions via mobile apps, following issues with biometric identification requirements. Amendments now allow these minors to open bank accounts independently, while biometric identification is required for high-risk operations to mitigate fraud risks.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-12-04•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority has postponed the Sustainable Finance Disclosure Regulation (SFDR) audit requirement for the 2025 financial year, following the European Commission's recent communication on simplifying transparency rules. External auditors are not required to submit SFDR audit reports for 2025. The legal basis remains unchanged, and the FMA will update market participants on future audit structures for 2026.
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-12-04•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines issued Memorandum No. M-2025-039, announcing amendments to the rules governing the Intraday Settlement Facility for the peso real-time gross settlement payment system.
Policy & regulationRules & requirementsPayments and payment systems
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2025-12-04•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) will implement a new CADPREVIC system from 1 January 2026 to register closed pension funds, benefit plans, and officers, consolidating existing registers into a single platform. Licensing requests will be processed through the federal Gov.br portal as part of a digital service-unification strategy. PREVIC advises EFPCs to link their CNPJ to a Gov.br account and pre-register individuals for submissions.
Policy & regulationImplementation, projects & pilotsRegulatory reporting
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2025-12-04•Slovenia•Slovenia Securities Market Agency
The Slovenia Securities Market Agency has launched a public consultation on draft amendments to its tariff of fees and charges, reflecting new supervisory tasks. The amendments are driven by the Act on Individual Investment Accounts and propose fees for supervisory measures under Regulation (EU) 2023/1113 and the Digital Operational Resilience Act (DORA).
Policy & regulationRules & requirementsRegulatory burden
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2025-12-04•Slovenia•Slovenia Securities Market Agency
The Slovenia Securities Market Agency has adopted a general act detailing the structure of cost and fee information for individual investment accounts. Under the Individual Investment Accounts Act, providers must annually publish this information on their websites for typical account holders.
Policy & regulationRules & requirementsDisclosures
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2025-12-04•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 10.3% year-on-year increase in outstanding loans from universal and commercial banks in October, slightly down from 10.5% in September. Loans to residents remained steady at 10.9%, while loans to non-residents decreased by 11.1%. The central bank emphasized its commitment to monitoring bank lending to ensure alignment with its price and financial stability objectives.
Data & statisticsMonetary data
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2025-12-04•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported an 8.3% year-on-year increase in domestic liquidity (M3) to PHP 19.1 trillion in October, up from 7.6% in September. This growth was driven by a 10.5% rise in claims on the domestic sector and an 11.0% increase in private sector claims, reflecting robust bank lending. Net foreign assets grew by 2.1% year on year, with a decline in the Bangko Sentral ng Pilipinas’ NFAs offset by an increase in banks’ NFAs.
Monetary policyMonetary policy instruments & operationsMonetary data
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2025-12-04•United States•New York State Department of Financial Services
The New York State Department of Financial Services announced legislation requiring health insurance to cover lung cancer follow-up screenings and diagnostics without patient cost-sharing. This aligns with efforts to eliminate cost-sharing for insulin and inhalers and regulate practices that raise drug costs. Lung cancer is the leading cause of cancer deaths in New York, with significant annual diagnoses and fatalities.
Policy & regulationRules & requirementsOther
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2025-12-04•South Africa•South African Reserve Bank
The South African Reserve Bank reported that South Africa's seasonally adjusted and annualised current account deficit narrowed to R57.0 billion in Q3 2025 from R72.2 billion in Q2, reducing the deficit to 0.7% of GDP from 1.0%. The goods trade surplus decreased as imports rose more than exports, while the deficit on services, income, and current transfers fell to R235.3 billion, narrowing to 3.0% of GDP from 3.4%. Terms of trade improved slightly, with export prices increasing more than imports.
Data & statisticsBalance of payments and other external statistics
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2025-12-04•Slovakia•National Bank of Slovakia
The National Bank of Slovakia's Bank Board approved decrees to standardize regulatory reporting for crowdfunding service providers, credit servicers, and (re)insurance undertakings, effective 1 January 2026. Amendments include enhanced documentation for foreign exchange licence applications and a memorandum to support non-bank payment service providers' access to central bank-operated systems. The decrees align with European Banking Authority guidelines and update insurance reporting to incorporate IFRS 17.
Policy & regulationRules & requirementsRegulatory reporting
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2025-12-04•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore released an information paper summarizing a thematic review of financial institutions' recruitment and onboarding training of representatives. It outlines MAS' supervisory expectations, observed good practices, and areas for improvement, covering onboarding, monitoring representatives with adverse information, and training. It also discusses related practices, including hiring assistants and outsourcing, referencing relevant MAS guidelines and notices.
Policy & regulationGuidance & interpretationFitness and propriety
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2025-12-04•Serbia•National Bank of Serbia
The National Bank of Serbia refuted media claims of an impending financial collapse linked to NIS, affirming its capability to maintain financial stability. It emphasized the liquidity and capitalization of Serbia's banking sector and criticized panic-inducing headlines for undermining public confidence. The bank pledged ongoing transparency and urged responsible reporting from media and public figures.
OtherOperational risk and resilience
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2025-12-04•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission (GFSC) issued a counter-terrorism sanctions notice designating Gurpreet Singh Rehal and Babbar Akali Lehar under the UK Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019. Firms must freeze assets linked to these individuals and report findings to the States of Guernsey Policy & Resources Committee, ensuring compliance with reporting obligations. Affected firms should also notify the GFSC and submit a detailed report under Handbook Rule 12.37.
EnforcementSanctions & designationsNew sanctions designations
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2025-12-04•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a Russia sanctions notice designating the Main Directorate of the General Staff of the Armed Forces of the Russian Federation and three individuals under the UK's Russia (Sanctions) (EU Exit) Regulations 2019. Businesses must freeze assets linked to these entities and report findings to the States of Guernsey Policy & Resources Committee. Firms must also notify the Commission and provide detailed reports on affected relationships or transactions.
Policy & regulationGuidance & interpretationNew sanctions designations
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2025-12-04•Europe•European Central Bank
The European Central Bank released a working paper introducing "regulatory risk tolerance" (RRT) to assess how large US and euro-area banks manage capital buffers post-Basel III. The study finds that RRT increased as buffer targets declined, with high-RRT banks cutting lending to restore buffers, while low-RRT banks reduced asset riskiness. The paper clarifies that these findings do not reflect the ECB's views.
ResearchCapital adequacy
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2025-12-04•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has issued a cyber sanctions notice designating eight individuals under the UK Cyber (Sanctions) (EU Exit) Regulations 2020, subjecting them to an asset freeze in Guernsey. Businesses must freeze assets linked to these individuals and report to the States of Guernsey Policy & Resources Committee, complying with section 14 reporting obligations under the Sanctions (Bailiwick of Guernsey) Law, 2018. Firms must also inform the Commission and submit a Handbook Rule 12.37 report detailing affected relationships or transactions.
EnforcementSanctions & designationsNew sanctions designations
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2025-12-04•Albania•Albania Financial Services Authority
The Albania Financial Services Authority released issue 198 of its November 2025 periodical, detailing its regulatory, supervisory, and institutional activities. The publication aims to enhance consumer and investor understanding of the markets it oversees.
Financial literacy & educationOther
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2025-12-04•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay has presented a book reviewing how institutional reforms and macroeconomic policy helped Paraguay reach investment grade. The publication links that outcome to the bank’s autonomy, supervisory and monetary policy reforms, and payments-system modernization. It presents investment grade as the result of a long reform process and a basis for higher policy standards going forward.
ResearchOther
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2025-12-04•Global•World Federation of Exchanges
The World Federation of Exchanges published a research paper analyzing over 250,000 carbon credit transactions, revealing persistent price disparities between advanced economies and emerging markets and developing economies (EMDEs) in the voluntary carbon market. The study attributes the premium for advanced-economy credits to governance quality and finds nature-based credits trade at higher prices than technology-based ones, with older vintages and larger inventories linked to lower returns.
ResearchClimate risk and sustainable finance
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2025-12-04•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC revoked the registrations of St. Timothy Construction Corporation and St. Gerrard Construction General Contractor and Development Corporation for false ownership information. Both were fined PHP 2 million plus PHP 1,000 daily for ongoing violations, with directors disqualified for five years. These sanctions don't preclude further legal actions under the Revised Corporation Code or other laws.
EnforcementInvestigations & enforcement actionsBeneficial ownership
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2025-12-04•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency re-elected Kristijan Buk as president of the Hanfa Council for a four-year term during its first constitutive meeting of the fifth term. The Council, an advisory body for the non-bank financial sector, includes Hanfa Board president Ante Žigman and seven other members appointed by the Croatian government and various financial associations.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-04•Uganda•Uganda Insurance Regulatory Authority
The Insurance Regulatory Authority of Uganda issued guidance on binder agreements, addressing requests for classes not covered by its July 2020 circular. Approval will be considered case-by-case, contingent on broker competence and evidence of reduced management expenses from prior insurer-broker engagements.
Policy & regulationGuidance & interpretationOther
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2025-12-04•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission's Securities Scientific Research and Training Center has unveiled its 2026 corporate governance training plan in Hanoi. Detailed course information is available in an accompanying document.
Policy & regulationImplementation, projects & pilotsCapacity building
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2025-12-04•United States•U.S. Financial Services Committee
The U.S. Financial Services Committee, via Representative Pete Sessions, outlined House Republicans' strategy to address housing affordability by reducing regulatory burdens, which they argue inflate homebuilding and homebuying costs. They highlight that regulations add approximately USD 93,870 to new home prices and criticize policies like rent control and eviction moratoria. The statement also points to the Biden administration's 2021 Energy Conservation Standards, which reportedly increase home costs significantly without timely cost recovery for buyers.
Policy & regulationReform agendas & priorities
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2025-12-04•Global•International Monetary Fund
The International Monetary Fund released a paper on stablecoins, projecting growth to USD 300 billion by September 2025, driven by crypto trading. It discusses potential payment efficiencies and macrofinancial risks, including de-pegging, operational resilience, and AML/CFT challenges. It calls for enhanced cross-border cooperation and aligns oversight with IMF and Financial Stability Board recommendations, noting ongoing regulatory fragmentation.
Policy & regulationGuidance & interpretationStablecoins
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2025-12-04•Canada•Financial Transactions and Reports Analysis Centre of Canada
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) fined Griffin Jewellery Designs Inc. CAD 77,137.50 for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate compliance policies, risk assessments, and effectiveness reviews. The penalty was paid in full, and the case is closed.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-12-04•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities & Exchange Commission has advised holders of the JCKD206A bond by JC Kevin Development Company Limited to review information and exercise their rights at an upcoming e-meeting. The meeting will address extending the bond's maturity to 13 December 2027, revising repayment terms, and adjusting the interest rate. The SEC requires the bondholders’ representative to evaluate the implications of these changes for bondholders.
Policy & regulationGuidance & interpretationCorporate governance
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2025-12-04•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission urges bondholders of Grande Asset Hotels and Property Public Company Limited to review proposals for bond term amendments at electronic meetings on 11 December 2025. Key changes include maturity extensions, interest rate increases, and adjustments to repayment structures and collateral terms. Bondholders should seek detailed information from the issuer and representative, Daol Securities (Thailand) Public Company Limited, before voting.
SupervisionInterventionsSecurities offerings and listings
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2025-12-04•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission filed a criminal complaint against Mr. Mitsuji Konoshita, former director of Group Lease Public Company Limited, for alleged fraud. The SEC found misuse of bank deposits to guarantee loans for his private company, violating the Securities and Exchange Act and the Anti-Money Laundering Act. This deems Mr. Konoshita "untrustworthy," barring him from serving as a director or executive in securities issuing and listed companies during legal proceedings.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-12-04•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic fined an exchange bureau in the Chuy Region KGS 55,000 for violating national legislation and regulatory requirements.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-12-04•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has extended Samchai Steel Industries Public Company Limited's deadline to submit and disclose rectified financial statements for 2024 and Q2 2025 to 8 January 2026. This follows special audit findings regarding sales below cost, requiring compliance with Section 56 of the Securities and Exchange Act B.E. 2535 (1992). The extension allows SAM additional time to coordinate with auditors.
SupervisionAuthorisations & approvalsAccounting and financial reportingDisclosures
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2025-12-04•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic issued guidance on the new "self-ban on borrowing" mechanism, effective from 1 November 2025, to safeguard personal data against fraudulent credit activities. Activation is through the Tunduk app, with options to select a credit bureau and manage the self-ban status.
Policy & regulationGuidance & interpretationConsumer and investor protection
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2025-12-04•United Kingdom•Bank of England
The Bank of England has launched its second System-Wide Exploratory Scenario exercise to assess the resilience of private markets under stress and implications for UK financial stability. Involving asset managers, banks, and investors, it focuses on their response to a severe global downturn. Supported by regulatory bodies, the exercise will conclude with a report in early 2027, detailing findings and implications for UK corporate financing markets.
SupervisionReviews, inspections & stress testsStress testingFinancial stability and systemic risk
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2025-12-04•Iceland•Central Bank of Iceland
The Central Bank of Iceland reported a Q3 2025 current account surplus of ISK 26.9bn (2.1% of GDP) and a net international investment position of ISK 2,101bn (43.2% of GDP), with improvements driven by a services surplus and significant capital account revenue from an intellectual property sale. External assets increased to ISK 6,789bn and liabilities decreased to ISK 4,688bn, influenced by financing and exchange rate movements.
Data & statisticsBalance of payments and other external statistics
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2025-12-04•Namibia•Bank of Namibia
The Namibia Securities Exchange, with the Bank of Namibia and under NAMFISA's oversight, has launched Central Securities Depository Limited, creating a central securities depository in Namibia. This transition moves securities registration and settlement from paper-based to fully electronic, enhancing electronic clearing, settlement, and registration. The launch follows regulatory reforms and a licence issued in March 2024.
Policy & regulationImplementation, projects & pilotsMarket infrastructure
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2025-12-04•Europe•European Fund and Asset Management Association
The European Fund and Asset Management Association reported a nearly 12% rise in European assets under management (AuM) in 2024, reaching EUR 33 trillion, driven by strong equity market performance. The report highlights a shift towards investment funds, increased retail participation, and growth in passive, ETF-based investing. EFAMA anticipates continued AuM growth in 2025, albeit slower, and emphasizes the need for improved financial literacy and a simplified investor journey to boost retail participation.
ResearchFinancial and market indicatorsSupervisory data
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2025-12-04•Botswana•Bank of Botswana
The Bank of Botswana held its policy rate at 3.5 percent and maintained the restriction on commercial banks increasing their Prime Lending Rates. Inflation is expected to average 5.3 percent in 2026 and temporarily exceed the 3 percent to 6 percent objective range, but weak economic activity should limit demand-driven price pressures. The economy is projected to contract by 0.5 percent in 2025 before growing by 3.1 percent in 2026.
Monetary policyPolicy rate decisionsMacroprudential policy and toolsFinancial stability and systemic risk
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2025-12-04•United Kingdom•HM Treasury
HM Treasury released the government's response to the Department for Business and Trade's inquiry on small business debt finance access, highlighting borrowing barriers and policy changes. Key measures include expanding the British Business Bank to GBP 25.6 billion, extending Start Up Loans eligibility, and increasing the ENABLE Guarantee Scheme by GBP 3 billion. The response introduces a mandatory code of conduct for Growth Guarantee Scheme lenders and outlines future steps, including research on regional banking models and open finance initiatives.
Policy & regulationReform agendas & prioritiesSME financing
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2025-12-04•Eswatini•Central Bank of Eswatini
The Central Bank of Eswatini and the Ministry of Finance released the National FinTech Strategy 2025–2030 to enhance Eswatini's digital finance ecosystem and financial inclusion. The strategy focuses on seven national outcomes and six pillars, including infrastructure, regulation, and positioning Eswatini as a regional FinTech hub. Key initiatives involve establishing a FinTech Coordination Office, upgrading the regulatory sandbox, and modernizing financial laws, with targets for broadband coverage, digital KYC, and consumer protection.
Policy & regulationReform agendas & prioritiesFintech and insurtechFinancial inclusion
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2025-12-04•Kenya•Kenya Capital Markets Authority
The Kenya Capital Markets Authority and FiRe Award promoters urged stricter adherence to IFRS and IPSAS at a Nairobi conference. They highlighted uneven enforcement, especially among smaller companies and SMEs, warning of penalties for non-compliance, including fines and trading suspensions for listed firms. Public sector entities not conforming to IPSAS face immediate repercussions as Kenya aims for full accrual accounting by 2028.
Policy & regulationGuidance & interpretationAccounting and financial reporting
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2025-12-04•United States•U.S. Department of Justice
The U.S. Department of Justice announced the indictment of Danny Seibel, former President and CEO of the First National Bank of Lindsay, on charges including conspiracy to commit bank fraud and obstructing a financial institution's examination. Seibel allegedly manipulated bank records to overstate loan performance and failed to implement an anti-money laundering program. If convicted, he faces up to 30 years in prison and a USD 1 million fine.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-12-04•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) released results from its fourth annual systemic risk survey, showing a slight increase in market participants' concerns about the stability of the Canadian financial system. Key concerns include trade-related risks, cyber vulnerabilities, and household debt. The findings will inform the CSA's ongoing efforts to monitor financial vulnerabilities and support stability.
SupervisionRisk monitoring & watch pointsRisk analysis and outlook
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2025-12-04•United States•Federal Reserve Board
The Federal Reserve Board announced new pricing for payment services provided by Federal Reserve Banks, effective 1 January 2026, including check clearing, ACH transactions, instant payments, and wholesale payment and settlement services. Fees are expected to recover 108% of actual and imputed expenses, with an estimated 0.9% average price increase for mature services. The full 2026 fee schedule is available on FRBservices.org.
Policy & regulationRules & requirementsPayments and payment systems
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2025-12-04•United States•Federal Reserve Board
The Federal Reserve Board seeks input on strategic changes to check collection and processing by Federal Reserve Banks, amid declining check use and rising digital payments. Options include reducing infrastructure investment or winding down check services, affecting operating costs and service reliability. Stakeholder feedback is requested on impacts, including effects on consumers and businesses.
Policy & regulationReform agendas & prioritiesPayments and payment systems
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2025-12-04•Canada•Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization (CIRO) has launched InnovateSafe, a regulatory sandbox for CIRO-regulated firms to test innovative products and technologies under controlled conditions. The initiative aims to enhance investor outcomes and capital market efficiency, offering temporary approvals and targeted exemptive relief. Projects will include investor-protection safeguards and mandatory reporting to inform CIRO's policy and supervisory strategies.
Policy & regulationImplementation, projects & pilotsFintech and insurtechRegulatory sandbox
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2025-12-04•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority announced Egytrans' acquisition of NOSCO, following reforms to enhance the investment climate and capital market financing. Chairman Mohamed Farid emphasized changes to listing rules, trading requirements, and digital market infrastructure to attract companies and improve efficiency. Future initiatives include introducing financial derivatives, securities borrowing and lending, and market-making to boost liquidity and activity.
Policy & regulationReform agendas & prioritiesMarket development
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2025-12-04•Europe•European Commission
The European Commission has adopted measures to simplify the regulatory framework in the EU single market for financial services, part of its savings and investments union strategy. This initiative addresses market fragmentation, with legislative proposals for capital market integration and a Settlement Finality Regulation. The package is supported by impact assessments and studies on scaling up funds and reducing trading infrastructure fragmentation.
Policy & regulationRules & requirementsMarket development
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2025-12-04•Canada•British Columbia Securities Commission
The British Columbia Securities Commission sanctioned Colin Frederick Eggen, director of Novum AI, for false statements, unregistered trading, and obstructing an investigation. Eggen paid CAD 30,000 and received a 25-year investment market ban, while Novum AI is permanently banned from capital markets. The Commission found Novum AI's claims of high returns and large fund size false, with investors losing approximately CAD 480,000.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-12-04•Europe•European Commission
The European Commission outlined progress in the Savings and Investments Union, focusing on a market integration package to unify EU financial markets. Key developments include a political agreement to reduce the securities settlement cycle to one day and proposals to enhance securitisation, financial literacy, and retail investment. Additional measures aim to boost equity investments by banks and insurers and strengthen supplementary pensions.
Policy & regulationReform agendas & prioritiesMarket infrastructureMarket development
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2025-12-04•United States•U.S. Securities & Exchange Commission
SEC Commissioner Hester M. Peirce called for a balanced SEC role in corporate governance and disclosure, advocating a U.S. framework for tokenized equity securities with investor protections. She supported enhancing shareholder engagement, including proxy voting instructions, and suggested limiting shareholder proposal eligibility under Rule 14a-8. Peirce addressed tokenization complexities, distinguishing issuer-sponsored from third-party tokens, and raised concerns about AI disclosure requirements lacking a consistent materiality qualifier.
Policy & regulationReform agendas & prioritiesCorporate governance
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2025-12-04•United States•U.S. Securities & Exchange Commission
SEC Commissioner Caroline A. Crenshaw criticized actions reducing shareholder participation and investor protections, including changes to Exchange Act Rule 14a-8 and rescinding Staff Legal Bulletin 14L. She also raised concerns about tokenized equity products, highlighting risks in issuance, trading, and settlement, suggesting new rules may be needed.
Policy & regulationGuidance & interpretationCorporate governance
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2025-12-04•United States•U.S. Securities & Exchange Commission
SEC Chairman Paul S. Atkins outlined priorities to modernize rules for tokenization and on-chain market activity, emphasizing exemptive authorities for compliance. He argued the SEC's principles-based disclosure framework suffices for AI-related risks, cautioning against prescriptive AI-specific checklists. Atkins criticized efforts to redefine "exchange" as overly broad and called for a transparent exemptive framework to support innovation and distinguish decentralized from centralized on-chain finance.
Policy & regulationReform agendas & prioritiesTokenizationBlockchain and distributed ledger technology
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2025-12-04•Chile•Chile Financial Market Commission
Chile's Financial Market Commission updated its Mutual Funds Portal, enhancing user experience and extending public data on mutual fund profitability, costs, portfolios, and industry activity. The update includes a dedicated view of "digital series" in the Profitability Module and simplified series selection in the Costs Module. The Chilean mutual fund industry manages over USD 85 billion in investments, serving more than 3.7 million participants.
Policy & regulationImplementation, projects & pilotsActivity and performance reporting
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2025-12-04•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority has finalized amendments to its bank prudential framework, removing Additional Tier 1 (AT1) capital instruments from eligibility as regulatory capital, effective 1 January 2027, with a complete phase-out by 2032. The revised framework, which includes a leverage ratio set at 3.25% of Common Equity Tier 1 (CET1) capital, aims to improve proportionality and reduce costs, with industry engagement to ensure a smooth transition.
Policy & regulationRules & requirementsCapital adequacy
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2025-12-04•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority (DFSA) approved amendments to the DFSA Rulebook after feedback on Consultation Paper No. 166, aligning with the Dubai International Financial Centre Markets Law Amendment Law enacted on 17 November 2025. The amendments, affecting the Markets Rules, General Module, and Islamic Finance Rules, will take effect on 31 December 2025. Updated modules will replace earlier versions on the DFSA website, with previous versions archived.
Policy & regulationRules & requirementsOther
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2025-12-04•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority (Finanstilsynet) released materials from its seminar on Norway's financial system risks, CRR3 implementation, and asset finance inspections. Key points include reduced risk weights for mortgage exposures under CRR3, guidelines for property valuation, and findings from thematic inspections of consumer asset finance. Finanstilsynet plans further CRR3 guidance and simplification measures, with decisions expected by 2026.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic riskMacroprudential policy and tools
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2025-12-04•Global•Network for Greening the Financial System
The Network for Greening the Financial System published an interview with Danmarks Nationalbank Governor Signe Krogstrup on integrating climate considerations into the central bank's operations and using NGFS work in domestic climate risk agendas. Danmarks Nationalbank prioritizes climate risks alongside cybersecurity and geopolitics, focusing on analysis, data collection, and responsible investment. The bank issues green bonds under the European Green Bond Standard and participates in NGFS workstreams on climate-related disclosures.
Institutional developmentCooperation & capacity buildingClimate risk and sustainable finance
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2025-12-04•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority's Financial Outlook highlights high household debt and elevated real estate prices as key vulnerabilities in Norway's financial system, with increased risk in real estate development. It also notes geopolitical uncertainty, digital vulnerabilities, and new risks from stablecoins and cryptoassets. Despite these challenges, banks remain profitable, insurers and pension funds maintain satisfactory solvency, and economic growth has been resilient through 2025.
SupervisionRisk monitoring & watch pointsCredit riskFinancial stability and systemic risk
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2025-12-04•Maldives•Maldives Monetary Authority
The Maldives Monetary Authority's Quarterly Business Survey for Q3 2025 shows increased business activity and employment, despite challenges in credit access and rising input prices. Tourism saw stable demand but lower transaction volumes, while financial conditions improved in tourism and construction but worsened in wholesale and retail trade. For Q4 2025, tourism revenues and resort bookings are expected to rise, with continued growth in construction and transport, though credit difficulties and price increases are anticipated across sectors.
Data & statisticsEconomic data and developments
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2025-12-04•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission held a 2025 oath-taking ceremony for new officials, led by Party secretary and director Li Yunze. Li emphasized upholding the Constitution, enhancing rule-based supervision, and accelerating financial legislation per the “15th Five-Year Plan.” He also highlighted stricter discipline and anti-corruption measures to protect market order and financial consumers' rights.
Institutional developmentLeadership change & appointmentsLeadership change and appointments